COVID-19 and CARES Act Loan Activities (Tables)

12 Months Ended

Dec. 31, 2020

COVID-19 and CARES Act Loan Activities [Abstract]

	Deferrals
	One Time				Two Times				Three Times				Four Times				Outstanding
(dollars in millions)	Number		Amount		Number		Amount		Number		Amount		Number		Amount		Number		Amount
Commercial		841	$	571		153	$	223		45	$	83		5	$	3		109	$	118
Residential		552		63		100		10		15		2		1		0		108		9
Consumer		2,088		36		41		1		3		0		0		0		193		3
		3,481	$	670		294	$	234		63	$	85		6	$	3		410	$	130

Information Related to PPP Loans

We have also participated in the Paycheck Protection Program (PPP) stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19. As of December 31, 2020, we closed 2,962 Paycheck Protection Program (PPP) loans totaling $277.0 million, stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19. Of these, 2,817 were under $350 thousand, 132 were between $350 thousand and $2.0 million, and 13 were over $2.0 million. The initial phase of the PPP program expired on August 8, 2020, and the loan forgiveness process began shortly thereafter. Through December 31, 2020, we have had $18.8 million of our PPP loans forgiven by the U.S. Small Business Administration (SBA). An additional stimulus package, included as part of Consolidated Appropriations Act 2021, was signed into law in late December providing for an additional $284 billion in funding under the PPP, with authority to make loans under the program being extended through March 31, 2021. CTBI intends to participate in the second round of lending as soon as possible. See below for additional information related to our PPP loans for the year ended December 31, 2020.

(dollars in thousands)		Average Balance				Interest				Average Effective Rate
PPP loans		$	182,008			$	5,638				3.05	%