Borrowings

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements [Abstract]

Borrowings

Note 7 - Borrowings

Short-term debt consists of the following:

(in thousands)	September 30 2011		December 31 2010
Subsidiaries:
Repurchase agreements	$	229,000	$	188,275
Federal funds purchased		16,345		9,680
Total short-term debt	$	245,345	$	197,955

All federal funds purchased and the majority of repurchase agreements mature and reprice daily.  The average rates paid for federal funds purchased and repurchase agreements on September 30, 2011 were 0.15% and 0.71%, respectively.

The maximum balance for repurchase agreements at any month-end during the nine months ended September 30, 2011 occurred at September 30, 2011, with a month-end balance of $229.0 million.  The average balance of repurchase agreements for the nine months ended September 30, 2011 was $200.0 million.

Federal Home Loan Bank advances consisted of the following monthly amortizing and term borrowings:

(in thousands)	September 30 2011		December 31 2010
Monthly amortizing	$	1,658	$	1,238
Term		20,000		20,000
Total advances	$	21,658	$	21,238

The advances from the Federal Home Loan Bank that require monthly principal payments were due for repayment as follows:

	Principal Payments Due by Period at September 30, 2011
(in thousands)	Total		Within 1 Year		2 Years		3 Years		4 Years		5 Years		After 5 Years
Outstanding advances, weighted average interest rate - 2.25%	$	1,658	$	201	$	151	$	116	$	114	$	113	$	963

The term advances that require the total payment to be made at maturity follow:

(in thousands)	September 30 2011		December 31 2010
Advance #158, 0.37%, due 1/24/11	$	0	$	20,000
Advance #271, 0.25%, due 1/18/12		20,000		0
Total term advances	$	20,000	$	20,000

Advances totaling $21.7 million at September 30, 2011 were collateralized by FHLB stock of $25.7 million and a blanket lien on qualifying first mortgage loans.  As of September 30, 2011, CTBI had a $390.7 million FHLB borrowing capacity with $21.7 million in advances and $107.5 million in letters of credit leaving $261.5 million available for additional advances.  The advances had fixed interest rates ranging from 0.00% to 7.75% with a weighted average rate of 0.40%.  The advances are subject to restriction or penalties in the event of prepayment.

Long-term debt consists of the following:

(in thousands)	September 30 2011		December 31 2010
Junior subordinated debentures, 6.52%, due 6/1/37	$	61,341	$	61,341

On March 31, 2007, CTBI issued $61.3 million in junior subordinated debentures to a newly formed unconsolidated Delaware statutory trust subsidiary which in turn issued $59.5 million of capital securities in a private placement to institutional investors.  The debentures, which mature in 30 years but are redeemable at par at CTBI's option after five years, were issued at a rate of 6.52% until June 1, 2012, and thereafter at a floating rate based on the three-month LIBOR plus 1.59%.  The underlying capital securities were issued at the equivalent rates and terms.  The proceeds of the debentures were used to fund the redemption on April 2, 2007 of all CTBI's outstanding 9.0% and 8.25% junior subordinated debentures in the total amount of $61.3 million.

On October 27, 2011, Community Trust Bancorp, Inc. entered into a revolving credit promissory note for a line of credit in the amount of $12 million at a floating interest rate of 2.25% in excess of the one-month LIBOR Rate, with an unused commitment fee of 0.15%.  Currently, all $12 million remain available for general corporate purposes.  The agreement, which was effective October 27, 2011, replaced the agreement dated October 28, 2010, and will mature on October 26, 2012.