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Securities (Tables)

6 Months Ended

Jun. 30, 2020

Securities [Abstract]

Amortized Cost and Fair Value of Available-for-sale Securities

The amortized cost and fair value of debt securities at June 30, 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		$	89,335			$	550			$	(453	)		$	89,432
State and political subdivisions			120,194				5,752				(28	)			125,918
U.S. government sponsored agency mortgage-backed securities			459,327				11,023				(395	)			469,955
Other debt securities			56,536				0				(1,362	)			55,174
Total available-for-sale securities		$	725,392			$	17,325			$	(2,238	)		$	740,479

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 June 30, 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		$	12,136			$	12,195
Due after one through five years			19,933				20,503
Due after five through ten years			95,400				96,332
Due after ten years			82,060				86,320
U.S. government sponsored agency mortgage-backed securities			459,327				469,955
Other debt securities			56,536				55,174
Total debt securities		$	725,392			$	740,479

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 June 30, 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 June 30,2020 was 26.8% 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 June 30, 2020 that are not deemed to have credit losses.  As stated above, CTBI had no HTM securities as of June 30, 2020.

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
U.S. Treasury and government agencies		$	23,440			$	(112	)		$	23,328
State and political subdivisions			536				(28	)			508
U.S. government sponsored agency mortgage-backed securities			55,124				(307	)			54,817
Other debt securities			56,030				(1,341	)			54,689
Total <12 months impaired AFS securities			135,130				(1,788	)			133,342
12 Months or More
U.S. Treasury and government agencies			49,653				(341	)			49,312
State and political subdivisions			0				0				0
U.S. government sponsored agency mortgage-backed securities			15,503				(88	)			15,415
Other debt securities			506				(21	)			485
Total ≥12 months impaired AFS securities			65,662				(450	)			65,212
Total
U.S. Treasury and government agencies			73,093				(453	)			72,640
State and political subdivisions			536				(28	)			508
U.S. government sponsored agency mortgage-backed securities			70,627				(395	)			70,232
Other debt securities			56,536				(1,362	)			55,174
Total impaired AFS securities		$	200,792			$	(2,238	)		$	198,554

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

X

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=121645371&loc=SL120269825-111563

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=121645371&loc=SL120269820-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27232-111563

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+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
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