Borrowings

12 Months Ended

Dec. 31, 2020

10. Borrowings

Short-term debt is categorized as follows:

(in thousands) December 31	2020		2019
Repurchase agreements	$	355,862	$	226,917
Federal funds purchased		500		7,906
Total short-term debt	$	356,362	$	234,823

All federal funds purchased mature and reprice daily. See note 11 for information regarding the maturities of our repurchase agreements. The average rates paid for federal funds purchased and repurchase agreements on December 31, 2020 were 0.00%% and 0.34%, respectively.

The maximum balance for repurchase agreements at any month-end during 2020 occurred at November 30, 2020, with a month-end balance of $373.4 million. The average balance of repurchase agreements for the year was $290.5 million.

Long-term debt is categorized as follows:

(in thousands) December 31		2020				2019
Junior subordinated debentures, 1.82%, due 6/1/37		$	57,841			$	57,841

On March 30, 2007, CTBI issued $61.3 million in junior subordinated debentures to a newly formed unconsolidated Delaware statutory trust subsidiary which in turn issued $59.5 million of capital securities in a private placement to institutional investors. The debentures, which mature in 30 years but are redeemable at par at CTBI’s option after five years, were issued at a rate of 6.52% until June 1, 2012, and thereafter at a floating rate based on the three-month LIBOR plus 1.59%. The underlying capital securities were issued at the equivalent rates and terms. The proceeds of the debentures were used to fund the redemption on April 2, 2007 of all CTBI’s outstanding 9.0% and 8.25% junior subordinated debentures in the total amount of $61.3 million. In May 2017, CTBI was able to purchase $2.0 million of the junior subordinated debentures in the open market at a purchase price of $1.4 million, resulting in a gain of $0.6 million. In August 2019, an additional $1.5 million was purchased in the open market at a price of $1.3 million, resulting in a gain of $0.2 million. The junior subordinated debentures will be retained by CTBI until maturity, and CTBI will continue to report the junior subordinated debentures at the net amount outstanding of $57.8 million.

On November 27, 2020, the coupon rate was set at 1.82% for the March 1, 2021 distribution date, which was based on the three-month LIBOR rate as of November 27, 2020 of 0.23% plus 1.59%.