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Advances from Federal Home Loan Bank
 12 Months Ended
Dec. 31, 2022
Advances from Federal Home Loan Bank [Abstract]  
Advances from Federal Home Loan Bank
12.  Advances from Federal Home Loan Bank


Federal Home Loan Bank (“FHLB”) advances consisted of the following monthly amortizing borrowings at December 31:

(in thousands)
  
2022
    
2021
  
Monthly amortizing
  
$
355
    
$
375
  
Total FHLB advances
  
$
355
    
$
375
  


The advances from the FHLB that require monthly principal payments were due for repayment as follows:

 
Principal Payments Due by Period at December 31, 2022
  
(in thousands)
  
Total
    
Within 1 Year
    
2 Years
    
3 Years
    
4 Years
    
5 Years
    
After 5 Years
  
Outstanding advances, weighted average interest rate – 0.05%
  
$
355
    
$
22
    
$
20
    
$
21
    
$
20
    
$
21
    
$
251
  



At December 31, 2022, CTBI had monthly amortizing FHLB advances totaling $0.4 million at a weighted average interest rate of 0.05%.


Advances totaling $0.4 million at December 31, 2022 were collateralized by FHLB stock of $6.7 million and a blanket lien on qualifying 1-4 family first mortgage loans.  As of December 31, 2022, CTBI had a $501.4 million FHLB borrowing capacity with $0.4 million in advances leaving $501.0 million available for additional advances.  The advances had fixed interest rates of 0.00% and 2.00% with a weighted average rate of 0.05%.  The advances are subject to restrictions or penalties in the event of prepayment.