Leases (Tables)

12 Months Ended

Dec. 31, 2023

The components of lease expense for the years ended December 31, 2023 and 2022 were as follows:

(in thousands)	Year Ended December 31, 2023			Year Ended December 31, 2022
Finance lease cost:
Amortization of right-of-use assets – finance leases	$	166		$	64
Interest on lease liabilities – finance leases		118			70
Total finance lease cost		284			134

Short-term lease cost		92			85

Operating lease cost		1,888			1,838

Total lease cost		2,264			2,057

Sublease income		(273	)		(249	)

Net lease cost	$	1,991		$	1,808

Supplemental cash flow information related to CTBI’s operating and finance leases for the years ended December 31, 2023 and 2022 was as follows:

(in thousands)	Year Ended December 31, 2023			Year Ended December 31, 2022
Finance lease – operating cash flows	$	128		$	67
Finance lease – financing cash flows	$	33		$	24
Operating lease – operating cash flows (fixed payments)	$	1,889		$	1,760
Operating lease – operating cash flows (liability reduction)	$	1,455		$	1,424
New right-of-use assets – operating leases	$	358		$	3,469
New right-of-use assets – finance leases	$	0		$	2,070

Weighted average lease term – financing leases	26.12 years			27.10 years
Weighted average lease term – operating leases	13.20 years			13.84 years
Weighted average discount rate – financing leases		4.90	%		4.90	%
Weighted average discount rate – operating leases		3.56	%		3.55	%

Maturities of lease liabilities as of December 31, 2023 are as follows:

Maturities of lease liabilities as of December 31, 2022 are as follows: