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Loans (Tables)

9 Months Ended

Sep. 30, 2019

Loans [Abstract]

Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans

Major classifications of loans, net of unearned income, deferred loan origination costs, and net premiums on acquired loans, are summarized as follows:

(in thousands)		September 30 2019				December 31 2018
Commercial construction		$	93,534			$	82,715
Commercial secured by real estate			1,174,764				1,183,093
Equipment lease financing			651				1,740
Commercial other			388,532				377,198
Real estate construction			62,859				57,160
Real estate mortgage			722,632				722,417
Home equity			110,663				106,299
Consumer direct			149,500				144,289
Consumer indirect			511,650				533,727
Total loans		$	3,214,785			$	3,208,638

Nonaccrual Loans Segregated by Class of Loans

Nonaccrual loans segregated by class of loans were as follows:

(in thousands)		September 30 2019				December 31 2018
Commercial:
Commercial construction		$	230			$	639
Commercial secured by real estate			4,855				4,537
Commercial other			585				797
Residential:
Real estate construction			291				22
Real estate mortgage			4,464				5,395
Home equity			661				477
Consumer:
Consumer direct			4				0
Total nonaccrual loans		$	11,090			$	11,867

Bank's Loan Portfolio Aging Analysis, Segregated by Class

The following tables present CTBI’s loan portfolio aging analysis, segregated by class, as of September 30, 2019 and December 31, 2018:

		September 30, 2019
(in thousands)		30-59 Days Past Due				60-89 Days Past Due				90+ Days Past Due				Total Past Due				Current				Total Loans				90+ and Accruing*
Commercial:
Commercial construction		$	118			$	195			$	35			$	348			$	93,186			$	93,534			$	0
Commercial secured by real estate			3,639				2,571				15,706				21,916				1,152,848				1,174,764				11,481
Equipment lease financing			0				0				0				0				651				651				0
Commercial other			1,126				3,235				3,041				7,402				381,130				388,532				2,674
Residential:
Real estate construction			502				115				283				900				61,959				62,859				4
Real estate mortgage			1,124				5,501				8,376				15,001				707,631				722,632				5,434
Home equity			1,053				232				703				1,988				108,675				110,663				264
Consumer:
Consumer direct			732				321				67				1,120				148,380				149,500				67
Consumer indirect			3,085				654				406				4,145				507,505				511,650				406
Total		$	11,379			$	12,824			$	28,617			$	52,820			$	3,161,965			$	3,214,785			$	20,330

		December 31, 2018
(in thousands)		30-59 Days Past Due				60-89 Days Past Due				90+ Days Past Due				Total Past Due				Current				Total Loans				90+ and Accruing*
Commercial:
Commercial construction		$	87			$	58			$	698			$	843			$	81,872			$	82,715			$	58
Commercial secured by real estate			6,287				1,204				8,776				16,267				1,166,826				1,183,093				4,632
Equipment lease financing			0				0				0				0				1,740				1,740				0
Commercial other			1,057				94				1,067				2,218				374,980				377,198				581
Residential:
Real estate construction			144				438				28				610				56,550				57,160				6
Real estate mortgage			1,272				5,645				7,607				14,524				707,893				722,417				4,095
Home equity			898				365				441				1,704				104,595				106,299				246
Consumer:
Consumer direct			918				191				74				1,183				143,106				144,289				74
Consumer indirect			4,715				975				507				6,197				527,530				533,727				506
Total		$	15,378			$	8,970			$	19,198			$	43,546			$	3,165,092			$	3,208,638			$	10,198

*90+ and Accruing are also included in 90+ Days Past Due column.

Credit Risk Profile of the Bank's Commercial Loan Portfolio Based on Rating Category and Payment Activity, Segregated by Class of Loans

The following tables present the credit risk profile of CTBI’s commercial loan portfolio based on rating category and payment activity, segregated by class of loans, as of September 30, 2019 and December 31, 2018:

(in thousands)		Commercial Construction				Commercial Secured by Real Estate				Equipment Leases				Commercial Other				Total
September 30, 2019
Pass		$	88,034			$	1,037,428			$	651			$	356,980			$	1,483,093
Watch			2,527				55,119				0				13,737				71,383
OAEM			168				29,516				0				5,637				35,321
Substandard			2,805				52,616				0				12,030				67,451
Doubtful			0				85				0				148				233
Total		$	93,534			$	1,174,764			$	651			$	388,532			$	1,657,481
December 31, 2018
Pass		$	74,222			$	1,038,309			$	1,740			$	327,431			$	1,441,702
Watch			3,070				71,834				0				28,986				103,890
OAEM			1,594				19,734				0				5,735				27,063
Substandard			3,829				53,125				0				14,970				71,924
Doubtful			0				91				0				76				167
Total		$	82,715			$	1,183,093			$	1,740			$	377,198			$	1,644,746

Credit Risk Profile of Residential Real Estate and Consumer Loan Portfolio Based on Performing and Nonperforming Status Segregated by Class

The following tables present the credit risk profile of CTBI’s residential real estate and consumer loan portfolios based on performing or nonperforming status, segregated by class, as of  September 30, 2019 and December 31, 2018:

(in thousands)		Real Estate Construction				Real Estate Mortgage				Home Equity				Consumer Direct				Consumer Indirect				Total
September 30, 2019
Performing		$	62,564			$	712,734			$	109,738			$	149,429			$	511,244			$	1,545,709
Nonperforming (1)			295				9,898				925				71				406				11,595
Total		$	62,859			$	722,632			$	110,663			$	149,500			$	511,650			$	1,557,304
December 31, 2018
Performing		$	57,132			$	712,927			$	105,576			$	144,215			$	533,221			$	1,553,071
Nonperforming (1)			28				9,490				723				74				506				10,821
Total		$	57,160			$	722,417			$	106,299			$	144,289			$	533,727			$	1,563,892

(1)  A loan is considered nonperforming if it is 90 days or more past due and/or on nonaccrual.

Impaired Loans, Average Investment in Impaired Loans, and Interest Income Recognized on Impaired Loans

The following table presents impaired loans, the average investment in impaired loans, and interest income recognized on impaired loans for the periods ended September 30, 2019, December 31, 2018, and September 30, 2018: 

		September 30, 2019
(in thousands)		Recorded Balance				Unpaid Contractual Principal Balance				Specific Allowance
Loans without a specific valuation allowance:
Commercial construction		$	2,800			$	2,800			$	0
Commercial secured by real estate			38,620				40,134				0
Commercial other			10,690				12,384				0
Real estate mortgage			2,318				2,318				0
Loans with a specific valuation allowance:
Commercial construction			174				174				99
Commercial secured by real estate			1,366				2,863				398
Commercial other			347				347				175
Totals:
Commercial construction			2,974				2,974				99
Commercial secured by real estate			39,986				42,997				398
Commercial other			11,037				12,731				175
Real estate mortgage			2,318				2,318				0
Total		$	56,315			$	61,020			$	672

		Three Months Ended September 30, 2019								Nine Months Ended September 30, 2019
(in thousands)		Average Investment in Impaired Loans				*Interest Income Recognized				Average Investment in Impaired Loans				*Interest Income Recognized
Loans without a specific valuation allowance:
Commercial construction		$	2,959			$	37			$	3,344			$	132
Commercial secured by real estate			39,217				442				35,762				1,192
Commercial other			10,863				92				10,425				380
Real estate mortgage			2,323				23				2,408				64
Loans with a specific valuation allowance:
Commercial construction			174				3				229				9
Commercial secured by real estate			1,397				0				1,892				15
Commercial other			358				6				680				29
Totals:
Commercial construction			3,133				40				3,573				141
Commercial secured by real estate			40,614				442				37,654				1,207
Commercial other			11,221				98				11,105				409
Real estate mortgage			2,323				23				2,408				64
Total		$	57,291			$	603			$	54,740			$	1,821

		Year Ended December 31, 2018
(in thousands)		Recorded Balance				Unpaid Contractual Principal Balance				Specific Allowance				Average Investment in Impaired Loans				*Interest Income Recognized
Loans without a specific valuation allowance:
Commercial construction		$	4,100			$	4,100			$	0			$	3,923			$	171
Commercial secured by real estate			29,645				31,409				0				30,250				1,412
Commercial other			8,285				9,982				0				8,774				530
Real estate construction			0				0				0				106				0
Real estate mortgage			1,882				1,882				0				1,666				41
Loans with a specific valuation allowance:
Commercial construction			127				127				50				42				0
Commercial secured by real estate			1,854				2,983				605				2,051				1
Commercial other			473				473				146				285				16
Totals:
Commercial construction			4,227				4,227				50				3,965				171
Commercial secured by real estate			31,499				34,392				605				32,301				1,413
Commercial other			8,758				10,455				146				9,059				546
Real estate construction			0				0				0				106				0
Real estate mortgage			1,882				1,882				0				1,666				41
Total		$	46,366			$	50,956			$	801			$	47,097			$	2,171

		September 30, 2018
(in thousands)		Recorded Balance				Unpaid Contractual Principal Balance				Specific Allowance
Loans without a specific valuation allowance:
Commercial construction		$	2,804			$	2,804			$	0
Commercial secured by real estate			31,632				33,538				0
Commercial other			8,268				10,034				0
Real estate mortgage			1,878				1,880				0
Loans with a specific valuation allowance:
Commercial secured by real estate			1,980				3,116				641
Commercial other			321				321				95
Totals:
Commercial construction			2,804				2,804				0
Commercial secured by real estate			33,612				36,654				641
Commercial other			8,589				10,355				95
Real estate mortgage			1,878				1,880				0
Total		$	46,883			$	51,693			$	736

		Three Months Ended September 30, 2018								Nine Months Ended September 30, 2018
(in thousands)		Average Investment in Impaired Loans				*Interest Income Recognized				Average Investment in Impaired Loans				*Interest Income Recognized
Loans without a specific valuation allowance:
Commercial construction		$	2,865			$	26			$	3,795			$	132
Commercial secured by real estate			30,216				349				30,588				1,073
Commercial other			8,518				125				8,857				405
Real estate construction			0				0				106				0
Real estate mortgage			1,882				13				1,596				24
Loans with a specific valuation allowance:
Commercial secured by real estate			2,005				0				2,112				1
Commercial other			339				8				220				12
Totals:
Commercial construction			2,865				26				3,795				132
Commercial secured by real estate			32,221				349				32,700				1,074
Commercial other			8,857				133				9,077				417
Real estate construction			0				0				106				0
Real estate mortgage			1,882				13				1,596				24
Total		$	45,825			$	521			$	47,274			$	1,647

*Cash basis interest is substantially the same as interest income recognized.

Troubled Debt Restructuring

During 2019, certain loans were modified in troubled debt restructurings, where economic concessions were granted to borrowers consisting of reductions in the interest rates, payment extensions, forgiveness of principal, and forbearances.  Presented below, segregated by class of loans, are troubled debt restructurings that occurred during the three and nine months ended September 30, 2019 and 2018 and the year ended December 31, 2018: 

		Three Months Ended September 30, 2019
(in thousands)		Number of Loans				Term Modification				Rate Modification				Combination				Post- Modification Outstanding Balance
Commercial:
Commercial secured by real estate			3			$	270			$	0			$	0			$	270
Commercial other			2				32				0				0				32
Total troubled debt restructurings			5			$	302			$	0			$	0			$	302

		Nine Months Ended September 30, 2019
(in thousands)		Number of Loans				Term Modification				Rate Modification				Combination				Post- Modification Outstanding Balance
Commercial:
Commercial secured by real estate			13			$	4,784			$	0			$	679			$	5,463
Commercial other			13				1,292				0				140				1,432
Residential:
Real estate mortgage			2				463				0				243				706
Total troubled debt restructurings			28			$	6,539			$	0			$	1,062			$	7,601

		Year Ended December 31, 2018
(in thousands)		Number of Loans				Term Modification				Rate Modification				Combination				Post- Modification Outstanding Balance
Commercial:
Commercial construction			5			$	2,182			$	0			$	15			$	2,197
Commercial secured by real estate			24				4,004				0				1,383				5,387
Commercial other			8				465				0				0				465
Residential:
Real estate mortgage			3				264				0				704				968
Total troubled debt restructurings			40			$	6,915			$	0			$	2,102			$	9,017

		Three Months Ended September 30, 2018
(in thousands)		Number of Loans				Term Modification				Rate Modification				Combination				Post- Modification Outstanding Balance
Commercial:
Commercial secured by real estate			6			$	2,028			$	0			$	400			$	2,428
Residential:
Real estate mortgage			1				264				0				0				264
Total troubled debt restructurings			7			$	2,292			$	0			$	400			$	2,692

		Nine Months Ended September 30, 2018
(in thousands)		Number of Loans				Term Modification				Rate Modification				Combination				Post- Modification Outstanding Balance
Commercial:
Commercial construction			4			$	443			$	0			$	15			$	458
Commercial secured by real estate			23				4,587				0				1,383				5,970
Commercial other			8				465				0				0				465
Residential:
Real estate mortgage			1				264				0				0				264
Total troubled debt restructurings			36			$	5,759			$	0			$	1,398			$	7,157

Defaulted Restructured Loans

Loans retain their accrual status at the time of their modification. As a result, if a loan is on nonaccrual at the time it is modified, it stays as nonaccrual, and if a loan is on accrual at the time of the modification, it generally stays on accrual.  Commercial and consumer loans modified in a troubled debt restructuring are closely monitored for delinquency as an early indicator of possible future default.  If loans modified in a troubled debt restructuring subsequently default, CTBI evaluates the loan for possible further impairment.  The allowance for loan losses may be increased, adjustments may be made in the allocation of the allowance, or partial charge-offs may be taken to further write-down the carrying value of the loan.  Presented below, segregated by class of loans, are loans that were modified as troubled debt restructurings within the past twelve months which have subsequently defaulted.  CTBI considers a loan in default when it is 90 days or more past due or transferred to nonaccrual.

(in thousands)		Three Months Ended September 30, 2019								Three Months Ended September 30, 2018
		Number of Loans				Recorded Balance				Number of Loans				Recorded Balance
Commercial:
Commercial construction			1			$	0				2			$	147
Commercial secured by real estate			1				30				0				0
Commercial other			1				34				1				6
Total defaulted restructured loans			2			$	64				3			$	153

(in thousands)		Nine Months Ended September 30, 2019								Nine Months Ended September 30, 2018
		Number of Loans				Recorded Balance				Number of Loans				Recorded Balance
Commercial:
Commercial construction			0			$	0				2			$	147
Commercial secured by real estate			1				30				1				17
Commercial other			1				34				2				31
Total defaulted restructured loans			2			$	64				5			$	195

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