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Securities (Tables) | 3 Months Ended
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Mar. 31, 2020
Securities [Abstract] |
Amortized Cost and Fair Value of Available-for-sale Securities | The amortized cost and fair value of debt securities at March 31, 2020 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 |  | $ | 159,199 |  |  | $ | 1,009 |  |  | $ | (337 | ) |  | $ | 159,871 |
State and political subdivisions |  |  | 96,171 |  |  |  | 3,068 |  |  |  | (43 | ) |  |  | 99,196 |
U.S. government sponsored agency mortgage-backed securities |  |  | 313,979 |  |  |  | 8,358 |  |  |  | (1,294 | ) |  |  | 321,043 |
Other debt securities |  |  | 56,565 |  |  |  | 0 |  |  |  | (3,196 | ) |  |  | 53,369 |
Total available-for-sale securities |  | $ | 625,914 |  |  | $ | 12,435 |  |  | $ | (4,870 | ) |  | $ | 633,479 |
The amortized cost and fair value of debt securities at December 31, 2019 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 |  | $ | 171,250 |  |  | $ | 476 |  |  | $ | (576 | ) |  | $ | 171,150 |
State and political subdivisions |  |  | 99,403 |  |  |  | 2,941 |  |  |  | (37 | ) |  |  | 102,307 |
U.S. government sponsored agency mortgage-backed securities |  |  | 291,874 |  |  |  | 4,443 |  |  |  | (1,072 | ) |  |  | 295,245 |
Other debt securities |  |  | 31,418 |  |  |  | 0 |  |  |  | (276 | ) |  |  | 31,142 |
Total available-for-sale securities |  | $ | 593,945 |  |  | $ | 7,860 |  |  | $ | (1,961 | ) |  | $ | 599,844 |
Amortized Cost and Fair Value of Held-to-maturity Securities | Held-to-Maturity
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
State and political subdivisions |  | $ | 517 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 517 |
Total held-to-maturity securities |  | $ | 517 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 517 |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at March 31, 2020 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 |
(in thousands) |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 82,872 |  |  | $ | 83,574 |
Due after one through five years |  |  | 20,033 |  |  |  | 20,371 |
Due after five through ten years |  |  | 91,340 |  |  |  | 91,659 |
Due after ten years |  |  | 61,125 |  |  |  | 63,463 |
U.S. government sponsored agency mortgage-backed securities |  |  | 313,979 |  |  |  | 321,043 |
Other debt securities |  |  | 56,565 |  |  |  | 53,369 |
Total debt securities |  | $ | 625,914 |  |  | $ | 633,479 |
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, 2020 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, 2020 was 31.3% compared to 42.8% as of December 31, 2019. 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, 2020 that are not deemed to have credit losses. As stated above, CTBI had no HTM securities as of March 31, 2020. Available-for-Sale
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Losses |  |  | Fair Value |
Less Than 12 Months |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 14,713 |  |  | $ | (86 | ) |  | $ | 14,627 |
State and political subdivisions |  |  | 1,113 |  |  |  | (43 | ) |  |  | 1,070 |
U.S. government sponsored agency mortgage-backed securities |  |  | 40,026 |  |  |  | (570 | ) |  |  | 39,456 |
Other debt securities |  |  | 56,565 |  |  |  | (3,196 | ) |  |  | 53,369 |
Total <12 months impaired AFS securities |  |  | 112,417 |  |  |  | (3,895 | ) |  |  | 108,522 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 51,913 |  |  |  | (251 | ) |  |  | 51,662 |
State and political subdivisions |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
U.S. government sponsored agency mortgage-backed securities |  |  | 38,762 |  |  |  | (724 | ) |  |  | 38,038 |
Other debt securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total ≥12 months impaired AFS securities |  |  | 90,675 |  |  |  | (975 | ) |  |  | 89,700 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 66,626 |  |  |  | (337 | ) |  |  | 66,289 |
State and political subdivisions |  |  | 1,113 |  |  |  | (43 | ) |  |  | 1,070 |
U.S. government sponsored agency mortgage-backed securities |  |  | 78,788 |  |  |  | (1,294 | ) |  |  | 77,494 |
Other debt securities |  |  | 56,565 |  |  |  | (3,196 | ) |  |  | 53,369 |
Total impaired AFS securities |  | $ | 203,092 |  |  | $ | (4,870 | ) |  | $ | 198,222 |
The analysis performed as of December 31, 2019 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, 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 December 31, 2019. Available-for-Sale
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Losses |  |  | Fair Value |
Less Than 12 Months |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 25,955 |  |  | $ | (148 | ) |  | $ | 25,807 |
State and political subdivisions |  |  | 8,356 |  |  |  | (37 | ) |  |  | 8,319 |
U.S. government sponsored agency mortgage-backed securities |  |  | 19,317 |  |  |  | (100 | ) |  |  | 19,217 |
Other debt securities |  |  | 31,418 |  |  |  | (276 | ) |  |  | 31,142 |
Total <12 months temporarily impaired AFS securities |  |  | 85,046 |  |  |  | (561 | ) |  |  | 84,485 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 82,339 |  |  |  | (428 | ) |  |  | 81,911 |
State and political subdivisions |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
U.S. government sponsored agency mortgage-backed securities |  |  | 91,609 |  |  |  | (972 | ) |  |  | 90,637 |
Other debt securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total ≥12 months temporarily impaired AFS securities |  |  | 173,948 |  |  |  | (1,400 | ) |  |  | 172,548 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 108,294 |  |  |  | (576 | ) |  |  | 107,718 |
State and political subdivisions |  |  | 8,356 |  |  |  | (37 | ) |  |  | 8,319 |
U.S. government sponsored agency mortgage-backed securities |  |  | 110,926 |  |  |  | (1,072 | ) |  |  | 109,854 |
Other debt securities |  |  | 31,418 |  |  |  | (276 | ) |  |  | 31,142 |
Total temporarily impaired AFS securities |  | $ | 258,994 |  |  | $ | (1,961 | ) |  | $ | 257,033 |

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