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Securities

12 Months Ended

Dec. 31, 2011

Securities [Abstract]

Securities

4.  Securities

Securities are classified into held-to-maturity and available-for-sale categories.  Held-to-maturity (HTM) securities are those that CTBI has the positive intent and ability to hold to maturity and are reported at amortized cost.  Available-for-sale (AFS) securities are those that CTBI may decide to sell if needed for liquidity, asset-liability management or other reasons.  Available-for-sale securities are reported at fair value, with unrealized gains or losses included as a separate component of equity, net of tax.

The amortized cost and fair value of securities at December 31, 2011 are summarized as follows:

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
U.S. Treasury and government agencies		$	32,077			$	1,171			$	0			$	33,248
State and political subdivisions			68,358				3,816				(30	)			72,144
U.S. government sponsored agency mortgage-backed securities			390,213				10,180				(57	)			400,336
Collateralized mortgage obligations			501				6				0				507
Total debt securities			491,149				15,173				(87	)			506,235
Marketable equity securities			20,582				718				(137	)			21,163
Total available-for-sale securities		$	511,731			$	15,891			$	(224	)		$	527,398

Held-to-Maturity

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
State and political subdivisions		$	1,182			$	0			$	0			$	1,182
Other debt securities			480				0				(1	)			479
Total held-to-maturity securities		$	1,662			$	0			$	(1	)		$	1,661

The amortized cost and fair value of securities at December 31, 2010 are summarized as follows:

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
U.S. Treasury and government agencies		$	29,154			$	330			$	(230	)		$	29,254
State and political subdivisions			52,017				690				(842	)			51,865
U.S. government sponsored agency mortgage-backed securities			230,905				6,690				(352	)			237,243
Total debt securities			312,076				7,710				(1,424	)			318,362
Marketable equity securities			20,582				41				(310	)			20,313
Total available-for-sale securities		$	332,658			$	7,751			$	(1,734	)		$	338,675

Held-to-Maturity

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
State and political subdivisions		$	1,182			$	0			$	0			$	1,182
Other debt securities			480				0				0				480
Total held-to-maturity securities		$	1,662			$	0			$	0			$	1,662

The amortized cost and fair value of securities at December 31, 2011 by contractual maturity are shown below.  Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

		Available-for-Sale								Held-to-Maturity
(in thousands)		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Due in one year or less		$	5,642			$	5,698			$	0			$	0
Due after one through five years			20,943				21,565				0				0
Due after five through ten years			41,496				43,362				1,182				1,182
Due after ten years			32,354				34,767				0				0
U.S. government sponsored agency mortgage-backed securities			390,213				400,336				0				0
Collateralized mortgage obligations			501				507				0				0
Other securities			0				0				480				479
Total debt securities			491,149				506,235				1,662				1,661
Marketable equity securities			20,582				21,163				0				0
Total securities		$	511,731			$	527,398			$	1,662			$	1,661

There was a pre-tax gain of $218 thousand realized in 2011 due to the sale of an agency security. There were no pre-tax gains or losses as of December 31, 2010.  There was a combined gain of $658 thousand realized in 2009 due to sales of six securities and a loss of $4 thousand realized due to sales of two securities.

 The amortized cost of securities pledged as collateral, to secure public deposits and for other purposes, was $198.6 million at December 31, 2011 and $106.2 million at December 31, 2010.

The amortized cost of securities sold under agreements to repurchase amounted to $217.2 million at December 31, 2011 and $188.3 million at December 31, 2010.

Certain investments in debt and marketable equity securities are reported in the financial statements at amounts less than their historical costs.  CTBI evaluates its investment portfolio on a quarterly basis for impairment.  The analysis performed as of December 31, 2011 indicates that all impairment is considered temporary, market driven, and not credit-related.  The percentage of total investments with unrealized losses as of December 31, 2011 was 4.8% compared to 18.9% as of December 31, 2010.  The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2011 that are not deemed to be other-than-temporarily impaired.

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
State and political subdivisions		$	6,173			$	(25	)		$	6,148
U.S. government sponsored agency mortgage-backed securities			17,900				(57	)			17,843
Total debt securities			24,073				(82	)			23,991
Marketable equity securities			0				0				0
			24,073				(82	)			23,991
12 Months or More
State and political subdivisions			613				(5	)			608
U.S. government sponsored agency mortgage-backed securities			0				0				0
Total debt securities			613				(5	)			608
Marketable equity securities			329				(137	)			192
			942				(142	)			800
Total
State and political subdivisions			6,786				(30	)			6,756
U.S. government sponsored agency mortgage-backed securities			17,900				(57	)			17,843
Total debt securities			24,686				(87	)			24,599
Marketable equity securities			329				(137	)			192
Total temporarily impaired AFS securities		$	25,015			$	(224	)		$	24,791

Held-to-Maturity

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
State and political subdivisions		$	0			$	0			$	0
Other debt securities			480				(1	)			479
Total temporarily impaired HTM securities		$	480			$	(1	)		$	479

The analysis performed as of December 31, 2010 indicated that all impairment was considered temporary, market driven, and not credit-related.  The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2010 that are not deemed to be other-than-temporarily impaired.

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
U.S. Treasury and government agencies		$	10,384			$	(230	)		$	10,154
State and political subdivisions			24,624				(826	)			23,798
U.S. government sponsored agency mortgage-backed securities			30,016				(352	)			29,664
Total debt securities			65,024				(1,408	)			63,616
Marketable equity securities			42				(17	)			25
			65,066				(1,425	)			63,641
12 Months or More
U.S. Treasury and government agencies			0				0				0
State and political subdivisions			590				(16	)			574
U.S. government sponsored agency mortgage-backed securities			0				0				0
Total debt securities			590				(16	)			574
Marketable equity securities			329				(293	)			36
			919				(309	)			610
Total
U.S. Treasury and government agencies			10,384				(230	)			10,154
State and political subdivisions			25,214				(842	)			24,372
U.S. government sponsored agency mortgage-backed securities			30,016				(352	)			29,664
Total debt securities			65,614				(1,424	)			64,190
Marketable equity securities			371				(310	)			61
Total temporarily impaired securities		$	65,985			$	(1,734	)		$	64,251

As of December 31, 2010, there were no held-to-maturity securities with unrealized losses.

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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