XML 46 R33.htm IDEA: XBRL DOCUMENT v3.22.4
Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Securities [Abstract]  
Amortized Cost and Fair Value of Available-for-sale Securities

The amortized cost and fair value of debt securities at December 31, 2022 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
  
$
418,579
    
$
212
    
$
(36,859
)
  
$
381,932
  
State and political subdivisions
    
326,746
      
32
      
(61,676
)
    
265,102
  
U.S. government sponsored agency mortgage-backed securities
    
593,917
      
1
      
(73,833
)
    
520,085
  
Asset-backed securities
    
91,363
      
0
      
(2,256
)
    
89,107
  
Total available-for-sale securities
  
$
1,430,605
    
$
245
    
$
(174,624
)
  
$
1,256,226
  


The amortized cost and fair value of debt securities at December 31, 2021 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
  
$
299,606
    
$
351
    
$
(4,187
)
  
$
295,770
  
State and political subdivisions
    
334,218
      
5,524
      
(5,539
)
    
334,203
  
U.S. government sponsored agency mortgage-backed securities
    
733,467
      
5,107
      
(7,765
)
    
730,809
  
Asset-backed securities
    
94,538
      
301
      
(192
)
    
94,647
  
Total available-for-sale securities
  
$
1,461,829
    
$
11,283
    
$
(17,683
)
  
$
1,455,429
  
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities at December 31, 2022 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
  
$
29,874
    
$
29,242
  
Due after one through five years
    
267,190
      
244,404
  
Due after five through ten years
    
250,194
      
218,508
  
Due after ten years
    
198,067
      
154,880
  
U.S. government sponsored agency mortgage-backed securities
    
593,917
      
520,085
  
Asset-backed securities
    
91,363
      
89,107
  
Total debt securities
  
$
1,430,605
    
$
1,256,226
  
Available for Sale Securities and Held-to-Maturity Securities, Continuous Unrealized Loss Position

CTBI evaluates its investment portfolio on a quarterly basis for impairment.  The analysis performed as of December 31, 2022 indicates that all impairment is considered temporary, market and interest rate driven, and not credit-related.  The percentage of total debt securities with unrealized losses as of December 31, 2022 was 97.4% compared to 72.4% as of December 31, 2021.  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, 2022 that are not deemed to have credit losses.  As stated above, CTBI had no HTM securities as of December 31, 2022.

Available-for-Sale

(in thousands)
  
Amortized
Cost
    
Gross
Unrealized
Losses
    
Fair Value
  
Less Than 12 Months
                  
U.S. Treasury and government agencies
  
$
144,305
    
$
(6,953
)
  
$
137,352
  
State and political subdivisions
    
94,277
      
(6,257
)
    
88,020
  
U.S. government sponsored agency mortgage-backed securities
    
139,314
      
(6,883
)
    
132,431
  
Asset-backed securities
    
38,882
      
(1,231
)
    
37,651
  
Total <12 months temporarily impaired AFS securities
    
416,778
      
(21,324
)
    
395,454
  
                         
12 Months or More
                        
U.S. Treasury and government agencies
    
249,424
      
(29,906
)
    
219,518
  
State and political subdivisions
    
225,019
      
(55,419
)
    
169,600
  
U.S. government sponsored agency mortgage-backed securities
    
454,357
      
(66,950
)
    
387,407
  
Asset-backed securities
    
52,480
      
(1,025
)
    
51,455
  
Total ≥12 months temporarily impaired AFS securities
    
981,280
      
(153,300
)
    
827,980
  
                         
Total
                        
U.S. Treasury and government agencies
    
393,729
      
(36,859
)
    
356,870
  
State and political subdivisions
    
319,296
      
(61,676
)
    
257,620
  
U.S. government sponsored agency mortgage-backed securities
    
593,671
      
(73,833
)
    
519,838
  
Asset-backed securities
    
91,362
      
(2,256
)
    
89,106
  
Total temporarily impaired AFS securities
  
$
1,398,058
    
$
(174,624
)
  
$
1,223,434
  


The analysis performed as of December 31, 2021 indicated that all impairment was considered temporary, 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, 2021 that are not deemed to be other-than-temporarily impaired.  As stated above, CTBI had no HTM securities as of December 31, 2021.

Available-for-Sale

(in thousands)
  
Amortized
Cost
    
Gross
Unrealized
Losses
    
Fair Value
  
Less Than 12 Months
                  
U.S. Treasury and government agencies
  
$
249,990
    
$
(4,123
)
  
$
245,867
  
State and political subdivisions
    
197,592
      
(4,779
)
    
192,813
  
U.S. government sponsored agency mortgage-backed securities
    
473,831
      
(6,759
)
    
467,072
  
Asset-backed securities
    
52,229
      
(190
)
    
52,039
  
Total <12 months temporarily impaired AFS securities
    
973,642
      
(15,851
)
    
957,791
  
                         
12 Months or More
                        
U.S. Treasury and government agencies
    
14,505
      
(64
)
    
14,441
  
State and political subdivisions
    
19,126
      
(760
)
    
18,366
  
U.S. government sponsored agency mortgage-backed securities
    
62,330
      
(1,006
)
    
61,324
  
Asset-backed securities
    
1,368
      
(2
)
    
1,366
  
Total ≥12 months temporarily impaired AFS securities
    
97,329
      
(1,832
)
    
95,497
  
                         
Total
                        
U.S. Treasury and government agencies
    
264,495
      
(4,187
)
    
260,308
  
State and political subdivisions
    
216,718
      
(5,539
)
    
211,179
  
U.S. government sponsored agency mortgage-backed securities
    
536,161
      
(7,765
)
    
528,396
  
Asset-backed securities
    
53,597
      
(192
)
    
53,405
  
Total temporarily impaired AFS securities
  
$
1,070,971
    
$
(17,683
)
  
$
1,053,288