XML 35 R24.htm IDEA: XBRL DOCUMENT v3.25.3

Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value of Financial Assets and Liabilities [Abstract]

Fair Value Measurements of Assets Measured on Recurring Basis

The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 and indicate the level within the fair value hierarchy of the valuation techniques.

						Fair Value Measurements at September 30, 2025 Using
(in thousands)		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets measured – recurring basis
Available-for-sale securities:
U.S. Treasury and government agencies		$	234,613			$	0			$	234,613			$	0
State and political subdivisions			263,729				0				263,729				0
Agency mortgage-backed securities			509,099				0				509,099				0
Asset-backed securities			30,524				0				30,524				0
Equity securities at fair value			3,961				0				0				3,961
Mortgage servicing rights			6,874				0				0				6,874

						Fair Value Measurements at December 31, 2024 Using
(in thousands)		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets measured – recurring basis
Available-for-sale securities:
U.S. Treasury and government agencies		$	341,495			$	328,569			$	12,926			$	0
State and political subdivisions			253,557				0				253,557				0
Agency mortgage-backed securities			409,709				0				409,709				0
Asset-backed securities			50,967				0				50,967				0
Equity securities at fair value			3,781				0				0				3,781
Mortgage servicing rights			7,357				0				0				7,357

Reconciliation of the Beginning and Ending Balance of Recurring Fair Value Measurements Using Significant Unobservable (Level 3) Inputs

Following is a reconciliation of the beginning and ending balances of recurring fair value measurements, for the periods indicated, using significant unobservable (Level 3) inputs:

		Three Months Ended September 30, 2025								Three Months Ended September 30, 2024
(in thousands)		Equity Securities at Fair Value				Mortgage Servicing Rights				Equity Securities at Fair Value				Mortgage Servicing Rights
Beginning balance		$	4,410			$	7,096			$	3,054			$	7,749
Total unrealized gains (losses)
Included in net income			(449	)			(65	)			212				(494	)
Issues			0				36				0				34
Settlements			0				(193	)			0				(198	)
Ending balance		$	3,961			$	6,874			$	3,266			$	7,091
Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date		$	(449	)		$	(65	)		$	212			$	(494	)

		Nine Months Ended September 30, 2025								Nine Months Ended September 30, 2024
(in thousands)		Equity Securities at Fair Value				Mortgage Servicing Rights				Equity Securities at Fair Value				Mortgage Servicing Rights
Beginning balance		$	3,781			$	7,357			$	3,158			$	7,665
Total unrealized gains (losses)
Included in net income			180				(20	)			108				(173	)
Issues			0				85				0				100
Settlements			0				(548	)			0				(501	)
Ending balance		$	3,961			$	6,874			$	3,266			$	7,091
Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date		$	180			$	(20	)		$	108			$	(173	)

Realized and Unrealized Gains and Losses for Items Included in Net Income in the Consolidated Statements of Income

Realized and unrealized gains and losses for items reflected in the tables above are included in net income in the consolidated statements of income as follows:

Noninterest Income
	Three Months Ended								Nine Months Ended
	September 30								September 30
(in thousands)	2025				2024				2025				2024
Total gains (losses)		$	(707	)		$	(480	)		$	(388	)		$	(566	)

Fair Value Measurements of Assets Measured on Nonrecurring Basis

The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a nonrecurring basis as of September 30, 2025 and December 31, 2024 and indicate the level within the fair value hierarchy of the valuation techniques.

						Fair Value Measurements at September 30, 2025 Using
(in thousands)		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets measured – nonrecurring basis
Collateral dependent loans		$	7,347			$	0			$	0			$	7,347
Other real estate owned			148				0				0				148

						Fair Value Measurements at December 31, 2024 Using
(in thousands)		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets measured – nonrecurring basis
Collateral dependent loans		$	8,310			$	0			$	0			$	8,310
Other real estate owned			731				0				0				731

Quantitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at September 30, 2025 and December 31, 2024.

		Quantitative Information about Level 3 Fair Value Measurements
(in thousands)		Fair Value at September 30, 2025			Valuation Technique(s)	Unobservable Input		Range (Weighted Average)
Equity securities at fair value		$	3,961		Discount cash flows, computer pricing model	Discount rate		8.0% - 12.0% (10.0%)
						Conversion date		Dec 2026 - Dec 2030 (Dec 2028)
Mortgage servicing rights		$	6,874		Discount cash flows, computer pricing model	Constant prepayment rate		0.0% - 22.3% (6.6%)
						Cost to service		$0 - $567 ($76)
						Probability of default		0.0% - 100.0% (1.2%)
						Discount rate		9.3% - 11.5% (9.7%)
Collateral-dependent loans		$	7,347		Market comparable properties	Marketability discount		18.8% - 23.0% (19.7%)
Other real estate owned		$	148		Market comparable properties	Comparability adjustments		0.0%  - 10.0% (9.1%)

		Quantitative Information about Level 3 Fair Value Measurements
(in thousands)		Fair Value at December 31, 2024			Valuation Technique(s)	Unobservable Input		Range (Weighted Average)
Equity securities at fair value		$	3,781		Discount cash flows, computer pricing model	Discount rate		8.0% - 12.0% (10.0%)
						Conversion date		Dec 2025 - Dec 2029 (Dec 2027)
Mortgage servicing rights		$	7,357		Discount cash flows, computer pricing model	Constant prepayment rate		0.0% - 21.2% (6.6%)
						Cost to service		$0 - $435 ($76)
						Probability of default		0.0% - 100.0% (1.7%)
						Discount rate		9.5% - 12.3% (10.1%)
Collateral-dependent loans		$	8,310		Market comparable properties	Marketability discount		11.5%  - 18.9% (12.6%)
Other real estate owned		$	731		Market comparable properties	Comparability adjustments		10.0% - 58.53% (42.2%)

Fair Value of Financial Instruments and Levels within Fair Value Hierarchy of Valuation Techniques

The following table presents estimated fair value of CTBI’s financial instruments as of September 30, 2025 and indicates the level within the fair value hierarchy of the valuation techniques.  In accordance with the adoption of ASU 2016-01, the fair values as of September 30, 2025 were measured using an exit price notion.

						Fair Value Measurements at September 30, 2025 Using
(in thousands)		Carrying Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents		$	507,624			$	507,624			$	0			$	0
Certificates of deposit in other banks			245				0				245				0
Debt securities available-for-sale			1,037,965				0				1,037,965				0
Equity securities at fair value			3,961				0				0				3,961
Loans held for sale			483				492				0				0
Loans, net			4,734,780				0				0				4,733,747
Federal Home Loan Bank stock			5,061				0				5,061				0
Federal Reserve Bank stock			4,887				0				4,887				0
Accrued interest receivable			25,132				0				25,132				0
Financial liabilities:
Deposits		$	5,385,461			$	1,248,573			$	3,938,237			$	0
Repurchase agreements			284,863				0				0				284,826
Federal funds purchased			500				0				500				0
Advances from Federal Home Loan Bank			298				0				310				0
Long-term debt			63,843				0				0				54,687
Accrued interest payable			19,190				0				19,190				0
Unrecognized financial instruments:
Letters of credit		$	0			$	0			$	0			$	0
Commitments to extend credit			0				0				0				0
Forward sale commitments			0				0				0				0

The following table presents estimated fair value of CTBI’s financial instruments as of December 31, 2024 and indicates the level within the fair value hierarchy of the valuation techniques.

						Fair Value Measurements at December 31, 2024 Using
(in thousands)		Carrying Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents		$	369,505			$	369,505			$	0			$	0
Certificates of deposit in other banks			245				0				245				0
Debt securities available-for-sale			1,055,728				328,569				727,159				0
Equity securities at fair value			3,781				0				0				3,781
Loans held for sale			184				188				0				0
Loans, net			4,431,669				0				0				4,166,636
Federal Home Loan Bank stock			5,062				0				5,062				0
Federal Reserve Bank stock			4,887				0				4,887				0
Accrued interest receivable			24,758				0				24,758				0
Financial liabilities:
Deposits		$	5,070,189			$	1,242,676			$	3,598,253			$	0
Repurchase agreements			240,166				0				0				240,213
Federal funds purchased			500				0				500				0
Advances from Federal Home Loan Bank			314				0				322				0
Long-term debt			64,016				0				0				52,394
Accrued interest payable			8,378				0				8,378				0
Unrecognized financial instruments:
Letters of credit		$	0			$	0			$	0			$	0
Commitments to extend credit			0				0				0				0
Forward sale commitments			0				0				0				0

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 102
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-102

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisGainLossIncludedInEarningsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-13

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration