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Securities (Tables)

12 Months Ended

Dec. 31, 2012

Securities [Abstract]

Amortized cost and fair value of securities

The amortized cost and fair value of securities at December 31, 2012 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		$	60,625			$	463			$	(173	)		$	60,915
State and political subdivisions			107,987				5,369				(135	)			113,221
U.S. government sponsored agency mortgage-backed securities			370,246				13,347				(12	)			383,581
Total debt securities			538,858				19,179				(320	)			557,717
Marketable equity securities			45,000				626				(0	)			45,626
Total available-for-sale securities		$	583,858			$	19,805			$	(320	)		$	603,343

Held-to-Maturity

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
U.S. Treasury and government agencies		$	480			$	0			$	(4	)		$	476
State and political subdivisions			1,182				1				0				1,183
Total held-to-maturity securities		$	1,662			$	1			$	(4	)		$	1,659

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			390,714				10,186				(57	)			400,843
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
U.S. Treasury and government agencies		$	480			$	0			$	(1	)		$	479
State and political subdivisions			1,182				0				0				1,182
Total held-to-maturity securities		$	1,662			$	0			$	(1	)		$	1,661

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at December 31, 2012 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		$	6,408			$	6,483			$	0			$	0
Due after one through five years			23,034				24,006				0				0
Due after five through ten years			102,857				105,721				1,182				1,183
Due after ten years			36,313				37,926				480				476
U.S. government sponsored agency mortgage-backed securities			370,246				383,581				0				0
Total debt securities			538,858				557,717				1,662				1,659
Marketable equity securities			45,000				45,626				0				0
Total securities		$	583,858			$	603,343			$	1,662			$	1,659

Available for sale securities and Held-to-maturity securities, continuous unrealized loss position

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, 2012 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, 2012 was 11.5% compared to 4.8% as of December 31, 2011. 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, 2012 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		$	47,576			$	(173	)		$	47,403
State and political subdivisions			11,126				(135	)			10,991
U.S. government sponsored agency mortgage-backed securities			10,563				(12	)			10,551
Total debt securities			69,265				(320	)			68,945
Total < 12 months temporarily impaired AFS securities			69,265				(320	)			68,945
Total
U.S. Treasury and government agencies			47,576				(173	)			47,403
State and political subdivisions			11,126				(135	)			10,991
U.S. government sponsored agency mortgage-backed securities			10,563				(12	)			10,551
Total debt securities			69,265				(320	)			68,945
Total temporarily impaired AFS securities		$	69,265			$	(320	)		$	68,945

Held-to-Maturity

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
U.S. Treasury and government agencies		$	480			$	(4	)		$	476
Total temporarily impaired HTM securities		$	480			$	(4	)		$	476

The analysis performed as of December 31, 2011 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, 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
Total < 12 months temporarily impaired AFS securities			24,073				(82	)			23,991
12 Months or More
State and political subdivisions			613				(5	)			608
Total debt securities			613				(5	)			608
Marketable equity securities			329				(137	)			192
Total ≥12 months temporarily impaired AFS securities			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
U.S. Treasury and government agencies		$	480			$	(1	)		$	479
Total temporarily impaired HTM securities		$	480			$	(1	)		$	479

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

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Tabular disclosure of unrealized gains and losses on investments.

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