Advances from Federal Home Loan Bank

12 Months Ended

Dec. 31, 2016

Advances from Federal Home Loan Bank [Abstract]

Advances from Federal Home Loan Bank

13.  Advances from Federal Home Loan Bank

Federal Home Loan Bank advances consisted of the following monthly amortizing and term borrowings at December 31:

(in thousands)	2016		2015
Monthly amortizing	$	944	$	1,056
Term		0		100,000
Total FHLB advances	$	944	$	101,056

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

	Principal Payments Due by Period at December 31, 2016
(in thousands)	Total		Within 1 Year		2 Years		3 Years		4 Years		5 Years		After 5 Years
Outstanding advances, weighted average interest rate – 1.33%	$	944	$	106	$	404	$	20	$	20	$	20	$	374

At December 31, 2015, CTBI had monthly amortizing FHLB advances totaling $1.1 million at a weighted average interest rate of 1.53%.

CTBI utilizes the FHLB cash management advance to facilitate any short-term funding needs.  These short-term advances typically have a two-week maturity and require the total payment to be made at maturity.  At December 31, 2016, there were no short-term advances.  At December 31, 2015, CTBI had a $100.0 million term advance with a fixed interest rate of 0.34% and a maturity date of January 6, 2016.

Advances totaling $0.9 million at December 31, 2016 were collateralized by FHLB stock of $17.9 million and a blanket lien on qualifying 1-4 family first mortgage loans.  As of December 31, 2016, CTBI had a $522.8 million FHLB borrowing capacity with $0.9 million in advances and $226.1 million in letters of credit used for public fund pledging leaving $295.8 million available for additional advances.  The advances had fixed interest rates ranging from 0.00% to 6.03% with a weighted average rate of 1.33%.  The advances are subject to restrictions or penalties in the event of prepayment.