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Securities | 9 Months Ended
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Sep. 30, 2024
Securities [Abstract] |
Securities | Note 3 – Securities The amortized cost and fair value of debt securities at September 30, 2024 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 |  | $ | 361,391 |  |  | $ | 106 |  |  | $ | (17,297 | ) |  | $ | 344,200 |
State and political subdivisions |  |  | 306,163 |  |  |  | 124 |  |  |  | (40,416 | ) |  |  | 265,871 |
U.S. government sponsored agency mortgage-backed securities |  |  | 488,382 |  |  |  | 283 |  |  |  | (49,916 | ) |  |  | 438,749 |
Asset-backed securities |  |  | 49,353 |  |  |  | 11 |  |  |  | (108 | ) |  |  | 49,256 |
Total available-for-sale securities |  | $ | 1,205,289 |  |  | $ | 524 |  |  | $ | (107,737 | ) |  | $ | 1,098,076 |
The amortized cost and fair value of debt securities at December 31, 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 |  | $ | 381,268 |  |  | $ | 121 |  |  | $ | (26,572 | ) |  | $ | 354,817 |
State and political subdivisions |  |  | 313,147 |  |  |  | 88 |  |  |  | (48,290 | ) |  |  | 264,945 |
U.S. government sponsored agency mortgage-backed securities |  |  | 518,836 |  |  |  | 36 |  |  |  | (62,136 | ) |  |  | 456,736 |
Asset-backed securities |  |  | 87,993 |  |  |  | 0 |  |  |  | (767 | ) |  |  | 87,226 |
Total available-for-sale securities |  | $ | 1,301,244 |  |  | $ | 245 |  |  | $ | (137,765 | ) |  | $ | 1,163,724 |
The amortized cost and fair value of debt securities at September 30, 2024 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 |  | $ | 114,439 |  |  | $ | 112,880 |
Due after one through five years |  |  | 284,062 |  |  |  | 265,955 |
Due after five through ten years |  |  | 131,994 |  |  |  | 117,251 |
Due after ten years |  |  | 137,059 |  |  |  | 113,985 |
U.S. government sponsored agency mortgage-backed securities |  |  | 488,382 |  |  |  | 438,749 |
Asset-backed securities |  |  | 49,353 |  |  |  | 49,256 |
Total debt securities |  | $ | 1,205,289 |  |  | $ | 1,098,076 |
During the three months ended September 30, 2024, we had a net securities gain of $213 thousand, consisting of a pre-tax gain of $1 thousand on sales and calls of AFS securities and an unrealized gain of $212 thousand from the fair value adjustment of equity securities. 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 nine months ended September 30, 2024, we had a net securities gain of $110 thousand, consisting of a pre-tax gain of $2 thousand realized on sales and calls of AFS securities and an unrealized gain of $108 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. 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, 2024 were $3.3 million, as a result of a $212 thousand increase in the fair value in the third quarter 2024. The fair value of equity securities increased $355 thousand in the third quarter 2023. No equity securities were sold during the nine months ended September 30, 2024 and 2023. The amortized cost of securities pledged as collateral, to secure public deposits and for other purposes, was $640.8 million at September 30, 2024 and $761.5 million at December 31, 2023. The amortized cost of securities sold under agreements to repurchase amounted to $328.4 million at September 30, 2024 and $333.6 million at December 31, 2023. CTBI evaluates its investment portfolio on a quarterly basis for impairment. The analysis performed as of September 30, 2024 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, 2024 was 94.3% compared to 97.3% as of December 31, 2023. 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, 2024 that are not deemed to have credit losses. Available-for-Sale
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Losses |  |  | Fair Value |
Less Than 12 Months |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
State and political subdivisions |  |  | 635 |  |  |  | (24 | ) |  |  | 611 |
U.S. government sponsored agency mortgage-backed securities |  |  | 26,266 |  |  |  | (188 | ) |  |  | 26,078 |
Asset-backed securities |  |  | 24,547 |  |  |  | (34 | ) |  |  | 24,513 |
Total <12 months |  |  | 51,448 |  |  |  | (246 | ) |  |  | 51,202 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 351,541 |  |  |  | (17,297 | ) |  |  | 334,244 |
State and political subdivisions |  |  | 289,200 |  |  |  | (40,392 | ) |  |  | 248,808 |
U.S. government sponsored agency mortgage-backed securities |  |  | 435,447 |  |  |  | (49,728 | ) |  |  | 385,719 |
Asset-backed securities |  |  | 15,939 |  |  |  | (74 | ) |  |  | 15,865 |
Total ≥12 months |  |  | 1,092,127 |  |  |  | (107,491 | ) |  |  | 984,636 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 351,541 |  |  |  | (17,297 | ) |  |  | 334,244 |
State and political subdivisions |  |  | 289,835 |  |  |  | (40,416 | ) |  |  | 249,419 |
U.S. government sponsored agency mortgage-backed securities |  |  | 461,713 |  |  |  | (49,916 | ) |  |  | 411,797 |
Asset-backed securities |  |  | 40,486 |  |  |  | (108 | ) |  |  | 40,378 |
Total |  | $ | 1,143,575 |  |  | $ | (107,737 | ) |  | $ | 1,035,838 |
The analysis performed as of December 31, 2023 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, 2023 that are not deemed to be other-than-temporarily impaired. Available-for-Sale
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Losses |  |  | Fair Value |
Less Than 12 Months |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 3,761 |  |  | $ | (5 | ) |  | $ | 3,756 |
State and political subdivisions |  |  | 16,154 |  |  |  | (1,250 | ) |  |  | 14,904 |
U.S. government sponsored agency mortgage-backed securities |  |  | 16,056 |  |  |  | (289 | ) |  |  | 15,767 |
Asset-backed securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total <12 months |  |  | 35,971 |  |  |  | (1,544 | ) |  |  | 34,427 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 361,038 |  |  |  | (26,567 | ) |  |  | 334,471 |
State and political subdivisions |  |  | 284,397 |  |  |  | (47,040 | ) |  |  | 237,357 |
U.S. government sponsored agency mortgage-backed securities |  |  | 500,763 |  |  |  | (61,847 | ) |  |  | 438,916 |
Asset-backed securities |  |  | 87,993 |  |  |  | (767 | ) |  |  | 87,226 |
Total ≥12 months |  |  | 1,234,191 |  |  |  | (136,221 | ) |  |  | 1,097,970 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 364,799 |  |  |  | (26,572 | ) |  |  | 338,227 |
State and political subdivisions |  |  | 300,551 |  |  |  | (48,290 | ) |  |  | 252,261 |
U.S. government sponsored agency mortgage-backed securities |  |  | 516,819 |  |  |  | (62,136 | ) |  |  | 454,683 |
Asset-backed securities |  |  | 87,993 |  |  |  | (767 | ) |  |  | 87,226 |
Total |  | $ | 1,270,162 |  |  | $ | (137,765 | ) |  | $ | 1,132,397 |
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.

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