COVID-19 and CARES Act Loan Activities

12 Months Ended

Dec. 31, 2021

COVID-19 and CARES Act Loan Activities [Abstract]

COVID-19 and CARES Act Loan Activities

25.  COVID-19 and CARES Act Loan Activities

CTBI has been and continues to be committed to serving the needs of our customers in an ever changing environment.  COVID-19 has caused major concerns for the communities we serve and our entire country. With this in mind, Community Trust Bank, Inc. instituted multiple relief actions in an effort to assist our customers during this very difficult time. CTBI’s management team activated our Pandemic Response Team, with representation from all areas of our company, to continually discuss the current situation, safety, and needs of our customers and employees. We have worked diligently with our customers as we all continue to battle COVID-19. Included in the relief actions the bank implemented over the past two years were waivers of overdraft/returned item fees and telephone transfer fees for a period of 30 days ending April 22, 2020, suspension of residential foreclosure actions through December 31, 2021, and several loan assistance programs designed to assist those customers experiencing, or likely to experience, financial difficulties directly related to COVID-19 causing loss of individual income and/or household income.

Throughout 2020 and 2021, loan deferrals and modifications were executed consistent with the guidelines of the CARES Act.  At December 31, 2021, there was only one customer with a CARES Act deferral outstanding in the amount of $1.4 million.  Pursuant to the CARES Act, these loan deferrals are not included in our nonperforming loans.

We have also participated in the Paycheck Protection Program (“PPP”) stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19.  At December 31, 2021, we had closed 6,312 PPP loans totaling $401.3 million, including 3,352 loans totaling $124.3 million stemming from the Consolidated Appropriations Act 2021 (second round), which extended the PPP.  Through December 31, 2021, we have had 5,543 of our PPP loans totaling $351.8 million forgiven by the SBA, including 2,608 loans totaling $76.1 million from the second round.  See below for additional information related to our PPP loans for the year ended December 31, 2021.

(dollars in thousands)	Average Balance		Interest		Average Effective Rate
PPP loans	$	175,305	$	14,295		8.04	%