XML 20 R10.htm IDEA: XBRL DOCUMENT
v3.23.3

Securities | 9 Months Ended
--- | ---
Sep. 30, 2023
Securities [Abstract] |
Securities | Note 3 – Securities Debt securities are classified into HTM and AFS categories. HTM securities are those that CTBI has the positive intent and ability to hold to maturity and are reported at amortized cost. AFS securities are those that CTBI may decide to sell if needed for liquidity, asset-liability management or other reasons. AFS securities are reported at fair value, with unrealized gains or losses included as a separate component of equity, net of tax. As of September 30, 2023 and December 31, 2022, CTBI had no HTM securities. The amortized cost and fair value of debt securities at September 30, 2023 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 |  | $ | 387,012 |  |  | $ | 135 |  |  | $ | (35,808 | ) |  | $ | 351,339 |
State and political subdivisions |  |  | 313,867 |  |  |  | 1 |  |  |  | (69,390 | ) |  |  | 244,478 |
U.S. government sponsored agency mortgage-backed securities |  |  | 534,442 |  |  |  | 0 |  |  |  | (82,144 | ) |  |  | 452,298 |
Asset-backed securities |  |  | 88,818 |  |  |  | 0 |  |  |  | (1,055 | ) |  |  | 87,763 |
Total available-for-sale securities |  | $ | 1,324,139 |  |  | $ | 136 |  |  | $ | (188,397 | ) |  | $ | 1,135,878 |
The amortized cost and fair value of debt securities at December 31, 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 |  | $ | 418,579 |  |  | $ | 212 |  |  | $ | (36,859 | ) |  | $ | 381,932 |
State and political subdivisions |  |  | 326,746 |  |  |  | 32 |  |  |  | (61,676 | ) |  |  | 265,102 |
U.S. government sponsored agency mortgage-backed securities |  |  | 593,917 |  |  |  | 1 |  |  |  | (73,833 | ) |  |  | 520,085 |
Asset-backed securities |  |  | 91,363 |  |  |  | 0 |  |  |  | (2,256 | ) |  |  | 89,107 |
Total available-for-sale securities |  | $ | 1,430,605 |  |  | $ | 245 |  |  | $ | (174,624 | ) |  | $ | 1,256,226 |
The amortized cost and fair value of debt securities at September 30, 2023 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 |  | $ | 23,805 |  |  | $ | 23,585 |
Due after one through five years |  |  | 372,557 |  |  |  | 335,324 |
Due after five through ten years |  |  | 129,061 |  |  |  | 106,680 |
Due after ten years |  |  | 175,456 |  |  |  | 130,228 |
U.S. government sponsored agency mortgage-backed securities |  |  | 534,442 |  |  |  | 452,298 |
Asset-backed securities |  |  | 88,818 |  |  |  | 87,763 |
Total debt securities |  | $ | 1,324,139 |  |  | $ | 1,135,878 |
During the three months ended September 30, 2023, we had an unrealized gain of $355 thousand from the fair value adjustment of equity securities. During the three months ended September 30, 2022, we had an unrealized loss of $159 thousand from the fair value adjustment of equity securities. During the nine months ended September 30, 2023, we had a net securities gain of $738 thousand, consisting of a pre-tax gain of $4 thousand realized on sales and calls of AFS securities and an unrealized gain of $734 thousand from the fair value adjustment of equity securities. During the nine months ended September 30, 2022, we had a net securities loss of $285 thousand, consisting of a pre-tax loss of $1 thousand realized on calls of AFS securities and an unrealized loss of $284 thousand from the fair value adjustment of equity securities. Equity Securities at Fair Value CTBI made the election permitted by ASC 321-10-35-2 to record its Visa Class B shares at fair value. Equity securities at fair value as of September 30, 2023 were $2.9 million, as a result of a $355 thousand increase in the fair value in the third quarter 2023. The fair value of equity securities decreased $159 thousand in the third quarter 2022. No equity securities were sold during the nine months ended September 30, 2023 and 2022. The amortized cost of securities pledged as collateral, to secure public deposits and for other purposes, was $752.2 million at September 30, 2023 and $725.0 million at December 31, 2022. The amortized cost of securities sold under agreements to repurchase amounted to $350.2 million at September 30, 2023 and $316.9 million at December 31, 2022. CTBI evaluates its investment portfolio on a quarterly basis for impairment. The analysis performed as of September 30, 2023 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, 2023 was 98.9% compared to 97.4% as of December 31, 2022. 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, 2023 that are not deemed to have credit losses. As stated above, CTBI had no HTM securities as of September 30, 2023. Available-for-Sale
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Losses |  |  | Fair Value |
Less Than 12 Months |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 4,781 |  |  | $ | (6 | ) |  | $ | 4,775 |
State and political subdivisions |  |  | 25,808 |  |  |  | (2,565 | ) |  |  | 23,243 |
U.S. government sponsored agency mortgage-backed securities |  |  | 15,879 |  |  |  | (507 | ) |  |  | 15,372 |
Asset-backed securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total <12 months temporarily impaired AFS securities |  |  | 46,468 |  |  |  | (3,078 | ) |  |  | 43,390 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 370,697 |  |  |  | (35,802 | ) |  |  | 334,895 |
State and political subdivisions |  |  | 287,629 |  |  |  | (66,825 | ) |  |  | 220,804 |
U.S. government sponsored agency mortgage-backed securities |  |  | 518,517 |  |  |  | (81,637 | ) |  |  | 436,880 |
Asset-backed securities |  |  | 88,818 |  |  |  | (1,055 | ) |  |  | 87,763 |
Total ≥12 months temporarily impaired AFS securities |  |  | 1,265,661 |  |  |  | (185,319 | ) |  |  | 1,080,342 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 375,478 |  |  |  | (35,808 | ) |  |  | 339,670 |
State and political subdivisions |  |  | 313,437 |  |  |  | (69,390 | ) |  |  | 244,047 |
U.S. government sponsored agency mortgage-backed securities |  |  | 534,396 |  |  |  | (82,144 | ) |  |  | 452,252 |
Asset-backed securities |  |  | 88,818 |  |  |  | (1,055 | ) |  |  | 87,763 |
Total temporarily impaired AFS securities |  | $ | 1,312,129 |  |  | $ | (188,397 | ) |  | $ | 1,123,732 |
The analysis performed as of December 31, 2022 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, 2022 that are not deemed to be other-than-temporarily impaired. As stated above, CTBI had no HTM securities as of December 31, 2022. Available-for-Sale
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Losses |  |  | Fair Value |
Less Than 12 Months |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 144,305 |  |  | $ | (6,953 | ) |  | $ | 137,352 |
State and political subdivisions |  |  | 94,277 |  |  |  | (6,257 | ) |  |  | 88,020 |
U.S. government sponsored agency mortgage-backed securities |  |  | 139,314 |  |  |  | (6,883 | ) |  |  | 132,431 |
Asset-backed securities |  |  | 38,882 |  |  |  | (1,231 | ) |  |  | 37,651 |
Total <12 months temporarily impaired AFS securities |  |  | 416,778 |  |  |  | (21,324 | ) |  |  | 395,454 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 249,424 |  |  |  | (29,906 | ) |  |  | 219,518 |
State and political subdivisions |  |  | 225,019 |  |  |  | (55,419 | ) |  |  | 169,600 |
U.S. government sponsored agency mortgage-backed securities |  |  | 454,357 |  |  |  | (66,950 | ) |  |  | 387,407 |
Asset-backed securities |  |  | 52,480 |  |  |  | (1,025 | ) |  |  | 51,455 |
Total ≥12 months temporarily impaired AFS securities |  |  | 981,280 |  |  |  | (153,300 | ) |  |  | 827,980 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 393,729 |  |  |  | (36,859 | ) |  |  | 356,870 |
State and political subdivisions |  |  | 319,296 |  |  |  | (61,676 | ) |  |  | 257,620 |
U.S. government sponsored agency mortgage-backed securities |  |  | 593,671 |  |  |  | (73,833 | ) |  |  | 519,838 |
Asset-backed securities |  |  | 91,362 |  |  |  | (2,256 | ) |  |  | 89,106 |
Total temporarily impaired AFS securities |  | $ | 1,398,058 |  |  | $ | (174,624 | ) |  | $ | 1,223,434 |
U.S. Treasury and Government Agencies The unrealized losses in U.S. Treasury and government agencies were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par which will equal amortized cost at maturity. CTBI does not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost. State and Political Subdivisions The unrealized losses in securities of state and political subdivisions were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par which will equal amortized cost at maturity. CTBI does not intend to sell the investments before recovery of their amortized cost and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost. U.S. Government Sponsored Agency Mortgage-Backed Securities The unrealized losses in U.S. government sponsored agency mortgage-backed securities were caused by interest rate changes. CTBI expects to recover the amortized cost basis over the term of the securities. CTBI does not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost. Asset-Backed Securities The unrealized losses in asset-backed securities were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par which will equal amortized cost at maturity. CTBI does not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration