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Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value of Financial Assets and Liabilities [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis as of June 30, 2012 and December 31, 2011 and indicates the level within the fair value hierarchy of the valuation techniques.

(in thousands)						Fair Value Measurements at June 30, 2012 Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets measured - recurring basis
Available-for-sale securities:
U.S. Treasury and government agencies		$	26,665			$	0			$	26,665			$	0
State and political subdivisions			98,167				0				98,167				0
U.S. government sponsored agency mortgage-backed securities			477,846				0				477,846				0
Marketable equity securities			26,564				26,353				0				211
Mortgage servicing rights			2,503				0				0				2,503

(in thousands)						Fair Value Measurements at December 31, 2011 Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets measured - recurring basis
Available-for-sale securities:
U.S. Treasury and government agencies		$	33,248			$	0			$	33,248			$	0
State and political subdivisions			72,144				0				72,144				0
U.S. government sponsored agency mortgage-backed securities			400,843				507				400,336				0
Marketable equity securities			21,163				20,675				277				211
Mortgage servicing rights			2,282				0				0				2,282

Transfers between levels 1, 2, and 3 and other reasons for those transfers [Table Text Block]

Transfers between Levels 1, 2, and 3 and the reasons for those transfers are as follows:

(in thousands)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)			Reason for Transfer
Transfers from level:
U.S. government sponsored agency mortgage-backed securities		$	464			$	0			$	0		Quoted prices in exact security not available on the measurement date
Marketable equity securities			0				323				0		Quoted prices available on the measurement date
Total transfers from level		$	464			$	323			$	0

Transfers to level:
U.S. government sponsored agency mortgage-backed securities		$	0			$	464			$	0		Quoted prices in exact security not available on the measurement date
Marketable equity securities			323				0				0		Quoted prices available on the measurement date
Total transfers to level		$	323			$	464			$	0

Reconciliation of the beginning and ending balance of recurring fair value measurement using significant unobservable (level 3) inputs

Following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs for three and six months ended June 30, 2012 and 2011:

(in thousands)		Three Months Ended June 30, 2012								Six Months Ended June 30, 2012
		Marketable Equity Securities				Mortgage Servicing Rights				Marketable Equity Securities				Mortgage Servicing Rights
Beginning balance		$	211			$	2,640			$	211			$	2,282
Total recognized gains (losses) Included in net income			0				(169	)			0				172
Issues			0				189				0				340
Settlements			0				(157	)			0				(291	)
Ending balance		$	211			$	2,503			$	211			$	2,503
Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date		$	0			$	(169	)		$	0			$	172

(in thousands)		Three Months Ended June 30, 2011								Six Months Ended June 30, 2011
		Marketable Equity Securities				Mortgage Servicing Rights				Marketable Equity Securities				Mortgage Servicing Rights
Beginning balance		$	211			$	3,251			$	211			$	3,161
Total recognized gains (losses) Included in net income			0				(338	)			0				(194	)
Issues			0				115				0				251
Settlements			0				1				0				(189	)
Ending balance		$	211			$	3,029			$	211			$	3,029
Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date		$	0			$	(338	)		$	0			$	(194	)

Realized and unrealized gains and losses for items included in net income in the consolidated statement of income

Realized and unrealized gains and losses for items reflected in the table above are included in net income in the consolidated statements of income as follows:

(in thousands)		Three Months Ended June 30, 2012								Six Months Ended June 30, 2012
		Noninterest Income				Noninterest Expense				Noninterest Income				Noninterest Expense
Total gains		$	(326	)		$	0			$	(119	)		$	0

Fair value measurements of recognized assets measured on nonrecurring basis

The following table presents the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a nonrecurring basis as of June 30, 2012 and December 31, 2011 and indicates the level within the fair value hierarchy of the valuation techniques.

(in thousands)						Fair Value Measurements at June 30, 2012 Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets measured - nonrecurring basis
Impaired loans (collateral dependent)		$	6,073			$	0			$	0			$	6,073
Other real estate/assets owned			3,783				0				0				3,783

(in thousands)						Fair Value Measurements at December 31, 2011 Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets measured - nonrecurring basis
Impaired loans (collateral dependent)		$	7,898			$	0			$	0			$	7,898
Other real estate/assets owned			16,362				0				0				16,362

Quantitative information about unobservable inputs used in recurring and nonrecurring level 3 fair value measurments

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.

(in thousands)		Quantitative Information about Level 3 Fair Value Measurements
		Fair Value at June 30, 2012			Valuation Technique(s)	Unobservable Input		Range (Weighted Average)
Marketable equity securities		$	211		Discount cash flows, Market comparable	Offered quotes of underlying securities held as collateral		Not applicable
Mortgage servicing rights		$	2,503		Discount cash flows, computer pricing model	Constant prepayment rate			9.4% - 24.3% (17.1%)
						Probability of default			1.6% - 4.95% (2.48%)
						Discount rate		Not applicable (10.0%)
Impaired loans (collateral-dependent)		$	6,073		Market comparable properties	Marketability discount			5.0% - 10.0% (7.0%)
Other real estate/assets owned		$	3,783		Market comparable properties	Comparability adjustments (%)			5.0% - 10.0% (6.0%)

Fair value of financial instruments and levels within the fair value hierarchy of the valuation techniques

The following table presents estimated fair value of CTBI's financial instruments as of June 30, 2012 and indicates the level within the fair value hierarchy of the valuation techniques.

(in thousands)		Fair Value Measurements at June 30, 2012 Using
		Carrying Amount				Quoted Prices in Active Markets for Identical Assets  (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs  (Level 3)
Financial assets:
Cash and cash equivalents		$	188,448			$	188,448			$	0			$	0
Certificates of deposit in other banks			11,000				0				11,021				0
Securities available-for-sale			629,242				28,740				600,291				211
Securities held-to-maturity			1,662				0				1,662				0
Loans held for sale			1,040				1,062				0				0
Loans, net			2,514,302				0				0				2,525,072
Federal Home Loan Bank stock			25,673				0				25,673				0
Federal Reserve Bank stock			4,884				0				4,884				0
Accrued interest receivable			12,173				0				12,173				0
Mortgage servicing rights			2,503				0				0				2,503
Financial liabilities:
Deposits		$	2,940,715			$	611,080			$	2,330,755			$	0
Repurchase agreements			201,850				0				0				201,865
Federal funds purchased			7,987				0				7,987				0
Advances from Federal Home Loan Bank			1,517				0				1,826				0
Long-term debt			61,341				0				0				31,105
Accrued interest payable			3,839				0				3,839				0
Unrecognized financial instruments:
Letters of credit		$	0			$	0			$	0			$	0
Commitments to extend credit			0				0				0				0
Forward sale commitments			0				0				0				0

The following table presents estimated fair value of CTBI's financial instruments as of December 31, 2011 and indicates the level within the fair value hierarchy of the valuation techniques.

(in thousands)		Fair Value Measurements at December 31, 2011 Using
		Carrying Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs  (Level 3)
Financial assets:
Cash and cash equivalents		$	238,481			$	238,481			$	0			$	0
Certificates of deposit in other banks			11,875				0				11,860				0
Securities available-for-sale			527,398				21,182				506,005				211
Securities held-to-maturity			1,662				0				1,661				0
Loans held for sale			536				550				0				0
Loans, net			2,523,377				0				0				2,520,297
Federal Home Loan Bank stock			25,673				0				25,673				0
Federal Reserve Bank stock			4,883				0				4,883				0
Accrued interest receivable			12,280				0				12,280				0
Mortgage servicing rights			2,282				0				0				2,282
Financial liabilities:
Deposits		$	2,878,359			$	584,735			$	2,294,987			$	0
Repurchase agreements			217,177				0				0				217,062
Federal funds purchased			13,104				0				13,104				0
Advances from Federal Home Loan Bank			21,609				0				21,617				0
Long-term debt			61,341				0				0				31,030
Accrued interest payable			2,171				0				2,171				0
Unrecognized financial instruments:
Letters of credit		$	0			$	0			$	0			$	0
Commitments to extend credit			0				0				0				0
Forward sale commitments			0				0				0				0

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