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Securities | 3 Months Ended
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Mar. 31, 2014
Securities [Abstract] |
Securities | Note 3 – 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 March 31, 2014 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 |  | $ | 140,033 |  |  | $ | 229 |  |  | $ | (3,783 | ) |  | $ | 136,479 |
State and political subdivisions |  |  | 129,975 |  |  |  | 2,480 |  |  |  | (1,885 | ) |  |  | 130,570 |
U.S. government sponsored agency mortgage-backed securities |  |  | 361,327 |  |  |  | 3,086 |  |  |  | (5,762 | ) |  |  | 358,651 |
Total debt securities |  |  | 631,335 |  |  |  | 5,795 |  |  |  | (11,430 | ) |  |  | 625,700 |
Marketable equity securities |  |  | 25,000 |  |  |  | 0 |  |  |  | (573 | ) |  |  | 24,427 |
Total available-for-sale securities |  | $ | 656,335 |  |  | $ | 5,795 |  |  | $ | (12,003 | ) |  | $ | 650,127 |
Held-to-Maturity
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury and government agencies |  | $ | 480 |  |  | $ | 0 |  |  | $ | (44 | ) |  | $ | 436 |
State and political subdivisions |  |  | 1,182 |  |  |  | 1 |  |  |  | 0 |  |  |  | 1,183 |
Total held-to-maturity securities |  | $ | 1,662 |  |  | $ | 1 |  |  | $ | (44 | ) |  | $ | 1,619 |
The amortized cost and fair value of securities as of December 31, 2013 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 |  | $ | 65,524 |  |  | $ | 225 |  |  | $ | (5,139 | ) |  | $ | 60,610 |
State and political subdivisions |  |  | 118,055 |  |  |  | 1,907 |  |  |  | (3,259 | ) |  |  | 116,703 |
U.S. government sponsored agency mortgage-backed securities |  |  | 383,174 |  |  |  | 4,325 |  |  |  | (8,189 | ) |  |  | 379,310 |
Total debt securities |  |  | 566,753 |  |  |  | 6,457 |  |  |  | (16,587 | ) |  |  | 556,623 |
Marketable equity securities |  |  | 55,000 |  |  |  | 0 |  |  |  | (2,218 | ) |  |  | 52,782 |
Total available-for-sale securities |  | $ | 621,753 |  |  | $ | 6,457 |  |  | $ | (18,805 | ) |  | $ | 609,405 |
Held-to-Maturity
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury and government agencies |  | $ | 480 |  |  | $ | 0 |  |  | $ | (62 | ) |  | $ | 418 |
State and political subdivisions |  |  | 1,182 |  |  |  | 1 |  |  |  | 0 |  |  |  | 1,183 |
Total held-to-maturity securities |  | $ | 1,662 |  |  | $ | 1 |  |  | $ | (62 | ) |  | $ | 1,601 |
The amortized cost and fair value of securities at March 31, 2014 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 |  | $ | 2,366 |  |  | $ | 2,377 |  |  | $ | 0 |  |  | $ | 0 |
Due after one through five years |  |  | 104,520 |  |  |  | 104,901 |  |  |  | 0 |  |  |  | 0 |
Due after five through ten years |  |  | 123,723 |  |  |  | 120,778 |  |  |  | 1,182 |  |  |  | 1,183 |
Due after ten years |  |  | 39,399 |  |  |  | 38,993 |  |  |  | 480 |  |  |  | 436 |
U.S. government sponsored agency mortgage-backed securities |  |  | 361,327 |  |  |  | 358,651 |  |  |  | 0 |  |  |  | 0 |
Total debt securities |  |  | 631,335 |  |  |  | 625,700 |  |  |  | 1,662 |  |  |  | 1,619 |
Marketable equity securities |  |  | 25,000 |  |  |  | 24,427 |  |  |  | 0 |  |  |  | 0 |
Total securities |  | $ | 656,335 |  |  | $ | 650,127 |  |  | $ | 1,662 |  |  | $ | 1,619 |
As of March 31, 2014, there was a combined loss of $60 thousand. A pre-tax gain of $1.8 million and a pre-tax loss of $1.9 million were realized during the year. There were no sales or calls of securities and no gains or losses realized as of March 31, 2013. The amortized cost of securities pledged as collateral, to secure public deposits and for other purposes, was $236.0 million at March 31, 2014 and $257.5 million at December 31, 2013. The amortized cost of securities sold under agreements to repurchase amounted to $254.6 million at March 31, 2014 and $255.4 million at December 31, 2013. 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 March 31, 2014 indicates that all impairment is considered temporary, market driven, and not credit-related. The percentage of total investments with unrealized losses as of March 31, 2014 was 65.7% compared to 67.8% as of December 31, 2013. 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 March 31, 2014 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 |  | $ | 66,121 |  |  | $ | (1,364 | ) |  | $ | 64,757 |
State and political subdivisions |  |  | 46,229 |  |  |  | (1,518 | ) |  |  | 44,711 |
U.S. government sponsored agency mortgage-backed securities |  |  | 257,459 |  |  |  | (5,762 | ) |  |  | 251,697 |
Total debt securities |  |  | 369,809 |  |  |  | (8,644 | ) |  |  | 361,165 |
Marketable equity securities |  |  | 25,000 |  |  |  | (573 | ) |  |  | 24,427 |
Total <12 months temporarily impaired AFS securities |  |  | 394,809 |  |  |  | (9,217 | ) |  |  | 385,592 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 35,750 |  |  |  | (2,419 | ) |  |  | 33,331 |
State and political subdivisions |  |  | 9,292 |  |  |  | (367 | ) |  |  | 8,925 |
Total ≥12 months temporarily impaired AFS securities |  |  | 45,042 |  |  |  | (2,786 | ) |  |  | 42,256 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 101,871 |  |  |  | (3,783 | ) |  |  | 98,088 |
State and political subdivisions |  |  | 55,521 |  |  |  | (1,885 | ) |  |  | 53,636 |
U.S. government sponsored agency mortgage-backed securities |  |  | 257,459 |  |  |  | (5,762 | ) |  |  | 251,697 |
Total debt securities |  |  | 414,851 |  |  |  | (11,430 | ) |  |  | 403,421 |
Marketable equity securities |  |  | 25,000 |  |  |  | (573 | ) |  |  | 24,427 |
Total temporarily impaired AFS securities |  | $ | 439,851 |  |  | $ | (12,003 | ) |  | $ | 427,848 |
Held-to-Maturity
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Losses |  |  | Fair Value |
12 Months or More |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 480 |  |  | $ | (44 | ) |  | $ | 436 |
Total temporarily impaired HTM securities |  | $ | 480 |  |  | $ | (44 | ) |  | $ | 436 |
U.S. Treasury and Government Agencies The unrealized losses in U.S. Treasury and government agencies were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than amortized cost. Because CTBI does not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost, which may be maturity, CTBI does not consider those investments to be other-than-temporarily impaired at March 31, 2014. State and Political Subdivisions The unrealized losses in securities of state and political subdivisions were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than amortized cost. Because CTBI does not intend to sell the investments before recovery of their amortized cost, which may be maturity, CTBI does not consider those investments to be other-than-temporarily impaired at March 31, 2014. U.S. Government Sponsored Agency Mortgage-Backed Securities The unrealized losses in U.S. government sponsored agency mortgage-backed securities were caused by interest rate increases. CTBI expects to recover the amortized cost basis over the term of the securities. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because CTBI does not intend to sell the investments and it is not more likely than not we will be required to sell the investments before recovery of their amortized cost, which may be maturity, CTBI does not consider those investments to be other-than-temporarily impaired at March 31, 2014. Marketable Equity Securities CTBI’s investments in marketable equity securities consist of investments in fixed income mutual funds ($24.4 million of the total fair value and $573 thousand of the total unrealized losses in common stock investments). The severity of the impairment (fair value is approximately 2.3% less than cost) and the duration of the impairment (less than twelve months) correlates with the rise in interest rates during the latter half of 2013. CTBI evaluated the near-term prospects of these funds in relation to the severity and duration of the impairment. Based on that evaluation, CTBI does not consider those investments to be other-than-temporarily impaired at March 31, 2014. The analysis performed as of December 31, 2013 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, 2013 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 |  | $ | 21,750 |  |  | $ | (1,617 | ) |  | $ | 20,133 |
State and political subdivisions |  |  | 57,165 |  |  |  | (2,789 | ) |  |  | 54,376 |
U.S. government sponsored agency mortgage-backed securities |  |  | 248,705 |  |  |  | (8,182 | ) |  |  | 240,523 |
Total debt securities |  |  | 327,620 |  |  |  | (12,588 | ) |  |  | 315,032 |
Marketable equity securities |  |  | 55,000 |  |  |  | (2,218 | ) |  |  | 52,782 |
Total <12 months temporarily impaired AFS securities |  |  | 382,620 |  |  |  | (14,806 | ) |  |  | 367,814 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 35,750 |  |  |  | (3,522 | ) |  |  | 32,228 |
State and political subdivisions |  |  | 7,639 |  |  |  | (470 | ) |  |  | 7,169 |
U.S. government sponsored agency mortgage-backed securities |  |  | 6,579 |  |  |  | (7 | ) |  |  | 6,572 |
Total ≥12 months temporarily impaired AFS securities |  |  | 49,968 |  |  |  | (3,999 | ) |  |  | 45,969 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 57,500 |  |  |  | (5,139 | ) |  |  | 52,361 |
State and political subdivisions |  |  | 64,804 |  |  |  | (3,259 | ) |  |  | 61,545 |
U.S. government sponsored agency mortgage-backed securities |  |  | 255,284 |  |  |  | (8,189 | ) |  |  | 247,095 |
Total debt securities |  |  | 377,588 |  |  |  | (16,587 | ) |  |  | 361,001 |
Marketable equity securities |  |  | 55,000 |  |  |  | (2,218 | ) |  |  | 52,782 |
Total temporarily impaired AFS securities |  | $ | 432,588 |  |  | $ | (18,805 | ) |  | $ | 413,783 |
Held-to-Maturity
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Losses |  |  | Fair Value |
12 Months or More |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 480 |  |  | $ | (62 | ) |  | $ | 418 |
Total temporarily impaired HTM securities |  | $ | 480 |  |  | $ | (62 | ) |  | $ | 418 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 7: 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 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 + Details
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