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Securities (Tables) | 9 Months Ended
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Sep. 30, 2022
Securities [Abstract] |
Amortized Cost and Fair Value of Available-for-sale Securities | The amortized cost and fair value of debt securities at September 30, 2022 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 |  | $ | 441,216 |  |  | $ | 272 |  |  | $ | (39,716 | ) |  | $ | 401,772 |
State and political subdivisions |  |  | 326,248 |  |  |  | 12 |  |  |  | (68,184 | ) |  |  | 258,076 |
U.S. government sponsored agency mortgage-backed securities |  |  | 626,731 |  |  |  | 2 |  |  |  | (77,694 | ) |  |  | 549,039 |
Asset-backed securities |  |  | 92,674 |  |  |  | 0 |  |  |  | (2,969 | ) |  |  | 89,705 |
Total available-for-sale securities |  | $ | 1,486,869 |  |  | $ | 286 |  |  | $ | (188,563 | ) |  | $ | 1,298,592 |
The amortized cost and fair value of debt securities at December 31, 2021 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 |  | $ | 299,606 |  |  | $ | 351 |  |  | $ | (4,187 | ) |  | $ | 295,770 |
State and political subdivisions |  |  | 334,218 |  |  |  | 5,524 |  |  |  | (5,539 | ) |  |  | 334,203 |
U.S. government sponsored agency mortgage-backed securities |  |  | 733,467 |  |  |  | 5,107 |  |  |  | (7,765 | ) |  |  | 730,809 |
Asset-backed securities |  |  | 94,538 |  |  |  | 301 |  |  |  | (192 | ) |  |  | 94,647 |
Total available-for-sale securities |  | $ | 1,461,829 |  |  | $ | 11,283 |  |  | $ | (17,683 | ) |  | $ | 1,455,429 |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at September 30, 2022 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 |  | $ | 38,956 |  |  | $ | 38,386 |
Due after one through five years |  |  | 238,514 |  |  |  | 219,227 |
Due after five through ten years |  |  | 273,334 |  |  |  | 237,002 |
Due after ten years |  |  | 216,660 |  |  |  | 165,233 |
U.S. government sponsored agency mortgage-backed securities |  |  | 626,731 |  |  |  | 549,039 |
Asset-backed securities |  |  | 92,674 |  |  |  | 89,705 |
Total debt securities |  | $ | 1,486,869 |  |  | $ | 1,298,592 |
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 September 30, 2022 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 September 30, 2022 was 97.2% compared to 72.4% as of December 31, 2021. The following table provides the amortized cost, gross unrealized losses, and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of September 30, 2022 that are not deemed to have credit losses. As stated above, CTBI had no HTM securities as of September 30, 2022. Available-for-Sale
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Losses |  |  | Fair Value |
Less Than 12 Months |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 174,884 |  |  | $ | (9,685 | ) |  | $ | 165,199 |
State and political subdivisions |  |  | 138,322 |  |  |  | (19,957 | ) |  |  | 118,365 |
U.S. government sponsored agency mortgage-backed securities |  |  | 191,768 |  |  |  | (11,796 | ) |  |  | 179,972 |
Asset-backed securities |  |  | 47,343 |  |  |  | (1,439 | ) |  |  | 45,904 |
Total <12 months temporarily impaired AFS securities |  |  | 552,317 |  |  |  | (42,877 | ) |  |  | 509,440 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 234,630 |  |  |  | (30,031 | ) |  |  | 204,599 |
State and political subdivisions |  |  | 184,173 |  |  |  | (48,227 | ) |  |  | 135,946 |
U.S. government sponsored agency mortgage-backed securities |  |  | 434,704 |  |  |  | (65,898 | ) |  |  | 368,806 |
Asset-backed securities |  |  | 45,331 |  |  |  | (1,530 | ) |  |  | 43,801 |
Total ≥12 months temporarily impaired AFS securities |  |  | 898,838 |  |  |  | (145,686 | ) |  |  | 753,152 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 409,514 |  |  |  | (39,716 | ) |  |  | 369,798 |
State and political subdivisions |  |  | 322,495 |  |  |  | (68,184 | ) |  |  | 254,311 |
U.S. government sponsored agency mortgage-backed securities |  |  | 626,472 |  |  |  | (77,694 | ) |  |  | 548,778 |
Asset-backed securities |  |  | 92,674 |  |  |  | (2,969 | ) |  |  | 89,705 |
Total temporarily impaired AFS securities |  | $ | 1,451,155 |  |  | $ | (188,563 | ) |  | $ | 1,262,592 |
The analysis performed as of December 31, 2021 indicated that all impairment was considered temporary, market and interest rate driven, and not credit-related. The following table provides the amortized cost, gross unrealized losses, and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2021 that are not deemed to be other-than-temporarily impaired. As stated above, CTBI had no HTM securities as of December 31, 2021. Available-for-Sale
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Losses |  |  | Fair Value |
Less Than 12 Months |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 249,990 |  |  | $ | (4,123 | ) |  | $ | 245,867 |
State and political subdivisions |  |  | 197,592 |  |  |  | (4,779 | ) |  |  | 192,813 |
U.S. government sponsored agency mortgage-backed securities |  |  | 473,831 |  |  |  | (6,759 | ) |  |  | 467,072 |
Asset-backed securities |  |  | 52,229 |  |  |  | (190 | ) |  |  | 52,039 |
Total <12 months temporarily impaired AFS securities |  |  | 973,642 |  |  |  | (15,851 | ) |  |  | 957,791 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 14,505 |  |  |  | (64 | ) |  |  | 14,441 |
State and political subdivisions |  |  | 19,126 |  |  |  | (760 | ) |  |  | 18,366 |
U.S. government sponsored agency mortgage-backed securities |  |  | 62,330 |  |  |  | (1,006 | ) |  |  | 61,324 |
Asset-backed securities |  |  | 1,368 |  |  |  | (2 | ) |  |  | 1,366 |
Total ≥12 months temporarily impaired AFS securities |  |  | 97,329 |  |  |  | (1,832 | ) |  |  | 95,497 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 264,495 |  |  |  | (4,187 | ) |  |  | 260,308 |
State and political subdivisions |  |  | 216,718 |  |  |  | (5,539 | ) |  |  | 211,179 |
U.S. government sponsored agency mortgage-backed securities |  |  | 536,161 |  |  |  | (7,765 | ) |  |  | 528,396 |
Asset-backed securities |  |  | 53,597 |  |  |  | (192 | ) |  |  | 53,405 |
Total temporarily impaired AFS securities |  | $ | 1,070,971 |  |  | $ | (17,683 | ) |  | $ | 1,053,288 |

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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 https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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