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Securities (Tables)
 6 Months Ended
Jun. 30, 2023
Securities [Abstract]  
Amortized Cost and Fair Value of Available-for-sale Securities

The amortized cost and fair value of debt securities at June 30, 2023 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
  
$
400,148
    
$
143
    
$
(34,897
)
  
$
365,394
  
State and political subdivisions
    
314,048
      
2
      
(54,225
)
    
259,825
  
U.S. government sponsored agency mortgage-backed securities
    
558,964
      
1
      
(71,066
)
    
487,899
  
Asset-backed securities
    
89,588
      
0
      
(1,453
)
    
88,135
  
Total available-for-sale securities
  
$
1,362,748
    
$
146
    
$
(161,641
)
  
$
1,201,253
  


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
  
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities at June 30, 2023 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
  
$
33,089
    
$
32,613
  
Due after one through five years
    
336,248
      
305,693
  
Due after five through ten years
    
169,173
      
145,760
  
Due after ten years
    
175,686
      
141,153
  
U.S. government sponsored agency mortgage-backed securities
    
558,964
      
487,899
  
Asset-backed securities
    
89,588
      
88,135
  
Total debt securities
  
$
1,362,748
    
$
1,201,253
  
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 June 30, 2023 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 June 30, 2023 was 98.7% compared to 97.4% as of December 31, 2022.  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 June 30, 2023 that are not deemed to have credit losses.  As stated above, CTBI had no HTM securities as of June 30, 2023.

Available-for-Sale

(in thousands)
  
Amortized
Cost
    
Gross
Unrealized
Losses
    
Fair Value
  
Less Than 12 Months
                  
U.S. Treasury and government agencies
  
$
7,188
    
$
(10
)
  
$
7,178
  
State and political subdivisions
    
34,386
      
(1,493
)
    
32,893
  
U.S. government sponsored agency mortgage-backed securities
    
51,640
      
(1,806
)
    
49,834
  
Asset-backed securities
    
0
      
0
   
0
  
Total <12 months temporarily impaired AFS securities
    
93,214
      
(3,309
)
    
89,905
  
                         
12 Months or More
                        
U.S. Treasury and government agencies
    
380,143
      
(34,887
)
    
345,256
  
State and political subdivisions
    
277,291
      
(52,732
)
    
224,559
  
U.S. government sponsored agency mortgage-backed securities
    
507,278
      
(69,260
)
    
438,018
  
Asset-backed securities
    
89,588
      
(1,453
)
    
88,135
  
Total ≥12 months temporarily impaired AFS securities
    
1,254,300
      
(158,332
)
    
1,095,968
  
                         
Total
                        
U.S. Treasury and government agencies
    
387,331
      
(34,897
)
    
352,434
  
State and political subdivisions
    
311,677
      
(54,225
)
    
257,452
  
U.S. government sponsored agency mortgage-backed securities
    
558,918
      
(71,066
)
    
487,852
  
Asset-backed securities
    
89,588
      
(1,453
)
    
88,135
  
Total temporarily impaired AFS securities
  
$
1,347,514
    
$
(161,641
)
  
$
1,185,873
  


The analysis performed as of December 31, 2022 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, 2022 that are not deemed to be other-than-temporarily impaired.  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