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Securities (Tables) | 3 Months Ended
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Mar. 31, 2019
Securities [Abstract] |
Amortized Cost and Fair Value of Available-for-sale Securities | The amortized cost and fair value of securities at March 31, 2019 are summarized as follows: Available-for-Sale
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 178,233 |  |  | $ | 195 |  |  | $ | (951 | ) |  | $ | 177,477 |
State and political subdivisions |  |  | 123,147 |  |  |  | 1,524 |  |  |  | (942 | ) |  |  | 123,729 |
U.S. government sponsored agency mortgage-backed securities |  |  | 299,658 |  |  |  | 2,036 |  |  |  | (4,103 | ) |  |  | 297,591 |
Other debt securities |  |  | 506 |  |  |  | 0 |  |  |  | (4 | ) |  |  | 502 |
Total available-for-sale securities |  | $ | 601,544 |  |  | $ | 3,755 |  |  | $ | (6,000 | ) |  | $ | 599,299 |
The amortized cost and fair value of securities at December 31, 2018 are summarized as follows: Available-for-Sale
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 219,358 |  |  | $ | 48 |  |  | $ | (1,468 | ) |  | $ | 217,938 |
State and political subdivisions |  |  | 126,280 |  |  |  | 633 |  |  |  | (2,425 | ) |  |  | 124,488 |
U.S. government sponsored agency mortgage-backed securities |  |  | 255,969 |  |  |  | 397 |  |  |  | (5,547 | ) |  |  | 250,819 |
Other debt securities |  |  | 507 |  |  |  | 0 |  |  |  | (6 | ) |  |  | 501 |
Total available-for-sale securities |  | $ | 602,114 |  |  | $ | 1,078 |  |  | $ | (9,446 | ) |  | $ | 593,746 |
Amortized Cost and Fair Value of Held-to-maturity Securities | The amortized cost and fair value of securities at March 31, 2019 are summarized as follows: Held-to-Maturity
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | $ | 619 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 619 |
Total held-to-maturity securities |  | $ | 619 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 619 |
The amortized cost and fair value of securities at December 31, 2018 are summarized as follows: Held-to-Maturity
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | $ | 649 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 649 |
Total held-to-maturity securities |  | $ | 649 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 649 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of debt securities at March 31, 2019 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 |  | $ | 29,546 |  |  | $ | 29,499 |  |  | $ | 619 |  |  | $ | 619 |
Due after one through five years |  |  | 93,079 |  |  |  | 93,111 |  |  |  | 0 |  |  |  | 0 |
Due after five through ten years |  |  | 80,646 |  |  |  | 80,248 |  |  |  | 0 |  |  |  | 0 |
Due after ten years |  |  | 98,109 |  |  |  | 98,348 |  |  |  | 0 |  |  |  | 0 |
U.S. government sponsored agency mortgage-backed securities |  |  | 299,658 |  |  |  | 297,591 |  |  |  | 0 |  |  |  | 0 |
Other debt securities |  |  | 506 |  |  |  | 502 |  |  |  | 0 |  |  |  | 0 |
Total debt securities |  | $ | 601,544 |  |  | $ | 599,299 |  |  | $ | 619 |  |  | $ | 619 |
Available for Sale Securities and Held-to-Maturity Securities, Continuous Unrealized Loss Position | CTBI evaluates its investment portfolio on a quarterly basis for impairment. The analysis performed as of March 31, 2019 indicates that all impairment is considered temporary, market and interest rate driven, and not credit-related. The percentage of total debt securities with unrealized losses as of March 31, 2019 was 55.9% compared to 75.7% as of December 31, 2018. 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, 2019 that are not deemed to be other-than-temporarily impaired. There were no held-to-maturity securities that were deemed to be impaired as of March 31, 2019. Available-for-Sale
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Losses |  |  | Fair Value |
Less Than 12 Months |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 22,910 |  |  | $ | (8 | ) |  | $ | 22,902 |
State and political subdivisions |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
U.S. government sponsored agency mortgage-backed securities |  |  | 935 |  |  |  | (3 | ) |  |  | 932 |
Other debt securities |  |  | 506 |  |  |  | (4 | ) |  |  | 502 |
Total <12 months temporarily impaired AFS securities |  |  | 24,351 |  |  |  | (15 | ) |  |  | 24,336 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 120,811 |  |  |  | (943 | ) |  |  | 119,868 |
State and political subdivisions |  |  | 39,558 |  |  |  | (942 | ) |  |  | 38,616 |
U.S. government sponsored agency mortgage-backed securities |  |  | 156,877 |  |  |  | (4,100 | ) |  |  | 152,777 |
Other debt securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total ≥12 months temporarily impaired AFS securities |  |  | 317,246 |  |  |  | (5,985 | ) |  |  | 311,261 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 143,721 |  |  |  | (951 | ) |  |  | 142,770 |
State and political subdivisions |  |  | 39,558 |  |  |  | (942 | ) |  |  | 38,616 |
U.S. government sponsored agency mortgage-backed securities |  |  | 157,812 |  |  |  | (4,103 | ) |  |  | 153,709 |
Other debt securities |  |  | 506 |  |  |  | (4 | ) |  |  | 502 |
Total temporarily impaired AFS securities |  | $ | 341,597 |  |  | $ | (6,000 | ) |  | $ | 335,597 |
The analysis performed as of December 31, 2018 indicated that all impairment was considered temporary, market and interest rate 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, 2018 that are not deemed to be other-than-temporarily impaired. There were no held-to-maturity securities that were deemed to be impaired as of December 31, 2018. Available-for-Sale
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Losses |  |  | Fair Value |
Less Than 12 Months |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 78,905 |  |  | $ | (271 | ) |  | $ | 78,634 |
State and political subdivisions |  |  | 21,707 |  |  |  | (194 | ) |  |  | 21,513 |
U.S. government sponsored agency mortgage-backed securities |  |  | 61,940 |  |  |  | (377 | ) |  |  | 61,563 |
Other debt securities |  |  | 507 |  |  |  | (6 | ) |  |  | 501 |
Total <12 months temporarily impaired AFS securities |  |  | 163,059 |  |  |  | (848 | ) |  |  | 162,211 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 97,955 |  |  |  | (1,197 | ) |  |  | 96,758 |
State and political subdivisions |  |  | 51,911 |  |  |  | (2,231 | ) |  |  | 49,680 |
U.S. government sponsored agency mortgage-backed securities |  |  | 147,658 |  |  |  | (5,170 | ) |  |  | 142,488 |
Other debt securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total ≥12 months temporarily impaired AFS securities |  |  | 297,524 |  |  |  | (8,598 | ) |  |  | 288,926 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 176,860 |  |  |  | (1,468 | ) |  |  | 175,392 |
State and political subdivisions |  |  | 73,618 |  |  |  | (2,425 | ) |  |  | 71,193 |
U.S. government sponsored agency mortgage-backed securities |  |  | 209,598 |  |  |  | (5,547 | ) |  |  | 204,051 |
Other debt securities |  |  | 507 |  |  |  | (6 | ) |  |  | 501 |
Total temporarily impaired AFS securities |  | $ | 460,583 |  |  | $ | (9,446 | ) |  | $ | 451,137 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
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