Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 | |
Cover [Abstract] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Registrant Name | COMMUNITY TRUST BANCORP INC /KY/ |
Entity Central Index Key | 0000350852 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 07, 2022 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) $ / shares Company | Dec. 31, 2021 USD ($) $ / shares Company | Dec. 31, 2020 USD ($) $ / shares Company | |
Pay vs Performance Disclosure [Table] | |||||
Pay vs Performance [Table Text Block] | PAY VERSUS PERFORMANCE The table below shows the following information for the past three fiscal years: (i) total compensation for our NEOs as set forth in the Summary Compensation Table (“SCT”), (ii) the “compensation actually paid” (“CAP”) to our PEOs and, on an average basis, our non-PEO NEOs (in each case, as determined under SEC rules), (iii) our total shareholder return (“TSR”), (iv) the TSR of our peer group (as set forth in our Compensation Discussion and Analysis), (v) our net income, and (vi) our financial performance measure for compensatory purposes, earnings per share (“EPS”). Pay Versus Performance Table Year-End Value of $100 Invested on 12/31/2019: Year SCT Total for PEO 1 ($) SCT Total for PEO 2 ($) CAP to PEO 1 ($) CAP to PEO 2 ($) Average SCT Total for Non-PEO NEOs ($) Average CAP to Non-PEO NEOs ($) TSR ($) Peer Group TSR ($) Net Income ($) EPS ($) (a) (b) (c) (c) (d) (c)(d) (e) (f) 2022 1,083,896 1,591,746 1,088,746 1,601,451 732,813 742,633 111.37 111.31 81,814 4.59 2021 1,853,539 - 1,895,857 - 756,261 783,671 101.72 152.38 87,939 4.94 2020 1,076,169 - 1,037,132 - 529,376 499,399 83.32 103.30 59,504 3.35 a) Jean R. Hale, who served as Chairman and Chief Executive Officer until her retirement on February 7, 2022, is listed as PEO 1. b) Following Ms. Hale’s retirement, Mark A. Gooch became Vice Chairman, President, and Chief Executive Officer, and as such, is listed as PEO 2 for year 2022. c) SEC rules require certain adjustments be made to the SCT totals to determine CAP as reported in the Pay Versus Performance table. CAP does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. In general, CAP is calculated as SCT total compensation adjusted to include the fair market value of equity awards as of December 31 of the applicable year or, if earlier, the vesting date (rather than the grant date). NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below. Similarly, we had no awards that failed to meet vesting conditions. The following table details these adjustments: Year Executives SCT Total ($) Subtract Stock Awards ($) Add Year-End Equity Value ($) Change in Value of Prior Equity Awards ($) Add Change in Value of Vested Equity Awards ($) Add Dividends Paid on Unvested Shares ($) CAP ($) 2022 PEO 1 1,083,896 160,989 162,546 - 1,834 1,458 1,088,746 PEO 2 1,591,746 98,622 99,576 2,932 655 5,162 1,601,451 Other NEOs 732,813 52,687 53,196 2,557 2,802 3,952 742,633 2021 PEO 1 1,853,539 28,174 31,748 19,136 13,509 6,099 1,895,857 PEO 2 - - - - - - - Other NEOs 756,261 11,485 12,941 20,088 467 5,398 783,671 2020 PEO 1 1,076,169 64,996 53,945 (31,714) (3,701) 7,429 1,037,132 PEO 2 - - - - - - - Other NEOs 529,376 54,372 45,127 (24,872) (1,502) 5,641 499,399 d) For 2021 and 2020, the non-PEO NEOs included Mark A. Gooch, Kevin J. Stumbo, James B. Draughn, and Larry W. Jones. For 2022, Mr. Gooch was excluded from the non-PEO NEOs and Richard W. Newsom and Ricky D. Sparkman were added. e) CTBI periodically compares its executive pay and business performance to a group of comparable, publicly traded financial institutions (“Peer Group”). In establishing a Peer Group, CTBI seeks to include regional bank holding companies that are similar to CTBI in terms of assets, business lines, and geographic markets. The Peer Group used to establish executive compensation for 2020 and 2021 consisted of fourteen companies with median assets of $4.7 billion, as compared to CTBI’s then assets of approximately $4.3 billion. The companies included in the Peer Group ranged in asset size from $2.8 billion to $8.7 billion and are listed below: Bank Ticker Bank Ticker 1st Source Corporation SRCE German American Bancorp, Inc. GABC Carolina Financial Corp.* CARO Home Trust Bancshares, Inc. HTBI City Holding Company CHCO Lakeland Financial Corporation LKFN First Bancorp FBNC Live Oak Bancshares, Inc. LOB First Community Bancshares, Inc. FCBC Park National Corporation PRK First Financial Corporation THFF Peoples Bancorp, Inc. PEBO Franklin Financial * FSB Stock Yards Bancorp, Inc. SYBT * These companies are no longer actively traded. During 2021, the Committee worked with Pearl Meyer to review the Peer Group to ensure it continued to include organizations that were comparable to CTBI. Based on this review, the Committee determined that it would be appropriate to replace the following five peer companies from the prior peer group which had either grown much larger than CTBI or were acquired since the last compensation review conducted in 2019: Carolina Financial Corp., Live Oak Bancshares, Inc., Franklin Financial, 1 st Bank Ticker Bank Ticker Carter Bancshares, Inc. CARE Horizon Bancorp Inc. HBNC City Holding Company CHCO Lakeland Financial Corporation LKFN Farmers National Banc Corp FMNB Mercantile Bank Corporation MBWM First Bancorp FBNC Nicolet Bankshares, Inc. NCBS First Community Bancshares, Inc. FCBC Peoples Bancorp, Inc. PEBO First Financial Corporation THFF QCR Holdings, Inc. QCRH German American Bancorp, Inc. GABC Stock Yards Bancorp, Inc. SYBT Great Southern Bancorp Inc. GSBC Univest Financial Corporation UVSP Home Trust Bancshares HTBI Below is a comparison of our TSR for 2022 to the current Peer Group as well as the prior Peer Group for 2021: Year-End Value of $100 Invested on 12/31/2019: Year TSR ($) Current Peer Group TSR ($) Prior Peer Group TSR ($) 2022 111.37 111.31 127.18 f) CTBI has selected GAAP basic earnings per share as the most important financial performance measure (that is not otherwise disclosed in the Pay Versus Performance Table above) used by CTBI to link compensation actually paid to CTBI’s NEOs for 2022 to CTBI’s performance. | ||||
Company Selected Measure Name | EPS | ||||
Named Executive Officers, Footnote [Text Block] | d) For 2021 and 2020, the non-PEO NEOs included Mark A. Gooch, Kevin J. Stumbo, James B. Draughn, and Larry W. Jones. For 2022, Mr. Gooch was excluded from the non-PEO NEOs and Richard W. Newsom and Ricky D. Sparkman were added. | ||||
Peer Group Issuers, Footnote [Text Block] | e) CTBI periodically compares its executive pay and business performance to a group of comparable, publicly traded financial institutions (“Peer Group”). In establishing a Peer Group, CTBI seeks to include regional bank holding companies that are similar to CTBI in terms of assets, business lines, and geographic markets. The Peer Group used to establish executive compensation for 2020 and 2021 consisted of fourteen companies with median assets of $4.7 billion, as compared to CTBI’s then assets of approximately $4.3 billion. The companies included in the Peer Group ranged in asset size from $2.8 billion to $8.7 billion and are listed below: Bank Ticker Bank Ticker 1st Source Corporation SRCE German American Bancorp, Inc. GABC Carolina Financial Corp.* CARO Home Trust Bancshares, Inc. HTBI City Holding Company CHCO Lakeland Financial Corporation LKFN First Bancorp FBNC Live Oak Bancshares, Inc. LOB First Community Bancshares, Inc. FCBC Park National Corporation PRK First Financial Corporation THFF Peoples Bancorp, Inc. PEBO Franklin Financial * FSB Stock Yards Bancorp, Inc. SYBT * These companies are no longer actively traded. During 2021, the Committee worked with Pearl Meyer to review the Peer Group to ensure it continued to include organizations that were comparable to CTBI. Based on this review, the Committee determined that it would be appropriate to replace the following five peer companies from the prior peer group which had either grown much larger than CTBI or were acquired since the last compensation review conducted in 2019: Carolina Financial Corp., Live Oak Bancshares, Inc., Franklin Financial, 1 st Bank Ticker Bank Ticker Carter Bancshares, Inc. CARE Horizon Bancorp Inc. HBNC City Holding Company CHCO Lakeland Financial Corporation LKFN Farmers National Banc Corp FMNB Mercantile Bank Corporation MBWM First Bancorp FBNC Nicolet Bankshares, Inc. NCBS First Community Bancshares, Inc. FCBC Peoples Bancorp, Inc. PEBO First Financial Corporation THFF QCR Holdings, Inc. QCRH German American Bancorp, Inc. GABC Stock Yards Bancorp, Inc. SYBT Great Southern Bancorp Inc. GSBC Univest Financial Corporation UVSP Home Trust Bancshares HTBI Below is a comparison of our TSR for 2022 to the current Peer Group as well as the prior Peer Group for 2021: Year-End Value of $100 Invested on 12/31/2019: Year TSR ($) Current Peer Group TSR ($) Prior Peer Group TSR ($) 2022 111.37 111.31 127.18 | ||||
Changed Peer Group, Footnote [Text Block] | e) CTBI periodically compares its executive pay and business performance to a group of comparable, publicly traded financial institutions (“Peer Group”). In establishing a Peer Group, CTBI seeks to include regional bank holding companies that are similar to CTBI in terms of assets, business lines, and geographic markets. The Peer Group used to establish executive compensation for 2020 and 2021 consisted of fourteen companies with median assets of $4.7 billion, as compared to CTBI’s then assets of approximately $4.3 billion. The companies included in the Peer Group ranged in asset size from $2.8 billion to $8.7 billion and are listed below: Bank Ticker Bank Ticker 1st Source Corporation SRCE German American Bancorp, Inc. GABC Carolina Financial Corp.* CARO Home Trust Bancshares, Inc. HTBI City Holding Company CHCO Lakeland Financial Corporation LKFN First Bancorp FBNC Live Oak Bancshares, Inc. LOB First Community Bancshares, Inc. FCBC Park National Corporation PRK First Financial Corporation THFF Peoples Bancorp, Inc. PEBO Franklin Financial * FSB Stock Yards Bancorp, Inc. SYBT * These companies are no longer actively traded. During 2021, the Committee worked with Pearl Meyer to review the Peer Group to ensure it continued to include organizations that were comparable to CTBI. Based on this review, the Committee determined that it would be appropriate to replace the following five peer companies from the prior peer group which had either grown much larger than CTBI or were acquired since the last compensation review conducted in 2019: Carolina Financial Corp., Live Oak Bancshares, Inc., Franklin Financial, 1 st Bank Ticker Bank Ticker Carter Bancshares, Inc. CARE Horizon Bancorp Inc. HBNC City Holding Company CHCO Lakeland Financial Corporation LKFN Farmers National Banc Corp FMNB Mercantile Bank Corporation MBWM First Bancorp FBNC Nicolet Bankshares, Inc. NCBS First Community Bancshares, Inc. FCBC Peoples Bancorp, Inc. PEBO First Financial Corporation THFF QCR Holdings, Inc. QCRH German American Bancorp, Inc. GABC Stock Yards Bancorp, Inc. SYBT Great Southern Bancorp Inc. GSBC Univest Financial Corporation UVSP Home Trust Bancshares HTBI Below is a comparison of our TSR for 2022 to the current Peer Group as well as the prior Peer Group for 2021: Year-End Value of $100 Invested on 12/31/2019: Year TSR ($) Current Peer Group TSR ($) Prior Peer Group TSR ($) 2022 111.37 111.31 127.18 | ||||
Adjustment To PEO Compensation, Footnote [Text Block] | c) SEC rules require certain adjustments be made to the SCT totals to determine CAP as reported in the Pay Versus Performance table. CAP does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. In general, CAP is calculated as SCT total compensation adjusted to include the fair market value of equity awards as of December 31 of the applicable year or, if earlier, the vesting date (rather than the grant date). NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below. Similarly, we had no awards that failed to meet vesting conditions. The following table details these adjustments: Year Executives SCT Total ($) Subtract Stock Awards ($) Add Year-End Equity Value ($) Change in Value of Prior Equity Awards ($) Add Change in Value of Vested Equity Awards ($) Add Dividends Paid on Unvested Shares ($) CAP ($) 2022 PEO 1 1,083,896 160,989 162,546 - 1,834 1,458 1,088,746 PEO 2 1,591,746 98,622 99,576 2,932 655 5,162 1,601,451 Other NEOs 732,813 52,687 53,196 2,557 2,802 3,952 742,633 2021 PEO 1 1,853,539 28,174 31,748 19,136 13,509 6,099 1,895,857 PEO 2 - - - - - - - Other NEOs 756,261 11,485 12,941 20,088 467 5,398 783,671 2020 PEO 1 1,076,169 64,996 53,945 (31,714) (3,701) 7,429 1,037,132 PEO 2 - - - - - - - Other NEOs 529,376 54,372 45,127 (24,872) (1,502) 5,641 499,399 | ||||
Non-PEO NEO Average Total Compensation Amount | $ 732,813 | $ 756,261 | $ 529,376 | ||
Non-PEO NEO Average Compensation Actually Paid Amount | $ 742,633 | 783,671 | 499,399 | ||
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | c) SEC rules require certain adjustments be made to the SCT totals to determine CAP as reported in the Pay Versus Performance table. CAP does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. In general, CAP is calculated as SCT total compensation adjusted to include the fair market value of equity awards as of December 31 of the applicable year or, if earlier, the vesting date (rather than the grant date). NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below. Similarly, we had no awards that failed to meet vesting conditions. The following table details these adjustments: Year Executives SCT Total ($) Subtract Stock Awards ($) Add Year-End Equity Value ($) Change in Value of Prior Equity Awards ($) Add Change in Value of Vested Equity Awards ($) Add Dividends Paid on Unvested Shares ($) CAP ($) 2022 PEO 1 1,083,896 160,989 162,546 - 1,834 1,458 1,088,746 PEO 2 1,591,746 98,622 99,576 2,932 655 5,162 1,601,451 Other NEOs 732,813 52,687 53,196 2,557 2,802 3,952 742,633 2021 PEO 1 1,853,539 28,174 31,748 19,136 13,509 6,099 1,895,857 PEO 2 - - - - - - - Other NEOs 756,261 11,485 12,941 20,088 467 5,398 783,671 2020 PEO 1 1,076,169 64,996 53,945 (31,714) (3,701) 7,429 1,037,132 PEO 2 - - - - - - - Other NEOs 529,376 54,372 45,127 (24,872) (1,502) 5,641 499,399 | ||||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Performance: Graphical Description Pursuant to the requirements of Item 402(v) of the SECs Regulation S-K, the following graphs reflect the relationships between the CAP and CTBI’s cumulative TSR and the peer group’s cumulative TSR, CTBI’s net income, and CTBI’s earnings per share. For a more thorough discussion of how the Committee reviews and assesses the relationship between executive compensation and CTBI performance, please refer to our CD&A. CAP and Cumulative TSR / Cumulative TSR of the Peer Group | ||||
Compensation Actually Paid vs. Net Income [Text Block] | CAP and CTBI Net Income | ||||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | CAP and Earnings Per Share | ||||
Total Shareholder Return Vs Peer Group [Text Block] | CAP and Cumulative TSR / Cumulative TSR of the Peer Group | ||||
Tabular List [Table Text Block] | Tabular List of Financial Performance Measures Pursuant to the requirements of Item 402(v) of the SEC’s Regulation S-K, we provide the following list of the three most important financial performance measures used to link CAP (as calculated in accordance with the SEC rules) to our NEOs to CTBI’s performance in 2022. Please refer to the section entitled “Annual Incentive Plan” in our Compensation Discussion and Analysis (“CD&A”) for more information. Pay Versus Measure 1 Net Income Measure 2 Earnings Per Share Measure 3 Return on Average Assets (ROAA) | ||||
Total Shareholder Return Amount | $ 111.37 | 101.72 | 83.32 | ||
Peer Group Total Shareholder Return Amount | 111.31 | 152.38 | 103.3 | ||
Net Income (Loss) | $ 81,814,000 | $ 87,939,000 | $ 59,504,000 | ||
Company Selected Measure Amount | $ / shares | 4.59 | 4.94 | 3.35 | ||
Assets | $ 5,400,000,000 | $ 5,400,000,000 | $ 4,300,000,000 | $ 4,300,000,000 | |
Number of Companies Replaced in Peer Group | Company | 5 | ||||
Number of Companies Included in Peer Group | Company | 17 | 14 | 14 | ||
Assets of Peer Group, median | 5,350,000,000 | $ 5,350,000,000 | $ 4,700,000,000 | $ 4,700,000,000 | |
Assets of Peer Group, minimum | 3,200,000,000 | 3,200,000,000 | 2,800,000,000 | 2,800,000,000 | |
Assets of Peer Group, maximum | 8,200,000,000 | 8,200,000,000 | 8,700,000,000 | 8,700,000,000 | |
Prior Peer Group TSR | $ 127.18 | $ 127.18 | |||
Measure [Axis]: 1 | |||||
Pay vs Performance Disclosure [Table] | |||||
Measure Name | Net Income | ||||
Measure [Axis]: 2 | |||||
Pay vs Performance Disclosure [Table] | |||||
Measure Name | Earnings Per Share | ||||
Measure [Axis]: 3 | |||||
Pay vs Performance Disclosure [Table] | |||||
Measure Name | Return on Average Assets (ROAA) | ||||
Jean R. Hale [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
PEO Total Compensation Amount | $ 1,083,896 | 1,853,539 | 1,076,169 | ||
PEO Actually Paid Compensation Amount | 1,088,746 | 1,895,857 | 1,037,132 | ||
PEO Name | Jean R. Hale | ||||
Mark A. Gooch [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
PEO Total Compensation Amount | 1,591,746 | 0 | 0 | ||
PEO Actually Paid Compensation Amount | 1,601,451 | 0 | 0 | ||
PEO Name | Mark A. Gooch | ||||
PEO [Member] | Jean R. Hale [Member] | Adjustment for Subtract Stock Awards [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 160,989 | 28,174 | 64,996 | ||
PEO [Member] | Jean R. Hale [Member] | Adjustment for Add Year-End Equity Value [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 162,546 | 31,748 | 53,945 | ||
PEO [Member] | Jean R. Hale [Member] | Adjustment for Change in Value of Prior Equity Awards [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 0 | 19,136 | (31,714) | ||
PEO [Member] | Jean R. Hale [Member] | Adjustment for Add Change in Value of Vested Equity Awards [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 1,834 | 13,509 | (3,701) | ||
PEO [Member] | Jean R. Hale [Member] | Adjustment for Add Dividends Paid on Unvested Shares [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 1,458 | 6,099 | 7,429 | ||
PEO [Member] | Mark A. Gooch [Member] | Adjustment for Subtract Stock Awards [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 98,622 | 0 | 0 | ||
PEO [Member] | Mark A. Gooch [Member] | Adjustment for Add Year-End Equity Value [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 99,576 | 0 | 0 | ||
PEO [Member] | Mark A. Gooch [Member] | Adjustment for Change in Value of Prior Equity Awards [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 2,932 | 0 | 0 | ||
PEO [Member] | Mark A. Gooch [Member] | Adjustment for Add Change in Value of Vested Equity Awards [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 655 | 0 | 0 | ||
PEO [Member] | Mark A. Gooch [Member] | Adjustment for Add Dividends Paid on Unvested Shares [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 5,162 | 0 | 0 | ||
Non-PEO NEO [Member] | Adjustment for Subtract Stock Awards [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 52,687 | 11,485 | 54,372 | ||
Non-PEO NEO [Member] | Adjustment for Add Year-End Equity Value [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 53,196 | 12,941 | 45,127 | ||
Non-PEO NEO [Member] | Adjustment for Change in Value of Prior Equity Awards [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 2,557 | 20,088 | (24,872) | ||
Non-PEO NEO [Member] | Adjustment for Add Change in Value of Vested Equity Awards [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 2,802 | 467 | (1,502) | ||
Non-PEO NEO [Member] | Adjustment for Add Dividends Paid on Unvested Shares [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | $ 3,952 | $ 5,398 | $ 5,641 |