XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.24.3

Securities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Securities [Abstract] |
Amortized Cost and Fair Value of Available-for-sale 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 |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | 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 |
Available for Sale Securities, Continuous Unrealized Loss Position | 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 |

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration