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COVID-19 and CARES Act Loan Activities (Tables) | 12 Months Ended
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Dec. 31, 2020
COVID-19 and CARES Act Loan Activities [Abstract] |
CARES Act Loan Deferral Status | CARES Act Loan Deferral Status
|  | Deferrals |
|  | One Time |  |  | Two Times |  |  | Three Times |  |  | Four Times |  |  | Outstanding |
(dollars in millions) |  | Number |  |  | Amount |  |  | Number |  |  | Amount |  |  | Number |  |  | Amount |  |  | Number |  |  | Amount |  |  | Number |  |  | Amount |
Commercial |  |  | 841 |  |  | $ | 571 |  |  |  | 153 |  |  | $ | 223 |  |  |  | 45 |  |  | $ | 83 |  |  |  | 5 |  |  | $ | 3 |  |  |  | 109 |  |  | $ | 118 |
Residential |  |  | 552 |  |  |  | 63 |  |  |  | 100 |  |  |  | 10 |  |  |  | 15 |  |  |  | 2 |  |  |  | 1 |  |  |  | 0 |  |  |  | 108 |  |  |  | 9 |
Consumer |  |  | 2,088 |  |  |  | 36 |  |  |  | 41 |  |  |  | 1 |  |  |  | 3 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 193 |  |  |  | 3 |
|  |  | 3,481 |  |  | $ | 670 |  |  |  | 294 |  |  | $ | 234 |  |  |  | 63 |  |  | $ | 85 |  |  |  | 6 |  |  | $ | 3 |  |  |  | 410 |  |  | $ | 130 |
Information Related to PPP Loans | We have also participated in the Paycheck Protection Program (PPP) stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19. As of December 31, 2020, we closed 2,962 Paycheck Protection Program (PPP) loans totaling $277.0 million, stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19. Of these, 2,817 were under $350 thousand, 132 were between $350 thousand and $2.0 million, and 13 were over $2.0 million. The initial phase of the PPP program expired on August 8, 2020, and the loan forgiveness process began shortly thereafter. Through December 31, 2020, we have had $18.8 million of our PPP loans forgiven by the U.S. Small Business Administration (SBA). An additional stimulus package, included as part of Consolidated Appropriations Act 2021, was signed into law in late December providing for an additional $284 billion in funding under the PPP, with authority to make loans under the program being extended through March 31, 2021. CTBI intends to participate in the second round of lending as soon as possible. See below for additional information related to our PPP loans for the year ended December 31, 2020.
(dollars in thousands) |  | Average Balance |  |  | Interest |  |  | Average Effective Rate |
PPP loans |  | $ | 182,008 |  |  | $ | 5,638 |  |  |  | 3.05 | %

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- Definition Tabular disclosure of additional information related to Paycheck Protection Program (PPP) loans executed consistent with the guidelines of the CARES Act. + References No definition available. + Details
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- Definition Tabular disclosure of additional details regarding the types of deferrals received and the repayment status of the loans executed consistent with the guidelines of the CARES Act. + References No definition available. + Details
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