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Securities | 9 Months Ended
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Sep. 30, 2025
Securities [Abstract] |
Securities | Note 3 – Securities The amortized cost and fair value of debt securities at September 30, 2025 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 |  | $ | 244,685 |  |  | $ | 62 |  |  | $ | (10,134 | ) |  | $ | 234,613 |
State and political subdivisions |  |  | 302,981 |  |  |  | 110 |  |  |  | (39,362 | ) |  |  | 263,729 |
Agency mortgage-backed securities |  |  | 554,330 |  |  |  | 900 |  |  |  | (46,131 | ) |  |  | 509,099 |
Asset-backed securities |  |  | 30,573 |  |  |  | 49 |  |  |  | (98 | ) |  |  | 30,524 |
Total available-for-sale securities |  | $ | 1,132,569 |  |  | $ | 1,121 |  |  | $ | (95,725 | ) |  | $ | 1,037,965 |
The amortized cost and fair value of debt securities at December 31, 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 |  | $ | 360,027 |  |  | $ | 84 |  |  | $ | (18,616 | ) |  | $ | 341,495 |
State and political subdivisions |  |  | 304,588 |  |  |  | 12 |  |  |  | (51,043 | ) |  |  | 253,557 |
Agency mortgage-backed securities |  |  | 471,000 |  |  |  | 131 |  |  |  | (61,422 | ) |  |  | 409,709 |
Asset-backed securities |  |  | 51,034 |  |  |  | 10 |  |  |  | (77 | ) |  |  | 50,967 |
Total available-for-sale securities |  | $ | 1,186,649 |  |  | $ | 237 |  |  | $ | (131,158 | ) |  | $ | 1,055,728 |
The amounts reported in the preceding tables exclude accrued interest on securities of $4.0 million and $4.6 million at September 30, 2025 and December 31, 2024, respectively, which is presented as a component of accrued interest receivable in the consolidated balance sheets. The amortized cost and fair value of debt securities at September 30, 2025 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 |  | $ | 88,818 |  |  | $ | 87,421 |
Due after one through five years |  |  | 215,974 |  |  |  | 203,827 |
Due after five through ten years |  |  | 131,800 |  |  |  | 116,328 |
Due after ten years |  |  | 111,074 |  |  |  | 90,766 |
Agency mortgage-backed securities |  |  | 554,330 |  |  |  | 509,099 |
Asset-backed securities |  |  | 30,573 |  |  |  | 30,524 |
Total debt securities |  | $ | 1,132,569 |  |  | $ | 1,037,965 |
During the three months ended September 30, 2025, we had a net securities loss of $449 thousand from the fair value adjustment of equity securities. 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 nine months ended September 30, 2025, we had a net securities gain of $181 thousand, consisting of a pre-tax gain of $1 thousand realized on calls of AFS securities and an unrealized gain of $180 thousand from the fair value adjustments 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. The amortized cost of securities pledged as collateral, to secure public deposits and for other purposes, was $606.4 million at September 30, 2025 and $630.8 million at December 31, 2024. The fair value of securities pledged was $556.3 million at September 30, 2025 and $563.2 million at December 31, 2024. The amortized cost of securities sold under agreements to repurchase amounted to $390.0 million at September 30, 2025 and $330.0 million at December 31, 2024. The fair value of securities pledged was $356.9 million at September 30, 2025 and $292.2 million at December 31, 2024. CTBI evaluates its investment portfolio on a quarterly basis for impairment. The analysis performed as of September 30, 2025 indicates that all impairment is market and interest rate driven and not credit-related. The percentage of total debt securities with unrealized losses as of September 30, 2025 was 88.8% compared to 95.5% as of December 31, 2024. 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, 2025 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 |  | $ | 1,951 |  |  | $ | (6 | ) |  | $ | 1,945 |
State and political subdivisions |  |  | 4,527 |  |  |  | (223 | ) |  |  | 4,304 |
Agency mortgage-backed securities |  |  | 65,090 |  |  |  | (425 | ) |  |  | 64,665 |
Asset-backed securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total <12 months AFS securities with unrealized losses |  |  | 71,568 |  |  |  | (654 | ) |  |  | 70,914 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 238,299 |  |  |  | (10,128 | ) |  |  | 228,171 |
State and political subdivisions |  |  | 285,485 |  |  |  | (39,139 | ) |  |  | 246,346 |
Agency mortgage-backed securities |  |  | 401,088 |  |  |  | (45,706 | ) |  |  | 355,382 |
Asset-backed securities |  |  | 21,209 |  |  |  | (98 | ) |  |  | 21,111 |
Total ≥12 months AFS securities with unrealized losses |  |  | 946,081 |  |  |  | (95,071 | ) |  |  | 851,010 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 240,250 |  |  |  | (10,134 | ) |  |  | 230,116 |
State and political subdivisions |  |  | 290,012 |  |  |  | (39,362 | ) |  |  | 250,650 |
Agency mortgage-backed securities |  |  | 466,178 |  |  |  | (46,131 | ) |  |  | 420,047 |
Asset-backed securities |  |  | 21,209 |  |  |  | (98 | ) |  |  | 21,111 |
Total AFS securities with unrealized losses |  | $ | 1,017,649 |  |  | $ | (95,725 | ) |  | $ | 921,924 |
The analysis performed as of December 31, 2024 indicated that all impairment was 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, 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 |  | $ | 1,396 |  |  | $ | (2 | ) |  | $ | 1,394 |
State and political subdivisions |  |  | 14,262 |  |  |  | (192 | ) |  |  | 14,070 |
Agency mortgage-backed securities |  |  | 28,028 |  |  |  | (994 | ) |  |  | 27,034 |
Asset-backed securities |  |  | 24,545 |  |  |  | (14 | ) |  |  | 24,531 |
Total <12 months AFS securities with unrealized losses |  |  | 68,231 |  |  |  | (1,202 | ) |  |  | 67,029 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 351,315 |  |  |  | (18,614 | ) |  |  | 332,701 |
State and political subdivisions |  |  | 288,445 |  |  |  | (50,851 | ) |  |  | 237,594 |
Agency mortgage-backed securities |  |  | 416,270 |  |  |  | (60,428 | ) |  |  | 355,842 |
Asset-backed securities |  |  | 15,579 |  |  |  | (63 | ) |  |  | 15,516 |
Total ≥12 months AFS securities with unrealized losses |  |  | 1,071,609 |  |  |  | (129,956 | ) |  |  | 941,653 |
Total |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  | 352,711 |  |  |  | (18,616 | ) |  |  | 334,095 |
State and political subdivisions |  |  | 302,707 |  |  |  | (51,043 | ) |  |  | 251,664 |
Agency mortgage-backed securities |  |  | 444,298 |  |  |  | (61,422 | ) |  |  | 382,876 |
Asset-backed securities |  |  | 40,124 |  |  |  | (77 | ) |  |  | 40,047 |
Total AFS securities with unrealized losses |  | $ | 1,139,840 |  |  | $ | (131,158 | ) |  | $ | 1,008,682 |
U.S. Treasury and Government Agencies The unrealized losses in U.S. Treasury and government agencies were caused by interest rate changes. CTBI expects to recover the amortized cost basis over the term of the securities. These securities are guaranteed by the U.S. government and are generally considered to be risk-free, which is why CTBI does not record an allowance for credit loss on these investments. Furthermore, 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. These securities benefit from stable dedicated tax revenues, a legal framework that prioritizes bondholder payments, and third-party bond insurance, which significantly mitigate credit risk. Due to these robust credit protection measures, CTBI does not record an allowance for credit loss on its state and political subdivisions securities. 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. Furthermore, 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. Agency Mortgage-backed Securities The unrealized losses in agency mortgage-backed securities were caused by interest rate changes. CTBI expects to recover the amortized cost basis over the term of the securities. These securities are either guaranteed by the U.S. government or by the government sponsored enterprise and are generally considered to be risk-free, which is why CTBI does not record an allowance for credit loss on these investments. Furthermore, 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. These securities benefit from structural credit enhancements, which significantly mitigate credit risk. Due to these robust credit protection measures, CTBI does not record an allowance for credit loss on its asset-backed securities. 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. Equity Securities at Fair Value Equity securities at fair value as of September 30, 2025 were $4.0 million, as a result of a $449 thousand decrease in the fair value in the third quarter of 2025 and a $180 thousand increase for the nine months ended September 30, 2025. The fair value of equity securities increased $212 thousand in the third quarter of 2024 and $108 thousand for the nine months ended September 30, 2024. No equity securities were sold during the three and nine months ended September 30, 2025 or 2024.

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