Borrowings

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements [Abstract]

Note 7 - Borrowings

Short-term debt consists of the following:

(in thousands)	March 31 2012		December 31 2011
Subsidiaries:
Repurchase agreements	$	225,301	$	217,177
Federal funds purchased		20,753		13,104
Total short-term debt	$	246,054	$	230,281

All federal funds purchased and the majority of repurchase agreements mature and reprice daily. The average rates paid for federal funds purchased and repurchase agreements on March 31, 2012 were 0.15% and 0.60%, respectively.

The maximum balance for repurchase agreements at any month-end during the three months ended March 31, 2012 occurred at March 31, 2012, with a month-end balance of $225.3 million. The average balance of repurchase agreements for the three months ended March 31, 2012 was $217.3 million.

Federal Home Loan Bank (FHLB) advances consisted of the following monthly amortizing and term borrowings:

(in thousands)	March 31 2012		December 31 2011
Monthly amortizing	$	1,562	$	1,609
Term		0		20,000
Total FHLB advances	$	1,562	$	21,609

The advances from the Federal Home Loan Bank that require monthly principal payments were due for repayment as follows:

	Principal Payments Due by Period at March 31, 2012
(in thousands)	Total		Within 1 Year		2 Years		3 Years		4 Years		5 Years		After 5 Years
Outstanding advances, weighted average interest rate - 2.15%	$	1,562	$	189	$	126	$	116	$	113	$	107	$	911

At December 31, 2011, CTBI had monthly amortizing FHLB advances totaling $1.6 million at a weighted average rate of 2.20%.

The term advances that require the total payment to be made at maturity follow:

(in thousands)		March 31 2012				December 31 2011
Advance #271, 0.25%, due 1/18/12		$	0			$	20,000

Advances totaling $1.6 million at March 31, 2012 were collateralized by FHLB stock of $25.7 million and a blanket lien on qualifying first mortgage loans. As of March 31, 2012, CTBI had a $409.4 million FHLB borrowing capacity with $1.6 million in advances and $120.5 million in letters of credit used for public fund pledging leaving $287.3 million available for additional advances. The advances had fixed interest rates ranging from 0.00% to 7.42% with a weighted average rate of 2.15%. The advances are subject to restriction or penalties in the event of prepayment. Advance #271 matured and was paid off on January 18, 2012.

Long-term debt consists of the following:

(in thousands)		March 31 2012				December 31 2011
Junior subordinated debentures, 6.52%, due 6/1/37		$	61,341			$	61,341

On March 31, 2007, CTBI issued $61.3 million in junior subordinated debentures to a newly formed unconsolidated Delaware statutory trust subsidiary which in turn issued $59.5 million of capital securities in a private placement to institutional investors. The debentures, which mature in 30 years but are redeemable at par at CTBI's option after five years, were issued at a rate of 6.52% until June 1, 2012, and thereafter at a floating rate based on the three-month LIBOR plus 1.59%. The underlying capital securities were issued at the equivalent rates and terms. The proceeds of the debentures were used to fund the redemption on April 2, 2007 of all CTBI's outstanding 9.0% and 8.25% junior subordinated debentures in the total amount of $61.3 million.

On October 27, 2011, Community Trust Bancorp, Inc. entered into a revolving credit promissory note for a line of credit in the amount of $12 million at a floating interest rate of 2.25% in excess of the one-month LIBOR Rate, with an unused commitment fee of 0.15%. Currently, all $12 million remain available for general corporate purposes. The agreement, which was effective October 27, 2011, replaced the agreement dated October 28, 2010, and will mature on October 26, 2012.