Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity Registrant Name | COMMUNITY TRUST BANCORP INC /KY/ | |
Entity Incorporation, State or Country Code | KY | |
Entity File Number | 001-31220 | |
Entity Tax Identification Number | 61-0979818 | |
Entity Address, Address Line One | 346 North Mayo Trail | |
Entity Address, Address Line Two | P.O. Box 2947 | |
Entity Address, City or Town | Pikeville | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 41502 | |
City Area Code | 606 | |
Local Phone Number | 432-1414 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 17,794,598 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000350852 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CTBI | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Assets: | |||
Cash and due from banks | $ 67,728 | $ 58,680 | |
Interest bearing deposits | 124,974 | 206,003 | |
Federal funds sold | 0 | 0 | |
Cash and cash equivalents | 192,702 | 264,683 | |
Certificates of deposit in other banks | 245 | 245 | |
Debt securities available-for-sale at fair value (amortized cost of $625,914 and $593,945, respectively) | 633,479 | 599,844 | |
Debt securities held-to-maturity at amortized cost (fair value of $0 and $517, respectively) | 0 | 517 | |
Equity securities at fair value | 1,721 | 1,953 | |
Loans held for sale | 1,403 | 1,167 | |
Loans | 3,287,541 | 3,248,664 | |
Allowance for credit losses | (49,445) | [1] | (35,096) |
Net loans | 3,238,096 | 3,213,568 | |
Premises and equipment, net | 43,568 | 44,046 | |
Right-of-use asset | 14,210 | 14,550 | |
Federal Home Loan Bank stock | 11,354 | 10,474 | |
Federal Reserve Bank stock | 4,887 | 4,887 | |
Goodwill | 65,490 | 65,490 | |
Bank owned life insurance | 69,609 | 69,269 | |
Mortgage servicing rights | 2,481 | 3,263 | |
Other real estate owned | 19,816 | 19,480 | |
Accrued interest receivable | 14,680 | 14,836 | |
Other assets | 38,904 | 37,731 | |
Total assets | 4,352,645 | 4,366,003 | |
Deposits: | |||
Noninterest bearing | 860,844 | 865,760 | |
Interest bearing | 2,534,264 | 2,539,812 | |
Total deposits | 3,395,108 | 3,405,572 | |
Repurchase agreements | 236,908 | 226,917 | |
Federal funds purchased | 4,907 | 7,906 | |
Advances from Federal Home Loan Bank | 411 | 415 | |
Long-term debt | 57,841 | 57,841 | |
Deferred taxes | 2,719 | 5,110 | |
Operating lease liability | 13,400 | 13,729 | |
Finance lease liability | 1,453 | 1,456 | |
Accrued interest payable | 3,447 | 2,839 | |
Other liabilities | 23,529 | 29,332 | |
Total liabilities | 3,739,723 | 3,751,117 | |
Shareholders' equity: | |||
Preferred stock, 300,000 shares authorized and unissued | 0 | 0 | |
Common stock, $5 par value, shares authorized 25,000,000; shares outstanding 2020 - 17,787,274; 2019 - 17,793,165 | 88,936 | 88,966 | |
Capital surplus | 224,277 | 224,907 | |
Retained earnings | 294,223 | 296,760 | |
Accumulated other comprehensive income, net of tax | 5,486 | 4,253 | |
Total shareholders' equity | 612,922 | 614,886 | |
Total liabilities and shareholders' equity | $ 4,352,645 | $ 4,366,003 | |
[1] | *Effective January 1, 2020, the allowance for loan and lease losses became the allowance for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Debt securities available-for-sale at amortized cost | $ 625,914 | $ 593,945 |
Debt securities held-to-maturity at fair value | $ 0 | $ 517 |
Shareholders' equity: | ||
Preferred stock, shares authorized (in shares) | 300,000 | 300,000 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares outstanding (in shares) | 17,787,274 | 17,793,165 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Interest income: | |||
Interest and fees on loans, including loans held for sale | $ 40,465 | $ 40,910 | |
Interest and dividends on securities | |||
Taxable | 3,046 | 3,163 | |
Tax exempt | 527 | 678 | |
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock | 140 | 296 | |
Interest on Federal Reserve Bank deposits | 496 | 786 | |
Other, including interest on federal funds sold | 25 | 56 | |
Total interest income | 44,699 | 45,889 | |
Interest expense: | |||
Interest on deposits | 6,942 | 8,075 | |
Interest on repurchase agreements and federal funds purchased | 1,004 | 1,156 | |
Interest on advances from Federal Home Loan Bank | 0 | 39 | |
Interest on long-term debt | 509 | 636 | |
Total interest expense | 8,455 | 9,906 | |
Net interest income | 36,244 | 35,983 | |
Provision for credit losses | 12,707 | [1] | 190 |
Net interest income after provision for credit losses | 23,537 | 35,793 | |
Noninterest income: | |||
Service charges on deposit accounts | 5,916 | 6,120 | |
Gains on sales of loans, net | 483 | 330 | |
Trust and wealth management income | 2,884 | 2,575 | |
Loan related fees | 95 | 573 | |
Bank owned life insurance | 573 | 558 | |
Brokerage revenue | 372 | 261 | |
Securities gains | 249 | 356 | |
Other noninterest income | 949 | 1,397 | |
Total noninterest income | 11,521 | 12,170 | |
Noninterest expense: | |||
Officer salaries and employee benefits | 2,751 | 3,374 | |
Other salaries and employee benefits | 12,280 | 12,585 | |
Occupancy, net | 1,985 | 2,051 | |
Equipment | 721 | 739 | |
Data processing | 1,978 | 1,763 | |
Bank franchise tax | 1,812 | 1,715 | |
Legal fees | 477 | 430 | |
Professional fees | 569 | 531 | |
Advertising and marketing | 634 | 792 | |
FDIC insurance | 147 | 177 | |
Other real estate owned provision and expense | 869 | 771 | |
Repossession expense | 135 | 377 | |
Amortization of limited partnership investments | 888 | 777 | |
Other noninterest expense | 2,975 | 3,001 | |
Total noninterest expense | 28,221 | 29,083 | |
Income before income taxes | 6,837 | 18,880 | |
Income taxes | 258 | 3,941 | |
Net income | 6,579 | 14,939 | |
Unrealized holding gains on securities available-for-sale: | |||
Unrealized holding gains arising during the period | 2,147 | 6,124 | |
Less: Reclassification adjustments for realized gains included in net income | 481 | 1 | |
Tax expense | 433 | 1,286 | |
Other comprehensive income, net of tax | 1,233 | 4,837 | |
Comprehensive income | $ 7,812 | $ 19,776 | |
Basic earnings per share (in dollars per share) | $ 0.37 | $ 0.84 | |
Diluted earnings per share (in dollars per share) | $ 0.37 | $ 0.84 | |
Weighted average shares outstanding-basic (in shares) | 17,752 | 17,712 | |
Weighted average shares outstanding-diluted (in shares) | 17,763 | 17,723 | |
[1] | *Effective January 1, 2020, the provision for loan losses became the provision for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Capital Surplus [Member] | Capital Surplus [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] |
Balance at Dec. 31, 2018 | $ 88,665 | $ 88,665 | $ 223,161 | $ 223,161 | $ 258,935 | $ 258,455 | $ (6,611) | $ (6,611) | $ 564,150 | $ 563,670 |
Balance (ASU 2016-02 [Member]) at Dec. 31, 2018 | (480) | 0 | (480) | |||||||
Balance (in shares) at Dec. 31, 2018 | 17,732,853 | 17,732,853 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll forward] | ||||||||||
Net income | 14,939 | 14,939 | ||||||||
Other comprehensive income, net of tax | 4,837 | 4,837 | ||||||||
Cash dividends declared | (6,378) | (6,378) | ||||||||
Issuance of common stock | $ 95 | 163 | 258 | |||||||
Issuance of common stock (in shares) | 19,065 | |||||||||
Vesting of restricted stock | $ (61) | 61 | 0 | |||||||
Vesting of restricted stock (in shares) | (12,186) | |||||||||
Issuance of restricted stock | $ 140 | (140) | 0 | |||||||
Issuance of restricted stock (in shares) | 27,921 | |||||||||
Forfeiture of restricted stock | $ 0 | 0 | 0 | |||||||
Forfeiture of restricted stock (in shares) | (59) | |||||||||
Stock-based compensation | 181 | 181 | ||||||||
Balance at Mar. 31, 2019 | $ 88,839 | 223,426 | 267,016 | (1,774) | 577,507 | |||||
Balance (in shares) at Mar. 31, 2019 | 17,767,594 | |||||||||
Balance at Dec. 31, 2019 | $ 88,966 | $ 88,966 | 224,907 | $ 224,907 | 296,760 | 294,394 | 4,253 | $ 4,253 | $ 614,886 | 612,520 |
Balance (ASU 2016-13 [Member]) at Dec. 31, 2019 | $ (2,366) | $ (2,366) | ||||||||
Balance (in shares) at Dec. 31, 2019 | 17,793,165 | 17,793,165 | 17,793,165 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll forward] | ||||||||||
Net income | 6,579 | $ 6,579 | ||||||||
Other comprehensive income, net of tax | 1,233 | 1,233 | ||||||||
Cash dividends declared | (6,750) | (6,750) | ||||||||
Issuance of common stock | $ 110 | 122 | 232 | |||||||
Issuance of common stock (in shares) | 21,953 | |||||||||
Repurchase of common stock | $ (164) | (935) | (1,099) | |||||||
Repurchase of common stock (in shares) | (32,664) | |||||||||
Vesting of restricted stock | $ (84) | 84 | 0 | |||||||
Vesting of restricted stock (in shares) | (16,724) | |||||||||
Issuance of restricted stock | $ 108 | (108) | 0 | |||||||
Issuance of restricted stock (in shares) | 21,544 | |||||||||
Stock-based compensation | 207 | 207 | ||||||||
Balance at Mar. 31, 2020 | $ 88,936 | $ 224,277 | $ 294,223 | $ 5,486 | $ 612,922 | |||||
Balance (in shares) at Mar. 31, 2020 | 17,787,274 | 17,787,274 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Increase (Decrease) in Stockholders' Equity [Roll forward] | ||
Other comprehensive income, tax | $ 433 | $ 1,286 |
Dividends declared per share (in dollars per share) | $ 0.38 | $ 0.36 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Cash flows from operating activities: | ||||
Net income | $ 6,579 | $ 14,939 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 1,356 | 1,427 | ||
Deferred taxes | (2,037) | 2,008 | ||
Stock-based compensation | 228 | 200 | ||
Provision for credit losses | 12,707 | [1] | 190 | $ 4,819 |
Write-downs of other real estate owned and other repossessed assets | 458 | 489 | ||
Gains on sale of mortgage loans held for sale | (483) | (330) | ||
Securities gains, net | (481) | (1) | ||
Change in fair market value of equity securities | 232 | (355) | ||
Gains on sale of assets, net | (3) | (51) | ||
Proceeds from sale of mortgage loans held for sale | 23,032 | 14,927 | ||
Funding of mortgage loans held for sale | (22,785) | (25,785) | ||
Amortization of securities premiums and discounts, net | 1,271 | 1,112 | ||
Change in cash surrender value of bank owned life insurance | (340) | (357) | ||
Payment of operating lease liabilities | (444) | 0 | ||
Mortgage servicing rights: | ||||
Fair value adjustments | 926 | (116) | ||
New servicing assets created | (144) | 333 | ||
Changes in: | ||||
Accrued interest receivable | 156 | 683 | ||
Other assets | (1,173) | 6,399 | ||
Accrued interest payable | 608 | (1,081) | ||
Other liabilities | (5,939) | (2,541) | ||
Net cash provided by operating activities | 13,724 | 12,090 | ||
Certificates of deposit in other banks: | ||||
Maturity of certificates of deposit | 0 | 2,450 | ||
Securities available-for-sale (AFS): | ||||
Purchase of AFS securities | (126,748) | (59,583) | ||
Proceeds from the sales of AFS securities | 21,746 | 12,550 | ||
Proceeds from prepayments and maturities of AFS securities | 72,243 | 46,491 | ||
Securities held-to-maturity (HTM): | ||||
Proceeds from maturities of HTM securities | 517 | 30 | ||
Change in loans, net | (41,183) | 18,755 | ||
Purchase of premises and equipment | (423) | (226) | ||
Redemption of stock by Federal Home Loan Bank | 0 | 2,452 | ||
Investment in Federal Home Loan Bank stock | (880) | 0 | ||
Proceeds from sale of other real estate owned and repossessed assets | 116 | 964 | ||
Net cash provided by (used in) investing activities | (74,612) | 23,883 | ||
Cash flows from financing activities: | ||||
Change in deposits, net | (10,464) | 77,153 | ||
Change in repurchase agreements and federal funds purchased, net | 6,992 | 5,414 | ||
Proceeds from Federal Home Loan Bank advances | 25,000 | 30,000 | ||
Payments on advances from Federal Home Loan Bank | (25,004) | (30,005) | ||
Payment of finance lease liabilities | (3) | 0 | ||
Issuance of common stock | 232 | 258 | ||
Repurchase of common stock | (1,099) | 0 | ||
Dividends paid | (6,747) | (6,383) | ||
Net cash provided by (used in) financing activities | (11,093) | 76,437 | ||
Net increase (decrease) in cash and cash equivalents | (71,981) | 112,410 | ||
Cash and cash equivalents at beginning of period | 264,683 | 141,450 | 141,450 | |
Cash and cash equivalents at end of period | 192,702 | 253,860 | $ 264,683 | |
Supplemental disclosures: | ||||
Interest paid | 7,848 | 8,830 | ||
Non-cash activities: | ||||
Loans to facilitate the sale of other real estate owned and repossessed assets | 718 | 1,797 | ||
Common stock dividends accrued, paid in subsequent quarter | 224 | 215 | ||
Real estate acquired in settlement of loans | $ 1,625 | $ 854 | ||
[1] | *Effective January 1, 2020, the provision for loan losses became the provision for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (which consist of normal recurring adjustments) necessary, to present fairly the condensed consolidated financial position as of March 31, 2020, the results of operations, other comprehensive income, changes in shareholders’ equity, and cash flows for the three months ended March 31, 2020 and 2019. In accordance with accounting principles generally accepted in the United States of America for interim financial information, these statements do not include certain information and footnote disclosures required by accounting principles generally accepted in the United States of America for complete annual financial statements. The results of operations and the cash flows for the three months ended March 31, 2020 and 2019 are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated financial statements of Community Trust Bancorp, Inc. (“CTBI”) for that period. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended December 31, 2019, included in our annual report on Form 10-K. Principles of Consolidation – Reclassifications – New Accounting Standards ➢ Accounting for Credit Losses Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, the initial allowance for credit losses is added to the purchase price rather than being reported as a credit loss expense. Subsequent changes in the allowance for credit losses on PCD assets are recognized through the statement of income as a credit loss expense. Credit losses relating to available-for-sale debt securities are recorded through an allowance for credit losses rather than as a direct write-down to the security. Management estimates potential losses on unfunded commitments by calculating an anticipated funding rate based on internal data and applies an estimated loss factor to the amounts expected to be funded. CTBI maintains an unfunded commitment allowance as part of other liabilities. The impact of the implementation of ASU No. 2016-13 was an increase of $112 thousand to this allowance and an $84 thousand impact to equity, net of tax. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. CTB elected ASU 2019-04 which allows that accrued interest will continue to be presented separately and not part of amortized cost on loans. The difference in amortized cost basis versus consideration of loan balances impacts the ACL calculation by one basis point and is considered immaterial. The primary difference is for indirect lending premiums. Per ASC 326-20-30-2, if a loan does not share risk characteristics with other pooled loans, then the loan shall be evaluated for expected credit losses on an individual basis. In determining what loans should be evaluated individually, CTBI has established that any loan with a balance of $1.0 million or greater that has one of the following characteristics with be individually evaluated: has a criticized risk rating, is in nonaccrual status, is a troubled debt restructuring (“TDR”), or is 90 days or more past due. Loans that meet the above criteria will be tested individually for loss exposure on a quarterly basis using a fair market value of the collateral securing the loan less estimated selling costs as compared to the recorded investment of the loan (principal plus interest owed unless in a nonaccrual status). As an alternative, loans that are dependent upon the cash flows from business operations may be tested by determining the net present value of future cash flows discounted by the effective interest rate of the loan over the remaining term of the loan as appropriate. A specific valuation reserve will be established for any individually tested loans that have loss exposure unless a charge-down of the loan balance is more appropriate. As previously disclosed, CTBI formed an implementation team to oversee the adoption of the ASU including assessing the impact on its accounting and disclosures. The implementation team was a cross-functional working group comprised of individuals from areas including credit, finance, and operations. The team has established the historical data available and has identified the loan segments to be analyzed. Credit losses for loans that no longer share similar risk characteristics are estimated on an individual basis. The team has determined the portfolio methodologies and relevant economic factors to be utilized and began running parallel with its current model as part of the monthly fourth quarter 2019 loan portfolio analysis. December 31, 2019 Probable Incurred Losses January 1, 2020 CECL Adoption (dollars in thousands) Amount % of Portfolio Amount % of Portfolio Allowance for loan and lease losses transitioned to allowance for credit losses: Commercial $ 21,683 1.30 % $ 21,680 1.30 % Residential mortgage 5,501 0.61 % 7,319 0.81 % Consumer direct 1,711 1.16 % 1,671 1.13 % Consumer indirect 6,201 1.18 % 7,467 1.42 % Total allowance for loan and lease losses/allowance for credit losses $ 35,096 1.08 % $ 38,137 1.17 % Reserve for unfunded lending commitments $ 274 $ 386 In December 2018, the Office of the Comptroller of the Currency (the “OCC”), the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), and the FDIC (the “FDIC” and, together with the Federal Reserve Board and the OCC, the “federal banking regulators”) approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ implementation of CECL. The final rule provided banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. On March 27, 2020, pursuant to the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), federal banking regulators issued an interim final rule that delays the estimated impact on regulatory capital stemming from the implementation of CECL for a transition period of up to five years (the “CECL IFR”). The CECL IFR provides banking organizations that are required (as of January 1, 2020) to adopt CECL for accounting purposes under U.S. generally accepted accounting principles during 2020 an option to delay an estimate of CECL’s impact on regulatory capital. The capital relief in the CECL IFR is calibrated to approximate the difference in allowances under CECL relative to the incurred loss methodology for the first two years of the transition period. The cumulative difference at the end of the second year of the transition period is then phased in to regulatory capital over a three-year transition period. In this way, the CECL IFR gradually phases in the full effect of CECL on regulatory capital, providing a five-year transition period. CTBI adopted CECL effective January 1, 2020 and chose the option to delay the estimated impact on regulatory capital using the relief options described above. ➢ Simplifying the Test for Goodwill Impairment Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment ➢ Changes to the Disclosure Requirements for Fair Value Measurement Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement Removals The following disclosure requirements were removed from Topic 820: • The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy • The policy for timing of transfers between levels • The valuation processes for Level 3 fair value measurements Modifications The following disclosure requirements were modified in Topic 820: • For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and • The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Additions The following disclosure requirements were added to Topic 820: • The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and • The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. In addition, the amendments eliminate “at a minimum” from the phrase “an entity shall disclose at a minimum” to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures and to clarify that materiality is an appropriate consideration of entities and their auditors when evaluating disclosure requirements. CTBI adopted ASU 2018-13 effective January 1, 2020 with minimal changes to our current reporting. ➢ Accounting for Costs of Implementing a Cloud Computing Service Agreement Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The ASU aligns the following requirements for capitalizing implementation costs: • Those incurred in a hosting arrangement that is a service contract, and • Those incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This ASU was effective beginning January 1, 2020 with no significant impact to our consolidated financial statements. ➢ Simplifying the Accounting for Income Taxes Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes 1. Exception to the incremental approach for intra period tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income); 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this ASU also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax; 2. Requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction; 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority; 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date; and 5. Making minor codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. For public business entities, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. We do not anticipate a significant impact to our consolidated financial statements. ➢ Clarifying the Interactions between Topic 321 Topic 323 and Topic 815 a consensus of the FASB Emerging Task Force Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Financial Instruments ➢ Facilitation of the Effects of Reference Rate Reform on Financial Reporting In response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. The amendments in this ASU provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects) of reference rate reform on financial reporting and provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This ASU applies only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The amendments in this ASU are elective and are effective upon issuance for all entities. The adoption of this ASU is not expected to have material impact on our consolidated financial statements. Critical Accounting Policies and Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the appropriate application of certain accounting policies, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our consolidated financial statements and related notes. Since future events and their impact cannot be determined with certainty, the actual results will inevitably differ from our estimates. Such differences could be material to the consolidated financial statements. We believe the application of accounting policies and the estimates required therein are reasonable. These accounting policies and estimates are constantly reevaluated, and adjustments are made when facts and circumstances dictate a change. Historically, we have found our application of accounting policies to be appropriate, and actual results have not differed materially from those determined using necessary estimates. We have identified the following critical accounting policies: Investments Investments – Debt Securities a. Trading securities . . b. Available-for-sale securities. Investments not classified as trading securities (nor as held-to-maturity securities) shall be classified as available-for-sale securities. We do not have any securities that are classified as trading securities. Available-for-sale securities are reported at fair value, with unrealized gains and losses included as a separate component of shareholders’ equity, net of tax. If declines in fair value are other than temporary, the carrying value of the securities is written down to fair value as a realized loss with a charge to income for the portion attributable to credit losses and a charge to other comprehensive income for the portion that is not credit related. Gains or losses on disposition of debt securities are computed by specific identification for those securities. Interest and dividend income, adjusted by amortization of purchase premium or discount, is included in earnings. With the implementation of CECL, an allowance will be recognized for credit losses relative to available-for-sale securities rather than as a reduction in the cost basis of the security. Subsequent improvements in credit quality or reductions in estimated credit losses will be recognized immediately as a reversal of the previously recorded allowance, which aligns the income statement recognition of credit losses with the reporting period in which changes occur. Held-to-maturity (“HTM”) securities will be subject to CECL. CECL will require an allowance on these held-to-maturity debt securities for lifetime expected credit losses, determined by adjusting historical loss information for current conditions and reasonable and supportable forecasts. The forward-looking evaluation of lifetime expected losses will be performed on a pooled basis for debt securities that share similar risk characteristics. These allowances for expected losses must be made by the holder of the HTM debt security when the security is purchased. At March 31, 2020, CTBI held no securities designated as held-to-maturity. CTBI accounts for equity securities in accordance with ASC 321, Investments – Equity Securities Equity securities with a readily determinable fair value are required to be measured at fair value, with changes in fair value recognized through net income. Equity securities without a readily determinable fair value are carried at cost, less any impairment, if any, plus or minus changes resulting from observable price changes for identical or similar investments. As permitted by ASC 321-10-35-2, CTBI can make an irrevocable election to subsequently measure an equity security without a readily determinable fair value, and all identical or similar investments of the same issuer, including future purchases of identical or similar investments of the same issuer, at fair value. CTBI has made this election for its Visa Class B equity securities. The fair value of these securities was determined by a third party service provider using Level 3 inputs as defined in ASC 820, Fair Value Measurement Loans The provisions of the CARES Act included an election to not apply the guidance on accounting for troubled debt restructurings to loan modifications, such as extensions or deferrals, related to COVID-19 made between March 1, 2020 and the earlier of (i) December 31, 2020 or (ii) 60 days after the end of the COVID-19 national emergency. The relief can only be applied to modifications for borrowers that were not more than 30 days past due as of December 31, 2019. CTBI elected to adopt these provisions of the CARES Act. Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized over the estimated life of the related loans, leases, or commitments as a yield adjustment. Allowance for Credit Losses In the event that collection of principal becomes uncertain, CTBI has policies in place to reverse accrued interest in a timely manner. Therefore, CTBI elected ASU 2019-04 which allows that accrued interest would continue to be presented separately and not part of amortized cost on loan. The methodology used by CTBI is developed using the current loan balance, which is then compared to amortized cost balances to analyze the impact. The difference in amortized cost basis versus consideration of loan balances impacts the allowance for credit losses calculation by one basis point and is considered immaterial. The primary difference is for indirect lending premiums. We maintain an allowance for credit losses (“ACL”) at a level that is appropriate to cover estimated credit losses on individually evaluated loans, as well as estimated credit losses inherent in the remainder of the loan and lease portfolio. Credit losses are charged and recoveries are credited to the ACL. We utilize an internal risk grading system for commercial credits. Those credits that meet the following criteria are subject to individual evaluation: the loan has an outstanding bank share balance of $1 million or greater and (i) has a criticized risk rating, (ii) is in nonaccrual status, (iii) is a TDR, or (iv) is 90 days or more past due. The borrower’s cash flow, adequacy of collateral coverage, and other options available to CTBI, including legal remedies, are evaluated. We evaluate the collectability of both principal and interest when assessing the need for loss provision. Historical loss rates are analyzed and applied to other commercial loan segments not subject to individual evaluation. Homogenous loans, such as consumer installment, residential mortgages, and home equity lines are not individually risk graded. The associated ACL for these loans is measured in pools with similar risk characteristics under ASC 326. When any secured commercial loan is considered uncollectable, whether past due or not, a current assessment of the value of the underlying collateral is made. If the balance of the loan exceeds the fair value of the collateral, the loan is placed on nonaccrual and the loan is charged down to the value of the collateral less estimated cost to sell or a specific reserve equal to the difference between book value of the loan and the fair value assigned to the collateral is created until such time as the loan is foreclosed. When the foreclosed collateral has been legally assigned to CTBI, the estimated fair value of the collateral less costs to sell is then transferred to other real estate owned or other repossessed assets, and a charge-off is taken for any remaining balance. When any unsecured commercial loan is considered uncollectable the loan is charged off no later than at 90 days past due. All closed-end consumer loans (excluding conventional 1-4 family residential loans and installment and revolving loans secured by real estate) are charged off no later than 120 days (5 monthly payments) delinquent. If a loan is considered uncollectable, it is charged off earlier than 120 days delinquent. For conventional 1-4 family residential loans and installment and revolving loans secured by real estate, when a loan is 90 days past due, a current assessment of the value of the real estate is made. If the balance of the loan exceeds the fair value of the property, the loan is placed on nonaccrual. Foreclosure proceedings are normally initiated after 120 days. When the foreclosed property has been legally assigned to CTBI, the fair value less estimated costs to sell is transferred to other real estate owned and the remaining balance is taken as a charge-off. Historical loss rates for loans are adjusted for significant factors that, in management’s judgment, reflect the impact of any current conditions on loss recognition. With the implementation of ASC 326, weighted average life (“WAL”) calculations were completed as a tool to determine the life of CTBI’s various loan segments. Vintage modeling was used to determine the life of loan losses for consumer and residential real estate loans. Static pool modeling was used to determine the life of loan losses for commercial loan segments. Qualitative factors used to derive CTBI’s total ACL include delinquency trends, current economic conditions and trends, strength of supervision and administration of the loan portfolio, levels of underperforming loans, trends in loan losses, and underwriting exceptions. With the implementation of ASC 326, forecasting factors including unemployment rates and industry specific forecasts for industries in which our total exposure is 5% of capital or greater are also included as factors in the ACL model. Management continually reevaluates the other subjective factors included in its ACL analysis. Troubled Debt Restructurings – When we modify loans and leases in a troubled debt restructuring, we evaluate any possible impairment based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, or use the current fair value of the collateral, less selling costs for collateral dependent loans. If we determined that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate troubled debt restructurings, including those that have payment defaults, for possible impairment and recognize impairment through the allowance. Other Real Estate Owned Income Taxes |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 2 – Stock-Based Compensation CTBI’s compensation expense related to stock option grants was $2 thousand and $10 thousand for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, there was no unrecognized compensation expense related to unvested stock option awards, as all stock option awards have fully vested. There were no stock options granted in the first three months of 2020 or 2019. Restricted stock expense for the three months ended March 31, 2020 and 2019 was $226 thousand and $190 thousand, respectively, including $21 thousand and $19 thousand in dividends paid for each period. As of March 31, 2020, there was a total of $2.2 million of unrecognized compensation expense related to restricted stock grants that will be recognized as expense as the awards vest over a weighted average period of 3.0 years. There were 21,544 and 27,921 shares of restricted stock granted during the three months ended March 31, 2020 and 2019, respectively. The restricted stock was issued pursuant to the terms of CTBI’s 2015 Stock Ownership Incentive Plan. The restrictions on the restricted stock will lapse ratably over four years, except for a 2,500 management retention restricted stock award granted in January 2020 which will vest at the end of five years, subject to such management employee’s continued employment. However, in the event of certain participant employee termination events occurring within 24 months of a change in control of CTBI or the death of the participant, the restrictions will lapse, and in the event of the participant’s disability, the restrictions will lapse on a pro rata basis. The Compensation Committee will have discretion to review and revise restrictions applicable to a participant’s restricted stock in the event of the participant’s retirement. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2020 | |
Securities [Abstract] | |
Securities | Note 3 – Securities Debt securities are classified into held-to-maturity and available-for-sale categories. Held-to-maturity (HTM) securities are those that CTBI has the positive intent and ability to hold to maturity and are reported at amortized cost. Available-for-sale (AFS) securities are those that CTBI may decide to sell if needed for liquidity, asset-liability management or other reasons. Available-for-sale securities are reported at fair value, with unrealized gains or losses included as a separate component of equity, net of tax. As of March CTBI had held-to-maturity securities. The amortized cost and fair value of debt securities at March 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 $ 159,199 $ 1,009 $ (337 ) $ 159,871 State and political subdivisions 96,171 3,068 (43 ) 99,196 U.S. government sponsored agency mortgage-backed securities 313,979 8,358 (1,294 ) 321,043 Other debt securities 56,565 0 (3,196 ) 53,369 Total available-for-sale securities $ 625,914 $ 12,435 $ (4,870 ) $ 633,479 The amortized cost and fair value of debt securities at December 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 $ 171,250 $ 476 $ (576 ) $ 171,150 State and political subdivisions 99,403 2,941 (37 ) 102,307 U.S. government sponsored agency mortgage-backed securities 291,874 4,443 (1,072 ) 295,245 Other debt securities 31,418 0 (276 ) 31,142 Total available-for-sale securities $ 593,945 $ 7,860 $ (1,961 ) $ 599,844 Held-to-Maturity (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value State and political subdivisions $ 517 $ 0 $ 0 $ 517 Total held-to-maturity securities $ 517 $ 0 $ 0 $ 517 The amortized cost and fair value of debt securities at March 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 $ 82,872 $ 83,574 Due after one through five years 20,033 20,371 Due after five through ten years 91,340 91,659 Due after ten years 61,125 63,463 U.S. government sponsored agency mortgage-backed securities 313,979 321,043 Other debt securities 56,565 53,369 Total debt securities $ 625,914 $ 633,479 As of March we had a net securities gain of , consisting of a pre-tax gain of realized on sales and calls of AFS securities and an unrealized loss of from the fair market value adjustment of equity securities. As of March we had a net securities gain of , consisting of a pre-tax gain of realized on sales of AFS securities and an unrealized gain of from the fair market value adjustment of equity securities. Equity Securities at Fair Value CTBI made the election permitted by ASC - - - to record its Visa Class B shares at fair value. Equity securities at fair value as of March were , as a result of a decrease in the fair market value in the quarter The fair market value of equity securities increased in the quarter equity securities were sold during the quarter The amortized cost of securities pledged as collateral, to secure public deposits and for other purposes, was at March and at December The amortized cost of securities sold under agreements to repurchase amounted to at March and at December CTBI evaluates its investment portfolio on a quarterly basis for impairment. The analysis performed as of March indicates that all impairment is considered temporary, market and interest rate driven, and not credit-related. The of total debt securities with unrealized losses as of March was compared to as of December The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of March that are not deemed to have credit losses. As stated above, CTBI had no HTM securities as of March Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 14,713 $ (86 ) $ 14,627 State and political subdivisions 1,113 (43 ) 1,070 U.S. government sponsored agency mortgage-backed securities 40,026 (570 ) 39,456 Other debt securities 56,565 (3,196 ) 53,369 Total <12 months impaired AFS securities 112,417 (3,895 ) 108,522 12 Months or More U.S. Treasury and government agencies 51,913 (251 ) 51,662 State and political subdivisions 0 0 0 U.S. government sponsored agency mortgage-backed securities 38,762 (724 ) 38,038 Other debt securities 0 0 0 Total ≥12 months impaired AFS securities 90,675 (975 ) 89,700 Total U.S. Treasury and government agencies 66,626 (337 ) 66,289 State and political subdivisions 1,113 (43 ) 1,070 U.S. government sponsored agency mortgage-backed securities 78,788 (1,294 ) 77,494 Other debt securities 56,565 (3,196 ) 53,369 Total impaired AFS securities $ 203,092 $ (4,870 ) $ 198,222 The analysis performed as of December indicated that all impairment was considered temporary, market and interest rate driven, and not credit-related. The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December that are not deemed to be other-than-temporarily impaired. There were no held-to-maturity securities that were deemed to be impaired as of December Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 25,955 $ (148 ) $ 25,807 State and political subdivisions 8,356 (37 ) 8,319 U.S. government sponsored agency mortgage-backed securities 19,317 (100 ) 19,217 Other debt securities 31,418 (276 ) 31,142 Total <12 months temporarily impaired AFS securities 85,046 (561 ) 84,485 12 Months or More U.S. Treasury and government agencies 82,339 (428 ) 81,911 State and political subdivisions 0 0 0 U.S. government sponsored agency mortgage-backed securities 91,609 (972 ) 90,637 Other debt securities 0 0 0 Total ≥12 months temporarily impaired AFS securities 173,948 (1,400 ) 172,548 Total U.S. Treasury and government agencies 108,294 (576 ) 107,718 State and political subdivisions 8,356 (37 ) 8,319 U.S. government sponsored agency mortgage-backed securities 110,926 (1,072 ) 109,854 Other debt securities 31,418 (276 ) 31,142 Total temporarily impaired AFS securities $ 258,994 $ (1,961 ) $ 257,033 U.S. Treasury and Government Agencies The unrealized losses in U.S. Treasury and government agencies were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par which will equal amortized cost at maturity. CTBI does not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost. State and Political Subdivisions The unrealized losses in securities of state and political subdivisions were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par which will equal amortized cost at maturity. CTBI does not intend to sell the investments before recovery of their amortized cost and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost. U.S. Government Sponsored Agency Mortgage-Backed Securities The unrealized losses in U.S. government sponsored agency mortgage-backed securities were caused by interest rate increases. CTBI expects to recover the amortized cost basis over the term of the securities. CTBI does not intend to sell the investments, and it is not more likely than not we will be required to sell the investments before recovery of their amortized cost. Other Debt Securities The unrealized losses in other debt securities were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par which will equal amortized cost at maturity. CTBI does not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2020 | |
Loans [Abstract] | |
Loans | Note 4 – Loans Major classifications of loans, net of unearned income, deferred loan origination costs and fees, and net premiums on acquired loans, are summarized as follows: (in thousands) March 31, 2020 Hotel/motel $ 248,717 Commercial real estate residential 262,065 Commercial real estate nonresidential 771,687 Dealer floorplans 80,828 Commercial other 313,646 Commercial loans 1,676,943 Real estate mortgage 798,891 Home equity lines 111,837 Residential loans 910,728 Consumer direct 145,403 Consumer indirect 554,467 Consumer loans 699,870 Loans and lease financing $ 3,287,541 (in thousands) December 31, 2019 Commercial construction $ 104,809 Commercial secured by real estate 1,169,975 Equipment lease financing 481 Commercial other 389,683 Real estate construction 63,350 Real estate mortgage 733,003 Home equity 111,894 Consumer direct 148,051 Consumer indirect 527,418 Total loans $ 3,248,664 The segments presented for March 31, 2020 reflect the implementation of ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments CTBI has segregated and evaluates its loan portfolio through nine portfolio segments with similar risk characteristics. CTBI serves customers in small and mid-sized communities in eastern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee. Therefore, CTBI’s exposure to credit risk is significantly affected by changes in these communities. Hotel/motel loans are a significant concentration for CTBI, representing approximately of total loans. This industry has unique risk characteristics as it is highly susceptible to changes in the domestic and global economic environments, which can cause the industry to experience substantial volatility. Additionally, any hotel/motel construction loans would be included in this segment as CTBI’s construction loans are primarily completed as loan going from construction to permanent financing. These loans are originated based on the borrower’s ability to service the debt and arily based on the fair value of the underlying collateral. Commercial real estate residential loans are commercial purpose construction and permanent financed loans for commercial purpose - family/multi-family properties. These loans are originated based on the borrower’s ability to service the debt and arily based on the fair value of the underlying collateral. Commercial real estate nonresidential loans are secured by nonfarm, nonresidential properties, farmland, and other commercial real estate. These loans are originated based on the borrower’s ability to service the debt and arily based on the fair value of the underlying collateral. Construction for commercial real estate nonresidential loans are also included in this segment as these loans are generally loan for construction to permanent financing. Prior to the implementation of ASU No. - all commercial real estate loans were segmented together with construction loans presented separately. Dealer floorplans have historically been reviewed by management as a separate segment of the commercial loan portfolio although for SEC reporting they were combined within the commercial other segment. With the implementation of ASU No. 2016-13, CTBI segmented dealer floorplans separately as they are a unique product with unique risk factors. The primary unique factor relevant to dealer floorplans is the ability of the borrower to misappropriate funds provided at the point of sale as their floorplan is collateralized under a blanket security agreement and without specific liens on individual units. This risk is mitigated by the use of periodic inventory audits. These audits are performed monthly and follow up is required on any out of compliance items identified. These audits are subject to increasing frequency when fact patterns suggest more scrutiny is required. Commercial other loans consist of commercial check loans, agricultural loans, receivable financing, loans to financial institutions, loans for purchasing or carrying securities, and other commercial purpose loans. Commercial loans are underwritten based on the borrower’s ability to service debt from the business’s underlying cash flows. As a general practice, we obtain collateral such as equipment, or other assets, although such loans may be uncollateralized but guaranteed. Residential real estate loans are a mixture of fixed rate and adjustable rate and lien residential mortgage loans and also include real estate construction loans which are typically for owner-occupied properties. The terms of the real estate construction loans are generally short-term with permanent financing upon completion. As a policy, CTBI holds adjustable rate loans and sells the majority of its fixed rate lien mortgage loans into the ary market. Changes in interest rates or market conditions may impact a borrower’s ability to meet contractual principal and interest payments. Residential real estate loans are secured by real property. Home equity lines are primarily revolving adjustable rate credit lines secured by real property. Consumer direct loans are a mixture of fixed rate and adjustable rate products comprised of unsecured loans, consumer revolving credit lines, deposit secured loans, and all other consumer purpose loans. Consumer indirect loans are fixed rate loans secured by automobiles, trucks, vans, and recreational vehicles originated at the selling dealership underwritten and purchased by CTBI’s indirect lending department. Both new and used products are financed. Only dealers who have executed dealer agreements with CTBI participate in the indirect lending program. Not included in the loan balances above were loans held for sale in the amount of $1.4 million at March 31, 2020 and $1.2 million at December 31, 2019. The following tables present the balance in the allowance for credit losses (“ACL”) for the period ended March 31, 2020 and the balance in the allowance for loan and lease losses (“ALLL”) and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2019 and March 31, 2019: March 31, 2020 (in thousands) Hotel/ Motel Commercial Real Estate Residential Commercial Real Estate Nonresidential Dealer Floorplans Commercial Other Real Estate Mortgage Home Equity Consumer Direct Consumer Indirect Total ACL Beginning balance, prior to adoption of ASC 326 $ 3,371 $ 3,439 $ 8,515 $ 802 $ 5,556 $ 4,604 $ 897 $ 1,711 $ 6,201 $ 35,096 Impact of adoption of ASC 326 170 (721 ) 119 820 (391 ) 1,893 (75 ) (40 ) 1,265 3,040 Provision charged to expense 2,381 1,337 2,984 91 1,434 1,099 67 739 2,575 12,707 Losses charged off 0 (51 ) (59 ) 0 (359 ) (60 ) 0 (369 ) (1,517 ) (2,415 ) Recoveries 0 8 4 0 169 7 1 122 706 1,017 Ending balance $ 5,922 $ 4,012 $ 11,563 $ 1,713 $ 6,409 $ 7,543 $ 890 $ 2,163 $ 9,230 $ 49,445 December 31, 2019 Commercial Construction Commercial Secured by Real Estate Equipment Lease Financing Commercial Other Real Estate Construction Real Estate Mortgage Home Equity Consumer Direct Consumer Indirect Total ALLL Balance, beginning of year $ 862 $ 14,531 $ 12 $ 4,993 $ 512 $ 4,433 $ 841 $ 1,883 $ 7,841 $ 35,908 Provision charged to expense 497 (137 ) (8 ) 3,032 (40 ) 414 172 528 361 4,819 Losses charged off (72 ) (727 ) 0 (2,179 ) (100 ) (767 ) (139 ) (1,100 ) (4,652 ) (9,736 ) Recoveries 12 358 0 509 0 152 23 400 2,651 4,105 Balance, end of year $ 1,299 $ 14,025 $ 4 $ 6,355 $ 372 $ 4,232 $ 897 $ 1,711 $ 6,201 $ 35,096 Ending balance: Individually evaluated for impairment $ 99 $ 227 $ 0 $ 886 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,212 Collectively evaluated for impairment $ 1,200 $ 13,798 $ 4 $ 5,469 $ 372 $ 4,232 $ 897 $ 1,711 $ 6,201 $ 33,884 Loans Ending balance: Individually evaluated for impairment $ 3,010 $ 41,379 $ 0 $ 11,073 $ 0 $ 2,309 $ 0 $ 0 $ 0 $ 57,771 Collectively evaluated for impairment $ 101,799 $ 1,128,596 $ 481 $ 378,610 $ 63,350 $ 730,694 $ 111,894 $ 148,051 $ 527,418 $ 3,190,893 March 31, 2019 (in thousands) Commercial Construction Commercial Secured by Real Estate Equipment Lease Financing Commercial Other Real Estate Construction Real Estate Mortgage Home Equity Consumer Direct Consumer Indirect Total Allowance for loan losses Beginning balance $ 862 $ 14,531 $ 12 $ 4,993 $ 512 $ 4,433 $ 841 $ 1,883 $ 7,841 $ 35,908 Provision charged to expense 38 287 (2 ) 382 (116 ) (278 ) 84 (119 ) (86 ) 190 Losses charged off 0 (35 ) 0 (242 ) 0 (120 ) (25 ) (246 ) (1,387 ) (2,055 ) Recoveries 3 17 0 84 0 18 1 117 721 961 Ending balance $ 903 $ 14,800 $ 10 $ 5,217 $ 396 $ 4,053 $ 901 $ 1,635 $ 7,089 $ 35,004 Ending balance: Individually evaluated for impairment $ 164 $ 847 $ 0 $ 620 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,631 Collectively evaluated for impairment $ 739 $ 13,953 $ 10 $ 4,597 $ 396 $ 4,053 $ 901 $ 1,635 $ 7,089 $ 33,373 Loans Ending balance: Individually evaluated for impairment $ 3,632 $ 34,329 $ 0 $ 10,057 $ 0 $ 2,337 $ 0 $ 0 $ 0 $ 50,355 Collectively evaluated for impairment $ 71,732 $ 1,148,475 $ 1,354 $ 378,003 $ 54,013 $ 717,955 $ 108,018 $ 141,855 $ 517,972 $ 3,139,377 CTBI derived its ACL balance by using vintage modeling for the consumer and residential portfolios. Static pool models incorporating losses by credit risk rating were developed to determine credit loss balances for the commercial loan segments. Qualitative loss factors are based on CTBI's judgment of delinquency trends, level of nonperforming loans, trend in loan losses, supervision and administration, quality control exceptions, and reasonable and supportable forecasts based on unemployment rates and industry concentrations. CTBI has determined that twelve months represents a reasonable and supportable forecast period and reverts back to a historical loss rate immediately. CTBI leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the twelve month forecast period. Other internal and external indicators of economic forecasts are also considered by CTBI when developing the forecast metrics. CTBI also has an inherent model risk allocation included in its ACL calculation to allow for certain known model limitations as well as other potential risks not quantified elsewhere. Management has identified the following known model limitations and made adjustments through this portion of the calculation for them: (1) The inability to completely identify revolving lines of credit within the commercial other segment. Management had to make assumptions regarding commercial renewals as those renewals are not tracked well by its loan system. (2) The inability within the model to estimate the value of modifications made under troubled debt restructurings. Management has manually calculated the estimated impact based on research of modified terms for troubled debt restructurings. Also included in inherent model risk at implementation was the estimated allowance for previously impaired loans that had not been changed on CTBI’s loan system. There were certain loans that met the definition of impaired previously that management did not consider to have significantly different risk characteristics based on the ACL methodology and segmentation, and therefore determined they would no longer require individual analysis. The inherent model risk factor was decreased by $1.6 million as formerly impaired loans that are no longer individually analyzed were reassigned in the first quarter and returned to the appropriate loan segments where the historical loss and other qualitative factors were applied. As of March CTBI forecasted a significant increase in national unemployment rates and significant declines in hotel/motel, lessors of nonresidential properties and lessors of residential properties industries over the forecast period. The projected economic decline, as well as increased reserves of on individually analyzed loans during the period, were the primary drivers of the increase in the ACL. Refer to note 1 to the condensed consolidated financial statements for further information regarding our nonaccrual policy. Per ASC 326, nonaccrual loans segregated by class of loans and loans 90 days past due and still accruing segregated by class of loans were as follows: March 31, 2020 (in thousands) Nonaccrual Loans with No ACL Nonaccrual Loan with ACL 90+ and Still Accruing Total Nonperforming Loans Hotel/motel $ 0 $ 0 $ 133 $ 133 Commercial real estate residential 206 1,312 4,636 6,154 Commercial real estate nonresidential 0 3,404 7,128 10,532 Dealer floorplans 0 56 0 56 Commercial other 0 6,316 479 6,795 Total commercial loans 206 11,088 12,376 23,670 Real estate mortgage 0 5,286 4,730 10,016 Home equity lines 0 753 435 1,188 Total residential loans 0 6,039 5,165 11,204 Consumer direct 0 0 38 38 Consumer indirect 0 0 465 465 Total consumer loans 0 0 503 503 Loans and lease financing $ 206 $ 17,127 $ 18,044 $ 35,377 (in thousands) December 31, 2019 Commercial: Commercial construction $ 230 Commercial secured by real estate 3,759 Commercial other 3,839 Residential: Real estate construction 634 Real estate mortgage 4,821 Home equity 716 Total nonaccrual loans $ 13,999 The following tables present CTBI’s loan portfolio aging analysis, segregated by class, as of March 31, 2020 and December 31, 2019: March 31, 2020 (in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Hotel/motel $ 0 $ 0 $ 133 $ 133 $ 248,584 $ 248,717 Commercial real estate residential 1,514 1,412 6,128 9,054 253,011 262,065 Commercial real estate nonresidential 2,257 4,570 9,924 16,751 754,936 771,687 Dealer floorplans 0 0 0 0 80,828 80,828 Commercial other 1,683 686 6,594 8,963 304,683 313,646 Total commercial loans 5,454 6,668 22,779 34,901 1,642,042 1,676,943 Real estate mortgage 2,561 3,154 7,901 13,616 785,275 798,891 Home equity lines 831 156 733 1,720 110,117 111,837 Total residential loans 3,392 3,310 8,634 15,336 895,392 910,728 Consumer direct 735 589 38 1,362 144,041 145,403 Consumer indirect 4,153 816 465 5,434 549,033 554,467 Total consumer loans 4,888 1,405 503 6,796 693,074 699,870 Loans and lease financing $ 13,734 $ 11,383 $ 31,916 $ 57,033 $ 3,230,508 $ 3,287,541 December 31, 2019 (in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans 90+ and Accruing* Commercial: Commercial construction $ 118 $ 0 $ 467 $ 585 $ 104,224 $ 104,809 $ 237 Commercial secured by real estate 2,734 5,969 12,366 21,069 1,148,906 1,169,975 8,820 Equipment lease financing 0 0 0 0 481 481 0 Commercial other 880 284 6,267 7,431 382,252 389,683 2,586 Residential: Real estate construction 117 52 634 803 62,547 63,350 0 Real estate mortgage 774 5,376 10,320 16,470 716,533 733,003 7,088 Home equity 1,084 412 736 2,232 109,662 111,894 344 Consumer: Consumer direct 945 230 97 1,272 146,779 148,051 97 Consumer indirect 4,037 909 447 5,393 522,025 527,418 448 Loans and lease financing $ 10,689 $ 13,232 $ 31,334 $ 55,255 $ 3,193,409 $ 3,248,664 $ 19,620 *90+ and Accruing are also included in 90+ Days Past Due column. The risk characteristics of CTBI’s material portfolio segments are as follows: Hotel/motel loans are a significant concentration for CTBI, representing approximately 7.5% of total loans. This industry has unique risk characteristics as it is highly susceptible to changes in the domestic and global economic environments, which can cause the industry to experience substantial volatility. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Hotel/motel lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Management monitors and evaluates all commercial real estate loans based on collateral and risk grade criteria. Commercial construction loans generally are made to customers for the purpose of building income-producing properties, and any hotel/motel construction loan would be included in this segment. Personal guarantees of the principals are generally required. Such loans are made on a projected cash flow basis and are secured by the project being constructed. Construction loan draw procedures are included in each specific loan agreement, including required documentation items and inspection requirements. Construction loans may convert to term loans at the end of the construction period, or may be repaid by the take-out commitment from another financing source. If the loan is to convert to a term loan, the repayment ability is based on the borrower’s projected cash flow. Risk is mitigated during the construction phase by requiring proper documentation and inspections whenever a draw is requested. Loans in amounts greater than $500,000 generally require a performance bond to be posted by the general contractor to assure completion of the project. Commercial real estate residential loans are commercial purpose construction and permanent financed loans for commercial purpose 1-4 family/multi-family properties. All commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Management monitors and evaluates all commercial real estate loans based on collateral and risk grade criteria. Commercial residential construction loans generally are made to customers for the purpose of building income-producing properties. Personal guarantees of the principals are generally required. Such loans are made on a projected cash flow basis and are secured by the project being constructed. Construction loan draw procedures are included in each specific loan agreement, including required documentation items and inspection requirements. Construction loans may convert to term loans at the end of the construction period, or may be repaid by the take-out commitment from another financing source. If the loan is to convert to a term loan, the repayment ability is based on the borrower’s projected cash flow. Risk is mitigated during the construction phase by requiring proper documentation and inspections whenever a draw is requested. Loans in amounts greater than $500,000 generally require a performance bond to be posted by the general contractor to assure completion of the project. Commercial real estate nonresidential loans are secured by nonfarm, nonresidential properties, farmland, and other commercial real estate. Construction for commercial real estate nonresidential loans are also included in this segment as these loans are generally one loan for construction to permanent financing. All commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Management monitors and evaluates all commercial real estate loans based on collateral and risk grade criteria. Commercial nonresidential construction loans generally are made to customers for the purpose of building income-producing properties. Personal guarantees of the principals are generally required. Such loans are made on a projected cash flow basis and are secured by the project being constructed. Construction loan draw procedures are included in each specific loan agreement, including required documentation items and inspection requirements. Construction loans may convert to term loans at the end of the construction period, or may be repaid by the take-out commitment from another financing source. If the loan is to convert to a term loan, the repayment ability is based on the borrower’s projected cash flow. Risk is mitigated during the construction phase by requiring proper documentation and inspections whenever a draw is requested. Loans in amounts greater than $500,000 generally require a performance bond to be posted by the general contractor to assure completion of the project. Prior to the implementation of ASU No. 2016-13, all commercial real estate loans were segmented together with construction loans presented separately. Dealer floorplans have historically been reviewed by management as a separate segment of the commercial loan portfolio although for SEC reporting they were combined within the commercial other segment. With the implementation of ASU No. 2016-13, CTBI segmented dealer floorplans separately as they are a unique product with unique risk factors. CTBI maintains strict processing procedures over its floorplan product with any exceptions requested by a loan officer approved by the appropriate loan committee and the floorplan manager. Dealer floorplans have historically been reviewed by management as a separate segment of the commercial loan portfolio although for SEC reporting they were combined within the commercial other segment. Under the incurred loss model, these loans were included in the commercial other segment. This segment of loans is nearing the threshold of a loan concentration and has unique risk characteristics and as such it will be a segment under the new CECL methodology. Commercial other loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. As we underwrite our equipment lease financing in a manner similar to our commercial loan portfolio described below, the risk characteristics for this portfolio mirror that of the commercial loan portfolio. With respect to residential loans that are secured by 1-4 family residences and are generally owner occupied, CTBI generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences. Residential construction loans are handled through the home mortgage area of the bank. The repayment ability of the borrower and the maximum loan-to-value ratio are calculated using the normal mortgage lending criteria. Draws are processed based on percentage of completion stages including normal inspection procedures. Such loans generally convert to term loans after the completion of construction. Consumer loans are secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans and certain lines of credit. Our determination of a borrower’s ability to repay these loans is primarily dependent on the personal income and credit rating of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. The indirect lending area of the bank generally deals with purchasing/funding consumer contracts with new and used automobile dealers. The dealers generate consumer loan applications which are forwarded to the indirect loan processing area for approval or denial. Loan approvals or denials are based on the creditworthiness and repayment ability of the borrower, and on the collateral value. The dealers may have limited recourse agreements with CTB. Credit Quality Indicators: CTBI categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. CTBI also considers the fair value of the underlying collateral and the strength and willingness of the guarantor(s). CTBI analyzes commercial loans individually by classifying the loans as to credit risk. Loans classified as loss, doubtful, substandard, or special mention are reviewed quarterly by CTBI for further deterioration or improvement to determine if appropriately classified and valued if deemed impaired. All other commercial loan reviews are completed every 12 to 18 months. In addition, during the renewal process of any loan, as well as if a loan becomes past due or if other information becomes available, CTBI will evaluate the loan grade. CTBI uses the following definitions for risk ratings: ➢ Pass ➢ Watch ➢ Other assets especially mentioned (OAEM) ➢ Substandard ➢ Doubtful The following tables present the credit risk profile of CTBI’s commercial loan portfolio based on rating category and payment activity, segregated by class of loans and based on last credit decision or year of origination: Term Loans Amortized Cost Basis by Origination Year (in s) 2020 2019 2018 2017 2016 Prior Revolving Loans Total Hotel/motel Risk rating: Pass $ 8,621 $ 71,038 $ 41,059 $ 53,262 $ 23,743 $ 35,479 $ 74 $ 233,276 Special mention 0 0 0 0 0 0 0 0 Substandard 0 0 132 1,113 8,999 5,197 0 15,441 Doubtful 0 0 0 0 0 0 0 0 Total hotel/motel $ 8,621 $ 71,038 $ 41,191 $ 54,375 $ 32,742 $ 40,676 $ 74 $ 248,717 Commercial real estate residential Risk rating: Pass $ 14,777 $ 49,003 $ 35,510 $ 25,537 $ 34,625 $ 69,673 $ 12,213 $ 241,338 Special mention 0 3,102 633 967 451 61 0 5,214 Substandard 446 2,282 3,540 4,169 1,200 3,876 0 15,513 Doubtful 0 0 0 0 0 0 0 0 Total commercial real estate residential $ 15,223 $ 54,387 $ 39,683 $ 30,673 $ 36,276 $ 73,610 $ 12,213 $ 262,065 Commercial real estate nonresidential Risk rating: Pass $ 35,164 $ 128,993 $ 99,550 $ 102,018 $ 113,817 $ 220,958 $ 30,277 $ 730,777 Special mention 0 417 71 5 0 3,303 20 3,816 Substandard 1,737 7,125 1,742 4,008 1,989 20,003 459 37,063 Doubtful 0 0 0 0 0 31 0 31 Total commercial real estate nonresidential $ 36,901 $ 136,535 $ 101,363 $ 106,031 $ 115,806 $ 244,295 $ 30,756 $ 771,687 Dealer floorplans Risk rating: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 80,772 $ 80,772 Special mention 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 56 56 Total dealer floorplans $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 80,828 $ 80,828 Commercial other Risk rating: Pass $ 44,077 $ 49,654 $ 40,094 $ 20,059 $ 10,245 $ 30,174 $ 102,022 $ 296,325 Special mention 0 0 5,062 285 480 51 0 5,878 Substandard 1,840 4,413 308 501 3,451 837 93 11,443 Doubtful 0 0 0 0 0 0 0 0 Total commercial other $ 45,917 $ 54,067 $ 45,464 $ 20,845 $ 14,176 $ 31,062 $ 102,115 $ 313,646 Commercial loans Risk rating: Pass $ 102,639 $ 298,688 $ 216,213 $ 200,876 $ 182,430 $ 356,284 $ 225,358 $ 1,582,488 Special mention 0 3,519 5,766 1,257 931 3,415 20 14,908 Substandard 4,023 13,820 5,722 9,791 15,639 29,913 552 79,460 Doubtful 0 0 0 0 0 31 56 87 Total commercial loans $ 106,662 $ 316,027 $ 227,701 $ 211,924 $ 199,000 $ 389,643 $ 225,986 $ 1,676,943 (in thousands) Commercial Construction Commercial Secured by Real Estate Equipment Leases Commercial Other Total December 31, 2019 Pass $ 98,102 $ 1,036,573 $ 481 $ 358,203 $ 1,493,359 Watch 3,595 54,338 0 13,618 71,551 OAEM 254 27,964 0 6,065 34,283 Substandard 2,858 51,068 0 11,737 65,663 Doubtful 0 32 0 60 92 Total $ 104,809 $ 1,169,975 $ 481 $ 389,683 $ 1,664,948 The following tables present the credit risk profile of CTBI’s residential real estate and consumer loan portfolios based on performing or nonperforming status, segregated by class: Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Total Home equity lines Performing $ 0 $ 86 $ 0 $ 0 $ 8 $ 11,571 $ 98,984 $ 110,649 Nonperforming 0 0 0 0 0 763 425 1,188 Total home equity lines $ 0 $ 86 $ 0 $ 0 $ 8 $ 12,334 $ 99,409 $ 111,837 Mortgage loans Performing $ 35,151 $ 161,387 $ 94,854 $ 88,911 $ 70,449 $ 338,123 $ 0 $ 788,875 Nonperforming 0 348 596 240 509 8,323 0 10,016 Total mortgage loans $ 35,151 $ 161,735 $ 95,450 $ 89,151 $ 70,958 $ 346,446 $ 0 $ 798,891 Residential loans Performing $ 35,151 $ 161,473 $ 94,854 $ 88,911 $ 70,457 $ 349,694 $ 98,984 $ 899,524 Nonperforming 0 348 596 240 509 9,086 425 11,204 Total residential loans $ 35,151 $ 161,821 $ 95,450 $ 89,151 $ 70,966 $ 358,780 $ 99,409 $ 910,728 Consumer direct loans Performing $ 15,792 $ 54,032 $ 29,905 $ 16,359 $ 10,196 $ 19,081 $ 0 $ 145,365 Nonperforming 0 6 27 4 1 0 0 38 Total consumer direct loans $ 15,792 $ 54,038 $ 29,932 $ 16,363 $ 10,197 $ 19,081 $ 0 $ 145,403 Consumer indirect loans Performing $ 85,017 $ 179,367 $ 145,511 $ 80,000 $ 42,101 $ 22,006 $ 0 $ 554,002 Nonperforming 0 190 93 105 35 42 0 465 Total consumer indirect loans $ 85,017 $ 179,557 $ 145,604 $ 80,105 $ 42,136 $ 22,048 $ 0 $ 554,467 Consumer loans Performing $ 100,809 $ 233,399 $ 175,416 $ 96,359 $ 52,297 $ 41,087 $ 0 $ 699,367 Nonperforming 0 196 120 109 36 42 0 503 Total consumer loans $ 100,809 $ 233,595 $ 175,536 $ 96,468 $ 52,333 $ 41,129 $ 0 $ 699,870 (in thousands) Real Estate Construction Real Estate Mortgage Home Equity Consumer Direct Consumer Indirect Total December 31, 2019 Performing $ 62,716 $ 721,094 $ 110,834 $ 147,954 $ 526,970 $ 1,569,568 Nonperforming 634 11,909 1,060 97 448 14,148 Total $ 63,350 $ 733,003 $ 111,894 $ 148,051 $ 527,418 $ 1,583,716 A loan is considered nonperforming if it is days or more past due and/or on nonaccrual. The total of consumer mortgage loans secured by real estate properties for which formal foreclosure proceedings are in process totaled $3.1 million at March 31, 2020 compared to $2.4 million at December 31, 2019. In accordance with ASC 326-20-30-2, if a loan does not share risk characteristics with other pooled loans in determining the allowance for credit losses, the loan shall be evaluated for expected credit losses on an individual basis. Of the loans that CTBI has individually evaluated, the loans listed below by segment are those that are collateral dependent: March 31, 2020 (in thousands) Number of Loans Recorded Investment Specific Reserve Hotel/motel 3 $ 14,712 $ 250 Commercial real estate residential 7 5,125 92 Commercial real estate nonresidential 16 25,296 720 Commercial other 5 9,569 957 Total collateral dependent loans 31 $ 54,702 $ 2,019 The hotel/motel, commercial real estate residential, and commercial real estate nonresidential segments are all collateralized with real estate. The five loans listed in the commercial other segment are collateralized by various chattel and real estate collateral with $5.1 million collateralized by a leasehold mortgage and assignment of lease on commercial property as well as furniture, fixtures, and equipment of the leasehold property, $4.1 million primarily collateralized by underground coal mining equipment and junior real estate liens, and the remaining $0.4 million collateralized by a mix of commercial real estate and liens on furniture, fixtures, and equipment. December 31, 2019 (in thousands) Recorded Balance Unpaid Contractual Principal Balance Specific Allowance Average Investment in Impaired Loans *Interest Income Recognized Loans without a specific valuation allowance: Commercial construction $ 2,836 $ 2,837 $ 0 $ 3,234 $ 170 Commercial secured by real estate 40,346 41,557 0 36,976 1,601 Commercial other 7,829 9,489 0 9,889 460 Real estate mortgage 2,309 2,309 0 2,385 85 Loans with a specific valuation allowance: Commercial construction 174 174 99 215 11 Commercial secured by real estate 1,033 2,176 227 1,678 15 Commercial other 3,244 3,244 886 1,323 29 Totals: Commercial construction 3,010 3,011 99 3,449 181 Commercial secured by real estate 41,379 43,733 227 38,654 1,616 Commercial other 11,073 12,733 886 11,212 489 Real estate mortgage 2,309 2,309 0 2,385 85 Total $ 57,771 $ 61,786 $ 1,212 $ 55,700 $ 2,371 March 31, 2019 (in thousands) Recorded Balance Unpaid Contractual Principal Balance Specific Allowance Average Investment in Impaired Loans *Interest Income Recognized Loans without a specific valuation allowance: Commercial construction $ 3,308 $ 3,308 $ 0 $ 3,655 $ 46 Commercial secured by real estate 32,407 34,098 0 32,811 347 Commercial other 8,903 10,598 0 8,866 139 Real estate construction 0 0 0 0 0 Real estate mortgage 2,337 2,337 0 2,329 19 Loans with a specific valuation allowance: Commercial construction 324 324 164 324 3 Commercial secured by real estate 1,922 3,060 847 1,966 10 Commercial other 1,154 1,154 620 1 |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2020 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned | Note 5 – Other Real Estate Owned Activity for other real estate owned was as follows: Three Months Ended March (in thousands) 2020 2019 Beginning balance of other real estate owned $ 19,480 $ 27,273 New assets acquired 1,625 854 Fair value adjustments (458 ) (447 ) Sale of assets (831 ) (2,710 ) Ending balance of other real estate owned $ 19,816 $ 24,970 Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended March 31, 2020 and 2019 were $0.9 million and $0.8 million, respectively. See note 1 for a description of our accounting policies relative to foreclosed properties and other real estate owned. The major classifications of foreclosed properties are shown in the following table: (in thousands) March 31, 2020 December 31, 2019 1-4 family $ 4,158 $ 3,630 Agricultural/farmland 0 0 Construction/land development/other 10,197 10,211 Multifamily 88 88 Non-farm/non-residential 5,373 5,551 Total foreclosed properties $ 19,816 $ 19,480 |
Repurchase Agreements
Repurchase Agreements | 3 Months Ended |
Mar. 31, 2020 | |
Repurchase Agreements [Abstract] | |
Repurchase Agreements | Note 6 – Repurchase Agreements We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and provide additional funding to our balance sheet. Repurchase agreements are transactions whereby we offer to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates CTBI to repurchase the security on an agreed upon date at an agreed upon repurchase price plus interest at an agreed upon rate. Securities sold under agreements to repurchase are recorded at the amount of cash received in connection with the transaction and are reflected in the accompanying consolidated balance sheets. We monitor collateral levels on a continuous basis and maintain records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and we segregate the security from its general assets in accordance with regulations governing custodial holdings of securities. The primary risk with our repurchase agreements is market risk associated with the securities securing the transactions, as we may be required to provide additional collateral based on fair value changes of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The carrying value of investment securities available-for-sale pledged as collateral under repurchase agreements totaled $267.9 million and $264.9 million at March 31, 2020 The remaining contractual maturity of the securities sold under agreements to repurchase by class of collateral pledged included in the accompanying consolidated balance sheets as of March 31, 2020 March 31, 2020 Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Up to 30 days 30-90 days Greater Than Total Repurchase agreements and repurchase-to-maturity transactions: U.S. Treasury and government agencies $ 27,709 $ 0 $ 0 $ 59,403 $ 87,112 State and political subdivisions 52,967 0 0 6,926 59,893 U.S. government sponsored agency mortgage-backed securities 33,232 0 0 56,671 89,903 Total $ 113,908 $ 0 $ 0 $ 123,000 $ 236,908 December 31, 2019 Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Up to 30 days 30-90 days Greater Than Total Repurchase agreements and repurchase-to-maturity transactions: U.S. Treasury and government agencies $ 15,001 $ 0 $ 3,479 $ 58,953 $ 77,433 State and political subdivisions 51,193 0 1,768 11,165 64,126 U.S. government sponsored agency mortgage-backed securities 35,480 0 1,996 47,882 85,358 Total $ 101,674 $ 0 $ 7,243 $ 118,000 $ 226,917 |
Fair Market Value of Financial
Fair Market Value of Financial Assets and Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Fair Market Value of Financial Assets and Liabilities [Abstract] | |
Fair Market Value of Financial Assets and Liabilities | Note 7 – Fair Market Value of Financial Assets and Liabilities Fair Value Measurements ASC 820, Fair Value Measurements Level 1 Inputs – Quoted prices in active markets for identical assets or liabilities. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in determining an exit price for the assets or liabilities. Recurring Measurements The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 and indicate the level within the fair value hierarchy of the valuation techniques. Fair Value Measurements at March 31, 2020 (in thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – recurring basis Available-for-sale securities: U.S. Treasury and government agencies $ 159,871 $ 70,050 $ 89,821 $ 0 State and political subdivisions 99,196 0 99,196 0 U.S. government sponsored agency mortgage-backed securities 321,043 0 321,043 0 Other debt securities 53,369 0 53,369 0 Equity securities at fair value 1,721 0 0 1,721 Mortgage servicing rights 2,481 0 0 2,481 Fair Value Measurements at December 31, 2019 (in thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – recurring basis Available-for-sale securities: U.S. Treasury and government agencies $ 171,150 $ 54,263 $ 116,887 $ 0 State and political subdivisions 102,307 0 102,307 0 U.S. government sponsored agency mortgage-backed securities 295,245 0 295,245 0 Other debt securities 31,142 0 31,142 0 Equity securities at fair value 1,953 0 0 1,953 Mortgage servicing rights 3,263 0 0 3,263 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. These valuation methodologies were applied to all of CTBI’s financial assets carried at fair value. CTBI had no liabilities measured and recorded at fair value as of March 31, 2020 and December 31, 2019. There have been no significant changes in the valuation techniques during the quarter ended March 31, 2020. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Available-for-Sale Securities Securities classified as available-for-sale are reported at fair value on a recurring basis. U.S. Treasury and government agencies are classified as Level 1 of the valuation hierarchy where quoted market prices are available in the active market on which the individual securities are traded. If quoted market prices are not available, CTBI obtains fair value measurements from an independent pricing service, such as Interactive Data, which utilizes pricing models to determine fair value measurement. CTBI reviews the pricing quarterly to verify the reasonableness of the pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other factors. U.S. Treasury and government agencies, state and political subdivisions, U.S. government sponsored agency mortgage-backed securities, and other debt securities are classified as Level 2 inputs. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Fair value determinations for Level 3 measurements are estimated on a quarterly basis where assumptions used are reviewed to ensure the estimated fair value complies with accounting standards generally accepted in the United States. Equity Securities at Fair Value As of March 31, 2020 and December 31 Fair value for Visa Class B Stock is determined by an independent party utilizing assumptions about factors such as quarterly common stock dividend payments, the conversion of the securities to the relevant Class A Stock shares subject to the prevailing conversion rate and conversion date. We have reviewed the assumptions, processes, and conclusions of the party provider. We have determined these assumptions, processes, and conclusions to be reasonable and appropriate in determining the fair value of this asset. See the table below for inputs and valuation techniques used for Level equity Mortgage Servicing Rights Mortgage servicing rights do not trade in an active, open market with readily observable prices. CTBI reports mortgage servicing rights at fair value on a recurring basis with subsequent remeasurement of MSRs based on change in fair value. In determining fair value, CTBI utilizes the expertise of an independent third party. Accordingly, fair value is determined by the independent third party by utilizing assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends and industry demand. Due to the nature of the valuation inputs, mortgage servicing rights are classified within Level 3 of the hierarchy. Fair value determinations for Level 3 measurements of mortgage servicing rights are tested for impairment on a quarterly basis where assumptions used are reviewed to ensure the estimated fair value complies with accounting standards generally accepted in the United States. We have reviewed the assumptions, processes, and conclusions of the third party provider. We have determined these assumptions, processes, and conclusions to be reasonable and appropriate in determining the fair value of this asset. See the table below for inputs and valuation techniques used for Level 3 mortgage servicing rights. Level 3 Reconciliation Following is a reconciliation of the beginning and ending balances of recurring fair value measurements, for the periods indicated, using significant unobservable (Level 3) inputs: (in thousands) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Equity Securities at Fair Value Mortgage Servicing Rights Equity Securities at Fair Value Mortgage Servicing Rights Beginning balance $ 1,953 $ 3,263 $ 1,173 $ 3,607 Total unrealized gains (losses) Included in net income (232 ) (818 ) 355 (234 ) Issues 0 145 0 116 Settlements 0 (109 ) 0 (99 ) Ending balance $ 1,721 $ 2,481 $ 1,528 $ 3,390 Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date $ (232 ) $ (818 ) $ 355 $ (234 ) Realized and unrealized gains and losses for items reflected in the table above are included in net income in the consolidated statements of income as follows: Noninterest Income Three Months Ended March 31 (in thousands) 2020 2019 Total gains (losses) $ (1,159 ) $ 22 Nonrecurring Measurements The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a nonrecurring basis as of March 31, 2020 and December 31, 2019 and indicate the level within the fair value hierarchy of the valuation techniques. Fair Value Measurements at March 31, 2020 (in thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – nonrecurring basis Collateral dependent loans $ 2,870 $ 0 $ 0 $ 2,870 Other real estate owned 1,162 0 0 1,162 Fair Value Measurements at December 31, 2019 Using (in thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – nonrecurring basis Impaired loans (collateral dependent) $ 3,217 $ 0 $ 0 $ 3,217 Other real estate owned 12,593 0 0 12,593 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheet, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Collateral Dependent Loans The estimated fair value of collateral-dependent loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent loans are classified within Level 3 of the fair value hierarchy. CTBI considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the Chief Credit Officer. Appraisals are reviewed for accuracy and consistency by the Chief Credit Officer. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the Chief Credit Officer by comparison to historical results. Loans considered collateral dependent are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty in accordance with ASC - - - Quarter-to-date fair value adjustments on collateral dependent loans disclosed above were , , and for the quarters ended March December and March respectively. Other Real Estate Owned In accordance with the provisions of ASC 360, Property, Plant, and Equipment, Our policy for determining the frequency of periodic reviews is based upon consideration of the specific properties and the known or perceived market fluctuations in a particular market and is typically between 12 and 18 months but generally not more than 24 months. Appraisers are selected from the list of approved appraisers maintained by management. Unobservable (Level 3) Inputs The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at March 31, 2020 and December 31, 2019. (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at March 31, 2020 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $1,721 Discount cash flows, computer pricing model Discount rate 8.0% - 12.0% (10.0%) Conversion date Dec 2022 Dec 2026 ( Dec 2024 Mortgage servicing rights $2,481 Discount cash flows, computer pricing model Constant prepayment rate 0.0% - 24.7% (16.7%) Probability of default 0.0% - 100.0% (2.4%) Discount rate 10.0% - 11.5% (10.1%) Collateral dependent loans $2,870 Market comparable properties Marketability discount 8.0%- 88.0% (41.0%) Other real estate owned $1,162 Market comparable properties Comparability adjustments 10.0% - 42.5% (13.2%) (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, 2019 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $1,953 Discount cash flows, computer pricing model Discount rate 8.0% - 12.0% (10.0%) Conversion date Dec 2022 Dec 2026 ( Dec 2024 Mortgage servicing rights $3,263 Discount cash flows, computer pricing model Constant prepayment rate 0.0% - 24.3% (11.7%) Probability of default 0.0% - 100.0% (2.7%) Discount rate 10.0% - 11.5% (10.1%) Impaired loans (collateral-dependent) $3,217 Market comparable properties Marketability discount 7.0% - 99.0% (46.0%) Other real estate owned $12,593 Market comparable properties Comparability adjustments 6.0% - 29.8% (11.3%) U The following is a discussion of the uncertainty of fair value measurements, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement and of how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement. Equity Securities at Fair Value Fair market value for equity securities is derived based on unobservable inputs, such as the discount rate, quarterly dividend payments payable to the Visa Class B common stock and the prevailing conversion rate at the conversion date. The most recent conversion rate of 1.6228 and the most recent dividend rate of 0.4868 were used to derive the fair value estimate. Significant increases (decreases) in either of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for discount rate is accompanied by a directionally opposite change in the fair value estimate. Mortgage Servicing Rights Fair market value for mortgage servicing rights is derived based on unobservable inputs, such as prepayment speeds of the underlying loans generated using the Andrew Davidson Prepayment Model, FHLMC/FNMA guidelines, the weighted average life of the loan, the discount rate, the weighted average coupon, and the weighted average default rate. Significant increases (decreases) in either of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for prepayment speeds is accompanied by a directionally opposite change in the assumption for interest rates. Fair Value of Financial Instruments The following table presents estimated fair value of CTBI’s financial instruments as of March 31, 2020 and indicates the level within the fair value hierarchy of the valuation techniques. In accordance with the prospective adoption of ASU 2016-01, the fair values as of March 31, 2020 were measured using an exit price notion. Fair Value Measurements at March 31, 2020 Using (in thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 192,702 $ 192,702 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 633,479 70,050 563,429 0 Equity securities at fair value 1,721 0 0 1,721 Loans held for sale 1,403 1,433 0 0 Loans, net 3,238,096 0 0 3,341,686 Federal Home Loan Bank stock 11,354 0 11,354 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 14,680 0 14,680 0 Mortgage servicing rights 2,481 0 0 2,481 Financial liabilities: Deposits $ 3,395,108 $ 860,844 $ 2,580,002 $ 0 Repurchase agreements 236,908 0 0 237,008 Federal funds purchased 4,907 0 4,907 0 Advances from Federal Home Loan Bank 411 0 463 0 Long-term debt 57,841 0 0 49,382 Accrued interest payable 3,447 0 3,447 0 Unrecognized financial instruments: Letters of credit $ 0 $ 0 $ 0 $ 0 Commitments to extend credit 0 0 0 0 Forward sale commitments 0 0 0 0 The following table presents estimated fair value of CTBI’s financial instruments as of December 31, 2019 and indicates the level within the fair value hierarchy of the valuation techniques. Fair Value Measurements at December 31, 2019 Using (in thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 264,683 $ 264,683 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 599,844 54,263 545,581 0 Debt securities held-to-maturity 517 0 517 0 Equity securities at fair value 1,953 0 0 1,953 Loans held for sale 1,167 1,191 0 0 Loans, net 3,213,568 0 0 3,283,876 Federal Home Loan Bank stock 10,474 0 10,474 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 14,836 0 14,836 0 Mortgage servicing rights 3,263 0 0 3,263 Financial liabilities: Deposits $ 3,405,572 $ 865,760 $ 2,560,271 $ 0 Repurchase agreements 226,917 0 0 226,921 Federal funds purchased 7,906 0 7,906 0 Advances from Federal Home Loan Bank 415 0 446 0 Long-term debt 57,841 0 0 49,382 Accrued interest payable 2,839 0 2,839 0 Unrecognized financial instruments: Letters of credit $ 0 $ 0 $ 0 $ 0 Commitments to extend credit 0 0 0 0 Forward sale commitments 0 0 0 0 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31 (in thousands except per share data) 2020 2019 Numerator: Net income $ 6,579 $ 14,939 Denominator: Basic earnings per share: Weighted average shares 17,752 17,712 Diluted earnings per share: Effect of dilutive stock options and restricted stock grants 11 11 Adjusted weighted average shares 17,763 17,723 Earnings per share: Basic earnings per share $ 0.37 $ 0.84 Diluted earnings per share 0.37 0.84 Options to purchase common shares at a weighted average price of $ were excluded from the diluted calculations above for the three months ended March 31, 2020, because the exercise prices on the options were greater than the average market price for the period. There |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | Note 9 – Accumulated Other Comprehensive Income Unrealized gains on AFS securities Amounts reclassified from accumulated other comprehensive income (AOCI) and the affected line items in the statements of income during the three months ended March 31, 2020 and 2019 Amounts Reclassified from AOCI (in thousands) Three Months Ended March 31 2020 2019 Affected line item in the statements of income Securities gains $ 481 $ 1 Tax expense 125 0 Total reclassifications out of AOCI $ 356 $ 1 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation – |
Reclassifications | Reclassifications – |
New Accounting Standards | New Accounting Standards ➢ Accounting for Credit Losses Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, the initial allowance for credit losses is added to the purchase price rather than being reported as a credit loss expense. Subsequent changes in the allowance for credit losses on PCD assets are recognized through the statement of income as a credit loss expense. Credit losses relating to available-for-sale debt securities are recorded through an allowance for credit losses rather than as a direct write-down to the security. Management estimates potential losses on unfunded commitments by calculating an anticipated funding rate based on internal data and applies an estimated loss factor to the amounts expected to be funded. CTBI maintains an unfunded commitment allowance as part of other liabilities. The impact of the implementation of ASU No. 2016-13 was an increase of $112 thousand to this allowance and an $84 thousand impact to equity, net of tax. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. CTB elected ASU 2019-04 which allows that accrued interest will continue to be presented separately and not part of amortized cost on loans. The difference in amortized cost basis versus consideration of loan balances impacts the ACL calculation by one basis point and is considered immaterial. The primary difference is for indirect lending premiums. Per ASC 326-20-30-2, if a loan does not share risk characteristics with other pooled loans, then the loan shall be evaluated for expected credit losses on an individual basis. In determining what loans should be evaluated individually, CTBI has established that any loan with a balance of $1.0 million or greater that has one of the following characteristics with be individually evaluated: has a criticized risk rating, is in nonaccrual status, is a troubled debt restructuring (“TDR”), or is 90 days or more past due. Loans that meet the above criteria will be tested individually for loss exposure on a quarterly basis using a fair market value of the collateral securing the loan less estimated selling costs as compared to the recorded investment of the loan (principal plus interest owed unless in a nonaccrual status). As an alternative, loans that are dependent upon the cash flows from business operations may be tested by determining the net present value of future cash flows discounted by the effective interest rate of the loan over the remaining term of the loan as appropriate. A specific valuation reserve will be established for any individually tested loans that have loss exposure unless a charge-down of the loan balance is more appropriate. As previously disclosed, CTBI formed an implementation team to oversee the adoption of the ASU including assessing the impact on its accounting and disclosures. The implementation team was a cross-functional working group comprised of individuals from areas including credit, finance, and operations. The team has established the historical data available and has identified the loan segments to be analyzed. Credit losses for loans that no longer share similar risk characteristics are estimated on an individual basis. The team has determined the portfolio methodologies and relevant economic factors to be utilized and began running parallel with its current model as part of the monthly fourth quarter 2019 loan portfolio analysis. December 31, 2019 Probable Incurred Losses January 1, 2020 CECL Adoption (dollars in thousands) Amount % of Portfolio Amount % of Portfolio Allowance for loan and lease losses transitioned to allowance for credit losses: Commercial $ 21,683 1.30 % $ 21,680 1.30 % Residential mortgage 5,501 0.61 % 7,319 0.81 % Consumer direct 1,711 1.16 % 1,671 1.13 % Consumer indirect 6,201 1.18 % 7,467 1.42 % Total allowance for loan and lease losses/allowance for credit losses $ 35,096 1.08 % $ 38,137 1.17 % Reserve for unfunded lending commitments $ 274 $ 386 In December 2018, the Office of the Comptroller of the Currency (the “OCC”), the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), and the FDIC (the “FDIC” and, together with the Federal Reserve Board and the OCC, the “federal banking regulators”) approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ implementation of CECL. The final rule provided banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. On March 27, 2020, pursuant to the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), federal banking regulators issued an interim final rule that delays the estimated impact on regulatory capital stemming from the implementation of CECL for a transition period of up to five years (the “CECL IFR”). The CECL IFR provides banking organizations that are required (as of January 1, 2020) to adopt CECL for accounting purposes under U.S. generally accepted accounting principles during 2020 an option to delay an estimate of CECL’s impact on regulatory capital. The capital relief in the CECL IFR is calibrated to approximate the difference in allowances under CECL relative to the incurred loss methodology for the first two years of the transition period. The cumulative difference at the end of the second year of the transition period is then phased in to regulatory capital over a three-year transition period. In this way, the CECL IFR gradually phases in the full effect of CECL on regulatory capital, providing a five-year transition period. CTBI adopted CECL effective January 1, 2020 and chose the option to delay the estimated impact on regulatory capital using the relief options described above. ➢ Simplifying the Test for Goodwill Impairment Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment ➢ Changes to the Disclosure Requirements for Fair Value Measurement Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement Removals The following disclosure requirements were removed from Topic 820: • The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy • The policy for timing of transfers between levels • The valuation processes for Level 3 fair value measurements Modifications The following disclosure requirements were modified in Topic 820: • For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and • The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Additions The following disclosure requirements were added to Topic 820: • The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and • The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. In addition, the amendments eliminate “at a minimum” from the phrase “an entity shall disclose at a minimum” to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures and to clarify that materiality is an appropriate consideration of entities and their auditors when evaluating disclosure requirements. CTBI adopted ASU 2018-13 effective January 1, 2020 with minimal changes to our current reporting. ➢ Accounting for Costs of Implementing a Cloud Computing Service Agreement Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The ASU aligns the following requirements for capitalizing implementation costs: • Those incurred in a hosting arrangement that is a service contract, and • Those incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This ASU was effective beginning January 1, 2020 with no significant impact to our consolidated financial statements. ➢ Simplifying the Accounting for Income Taxes Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes 1. Exception to the incremental approach for intra period tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income); 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this ASU also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax; 2. Requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction; 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority; 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date; and 5. Making minor codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. For public business entities, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. We do not anticipate a significant impact to our consolidated financial statements. ➢ Clarifying the Interactions between Topic 321 Topic 323 and Topic 815 a consensus of the FASB Emerging Task Force Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Financial Instruments ➢ Facilitation of the Effects of Reference Rate Reform on Financial Reporting In response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. The amendments in this ASU provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects) of reference rate reform on financial reporting and provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This ASU applies only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The amendments in this ASU are elective and are effective upon issuance for all entities. The adoption of this ASU is not expected to have material impact on our consolidated financial statements. |
Critical Accounting Policies and Estimates | Critical Accounting Policies and Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the appropriate application of certain accounting policies, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our consolidated financial statements and related notes. Since future events and their impact cannot be determined with certainty, the actual results will inevitably differ from our estimates. Such differences could be material to the consolidated financial statements. We believe the application of accounting policies and the estimates required therein are reasonable. These accounting policies and estimates are constantly reevaluated, and adjustments are made when facts and circumstances dictate a change. Historically, we have found our application of accounting policies to be appropriate, and actual results have not differed materially from those determined using necessary estimates. We have identified the following critical accounting policies: |
Investments | Investments Investments – Debt Securities a. Trading securities . . b. Available-for-sale securities. Investments not classified as trading securities (nor as held-to-maturity securities) shall be classified as available-for-sale securities. We do not have any securities that are classified as trading securities. Available-for-sale securities are reported at fair value, with unrealized gains and losses included as a separate component of shareholders’ equity, net of tax. If declines in fair value are other than temporary, the carrying value of the securities is written down to fair value as a realized loss with a charge to income for the portion attributable to credit losses and a charge to other comprehensive income for the portion that is not credit related. Gains or losses on disposition of debt securities are computed by specific identification for those securities. Interest and dividend income, adjusted by amortization of purchase premium or discount, is included in earnings. With the implementation of CECL, an allowance will be recognized for credit losses relative to available-for-sale securities rather than as a reduction in the cost basis of the security. Subsequent improvements in credit quality or reductions in estimated credit losses will be recognized immediately as a reversal of the previously recorded allowance, which aligns the income statement recognition of credit losses with the reporting period in which changes occur. Held-to-maturity (“HTM”) securities will be subject to CECL. CECL will require an allowance on these held-to-maturity debt securities for lifetime expected credit losses, determined by adjusting historical loss information for current conditions and reasonable and supportable forecasts. The forward-looking evaluation of lifetime expected losses will be performed on a pooled basis for debt securities that share similar risk characteristics. These allowances for expected losses must be made by the holder of the HTM debt security when the security is purchased. At March 31, 2020, CTBI held no securities designated as held-to-maturity. CTBI accounts for equity securities in accordance with ASC 321, Investments – Equity Securities Equity securities with a readily determinable fair value are required to be measured at fair value, with changes in fair value recognized through net income. Equity securities without a readily determinable fair value are carried at cost, less any impairment, if any, plus or minus changes resulting from observable price changes for identical or similar investments. As permitted by ASC 321-10-35-2, CTBI can make an irrevocable election to subsequently measure an equity security without a readily determinable fair value, and all identical or similar investments of the same issuer, including future purchases of identical or similar investments of the same issuer, at fair value. CTBI has made this election for its Visa Class B equity securities. The fair value of these securities was determined by a third party service provider using Level 3 inputs as defined in ASC 820, Fair Value Measurement |
Loans | Loans The provisions of the CARES Act included an election to not apply the guidance on accounting for troubled debt restructurings to loan modifications, such as extensions or deferrals, related to COVID-19 made between March 1, 2020 and the earlier of (i) December 31, 2020 or (ii) 60 days after the end of the COVID-19 national emergency. The relief can only be applied to modifications for borrowers that were not more than 30 days past due as of December 31, 2019. CTBI elected to adopt these provisions of the CARES Act. Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized over the estimated life of the related loans, leases, or commitments as a yield adjustment. |
Allowance for Credit Losses | Allowance for Credit Losses In the event that collection of principal becomes uncertain, CTBI has policies in place to reverse accrued interest in a timely manner. Therefore, CTBI elected ASU 2019-04 which allows that accrued interest would continue to be presented separately and not part of amortized cost on loan. The methodology used by CTBI is developed using the current loan balance, which is then compared to amortized cost balances to analyze the impact. The difference in amortized cost basis versus consideration of loan balances impacts the allowance for credit losses calculation by one basis point and is considered immaterial. The primary difference is for indirect lending premiums. We maintain an allowance for credit losses (“ACL”) at a level that is appropriate to cover estimated credit losses on individually evaluated loans, as well as estimated credit losses inherent in the remainder of the loan and lease portfolio. Credit losses are charged and recoveries are credited to the ACL. We utilize an internal risk grading system for commercial credits. Those credits that meet the following criteria are subject to individual evaluation: the loan has an outstanding bank share balance of $1 million or greater and (i) has a criticized risk rating, (ii) is in nonaccrual status, (iii) is a TDR, or (iv) is 90 days or more past due. The borrower’s cash flow, adequacy of collateral coverage, and other options available to CTBI, including legal remedies, are evaluated. We evaluate the collectability of both principal and interest when assessing the need for loss provision. Historical loss rates are analyzed and applied to other commercial loan segments not subject to individual evaluation. Homogenous loans, such as consumer installment, residential mortgages, and home equity lines are not individually risk graded. The associated ACL for these loans is measured in pools with similar risk characteristics under ASC 326. When any secured commercial loan is considered uncollectable, whether past due or not, a current assessment of the value of the underlying collateral is made. If the balance of the loan exceeds the fair value of the collateral, the loan is placed on nonaccrual and the loan is charged down to the value of the collateral less estimated cost to sell or a specific reserve equal to the difference between book value of the loan and the fair value assigned to the collateral is created until such time as the loan is foreclosed. When the foreclosed collateral has been legally assigned to CTBI, the estimated fair value of the collateral less costs to sell is then transferred to other real estate owned or other repossessed assets, and a charge-off is taken for any remaining balance. When any unsecured commercial loan is considered uncollectable the loan is charged off no later than at 90 days past due. All closed-end consumer loans (excluding conventional 1-4 family residential loans and installment and revolving loans secured by real estate) are charged off no later than 120 days (5 monthly payments) delinquent. If a loan is considered uncollectable, it is charged off earlier than 120 days delinquent. For conventional 1-4 family residential loans and installment and revolving loans secured by real estate, when a loan is 90 days past due, a current assessment of the value of the real estate is made. If the balance of the loan exceeds the fair value of the property, the loan is placed on nonaccrual. Foreclosure proceedings are normally initiated after 120 days. When the foreclosed property has been legally assigned to CTBI, the fair value less estimated costs to sell is transferred to other real estate owned and the remaining balance is taken as a charge-off. Historical loss rates for loans are adjusted for significant factors that, in management’s judgment, reflect the impact of any current conditions on loss recognition. With the implementation of ASC 326, weighted average life (“WAL”) calculations were completed as a tool to determine the life of CTBI’s various loan segments. Vintage modeling was used to determine the life of loan losses for consumer and residential real estate loans. Static pool modeling was used to determine the life of loan losses for commercial loan segments. Qualitative factors used to derive CTBI’s total ACL include delinquency trends, current economic conditions and trends, strength of supervision and administration of the loan portfolio, levels of underperforming loans, trends in loan losses, and underwriting exceptions. With the implementation of ASC 326, forecasting factors including unemployment rates and industry specific forecasts for industries in which our total exposure is 5% of capital or greater are also included as factors in the ACL model. Management continually reevaluates the other subjective factors included in its ACL analysis. |
Troubled Debt Restructurings | Troubled Debt Restructurings – When we modify loans and leases in a troubled debt restructuring, we evaluate any possible impairment based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, or use the current fair value of the collateral, less selling costs for collateral dependent loans. If we determined that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate troubled debt restructurings, including those that have payment defaults, for possible impairment and recognize impairment through the allowance. |
Other Real Estate Owned | Other Real Estate Owned |
Income Taxes | Income Taxes |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Impact of Adoption of ASU 2016-13 by Major Loan Classifications | As previously disclosed, CTBI formed an implementation team to oversee the adoption of the ASU including assessing the impact on its accounting and disclosures. The implementation team was a cross-functional working group comprised of individuals from areas including credit, finance, and operations. The team has established the historical data available and has identified the loan segments to be analyzed. Credit losses for loans that no longer share similar risk characteristics are estimated on an individual basis. The team has determined the portfolio methodologies and relevant economic factors to be utilized and began running parallel with its current model as part of the monthly fourth quarter 2019 loan portfolio analysis. December 31, 2019 Probable Incurred Losses January 1, 2020 CECL Adoption (dollars in thousands) Amount % of Portfolio Amount % of Portfolio Allowance for loan and lease losses transitioned to allowance for credit losses: Commercial $ 21,683 1.30 % $ 21,680 1.30 % Residential mortgage 5,501 0.61 % 7,319 0.81 % Consumer direct 1,711 1.16 % 1,671 1.13 % Consumer indirect 6,201 1.18 % 7,467 1.42 % Total allowance for loan and lease losses/allowance for credit losses $ 35,096 1.08 % $ 38,137 1.17 % Reserve for unfunded lending commitments $ 274 $ 386 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Securities [Abstract] | |
Amortized Cost and Fair Value of Available-for-sale Securities | The amortized cost and fair value of debt securities at March 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 $ 159,199 $ 1,009 $ (337 ) $ 159,871 State and political subdivisions 96,171 3,068 (43 ) 99,196 U.S. government sponsored agency mortgage-backed securities 313,979 8,358 (1,294 ) 321,043 Other debt securities 56,565 0 (3,196 ) 53,369 Total available-for-sale securities $ 625,914 $ 12,435 $ (4,870 ) $ 633,479 The amortized cost and fair value of debt securities at December 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 $ 171,250 $ 476 $ (576 ) $ 171,150 State and political subdivisions 99,403 2,941 (37 ) 102,307 U.S. government sponsored agency mortgage-backed securities 291,874 4,443 (1,072 ) 295,245 Other debt securities 31,418 0 (276 ) 31,142 Total available-for-sale securities $ 593,945 $ 7,860 $ (1,961 ) $ 599,844 |
Amortized Cost and Fair Value of Held-to-maturity Securities | Held-to-Maturity (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value State and political subdivisions $ 517 $ 0 $ 0 $ 517 Total held-to-maturity securities $ 517 $ 0 $ 0 $ 517 |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at March 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 $ 82,872 $ 83,574 Due after one through five years 20,033 20,371 Due after five through ten years 91,340 91,659 Due after ten years 61,125 63,463 U.S. government sponsored agency mortgage-backed securities 313,979 321,043 Other debt securities 56,565 53,369 Total debt securities $ 625,914 $ 633,479 |
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 March indicates that all impairment is considered temporary, market and interest rate driven, and not credit-related. The of total debt securities with unrealized losses as of March was compared to as of December The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of March that are not deemed to have credit losses. As stated above, CTBI had no HTM securities as of March Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 14,713 $ (86 ) $ 14,627 State and political subdivisions 1,113 (43 ) 1,070 U.S. government sponsored agency mortgage-backed securities 40,026 (570 ) 39,456 Other debt securities 56,565 (3,196 ) 53,369 Total <12 months impaired AFS securities 112,417 (3,895 ) 108,522 12 Months or More U.S. Treasury and government agencies 51,913 (251 ) 51,662 State and political subdivisions 0 0 0 U.S. government sponsored agency mortgage-backed securities 38,762 (724 ) 38,038 Other debt securities 0 0 0 Total ≥12 months impaired AFS securities 90,675 (975 ) 89,700 Total U.S. Treasury and government agencies 66,626 (337 ) 66,289 State and political subdivisions 1,113 (43 ) 1,070 U.S. government sponsored agency mortgage-backed securities 78,788 (1,294 ) 77,494 Other debt securities 56,565 (3,196 ) 53,369 Total impaired AFS securities $ 203,092 $ (4,870 ) $ 198,222 The analysis performed as of December indicated that all impairment was considered temporary, market and interest rate driven, and not credit-related. The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December that are not deemed to be other-than-temporarily impaired. There were no held-to-maturity securities that were deemed to be impaired as of December Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 25,955 $ (148 ) $ 25,807 State and political subdivisions 8,356 (37 ) 8,319 U.S. government sponsored agency mortgage-backed securities 19,317 (100 ) 19,217 Other debt securities 31,418 (276 ) 31,142 Total <12 months temporarily impaired AFS securities 85,046 (561 ) 84,485 12 Months or More U.S. Treasury and government agencies 82,339 (428 ) 81,911 State and political subdivisions 0 0 0 U.S. government sponsored agency mortgage-backed securities 91,609 (972 ) 90,637 Other debt securities 0 0 0 Total ≥12 months temporarily impaired AFS securities 173,948 (1,400 ) 172,548 Total U.S. Treasury and government agencies 108,294 (576 ) 107,718 State and political subdivisions 8,356 (37 ) 8,319 U.S. government sponsored agency mortgage-backed securities 110,926 (1,072 ) 109,854 Other debt securities 31,418 (276 ) 31,142 Total temporarily impaired AFS securities $ 258,994 $ (1,961 ) $ 257,033 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Loans [Abstract] | |
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans | Major classifications of loans, net of unearned income, deferred loan origination costs and fees, and net premiums on acquired loans, are summarized as follows: (in thousands) March 31, 2020 Hotel/motel $ 248,717 Commercial real estate residential 262,065 Commercial real estate nonresidential 771,687 Dealer floorplans 80,828 Commercial other 313,646 Commercial loans 1,676,943 Real estate mortgage 798,891 Home equity lines 111,837 Residential loans 910,728 Consumer direct 145,403 Consumer indirect 554,467 Consumer loans 699,870 Loans and lease financing $ 3,287,541 (in thousands) December 31, 2019 Commercial construction $ 104,809 Commercial secured by real estate 1,169,975 Equipment lease financing 481 Commercial other 389,683 Real estate construction 63,350 Real estate mortgage 733,003 Home equity 111,894 Consumer direct 148,051 Consumer indirect 527,418 Total loans $ 3,248,664 |
Activity in Allowance for Credit Losses and Allowance for Loan and Lease Losses | The following tables present the balance in the allowance for credit losses (“ACL”) for the period ended March 31, 2020 and the balance in the allowance for loan and lease losses (“ALLL”) and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2019 and March 31, 2019: March 31, 2020 (in thousands) Hotel/ Motel Commercial Real Estate Residential Commercial Real Estate Nonresidential Dealer Floorplans Commercial Other Real Estate Mortgage Home Equity Consumer Direct Consumer Indirect Total ACL Beginning balance, prior to adoption of ASC 326 $ 3,371 $ 3,439 $ 8,515 $ 802 $ 5,556 $ 4,604 $ 897 $ 1,711 $ 6,201 $ 35,096 Impact of adoption of ASC 326 170 (721 ) 119 820 (391 ) 1,893 (75 ) (40 ) 1,265 3,040 Provision charged to expense 2,381 1,337 2,984 91 1,434 1,099 67 739 2,575 12,707 Losses charged off 0 (51 ) (59 ) 0 (359 ) (60 ) 0 (369 ) (1,517 ) (2,415 ) Recoveries 0 8 4 0 169 7 1 122 706 1,017 Ending balance $ 5,922 $ 4,012 $ 11,563 $ 1,713 $ 6,409 $ 7,543 $ 890 $ 2,163 $ 9,230 $ 49,445 December 31, 2019 Commercial Construction Commercial Secured by Real Estate Equipment Lease Financing Commercial Other Real Estate Construction Real Estate Mortgage Home Equity Consumer Direct Consumer Indirect Total ALLL Balance, beginning of year $ 862 $ 14,531 $ 12 $ 4,993 $ 512 $ 4,433 $ 841 $ 1,883 $ 7,841 $ 35,908 Provision charged to expense 497 (137 ) (8 ) 3,032 (40 ) 414 172 528 361 4,819 Losses charged off (72 ) (727 ) 0 (2,179 ) (100 ) (767 ) (139 ) (1,100 ) (4,652 ) (9,736 ) Recoveries 12 358 0 509 0 152 23 400 2,651 4,105 Balance, end of year $ 1,299 $ 14,025 $ 4 $ 6,355 $ 372 $ 4,232 $ 897 $ 1,711 $ 6,201 $ 35,096 Ending balance: Individually evaluated for impairment $ 99 $ 227 $ 0 $ 886 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,212 Collectively evaluated for impairment $ 1,200 $ 13,798 $ 4 $ 5,469 $ 372 $ 4,232 $ 897 $ 1,711 $ 6,201 $ 33,884 Loans Ending balance: Individually evaluated for impairment $ 3,010 $ 41,379 $ 0 $ 11,073 $ 0 $ 2,309 $ 0 $ 0 $ 0 $ 57,771 Collectively evaluated for impairment $ 101,799 $ 1,128,596 $ 481 $ 378,610 $ 63,350 $ 730,694 $ 111,894 $ 148,051 $ 527,418 $ 3,190,893 March 31, 2019 (in thousands) Commercial Construction Commercial Secured by Real Estate Equipment Lease Financing Commercial Other Real Estate Construction Real Estate Mortgage Home Equity Consumer Direct Consumer Indirect Total Allowance for loan losses Beginning balance $ 862 $ 14,531 $ 12 $ 4,993 $ 512 $ 4,433 $ 841 $ 1,883 $ 7,841 $ 35,908 Provision charged to expense 38 287 (2 ) 382 (116 ) (278 ) 84 (119 ) (86 ) 190 Losses charged off 0 (35 ) 0 (242 ) 0 (120 ) (25 ) (246 ) (1,387 ) (2,055 ) Recoveries 3 17 0 84 0 18 1 117 721 961 Ending balance $ 903 $ 14,800 $ 10 $ 5,217 $ 396 $ 4,053 $ 901 $ 1,635 $ 7,089 $ 35,004 Ending balance: Individually evaluated for impairment $ 164 $ 847 $ 0 $ 620 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,631 Collectively evaluated for impairment $ 739 $ 13,953 $ 10 $ 4,597 $ 396 $ 4,053 $ 901 $ 1,635 $ 7,089 $ 33,373 Loans Ending balance: Individually evaluated for impairment $ 3,632 $ 34,329 $ 0 $ 10,057 $ 0 $ 2,337 $ 0 $ 0 $ 0 $ 50,355 Collectively evaluated for impairment $ 71,732 $ 1,148,475 $ 1,354 $ 378,003 $ 54,013 $ 717,955 $ 108,018 $ 141,855 $ 517,972 $ 3,139,377 |
Nonaccrual Loans Segregated by Class of Loans | Refer to note 1 to the condensed consolidated financial statements for further information regarding our nonaccrual policy. Per ASC 326, nonaccrual loans segregated by class of loans and loans 90 days past due and still accruing segregated by class of loans were as follows: March 31, 2020 (in thousands) Nonaccrual Loans with No ACL Nonaccrual Loan with ACL 90+ and Still Accruing Total Nonperforming Loans Hotel/motel $ 0 $ 0 $ 133 $ 133 Commercial real estate residential 206 1,312 4,636 6,154 Commercial real estate nonresidential 0 3,404 7,128 10,532 Dealer floorplans 0 56 0 56 Commercial other 0 6,316 479 6,795 Total commercial loans 206 11,088 12,376 23,670 Real estate mortgage 0 5,286 4,730 10,016 Home equity lines 0 753 435 1,188 Total residential loans 0 6,039 5,165 11,204 Consumer direct 0 0 38 38 Consumer indirect 0 0 465 465 Total consumer loans 0 0 503 503 Loans and lease financing $ 206 $ 17,127 $ 18,044 $ 35,377 (in thousands) December 31, 2019 Commercial: Commercial construction $ 230 Commercial secured by real estate 3,759 Commercial other 3,839 Residential: Real estate construction 634 Real estate mortgage 4,821 Home equity 716 Total nonaccrual loans $ 13,999 |
Bank's Loan Portfolio Aging Analysis, Segregated by Class | The following tables present CTBI’s loan portfolio aging analysis, segregated by class, as of March 31, 2020 and December 31, 2019: March 31, 2020 (in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Hotel/motel $ 0 $ 0 $ 133 $ 133 $ 248,584 $ 248,717 Commercial real estate residential 1,514 1,412 6,128 9,054 253,011 262,065 Commercial real estate nonresidential 2,257 4,570 9,924 16,751 754,936 771,687 Dealer floorplans 0 0 0 0 80,828 80,828 Commercial other 1,683 686 6,594 8,963 304,683 313,646 Total commercial loans 5,454 6,668 22,779 34,901 1,642,042 1,676,943 Real estate mortgage 2,561 3,154 7,901 13,616 785,275 798,891 Home equity lines 831 156 733 1,720 110,117 111,837 Total residential loans 3,392 3,310 8,634 15,336 895,392 910,728 Consumer direct 735 589 38 1,362 144,041 145,403 Consumer indirect 4,153 816 465 5,434 549,033 554,467 Total consumer loans 4,888 1,405 503 6,796 693,074 699,870 Loans and lease financing $ 13,734 $ 11,383 $ 31,916 $ 57,033 $ 3,230,508 $ 3,287,541 December 31, 2019 (in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans 90+ and Accruing* Commercial: Commercial construction $ 118 $ 0 $ 467 $ 585 $ 104,224 $ 104,809 $ 237 Commercial secured by real estate 2,734 5,969 12,366 21,069 1,148,906 1,169,975 8,820 Equipment lease financing 0 0 0 0 481 481 0 Commercial other 880 284 6,267 7,431 382,252 389,683 2,586 Residential: Real estate construction 117 52 634 803 62,547 63,350 0 Real estate mortgage 774 5,376 10,320 16,470 716,533 733,003 7,088 Home equity 1,084 412 736 2,232 109,662 111,894 344 Consumer: Consumer direct 945 230 97 1,272 146,779 148,051 97 Consumer indirect 4,037 909 447 5,393 522,025 527,418 448 Loans and lease financing $ 10,689 $ 13,232 $ 31,334 $ 55,255 $ 3,193,409 $ 3,248,664 $ 19,620 *90+ and Accruing are also included in 90+ Days Past Due column. |
Credit Risk Profile of the Bank's Commercial Loan Portfolio Based on Rating Category and Payment Activity, Segregated by Class of Loans | The following tables present the credit risk profile of CTBI’s commercial loan portfolio based on rating category and payment activity, segregated by class of loans and based on last credit decision or year of origination: Term Loans Amortized Cost Basis by Origination Year (in s) 2020 2019 2018 2017 2016 Prior Revolving Loans Total Hotel/motel Risk rating: Pass $ 8,621 $ 71,038 $ 41,059 $ 53,262 $ 23,743 $ 35,479 $ 74 $ 233,276 Special mention 0 0 0 0 0 0 0 0 Substandard 0 0 132 1,113 8,999 5,197 0 15,441 Doubtful 0 0 0 0 0 0 0 0 Total hotel/motel $ 8,621 $ 71,038 $ 41,191 $ 54,375 $ 32,742 $ 40,676 $ 74 $ 248,717 Commercial real estate residential Risk rating: Pass $ 14,777 $ 49,003 $ 35,510 $ 25,537 $ 34,625 $ 69,673 $ 12,213 $ 241,338 Special mention 0 3,102 633 967 451 61 0 5,214 Substandard 446 2,282 3,540 4,169 1,200 3,876 0 15,513 Doubtful 0 0 0 0 0 0 0 0 Total commercial real estate residential $ 15,223 $ 54,387 $ 39,683 $ 30,673 $ 36,276 $ 73,610 $ 12,213 $ 262,065 Commercial real estate nonresidential Risk rating: Pass $ 35,164 $ 128,993 $ 99,550 $ 102,018 $ 113,817 $ 220,958 $ 30,277 $ 730,777 Special mention 0 417 71 5 0 3,303 20 3,816 Substandard 1,737 7,125 1,742 4,008 1,989 20,003 459 37,063 Doubtful 0 0 0 0 0 31 0 31 Total commercial real estate nonresidential $ 36,901 $ 136,535 $ 101,363 $ 106,031 $ 115,806 $ 244,295 $ 30,756 $ 771,687 Dealer floorplans Risk rating: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 80,772 $ 80,772 Special mention 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 56 56 Total dealer floorplans $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 80,828 $ 80,828 Commercial other Risk rating: Pass $ 44,077 $ 49,654 $ 40,094 $ 20,059 $ 10,245 $ 30,174 $ 102,022 $ 296,325 Special mention 0 0 5,062 285 480 51 0 5,878 Substandard 1,840 4,413 308 501 3,451 837 93 11,443 Doubtful 0 0 0 0 0 0 0 0 Total commercial other $ 45,917 $ 54,067 $ 45,464 $ 20,845 $ 14,176 $ 31,062 $ 102,115 $ 313,646 Commercial loans Risk rating: Pass $ 102,639 $ 298,688 $ 216,213 $ 200,876 $ 182,430 $ 356,284 $ 225,358 $ 1,582,488 Special mention 0 3,519 5,766 1,257 931 3,415 20 14,908 Substandard 4,023 13,820 5,722 9,791 15,639 29,913 552 79,460 Doubtful 0 0 0 0 0 31 56 87 Total commercial loans $ 106,662 $ 316,027 $ 227,701 $ 211,924 $ 199,000 $ 389,643 $ 225,986 $ 1,676,943 (in thousands) Commercial Construction Commercial Secured by Real Estate Equipment Leases Commercial Other Total December 31, 2019 Pass $ 98,102 $ 1,036,573 $ 481 $ 358,203 $ 1,493,359 Watch 3,595 54,338 0 13,618 71,551 OAEM 254 27,964 0 6,065 34,283 Substandard 2,858 51,068 0 11,737 65,663 Doubtful 0 32 0 60 92 Total $ 104,809 $ 1,169,975 $ 481 $ 389,683 $ 1,664,948 |
Credit Risk Profile of Residential Real Estate and Consumer Loan Portfolio Based on Performing and Nonperforming Status Segregated by Class | The following tables present the credit risk profile of CTBI’s residential real estate and consumer loan portfolios based on performing or nonperforming status, segregated by class: Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Total Home equity lines Performing $ 0 $ 86 $ 0 $ 0 $ 8 $ 11,571 $ 98,984 $ 110,649 Nonperforming 0 0 0 0 0 763 425 1,188 Total home equity lines $ 0 $ 86 $ 0 $ 0 $ 8 $ 12,334 $ 99,409 $ 111,837 Mortgage loans Performing $ 35,151 $ 161,387 $ 94,854 $ 88,911 $ 70,449 $ 338,123 $ 0 $ 788,875 Nonperforming 0 348 596 240 509 8,323 0 10,016 Total mortgage loans $ 35,151 $ 161,735 $ 95,450 $ 89,151 $ 70,958 $ 346,446 $ 0 $ 798,891 Residential loans Performing $ 35,151 $ 161,473 $ 94,854 $ 88,911 $ 70,457 $ 349,694 $ 98,984 $ 899,524 Nonperforming 0 348 596 240 509 9,086 425 11,204 Total residential loans $ 35,151 $ 161,821 $ 95,450 $ 89,151 $ 70,966 $ 358,780 $ 99,409 $ 910,728 Consumer direct loans Performing $ 15,792 $ 54,032 $ 29,905 $ 16,359 $ 10,196 $ 19,081 $ 0 $ 145,365 Nonperforming 0 6 27 4 1 0 0 38 Total consumer direct loans $ 15,792 $ 54,038 $ 29,932 $ 16,363 $ 10,197 $ 19,081 $ 0 $ 145,403 Consumer indirect loans Performing $ 85,017 $ 179,367 $ 145,511 $ 80,000 $ 42,101 $ 22,006 $ 0 $ 554,002 Nonperforming 0 190 93 105 35 42 0 465 Total consumer indirect loans $ 85,017 $ 179,557 $ 145,604 $ 80,105 $ 42,136 $ 22,048 $ 0 $ 554,467 Consumer loans Performing $ 100,809 $ 233,399 $ 175,416 $ 96,359 $ 52,297 $ 41,087 $ 0 $ 699,367 Nonperforming 0 196 120 109 36 42 0 503 Total consumer loans $ 100,809 $ 233,595 $ 175,536 $ 96,468 $ 52,333 $ 41,129 $ 0 $ 699,870 (in thousands) Real Estate Construction Real Estate Mortgage Home Equity Consumer Direct Consumer Indirect Total December 31, 2019 Performing $ 62,716 $ 721,094 $ 110,834 $ 147,954 $ 526,970 $ 1,569,568 Nonperforming 634 11,909 1,060 97 448 14,148 Total $ 63,350 $ 733,003 $ 111,894 $ 148,051 $ 527,418 $ 1,583,716 |
Collateral Dependent Loans and Loans With/Without Specific Valuation Allowance | In accordance with ASC 326-20-30-2, if a loan does not share risk characteristics with other pooled loans in determining the allowance for credit losses, the loan shall be evaluated for expected credit losses on an individual basis. Of the loans that CTBI has individually evaluated, the loans listed below by segment are those that are collateral dependent: March 31, 2020 (in thousands) Number of Loans Recorded Investment Specific Reserve Hotel/motel 3 $ 14,712 $ 250 Commercial real estate residential 7 5,125 92 Commercial real estate nonresidential 16 25,296 720 Commercial other 5 9,569 957 Total collateral dependent loans 31 $ 54,702 $ 2,019 The hotel/motel, commercial real estate residential, and commercial real estate nonresidential segments are all collateralized with real estate. The five loans listed in the commercial other segment are collateralized by various chattel and real estate collateral with $5.1 million collateralized by a leasehold mortgage and assignment of lease on commercial property as well as furniture, fixtures, and equipment of the leasehold property, $4.1 million primarily collateralized by underground coal mining equipment and junior real estate liens, and the remaining $0.4 million collateralized by a mix of commercial real estate and liens on furniture, fixtures, and equipment. December 31, 2019 (in thousands) Recorded Balance Unpaid Contractual Principal Balance Specific Allowance Average Investment in Impaired Loans *Interest Income Recognized Loans without a specific valuation allowance: Commercial construction $ 2,836 $ 2,837 $ 0 $ 3,234 $ 170 Commercial secured by real estate 40,346 41,557 0 36,976 1,601 Commercial other 7,829 9,489 0 9,889 460 Real estate mortgage 2,309 2,309 0 2,385 85 Loans with a specific valuation allowance: Commercial construction 174 174 99 215 11 Commercial secured by real estate 1,033 2,176 227 1,678 15 Commercial other 3,244 3,244 886 1,323 29 Totals: Commercial construction 3,010 3,011 99 3,449 181 Commercial secured by real estate 41,379 43,733 227 38,654 1,616 Commercial other 11,073 12,733 886 11,212 489 Real estate mortgage 2,309 2,309 0 2,385 85 Total $ 57,771 $ 61,786 $ 1,212 $ 55,700 $ 2,371 March 31, 2019 (in thousands) Recorded Balance Unpaid Contractual Principal Balance Specific Allowance Average Investment in Impaired Loans *Interest Income Recognized Loans without a specific valuation allowance: Commercial construction $ 3,308 $ 3,308 $ 0 $ 3,655 $ 46 Commercial secured by real estate 32,407 34,098 0 32,811 347 Commercial other 8,903 10,598 0 8,866 139 Real estate construction 0 0 0 0 0 Real estate mortgage 2,337 2,337 0 2,329 19 Loans with a specific valuation allowance: Commercial construction 324 324 164 324 3 Commercial secured by real estate 1,922 3,060 847 1,966 10 Commercial other 1,154 1,154 620 1,169 17 Totals: Commercial construction 3,632 3,632 164 3,979 49 Commercial secured by real estate 34,329 37,158 847 34,777 357 Commercial other 10,057 11,752 620 10,035 156 Real estate mortgage 2,337 2,337 0 2,329 19 Total $ 50,355 $ 54,879 $ 1,631 $ 51,120 $ 581 |
Troubled Debt Restructuring | During the first quarter of 2020, Presented below, segregated by class of loans, are troubled debt restructurings that occurred during the three months ended March 31, 2020 and 2019 and the year ended December 31, 2019: Three Months Ended March 31, 2020 Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment (in s) Number of Loans Term Total Modification Term Modification Total Modification New troubled debt restructurings Commercial real estate residential 8 $ 4,397 $ 4,397 $ 4,399 $ 4,399 Commercial real estate nonresidential 9 2,345 2,345 2,336 2,336 Commercial other 5 464 464 399 399 Total commercial loans 22 7,206 7,206 7,134 7,134 Real estate mortgage 1 388 388 388 388 Total residential loans 1 388 388 388 388 Total troubled debt restructurings 23 $ 7,594 $ 7,594 $ 7,522 $ 7,522 Year Ended December 31, 2019 (in thousands) Number of Loans Term Modification Rate Modification Combination Post- Modification Outstanding Balance Commercial: Commercial secured by real estate 17 $ 6,105 $ 0 $ 679 $ 6,784 Commercial other 17 1,565 0 264 1,829 Residential: Real estate mortgage 1 463 0 0 463 Total troubled debt restructurings 35 $ 8,133 $ 0 $ 943 $ 9,076 Three Months Ended March 31, 2019 (in thousands) Number of Loans Term Modification Rate Modification Combination Post- Modification Outstanding Balance Commercial: Commercial secured by real estate 5 $ 828 $ 0 $ 642 $ 1,470 Commercial other 7 1,122 0 140 1,262 Residential: Real estate mortgage 1 463 0 0 463 Total troubled debt restructurings 13 $ 2,413 $ 0 $ 782 $ 3,195 |
Defaulted Restructured Loans | Loans retain their accrual status at the time of their modification. As a result, if a loan is on nonaccrual at the time it is modified, it stays as nonaccrual, and if a loan is on accrual at the time of the modification, it generally stays on accrual. Commercial and consumer loans modified in a troubled debt restructuring are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a troubled debt restructuring subsequently default, CTBI evaluates the loan for possible further impairment. The allowance for loan losses may be increased, adjustments may be made in the allocation of the allowance, or partial charge-offs may be taken to further write-down the carrying value of the loan. Presented below, segregated by class of loans, are loans that were modified as troubled debt restructurings within the past months which have subsequently defaulted. CTBI considers a loan in default when it is days or more past due or transferred to nonaccrual. Presented below, segregated by segment, are troubled debt restructurings for which there was a payment default during the periods indicated and such default was within months of the loan modification. There were no defaults as of March (in s) Three Months Ended March 31, 2020 Number of Loans Recorded Investment Commercial real estate nonresidential 1 $ 3,532 Commercial other 2 273 Total defaulted restructured loans 3 $ 3,805 (in thousands) Year Ended December 31, 2019 Number of Loans Recorded Balance Commercial: Commercial secured by real estate 1 $ 30 Commercial other 1 34 Residential: Real estate mortgage 1 463 Total defaulted restructured loans 3 $ 527 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Real Estate Owned [Abstract] | |
Activity for Other Real Estate Owned | Activity for other real estate owned was as follows: Three Months Ended March (in thousands) 2020 2019 Beginning balance of other real estate owned $ 19,480 $ 27,273 New assets acquired 1,625 854 Fair value adjustments (458 ) (447 ) Sale of assets (831 ) (2,710 ) Ending balance of other real estate owned $ 19,816 $ 24,970 |
Major Classifications of Foreclosed Properties | The major classifications of foreclosed properties are shown in the following table: (in thousands) March 31, 2020 December 31, 2019 1-4 family $ 4,158 $ 3,630 Agricultural/farmland 0 0 Construction/land development/other 10,197 10,211 Multifamily 88 88 Non-farm/non-residential 5,373 5,551 Total foreclosed properties $ 19,816 $ 19,480 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Repurchase Agreements [Abstract] | |
Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase by Class of Collateral Pledged | The remaining contractual maturity of the securities sold under agreements to repurchase by class of collateral pledged included in the accompanying consolidated balance sheets as of March 31, 2020 March 31, 2020 Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Up to 30 days 30-90 days Greater Than Total Repurchase agreements and repurchase-to-maturity transactions: U.S. Treasury and government agencies $ 27,709 $ 0 $ 0 $ 59,403 $ 87,112 State and political subdivisions 52,967 0 0 6,926 59,893 U.S. government sponsored agency mortgage-backed securities 33,232 0 0 56,671 89,903 Total $ 113,908 $ 0 $ 0 $ 123,000 $ 236,908 December 31, 2019 Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Up to 30 days 30-90 days Greater Than Total Repurchase agreements and repurchase-to-maturity transactions: U.S. Treasury and government agencies $ 15,001 $ 0 $ 3,479 $ 58,953 $ 77,433 State and political subdivisions 51,193 0 1,768 11,165 64,126 U.S. government sponsored agency mortgage-backed securities 35,480 0 1,996 47,882 85,358 Total $ 101,674 $ 0 $ 7,243 $ 118,000 $ 226,917 |
Fair Market Value of Financia_2
Fair Market Value of Financial Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Market Value of Financial Assets and Liabilities [Abstract] | |
Fair Value Assets Measured on Recurring Basis | The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 and indicate the level within the fair value hierarchy of the valuation techniques. Fair Value Measurements at March 31, 2020 (in thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – recurring basis Available-for-sale securities: U.S. Treasury and government agencies $ 159,871 $ 70,050 $ 89,821 $ 0 State and political subdivisions 99,196 0 99,196 0 U.S. government sponsored agency mortgage-backed securities 321,043 0 321,043 0 Other debt securities 53,369 0 53,369 0 Equity securities at fair value 1,721 0 0 1,721 Mortgage servicing rights 2,481 0 0 2,481 Fair Value Measurements at December 31, 2019 (in thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – recurring basis Available-for-sale securities: U.S. Treasury and government agencies $ 171,150 $ 54,263 $ 116,887 $ 0 State and political subdivisions 102,307 0 102,307 0 U.S. government sponsored agency mortgage-backed securities 295,245 0 295,245 0 Other debt securities 31,142 0 31,142 0 Equity securities at fair value 1,953 0 0 1,953 Mortgage servicing rights 3,263 0 0 3,263 |
Reconciliation of the Beginning and Ending Balance of Recurring Fair Value Measurements Using Significant Unobservable (Level 3) Inputs | Following is a reconciliation of the beginning and ending balances of recurring fair value measurements, for the periods indicated, using significant unobservable (Level 3) inputs: (in thousands) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Equity Securities at Fair Value Mortgage Servicing Rights Equity Securities at Fair Value Mortgage Servicing Rights Beginning balance $ 1,953 $ 3,263 $ 1,173 $ 3,607 Total unrealized gains (losses) Included in net income (232 ) (818 ) 355 (234 ) Issues 0 145 0 116 Settlements 0 (109 ) 0 (99 ) Ending balance $ 1,721 $ 2,481 $ 1,528 $ 3,390 Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date $ (232 ) $ (818 ) $ 355 $ (234 ) |
Realized and Unrealized Gains and Losses for Items Included in Net Income in the Consolidated Statements of Income | Realized and unrealized gains and losses for items reflected in the table above are included in net income in the consolidated statements of income as follows: Noninterest Income Three Months Ended March 31 (in thousands) 2020 2019 Total gains (losses) $ (1,159 ) $ 22 |
Fair Value Measurements of Recognized Assets Measured on Nonrecurring Basis | The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a nonrecurring basis as of March 31, 2020 and December 31, 2019 and indicate the level within the fair value hierarchy of the valuation techniques. Fair Value Measurements at March 31, 2020 (in thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – nonrecurring basis Collateral dependent loans $ 2,870 $ 0 $ 0 $ 2,870 Other real estate owned 1,162 0 0 1,162 Fair Value Measurements at December 31, 2019 Using (in thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – nonrecurring basis Impaired loans (collateral dependent) $ 3,217 $ 0 $ 0 $ 3,217 Other real estate owned 12,593 0 0 12,593 |
Quantitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements | The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at March 31, 2020 and December 31, 2019. (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at March 31, 2020 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $1,721 Discount cash flows, computer pricing model Discount rate 8.0% - 12.0% (10.0%) Conversion date Dec 2022 Dec 2026 ( Dec 2024 Mortgage servicing rights $2,481 Discount cash flows, computer pricing model Constant prepayment rate 0.0% - 24.7% (16.7%) Probability of default 0.0% - 100.0% (2.4%) Discount rate 10.0% - 11.5% (10.1%) Collateral dependent loans $2,870 Market comparable properties Marketability discount 8.0%- 88.0% (41.0%) Other real estate owned $1,162 Market comparable properties Comparability adjustments 10.0% - 42.5% (13.2%) (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, 2019 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $1,953 Discount cash flows, computer pricing model Discount rate 8.0% - 12.0% (10.0%) Conversion date Dec 2022 Dec 2026 ( Dec 2024 Mortgage servicing rights $3,263 Discount cash flows, computer pricing model Constant prepayment rate 0.0% - 24.3% (11.7%) Probability of default 0.0% - 100.0% (2.7%) Discount rate 10.0% - 11.5% (10.1%) Impaired loans (collateral-dependent) $3,217 Market comparable properties Marketability discount 7.0% - 99.0% (46.0%) Other real estate owned $12,593 Market comparable properties Comparability adjustments 6.0% - 29.8% (11.3%) |
Fair Value of Financial Instruments and Levels within the Fair Value Hierarchy of the Valuation Techniques | The following table presents estimated fair value of CTBI’s financial instruments as of March 31, 2020 and indicates the level within the fair value hierarchy of the valuation techniques. In accordance with the prospective adoption of ASU 2016-01, the fair values as of March 31, 2020 were measured using an exit price notion. Fair Value Measurements at March 31, 2020 Using (in thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 192,702 $ 192,702 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 633,479 70,050 563,429 0 Equity securities at fair value 1,721 0 0 1,721 Loans held for sale 1,403 1,433 0 0 Loans, net 3,238,096 0 0 3,341,686 Federal Home Loan Bank stock 11,354 0 11,354 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 14,680 0 14,680 0 Mortgage servicing rights 2,481 0 0 2,481 Financial liabilities: Deposits $ 3,395,108 $ 860,844 $ 2,580,002 $ 0 Repurchase agreements 236,908 0 0 237,008 Federal funds purchased 4,907 0 4,907 0 Advances from Federal Home Loan Bank 411 0 463 0 Long-term debt 57,841 0 0 49,382 Accrued interest payable 3,447 0 3,447 0 Unrecognized financial instruments: Letters of credit $ 0 $ 0 $ 0 $ 0 Commitments to extend credit 0 0 0 0 Forward sale commitments 0 0 0 0 The following table presents estimated fair value of CTBI’s financial instruments as of December 31, 2019 and indicates the level within the fair value hierarchy of the valuation techniques. Fair Value Measurements at December 31, 2019 Using (in thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 264,683 $ 264,683 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 599,844 54,263 545,581 0 Debt securities held-to-maturity 517 0 517 0 Equity securities at fair value 1,953 0 0 1,953 Loans held for sale 1,167 1,191 0 0 Loans, net 3,213,568 0 0 3,283,876 Federal Home Loan Bank stock 10,474 0 10,474 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 14,836 0 14,836 0 Mortgage servicing rights 3,263 0 0 3,263 Financial liabilities: Deposits $ 3,405,572 $ 865,760 $ 2,560,271 $ 0 Repurchase agreements 226,917 0 0 226,921 Federal funds purchased 7,906 0 7,906 0 Advances from Federal Home Loan Bank 415 0 446 0 Long-term debt 57,841 0 0 49,382 Accrued interest payable 2,839 0 2,839 0 Unrecognized financial instruments: Letters of credit $ 0 $ 0 $ 0 $ 0 Commitments to extend credit 0 0 0 0 Forward sale commitments 0 0 0 0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31 (in thousands except per share data) 2020 2019 Numerator: Net income $ 6,579 $ 14,939 Denominator: Basic earnings per share: Weighted average shares 17,752 17,712 Diluted earnings per share: Effect of dilutive stock options and restricted stock grants 11 11 Adjusted weighted average shares 17,763 17,723 Earnings per share: Basic earnings per share $ 0.37 $ 0.84 Diluted earnings per share 0.37 0.84 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) | Amounts reclassified from accumulated other comprehensive income (AOCI) and the affected line items in the statements of income during the three months ended March 31, 2020 and 2019 Amounts Reclassified from AOCI (in thousands) Three Months Ended March 31 2020 2019 Affected line item in the statements of income Securities gains $ 481 $ 1 Tax expense 125 0 Total reclassifications out of AOCI $ 356 $ 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020USD ($)Payment | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
New Accounting Standards [Abstract] | |||||
Other liabilities | $ 23,529 | $ 29,332 | |||
Equity, net of tax | 612,922 | 614,886 | $ 577,507 | $ 564,150 | |
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | 49,445 | [1] | $ 35,096 | 35,004 | 35,908 |
% of portfolio | 1.08% | ||||
Reserve for unfunded lending commitments | $ 274 | ||||
Investments [Abstract] | |||||
Securities held-to-maturity | $ 0 | 517 | |||
Loans [Abstract] | |||||
Impact of difference in amortized cost basis versus consideration of loan balances on allowance for credit losses | 1 | ||||
Past due period after which loans must be well secured and in the process of collection to continue accruing interest | 90 days | ||||
Period of current principal and interest payments for reclassifying nonaccrual loans as accruing loans | 6 months | ||||
Allowance for Loan and Lease Losses [Abstract] | |||||
Number of delinquent monthly payments before loan charge off | Payment | 5 | ||||
Current value assessment period for past due loans secured against real estate | 90 days | ||||
Threshold period past due for initiation of foreclosure proceedings | 120 days | ||||
Minimum [Member] | |||||
Allowance for Loan and Lease Losses [Abstract] | |||||
Percentage exposure of capital | 5.00% | ||||
Other Real Estate Owned [Abstract] | |||||
Typical frequency of periodic reviews | 12 months | ||||
Maximum [Member] | |||||
Other Real Estate Owned [Abstract] | |||||
Typical frequency of periodic reviews | 18 months | ||||
Frequency of periodic reviews in general | 24 months | ||||
Commercial Loans [Member] | |||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | $ 21,683 | ||||
% of portfolio | 1.30% | ||||
Residential Mortgage [Member] | |||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | $ 5,501 | ||||
% of portfolio | 0.61% | ||||
Consumer Direct [Member] | |||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | $ 1,711 | ||||
% of portfolio | 1.16% | ||||
Consumer Indirect [Member] | |||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | $ 6,201 | ||||
% of portfolio | 1.18% | ||||
Commercial [Member] | |||||
Allowance for Loan and Lease Losses [Abstract] | |||||
Threshold period past due for individual evaluations | 90 days | ||||
Commercial [Member] | Minimum [Member] | |||||
Allowance for Loan and Lease Losses [Abstract] | |||||
Threshold outstanding loan balance for individual evaluations | $ 1,000 | ||||
Commercial [Member] | Unsecured Commercial Loan [Member] | |||||
Allowance for Loan and Lease Losses [Abstract] | |||||
Charge off threshold for loans considered uncollectible | 90 days | ||||
Commercial [Member] | Residential Mortgage [Member] | |||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | $ 14,025 | 14,800 | 14,531 | ||
Consumer [Member] | Consumer Direct [Member] | |||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | $ 2,163 | 1,711 | 1,635 | 1,883 | |
Consumer [Member] | Consumer Indirect [Member] | |||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | $ 9,230 | 6,201 | $ 7,089 | 7,841 | |
Consumer [Member] | Closed-End Consumer Loan [Member] | |||||
Allowance for Loan and Lease Losses [Abstract] | |||||
Charge off threshold for loans considered uncollectible | 120 days | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
New Accounting Standards [Abstract] | |||||
Equity, net of tax | 612,520 | $ 563,670 | |||
ASU 2016-13 [Member] | |||||
New Accounting Standards [Abstract] | |||||
Forecast period used in calculating the allowance for credit losses | 12 months | ||||
Effect of adoption of ASU in allowance for credit losses | $ 3,000 | ||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | $ 38,137 | ||||
% of portfolio | 1.17% | ||||
Reserve for unfunded lending commitments | $ 386 | ||||
ASU 2016-13 [Member] | Commercial Loans [Member] | |||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | $ 21,680 | ||||
% of portfolio | 1.30% | ||||
ASU 2016-13 [Member] | Residential Mortgage [Member] | |||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | $ 7,319 | ||||
% of portfolio | 0.81% | ||||
ASU 2016-13 [Member] | Consumer Direct [Member] | |||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | $ 1,671 | ||||
% of portfolio | 1.13% | ||||
ASU 2016-13 [Member] | Consumer Indirect [Member] | |||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | |||||
Amount | $ 7,467 | ||||
% of portfolio | 1.42% | ||||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
New Accounting Standards [Abstract] | |||||
Other liabilities | $ 112 | ||||
Equity, net of tax | (2,366) | ||||
Decrease in shareholders' equity, net of deferred tax | (2,400) | ||||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unfunded Commitment [Member] | |||||
New Accounting Standards [Abstract] | |||||
Other liabilities | 112 | ||||
Equity, net of tax | $ 84 | ||||
[1] | *Effective January 1, 2020, the allowance for loan and lease losses became the allowance for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL. |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Stock-based Compensation [Abstract] | |||
Stock based compensation expense | $ 228 | $ 200 | |
Stock Options [Member] | |||
Stock-based Compensation [Abstract] | |||
Stock based compensation expense | 2 | $ 10 | |
Unrecognized compensation expense related to unvested stock option awards | $ 0 | ||
Options granted to purchase shares of CTBI common stock (in shares) | 0 | 0 | |
Restricted Stock [Member] | |||
Stock-based Compensation [Abstract] | |||
Stock based compensation expense | $ 226 | $ 190 | |
Dividend paid on stock based compensation | 21 | $ 19 | |
Unrecognized compensation expense related to restricted stock grants | $ 2,200 | ||
Unrecognized compensation expense, weighted average period | 3 years | ||
Granted (in shares) | 21,544 | 27,921 | |
Management Retention Restricted Stock [Member] | |||
Stock-based Compensation [Abstract] | |||
Granted (in shares) | 2,500 | ||
Award vesting period | 5 years | ||
2015 Plan [Member] | Restricted Stock [Member] | |||
Stock-based Compensation [Abstract] | |||
Award vesting period | 4 years | ||
2015 Plan [Member] | Restricted Stock [Member] | Maximum [Member] | |||
Stock-based Compensation [Abstract] | |||
Period of certain participant employee termination events following change in control for restriction on restricted stock granted to lapse | 24 months |
Securities, Available-for-sale
Securities, Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Available-for-sale [Abstract] | ||
Amortized cost | $ 625,914 | $ 593,945 |
Gross unrealized gains | 12,435 | 7,860 |
Gross unrealized losses | (4,870) | (1,961) |
Fair value | 633,479 | 599,844 |
U.S. Treasury and Government Agencies [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 159,199 | 171,250 |
Gross unrealized gains | 1,009 | 476 |
Gross unrealized losses | (337) | (576) |
Fair value | 159,871 | 171,150 |
State and Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 96,171 | 99,403 |
Gross unrealized gains | 3,068 | 2,941 |
Gross unrealized losses | (43) | (37) |
Fair value | 99,196 | 102,307 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 313,979 | 291,874 |
Gross unrealized gains | 8,358 | 4,443 |
Gross unrealized losses | (1,294) | (1,072) |
Fair value | 321,043 | 295,245 |
Other Debt Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 56,565 | 31,418 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (3,196) | (276) |
Fair value | $ 53,369 | $ 31,142 |
Securities, Held-to-maturity Se
Securities, Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Held-to-maturity [Abstract] | ||
Amortized cost | $ 0 | $ 517 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 0 | 517 |
State and Political Subdivisions [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 517 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | 0 | |
Fair value | $ 517 |
Securities, Amortized Cost and
Securities, Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Available-for-sale, amortized cost [Abstract] | ||
Due in one year or less | $ 82,872 | |
Due after one through five years | 20,033 | |
Due after five through ten years | 91,340 | |
Due after ten years | 61,125 | |
Amortized cost | 625,914 | $ 593,945 |
Available for sale, fair value [Abstract] | ||
Due in one year or less | 83,574 | |
Due after one through five years | 20,371 | |
Due after five through ten years | 91,659 | |
Due after ten years | 63,463 | |
Fair value | 633,479 | 599,844 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Without single maturity date | 313,979 | |
Amortized cost | 313,979 | 291,874 |
Available for sale, fair value [Abstract] | ||
Without single maturity date | 321,043 | |
Fair value | 321,043 | 295,245 |
Other Debt Securities [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Without single maturity date | 56,565 | |
Amortized cost | 56,565 | 31,418 |
Available for sale, fair value [Abstract] | ||
Without single maturity date | 53,369 | |
Fair value | $ 53,369 | $ 31,142 |
Securities, Gains (Loss) on Sec
Securities, Gains (Loss) on Securities, Securities Pledged, and Securities Sold Under Agreements to Repurchase (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)Security | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Gains (Loss) on Sales of Securities [Abstract} | |||
Net securities gain | $ 249 | $ 356 | |
Realized pre-tax gain on sales and calls of AFS securities | 481 | 1 | |
Unrealized gain from fair market value adjustment of equity securities | (232) | 355 | |
Equity securities at fair value | 1,721 | $ 1,953 | |
Securities pledged as collateral to secure public deposit and for other purposes | 229,500 | 239,100 | |
Amortized cost of securities sold under agreements to repurchase | 262,600 | $ 261,500 | |
Visa Class B Restricted Stock [Member] | |||
Gains (Loss) on Sales of Securities [Abstract} | |||
Equity securities at fair value | 1,700 | ||
Increase (Decrease) in fair market value of equity securities | $ (200) | $ 400 | |
Number of equity securities sold (in shares) | Security | 0 |
Securities, Securities in Conti
Securities, Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securities [Abstract] | ||
Percentage of total investment with unrealized losses | 31.30% | 42.80% |
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | $ 112,417 | $ 85,046 |
12 months or more | 90,675 | 173,948 |
Total | 203,092 | 258,994 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (3,895) | (561) |
12 months or more | (975) | (1,400) |
Total | (4,870) | (1,961) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 108,522 | 84,485 |
12 months or more | 89,700 | 172,548 |
Total | 198,222 | 257,033 |
U.S. Treasury and Government Agencies [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 14,713 | 25,955 |
12 months or more | 51,913 | 82,339 |
Total | 66,626 | 108,294 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (86) | (148) |
12 months or more | (251) | (428) |
Total | (337) | (576) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 14,627 | 25,807 |
12 months or more | 51,662 | 81,911 |
Total | 66,289 | 107,718 |
State and Political Subdivisions [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 1,113 | 8,356 |
12 months or more | 0 | 0 |
Total | 1,113 | 8,356 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (43) | (37) |
12 months or more | 0 | 0 |
Total | (43) | (37) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 1,070 | 8,319 |
12 months or more | 0 | 0 |
Total | 1,070 | 8,319 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 40,026 | 19,317 |
12 months or more | 38,762 | 91,609 |
Total | 78,788 | 110,926 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (570) | (100) |
12 months or more | (724) | (972) |
Total | (1,294) | (1,072) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 39,456 | 19,217 |
12 months or more | 38,038 | 90,637 |
Total | 77,494 | 109,854 |
Other Debt Securities [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 56,565 | 31,418 |
12 months or more | 0 | 0 |
Total | 56,565 | 31,418 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (3,196) | (276) |
12 months or more | 0 | 0 |
Total | (3,196) | (276) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 53,369 | 31,142 |
12 months or more | 0 | 0 |
Total | $ 53,369 | $ 31,142 |
Loans, Major Classifications of
Loans, Major Classifications of Loans, Net of Income and Deferred Loan Origination Cost (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | |
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | $ 3,287,541 | $ 3,248,664 |
Number of portfolio segments | Segment | 9 | |
Loans held for sale [Abstract] | ||
Loans held for sale | $ 1,403 | 1,167 |
Commercial [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 1,676,943 | 1,664,948 |
Commercial [Member] | Hotel/Motel [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | $ 248,717 | |
Percentage of total loan | 7.50% | |
Commercial [Member] | Commercial Real Estate Residential [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | $ 262,065 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 771,687 | |
Commercial [Member] | Dealer Floorplans [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 80,828 | |
Commercial [Member] | Construction [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 104,809 | |
Commercial [Member] | Real Estate Mortgage [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 1,169,975 | |
Commercial [Member] | Equipment Lease Financing [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 481 | |
Commercial [Member] | Commercial Other [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 313,646 | 389,683 |
Residential [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 910,728 | |
Residential [Member] | Construction [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 63,350 | |
Residential [Member] | Real Estate Mortgage [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 798,891 | 733,003 |
Residential [Member] | Home Equity Lines [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 111,837 | 111,894 |
Consumer [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 699,870 | |
Consumer [Member] | Consumer Direct [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 145,403 | 148,051 |
Consumer [Member] | Consumer Indirect [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | $ 554,467 | $ 527,418 |
Loans, Allowance for Credit Los
Loans, Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | $ 35,096 | $ 35,908 | $ 35,908 | |
Impact of adoption of ASC 326 | 3,040 | |||
Provision charged to expense | 12,707 | [1] | 190 | 4,819 |
Losses charged off | (2,415) | (2,055) | (9,736) | |
Recoveries | 1,017 | 961 | 4,105 | |
Ending balance | $ 49,445 | [2] | 35,004 | 35,096 |
Ending balance [Abstract] | ||||
Individually evaluated for impairment | 1,631 | 1,212 | ||
Collectively evaluated for impairment | 33,373 | 33,884 | ||
Loans ending balance [Abstract] | ||||
Individually evaluated for impairment | 50,355 | 57,771 | ||
Collectively evaluated for impairment | 3,139,377 | 3,190,893 | ||
Period of reasonable and supportable forecast | 12 months | |||
Increase (decrease) in allowance for credit losses on individually analyzed loans | $ 2,000 | |||
ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 38,137 | |||
Ending balance | 38,137 | |||
ASU 2016-13 [Member] | Inherent Model Risk [Member] | ||||
Loans ending balance [Abstract] | ||||
Increase (decrease) in allowance for credit loss balance | 1,600 | |||
Commercial [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 21,683 | |||
Ending balance | 21,683 | |||
Commercial [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 21,680 | |||
Ending balance | 21,680 | |||
Real Estate Mortgage [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 5,501 | |||
Ending balance | 5,501 | |||
Real Estate Mortgage [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 7,319 | |||
Ending balance | 7,319 | |||
Consumer Direct [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 1,711 | |||
Ending balance | 1,711 | |||
Consumer Direct [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 1,671 | |||
Ending balance | 1,671 | |||
Consumer Indirect [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 6,201 | |||
Ending balance | 6,201 | |||
Consumer Indirect [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 7,467 | |||
Ending balance | 7,467 | |||
Commercial [Member] | Hotel/Motel [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 3,371 | |||
Impact of adoption of ASC 326 | 170 | |||
Provision charged to expense | 2,381 | |||
Losses charged off | 0 | |||
Recoveries | 0 | |||
Ending balance | 5,922 | 3,371 | ||
Commercial [Member] | Commercial Real Estate Residential [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 3,439 | |||
Impact of adoption of ASC 326 | (721) | |||
Provision charged to expense | 1,337 | |||
Losses charged off | (51) | |||
Recoveries | 8 | |||
Ending balance | 4,012 | 3,439 | ||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 8,515 | |||
Impact of adoption of ASC 326 | 119 | |||
Provision charged to expense | 2,984 | |||
Losses charged off | (59) | |||
Recoveries | 4 | |||
Ending balance | 11,563 | 8,515 | ||
Commercial [Member] | Dealer Floorplans [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 802 | |||
Impact of adoption of ASC 326 | 820 | |||
Provision charged to expense | 91 | |||
Losses charged off | 0 | |||
Recoveries | 0 | |||
Ending balance | 1,713 | 802 | ||
Commercial [Member] | Construction [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 1,299 | 862 | 862 | |
Provision charged to expense | 38 | 497 | ||
Losses charged off | 0 | (72) | ||
Recoveries | 3 | 12 | ||
Ending balance | 903 | 1,299 | ||
Ending balance [Abstract] | ||||
Individually evaluated for impairment | 164 | 99 | ||
Collectively evaluated for impairment | 739 | 1,200 | ||
Loans ending balance [Abstract] | ||||
Individually evaluated for impairment | 3,632 | 3,010 | ||
Collectively evaluated for impairment | 71,732 | 101,799 | ||
Commercial [Member] | Real Estate Mortgage [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 14,025 | 14,531 | 14,531 | |
Provision charged to expense | 287 | (137) | ||
Losses charged off | (35) | (727) | ||
Recoveries | 17 | 358 | ||
Ending balance | 14,800 | 14,025 | ||
Ending balance [Abstract] | ||||
Individually evaluated for impairment | 847 | 227 | ||
Collectively evaluated for impairment | 13,953 | 13,798 | ||
Loans ending balance [Abstract] | ||||
Individually evaluated for impairment | 34,329 | 41,379 | ||
Collectively evaluated for impairment | 1,148,475 | 1,128,596 | ||
Commercial [Member] | Equipment Lease Financing [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 4 | 12 | 12 | |
Provision charged to expense | (2) | (8) | ||
Losses charged off | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 10 | 4 | ||
Ending balance [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 10 | 4 | ||
Loans ending balance [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,354 | 481 | ||
Commercial [Member] | Commercial Other [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 5,556 | |||
Impact of adoption of ASC 326 | (391) | |||
Provision charged to expense | 1,434 | |||
Losses charged off | (359) | |||
Recoveries | 169 | |||
Ending balance | 6,409 | 5,556 | ||
Commercial [Member] | Commercial Other [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 6,355 | 4,993 | 4,993 | |
Provision charged to expense | 382 | 3,032 | ||
Losses charged off | (242) | (2,179) | ||
Recoveries | 84 | 509 | ||
Ending balance | 5,217 | 6,355 | ||
Ending balance [Abstract] | ||||
Individually evaluated for impairment | 620 | 886 | ||
Collectively evaluated for impairment | 4,597 | 5,469 | ||
Loans ending balance [Abstract] | ||||
Individually evaluated for impairment | 10,057 | 11,073 | ||
Collectively evaluated for impairment | 378,003 | 378,610 | ||
Residential [Member] | Construction [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 372 | 512 | 512 | |
Provision charged to expense | (116) | (40) | ||
Losses charged off | 0 | (100) | ||
Recoveries | 0 | 0 | ||
Ending balance | 396 | 372 | ||
Ending balance [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 396 | 372 | ||
Loans ending balance [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 54,013 | 63,350 | ||
Residential [Member] | Real Estate Mortgage [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 4,604 | |||
Impact of adoption of ASC 326 | 1,893 | |||
Provision charged to expense | 1,099 | |||
Losses charged off | (60) | |||
Recoveries | 7 | |||
Ending balance | 7,543 | 4,604 | ||
Residential [Member] | Real Estate Mortgage [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 4,232 | 4,433 | 4,433 | |
Provision charged to expense | (278) | 414 | ||
Losses charged off | (120) | (767) | ||
Recoveries | 18 | 152 | ||
Ending balance | 4,053 | 4,232 | ||
Ending balance [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 4,053 | 4,232 | ||
Loans ending balance [Abstract] | ||||
Individually evaluated for impairment | 2,337 | 2,309 | ||
Collectively evaluated for impairment | 717,955 | 730,694 | ||
Residential [Member] | Home Equity Lines [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 897 | 841 | 841 | |
Impact of adoption of ASC 326 | (75) | |||
Provision charged to expense | 67 | 84 | 172 | |
Losses charged off | 0 | (25) | (139) | |
Recoveries | 1 | 1 | 23 | |
Ending balance | 890 | 901 | 897 | |
Ending balance [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 901 | 897 | ||
Loans ending balance [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 108,018 | 111,894 | ||
Consumer [Member] | Consumer Direct [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 1,711 | 1,883 | 1,883 | |
Impact of adoption of ASC 326 | (40) | |||
Provision charged to expense | 739 | (119) | 528 | |
Losses charged off | (369) | (246) | (1,100) | |
Recoveries | 122 | 117 | 400 | |
Ending balance | 2,163 | 1,635 | 1,711 | |
Ending balance [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,635 | 1,711 | ||
Loans ending balance [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 141,855 | 148,051 | ||
Consumer [Member] | Consumer Indirect [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning balance | 6,201 | 7,841 | 7,841 | |
Impact of adoption of ASC 326 | 1,265 | |||
Provision charged to expense | 2,575 | (86) | 361 | |
Losses charged off | (1,517) | (1,387) | (4,652) | |
Recoveries | 706 | 721 | 2,651 | |
Ending balance | $ 9,230 | 7,089 | 6,201 | |
Ending balance [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 7,089 | 6,201 | ||
Loans ending balance [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | $ 517,972 | $ 527,418 | ||
[1] | *Effective January 1, 2020, the provision for loan losses became the provision for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL. | |||
[2] | *Effective January 1, 2020, the allowance for loan and lease losses became the allowance for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL. |
Loans, Nonaccrual Loans Segrega
Loans, Nonaccrual Loans Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | $ 206 | |||
Nonaccrual loans with ACL | 17,127 | $ 13,999 | ||
90+ and still accruing | 18,044 | 19,620 | [1] | |
Total nonperforming loans | 35,377 | |||
Commercial [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 206 | |||
Nonaccrual loans with ACL | 11,088 | |||
90+ and still accruing | 12,376 | |||
Total nonperforming loans | 23,670 | |||
Commercial [Member] | Hotel/Motel [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 0 | |||
90+ and still accruing | 133 | |||
Total nonperforming loans | 133 | |||
Commercial [Member] | Commercial Real Estate Residential [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 206 | |||
Nonaccrual loans with ACL | 1,312 | |||
90+ and still accruing | 4,636 | |||
Total nonperforming loans | 6,154 | |||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 3,404 | |||
90+ and still accruing | 7,128 | |||
Total nonperforming loans | 10,532 | |||
Commercial [Member] | Dealer Floorplans [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 56 | |||
90+ and still accruing | 0 | |||
Total nonperforming loans | 56 | |||
Commercial [Member] | Other [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 6,316 | 3,839 | ||
90+ and still accruing | 479 | 2,586 | [1] | |
Total nonperforming loans | 6,795 | |||
Commercial [Member] | Construction [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with ACL | 230 | |||
90+ and still accruing | [1] | 237 | ||
Commercial [Member] | Real Estate Mortgage [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with ACL | 3,759 | |||
90+ and still accruing | [1] | 8,820 | ||
Residential [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 6,039 | |||
90+ and still accruing | 5,165 | |||
Total nonperforming loans | 11,204 | |||
Residential [Member] | Construction [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with ACL | 634 | |||
90+ and still accruing | [1] | 0 | ||
Residential [Member] | Real Estate Mortgage [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 5,286 | 4,821 | ||
90+ and still accruing | 4,730 | 7,088 | [1] | |
Total nonperforming loans | 10,016 | |||
Residential [Member] | Home Equity Lines [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 753 | 716 | ||
90+ and still accruing | 435 | 344 | [1] | |
Total nonperforming loans | 1,188 | |||
Consumer [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 0 | |||
90+ and still accruing | 503 | |||
Total nonperforming loans | 503 | |||
Consumer [Member] | Consumer Direct [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 0 | |||
90+ and still accruing | 38 | 97 | [1] | |
Total nonperforming loans | 38 | |||
Consumer [Member] | Consumer Indirect [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 0 | |||
90+ and still accruing | 465 | $ 448 | [1] | |
Total nonperforming loans | $ 465 | |||
[1] | 90+ and Accruing are also included in 90+ Days Past Due column. |
Loans, Loan Portfolio Aging Ana
Loans, Loan Portfolio Aging Analysis, Segregated by Class (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | |||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | $ 57,033,000 | $ 55,255,000 | ||
Current | 3,230,508,000 | 3,193,409,000 | ||
Total Loans | 3,287,541,000 | 3,248,664,000 | ||
90+ and Accruing | 18,044,000 | 19,620,000 | [1] | |
30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 13,734,000 | 10,689,000 | ||
60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 11,383,000 | 13,232,000 | ||
90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 31,916,000 | 31,334,000 | ||
Commercial [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 34,901,000 | |||
Current | 1,642,042,000 | |||
Total Loans | 1,676,943,000 | 1,664,948,000 | ||
90+ and Accruing | 12,376,000 | |||
Commercial [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 5,454,000 | |||
Commercial [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 6,668,000 | |||
Commercial [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 22,779,000 | |||
Commercial [Member] | Hotel/Motel [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 133,000 | |||
Current | 248,584,000 | |||
Total Loans | 248,717,000 | |||
90+ and Accruing | $ 133,000 | |||
Percentage of total loan | 7.50% | |||
Minimum threshold amount of loans requiring performance bond | $ 500,000 | |||
Commercial [Member] | Hotel/Motel [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Commercial [Member] | Hotel/Motel [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Commercial [Member] | Hotel/Motel [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 133,000 | |||
Commercial [Member] | Commercial Real Estate Residential [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 9,054,000 | |||
Current | 253,011,000 | |||
Total Loans | 262,065,000 | |||
90+ and Accruing | 4,636,000 | |||
Minimum threshold amount of loans requiring performance bond | 500,000 | |||
Commercial [Member] | Commercial Real Estate Residential [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 1,514,000 | |||
Commercial [Member] | Commercial Real Estate Residential [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 1,412,000 | |||
Commercial [Member] | Commercial Real Estate Residential [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 6,128,000 | |||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 16,751,000 | |||
Current | 754,936,000 | |||
Total Loans | 771,687,000 | |||
90+ and Accruing | 7,128,000 | |||
Minimum threshold amount of loans requiring performance bond | 500,000 | |||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 2,257,000 | |||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 4,570,000 | |||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 9,924,000 | |||
Commercial [Member] | Dealer Floorplans [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Current | 80,828,000 | |||
Total Loans | 80,828,000 | |||
90+ and Accruing | 0 | |||
Commercial [Member] | Dealer Floorplans [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Commercial [Member] | Dealer Floorplans [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Commercial [Member] | Dealer Floorplans [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Commercial [Member] | Commercial Other [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 8,963,000 | 7,431,000 | ||
Current | 304,683,000 | 382,252,000 | ||
Total Loans | 313,646,000 | 389,683,000 | ||
90+ and Accruing | 479,000 | 2,586,000 | [1] | |
Commercial [Member] | Commercial Other [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 1,683,000 | 880,000 | ||
Commercial [Member] | Commercial Other [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 686,000 | 284,000 | ||
Commercial [Member] | Commercial Other [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 6,594,000 | 6,267,000 | ||
Commercial [Member] | Construction [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 585,000 | |||
Current | 104,224,000 | |||
Total Loans | 104,809,000 | |||
90+ and Accruing | [1] | 237,000 | ||
Commercial [Member] | Construction [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 118,000 | |||
Commercial [Member] | Construction [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Commercial [Member] | Construction [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 467,000 | |||
Commercial [Member] | Real Estate Mortgage [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 21,069,000 | |||
Current | 1,148,906,000 | |||
Total Loans | 1,169,975,000 | |||
90+ and Accruing | [1] | 8,820,000 | ||
Commercial [Member] | Real Estate Mortgage [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 2,734,000 | |||
Commercial [Member] | Real Estate Mortgage [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 5,969,000 | |||
Commercial [Member] | Real Estate Mortgage [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 12,366,000 | |||
Commercial [Member] | Equipment Lease Financing [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Current | 481,000 | |||
Total Loans | 481,000 | |||
90+ and Accruing | [1] | 0 | ||
Commercial [Member] | Equipment Lease Financing [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Commercial [Member] | Equipment Lease Financing [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Commercial [Member] | Equipment Lease Financing [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Residential [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 15,336,000 | |||
Current | 895,392,000 | |||
Total Loans | 910,728,000 | |||
90+ and Accruing | 5,165,000 | |||
Residential [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 3,392,000 | |||
Residential [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 3,310,000 | |||
Residential [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 8,634,000 | |||
Residential [Member] | Construction [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 803,000 | |||
Current | 62,547,000 | |||
Total Loans | 63,350,000 | |||
90+ and Accruing | [1] | 0 | ||
Residential [Member] | Construction [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 117,000 | |||
Residential [Member] | Construction [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 52,000 | |||
Residential [Member] | Construction [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 634,000 | |||
Residential [Member] | Real Estate Mortgage [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 13,616,000 | 16,470,000 | ||
Current | 785,275,000 | 716,533,000 | ||
Total Loans | 798,891,000 | 733,003,000 | ||
90+ and Accruing | 4,730,000 | 7,088,000 | [1] | |
Residential [Member] | Real Estate Mortgage [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 2,561,000 | 774,000 | ||
Residential [Member] | Real Estate Mortgage [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 3,154,000 | 5,376,000 | ||
Residential [Member] | Real Estate Mortgage [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 7,901,000 | 10,320,000 | ||
Residential [Member] | Home Equity Lines [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 1,720,000 | 2,232,000 | ||
Current | 110,117,000 | 109,662,000 | ||
Total Loans | 111,837,000 | 111,894,000 | ||
90+ and Accruing | 435,000 | 344,000 | [1] | |
Residential [Member] | Home Equity Lines [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 831,000 | 1,084,000 | ||
Residential [Member] | Home Equity Lines [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 156,000 | 412,000 | ||
Residential [Member] | Home Equity Lines [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 733,000 | 736,000 | ||
Consumer [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 6,796,000 | |||
Current | 693,074,000 | |||
Total Loans | 699,870,000 | |||
90+ and Accruing | 503,000 | |||
Consumer [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 4,888,000 | |||
Consumer [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 1,405,000 | |||
Consumer [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 503,000 | |||
Consumer [Member] | Consumer Direct [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 1,362,000 | 1,272,000 | ||
Current | 144,041,000 | 146,779,000 | ||
Total Loans | 145,403,000 | 148,051,000 | ||
90+ and Accruing | 38,000 | 97,000 | [1] | |
Consumer [Member] | Consumer Direct [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 735,000 | 945,000 | ||
Consumer [Member] | Consumer Direct [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 589,000 | 230,000 | ||
Consumer [Member] | Consumer Direct [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 38,000 | 97,000 | ||
Consumer [Member] | Consumer Indirect [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 5,434,000 | 5,393,000 | ||
Current | 549,033,000 | 522,025,000 | ||
Total Loans | 554,467,000 | 527,418,000 | ||
90+ and Accruing | 465,000 | 448,000 | [1] | |
Consumer [Member] | Consumer Indirect [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 4,153,000 | 4,037,000 | ||
Consumer [Member] | Consumer Indirect [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 816,000 | 909,000 | ||
Consumer [Member] | Consumer Indirect [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | $ 465,000 | $ 447,000 | ||
[1] | 90+ and Accruing are also included in 90+ Days Past Due column. |
Loans, Credit Risk Profile Base
Loans, Credit Risk Profile Based on Rating Category and Payment Activity and on Performing and Nonperforming Status, Segregated by Class (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | $ 3,287,541 | $ 3,248,664 |
Consumer mortgage loans secured by real estate properties for which formal foreclosure proceedings are in process | 3,100 | 2,400 |
Commercial [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 106,662 | |
2019 | 316,027 | |
2018 | 227,701 | |
2017 | 211,924 | |
2016 | 199,000 | |
Prior | 389,643 | |
Revolving Loans | 225,986 | |
Total | 1,676,943 | |
Loan portfolio based on credit risk profile | 1,676,943 | 1,664,948 |
Commercial [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 102,639 | |
2019 | 298,688 | |
2018 | 216,213 | |
2017 | 200,876 | |
2016 | 182,430 | |
Prior | 356,284 | |
Revolving Loans | 225,358 | |
Total | $ 1,582,488 | |
Loan portfolio based on credit risk profile | 1,493,359 | |
Commercial [Member] | Pass [Member] | Minimum [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Review period for loans | 12 months | |
Commercial [Member] | Pass [Member] | Maximum [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Review period for loans | 18 months | |
Commercial [Member] | Special Mention[Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | $ 0 | |
2019 | 3,519 | |
2018 | 5,766 | |
2017 | 1,257 | |
2016 | 931 | |
Prior | 3,415 | |
Revolving Loans | 20 | |
Total | 14,908 | |
Commercial [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 71,551 | |
Commercial [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 34,283 | |
Commercial [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 4,023 | |
2019 | 13,820 | |
2018 | 5,722 | |
2017 | 9,791 | |
2016 | 15,639 | |
Prior | 29,913 | |
Revolving Loans | 552 | |
Total | 79,460 | |
Loan portfolio based on credit risk profile | 65,663 | |
Commercial [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 31 | |
Revolving Loans | 56 | |
Total | 87 | |
Loan portfolio based on credit risk profile | 92 | |
Commercial [Member] | Hotel/Motel [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 8,621 | |
2019 | 71,038 | |
2018 | 41,191 | |
2017 | 54,375 | |
2016 | 32,742 | |
Prior | 40,676 | |
Revolving Loans | 74 | |
Total | 248,717 | |
Loan portfolio based on credit risk profile | 248,717 | |
Commercial [Member] | Hotel/Motel [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 8,621 | |
2019 | 71,038 | |
2018 | 41,059 | |
2017 | 53,262 | |
2016 | 23,743 | |
Prior | 35,479 | |
Revolving Loans | 74 | |
Total | 233,276 | |
Commercial [Member] | Hotel/Motel [Member] | Special Mention[Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Commercial [Member] | Hotel/Motel [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 132 | |
2017 | 1,113 | |
2016 | 8,999 | |
Prior | 5,197 | |
Revolving Loans | 0 | |
Total | 15,441 | |
Commercial [Member] | Hotel/Motel [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 15,223 | |
2019 | 54,387 | |
2018 | 39,683 | |
2017 | 30,673 | |
2016 | 36,276 | |
Prior | 73,610 | |
Revolving Loans | 12,213 | |
Total | 262,065 | |
Loan portfolio based on credit risk profile | 262,065 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 14,777 | |
2019 | 49,003 | |
2018 | 35,510 | |
2017 | 25,537 | |
2016 | 34,625 | |
Prior | 69,673 | |
Revolving Loans | 12,213 | |
Total | 241,338 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | Special Mention[Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 3,102 | |
2018 | 633 | |
2017 | 967 | |
2016 | 451 | |
Prior | 61 | |
Revolving Loans | 0 | |
Total | 5,214 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 446 | |
2019 | 2,282 | |
2018 | 3,540 | |
2017 | 4,169 | |
2016 | 1,200 | |
Prior | 3,876 | |
Revolving Loans | 0 | |
Total | 15,513 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 36,901 | |
2019 | 136,535 | |
2018 | 101,363 | |
2017 | 106,031 | |
2016 | 115,806 | |
Prior | 244,295 | |
Revolving Loans | 30,756 | |
Total | 771,687 | |
Loan portfolio based on credit risk profile | 771,687 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 35,164 | |
2019 | 128,993 | |
2018 | 99,550 | |
2017 | 102,018 | |
2016 | 113,817 | |
Prior | 220,958 | |
Revolving Loans | 30,277 | |
Total | 730,777 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Special Mention[Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 417 | |
2018 | 71 | |
2017 | 5 | |
2016 | 0 | |
Prior | 3,303 | |
Revolving Loans | 20 | |
Total | 3,816 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 1,737 | |
2019 | 7,125 | |
2018 | 1,742 | |
2017 | 4,008 | |
2016 | 1,989 | |
Prior | 20,003 | |
Revolving Loans | 459 | |
Total | 37,063 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 31 | |
Revolving Loans | 0 | |
Total | 31 | |
Commercial [Member] | Dealer Floorplans [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 80,828 | |
Total | 80,828 | |
Loan portfolio based on credit risk profile | 80,828 | |
Commercial [Member] | Dealer Floorplans [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 80,772 | |
Total | 80,772 | |
Commercial [Member] | Dealer Floorplans [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Commercial [Member] | Dealer Floorplans [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 56 | |
Total | 56 | |
Commercial [Member] | Commercial Other [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 45,917 | |
2019 | 54,067 | |
2018 | 45,464 | |
2017 | 20,845 | |
2016 | 14,176 | |
Prior | 31,062 | |
Revolving Loans | 102,115 | |
Total | 313,646 | |
Loan portfolio based on credit risk profile | 313,646 | 389,683 |
Commercial [Member] | Commercial Other [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 44,077 | |
2019 | 49,654 | |
2018 | 40,094 | |
2017 | 20,059 | |
2016 | 10,245 | |
Prior | 30,174 | |
Revolving Loans | 102,022 | |
Total | 296,325 | |
Loan portfolio based on credit risk profile | 358,203 | |
Commercial [Member] | Commercial Other [Member] | Special Mention[Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 5,062 | |
2017 | 285 | |
2016 | 480 | |
Prior | 51 | |
Revolving Loans | 0 | |
Total | 5,878 | |
Commercial [Member] | Commercial Other [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 13,618 | |
Commercial [Member] | Commercial Other [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 6,065 | |
Commercial [Member] | Commercial Other [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 1,840 | |
2019 | 4,413 | |
2018 | 308 | |
2017 | 501 | |
2016 | 3,451 | |
Prior | 837 | |
Revolving Loans | 93 | |
Total | 11,443 | |
Loan portfolio based on credit risk profile | 11,737 | |
Commercial [Member] | Commercial Other [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Loan portfolio based on credit risk profile | 60 | |
Commercial [Member] | Construction [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 104,809 | |
Commercial [Member] | Construction [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 98,102 | |
Commercial [Member] | Construction [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 3,595 | |
Commercial [Member] | Construction [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 254 | |
Commercial [Member] | Construction [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 2,858 | |
Commercial [Member] | Construction [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 0 | |
Commercial [Member] | Real Estate Mortgage [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 1,169,975 | |
Commercial [Member] | Real Estate Mortgage [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 1,036,573 | |
Commercial [Member] | Real Estate Mortgage [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 54,338 | |
Commercial [Member] | Real Estate Mortgage [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 27,964 | |
Commercial [Member] | Real Estate Mortgage [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 51,068 | |
Commercial [Member] | Real Estate Mortgage [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 32 | |
Commercial [Member] | Equipment Leases [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 481 | |
Commercial [Member] | Equipment Leases [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 481 | |
Commercial [Member] | Equipment Leases [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 0 | |
Commercial [Member] | Equipment Leases [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 0 | |
Commercial [Member] | Equipment Leases [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 0 | |
Commercial [Member] | Equipment Leases [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 0 | |
Residential [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 35,151 | |
2019 | 161,821 | |
2018 | 95,450 | |
2017 | 89,151 | |
2016 | 70,966 | |
Prior | 358,780 | |
Revolving Loans | 99,409 | |
Total | 910,728 | |
Loan portfolio based on credit risk profile | 910,728 | |
Residential [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 35,151 | |
2019 | 161,473 | |
2018 | 94,854 | |
2017 | 88,911 | |
2016 | 70,457 | |
Prior | 349,694 | |
Revolving Loans | 98,984 | |
Total | 899,524 | |
Residential [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 348 | |
2018 | 596 | |
2017 | 240 | |
2016 | 509 | |
Prior | 9,086 | |
Revolving Loans | 425 | |
Total | 11,204 | |
Residential [Member] | Construction [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 63,350 | |
Residential [Member] | Construction [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 62,716 | |
Residential [Member] | Construction [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 634 | |
Residential [Member] | Real Estate Mortgage [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 35,151 | |
2019 | 161,735 | |
2018 | 95,450 | |
2017 | 89,151 | |
2016 | 70,958 | |
Prior | 346,446 | |
Revolving Loans | 0 | |
Total | 798,891 | |
Loan portfolio based on credit risk profile | 798,891 | 733,003 |
Residential [Member] | Real Estate Mortgage [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 35,151 | |
2019 | 161,387 | |
2018 | 94,854 | |
2017 | 88,911 | |
2016 | 70,449 | |
Prior | 338,123 | |
Revolving Loans | 0 | |
Total | 788,875 | |
Loan portfolio based on credit risk profile | 721,094 | |
Residential [Member] | Real Estate Mortgage [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 348 | |
2018 | 596 | |
2017 | 240 | |
2016 | 509 | |
Prior | 8,323 | |
Revolving Loans | 0 | |
Total | 10,016 | |
Loan portfolio based on credit risk profile | 11,909 | |
Residential [Member] | Home Equity Lines [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 86 | |
2018 | 0 | |
2017 | 0 | |
2016 | 8 | |
Prior | 12,334 | |
Revolving Loans | 99,409 | |
Total | 111,837 | |
Loan portfolio based on credit risk profile | 111,837 | 111,894 |
Residential [Member] | Home Equity Lines [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 86 | |
2018 | 0 | |
2017 | 0 | |
2016 | 8 | |
Prior | 11,571 | |
Revolving Loans | 98,984 | |
Total | 110,649 | |
Loan portfolio based on credit risk profile | 110,834 | |
Residential [Member] | Home Equity Lines [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 763 | |
Revolving Loans | 425 | |
Total | 1,188 | |
Loan portfolio based on credit risk profile | 1,060 | |
Consumer [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 100,809 | |
2019 | 233,595 | |
2018 | 175,536 | |
2017 | 96,468 | |
2016 | 52,333 | |
Prior | 41,129 | |
Revolving Loans | 0 | |
Total | 699,870 | |
Loan portfolio based on credit risk profile | 699,870 | |
Consumer [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 100,809 | |
2019 | 233,399 | |
2018 | 175,416 | |
2017 | 96,359 | |
2016 | 52,297 | |
Prior | 41,087 | |
Revolving Loans | 0 | |
Total | 699,367 | |
Consumer [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 196 | |
2018 | 120 | |
2017 | 109 | |
2016 | 36 | |
Prior | 42 | |
Revolving Loans | 0 | |
Total | 503 | |
Consumer [Member] | Consumer Direct [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 15,792 | |
2019 | 54,038 | |
2018 | 29,932 | |
2017 | 16,363 | |
2016 | 10,197 | |
Prior | 19,081 | |
Revolving Loans | 0 | |
Total | 145,403 | |
Loan portfolio based on credit risk profile | 145,403 | 148,051 |
Consumer [Member] | Consumer Direct [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 15,792 | |
2019 | 54,032 | |
2018 | 29,905 | |
2017 | 16,359 | |
2016 | 10,196 | |
Prior | 19,081 | |
Revolving Loans | 0 | |
Total | 145,365 | |
Loan portfolio based on credit risk profile | 147,954 | |
Consumer [Member] | Consumer Direct [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 6 | |
2018 | 27 | |
2017 | 4 | |
2016 | 1 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 38 | |
Loan portfolio based on credit risk profile | 97 | |
Consumer [Member] | Consumer Indirect [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 85,017 | |
2019 | 179,557 | |
2018 | 145,604 | |
2017 | 80,105 | |
2016 | 42,136 | |
Prior | 22,048 | |
Revolving Loans | 0 | |
Total | 554,467 | |
Loan portfolio based on credit risk profile | 554,467 | 527,418 |
Consumer [Member] | Consumer Indirect [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 85,017 | |
2019 | 179,367 | |
2018 | 145,511 | |
2017 | 80,000 | |
2016 | 42,101 | |
Prior | 22,006 | |
Revolving Loans | 0 | |
Total | 554,002 | |
Loan portfolio based on credit risk profile | 526,970 | |
Consumer [Member] | Consumer Indirect [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 190 | |
2018 | 93 | |
2017 | 105 | |
2016 | 35 | |
Prior | 42 | |
Revolving Loans | 0 | |
Total | $ 465 | |
Loan portfolio based on credit risk profile | 448 | |
Residential and Consumer Portfolio Segments [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 1,583,716 | |
Residential and Consumer Portfolio Segments [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 1,569,568 | |
Residential and Consumer Portfolio Segments [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | $ 14,148 |
Loans, Collateral Dependent Loa
Loans, Collateral Dependent Loans and Loans With/Without Specific Valuation Allowance (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)Loan | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | $ 1,631,000 | $ 1,212,000 | |
Total loans [Abstract] | |||
Recorded balance | 50,355,000 | 57,771,000 | |
Unpaid Contractual Principal Balance | 54,879,000 | 61,786,000 | |
Specific Allowance | 1,631,000 | 1,212,000 | |
Average Investment in Impaired Loans | 51,120,000 | 55,700,000 | |
Interest Income Recognized | 581,000 | 2,371,000 | |
Commercial [Member] | Collateral Pledged [Member] | |||
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | $ 2,019,000 | ||
Total loans [Abstract] | |||
Number of Loans | Loan | 31 | ||
Recorded balance | $ 54,702,000 | ||
Specific Allowance | 2,019,000 | ||
Commercial [Member] | Hotel/Motel [Member] | Collateral Pledged [Member] | |||
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | $ 250,000 | ||
Total loans [Abstract] | |||
Number of Loans | Loan | 3 | ||
Recorded balance | $ 14,712,000 | ||
Specific Allowance | 250,000 | ||
Commercial [Member] | Commercial Real Estate Residential [Member] | Collateral Pledged [Member] | |||
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | $ 92,000 | ||
Total loans [Abstract] | |||
Number of Loans | Loan | 7 | ||
Recorded balance | $ 5,125,000 | ||
Specific Allowance | 92,000 | ||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Collateral Pledged [Member] | |||
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | $ 720,000 | ||
Total loans [Abstract] | |||
Number of Loans | Loan | 16 | ||
Recorded balance | $ 25,296,000 | ||
Specific Allowance | 720,000 | ||
Commercial [Member] | Commercial Other [Member] | |||
Loans without a specific valuation allowance [Abstract] | |||
Recorded Balance | 8,903,000 | 7,829,000 | |
Unpaid Contractual Principal Balance | 10,598,000 | 9,489,000 | |
Average Investment in Impaired Loans | 8,866,000 | 9,889,000 | |
Interest Income Recognized | 139,000 | 460,000 | |
Loans with a specific valuation allowance [Abstract] | |||
Recorded Balance | 1,154,000 | 3,244,000 | |
Unpaid Contractual Principal Balance | 1,154,000 | 3,244,000 | |
Specific Allowance | 620,000 | 886,000 | |
Average Investment in Impaired Loans | 1,169,000 | 1,323,000 | |
Interest Income Recognized | 17,000 | 29,000 | |
Total loans [Abstract] | |||
Recorded balance | 10,057,000 | 11,073,000 | |
Unpaid Contractual Principal Balance | 11,752,000 | 12,733,000 | |
Specific Allowance | 620,000 | 886,000 | |
Average Investment in Impaired Loans | 10,035,000 | 11,212,000 | |
Interest Income Recognized | 156,000 | 489,000 | |
Commercial [Member] | Commercial Other [Member] | Collateral Pledged [Member] | |||
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | $ 957,000 | ||
Total loans [Abstract] | |||
Number of Loans | Loan | 5 | ||
Recorded balance | $ 9,569,000 | ||
Specific Allowance | 957,000 | ||
Commercial [Member] | Commercial Other [Member] | Collateral Pledged by Leasehold Mortgage [Member] | |||
Total loans [Abstract] | |||
Recorded balance | 5,100,000 | ||
Commercial [Member] | Commercial Other [Member] | Collateral Pledged by Underground Coal Mining Equipment and Junior Real Estate Liens [Member] | |||
Total loans [Abstract] | |||
Recorded balance | 4,100,000 | ||
Commercial [Member] | Commercial Other [Member] | Collateralized by Commercial Real Estate and Liens on Furniture, Fixtures, and Equipment [Member] | |||
Total loans [Abstract] | |||
Recorded balance | $ 400,000 | ||
Commercial [Member] | Construction [Member] | |||
Loans without a specific valuation allowance [Abstract] | |||
Recorded Balance | 3,308,000 | 2,836,000 | |
Unpaid Contractual Principal Balance | 3,308,000 | 2,837,000 | |
Average Investment in Impaired Loans | 3,655,000 | 3,234,000 | |
Interest Income Recognized | 46,000 | 170,000 | |
Loans with a specific valuation allowance [Abstract] | |||
Recorded Balance | 324,000 | 174,000 | |
Unpaid Contractual Principal Balance | 324,000 | 174,000 | |
Specific Allowance | 164,000 | 99,000 | |
Average Investment in Impaired Loans | 324,000 | 215,000 | |
Interest Income Recognized | 3,000 | 11,000 | |
Total loans [Abstract] | |||
Recorded balance | 3,632,000 | 3,010,000 | |
Unpaid Contractual Principal Balance | 3,632,000 | 3,011,000 | |
Specific Allowance | 164,000 | 99,000 | |
Average Investment in Impaired Loans | 3,979,000 | 3,449,000 | |
Interest Income Recognized | 49,000 | 181,000 | |
Commercial [Member] | Real Estate [Member] | |||
Loans without a specific valuation allowance [Abstract] | |||
Recorded Balance | 32,407,000 | 40,346,000 | |
Unpaid Contractual Principal Balance | 34,098,000 | 41,557,000 | |
Average Investment in Impaired Loans | 32,811,000 | 36,976,000 | |
Interest Income Recognized | 347,000 | 1,601,000 | |
Loans with a specific valuation allowance [Abstract] | |||
Recorded Balance | 1,922,000 | 1,033,000 | |
Unpaid Contractual Principal Balance | 3,060,000 | 2,176,000 | |
Specific Allowance | 847,000 | 227,000 | |
Average Investment in Impaired Loans | 1,966,000 | 1,678,000 | |
Interest Income Recognized | 10,000 | 15,000 | |
Total loans [Abstract] | |||
Recorded balance | 34,329,000 | 41,379,000 | |
Unpaid Contractual Principal Balance | 37,158,000 | 43,733,000 | |
Specific Allowance | 847,000 | 227,000 | |
Average Investment in Impaired Loans | 34,777,000 | 38,654,000 | |
Interest Income Recognized | 357,000 | 1,616,000 | |
Residential [Member] | Construction [Member] | |||
Loans without a specific valuation allowance [Abstract] | |||
Recorded Balance | 0 | ||
Unpaid Contractual Principal Balance | 0 | ||
Average Investment in Impaired Loans | 0 | ||
Interest Income Recognized | 0 | ||
Residential [Member] | Real Estate [Member] | |||
Loans without a specific valuation allowance [Abstract] | |||
Recorded Balance | 2,337,000 | 2,309,000 | |
Unpaid Contractual Principal Balance | 2,337,000 | 2,309,000 | |
Average Investment in Impaired Loans | 2,329,000 | 2,385,000 | |
Interest Income Recognized | 19,000 | 85,000 | |
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | 0 | 0 | |
Total loans [Abstract] | |||
Recorded balance | 2,337,000 | 2,309,000 | |
Unpaid Contractual Principal Balance | 2,337,000 | 2,309,000 | |
Specific Allowance | 0 | 0 | |
Average Investment in Impaired Loans | 2,329,000 | 2,385,000 | |
Interest Income Recognized | $ 19,000 | $ 85,000 |
Loans, Troubled Debt Restructur
Loans, Troubled Debt Restructurings Segregated by Class (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)Loan | Mar. 31, 2019USD ($)Loan | Dec. 31, 2019USD ($)Loan | |
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 23 | 13 | 35 |
Pre-Modification Outstanding Recorded Investment | $ 7,594 | ||
Post-Modification Outstanding Balance | 7,522 | $ 3,195 | $ 9,076 |
Commitment to extend additional credit on loans modified in TDRs | $ 95 | $ 82 | |
Defaulted restructured loans, number of loans | Loan | 3 | 3 | |
Defaulted restructured loans, recorded balance | $ 3,805 | $ 527 | |
Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 7,594 | ||
Post-Modification Outstanding Balance | $ 7,522 | 2,413 | 8,133 |
Rate Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Post-Modification Outstanding Balance | 0 | 0 | |
Combination [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Post-Modification Outstanding Balance | $ 782 | $ 943 | |
Commercial [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 22 | ||
Pre-Modification Outstanding Recorded Investment | $ 7,206 | ||
Post-Modification Outstanding Balance | 7,134 | ||
Commercial [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 7,206 | ||
Post-Modification Outstanding Balance | $ 7,134 | ||
Commercial [Member] | Commercial Real Estate Residential [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 8 | ||
Pre-Modification Outstanding Recorded Investment | $ 4,397 | ||
Post-Modification Outstanding Balance | 4,399 | ||
Commercial [Member] | Commercial Real Estate Residential [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 4,397 | ||
Post-Modification Outstanding Balance | $ 4,399 | ||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 9 | ||
Pre-Modification Outstanding Recorded Investment | $ 2,345 | ||
Post-Modification Outstanding Balance | $ 2,336 | ||
Defaulted restructured loans, number of loans | Loan | 1 | ||
Defaulted restructured loans, recorded balance | $ 3,532 | ||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 2,345 | ||
Post-Modification Outstanding Balance | $ 2,336 | ||
Commercial [Member] | Commercial Other [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 5 | 7 | 17 |
Pre-Modification Outstanding Recorded Investment | $ 464 | ||
Post-Modification Outstanding Balance | $ 399 | $ 1,262 | $ 1,829 |
Defaulted restructured loans, number of loans | Loan | 2 | 1 | |
Defaulted restructured loans, recorded balance | $ 273 | $ 34 | |
Commercial [Member] | Commercial Other [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 464 | ||
Post-Modification Outstanding Balance | $ 399 | 1,122 | 1,565 |
Commercial [Member] | Commercial Other [Member] | Rate Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Post-Modification Outstanding Balance | 0 | 0 | |
Commercial [Member] | Commercial Other [Member] | Combination [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Post-Modification Outstanding Balance | $ 140 | $ 264 | |
Commercial [Member] | Real Estate Mortgage [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 5 | 17 | |
Post-Modification Outstanding Balance | $ 1,470 | $ 6,784 | |
Defaulted restructured loans, number of loans | Loan | 1 | ||
Defaulted restructured loans, recorded balance | $ 30 | ||
Commercial [Member] | Real Estate Mortgage [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Post-Modification Outstanding Balance | 828 | 6,105 | |
Commercial [Member] | Real Estate Mortgage [Member] | Rate Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Post-Modification Outstanding Balance | 0 | 0 | |
Commercial [Member] | Real Estate Mortgage [Member] | Combination [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Post-Modification Outstanding Balance | $ 642 | $ 679 | |
Residential [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 388 | ||
Post-Modification Outstanding Balance | 388 | ||
Residential [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 388 | ||
Post-Modification Outstanding Balance | $ 388 | ||
Residential [Member] | Real Estate Mortgage [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 388 | ||
Post-Modification Outstanding Balance | 388 | $ 463 | $ 463 |
Defaulted restructured loans, number of loans | Loan | 1 | ||
Defaulted restructured loans, recorded balance | $ 463 | ||
Residential [Member] | Real Estate Mortgage [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 388 | ||
Post-Modification Outstanding Balance | $ 388 | 463 | 463 |
Residential [Member] | Real Estate Mortgage [Member] | Rate Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Post-Modification Outstanding Balance | 0 | 0 | |
Residential [Member] | Real Estate Mortgage [Member] | Combination [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Post-Modification Outstanding Balance | $ 0 | $ 0 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Activity for other real estate owned [Roll Forward] | ||
Beginning balance of other real estate owned | $ 19,480 | $ 27,273 |
New assets acquired | 1,625 | 854 |
Fair value adjustments | (458) | (447) |
Sale of assets | (831) | (2,710) |
Ending balance of other real estate owned | 19,816 | 24,970 |
Carrying cost and fair value adjustments for foreclosed properties | $ 900 | $ 800 |
Other Real Estate Owned, Major
Other Real Estate Owned, Major Classifications of Foreclosed Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | $ 19,816 | $ 19,480 |
1-4 Family [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | 4,158 | 3,630 |
Agricultural/Farmland [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | 0 | 0 |
Construction/Land Development/Other [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | 10,197 | 10,211 |
Multifamily [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | 88 | 88 |
Non-farm/Non-residential [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | $ 5,373 | $ 5,551 |
Repurchase Agreements (Details)
Repurchase Agreements (Details) - Securities Sold under Agreements to Repurchase [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Instruments Pledged as Collateral [Abstract] | ||
Carrying value of investment securities available-for-sale pledged as collateral under repurchase agreements | $ 267,900 | $ 264,900 |
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 236,908 | 226,917 |
Overnight and Continuous [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 113,908 | 101,674 |
Up to 30 Days [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 0 |
30-90 Days [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 7,243 |
Greater Than 90 Days [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 123,000 | 118,000 |
U.S. Treasury and Government Agencies [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 87,112 | 77,433 |
U.S. Treasury and Government Agencies [Member] | Overnight and Continuous [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 27,709 | 15,001 |
U.S. Treasury and Government Agencies [Member] | Up to 30 Days [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 0 |
U.S. Treasury and Government Agencies [Member] | 30-90 Days [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 3,479 |
U.S. Treasury and Government Agencies [Member] | Greater Than 90 Days [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 59,403 | 58,953 |
State and Political Subdivisions [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 59,893 | 64,126 |
State and Political Subdivisions [Member] | Overnight and Continuous [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 52,967 | 51,193 |
State and Political Subdivisions [Member] | Up to 30 Days [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 0 |
State and Political Subdivisions [Member] | 30-90 Days [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 1,768 |
State and Political Subdivisions [Member] | Greater Than 90 Days [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 6,926 | 11,165 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 89,903 | 85,358 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | Overnight and Continuous [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 33,232 | 35,480 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | Up to 30 Days [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 0 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | 30-90 Days [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 1,996 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | Greater Than 90 Days [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | $ 56,671 | $ 47,882 |
Fair Market Value of Financia_3
Fair Market Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | $ 633,479 | $ 599,844 | |
Equity securities at fair value | 1,721 | 1,953 | |
Assets measured-nonrecurring basis [Abstract] | |||
Collateral dependent loans | 2,870 | ||
Impaired loans | 3,217 | ||
Reconciliation of beginning and ending balances of recurring fair value measurements recognized in balance sheet using significant unobservable (Level 3) inputs [Roll Forward] | |||
Total gains (losses) | $ (1,159) | $ 22 | |
Minimum [Member] | |||
Other real estate owned [Abstract] | |||
Typical frequency of periodic reviews | 12 months | ||
Maximum [Member] | |||
Other real estate owned [Abstract] | |||
Typical frequency of periodic reviews | 18 months | ||
Frequency of periodic reviews in general | 24 months | ||
U.S. Treasury and Government Agencies [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | $ 159,871 | 171,150 | |
State and Political Subdivisions [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 99,196 | 102,307 | |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 321,043 | 295,245 | |
Other Debt Securities [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 53,369 | 31,142 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 70,050 | 54,263 | |
Equity securities at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 563,429 | 545,581 | |
Equity securities at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 0 | 0 | |
Equity securities at fair value | 1,721 | 1,953 | |
Recurring [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Equity securities at fair value | 1,721 | 1,953 | |
Mortgage servicing rights | 2,481 | 3,263 | |
Recurring [Member] | U.S. Treasury and Government Agencies [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 159,871 | 171,150 | |
Recurring [Member] | State and Political Subdivisions [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 99,196 | 102,307 | |
Recurring [Member] | U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 321,043 | 295,245 | |
Recurring [Member] | Other Debt Securities [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 53,369 | 31,142 | |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Equity securities at fair value | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury and Government Agencies [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 70,050 | 54,263 | |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | State and Political Subdivisions [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 0 | 0 | |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 0 | 0 | |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Debt Securities [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 0 | 0 | |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Equity securities at fair value | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury and Government Agencies [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 89,821 | 116,887 | |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 99,196 | 102,307 | |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 321,043 | 295,245 | |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Debt Securities [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 53,369 | 31,142 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Equity securities at fair value | 1,721 | 1,953 | |
Mortgage servicing rights | 2,481 | 3,263 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury and Government Agencies [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 0 | 0 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | State and Political Subdivisions [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 0 | 0 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 0 | 0 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Debt Securities [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Debt securities available-for-sale | 0 | 0 | |
Recurring [Member] | Equity Securities [Member] | |||
Reconciliation of beginning and ending balances of recurring fair value measurements recognized in balance sheet using significant unobservable (Level 3) inputs [Roll Forward] | |||
Beginning balance | 1,953 | 1,173 | |
Total unrealized gains (losses) included in net income | (232) | 355 | |
Issues | 0 | 0 | |
Settlements | 0 | 0 | |
Ending balance | 1,721 | 1,953 | 1,528 |
Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date | (232) | 355 | |
Recurring [Member] | Mortgage Servicing Rights [Member] | |||
Reconciliation of beginning and ending balances of recurring fair value measurements recognized in balance sheet using significant unobservable (Level 3) inputs [Roll Forward] | |||
Beginning balance | 3,263 | 3,607 | |
Total unrealized gains (losses) included in net income | (818) | (234) | |
Issues | 145 | 116 | |
Settlements | (109) | (99) | |
Ending balance | 2,481 | 3,263 | 3,390 |
Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date | (818) | (234) | |
Nonrecurring [Member] | |||
Impaired loan (collateral dependent) [Abstract] | |||
Fair value adjustments on collateral dependent loans | 800 | 400 | 400 |
Other real estate owned [Abstract] | |||
Other real estate owned, fair value adjustment | 400 | 400 | $ 700 |
Nonrecurring [Member] | Fair Value [Member] | |||
Assets measured-nonrecurring basis [Abstract] | |||
Collateral dependent loans | 2,870 | ||
Impaired loans | 3,217 | ||
Other real estate owned | 1,162 | 12,593 | |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value [Member] | |||
Assets measured-nonrecurring basis [Abstract] | |||
Collateral dependent loans | 0 | ||
Impaired loans | 0 | ||
Other real estate owned | 0 | 0 | |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value [Member] | |||
Assets measured-nonrecurring basis [Abstract] | |||
Collateral dependent loans | 0 | ||
Impaired loans | 0 | ||
Other real estate owned | 0 | 0 | |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value [Member] | |||
Assets measured-nonrecurring basis [Abstract] | |||
Collateral dependent loans | 2,870 | ||
Impaired loans | 3,217 | ||
Other real estate owned | $ 1,162 | $ 12,593 |
Fair Market Value of Financia_4
Fair Market Value of Financial Assets and Liabilities, Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value | $ 1,721 | $ 1,953 |
Mortgage servicing rights | 2,481 | 3,263 |
Collateral dependent loans | 2,870 | |
Impaired loans | 3,217 | |
Other real estate owned | $ 1,162 | $ 12,593 |
Conversion Rate [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input | 1.6228 | |
Dividend Rate [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input | 0.4868 | |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Discount Rate [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input | 0.080 | 0.080 |
Mortgage servicing rights, measurement input | 0.100 | 0.100 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Discount Rate [Member] | Maximum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input | 0.120 | 0.120 |
Mortgage servicing rights, measurement input | 0.115 | 0.115 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Discount Rate [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input | 0.100 | 0.100 |
Mortgage servicing rights, measurement input | 0.101 | 0.101 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Conversion Date [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input, conversion date | Dec. 31, 2022 | Dec. 31, 2022 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Conversion Date [Member] | Maximum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input, conversion date | Dec. 31, 2026 | Dec. 31, 2026 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Conversion Date [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input, conversion date | Dec. 31, 2024 | Dec. 31, 2024 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Constant Prepayment Rate [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Mortgage servicing rights, measurement input | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Constant Prepayment Rate [Member] | Maximum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Mortgage servicing rights, measurement input | 0.247 | 0.243 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Constant Prepayment Rate [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Mortgage servicing rights, measurement input | 0.167 | 0.117 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Probability of Default [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Mortgage servicing rights, measurement input | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Probability of Default [Member] | Maximum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Mortgage servicing rights, measurement input | 1 | 1 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Probability of Default [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Mortgage servicing rights, measurement input | 0.024 | 0.027 |
Significant Unobservable Inputs (Level 3) [Member] | Market Comparable Properties [Member] | Marketability Discount [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Collateral dependent loans, measurement input | 0.080 | |
Impaired loans, measurement input | 0.070 | |
Significant Unobservable Inputs (Level 3) [Member] | Market Comparable Properties [Member] | Marketability Discount [Member] | Maximum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Collateral dependent loans, measurement input | 0.880 | |
Impaired loans, measurement input | 0.990 | |
Significant Unobservable Inputs (Level 3) [Member] | Market Comparable Properties [Member] | Marketability Discount [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Collateral dependent loans, measurement input | 0.410 | |
Impaired loans, measurement input | 0.460 | |
Significant Unobservable Inputs (Level 3) [Member] | Market Comparable Properties [Member] | Comparability Adjustment [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Other real estate owned, measurement input | 0.100 | 0.060 |
Significant Unobservable Inputs (Level 3) [Member] | Market Comparable Properties [Member] | Comparability Adjustment [Member] | Maximum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Other real estate owned, measurement input | 0.425 | 0.298 |
Significant Unobservable Inputs (Level 3) [Member] | Market Comparable Properties [Member] | Comparability Adjustment [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Other real estate owned, measurement input | 0.132 | 0.113 |
Fair Market Value of Financia_5
Fair Market Value of Financial Assets and Liabilities, Estimated Fair Value of Financial Instruments and Indication of Level Within Fair Value Hierarchy of Valuation Techniques (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial assets [Abstract] | ||
Debt securities available-for-sale | $ 633,479 | $ 599,844 |
Debt securities held-to-maturity | 0 | 517 |
Equity securities at fair value | 1,721 | 1,953 |
Mortgage servicing rights | 2,481 | 3,263 |
Carrying Amount [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 192,702 | 264,683 |
Certificates of deposits in other banks | 245 | 245 |
Debt securities available-for-sale | 633,479 | 599,844 |
Debt securities held-to-maturity | 517 | |
Equity securities at fair value | 1,721 | 1,953 |
Loans held for sale | 1,403 | 1,167 |
Loans, net | 3,238,096 | 3,213,568 |
Federal Home Loan Bank stock | 11,354 | 10,474 |
Federal Reserve Bank stock | 4,887 | 4,887 |
Accrued interest receivable | 14,680 | 14,836 |
Mortgage servicing rights | 2,481 | 3,263 |
Financial liabilities [Abstract] | ||
Deposits | 3,395,108 | 3,405,572 |
Repurchase agreements | 236,908 | 226,917 |
Federal funds purchased | 4,907 | 7,906 |
Advances from Federal Home Loan Bank | 411 | 415 |
Long-term debt | 57,841 | 57,841 |
Accrued interest payable | 3,447 | 2,839 |
Unrecognized financial instruments [Abstract] | ||
Letters of credit | 0 | 0 |
Commitments to extend credit | 0 | 0 |
Forward sale commitments | 0 | 0 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 192,702 | 264,683 |
Certificates of deposits in other banks | 0 | 0 |
Debt securities available-for-sale | 70,050 | 54,263 |
Debt securities held-to-maturity | 0 | |
Equity securities at fair value | 0 | 0 |
Loans held for sale | 1,433 | 1,191 |
Loans, net | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | 860,844 | 865,760 |
Repurchase agreements | 0 | 0 |
Federal funds purchased | 0 | 0 |
Advances from Federal Home Loan Bank | 0 | 0 |
Long-term debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Unrecognized financial instruments [Abstract] | ||
Letters of credit | 0 | 0 |
Commitments to extend credit | 0 | 0 |
Forward sale commitments | 0 | 0 |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposits in other banks | 245 | 245 |
Debt securities available-for-sale | 563,429 | 545,581 |
Debt securities held-to-maturity | 517 | |
Equity securities at fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Federal Home Loan Bank stock | 11,354 | 10,474 |
Federal Reserve Bank stock | 4,887 | 4,887 |
Accrued interest receivable | 14,680 | 14,836 |
Mortgage servicing rights | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | 2,580,002 | 2,560,271 |
Repurchase agreements | 0 | 0 |
Federal funds purchased | 4,907 | 7,906 |
Advances from Federal Home Loan Bank | 463 | 446 |
Long-term debt | 0 | 0 |
Accrued interest payable | 3,447 | 2,839 |
Unrecognized financial instruments [Abstract] | ||
Letters of credit | 0 | 0 |
Commitments to extend credit | 0 | 0 |
Forward sale commitments | 0 | 0 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposits in other banks | 0 | 0 |
Debt securities available-for-sale | 0 | 0 |
Debt securities held-to-maturity | 0 | |
Equity securities at fair value | 1,721 | 1,953 |
Loans held for sale | 0 | 0 |
Loans, net | 3,341,686 | 3,283,876 |
Federal Home Loan Bank stock | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 2,481 | 3,263 |
Financial liabilities [Abstract] | ||
Deposits | 0 | 0 |
Repurchase agreements | 237,008 | 226,921 |
Federal funds purchased | 0 | 0 |
Advances from Federal Home Loan Bank | 0 | 0 |
Long-term debt | 49,382 | 49,382 |
Accrued interest payable | 0 | 0 |
Unrecognized financial instruments [Abstract] | ||
Letters of credit | 0 | 0 |
Commitments to extend credit | 0 | 0 |
Forward sale commitments | $ 0 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator [Abstract] | ||
Net income | $ 6,579 | $ 14,939 |
Basic earnings per share [Abstract] | ||
Weighted average shares (in shares) | 17,752,000 | 17,712,000 |
Diluted earnings per share [Abstract] | ||
Effect of dilutive stock options and restricted stock grants (in shares) | 11,000 | 11,000 |
Adjusted weighted average shares (in shares) | 17,763,000 | 17,723,000 |
Earnings per share [Abstract] | ||
Basic earnings per share (in dollars per share) | $ 0.37 | $ 0.84 |
Diluted earnings per share (in dollars per share) | $ 0.37 | $ 0.84 |
Options [Member] | ||
Earnings Per Share [Abstract] | ||
Options excluded from diluted calculations (in shares) | 20,000 | 0 |
Options excluded from diluted calculations, weighted average price (in dollars per share) | $ 32.27 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amounts Reclassified from AOCI [Abstract] | ||
Securities gains | $ 249 | $ 356 |
Tax expense | 258 | 3,941 |
Net income | 6,579 | 14,939 |
Unrealized Gains on AFS Securities [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||
Amounts Reclassified from AOCI [Abstract] | ||
Securities gains | 481 | 1 |
Tax expense | 125 | 0 |
Net income | $ 356 | $ 1 |