Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | COMMUNITY TRUST BANCORP INC /KY/ | ||
Entity Central Index Key | 0000350852 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 001-31220 | ||
Entity Incorporation, State or Country Code | KY | ||
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 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | CTBI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 552.8 | ||
Entity Common Stock, Shares Outstanding | 17,826,076 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets: | |||
Cash and due from banks | $ 54,250 | $ 58,680 | |
Interest bearing deposits | 283,985 | 206,003 | |
Cash and cash equivalents | 338,235 | 264,683 | |
Certificates of deposit in other banks | 245 | 245 | |
Debt securities available-for-sale at fair value (amortized cost of $978,774 and $593,945, respectively) | 997,261 | 599,844 | |
Debt securities held-to-maturity at amortized cost (fair value of $0 and $517, respectively) | 0 | 517 | |
Equity securities at fair value | 2,471 | 1,953 | |
Loans held for sale | 23,259 | 1,167 | |
Loans | 3,554,211 | 3,248,664 | |
Allowance for credit losses | [1] | (48,022) | (35,096) |
Net loans | 3,506,189 | 3,213,568 | |
Premises and equipment, net | 42,001 | 44,046 | |
Right-of-use assets | 13,215 | 14,550 | |
Federal Home Loan Bank stock | 10,048 | 10,474 | |
Federal Reserve Bank stock | 4,887 | 4,887 | |
Goodwill | 65,490 | 65,490 | |
Bank owned life insurance | 72,373 | 69,269 | |
Mortgage servicing rights | 4,068 | 3,263 | |
Other real estate owned | 7,694 | 19,480 | |
Accrued interest receivable | 15,818 | 14,836 | |
Other assets | 35,887 | 37,731 | |
Total assets | 5,139,141 | 4,366,003 | |
Deposits: | |||
Noninterest bearing | 1,140,925 | 865,760 | |
Interest bearing | 2,875,157 | 2,539,812 | |
Total deposits | 4,016,082 | 3,405,572 | |
Repurchase agreements | 355,862 | 226,917 | |
Federal funds purchased | 500 | 7,906 | |
Advances from Federal Home Loan Bank | 395 | 415 | |
Long-term debt | 57,841 | 57,841 | |
Deferred tax liability | 4,687 | 5,110 | |
Operating lease liability | 12,531 | 13,729 | |
Finance lease liability | 1,441 | 1,456 | |
Accrued interest payable | 1,243 | 2,839 | |
Other liabilities | 33,694 | 29,332 | |
Total liabilities | 4,484,276 | 3,751,117 | |
Commitments and contingencies (notes 17 and 19) | |||
Shareholders' equity: | |||
Preferred stock, 300,000 shares authorized and unissued | 0 | 0 | |
Common stock, $5.00 par value, shares authorized 25,000,000; shares outstanding 2020 - 17,810,401; 2019 - 17,793,165 | 89,052 | 88,966 | |
Capital surplus | 225,507 | 224,907 | |
Retained earnings | 326,738 | 296,760 | |
Accumulated other comprehensive income, net of tax | 13,568 | 4,253 | |
Total shareholders' equity | 654,865 | 614,886 | |
Total liabilities and shareholders' equity | $ 5,139,141 | $ 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. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Debt securities available-for-sale at amortized cost | $ 978,774 | $ 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) | 17,810,401 | 17,793,165 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Interest income: | ||||
Interest and fees on loans, including loans held for sale | $ 160,826 | $ 164,991 | $ 154,552 | |
Interest and dividends on securities: | ||||
Taxable | 11,939 | 12,516 | 10,015 | |
Tax exempt | 2,380 | 2,354 | 2,796 | |
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock | 532 | 947 | 1,303 | |
Interest on Federal Reserve Bank deposits | 704 | 4,434 | 2,525 | |
Other, including interest on federal funds sold | 60 | 156 | 259 | |
Total interest income | 176,441 | 185,398 | 171,450 | |
Interest expense: | ||||
Interest on deposits | 21,177 | 33,371 | 23,714 | |
Interest on repurchase agreements and federal funds purchased | 2,788 | 4,631 | 3,312 | |
Interest on advances from Federal Home Loan Bank | 0 | 39 | 27 | |
Interest on long-term debt | 1,485 | 2,472 | 2,242 | |
Total interest expense | 25,450 | 40,513 | 29,295 | |
Net interest income | 150,991 | 144,885 | 142,155 | |
Provision for credit losses | [1] | 16,047 | 4,819 | 6,167 |
Net interest income after provision for credit losses | 134,944 | 140,066 | 135,988 | |
Noninterest income: | ||||
Service charges on deposit accounts | 23,461 | 26,359 | 25,974 | |
Gains on sales of loans, net | 7,226 | 1,880 | 1,288 | |
Trust and wealth management income | 10,931 | 10,804 | 11,313 | |
Loan related fees | 4,041 | 2,742 | 3,729 | |
Bank owned life insurance | 2,306 | 2,397 | 3,672 | |
Brokerage revenue | 1,483 | 1,367 | 1,354 | |
Securities gains (losses) | 1,769 | 783 | (85) | |
Other noninterest income | 3,343 | 3,852 | 4,707 | |
Total noninterest income | 54,560 | 50,184 | 51,952 | |
Noninterest expense: | ||||
Officer salaries and employee benefits | 15,257 | 12,614 | 12,906 | |
Other salaries and employee benefits | 51,170 | 50,413 | 48,656 | |
Occupancy, net | 7,912 | 7,845 | 8,167 | |
Equipment | 2,737 | 3,000 | 2,878 | |
Data processing | 7,941 | 7,417 | 6,680 | |
Bank franchise tax | 7,299 | 6,771 | 6,557 | |
Legal fees | 1,634 | 1,968 | 1,637 | |
Professional fees | 2,091 | 2,188 | 2,093 | |
Advertising and marketing | 2,980 | 3,283 | 2,995 | |
FDIC insurance | 1,056 | 266 | 1,171 | |
Other real estate owned provision and expense | 2,655 | 5,490 | 4,324 | |
Repossession expense | 717 | 1,042 | 1,249 | |
Amortization of limited partnership investments | 3,759 | 3,422 | 2,527 | |
Other noninterest expense | 12,031 | 12,539 | 15,558 | |
Total noninterest expense | 119,239 | 118,258 | 117,398 | |
Income before income taxes | 70,265 | 71,992 | 70,542 | |
Income taxes | 10,761 | 7,452 | 11,314 | |
Net income | 59,504 | 64,540 | 59,228 | |
Unrealized holding gains (losses) on debt securities available-for-sale: | ||||
Unrealized holding gains (losses) arising during the period | 13,839 | 14,270 | (5,393) | |
Less: Reclassification adjustments for realized gains (losses) included in net income | 1,251 | 3 | (821) | |
Tax expense (benefit) | 3,273 | 3,403 | (960) | |
Other comprehensive income (loss), net of tax | 9,315 | 10,864 | (3,612) | |
Comprehensive income | $ 68,819 | $ 75,404 | $ 55,616 | |
Basic earnings per share (in dollars per share) | $ 3.35 | $ 3.64 | $ 3.35 | |
Diluted earnings per share (in dollars per share) | $ 3.35 | $ 3.64 | $ 3.35 | |
Weighted average shares outstanding-basic (in shares) | 17,748 | 17,724 | 17,687 | |
Weighted average shares outstanding-diluted (in shares) | 17,756 | 17,740 | 17,703 | |
[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 - USD ($) $ in Thousands | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | Total | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] |
Balance at Dec. 31, 2017 | $ 88,465 | $ 221,472 | $ 224,268 | $ (3,506) | $ 530,699 | |||
Balance (ASU 2014-09 [Member]) at Dec. 31, 2017 | $ 358 | $ 358 | ||||||
Balance (ASU 2016-01 [Member]) at Dec. 31, 2017 | (507) | $ 507 | 0 | |||||
Balance (in shares) at Dec. 31, 2017 | 17,692,912 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll forward] | ||||||||
Net income | 59,228 | 59,228 | ||||||
Other comprehensive income (loss), net of tax | (3,612) | (3,612) | ||||||
Cash dividends declared | (24,412) | (24,412) | ||||||
Issuance of common stock | $ 211 | 1,019 | 1,230 | |||||
Issuance of common stock (in shares) | 42,133 | |||||||
Issuance of restricted stock | $ 57 | (57) | 0 | |||||
Issuance of restricted stock (in shares) | 11,320 | |||||||
Vesting of restricted stock | $ (60) | 60 | 0 | |||||
Vesting of restricted stock (in shares) | (11,997) | |||||||
Forfeiture of restricted stock | $ (8) | 8 | 0 | |||||
Forfeiture of restricted stock (in shares) | (1,515) | |||||||
Stock-based compensation | 659 | 659 | ||||||
Balance at Dec. 31, 2018 | $ 88,665 | 223,161 | 258,935 | (6,611) | 564,150 | |||
Balance (ASU 2016-02 [Member]) at Dec. 31, 2018 | (480) | (480) | ||||||
Balance (in shares) at Dec. 31, 2018 | 17,732,853 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll forward] | ||||||||
Net income | 64,540 | 64,540 | ||||||
Other comprehensive income (loss), net of tax | 10,864 | 10,864 | ||||||
Cash dividends declared | (26,235) | (26,235) | ||||||
Issuance of common stock | $ 228 | 1,036 | 1,264 | |||||
Issuance of common stock (in shares) | 45,639 | |||||||
Issuance of restricted stock | $ 140 | (140) | 0 | |||||
Issuance of restricted stock (in shares) | 27,921 | |||||||
Vesting of restricted stock | $ (64) | 64 | 0 | |||||
Vesting of restricted stock (in shares) | (12,660) | |||||||
Forfeiture of restricted stock | $ (3) | 3 | 0 | |||||
Forfeiture of restricted stock (in shares) | (588) | |||||||
Stock-based compensation | 783 | 783 | ||||||
Balance at Dec. 31, 2019 | $ 88,966 | 224,907 | 296,760 | 4,253 | $ 614,886 | |||
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 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll forward] | ||||||||
Net income | 59,504 | $ 59,504 | ||||||
Other comprehensive income (loss), net of tax | 9,315 | 9,315 | ||||||
Cash dividends declared | (27,160) | (27,160) | ||||||
Issuance of common stock | $ 226 | 700 | 926 | |||||
Issuance of common stock (in shares) | 45,341 | |||||||
Repurchase of common stock | $ (163) | (936) | (1,099) | |||||
Repurchase of common stock (in shares) | (32,664) | |||||||
Issuance of restricted stock | $ 108 | (108) | 0 | |||||
Issuance of restricted stock (in shares) | 21,544 | |||||||
Vesting of restricted stock | $ (85) | 85 | 0 | |||||
Vesting of restricted stock (in shares) | (16,985) | |||||||
Forfeiture of restricted stock | $ 0 | 0 | 0 | |||||
Forfeiture of restricted stock (in shares) | 0 | |||||||
Stock-based compensation | 859 | 859 | ||||||
Balance at Dec. 31, 2020 | $ 89,052 | $ 225,507 | $ 326,738 | $ 13,568 | $ 654,865 | |||
Balance (in shares) at Dec. 31, 2020 | 17,810,401 | 17,810,401 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll forward] | |||
Other comprehensive income (loss), tax | $ 3,273 | $ 3,403 | $ (960) |
Cash dividends declared (in dollars per share) | $ 1.53 | $ 1.48 | $ 1.38 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flows from operating activities: | ||||
Net income | $ 59,504 | $ 64,540 | $ 59,228 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 5,346 | 5,515 | 3,786 | |
Deferred taxes | (2,909) | (1,412) | (246) | |
Stock-based compensation | 944 | 859 | 710 | |
Provision for credit losses | [1] | 16,047 | 4,819 | 6,167 |
Write-downs of other real estate owned and other repossessed assets | 1,454 | 4,295 | 2,530 | |
Gains on sale of loans held for sale | (7,226) | (1,880) | (1,288) | |
Securities (gains) losses | (1,251) | (3) | 85 | |
Fair value adjustment in equity securities | (518) | (780) | 0 | |
Gain on debt repurchase | 0 | (219) | 0 | |
(Gains) losses on sale of assets, net | 390 | 360 | (175) | |
Proceeds from sale of mortgage loans held for sale | 347,048 | 94,507 | 56,689 | |
Funding of mortgage loans held for sale | (361,913) | (91,333) | (56,829) | |
Amortization of securities premiums and discounts, net | 5,907 | 5,042 | 4,679 | |
Change in cash surrender value of bank owned life insurance | (1,371) | (1,567) | (2,924) | |
Payment of operating lease liabilities | (1,682) | (1,663) | 0 | |
Mortgage servicing rights: | ||||
Fair value adjustments | 1,064 | 975 | 343 | |
New servicing assets created | (1,869) | (631) | (466) | |
Changes in: | ||||
Accrued interest receivable | (982) | (404) | (1,094) | |
Other assets | 1,845 | 4,941 | (14,694) | |
Accrued interest payable | (1,596) | (63) | (674) | |
Other liabilities | 4,147 | (2,440) | 9,660 | |
Net cash provided by operating activities | 62,379 | 83,458 | 65,487 | |
Certificates of deposit in other banks: | ||||
Purchase of certificates of deposit | (245) | 0 | 0 | |
Maturity of certificates of deposit | 245 | 3,675 | 5,880 | |
Securities available-for-sale (AFS): | ||||
Purchase of AFS securities | (857,167) | (196,727) | (281,511) | |
Proceeds from sales of AFS securities | 186,194 | 25,734 | 153,315 | |
Proceeds from prepayments, calls, and maturities of AFS securities | 281,487 | 174,125 | 109,701 | |
Securities held-to-maturity (HTM): | ||||
Proceeds from prepayments and maturities of HTM securities | 517 | 132 | 10 | |
Change in loans, net | (306,523) | (46,162) | (93,151) | |
Purchase of premises and equipment | (1,482) | (2,570) | (2,832) | |
Proceeds from sale and retirement of premises and equipment | 1 | 48 | 97 | |
Redemption of stock by Federal Home Loan Bank | 426 | 4,239 | 3,214 | |
Proceeds from sale of other real estate owned and repossessed assets | 4,754 | 3,641 | 3,485 | |
Additional investment in bank owned life insurance | (1,733) | (1,241) | 0 | |
Proceeds from settlement of bank owned life insurance | 0 | 615 | 1,202 | |
Net cash used in investing activities | (693,526) | (34,491) | (100,590) | |
Cash flows from financing activities: | ||||
Change in deposits, net | 610,510 | 99,622 | 42,087 | |
Change in repurchase agreements and federal funds purchased, net | 121,539 | 931 | (17,234) | |
Advances from Federal Home Loan Bank | 25,000 | 30,000 | 0 | |
Payments on advances from Federal Home Loan Bank | (25,020) | (30,021) | (409) | |
Payment of finance lease liabilities | (15) | (14) | 0 | |
Repurchase of long-term debt | 0 | (1,281) | 0 | |
Issuance of common stock | 926 | 1,264 | 1,230 | |
Repurchase of stock | (1,099) | 0 | 0 | |
Dividends paid | (27,142) | (26,235) | (24,395) | |
Net cash provided by (used in) financing activities | 704,699 | 74,266 | 1,279 | |
Net increase (decrease) in cash and cash equivalents | 73,552 | 123,233 | (33,824) | |
Cash and cash equivalents at beginning of year | 264,683 | 141,450 | 175,274 | |
Cash and cash equivalents at end of year | 338,235 | 264,683 | 141,450 | |
Supplemental disclosures: | ||||
Income taxes paid | 13,275 | 9,988 | 9,700 | |
Interest paid | 27,047 | 40,576 | 28,621 | |
Non-cash activities: | ||||
Loans to facilitate the sale of other real estate owned and repossessed assets | 9,632 | 2,879 | 4,385 | |
Common stock dividends accrued, paid in subsequent quarter | 239 | 221 | 221 | |
Real estate acquired in settlement of loans | $ 4,446 | $ 3,384 | $ 5,459 | |
[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. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Accounting Policies | 1. Accounting Policies Basis of Presentation Nature of Operations Use of Estimates The accompanying financial statements have been prepared using values and information currently available to CTBI. Given the volatility of current economic conditions, the values of assets and liabilities recorded in the financial statements could change rapidly, resulting in material future adjustments in asset values, the allowance for credit losses, and capital. Cash and Cash Equivalents Certificates of Deposit in Other Banks 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 Accounting Standards Update (“ASU”) 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 December 31, 2020, CTBI held no securities designated as held-to-maturity. CTBI accounts for equity securities in accordance with Accounting Standards Codification (“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 A restructuring of a debt constitutes a troubled debt restructuring if the creditor for economic or legal reasons related to the debtor’s financial difficulties grants a concession to the debtor that it would not otherwise consider. 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. The ability to exclude COVID-19-related modifications as troubled debt restructurings was extended under the Consolidated Appropriations Act 2021 to the earlier of (i) 60 days after the COVID-19 national emergency and (ii) January 1, 2022. CTBI elected to adopt these provisions of the CARES Act, as extended by the Consolidated Appropriations Act 2021. 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. Leases lease liability for all leases with terms longer than 12 months. Leases are classified as either finance ASU 2018-11 provides a new transition method and a practical expedient for separating components of a contract. Transition: Comparative Reporting at Adoption The amendments in ASU 2018-11 provide entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current in Topic 840, Leases . An entity that elects this additional (and optional) transition method must provide the required Topic 840 disclosures for all periods that continue to be in accordance with Topic 840. The amendments do not change the existing disclosure requirements in Topic 840 (for example, they do not create interim disclosure requirements that entities previously were not required to provide). Separating Components of a Contract The amendments in ASU 2018-11 provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: • The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same. • The lease component, if accounted for separately, would be classified as an operating lease. An entity electing this practical expedient (including an entity that accounts for the combined component entirely in Topic 606) is required to disclose certain information, by class of underlying asset, as specified in the ASU. We elected the optional transition method of the modified retrospective approach provided in ASU 2018-11 which was applied on January 1, 2019. CTBI also elected certain relief options offered in ASU 2016-02, including the package of practical expedients, the option not to separate lease and non-lease components, and instead to account for them as a single lease component for all classes of assets, the hindsight practical expedient to allow entities to use hindsight when determining lease term and impairment of right-of-use assets, and the option not to recognize right-of-use assets and lease liabilities that arise from short-term leases (i.e., leases with terms of twelve months or less). 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 troubled debt restructuring (“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. For commercial loans greater than $1 million and classified as criticized, troubled debt restructuring, or nonaccrual, a specific reserve is established if a loss is determined to be possible and then charged-off once it is probable. 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. Prior to the adoption of ASU 2016-13, the allowance for loan losses on loans was established through a provision for loan losses charged to expense, which represented management’s best estimate of inherent losses that had been incurred within the existing portfolio of loans. The allowance for credit losses on loans included allowance allocations calculated in accordance with ASC Topic 310, Receivables and allowance allocations calculated in accordance with ASC Topic 450, Contingencies , as more fully described in our 2019 Form 10-K. Loans Held for Sale Premises and Equipment Depreciation and amortization are computed primarily using the straight-line method. Estimated useful lives range up to 40 years for buildings, 2 Federal Home Loan Bank and Federal Reserve Stock CTB is also a member of its regional Federal Reserve Bank. Federal Reserve Bank stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on the ultimate recovery par value. Both cash and stock dividends are reported as income. 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 12 All revenues and expenses related to the carrying of other real estate owned are recognized through the income statement. Goodwill and Core Deposit Intangible Intangibles-Goodwill and Other The balance of goodwill, at $65.5 million, has not changed since January 1, 2015. Our core deposit intangible has been fully amortized since December 31, 2017. Transfers of Financial Assets Revenue Recognition • Service charges on deposit accounts represents general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed. Payment for such performance obligations is generally received at the time the performance obligations are satisfied. • Trust and wealth management income represents monthly or quarterly fees due from wealth management customers as consideration for managing the customers’ assets. Wealth management and trust services include custody of assets, investment management, escrow services, fees for trust services, and similar fiduciary activities. Revenue is recognized when our performance obligation is completed each month or quarter, which is generally the time that payment is received. • Brokerage revenue is either fee based and collected upon the settlement of the transaction or commission based and • Other noninterest income primarily includes items such as letter of credit fees, gains on sale of loans held for sale and servicing fees related to mortgage and commercial loans, none of which are subject to the requirements of ASC 606. Income Taxes Earnings Per Share (“EPS”) Diluted EPS adjusts the number of weighted average shares of common stock outstanding by the dilutive effect of stock options, including restricted shares, as prescribed in ASC 718, Share-Based Payment Segments Bank Owned Life Insurance Mortgage Servicing Rights Servicing Assets and Liabilities Fair Value Measurements Share-Based Compensation Share-Based Payment Comprehensive Income Transfers between Fair Value Hierarchy Levels – 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, which are not unconditionally cancellable by CTBI, 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 will be individually evaluated: has a criticized risk rating, is in nonaccrual status, is a 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, when repayment is dependent upon sale of the collateral, 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 ASU No. 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820 as follows: 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 We do not anticipate a significant impact to our consolidated financial statements. ➢ 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. |
Cash and Due from Banks and Int
Cash and Due from Banks and Interest Bearing Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Due from Banks and Interest Bearing Deposits [Abstract] | |
Cash and Due from Banks and Interest Bearing Deposits | 2. Cash and Due from Banks and Interest Bearing Deposits Included in cash and due from banks and interest bearing deposits at December 31, 2019 were amounts required to be held at the Federal Reserve or maintained in vault cash in accordance with regulatory reserve requirements. The balance requirement was $78.0 million at December 31, 2019. On March 26, 2020, the Federal Reserve Board eliminated the reserve requirement on deposits at the Federal Reserve so institutions could have additional liquidity to lend to customers. At December 31, 2020, CTBI had cash accounts which exceeded federally insured limits, and therefore were not subject to FDIC insurance, with $280.7 million in deposits with the Federal Reserve, $21.3 million in deposits with US Bank, $0.4 million in deposits with Fifth Third Bank, and $3.3 million in deposits with the Federal Home Loan Bank. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2020 | |
Securities [Abstract] | |
Securities | 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. The amortized cost and fair value of debt securities at December 31, 2020 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 $ 148,507 $ 483 $ (197 ) $ 148,793 State and political subdivisions 133,287 7,132 (3 ) 140,416 U.S. government sponsored agency mortgage-backed securities 640,537 11,648 (378 ) 651,807 Other debt securities 56,443 10 (208 ) 56,245 Total available-for-sale securities $ 978,774 $ 19,273 $ (786 ) $ 997,261 The amortized cost and fair value of debt securities at December 31, 2019 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 December 31, 2020 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 $ 77,420 $ 77,424 Due after one through five years 18,480 19,005 Due after five through ten years 96,870 98,417 Due after ten years 89,024 94,363 U.S. government sponsored agency mortgage-backed securities 640,537 651,807 Other debt securities 56,443 56,245 Total debt securities $ 978,774 $ 997,261 In 2020, we had a net securities gain of $1.8 million. There was a net gain of $1.3 million realized on sales and calls of AFS securities, consisting of a pre-tax gain of $1.5 million and a pre-tax loss of $0.2 million, and an unrealized gain of $0.5 million from the fair market value adjustment of equity securities. There was a net gain of $0.8 million realized in 2019 and a net loss of $0.1 million realized in 2018. Equity Securities at Fair Value CTBI made the election permitted by ASC 321-10-35-2 to record its Visa Class B shares at fair value. Equity securities at fair value as of December 31, 2020 were $2.5 million, as a result of a $0.5 million increase in the fair market value in 2020. The fair market value of equity securities increased $0.8 million in 2019. No equity securities were sold during 2020. The amortized cost of securities pledged as collateral, to secure public deposits and for other purposes, was $354.5 million at December 31, 2020 and $239.1 million at December 31, 2019. The amortized cost of securities sold under agreements to repurchase amounted to $386.6 million at December 31, 2020 and $261.5 million at December 31, 2019. CTBI evaluates its investment portfolio on a quarterly basis for impairment. The analysis performed as of December 31, 2020 indicates that all impairment is considered temporary, market and interest rate driven, and not credit-related. The percentage of total debt securities with unrealized losses as of December 31, 2020 was 16.2% compared to 42.8% as of December 31, 2019. 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 31, 2020 that are not deemed to have credit losses. As stated above, CTBI had no HTM securities as of December 31, 2020. Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 5,604 $ (7 ) $ 5,597 State and political subdivisions 534 (3 ) 531 U.S. government sponsored agency mortgage-backed securities 58,463 (336 ) 58,127 Other debt securities 22,660 (29 ) 22,631 Total <12 months temporarily impaired AFS securities 87,261 (375 ) 86,886 12 Months or More U.S. Treasury and government agencies 46,163 (190 ) 45,973 State and political subdivisions 0 0 0 U.S. government sponsored agency mortgage-backed securities 2,801 (42 ) 2,759 Other debt securities 26,283 (179 ) 26,104 Total ≥12 months temporarily impaired AFS securities 75,247 (411 ) 74,836 Total U.S. Treasury and government agencies 51,767 (197 ) 51,570 State and political subdivisions 534 (3 ) 531 U.S. government sponsored agency mortgage-backed securities 61,264 (378 ) 60,886 Other debt securities 48,943 (208 ) 48,735 Total temporarily impaired AFS securities $ 162,508 $ (786 ) $ 161,722 The analysis performed as of December 31, 2019 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 31, 2019 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 31, 2019. 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 changes. 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 changes. 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 changes. 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 changes. 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 | 12 Months Ended |
Dec. 31, 2020 | |
Loans [Abstract] | |
Loans | 4. Loans Major classifications of loans, net of unearned income, deferred loan origination fees and costs, and net premiums on acquired loans, are summarized as follows: (in thousands) December 31 2020 Hotel/motel $ 260,699 Commercial real estate residential 287,928 Commercial real estate nonresidential 743,238 Dealer floorplans 69,087 Commercial other 279,908 Commercial unsecured SBA PPP 252,667 Commercial loans 1,893,527 Real estate mortgage 784,559 Home equity lines 103,770 Residential loans 888,329 Consumer direct 152,304 Consumer indirect 620,051 Consumer loans 772,355 Loans and lease financing $ 3,554,211 (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 reflect the implementation of ASU . , Financial Instruments—Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments , while the totals are presented under the previous incurred loss model. CTB adopted ASC for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results of reporting periods beginning are presented under ASC while prior period amounts continue to be reported in accordance with previously applicable GAAP. The loan portfolios presented above are net of unearned fees and unamortized premiums. Unearned fees included above totaled $ million as of and $ million as of while the unamortized premiums on the indirect lending portfolio totaled $ million as of and $ million as of . CTBI has segregated and evaluates its loan portfolio through 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 secondarily 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 secondarily 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 secondarily 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 . , all commercial real estate loans were segmented together with construction loans presented separately. Dealer . Commercial other loans consist of 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. CTBI participated in the Paycheck Protection Program (“PPP”) established by the CARES Act resulting in a new loan segment of unsecured commercial other loans that are guaranteed by the Small Business Administration (“SBA”). These loans, which are subject to forgiveness, have maturities of either or to years, depending on when the loan was made. These loans currently have allowance for credit losses. 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 secondary 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 $ at and $ at . The December 31, 2020 : Year Ended December 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 2,858 1,772 3,303 (214 ) 2,040 1,584 16 609 4,079 16,047 Losses charged off (43 ) (182 ) (941 ) (26 ) (3,339 ) (321 ) (4 ) (927 ) (4,670 ) (10,453 ) Recoveries 0 156 90 0 423 72 10 510 3,031 4,292 Ending balance $ 6,356 $ 4,464 $ 11,086 $ 1,382 $ 4,289 $ 7,832 $ 844 $ 1,863 $ 9,906 $ 48,022 The following table presents details of the allowance for loan and lease losses (“ALLL”) segregated by loan portfolio segment as of December 31, 2019, calculated in accordance with our prior incurred loss methodology described in our 2019 Form 10-K. Year Ended December 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 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 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 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 party to form its loss driver forecasts over the 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: ( ) 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. ( ) 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. With the continued impact of the global COVID pandemic and the fact that there is immediate end foreseen, this has been identified as a significant specific event that could impact our customers’ ability to pay. CTBI added a new factor during the year as an allocation to recognize when there are significant events occurring that could impact the loan portfolio. Management noted that the qualitative factors for current delinquency trends and our levels of nonperforming loans were driving a reduction in the overall calculation for our ACL. Management was concerned that these factors may have been artificially influenced by the current credit environment and the number of loans that have received payment deferrals. Given this uncertainty, management elected to include this new significant event qualitative factor to anticipate continued impact of COVID once further deferments are longer available and SBA Payroll Protection Programs end. 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 longer require individual analysis. The inherent model risk factor was decreased by $ in the quarter as formerly impaired loans that are longer individually analyzed were reassigned and returned to the appropriate loan segments where the historical loss and other qualitative factors were applied. Allocations to the allowance for credit losses for the year ended totaled $ , an increase of $ from . The implementation of ASC increased our reserves $ on . The economic decline, as well as increases to CTBI’s forecast factors for expected continued decline in hotel/motel, lessors of nonresidential properties, and lessors of residential properties industries over the forecast period, was the primary driver of the increase in the ACL. Our reserve coverage (allowance for credit losses to nonperforming loans) at was compared to the allowance for loan and lease losses to nonperforming loans of at . Our credit loss reserve as a percentage of total loans outstanding at was at above the allowance for loan loss reserve incurred loss model of from . Refer to Note 1 to the condensed consolidated financial statements for further information regarding our nonaccrual policy. Nonaccrual loans segregated by class of loans for both December 31, 2020 and 2019 December 31, 2020 (in thousands) Nonaccrual Loans with No ACL Nonaccrual Loans with ACL 90+ and Still Accruing Total Nonperforming Loans Hotel/motel $ 0 $ 0 $ 0 $ 0 Commercial real estate residential 0 1,225 4,776 6,001 Commercial real estate nonresidential 0 1,424 7,852 9,276 Commercial other 0 867 269 1,136 Total commercial loans 0 3,516 12,897 16,413 Real estate mortgage 0 5,346 3,420 8,766 Home equity lines 0 582 392 974 Total residential loans 0 5,928 3,812 9,740 Consumer direct 0 0 71 71 Consumer indirect 0 0 353 353 Total consumer loans 0 0 424 424 Loans and lease financing $ 0 $ 9,444 $ 17,133 $ 26,577 CTBI recognized $ in interest income on the above nonaccrual loans for the year ended . (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 and (includes loans days past due and still accruing as well): December 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 $ 0 $ 0 $ 260,699 $ 260,699 Commercial real estate residential 722 413 5,577 6,712 281,216 287,928 Commercial real estate nonresidential 1,199 0 8,703 9,902 733,336 743,238 Dealer floorplans 0 0 0 0 69,087 69,087 Commercial other 658 136 835 1,629 278,279 279,908 Commercial unsecured SBA PPP 0 0 0 0 252,667 252,667 Total commercial loans 2,579 549 15,115 18,243 1,875,284 1,893,527 Real estate mortgage 1,784 3,501 6,897 12,182 772,377 784,559 Home equity lines 509 305 919 1,733 102,037 103,770 Total residential loans 2,293 3,806 7,816 13,915 874,414 888,329 Consumer direct 659 87 71 817 151,487 152,304 Consumer indirect 2,960 973 353 4,286 615,765 620,051 Total consumer loans 3,619 1,060 424 5,103 767,252 772,355 Loans and lease financing $ 8,491 $ 5,415 $ 23,355 $ 37,261 $ 3,516,950 $ 3,554,211 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 7.3% 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 reporting to the Securities and Exchange Commission, 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. 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. CTBI’s participation in the CARES Act PPP loan program has resulted in a new loan segment of unsecured commercial other loans that are one hundred percent SBA guaranteed. These loans, which are subject to forgiveness, have maturities of either two or three to five years, depending on when the loans were made. These loans currently have no allowance for credit losses. 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 $ 11,507 $ 70,504 $ 27,453 $ 39,651 $ 6,357 $ 22,372 $ 0 $ 177,844 Watch 23,951 2,506 3,366 2,102 16,740 7,422 56,087 OAEM 0 1,993 9,576 0 0 0 0 11,569 Substandard 0 0 0 1,113 8,840 5,246 0 15,199 Doubtful 0 0 0 0 0 0 0 0 Total hotel/motel $ 35,458 $ 75,003 $ 40,395 $ 42,866 $ 31,937 $ 35,040 $ 0 $ 260,699 Commercial real estate residential Risk rating: Pass $ 85,403 $ 39,238 $ 29,179 $ 17,390 $ 21,272 $ 46,419 $ 10,470 $ 249,371 Watch 1,714 2,214 2,438 2,962 4,520 5,306 182 19,336 OAEM 1,921 1,361 323 142 129 0 0 3,876 Substandard 4,301 606 1,991 4,076 1,108 3,263 0 15,345 Doubtful 0 0 0 0 0 0 0 0 Total commercial real estate residential $ 93,339 $ 43,419 $ 33,931 $ 24,570 $ 27,029 $ 54,988 $ 10,652 $ 287,928 Commercial real estate nonresidential Risk rating: Pass $ 125,205 $ 97,204 $ 77,685 $ 80,416 $ 100,740 $ 165,839 $ 25,524 $ 672,613 Watch 5,133 3,175 5,075 6,366 3,020 11,046 601 34,416 OAEM 0 887 68 0 0 3,382 115 4,452 Substandard 7,254 6,152 3,471 2,462 1,358 10,817 215 31,729 Doubtful 0 0 0 0 0 28 0 28 Total commercial real estate nonresidential $ 137,592 $ 107,418 $ 86,299 $ 89,244 $ 105,118 $ 191,112 $ 26,455 $ 743,238 Dealer floorplans Risk rating: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 68,610 $ 68,610 Watch 0 0 0 0 0 0 477 477 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total dealer floorplans $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 69,087 $ 69,087 Commercial other Risk rating: Pass $ 75,014 $ 26,385 $ 33,825 $ 13,975 $ 6,225 $ 22,733 $ 78,547 $ 256,704 Watch 2,888 378 1,130 555 464 595 7,030 13,040 OAEM 25 0 5,056 181 367 0 124 5,753 Substandard 2,136 556 318 460 460 411 70 4,411 Doubtful 0 0 0 0 0 0 0 0 Total commercial other $ 80,063 $ 27,319 $ 40,329 $ 15,171 $ 7,516 $ 23,739 $ 85,771 $ 279,908 Commercial unsecured SBA PPP Risk rating: Pass $ 252,667 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 252,667 Watch 0 0 0 0 0 0 0 0 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total commercial unsecured SBA PPP $ 252,667 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 252,667 Commercial loans Risk rating: Pass $ 549,796 $ 233,331 $ 168,142 $ 151,432 $ 134,594 $ 257,363 $ 183,151 $ 1,677,809 Watch 33,686 8,273 12,009 11,985 24,744 24,369 8,290 123,356 OAEM 1,946 4,241 15,023 323 496 3,382 239 25,650 Substandard 13,691 7,314 5,780 8,111 11,766 19,737 285 66,684 Doubtful 0 0 0 0 0 28 0 28 Total commercial loans $ 599,119 $ 253,159 $ 200,954 $ 171,851 $ 171,600 $ 304,879 $ 191,965 $ 1,893,527 (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 $ 0 $ 0 $ 0 $ 23 $ 12,049 $ 90,724 $ 102,796 Nonperforming 0 0 0 0 0 585 389 974 Total home equity lines $ 0 $ 0 $ 0 $ 0 $ 23 $ 12,634 $ 91,113 $ 103,770 Mortgage loans Performing $ 214,629 $ 119,301 $ 56,812 $ 60,915 $ 48,253 $ 275,883 $ 0 $ 775,793 Nonperforming 0 436 303 314 352 7,361 0 8,766 Total mortgage loans $ 214,629 $ 119,737 $ 57,115 $ 61,229 $ 48,605 $ 283,244 $ 0 $ 784,559 Residential loans Performing $ 214,629 $ 119,301 $ 56,812 $ 60,915 $ 48,276 $ 287,932 $ 90,724 $ 878,589 Nonperforming 0 436 303 314 352 7,946 389 9,740 Total residential loans $ 214,629 $ 119,737 $ 57,115 $ 61,229 $ 48,628 $ 295,878 $ 91,113 $ 888,329 Consumer direct loans Performing $ 72,677 $ 32,993 $ 18,461 $ 9,157 $ 6,581 $ 12,364 $ 0 $ 152,233 Nonperforming 7 57 0 7 0 0 0 71 Total consumer direct loans $ 72,684 $ 33,050 $ 18,461 $ 9,164 $ 6,581 $ 12,364 $ 0 $ 152,304 Consumer indirect loans Performing $ 301,494 $ 135,123 $ 100,482 $ 50,665 $ 23,777 $ 8,157 $ 0 $ 619,698 Nonperforming 27 115 118 52 30 11 0 353 Total consumer indirect loans $ 301,521 $ 135,238 $ 100,600 $ 50,717 $ 23,807 $ 8,168 $ 0 $ 620,051 Consumer loans Performing $ 374,171 $ 168,116 $ 118,943 $ 59,822 $ 30,358 $ 20,521 $ 0 $ 771,931 Nonperforming 34 172 118 59 30 11 0 424 Total consumer loans $ 374,205 $ 168,288 $ 119,061 $ 59,881 $ 30,388 $ 20,532 $ 0 $ 772,355 (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 90 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 began, but have been suspended, was $ at . The total of consumer mortgage loans secured by real estate properties for which formal foreclosure proceedings were in process at was $ . 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: December 31, 2020 (in thousands) Number of Loans Recorded Investment Specific Reserve Hotel/motel 5 $ 26,194 $ 250 Commercial real estate residential 4 7,833 0 Commercial real estate nonresidential 12 24,497 200 Commercial other 1 5,050 0 Total collateral dependent loans 22 $ 63,574 $ 450 The hotel/motel, commercial real estate residential, and commercial real estate nonresidential segments are all collateralized with real estate. The loan listed in the commercial other segment is collateralized by various chattel and real estate collateral with $ collateralized by a leasehold mortgage and assignment of lease on commercial property as well as furniture, fixtures, and equipment of the leasehold property. Prior to the adoption of ASC 326 on January 1, 2020, loans were reported as impaired when, based on then current information and events, it was probable we would be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. If a loan was impaired, a specific valuation allowance was allocated, if necessary, so that the loan was reported at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment was expected solely from the collateral. The following table presents impaired loans, the average investment in impaired loans, and interest income recognized on impaired loans for the years ended December 31, 2019 and 2018. December 31, 2019 (in thousands) Recorded Balance Unpaid Contractual Principal Balance Specific Allowance Average Investment in Impaired Loans *I |
Mortgage Banking and Servicing
Mortgage Banking and Servicing Rights | 12 Months Ended |
Dec. 31, 2020 | |
Mortgage Banking and Servicing Rights [Abstract] | |
Mortgage Banking and Servicing Rights | 5. Mortgage Banking and Servicing Rights Mortgage banking activities primarily include residential mortgage originations and servicing. As discussed in note 1 above, mortgage servicing rights (“MSRs”) are carried at fair market value. The fair value is determined quarterly based on an independent third-party valuation using a discounted cash flow analysis and calculated using a computer pricing model. The system used in this evaluation, Compass Point, attempts to quantify loan level idiosyncratic risk by calculating a risk derived value. As a result, each loan’s unique characteristics determine the valuation assumptions ascribed to that loan. Additionally, the computer valuation is based on key economic assumptions including the 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, as applicable. Along with the gains received from the sale of loans, fees are received for servicing loans. These fees include late fees, which are recorded in interest income, and ancillary fees and monthly servicing fees, which are recorded in noninterest income. Costs of servicing loans are charged to expense as incurred. Changes in fair market value of the MSRs are reported as an increase or decrease to mortgage banking income. The following table presents the components of mortgage banking income: (in thousands) Year Ended December 31 2020 2019 2018 Net gain on sale of mortgage loans held for sale $ 7,226 $ 1,746 $ 1,288 Net loan servicing income (expense): Servicing fees 1,515 1,297 1,275 Late fees 52 72 73 Ancillary fees 1,310 190 282 Fair value adjustments (1,064 ) (975 ) (343 ) Net loan servicing income 1,813 584 1,287 Mortgage banking income $ 9,039 $ 2,330 $ 2,575 Mortgage loans serviced for others are not included in the accompanying balance sheets. Loans serviced for the benefit of others (primarily FHLMC) totaled $650 million, $486 million, and $462 million at December 31, 2020, 2019, and 2018, respectively. Servicing loans for others generally consist of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and processing foreclosures. Custodial escrow balances maintained in connection with the foregoing loan servicing, and included in demand deposits, were approximately $2.0 million, $ million, and $ million Activity for capitalized mortgage servicing rights using the fair value method is as follows: (in thousands) 2020 2019 2018 Fair value of MSRs, beginning of year $ 3,263 $ 3,607 $ 3,484 New servicing assets created 1,869 631 466 Change in fair value during the year due to: Time decay (1) (135 ) (167 ) (189 ) Payoffs (2) (766 ) (293 ) (227 ) Changes in valuation inputs or assumptions (3) (163 ) (515 ) 73 Fair value of MSRs, end of year $ 4,068 $ 3,263 $ 3,607 (1) Represents decrease in value due to regularly scheduled loan principal payments and partial loan paydowns. (2) Represents decrease in value due to loans that paid off during the period. (3) Represents change in value resulting from market-driven changes in interest rates. The fair values of capitalized mortgage servicing rights were $4.1 million, $3.3 million, and $3.6 million at December 31, 2020, 2019, and 2018, respectively. Fair values for the years ended December 31, 2020, 2019, and 2018 were determined by third-party valuations with a resulting 10.1% average discount rate over the last three years, respectively, and weighted average default rates of 1.67%, 2.69%, and 2.57%, respectively. Prepayment speeds generated using the Andrew Davidson Prepayment Model averaged 15.7%, 11.7%, and 9.5% at December 31, 2020, 2019, and 2018, respectively. MSR values are very sensitive to movement in interest rates as expected future net servicing income depends on the projected balance of the underlying loans, which can be greatly impacted by the level of prepayments. CTBI does not currently hedge against changes in the fair value of its MSR portfolio. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 6. Related Party Transactions In the ordinary course of business, CTB has made extensions of credit and had transactions with certain directors and executive officers of CTBI or our subsidiaries, including their associates (as defined by the Securities and Exchange Commission). We believe such extensions of credit and transactions were made on substantially the same terms, including interest rate and collateral, as those prevailing at the same time for comparable transactions with other persons. Activity for related party extensions of credit during 2020 and 2019 is as follows: (in thousands) 2020 2019 Related party extensions of credit, beginning of year $ 37,816 $ 19,463 New loans and advances on lines of credit 2,193 1 Repayments (1,948 ) (1,686 ) Increase due to changes in related parties 0 20,038 Related party extensions of credit, end of year $ 38,061 $ 37,816 The aggregate balances of related party deposits at December 31, 2020 and 2019 were $23.4 million and $20.9 million, respectively. A director of CTBI is a shareholder in a law firm that provided services to CTBI and its subsidiaries during the years 2020, 2019, and 2018. Approximately $0.8 million in legal fees and $0.1 million in expenses paid on behalf of CTBI, $0.9 million total, were paid to this law firm during 2020. A refund was issued for several years of adjustments reducing the total paid in 2020 to $0.6 million. Approximately $1.1 million in legal fees and $0.1 million in expenses, $1.2 million total, were paid during 2019, and approximately $1.1 million in legal fees and $0.1 million in expenses, $1.2 million total, were paid during 2018. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | 7. Premises and Equipment Premises and equipment are summarized as follows: (in thousands) December 31 2020 2019 Land and buildings $ 80,959 $ 80,552 Leasehold improvements 4,805 4,805 Furniture, fixtures, and equipment 40,615 39,964 Construction in progress 498 75 Total premises and equipment 126,877 125,396 Less accumulated depreciation and amortization (84,876 ) (81,350 ) Premises and equipment, net $ 42,001 $ 44,046 Depreciation and amortization of premises and equipment for 2020, 2019, and 2018 was $3.5 million, $3.8 million, and $3.8 million, respectively. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2020 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned | 8. Other Real Estate Owned Activity for other real estate owned was as follows: (in thousands) 2020 2019 Beginning balance of other real estate owned $ 19,480 $ 27,273 New assets acquired 4,446 3,384 Fair value adjustments (1,454 ) (4,253 ) Sale of assets (14,778 ) (6,924 ) Ending balance of other real estate owned $ 7,694 $ 19,480 Carrying costs and fair value adjustments associated with foreclosed properties were $2.7 million, $5.5 million, and $4.3 million for 2020, 2019, and 2018, 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) December 31 2020 2019 1-4 family $ 1,888 $ 3,630 Construction/land development/other 1,069 10,211 Multifamily 88 88 Non-farm/non-residential 4,649 5,551 Total foreclosed properties $ 7,694 $ 19,480 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Deposits | 9. Deposits Major classifications of deposits are categorized as follows: (in thousands) December 31 2020 2019 Noninterest bearing deposits $ 1,140,925 $ 865,760 Interest bearing demand deposits 78,308 51,179 Money market deposits 1,228,742 985,322 Savings 527,436 404,151 Certificates of deposit and other time deposits of $100,000 or more 606,223 597,628 Certificates of deposit and other time deposits less than $100,000 434,448 501,532 Total deposits $ 4,016,082 $ 3,405,572 Certificates of deposit and other time deposits of $250,000 or more at December 31, and were $ million and $ million, respectively. Wholesale brokered deposits at December 31, were $ million. Maturities of certificates of deposits and other time deposits are presented below: Maturities by Period at December 31, 2020 (in thousands) Total Within 1 Year 2 Years 3 Years 4 Years 5 Years After 5 Years Certificates of deposit and other time deposits of $100,000 or more $ 606,223 $ 477,852 $ 60,412 $ 23,079 $ 26,430 $ 18,450 $ 0 Certificates of deposit and other time deposits less than $100,000 434,448 353,757 34,505 20,347 15,949 9,623 267 Total maturities $ 1,040,671 $ 831,609 $ 94,917 $ 43,426 $ 42,379 $ 28,073 $ 267 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings [Abstract] | |
Borrowings | 10. Borrowings Short-term debt is categorized as follows: (in thousands) December 31 2020 2019 Repurchase agreements $ 355,862 $ 226,917 Federal funds purchased 500 7,906 Total short-term debt $ 356,362 $ 234,823 All federal funds purchased mature and reprice daily. See note 11 for information regarding the maturities of our repurchase agreements. The average rates paid for federal funds purchased and repurchase agreements on December 31, 2020 were 0.00%% and 0.34%, respectively. The maximum balance for repurchase agreements at any month-end during 2020 occurred at November 30, 2020, with a month-end balance of $373.4 million. The average balance of repurchase agreements for the year was $290.5 million. Long-term debt is categorized as follows: (in thousands) December 31 2020 2019 Junior subordinated debentures, 1.82%, due 6/1/37 $ 57,841 $ 57,841 On March 30, 2007, CTBI issued $61.3 million in junior subordinated debentures to a newly formed unconsolidated Delaware statutory trust subsidiary which in turn issued $59.5 million of capital securities in a private placement to institutional investors. The debentures, which mature in 30 years but are redeemable at par at CTBI’s option after five years, were issued at a rate of 6.52% until June 1, 2012, and thereafter at a floating rate based on the three-month LIBOR plus 1.59%. The underlying capital securities were issued at the equivalent rates and terms. The proceeds of the debentures were used to fund the redemption on April 2, 2007 of all CTBI’s outstanding 9.0% and 8.25% junior subordinated debentures in the total amount of $61.3 million. In May 2017, CTBI was able to purchase $2.0 million of the junior subordinated debentures in the open market at a purchase price of $1.4 million, resulting in a gain of $0.6 million. In August 2019, an additional $ million was purchased in the open market at a price of $ million, resulting in a gain of $ million. On November 27, 2020, the coupon rate was set at 1.82% for the March 1, 2021 distribution date, which was based on the three-month LIBOR rate as of November 27, 2020 of 0.23% plus 1.59%. |
Repurchase Agreements
Repurchase Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Repurchase Agreements [Abstract] | |
Repurchase Agreements | 11. 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 $397.4 million and $264.9 million at December 31, 2020 and December 31, 2019, respectively. 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 December 31, 2020 and December 31, 2019 is presented in the following tables: December 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 $ 8,777 $ 0 $ 2,831 $ 31,800 $ 43,408 State and political subdivisions 54,639 0 1,132 21,421 77,192 U.S. government sponsored agency mortgage-backed securities 33,040 0 101,037 101,185 235,262 Total $ 96,456 $ 0 $ 105,000 $ 154,406 $ 355,862 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 |
Advances from Federal Home Loan
Advances from Federal Home Loan Bank | 12 Months Ended |
Dec. 31, 2020 | |
Advances from Federal Home Loan Bank [Abstract] | |
Advances from Federal Home Loan Bank | 12. Advances from Federal Home Loan Bank Federal Home Loan Bank advances consisted of the following monthly amortizing borrowings at December 31: (in thousands) 2020 2019 Monthly amortizing $ 395 $ 415 Total FHLB advances $ 395 $ 415 The advances from the FHLB that require monthly principal payments were due for repayment as follows: Principal Payments Due by Period at December 31, 2020 (in thousands) Total Within 1 Year 2 Years 3 Years 4 Years 5 Years After 5 Years Outstanding advances, weighted average interest rate – 0.06% $ 395 $ 22 $ 20 $ 21 $ 20 $ 21 $ 291 At December 31, 2020, CTBI had monthly amortizing FHLB advances totaling $0.4 million at a weighted average interest rate of 0.06%. Advances totaling $0.4 million at December 31, 2020 were collateralized by FHLB stock of $10.0 million and a blanket lien on qualifying 1-4 family first mortgage loans. As of December 31, 2020, CTBI had a $531.4 million FHLB borrowing capacity with $0.4 million in advances and $53.8 million in letters of credit used for public fund pledging leaving $477.2 million available for additional advances. The advances had fixed interest rates of 0.00%% and 2.00% with a weighted average rate of 0.06%. The advances are subject to restrictions or penalties in the event of prepayment. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 13. Income Taxes The components of the provision for income taxes, exclusive of tax effect of unrealized AFS securities gains and losses, are as follows: (in thousands) 2020 2019 2018 Current federal income tax expense $ 12,884 $ 8,351 $ 11,042 Current state income tax expense 786 513 518 Deferred income tax expense (benefit) (2,900 ) 2,030 (246 ) Effect of Kentucky tax legislation benefit (9 ) (3,442 ) 0 Total income tax expense $ 10,761 $ 7,452 $ 11,314 A reconciliation of income tax expense at the statutory rate to our actual income tax expense is shown below: (in thousands) 2020 2019 2018 Computed at the statutory rate $ 14,755 21.00 % $ 15,118 21.00 % $ 14,814 21.00 % Adjustments resulting from: Tax-exempt interest (547 ) (0.78 ) (563 ) (0.78 ) (673 ) (0.95 ) Housing and new markets credits (4,194 ) (5.97 ) (4,471 ) (6.21 ) (2,635 ) (3.73 ) Dividends received deduction 0 - 0 - (9 ) (0.01 ) Bank owned life insurance (277 ) (0.39 ) (284 ) (0.39 ) (599 ) (0.85 ) ESOP dividend deduction (221 ) (0.32 ) (203 ) (0.28 ) (188 ) (0.27 ) Stock option exercises and restricted stock vesting (10 ) (0.01 ) (10 ) (0.01 ) (39 ) (0.06 ) Effect of KY tax legislation (7 ) (0.01 ) (2,719 ) (3.78 ) 0 - State income taxes 621 0.88 405 0.56 409 0.58 Split dollar life insurance 529 0.75 0 - 0 - Other 112 0.16 179 0.24 234 0.33 Total $ 10,761 15.31 % $ 7,452 10.35 % $ 11,314 16.04 % The components of the net deferred tax liability as of December 31 are as follows: (in thousands) 2020 2019 Deferred tax assets: Allowance for credit/loan and lease losses* $ 11,982 $ 8,757 Interest on nonaccrual loans 471 485 Accrued expenses 1,444 1,100 Allowance for other real estate owned 593 1,437 State net operating loss carryforward 3,975 3,786 Lease liabilities 3,468 3,859 Other 470 294 Total deferred tax assets 22,403 19,718 Deferred tax liabilities: Depreciation and amortization (15,006 ) (15,048 ) FHLB stock dividends (1,245 ) (1,441 ) Loan fee income (238 ) (656 ) Mortgage servicing rights (1,015 ) (814 ) Unrealized gains on AFS securities (4,807 ) (1,534 ) Limited partnership investments (414 ) (326 ) Right of use assets (3,297 ) (3,698 ) Other (1,068 ) (1,101 ) Total deferred tax liabilities (27,090 ) (24,618 ) Beginning balance for valuation allowance for deferred tax asset 210 3,957 Change in valuation allowance (210 ) (3,747 ) Ending balance for valuation allowance for deferred tax asset 0 210 Net deferred tax liability $ (4,687 ) $ (5,110 ) * 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. In 2020 and 2019, CTBI recognized a tax benefit of $9 thousand and $3.4 million respectively, as a result of the tax legislation enacted by the Commonwealth of Kentucky. As a result of HB 458 on combined reporting, CTBI recorded a deferred tax asset for the Kentucky net operating loss carryforward. The losses are expected to be utilized when CTBI begins filing a combined Kentucky income tax return with CTB and CTIC. The loss carryforward is $100.6 million and expires over varying periods through 2040. CTBI accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. With a few exceptions, CTBI is no longer subject to U.S. federal tax examinations by tax authorities for years before 2017, and state and local income tax examinations by tax authorities for years before 2016. For federal tax purposes, CTBI recognizes interest and penalties on income taxes as a component of income tax expense. CTBI files consolidated income tax returns with its subsidiaries. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefits [Abstract] | |
Employee Benefits | 14. Employee Benefits CTBI maintains two separate retirement savings plans, a 401(k) Plan and an Employee Stock Ownership Plan (“ESOP”). The 401(k) Plan is available to all employees (age 21 and over) who are credited with one year of service (12 consecutive month period with at least 1,000 hours). Participants in the plan have the option to contribute from 1% to 20% of their annual compensation. CTBI matches 50% of participant contributions up to 8% of gross pay. CTBI may, at its discretion, contribute an additional percentage of covered employees’ compensation. CTBI’s matching contributions were $1.2 million, $1.1 million, and $1.1 million for the three years ended December 31, 2020, 2019 and 2018; respectively. The 401(k) Plan owned 479,489, 424,591, and 416,360 shares of CTBI’s common stock at December 31, 2020, 2019, and 2018, respectively. Substantially all shares owned by the 401(k) Plan were allocated to employee accounts on those dates. The market price of the shares at the date of allocation is essentially the same as the market price at the date of purchase. The ESOP has the same entrance requirements as the 401(k) Plan above. CTBI currently contributes 4% of covered employees’ compensation to the ESOP. The ESOP uses the contributions to acquire shares of CTBI’s common stock. CTBI’s contributions to the ESOP were $1.8 million, $1.7 million and $1.6 million for the three years ended December 31, 2020, 2019 and 2018; respectively. The ESOP owned 778,269, 738,212, and 726,327 shares of CTBI’s common stock at December 31, 2020, 2019, and 2018, respectively. Substantially all shares owned by the ESOP were allocated to employee accounts on those dates. The market price of the shares at the date of allocation is essentially the same as the market price at the date of purchase. Stock-Based Compensation: As of December 31, 2020, CTBI maintained one active and one inactive incentive stock ownership plans covering key employees. The 2015 Stock Ownership Incentive Plan (“2015 Plan”) was approved by the Board of Directors and the Shareholders in 2015. The 2006 Stock Ownership Incentive Plan (“2006 Plan”) was approved by the Board of Directors and the Shareholders in 2006. The 2006 Plan was rendered inactive as of April 28, 2015. The 2015 Plan has 550,000 shares authorized, 459,852 of which were available at December 31, 2020. Shares issuable pursuant to awards which were granted under the prior plans on or before their respective expiration or termination dates will be issued from the remaining shares reserved for issuance under the prior plans. The shares of common stock reserved for issuance under the prior plans in excess of the number of shares as to which options or other benefits are awarded thereunder, and any shares as to which options or other benefits granted under the prior plans may lapse, expire, terminate or be canceled, will not be reserved and available for issuance or reissuance under the 2015 Plan. The following table provides detail of the number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance under all of CTBI’s equity compensation plans as of December 31, 2020: Plan Category (shares in thousands) Number of Shares to Be Issued Upon Exercise Weighted Average Price Shares Available for Future Issuance Equity compensation plans approved by shareholders: Stock options 20 $ 32.27 460(a ) Restricted stock (c) (b) (a) Performance units (d) (b) (a) Stock appreciation rights (“SARs”) (e) (b) (a) Total 460 (a) Under the 2015 Plan, 550,000 shares are authorized for issuance; 94,453 have been issued as of December 31, 2020 In January of 2016, 18,069 restricted stock shares were issued under the terms of the 2015 Plan pursuant to awards granted under the 2006 Plan. Additional shares will not be issued pursuant to awards granted from prior plans. (b) Not applicable (c) The maximum number of shares of restricted stock that may be granted is 550,000 shares, and the maximum that may be granted to a participant during any calendar year is 75,000 shares. (d) No performance units payable in stock had been issued as of December 31, 2020 . The maximum payment that can be made pursuant to performance units granted to any one participant in any calendar year is $ 1,000,000 . (e) No SARS have been issued. The maximum number of shares with respect to which SARs may be granted to a participant during any calendar year is 100,000 shares. The following table details the shares available for future issuance under the 2015 Plan at December 31, 2020. Plan Category Shares Available for Future Issuance Shares available at January 1, 2020 481,396 Stock option grants 0 Restricted stock grants (21,544 ) Forfeitures 0 Shares available for future issuance at December 31, 459,852 There were no stock options granted in 2020, 2019, or 2018. The 2015 Plan: CTBI’s stock option activity for the 2015 Plan for the years ended December 31, 2020, 2019, and 2018 is summarized as follows: December 31 2020 _ _ Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of year 0 $ 0 0 $ 0 10,000 $ 33.55 Granted 0 0 0 0 0 0 Exercised 0 0 0 0 (10,000 ) 33.55 Forfeited/expired 0 0 0 0 0 0 Outstanding at end of year 0 $ 0 0 $ 0 0 $ 0 Exercisable at end of year 0 $ 0 0 $ 0 0 $ 0 *Pursuant to the 2015 Plan provisions, the death of the option holder accelerated the vesting of 10,000 shares in 2018. There were no options granted from the 2015 Plan for the years 2020, 2019, or 2018. The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 2015 Plan for the years ended December 31, 2020, 2019, and 2018: (in thousands) 2020 2019 2018 Options exercised $ 0 $ 0 $ 140 Options exercisable 0 0 0 Outstanding options 0 0 0 The following table shows restricted stock activity for the 2015 Plan for the years ended December 31, 2020, 2019, and 2018: December 31 2020 2019 2018 Grants Weighted Average Fair Value at Grant Grants Weighted Average Fair Value at Grant Grants Weighted Average Fair Value at Grant Outstanding at beginning of year 50,992 $ 43.08 34,255 $ 44.46 33,085 $ 41.84 Granted 21,544 44.64 27,921 41.12 11,320 49.30 Vested (16,985 ) 41.92 (10,596 ) 42.39 (8,761 ) 40.46 Forfeited 0 - (588 ) 43.04 (1,389 ) 46.77 Outstanding at end of year 55,551 $ 44.04 50,992 $ 43.08 34,255 $ 44.46 The 2006 Plan: CTBI’s stock option activity for the 2006 Plan for the years ended December 31, 2020, 2019, and 2018 is summarized as follows: December 31 2020 2019 2018 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of year 20,495 $ 32.04 32,571 $ 32.47 35,376 $ 31.90 Granted 0 0 0 0 0 0 Exercised (495 ) 22.81 (12,076 ) 33.19 (2,475 ) 25.52 Forfeited/expired 0 0 0 0 (330 ) 23.79 Outstanding at end of year 20,000 $ 32.27 20,495 $ 32.04 32,571 $ 32.47 Exercisable at end of year 20,000 $ 32.27 495 $ 22.81 2,571 $ 25.11 A summary of the status of CTBI’s 2006 Plan for nonvested options as of December 31, 2020, and changes during the year ended December 31, 2020, is presented as follows: Nonvested Options Options Weighted Average Grant Date Fair Value Nonvested at January 1, 2020 20,000 $ 6.59 Granted 0 0 Vested 20,000 6.59 Forfeited 0 0 Nonvested at December 31, 2020 0 $ 0 The weighted average remaining contractual term in years of the options outstanding at December 31, 2020 was 4.1 years. There were no options granted from the 2006 Plan for the years 2020, 2019, and 2018. The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 2006 Plan for the years ended December 31, 2020, 2019, and 2018: (in thousands) 2020 2019 2018 Options exercised $ 11 $ 135 $ 56 Options exercisable 96 12 37 Outstanding options 96 299 233 The following table shows restricted stock activity for the years ended December 31, 2020, 2019, and 2018: December 31 2020 2019 2018 Grants Weighted Average Fair Value at Grant Grants Weighted Average Fair Value at Grant Grants Weighted Average Fair Value at Grant Outstanding at beginning of year 0 $ 0 2,064 $ 32.27 5,426 $ 33.24 Granted 0 0 0 0 0 0 Vested 0 0 (2,064 ) 32.27 (3,236 ) 33.90 Forfeited 0 0 0 0 (126 ) 32.27 Outstanding at end of year 0 $ 0.00 0 $ 0 2,064 $ 32.27 The following table shows the unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans at December 31, 2020, 2019, and 2018 and the total grant-date fair value of shares vested, cash received from option exercises under all share-based payment arrangements, and the actual tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the years ended December 31, 2020, 2019, and 2018. (in thousands) 2020 2019 2018 Unrecognized compensation cost of unvested share-based compensation arrangements granted under the plan at year-end $ 1,512 $ 1,410 $ 1,072 Grant date fair value of shares vested for the year 887 605 645 Cash received from option exercises under all share-based payment arrangements for the year 11 401 399 Tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the year 1 27 49 The unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans at December 31, 2020 is expected to be recognized over a weighted-average period of 2.5 years. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 15. Leases CTBI has finance lease for property but no material sublease or leasing arrangements for which it is the lessor or property or equipment. CTBI has operating leases for banking and ATM locations. These leases have remaining lease terms of year to years, some of which include options to extend the leases for up to years. We evaluated the original lease terms for each operating lease, some of which include options to extend the leases for up to years, using hindsight. These options, some of which include variable costs related to rent escalations based on recent financial indices, such as the Consumer Price Index, where CTBI estimates future rent increases, are included in the calculation of the lease liability and right-of-use asset when management determines it is reasonably certain the option will be exercised. CTBI determines this on each lease by considering all relevant contract-based, asset-based, market-based, and entity-based economic factors. Right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate on a collateralized basis, over a similar term at the lease commencement date. Right-of-use assets are further adjusted for prepaid rent, lease incentives, and initial direct costs, if any. The components of lease expense for the year ended December 31, 2020 were as follows: (in thousands) Year Ended December 31, 2020 Year Ended December 31, 2019 Finance lease cost: Amortization of right-of-use assets – finance leases $ 50 $ 52 Interest on lease liabilities – finance leases 53 54 Total finance lease cost 103 106 Short-term lease cost 294 306 Operating lease cost 1,769 1,773 Sublease income 253 257 Total lease cost $ 1,913 $ 1,928 Supplemental cash flow information related to CTBI’s operating and finance leases for the year ended December 31, 2020 was as follows: (in thousands) Year Ended December 31, 2020 Year Ended December 31, 2019 Finance lease – operating cash flows $ 53 $ 54 Finance lease – financing cash flows $ 15 $ 14 Operating lease – operating cash flows (fixed payments) $ 1,682 $ 1,665 Operating lease – operating cash flows (liability reduction) $ 1,198 $ 0 New right-of-use assets – operating leases $ 0 $ 9 Weighted average lease term – financing leases 25.02 years 26.02 years Weighted average lease term – operating leases 13.46 years 13.84 years Weighted average discount rate – financing leases 3.70 % 3.70 % Weighted average discount rate – operating leases 3.43 % 3.45 % Maturities of lease liabilities as of December 31, 2020 are as follows: (in thousands) Operating Leases Finance Leases 2021 $ 1,717 $ 75 2022 1,703 75 2023 1,626 75 2024 1,313 75 2025 1,121 75 Thereafter 8,528 1,913 Total lease payments 16,008 2,288 Less imputed interest (3,477 ) (847 ) Total $ 12,531 $ 1,441 |
Fair Market Value of Financial
Fair Market Value of Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Fair Market Value of Financial Assets and Liabilities [Abstract] | |
Fair Market Value of Financial Assets and Liabilities | 16. 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 December 31, 2020 and December 31, 2019 and indicate the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at December 31, 2020 Using 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 $ 148,793 $ 74,991 $ 73,802 $ 0 State and political subdivisions 140,416 0 140,416 0 U.S. government sponsored agenc y mortgage-backed securities 651,807 0 651,807 0 Other debt securities 56,245 0 56,245 0 Equity securities at fair value 2,471 0 0 2,471 Mortgage servicing rights 4,068 0 0 4,068 (in thousands) Fair Value Measurements at December 31, 2019 Using 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 agenc y 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 December 31, 2020 and December 31, 2019. There have been no significant changes in the valuation techniques during the year ended December 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 December 31, 2020 and December 31, 2019, the only securities owned by CTBI that were valued using Level 3 criteria are Visa Class B Stock (included in equity securities at fair value). Fair value for Visa Class B Stock is determined by the independent third 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. See the table below for inputs and valuation techniques used for Level 3 equity securities. 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) 2020 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 518 (163 ) 780 (515 ) Issues 0 1,869 0 631 Settlements 0 (901 ) 0 (460 ) Ending balance $ 2,471 $ 4,068 $ 1,953 $ 3,263 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 $ 518 $ (163 ) $ 780 $ (515 ) 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 (in thousands) 2020 2019 Total losses $ (546 ) $ (195 ) 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 December 31, 2020 and December 31, 2019 and indicate the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at December 31, 2020 Using 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 $ 1,768 $ 0 $ 0 $ 1,768 Other real estate owned 2,395 0 0 2,395 (in thousands) Fair Value Measurements at December 31, 2019 Using 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 326-20-35-5. Fair value adjustments on collateral-dependent loans disclosed above were $0.5 million and $0.7 million for the years ended December 31, 2020 and December 31, 2019, 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 December 31, 2020 and December 31, 2019. (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, 2020 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $2,471 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 $4,068 Discount cash flows, computer pricing model Constant prepayment rate 0.0% - 32.8% (15.7%) Probability of default 0.0% - 100.0% (1.7%) Discount rate 10.0% - 11.5% (10.1%) Collateral-dependent loans $1,768 Market comparable properties Marketability discount 17.5% - 31.5% (24.5%) Other real estate owned $2,395 Market comparable properties Comparability adjustments (9.1%) - 64.3% (12.8%) (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%) Uncertainty of Fair Value Measurements 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 dividends 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 0.5193 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 December 31, 2020 and indicates the level within the fair value hierarchy of the valuation techniques. In accordance with the adoption of ASU 2016-01, the fair values as of December 31, 2020 were measured using an exit price notion. (in thousands) Fair Value Measurements at December 31, 2020 Using 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 $ 338,235 $ 338,235 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 997,261 74,991 922,270 0 Equity securities at fair value 2,471 0 0 2,471 Loans held for sale 23,259 23,884 0 0 Loans, net 3,506,189 0 0 3,658,554 Federal Home Loan Bank stock 10,048 0 10,048 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 15,818 0 15,818 0 Mortgage servicing rights 4,068 0 0 4,068 Financial liabilities: Deposits $ 4,016,082 $ 1,140,925 $ 2,913,217 $ 0 Repurchase agreements 355,862 0 0 355,918 Federal funds purchased 500 0 500 0 Advances from Federal Home Loan Bank 395 0 436 0 Long-term debt 57,841 0 0 40,081 Accrued interest payable 1,243 0 1,243 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. (in thousands) Fair Value Measurements at December 31, 2019 Using 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 |
Off-Balance Sheet Transactions
Off-Balance Sheet Transactions and Guarantees | 12 Months Ended |
Dec. 31, 2020 | |
Off-Balance Sheet Transactions and Guarantees [Abstract] | |
Off-Balance Sheet Transactions and Guarantees | 17. Off-Balance Sheet Transactions and Guarantees CTBI is a party to transactions with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include standby letters of credit and commitments to extend credit in the form of unused lines of credit. CTBI uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. At December 31, CTBI had the following off-balance sheet financial instruments, whose approximate contract amounts represent additional credit risk to CTBI: (in thousands) 2020 2019 Standby letters of credit $ 32,126 $ 30,679 Commitments to extend credit 623,920 564,229 Total off-balance sheet financial instruments $ 656,046 $ 594,908 Standby letters of credit represent conditional commitments to guarantee the performance of a third party. The credit risk involved is essentially the same as the risk involved in making loans. At December 31, 2020, we maintained a credit loss reserve recorded in other liabilities of approximately $0.1 million relating to these financial standby letters of credit. The reserve coverage calculation was determined using essentially the same methodology as used for the allowance for credit losses. Approximately 65% of the total standby letters of credit are secured, with $15.3 million of the total $32.1 million secured by cash. Collateral for the remaining secured standby letters of credit varies but is comprised primarily of accounts receivable, inventory, property, equipment, and income-producing properties. Commitments to extend credit are agreements to originate loans to customers as long as there is no violation of any condition of the contract. At December 31, 2020, a credit loss reserve recorded in other liabilities of $0.6 million was maintained relating to these commitments. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate, and residential real estate. A portion of the commitments is to extend credit at fixed rates. Fixed rate loan commitments at December 31, 2020 of $25.2 million had interest rates ranging predominantly from 3.63% to 5.50% and terms predominantly one year or less. These credit commitments were based on prevailing rates, terms, and conditions applicable to other loans being made at December 31, 2020. Included in our commitments to extend credit are mortgage loans in the process of origination which are intended for sale to investors in the secondary market. These forward sale commitments are on an individual loan basis that CTBI originates as part of its mortgage banking activities. CTBI commits to sell the loans at specified prices in a future period, typically within 60 days. These commitments are acquired to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale since CTBI is exposed to interest rate risk during the period between issuing a loan commitment and the sale of the loan into the secondary market. Total mortgage loans in the process of origination amounted to $19.0 million and $3.8 million at December 31, 2020 and 2019, respectively, and mortgage loans held for sale amounted to $23.3 million and $1.2 million for the years ended December 31, 2020 and 2019, respectively. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Concentrations of Credit Risk [Abstract] | |
Concentrations of Credit Risk | 18. Concentrations of Credit Risk CTBI’s banking activities include granting commercial, residential, and consumer loans to customers primarily located in eastern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee. CTBI is continuing to manage all components of its portfolio mix in a manner to reduce risk from changes in economic conditions. Concentrations of credit, as defined for regulatory purposes, are reviewed quarterly by management to ensure that internally established limits based on Tier 1 Capital plus the allowance for credit losses are not exceeded. At December 31, 2020 and 2019, our concentrations of hotel/motel industry credits were 44% and 43% of Tier 1 Capital plus the allowance for credit losses, respectively. Lessors of residential buildings and dwellings were 37% and 41%, respectively. Lessors of non-residential buildings credits were 39% and 38%, respectively. These percentages are within our internally established limits regarding concentrations of credit. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 19. Commitments and Contingencies CTBI and our subsidiaries, and from time to time, our officers, are named defendants in legal actions arising from ordinary business activities. Management, after consultation with legal counsel, believes any pending actions at December 31, 2020 are without merit or that the ultimate liability, if any, will not materially affect our consolidated financial position or results of operations. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | 20. Regulatory Matters CTBI’s principal source of funds is dividends received from our banking subsidiary, CTB. Regulations limit the amount of dividends that may be paid by CTB without prior approval. During 2021, approximately $66.6 million plus any 2021 net profits can be paid by CTB without prior regulatory approval. CTBI and CTB are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a material adverse effect on CTBI’s financial statements. Under regulatory capital adequacy guidelines, CTBI and CTB must meet specific capital guidelines that involve quantitative measures of CTBI’s and CTB’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Additionally, CTB must meet specific capital guidelines to be considered well capitalized per the regulatory framework for prompt corrective action. CTBI’s and CTB’s capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings, and other factors. CTBI and CTB must maintain certain minimum capital ratios as set forth in the table below for capital adequacy purposes. On October 29, 2019, federal banking regulators adopted a final rule to simplify the regulatory capital requirements for eligible community banks and holding companies that opt-in to the community bank leverage ratio framework (the “CBLR framework”), as required by Section 201 of the Economic Growth, Relief and Consumer Protection Act of 2018. Under the final rule, which became effective as of January 1, 2020, community banks and holding companies (which includes CTB and CTBI) that satisfy certain qualifying criteria, including having less than $10 billion in average total consolidated assets and a leverage ratio (referred to as the “community bank leverage ratio”) of greater than 9%, were eligible to opt-in to the CBLR framework. The community bank leverage ratio is the ratio of a banking organization’s Tier 1 capital to its average total consolidated assets, both as reported on the banking organization’s applicable regulatory filings. In April 2020, as directed by Section 4012 of the CARES Act, the regulatory agencies introduced temporary changes to the CBLR. These changes, which subsequently were adopted as a final rule, temporarily reduced the CBLR requirement to 8% through the end of calendar year 2020. Beginning in calendar year 2021, the CBLR requirement will increase to 8.5% for the calendar year before returning to 9% in calendar year 2022. The final rule also provides for a two-quarter grace period for qualifying community banking organizations whose leverage ratios fall no more than 100 basis points below the applicable CBLR requirement. Management elected to use the CBLR framework for CTBI and CTB. Before electing to use the CBLR framework, CTBI and CTB were required to maintain a capital conservation buffer above certain minimum risk-based capital ratios for capital adequacy purposes in order to avoid certain restrictions on capital distributions and other payments including dividends, share repurchases, and certain compensation. The capital conservation buffer was 2.5%, and CTBI and CTB both exceeded the capital conservation buffer requirement at that time. Management believes, as of December 31, 2020, that CTBI and CTB meet all capital adequacy requirements to which they are subject and there were no conditions or events subsequent to December 31, 2020 that would change CTBI’s or CTB’s category. Consolidated Capital Ratios Actual For Capital Adequacy Purposes (in thousands) Amount Ratio Amount Ratio As of December 31, 2020: CBLR $ 636,672 12.70 % $ 401,158 8.00 % As of December 31, 2019: Tier 1 capital (to average assets) $ 601,142 14.01 % $ 171,632 4.00 % Common equity Tier 1 capital (to risk weighted assets) 545,142 17.18 142,790 4.50 Tier 1 capital (to risk weighted assets) 601,142 18.94 190,436 6.00 Total capital (to risk weighted assets) 636,512 20.05 253,970 8.00 Community Trust Bank, Inc.’s Capital Ratios Actual For Capital Adequacy Purposes To Be Well-Capitalized Under Prompt Corrective Action Provision (in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020: CBLR $ 605,606 12.13 % $ 399,303 8.00 % N/A N/A As of December 31, 2019: Tier 1 capital (to average assets) $ 570,256 13.34 % $ 170,991 4.00 % $ 213,739 5.00 % Common equity Tier 1 capital (to risk weighted assets) 570,256 18.01 142,485 4.50 205,811 6.50 Tier 1 capital (to risk weighted assets) 570,256 18.01 189,980 6.00 253,306 8.00 Total capital (to risk weighted assets) 605,625 19.12 253,400 8.00 316,749 10.00 |
Parent Company Financial Statem
Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Parent Company Financial Statements [Abstract] | |
Parent Company Financial Statements | 21. Parent Company Financial Statements Condensed Balance Sheets (in thousands) December 31 2020 2019 Assets: Cash on deposit $ 1,505 $ 2,089 Investment in and advances to subsidiaries 707,943 667,206 Goodwill 4,973 4,973 Premises and equipment, net 96 153 Deferred tax asset 4,649 5,100 Other assets 45 44 Total assets $ 719,211 $ 679,565 Liabilities and shareholders’ equity: Long-term debt $ 61,341 $ 61,341 Other liabilities 3,005 3,338 Total liabilities 64,346 64,679 Shareholders’ equity 654,865 614,886 Total liabilities and shareholders’ equity $ 719,211 $ 679,565 Condensed Statements of Income and Comprehensive Income (in thousands) Year Ended December 31 2020 2019 2018 Income: Dividends from subsidiaries $ 29,593 $ 30,152 $ 26,750 Other income 476 757 489 Total income 30,069 30,909 27,239 Expenses: Interest expense 1,519 2,520 2,318 Depreciation expense 112 144 135 Other expenses 3,302 3,273 3,156 Total expenses 4,933 5,937 5,609 Income before income taxes and equity in undistributed income of subsidiaries 25,136 24,972 21,630 Income tax benefit (576 ) (4,947 ) (1,219 ) Income before equity in undistributed income of subsidiaries 25,712 29,919 22,849 Equity in undistributed income of subsidiaries 33,792 34,621 36,379 Net income $ 59,504 $ 64,540 $ 59,228 Other comprehensive gain (loss) Unrealized holding gains (losses) on securities available-for-sale Unrealized holding gains (losses) arising during the period 13,839 14,270 (5,393 ) Less: Reclassification adjustments for realized gains (losses) included in net income 1,251 3 (821 ) Tax expense (benefit) 3,273 3,403 (960 ) Other comprehensive gain (loss), net of tax 9,315 10,864 (3,612 ) Comprehensive income $ 68,819 $ 75,404 $ 55,616 Condensed Statements of Cash Flows (in thousands) Year Ended December 31 2020 2019 2018 Cash flows from operating activities: Net income $ 59,504 $ 64,540 $ 59,228 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 112 144 135 Equity in undistributed earnings of subsidiaries (33,792 ) (34,621 ) (36,379 ) Deferred taxes 451 (4,907 ) (12 ) Stock-based compensation 944 859 710 Gain on debt repurchase 0 (219 ) 0 Changes in: Other assets (115 ) 1 (50 ) Other liabilities (318 ) 683 53 Net cash provided by operating activities 26,786 26,480 23,685 Cash flows from investing activities: Payment for investment in subsidiary 0 (1,281 ) 0 Purchase of premises and equipment (55 ) (78 ) (81 ) Net cash used in investing activities (55 ) (1,359 ) (81 ) Cash flows from financing activities: Issuance of common stock 926 1,264 1,230 Repurchase of common stock (1,099 ) 0 0 Dividends paid (27,142 ) (26,235 ) (24,395 ) Net cash used in financing activities (27,315 ) (24,971 ) (23,165 ) Net increase (decrease) in cash and cash equivalents (584 ) 150 439 Cash and cash equivalents at beginning of year 2,089 1,939 1,500 Cash and cash equivalents at end of year $ 1,505 $ 2,089 $ 1,939 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 22. Revenue Recognition CTBI’s primary source of revenue is interest income generated from loans and investment securities. Interest income is recognized according to the terms of the financial instrument agreement over the life of the loan or investment security unless it is determined that the counterparty is unable to continue making interest payments. Interest income also includes prepaid interest fees from commercial customers, which approximates the interest foregone on the balance of the loan prepaid. CTBI's additional source of income, also referred to as noninterest income, includes service charges on deposit accounts, gains on sales of loans, trust and wealth management income, loan related fees, brokerage revenue, and other miscellaneous income and is largely based on contracts with customers. In these cases, CTBI recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. CTBI considers a customer to be any party to which we will provide goods or services that are an output of CTBI’s ordinary activities in exchange for consideration. There is little seasonality with regards to revenue from contracts with customers and all inter-company revenue is eliminated when CTBI’s financial statements are consolidated. Generally, CTBI enters into contracts with customers that are short-term in nature where the performance obligations are fulfilled and payment is processed at the same time. Such examples include revenue related to merchant fees, interchange fees, and investment services income. In addition, revenue generated from existing customer relationships such as deposit accounts are also considered short-term in nature, because the relationship may be terminated at any time and payment is processed at the time performance obligations are fulfilled. As a result, CTBI does not have contract assets, contract liabilities, or related receivable accounts for contracts with customers. In cases where collectability is a concern, CTBI does not record revenue. Generally, the pricing of transactions between CTBI and each customer is either (i) established within a legally enforceable contract between the two parties, as is the case with loan sales, or (ii) disclosed to the customer at a specific point in time, as is the case when a deposit account is opened or before a new loan is underwritten. Fees are usually fixed at a specific amount or as a percentage of a transaction amount. No judgment or estimates by management are required to record revenue related to these transactions and pricing is clearly identified within these contracts. CTBI primarily operates in Kentucky and contiguous areas. Therefore, all significant operating decisions are based upon analysis of CTBI as one operating segment. We disaggregate our revenue from contracts with customers by contract-type and timing of revenue recognition, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Noninterest income not generated from customers during CTBI’s ordinary activities primarily relates to mortgage servicing rights, gains/losses on the sale of investment securities, gains/losses on the sale of other real estate owned, gains/losses on the sale of property, plant and equipment, and income from bank owned life insurance. For more information related to our components of noninterest income, see the Consolidated Statements of Income and Comprehensive Income above. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 23. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31 (in thousands except per share data) 2020 2019 2018 Numerator: Net income $ 59,504 $ 64,540 $ 59,228 Denominator: Basic earnings per share: Weighted average shares 17,748 17,724 17,687 Diluted earnings per share: Dilutive effect of equity grants 8 16 16 Adjusted weighted average shares 17,756 17,740 17,703 Earnings per share: Basic earnings per share $ 3.35 $ 3.64 $ 3.35 Diluted earnings per share 3.35 3.64 3.35 There were no options to purchase common shares that were excluded from the diluted calculations above for the years ended December 31, 2020, 2019, and 2018. In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | 24. Accumulated Other Comprehensive Income Unrealized gains (losses) on AFS securities Amounts reclassified from accumulated other comprehensive income (AOCI) and the affected line items in the statements of income during the years ended December 31, 2020, 2019, and 2018 were: Amounts Reclassified from AOCI Year Ended December 31 (in thousands) 2020 2019 2018 Affected line item in the statements of income Securities gains (losses) $ 1,251 $ 3 $ (821 ) Tax expense (benefit) 325 1 (172 ) Total reclassifications out of AOCI $ 926 $ 2 $ (649 ) |
COVID-19 and CARES Act Loan Act
COVID-19 and CARES Act Loan Activities | 12 Months Ended |
Dec. 31, 2020 | |
COVID-19 and CARES Act Loan Activities [Abstract] | |
COVID-19 and CARES Act Loan Activities | 25 . COVID and CARES Act Loan Activities CTBI has been and continues to be committed to serving the needs of our customers in an ever changing environment. COVID-19 has caused major concerns for the communities we serve and our entire country. With this in mind, Community Trust Bank, Inc. instituted multiple relief actions in an effort to assist our customers during this very difficult time. CTBI’s management team activated its Pandemic Response Team, with representation from all areas of our company, to continually discuss the current situation, safety, and needs of our customers and employees. We have worked diligently with our customers as we all continue to battle COVID-19. Included in the relief actions the bank implemented during this past year are waivers of overdraft/returned item fees and telephone transfer fees for a period of 30 days ending April 22, 2020, suspension of residential foreclosure actions through March 31, 2021, and several loan assistance programs designed to assist those customers experiencing, or, likely to experience, financial difficulties directly related to COVID-19 causing loss of individual income and/or household income. Through December 31, 2020, we processed 3,844 COVID-19 loan deferrals totaling $ 992 million. These loan deferrals and modifications were executed consistent with the guidelines of the CARES Act. Pursuant to the CARES Act, these loan deferrals are not included in our nonperforming loans. Our customers have shown improvement in their ability to resume payments as 3,071 (representing $540 million) had resumed payment status at December 31, 2020. At December 31, 2020 the number of customers with CARES Act deferrals reduced to 410 for a total outstanding amount of $130 million. See below for further detail regarding the types of deferrals received. CARES Act Loan Deferral Status Deferrals One Time Two Times Three Times Four Times Outstanding (dollars in millions) Number Amount Number Amount Number Amount Number Amount Number Amount Commercial 841 $ 571 153 $ 223 45 $ 83 5 $ 3 109 $ 118 Residential 552 63 100 10 15 2 1 0 108 9 Consumer 2,088 36 41 1 3 0 0 0 193 3 3,481 $ 670 294 $ 234 63 $ 85 6 $ 3 410 $ 130 We have also participated in the Paycheck Protection Program (PPP) stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19. As of December 31, 2020, we closed 2,962 Paycheck Protection Program (PPP) loans totaling $277.0 million, stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19. Of these, 2,817 were under $350 thousand, 132 were between $350 thousand and $2.0 million, and 13 were over $2.0 million. T he initial phase of the PPP program expired on August 8, 2020 , and the loan forgiveness process began shortly thereafter. (dollars in thousands) Average Balance Interest Average Effective Rate PPP loans $ 182,008 $ 5,638 3.05 % CTBI has also taken many steps to protect the safety of our employees and customers by adjusting branch operations and decreasing lobby usage as needed, encouraging drive-thru and ATM use along with internet banking, having employees work remotely or work split-shifts when possible, implementing social distancing guidelines, and consolidating operations. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Nature of Operations | Nature of Operations |
Use of Estimates | Use of Estimates The accompanying financial statements have been prepared using values and information currently available to CTBI. Given the volatility of current economic conditions, the values of assets and liabilities recorded in the financial statements could change rapidly, resulting in material future adjustments in asset values, the allowance for credit losses, and capital. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Certificates of Deposit in Other Banks | Certificates of Deposit in Other Banks |
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 Accounting Standards Update (“ASU”) 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 December 31, 2020, CTBI held no securities designated as held-to-maturity. CTBI accounts for equity securities in accordance with Accounting Standards Codification (“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 A restructuring of a debt constitutes a troubled debt restructuring if the creditor for economic or legal reasons related to the debtor’s financial difficulties grants a concession to the debtor that it would not otherwise consider. 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. The ability to exclude COVID-19-related modifications as troubled debt restructurings was extended under the Consolidated Appropriations Act 2021 to the earlier of (i) 60 days after the COVID-19 national emergency and (ii) January 1, 2022. CTBI elected to adopt these provisions of the CARES Act, as extended by the Consolidated Appropriations Act 2021. 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. |
Leases | Leases lease liability for all leases with terms longer than 12 months. Leases are classified as either finance ASU 2018-11 provides a new transition method and a practical expedient for separating components of a contract. Transition: Comparative Reporting at Adoption The amendments in ASU 2018-11 provide entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current in Topic 840, Leases . An entity that elects this additional (and optional) transition method must provide the required Topic 840 disclosures for all periods that continue to be in accordance with Topic 840. The amendments do not change the existing disclosure requirements in Topic 840 (for example, they do not create interim disclosure requirements that entities previously were not required to provide). Separating Components of a Contract The amendments in ASU 2018-11 provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: • The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same. • The lease component, if accounted for separately, would be classified as an operating lease. An entity electing this practical expedient (including an entity that accounts for the combined component entirely in Topic 606) is required to disclose certain information, by class of underlying asset, as specified in the ASU. We elected the optional transition method of the modified retrospective approach provided in ASU 2018-11 which was applied on January 1, 2019. CTBI also elected certain relief options offered in ASU 2016-02, including the package of practical expedients, the option not to separate lease and non-lease components, and instead to account for them as a single lease component for all classes of assets, the hindsight practical expedient to allow entities to use hindsight when determining lease term and impairment of right-of-use assets, and the option not to recognize right-of-use assets and lease liabilities that arise from short-term leases (i.e., leases with terms of twelve months or less). |
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 troubled debt restructuring (“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. For commercial loans greater than $1 million and classified as criticized, troubled debt restructuring, or nonaccrual, a specific reserve is established if a loss is determined to be possible and then charged-off once it is probable. 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. Prior to the adoption of ASU 2016-13, the allowance for loan losses on loans was established through a provision for loan losses charged to expense, which represented management’s best estimate of inherent losses that had been incurred within the existing portfolio of loans. The allowance for credit losses on loans included allowance allocations calculated in accordance with ASC Topic 310, Receivables and allowance allocations calculated in accordance with ASC Topic 450, Contingencies , as more fully described in our 2019 Form 10-K. |
Loans Held for Sale | Loans Held for Sale |
Premises and Equipment | Premises and Equipment Depreciation and amortization are computed primarily using the straight-line method. Estimated useful lives range up to 40 years for buildings, 2 |
Federal Home Loan Bank and Federal Reserve Stock | Federal Home Loan Bank and Federal Reserve Stock CTB is also a member of its regional Federal Reserve Bank. Federal Reserve Bank stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on the ultimate recovery par value. Both cash and stock dividends are reported as income. |
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 12 All revenues and expenses related to the carrying of other real estate owned are recognized through the income statement. |
Goodwill and Core Deposit Intangible | Goodwill and Core Deposit Intangible Intangibles-Goodwill and Other The balance of goodwill, at $65.5 million, has not changed since January 1, 2015. Our core deposit intangible has been fully amortized since December 31, 2017. |
Transfers of Financial Assets | Transfers of Financial Assets |
Revenue Recognition | Revenue Recognition • Service charges on deposit accounts represents general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed. Payment for such performance obligations is generally received at the time the performance obligations are satisfied. • Trust and wealth management income represents monthly or quarterly fees due from wealth management customers as consideration for managing the customers’ assets. Wealth management and trust services include custody of assets, investment management, escrow services, fees for trust services, and similar fiduciary activities. Revenue is recognized when our performance obligation is completed each month or quarter, which is generally the time that payment is received. • Brokerage revenue is either fee based and collected upon the settlement of the transaction or commission based and • Other noninterest income primarily includes items such as letter of credit fees, gains on sale of loans held for sale and servicing fees related to mortgage and commercial loans, none of which are subject to the requirements of ASC 606. |
Income Taxes | Income Taxes |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) Diluted EPS adjusts the number of weighted average shares of common stock outstanding by the dilutive effect of stock options, including restricted shares, as prescribed in ASC 718, Share-Based Payment |
Segments | Segments |
Bank Owned Life Insurance | Bank Owned Life Insurance |
Mortgage Servicing Rights | Mortgage Servicing Rights Servicing Assets and Liabilities Fair Value Measurements |
Share-Based Compensation | Share-Based Compensation Share-Based Payment |
Comprehensive Income | Comprehensive Income |
Transfers between Fair Value Hierarchy Levels | Transfers between Fair Value Hierarchy Levels – |
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, which are not unconditionally cancellable by CTBI, 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 will be individually evaluated: has a criticized risk rating, is in nonaccrual status, is a 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, when repayment is dependent upon sale of the collateral, 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 ASU No. 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820 as follows: 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 We do not anticipate a significant impact to our consolidated financial statements. ➢ 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. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) | 12 Months Ended |
Dec. 31, 2020 | |
Securities [Abstract] | |
Amortized Cost and Fair Value of Available-for-sale Securities | The amortized cost and fair value of debt securities at December 31, 2020 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 $ 148,507 $ 483 $ (197 ) $ 148,793 State and political subdivisions 133,287 7,132 (3 ) 140,416 U.S. government sponsored agency mortgage-backed securities 640,537 11,648 (378 ) 651,807 Other debt securities 56,443 10 (208 ) 56,245 Total available-for-sale securities $ 978,774 $ 19,273 $ (786 ) $ 997,261 The amortized cost and fair value of debt securities at December 31, 2019 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 December 31, 2020 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 $ 77,420 $ 77,424 Due after one through five years 18,480 19,005 Due after five through ten years 96,870 98,417 Due after ten years 89,024 94,363 U.S. government sponsored agency mortgage-backed securities 640,537 651,807 Other debt securities 56,443 56,245 Total debt securities $ 978,774 $ 997,261 |
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 December 31, 2020 indicates that all impairment is considered temporary, market and interest rate driven, and not credit-related. The percentage of total debt securities with unrealized losses as of December 31, 2020 was 16.2% compared to 42.8% as of December 31, 2019. 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 31, 2020 that are not deemed to have credit losses. As stated above, CTBI had no HTM securities as of December 31, 2020. Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 5,604 $ (7 ) $ 5,597 State and political subdivisions 534 (3 ) 531 U.S. government sponsored agency mortgage-backed securities 58,463 (336 ) 58,127 Other debt securities 22,660 (29 ) 22,631 Total <12 months temporarily impaired AFS securities 87,261 (375 ) 86,886 12 Months or More U.S. Treasury and government agencies 46,163 (190 ) 45,973 State and political subdivisions 0 0 0 U.S. government sponsored agency mortgage-backed securities 2,801 (42 ) 2,759 Other debt securities 26,283 (179 ) 26,104 Total ≥12 months temporarily impaired AFS securities 75,247 (411 ) 74,836 Total U.S. Treasury and government agencies 51,767 (197 ) 51,570 State and political subdivisions 534 (3 ) 531 U.S. government sponsored agency mortgage-backed securities 61,264 (378 ) 60,886 Other debt securities 48,943 (208 ) 48,735 Total temporarily impaired AFS securities $ 162,508 $ (786 ) $ 161,722 The analysis performed as of December 31, 2019 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 31, 2019 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 31, 2019. 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) | 12 Months Ended |
Dec. 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 fees and costs, and net premiums on acquired loans, are summarized as follows: (in thousands) December 31 2020 Hotel/motel $ 260,699 Commercial real estate residential 287,928 Commercial real estate nonresidential 743,238 Dealer floorplans 69,087 Commercial other 279,908 Commercial unsecured SBA PPP 252,667 Commercial loans 1,893,527 Real estate mortgage 784,559 Home equity lines 103,770 Residential loans 888,329 Consumer direct 152,304 Consumer indirect 620,051 Consumer loans 772,355 Loans and lease financing $ 3,554,211 (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 December 31, 2020 : Year Ended December 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 2,858 1,772 3,303 (214 ) 2,040 1,584 16 609 4,079 16,047 Losses charged off (43 ) (182 ) (941 ) (26 ) (3,339 ) (321 ) (4 ) (927 ) (4,670 ) (10,453 ) Recoveries 0 156 90 0 423 72 10 510 3,031 4,292 Ending balance $ 6,356 $ 4,464 $ 11,086 $ 1,382 $ 4,289 $ 7,832 $ 844 $ 1,863 $ 9,906 $ 48,022 The following table presents details of the allowance for loan and lease losses (“ALLL”) segregated by loan portfolio segment as of December 31, 2019, calculated in accordance with our prior incurred loss methodology described in our 2019 Form 10-K. Year Ended December 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 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 |
Nonaccrual Loans Segregated by Class of Loans | Refer to Note 1 to the condensed consolidated financial statements for further information regarding our nonaccrual policy. Nonaccrual loans segregated by class of loans for both December 31, 2020 and 2019 December 31, 2020 (in thousands) Nonaccrual Loans with No ACL Nonaccrual Loans with ACL 90+ and Still Accruing Total Nonperforming Loans Hotel/motel $ 0 $ 0 $ 0 $ 0 Commercial real estate residential 0 1,225 4,776 6,001 Commercial real estate nonresidential 0 1,424 7,852 9,276 Commercial other 0 867 269 1,136 Total commercial loans 0 3,516 12,897 16,413 Real estate mortgage 0 5,346 3,420 8,766 Home equity lines 0 582 392 974 Total residential loans 0 5,928 3,812 9,740 Consumer direct 0 0 71 71 Consumer indirect 0 0 353 353 Total consumer loans 0 0 424 424 Loans and lease financing $ 0 $ 9,444 $ 17,133 $ 26,577 CTBI recognized $ in interest income on the above nonaccrual loans for the year ended . (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 and (includes loans days past due and still accruing as well): December 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 $ 0 $ 0 $ 260,699 $ 260,699 Commercial real estate residential 722 413 5,577 6,712 281,216 287,928 Commercial real estate nonresidential 1,199 0 8,703 9,902 733,336 743,238 Dealer floorplans 0 0 0 0 69,087 69,087 Commercial other 658 136 835 1,629 278,279 279,908 Commercial unsecured SBA PPP 0 0 0 0 252,667 252,667 Total commercial loans 2,579 549 15,115 18,243 1,875,284 1,893,527 Real estate mortgage 1,784 3,501 6,897 12,182 772,377 784,559 Home equity lines 509 305 919 1,733 102,037 103,770 Total residential loans 2,293 3,806 7,816 13,915 874,414 888,329 Consumer direct 659 87 71 817 151,487 152,304 Consumer indirect 2,960 973 353 4,286 615,765 620,051 Total consumer loans 3,619 1,060 424 5,103 767,252 772,355 Loans and lease financing $ 8,491 $ 5,415 $ 23,355 $ 37,261 $ 3,516,950 $ 3,554,211 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 $ 11,507 $ 70,504 $ 27,453 $ 39,651 $ 6,357 $ 22,372 $ 0 $ 177,844 Watch 23,951 2,506 3,366 2,102 16,740 7,422 56,087 OAEM 0 1,993 9,576 0 0 0 0 11,569 Substandard 0 0 0 1,113 8,840 5,246 0 15,199 Doubtful 0 0 0 0 0 0 0 0 Total hotel/motel $ 35,458 $ 75,003 $ 40,395 $ 42,866 $ 31,937 $ 35,040 $ 0 $ 260,699 Commercial real estate residential Risk rating: Pass $ 85,403 $ 39,238 $ 29,179 $ 17,390 $ 21,272 $ 46,419 $ 10,470 $ 249,371 Watch 1,714 2,214 2,438 2,962 4,520 5,306 182 19,336 OAEM 1,921 1,361 323 142 129 0 0 3,876 Substandard 4,301 606 1,991 4,076 1,108 3,263 0 15,345 Doubtful 0 0 0 0 0 0 0 0 Total commercial real estate residential $ 93,339 $ 43,419 $ 33,931 $ 24,570 $ 27,029 $ 54,988 $ 10,652 $ 287,928 Commercial real estate nonresidential Risk rating: Pass $ 125,205 $ 97,204 $ 77,685 $ 80,416 $ 100,740 $ 165,839 $ 25,524 $ 672,613 Watch 5,133 3,175 5,075 6,366 3,020 11,046 601 34,416 OAEM 0 887 68 0 0 3,382 115 4,452 Substandard 7,254 6,152 3,471 2,462 1,358 10,817 215 31,729 Doubtful 0 0 0 0 0 28 0 28 Total commercial real estate nonresidential $ 137,592 $ 107,418 $ 86,299 $ 89,244 $ 105,118 $ 191,112 $ 26,455 $ 743,238 Dealer floorplans Risk rating: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 68,610 $ 68,610 Watch 0 0 0 0 0 0 477 477 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total dealer floorplans $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 69,087 $ 69,087 Commercial other Risk rating: Pass $ 75,014 $ 26,385 $ 33,825 $ 13,975 $ 6,225 $ 22,733 $ 78,547 $ 256,704 Watch 2,888 378 1,130 555 464 595 7,030 13,040 OAEM 25 0 5,056 181 367 0 124 5,753 Substandard 2,136 556 318 460 460 411 70 4,411 Doubtful 0 0 0 0 0 0 0 0 Total commercial other $ 80,063 $ 27,319 $ 40,329 $ 15,171 $ 7,516 $ 23,739 $ 85,771 $ 279,908 Commercial unsecured SBA PPP Risk rating: Pass $ 252,667 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 252,667 Watch 0 0 0 0 0 0 0 0 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total commercial unsecured SBA PPP $ 252,667 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 252,667 Commercial loans Risk rating: Pass $ 549,796 $ 233,331 $ 168,142 $ 151,432 $ 134,594 $ 257,363 $ 183,151 $ 1,677,809 Watch 33,686 8,273 12,009 11,985 24,744 24,369 8,290 123,356 OAEM 1,946 4,241 15,023 323 496 3,382 239 25,650 Substandard 13,691 7,314 5,780 8,111 11,766 19,737 285 66,684 Doubtful 0 0 0 0 0 28 0 28 Total commercial loans $ 599,119 $ 253,159 $ 200,954 $ 171,851 $ 171,600 $ 304,879 $ 191,965 $ 1,893,527 (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 $ 0 $ 0 $ 0 $ 23 $ 12,049 $ 90,724 $ 102,796 Nonperforming 0 0 0 0 0 585 389 974 Total home equity lines $ 0 $ 0 $ 0 $ 0 $ 23 $ 12,634 $ 91,113 $ 103,770 Mortgage loans Performing $ 214,629 $ 119,301 $ 56,812 $ 60,915 $ 48,253 $ 275,883 $ 0 $ 775,793 Nonperforming 0 436 303 314 352 7,361 0 8,766 Total mortgage loans $ 214,629 $ 119,737 $ 57,115 $ 61,229 $ 48,605 $ 283,244 $ 0 $ 784,559 Residential loans Performing $ 214,629 $ 119,301 $ 56,812 $ 60,915 $ 48,276 $ 287,932 $ 90,724 $ 878,589 Nonperforming 0 436 303 314 352 7,946 389 9,740 Total residential loans $ 214,629 $ 119,737 $ 57,115 $ 61,229 $ 48,628 $ 295,878 $ 91,113 $ 888,329 Consumer direct loans Performing $ 72,677 $ 32,993 $ 18,461 $ 9,157 $ 6,581 $ 12,364 $ 0 $ 152,233 Nonperforming 7 57 0 7 0 0 0 71 Total consumer direct loans $ 72,684 $ 33,050 $ 18,461 $ 9,164 $ 6,581 $ 12,364 $ 0 $ 152,304 Consumer indirect loans Performing $ 301,494 $ 135,123 $ 100,482 $ 50,665 $ 23,777 $ 8,157 $ 0 $ 619,698 Nonperforming 27 115 118 52 30 11 0 353 Total consumer indirect loans $ 301,521 $ 135,238 $ 100,600 $ 50,717 $ 23,807 $ 8,168 $ 0 $ 620,051 Consumer loans Performing $ 374,171 $ 168,116 $ 118,943 $ 59,822 $ 30,358 $ 20,521 $ 0 $ 771,931 Nonperforming 34 172 118 59 30 11 0 424 Total consumer loans $ 374,205 $ 168,288 $ 119,061 $ 59,881 $ 30,388 $ 20,532 $ 0 $ 772,355 (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 Impaired 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: December 31, 2020 (in thousands) Number of Loans Recorded Investment Specific Reserve Hotel/motel 5 $ 26,194 $ 250 Commercial real estate residential 4 7,833 0 Commercial real estate nonresidential 12 24,497 200 Commercial other 1 5,050 0 Total collateral dependent loans 22 $ 63,574 $ 450 Prior to the adoption of ASC 326 on January 1, 2020, loans were reported as impaired when, based on then current information and events, it was probable we would be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. If a loan was impaired, a specific valuation allowance was allocated, if necessary, so that the loan was reported at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment was expected solely from the collateral. The following table presents impaired loans, the average investment in impaired loans, and interest income recognized on impaired loans for the years ended December 31, 2019 and 2018. 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 December 31, 2018 (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 $ 4,100 $ 4,100 $ 0 $ 3,923 $ 171 Commercial secured by real estate 29,645 31,409 0 30,250 1,412 Commercial other 8,285 9,982 0 8,774 530 Real estate construction 0 0 0 106 0 Real estate mortgage 1,882 1,882 0 1,666 41 Loans with a specific valuation allowance: Commercial construction 127 127 50 42 0 Commercial secured by real estate 1,854 2,983 605 2,051 1 Commercial other 473 473 146 285 16 Totals: Commercial construction 4,227 4,227 50 3,965 171 Commercial secured by real estate 31,499 34,392 605 32,301 1,413 Commercial other 8,758 10,455 146 9,059 546 Real estate construction 0 0 0 106 0 Real estate mortgage 1,882 1,882 0 1,666 41 Total $ 46,366 $ 50,956 $ 801 $ 47,097 $ 2,171 |
Troubled Debt Restructurings | Certain loans have been modified in troubled debt restructurings, where economic concessions were granted to borrowers consisting of reductions in the interest rates, payment extensions, forgiveness of principal, and forbearances. Presented below, segregated by class of loans, are troubled debt restructurings that occurred during the years ended and : Year Ended December 31, 2020 Pre-Modification Outstanding Balance (in s) Number of Loans Term Modification Combination Total Modification Commercial real estate residential 12 $ 4,694 $ 1,809 $ 6,503 Commercial real estate nonresidential 18 7,295 782 8,077 Hotel/motel 1 1,113 0 1,113 Commercial other 12 637 53 690 Total commercial loans 43 13,739 2,644 16,383 Real estate mortgage 4 1,496 0 1,496 Total residential loans 4 1,496 0 1,496 Total troubled debt restructurings 47 $ 15,235 $ 2,644 $ 17,879 Year Ended December 31, 2020 Post-Modification Outstanding Balance (in s) Number of Loans Term Modification Combination Total Modification Commercial real estate residential 12 $ 4,696 $ 1,809 $ 6,505 Commercial real estate nonresidential 18 7,349 782 8,131 Hotel/motel 1 1,113 0 1,113 Commercial other 12 571 51 622 Total commercial loans 43 13,729 2,642 16,371 Real estate mortgage 4 1,479 0 1,479 Total residential loans 4 1,479 0 1,479 Total troubled debt restructurings 47 $ 15,208 $ 2,642 $ 17,850 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 |
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 twelve months which have subsequently defaulted. CTBI considers a loan in default when it is 90 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 twelve months of the loan modification. (in thousands) Year Ended December 31, 2020 Number of Loans Recorded Balance Commercial: Commercial other 3 $ 368 Total defaulted restructured loans 3 $ 368 (in thousands) Year Ended December 31, 2019 Number of Loans Recorded Balance Commercial: Commercial construction 0 $ 0 Commercial secured by real estate 1 30 Commercial other 1 34 Residential: Real estate mortgage 1 463 Total defaulted restructured loans 3 $ 527 |
Mortgage Banking and Servicin_2
Mortgage Banking and Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Mortgage Banking and Servicing Rights [Abstract] | |
Components of Mortgage Banking Income | The following table presents the components of mortgage banking income: (in thousands) Year Ended December 31 2020 2019 2018 Net gain on sale of mortgage loans held for sale $ 7,226 $ 1,746 $ 1,288 Net loan servicing income (expense): Servicing fees 1,515 1,297 1,275 Late fees 52 72 73 Ancillary fees 1,310 190 282 Fair value adjustments (1,064 ) (975 ) (343 ) Net loan servicing income 1,813 584 1,287 Mortgage banking income $ 9,039 $ 2,330 $ 2,575 |
Activity for Capitalized Mortgage Servicing Rights Using Fair Value Method | Activity for capitalized mortgage servicing rights using the fair value method is as follows: (in thousands) 2020 2019 2018 Fair value of MSRs, beginning of year $ 3,263 $ 3,607 $ 3,484 New servicing assets created 1,869 631 466 Change in fair value during the year due to: Time decay (1) (135 ) (167 ) (189 ) Payoffs (2) (766 ) (293 ) (227 ) Changes in valuation inputs or assumptions (3) (163 ) (515 ) 73 Fair value of MSRs, end of year $ 4,068 $ 3,263 $ 3,607 (1) Represents decrease in value due to regularly scheduled loan principal payments and partial loan paydowns. (2) Represents decrease in value due to loans that paid off during the period. (3) Represents change in value resulting from market-driven changes in interest rates. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Activity for Related Party Transactions | Activity for related party extensions of credit during 2020 and 2019 is as follows: (in thousands) 2020 2019 Related party extensions of credit, beginning of year $ 37,816 $ 19,463 New loans and advances on lines of credit 2,193 1 Repayments (1,948 ) (1,686 ) Increase due to changes in related parties 0 20,038 Related party extensions of credit, end of year $ 38,061 $ 37,816 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment are summarized as follows: (in thousands) December 31 2020 2019 Land and buildings $ 80,959 $ 80,552 Leasehold improvements 4,805 4,805 Furniture, fixtures, and equipment 40,615 39,964 Construction in progress 498 75 Total premises and equipment 126,877 125,396 Less accumulated depreciation and amortization (84,876 ) (81,350 ) Premises and equipment, net $ 42,001 $ 44,046 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Real Estate Owned [Abstract] | |
Activity for Other Real Estate Owned | Activity for other real estate owned was as follows: (in thousands) 2020 2019 Beginning balance of other real estate owned $ 19,480 $ 27,273 New assets acquired 4,446 3,384 Fair value adjustments (1,454 ) (4,253 ) Sale of assets (14,778 ) (6,924 ) Ending balance of other real estate owned $ 7,694 $ 19,480 |
Major Classifications of Foreclosed Properties | The major classifications of foreclosed properties are shown in the following table: (in thousands) December 31 2020 2019 1-4 family $ 1,888 $ 3,630 Construction/land development/other 1,069 10,211 Multifamily 88 88 Non-farm/non-residential 4,649 5,551 Total foreclosed properties $ 7,694 $ 19,480 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Major Classifications of Deposits | Major classifications of deposits are categorized as follows: (in thousands) December 31 2020 2019 Noninterest bearing deposits $ 1,140,925 $ 865,760 Interest bearing demand deposits 78,308 51,179 Money market deposits 1,228,742 985,322 Savings 527,436 404,151 Certificates of deposit and other time deposits of $100,000 or more 606,223 597,628 Certificates of deposit and other time deposits less than $100,000 434,448 501,532 Total deposits $ 4,016,082 $ 3,405,572 |
Maturities of Certificates of Deposits and Other Time Deposits | Maturities of certificates of deposits and other time deposits are presented below: Maturities by Period at December 31, 2020 (in thousands) Total Within 1 Year 2 Years 3 Years 4 Years 5 Years After 5 Years Certificates of deposit and other time deposits of $100,000 or more $ 606,223 $ 477,852 $ 60,412 $ 23,079 $ 26,430 $ 18,450 $ 0 Certificates of deposit and other time deposits less than $100,000 434,448 353,757 34,505 20,347 15,949 9,623 267 Total maturities $ 1,040,671 $ 831,609 $ 94,917 $ 43,426 $ 42,379 $ 28,073 $ 267 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings [Abstract] | |
Short-term Debt | Short-term debt is categorized as follows: (in thousands) December 31 2020 2019 Repurchase agreements $ 355,862 $ 226,917 Federal funds purchased 500 7,906 Total short-term debt $ 356,362 $ 234,823 |
Long-term Debt | Long-term debt is categorized as follows: (in thousands) December 31 2020 2019 Junior subordinated debentures, 1.82%, due 6/1/37 $ 57,841 $ 57,841 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 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 December 31, 2020 and December 31, 2019 is presented in the following tables: December 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 $ 8,777 $ 0 $ 2,831 $ 31,800 $ 43,408 State and political subdivisions 54,639 0 1,132 21,421 77,192 U.S. government sponsored agency mortgage-backed securities 33,040 0 101,037 101,185 235,262 Total $ 96,456 $ 0 $ 105,000 $ 154,406 $ 355,862 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 |
Advances from Federal Home Lo_2
Advances from Federal Home Loan Bank (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Advances from Federal Home Loan Bank [Abstract] | |
Federal Home Loan Bank Advances | Federal Home Loan Bank advances consisted of the following monthly amortizing borrowings at December 31: (in thousands) 2020 2019 Monthly amortizing $ 395 $ 415 Total FHLB advances $ 395 $ 415 |
Advances from Federal Home Loan Bank Requiring Monthly Principal Payment Basis | The advances from the FHLB that require monthly principal payments were due for repayment as follows: Principal Payments Due by Period at December 31, 2020 (in thousands) Total Within 1 Year 2 Years 3 Years 4 Years 5 Years After 5 Years Outstanding advances, weighted average interest rate – 0.06% $ 395 $ 22 $ 20 $ 21 $ 20 $ 21 $ 291 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Components of Provision for Income Taxes | The components of the provision for income taxes, exclusive of tax effect of unrealized AFS securities gains and losses, are as follows: (in thousands) 2020 2019 2018 Current federal income tax expense $ 12,884 $ 8,351 $ 11,042 Current state income tax expense 786 513 518 Deferred income tax expense (benefit) (2,900 ) 2,030 (246 ) Effect of Kentucky tax legislation benefit (9 ) (3,442 ) 0 Total income tax expense $ 10,761 $ 7,452 $ 11,314 |
Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense | A reconciliation of income tax expense at the statutory rate to our actual income tax expense is shown below: (in thousands) 2020 2019 2018 Computed at the statutory rate $ 14,755 21.00 % $ 15,118 21.00 % $ 14,814 21.00 % Adjustments resulting from: Tax-exempt interest (547 ) (0.78 ) (563 ) (0.78 ) (673 ) (0.95 ) Housing and new markets credits (4,194 ) (5.97 ) (4,471 ) (6.21 ) (2,635 ) (3.73 ) Dividends received deduction 0 - 0 - (9 ) (0.01 ) Bank owned life insurance (277 ) (0.39 ) (284 ) (0.39 ) (599 ) (0.85 ) ESOP dividend deduction (221 ) (0.32 ) (203 ) (0.28 ) (188 ) (0.27 ) Stock option exercises and restricted stock vesting (10 ) (0.01 ) (10 ) (0.01 ) (39 ) (0.06 ) Effect of KY tax legislation (7 ) (0.01 ) (2,719 ) (3.78 ) 0 - State income taxes 621 0.88 405 0.56 409 0.58 Split dollar life insurance 529 0.75 0 - 0 - Other 112 0.16 179 0.24 234 0.33 Total $ 10,761 15.31 % $ 7,452 10.35 % $ 11,314 16.04 % |
Components of Net Deferred Tax Liability | The components of the net deferred tax liability as of December 31 are as follows: (in thousands) 2020 2019 Deferred tax assets: Allowance for credit/loan and lease losses* $ 11,982 $ 8,757 Interest on nonaccrual loans 471 485 Accrued expenses 1,444 1,100 Allowance for other real estate owned 593 1,437 State net operating loss carryforward 3,975 3,786 Lease liabilities 3,468 3,859 Other 470 294 Total deferred tax assets 22,403 19,718 Deferred tax liabilities: Depreciation and amortization (15,006 ) (15,048 ) FHLB stock dividends (1,245 ) (1,441 ) Loan fee income (238 ) (656 ) Mortgage servicing rights (1,015 ) (814 ) Unrealized gains on AFS securities (4,807 ) (1,534 ) Limited partnership investments (414 ) (326 ) Right of use assets (3,297 ) (3,698 ) Other (1,068 ) (1,101 ) Total deferred tax liabilities (27,090 ) (24,618 ) Beginning balance for valuation allowance for deferred tax asset 210 3,957 Change in valuation allowance (210 ) (3,747 ) Ending balance for valuation allowance for deferred tax asset 0 210 Net deferred tax liability $ (4,687 ) $ (5,110 ) * 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. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Shares to be Issued and Remaining Shares Available for Future Issuance | As of December 31, 2020, CTBI maintained one active and one inactive incentive stock ownership plans covering key employees. The 2015 Stock Ownership Incentive Plan (“2015 Plan”) was approved by the Board of Directors and the Shareholders in 2015. The 2006 Stock Ownership Incentive Plan (“2006 Plan”) was approved by the Board of Directors and the Shareholders in 2006. The 2006 Plan was rendered inactive as of April 28, 2015. The 2015 Plan has 550,000 shares authorized, 459,852 of which were available at December 31, 2020. Shares issuable pursuant to awards which were granted under the prior plans on or before their respective expiration or termination dates will be issued from the remaining shares reserved for issuance under the prior plans. The shares of common stock reserved for issuance under the prior plans in excess of the number of shares as to which options or other benefits are awarded thereunder, and any shares as to which options or other benefits granted under the prior plans may lapse, expire, terminate or be canceled, will not be reserved and available for issuance or reissuance under the 2015 Plan. The following table provides detail of the number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance under all of CTBI’s equity compensation plans as of December 31, 2020: Plan Category (shares in thousands) Number of Shares to Be Issued Upon Exercise Weighted Average Price Shares Available for Future Issuance Equity compensation plans approved by shareholders: Stock options 20 $ 32.27 460(a ) Restricted stock (c) (b) (a) Performance units (d) (b) (a) Stock appreciation rights (“SARs”) (e) (b) (a) Total 460 (a) Under the 2015 Plan, 550,000 shares are authorized for issuance; 94,453 have been issued as of December 31, 2020 In January of 2016, 18,069 restricted stock shares were issued under the terms of the 2015 Plan pursuant to awards granted under the 2006 Plan. Additional shares will not be issued pursuant to awards granted from prior plans. (b) Not applicable (c) The maximum number of shares of restricted stock that may be granted is 550,000 shares, and the maximum that may be granted to a participant during any calendar year is 75,000 shares. (d) No performance units payable in stock had been issued as of December 31, 2020 . The maximum payment that can be made pursuant to performance units granted to any one participant in any calendar year is $ 1,000,000 . (e) No SARS have been issued. The maximum number of shares with respect to which SARs may be granted to a participant during any calendar year is 100,000 shares. |
Unrecognized Compensation Cost, Grant-Date Fair Value of Shares Vested, Cash Received from Option Exercises and Actual Tax Benefit Realized for Tax Deductions from Option Exercises | The following table shows the unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans at December 31, 2020, 2019, and 2018 and the total grant-date fair value of shares vested, cash received from option exercises under all share-based payment arrangements, and the actual tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the years ended December 31, 2020, 2019, and 2018. (in thousands) 2020 2019 2018 Unrecognized compensation cost of unvested share-based compensation arrangements granted under the plan at year-end $ 1,512 $ 1,410 $ 1,072 Grant date fair value of shares vested for the year 887 605 645 Cash received from option exercises under all share-based payment arrangements for the year 11 401 399 Tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the year 1 27 49 |
2015 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Shares to be Issued and Remaining Shares Available for Future Issuance | The following table details the shares available for future issuance under the 2015 Plan at December 31, 2020. Plan Category Shares Available for Future Issuance Shares available at January 1, 2020 481,396 Stock option grants 0 Restricted stock grants (21,544 ) Forfeitures 0 Shares available for future issuance at December 31, 459,852 |
Schedule of Stock Option Activity | CTBI’s stock option activity for the 2015 Plan for the years ended December 31, 2020, 2019, and 2018 is summarized as follows: December 31 2020 _ _ Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of year 0 $ 0 0 $ 0 10,000 $ 33.55 Granted 0 0 0 0 0 0 Exercised 0 0 0 0 (10,000 ) 33.55 Forfeited/expired 0 0 0 0 0 0 Outstanding at end of year 0 $ 0 0 $ 0 0 $ 0 Exercisable at end of year 0 $ 0 0 $ 0 0 $ 0 *Pursuant to the 2015 Plan provisions, the death of the option holder accelerated the vesting of 10,000 shares in 2018. |
Schedule of Intrinsic Values of Options Exercised, Exercisable, and Outstanding | The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 2015 Plan for the years ended December 31, 2020, 2019, and 2018: (in thousands) 2020 2019 2018 Options exercised $ 0 $ 0 $ 140 Options exercisable 0 0 0 Outstanding options 0 0 0 |
Schedule of Restricted Stock Activity | The following table shows restricted stock activity for the 2015 Plan for the years ended December 31, 2020, 2019, and 2018: December 31 2020 2019 2018 Grants Weighted Average Fair Value at Grant Grants Weighted Average Fair Value at Grant Grants Weighted Average Fair Value at Grant Outstanding at beginning of year 50,992 $ 43.08 34,255 $ 44.46 33,085 $ 41.84 Granted 21,544 44.64 27,921 41.12 11,320 49.30 Vested (16,985 ) 41.92 (10,596 ) 42.39 (8,761 ) 40.46 Forfeited 0 - (588 ) 43.04 (1,389 ) 46.77 Outstanding at end of year 55,551 $ 44.04 50,992 $ 43.08 34,255 $ 44.46 |
2006 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock Option Activity | CTBI’s stock option activity for the 2006 Plan for the years ended December 31, 2020, 2019, and 2018 is summarized as follows: December 31 2020 2019 2018 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of year 20,495 $ 32.04 32,571 $ 32.47 35,376 $ 31.90 Granted 0 0 0 0 0 0 Exercised (495 ) 22.81 (12,076 ) 33.19 (2,475 ) 25.52 Forfeited/expired 0 0 0 0 (330 ) 23.79 Outstanding at end of year 20,000 $ 32.27 20,495 $ 32.04 32,571 $ 32.47 Exercisable at end of year 20,000 $ 32.27 495 $ 22.81 2,571 $ 25.11 |
Summary for Status of Nonvested Options | A summary of the status of CTBI’s 2006 Plan for nonvested options as of December 31, 2020, and changes during the year ended December 31, 2020, is presented as follows: Nonvested Options Options Weighted Average Grant Date Fair Value Nonvested at January 1, 2020 20,000 $ 6.59 Granted 0 0 Vested 20,000 6.59 Forfeited 0 0 Nonvested at December 31, 2020 0 $ 0 |
Schedule of Intrinsic Values of Options Exercised, Exercisable, and Outstanding | The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 2006 Plan for the years ended December 31, 2020, 2019, and 2018: (in thousands) 2020 2019 2018 Options exercised $ 11 $ 135 $ 56 Options exercisable 96 12 37 Outstanding options 96 299 233 |
Schedule of Restricted Stock Activity | The following table shows restricted stock activity for the years ended December 31, 2020, 2019, and 2018: December 31 2020 2019 2018 Grants Weighted Average Fair Value at Grant Grants Weighted Average Fair Value at Grant Grants Weighted Average Fair Value at Grant Outstanding at beginning of year 0 $ 0 2,064 $ 32.27 5,426 $ 33.24 Granted 0 0 0 0 0 0 Vested 0 0 (2,064 ) 32.27 (3,236 ) 33.90 Forfeited 0 0 0 0 (126 ) 32.27 Outstanding at end of year 0 $ 0.00 0 $ 0 2,064 $ 32.27 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense for the year ended December 31, 2020 were as follows: (in thousands) Year Ended December 31, 2020 Year Ended December 31, 2019 Finance lease cost: Amortization of right-of-use assets – finance leases $ 50 $ 52 Interest on lease liabilities – finance leases 53 54 Total finance lease cost 103 106 Short-term lease cost 294 306 Operating lease cost 1,769 1,773 Sublease income 253 257 Total lease cost $ 1,913 $ 1,928 |
Supplemental Cash Flow Information Related to Operating and Finance Leases | Supplemental cash flow information related to CTBI’s operating and finance leases for the year ended December 31, 2020 was as follows: (in thousands) Year Ended December 31, 2020 Year Ended December 31, 2019 Finance lease – operating cash flows $ 53 $ 54 Finance lease – financing cash flows $ 15 $ 14 Operating lease – operating cash flows (fixed payments) $ 1,682 $ 1,665 Operating lease – operating cash flows (liability reduction) $ 1,198 $ 0 New right-of-use assets – operating leases $ 0 $ 9 Weighted average lease term – financing leases 25.02 years 26.02 years Weighted average lease term – operating leases 13.46 years 13.84 years Weighted average discount rate – financing leases 3.70 % 3.70 % Weighted average discount rate – operating leases 3.43 % 3.45 % |
Maturities of Lease Liabilities | Maturities of lease liabilities as of December 31, 2020 are as follows: (in thousands) Operating Leases Finance Leases 2021 $ 1,717 $ 75 2022 1,703 75 2023 1,626 75 2024 1,313 75 2025 1,121 75 Thereafter 8,528 1,913 Total lease payments 16,008 2,288 Less imputed interest (3,477 ) (847 ) Total $ 12,531 $ 1,441 |
Fair Market Value of Financia_2
Fair Market Value of Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 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 December 31, 2020 and December 31, 2019 and indicate the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at December 31, 2020 Using 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 $ 148,793 $ 74,991 $ 73,802 $ 0 State and political subdivisions 140,416 0 140,416 0 U.S. government sponsored agenc y mortgage-backed securities 651,807 0 651,807 0 Other debt securities 56,245 0 56,245 0 Equity securities at fair value 2,471 0 0 2,471 Mortgage servicing rights 4,068 0 0 4,068 (in thousands) Fair Value Measurements at December 31, 2019 Using 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 agenc y 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) 2020 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 518 (163 ) 780 (515 ) Issues 0 1,869 0 631 Settlements 0 (901 ) 0 (460 ) Ending balance $ 2,471 $ 4,068 $ 1,953 $ 3,263 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 $ 518 $ (163 ) $ 780 $ (515 ) |
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 (in thousands) 2020 2019 Total losses $ (546 ) $ (195 ) |
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 December 31, 2020 and December 31, 2019 and indicate the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at December 31, 2020 Using 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 $ 1,768 $ 0 $ 0 $ 1,768 Other real estate owned 2,395 0 0 2,395 (in thousands) Fair Value Measurements at December 31, 2019 Using 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 December 31, 2020 and December 31, 2019. (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, 2020 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $2,471 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 $4,068 Discount cash flows, computer pricing model Constant prepayment rate 0.0% - 32.8% (15.7%) Probability of default 0.0% - 100.0% (1.7%) Discount rate 10.0% - 11.5% (10.1%) Collateral-dependent loans $1,768 Market comparable properties Marketability discount 17.5% - 31.5% (24.5%) Other real estate owned $2,395 Market comparable properties Comparability adjustments (9.1%) - 64.3% (12.8%) (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 December 31, 2020 and indicates the level within the fair value hierarchy of the valuation techniques. In accordance with the adoption of ASU 2016-01, the fair values as of December 31, 2020 were measured using an exit price notion. (in thousands) Fair Value Measurements at December 31, 2020 Using 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 $ 338,235 $ 338,235 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 997,261 74,991 922,270 0 Equity securities at fair value 2,471 0 0 2,471 Loans held for sale 23,259 23,884 0 0 Loans, net 3,506,189 0 0 3,658,554 Federal Home Loan Bank stock 10,048 0 10,048 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 15,818 0 15,818 0 Mortgage servicing rights 4,068 0 0 4,068 Financial liabilities: Deposits $ 4,016,082 $ 1,140,925 $ 2,913,217 $ 0 Repurchase agreements 355,862 0 0 355,918 Federal funds purchased 500 0 500 0 Advances from Federal Home Loan Bank 395 0 436 0 Long-term debt 57,841 0 0 40,081 Accrued interest payable 1,243 0 1,243 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. (in thousands) Fair Value Measurements at December 31, 2019 Using 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 |
Off-Balance Sheet Transaction_2
Off-Balance Sheet Transactions and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Off-Balance Sheet Transactions and Guarantees [Abstract] | |
Off-Balance Sheet Financial Instruments | At December 31, CTBI had the following off-balance sheet financial instruments, whose approximate contract amounts represent additional credit risk to CTBI: (in thousands) 2020 2019 Standby letters of credit $ 32,126 $ 30,679 Commitments to extend credit 623,920 564,229 Total off-balance sheet financial instruments $ 656,046 $ 594,908 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Matters [Abstract] | |
Capital Amounts and Ratios | Consolidated Capital Ratios Actual For Capital Adequacy Purposes (in thousands) Amount Ratio Amount Ratio As of December 31, 2020: CBLR $ 636,672 12.70 % $ 401,158 8.00 % As of December 31, 2019: Tier 1 capital (to average assets) $ 601,142 14.01 % $ 171,632 4.00 % Common equity Tier 1 capital (to risk weighted assets) 545,142 17.18 142,790 4.50 Tier 1 capital (to risk weighted assets) 601,142 18.94 190,436 6.00 Total capital (to risk weighted assets) 636,512 20.05 253,970 8.00 Community Trust Bank, Inc.’s Capital Ratios Actual For Capital Adequacy Purposes To Be Well-Capitalized Under Prompt Corrective Action Provision (in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020: CBLR $ 605,606 12.13 % $ 399,303 8.00 % N/A N/A As of December 31, 2019: Tier 1 capital (to average assets) $ 570,256 13.34 % $ 170,991 4.00 % $ 213,739 5.00 % Common equity Tier 1 capital (to risk weighted assets) 570,256 18.01 142,485 4.50 205,811 6.50 Tier 1 capital (to risk weighted assets) 570,256 18.01 189,980 6.00 253,306 8.00 Total capital (to risk weighted assets) 605,625 19.12 253,400 8.00 316,749 10.00 |
Parent Company Financial Stat_2
Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Parent Company Financial Statements [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets (in thousands) December 31 2020 2019 Assets: Cash on deposit $ 1,505 $ 2,089 Investment in and advances to subsidiaries 707,943 667,206 Goodwill 4,973 4,973 Premises and equipment, net 96 153 Deferred tax asset 4,649 5,100 Other assets 45 44 Total assets $ 719,211 $ 679,565 Liabilities and shareholders’ equity: Long-term debt $ 61,341 $ 61,341 Other liabilities 3,005 3,338 Total liabilities 64,346 64,679 Shareholders’ equity 654,865 614,886 Total liabilities and shareholders’ equity $ 719,211 $ 679,565 |
Condensed Statements of Income and Comprehensive Income | Condensed Statements of Income and Comprehensive Income (in thousands) Year Ended December 31 2020 2019 2018 Income: Dividends from subsidiaries $ 29,593 $ 30,152 $ 26,750 Other income 476 757 489 Total income 30,069 30,909 27,239 Expenses: Interest expense 1,519 2,520 2,318 Depreciation expense 112 144 135 Other expenses 3,302 3,273 3,156 Total expenses 4,933 5,937 5,609 Income before income taxes and equity in undistributed income of subsidiaries 25,136 24,972 21,630 Income tax benefit (576 ) (4,947 ) (1,219 ) Income before equity in undistributed income of subsidiaries 25,712 29,919 22,849 Equity in undistributed income of subsidiaries 33,792 34,621 36,379 Net income $ 59,504 $ 64,540 $ 59,228 Other comprehensive gain (loss) Unrealized holding gains (losses) on securities available-for-sale Unrealized holding gains (losses) arising during the period 13,839 14,270 (5,393 ) Less: Reclassification adjustments for realized gains (losses) included in net income 1,251 3 (821 ) Tax expense (benefit) 3,273 3,403 (960 ) Other comprehensive gain (loss), net of tax 9,315 10,864 (3,612 ) Comprehensive income $ 68,819 $ 75,404 $ 55,616 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (in thousands) Year Ended December 31 2020 2019 2018 Cash flows from operating activities: Net income $ 59,504 $ 64,540 $ 59,228 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 112 144 135 Equity in undistributed earnings of subsidiaries (33,792 ) (34,621 ) (36,379 ) Deferred taxes 451 (4,907 ) (12 ) Stock-based compensation 944 859 710 Gain on debt repurchase 0 (219 ) 0 Changes in: Other assets (115 ) 1 (50 ) Other liabilities (318 ) 683 53 Net cash provided by operating activities 26,786 26,480 23,685 Cash flows from investing activities: Payment for investment in subsidiary 0 (1,281 ) 0 Purchase of premises and equipment (55 ) (78 ) (81 ) Net cash used in investing activities (55 ) (1,359 ) (81 ) Cash flows from financing activities: Issuance of common stock 926 1,264 1,230 Repurchase of common stock (1,099 ) 0 0 Dividends paid (27,142 ) (26,235 ) (24,395 ) Net cash used in financing activities (27,315 ) (24,971 ) (23,165 ) Net increase (decrease) in cash and cash equivalents (584 ) 150 439 Cash and cash equivalents at beginning of year 2,089 1,939 1,500 Cash and cash equivalents at end of year $ 1,505 $ 2,089 $ 1,939 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 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: Year Ended December 31 (in thousands except per share data) 2020 2019 2018 Numerator: Net income $ 59,504 $ 64,540 $ 59,228 Denominator: Basic earnings per share: Weighted average shares 17,748 17,724 17,687 Diluted earnings per share: Dilutive effect of equity grants 8 16 16 Adjusted weighted average shares 17,756 17,740 17,703 Earnings per share: Basic earnings per share $ 3.35 $ 3.64 $ 3.35 Diluted earnings per share 3.35 3.64 3.35 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2020, 2019, and 2018 were: Amounts Reclassified from AOCI Year Ended December 31 (in thousands) 2020 2019 2018 Affected line item in the statements of income Securities gains (losses) $ 1,251 $ 3 $ (821 ) Tax expense (benefit) 325 1 (172 ) Total reclassifications out of AOCI $ 926 $ 2 $ (649 ) |
COVID-19 and CARES Act Loan A_2
COVID-19 and CARES Act Loan Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
COVID-19 and CARES Act Loan Activities [Abstract] | |
CARES Act Loan Deferral Status | CARES Act Loan Deferral Status Deferrals One Time Two Times Three Times Four Times Outstanding (dollars in millions) Number Amount Number Amount Number Amount Number Amount Number Amount Commercial 841 $ 571 153 $ 223 45 $ 83 5 $ 3 109 $ 118 Residential 552 63 100 10 15 2 1 0 108 9 Consumer 2,088 36 41 1 3 0 0 0 193 3 3,481 $ 670 294 $ 234 63 $ 85 6 $ 3 410 $ 130 |
Information Related to PPP Loans | We have also participated in the Paycheck Protection Program (PPP) stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19. As of December 31, 2020, we closed 2,962 Paycheck Protection Program (PPP) loans totaling $277.0 million, stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19. Of these, 2,817 were under $350 thousand, 132 were between $350 thousand and $2.0 million, and 13 were over $2.0 million. T he initial phase of the PPP program expired on August 8, 2020 , and the loan forgiveness process began shortly thereafter. (dollars in thousands) Average Balance Interest Average Effective Rate PPP loans $ 182,008 $ 5,638 3.05 % |
Accounting Policies (Details)
Accounting Policies (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)PaymentSegment | Dec. 31, 2019USD ($) | |
Certificates of Deposits in Other Banks [Abstract] | ||
Maturity period of certificates of deposit in other banks | 18 months | |
Investments [Abstract] | ||
Securities held-to-maturity | $ 0 | $ 517 |
Loans [Abstract] | ||
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 Credit Losses [Abstract] | ||
Impact of difference in amortized cost basis versus consideration of loan balances on allowance for credit losses | 1 | |
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 | |
Goodwill and Core Deposit Intangible [Abstract] | ||
Goodwill | $ 65,490 | $ 65,490 |
Segment Reporting [Abstract] | ||
Number of operating segments | Segment | 1 | |
Minimum [Member] | ||
Allowance for Credit 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 | |
Buildings [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 40 years | |
Furniture, Fixtures, and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 2 years | |
Furniture, Fixtures, and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Commercial [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Threshold period past due for individual evaluations | 90 days | |
Commercial [Member] | 90+ Days Past Due [Member] | Minimum [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Threshold outstanding loan balance for individual evaluations | $ 1,000 | |
Commercial [Member] | Nonaccrual Status [Member] | Minimum [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Threshold outstanding loan balance for individual evaluations | 1,000 | |
Threshold amount of outstanding loan balance for specific reserve to be created | 1,000 | |
Commercial [Member] | TDR [Member] | Minimum [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Threshold outstanding loan balance for individual evaluations | 1,000 | |
Threshold amount of outstanding loan balance for specific reserve to be created | 1,000 | |
Commercial [Member] | Criticized [Member] | Minimum [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Threshold outstanding loan balance for individual evaluations | 1,000 | |
Threshold amount of outstanding loan balance for specific reserve to be created | $ 1,000 | |
Commercial [Member] | Unsecured Commercial Loan [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Charge off threshold for loans considered uncollectible | 90 days | |
Consumer [Member] | Closed-End Consumer Loan [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Charge off threshold for loans considered uncollectible | 120 days |
Accounting Policies, New Accoun
Accounting Policies, New Accounting Standards (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
New Accounting Standards [Abstract] | ||||||
Other liabilities | $ 33,694 | $ 29,332 | ||||
Equity, net of tax | 654,865 | 614,886 | $ 564,150 | $ 530,699 | ||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | ||||||
Amount | $ 48,022 | [1] | $ 35,096 | [1] | $ 35,908 | |
% of portfolio | 1.08% | |||||
Reserve for unfunded lending commitments | $ 274 | |||||
Commercial Loans [Member] | ||||||
Allowance for loan and lease losses transitioned to allowance for credit losses [Abstract] | ||||||
Amount | $ 21,683 | |||||
% of portfolio | 1.30% | |||||
Real Estate 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% | |||||
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] | Real Estate 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% | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | ||||||
New Accounting Standards [Abstract] | ||||||
Other liabilities | $ 112 | |||||
Equity, net of tax | (2,366) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [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. |
Cash and Due from Banks and I_2
Cash and Due from Banks and Interest Bearing Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Federal Reserve [Member] | ||
Cash and Due from Banks and Interest Bearing Deposits [Abstract] | ||
Balance requirements | $ 78 | |
Cash accounts which exceeded federally insured limits | $ 280.7 | |
US Bank [Member] | ||
Cash and Due from Banks and Interest Bearing Deposits [Abstract] | ||
Cash accounts which exceeded federally insured limits | 21.3 | |
Fifth Third Bank [Member] | ||
Cash and Due from Banks and Interest Bearing Deposits [Abstract] | ||
Cash accounts which exceeded federally insured limits | 0.4 | |
Federal Home Loan Bank [Member] | ||
Cash and Due from Banks and Interest Bearing Deposits [Abstract] | ||
Cash accounts which exceeded federally insured limits | $ 3.3 |
Securities, Available-for-Sale
Securities, Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Available-for-sale [Abstract] | ||
Amortized cost | $ 978,774 | $ 593,945 |
Gross unrealized gains | 19,273 | 7,860 |
Gross unrealized losses | (786) | (1,961) |
Fair value | 997,261 | 599,844 |
U.S. Treasury and Government Agencies [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 148,507 | 171,250 |
Gross unrealized gains | 483 | 476 |
Gross unrealized losses | (197) | (576) |
Fair value | 148,793 | 171,150 |
State and Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 133,287 | 99,403 |
Gross unrealized gains | 7,132 | 2,941 |
Gross unrealized losses | (3) | (37) |
Fair value | 140,416 | 102,307 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 640,537 | 291,874 |
Gross unrealized gains | 11,648 | 4,443 |
Gross unrealized losses | (378) | (1,072) |
Fair value | 651,807 | 295,245 |
Other Debt Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 56,443 | 31,418 |
Gross unrealized gains | 10 | 0 |
Gross unrealized losses | (208) | (276) |
Fair value | $ 56,245 | $ 31,142 |
Securities, Held-to-maturity Se
Securities, Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities 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] | ||
Securities 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 Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Available for sale, amortized cost [Abstract] | ||
Due in one year or less | $ 77,420 | |
Due after one through five years | 18,480 | |
Due after five through ten years | 96,870 | |
Due after ten years | 89,024 | |
Amortized cost | 978,774 | $ 593,945 |
Available for sale, fair value [Abstract] | ||
Due in one year or less | 77,424 | |
Due after one through five years | 19,005 | |
Due after five through ten years | 98,417 | |
Due after ten years | 94,363 | |
Fair value | 997,261 | 599,844 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Available for sale, amortized cost [Abstract] | ||
Without single maturity date | 640,537 | |
Amortized cost | 640,537 | 291,874 |
Available for sale, fair value [Abstract] | ||
Without single maturity date | 651,807 | |
Fair value | 651,807 | 295,245 |
Other Debt Obligations [Member] | ||
Available for sale, amortized cost [Abstract] | ||
Without single maturity date | 56,443 | |
Amortized cost | 56,443 | 31,418 |
Available for sale, fair value [Abstract] | ||
Without single maturity date | 56,245 | |
Fair value | $ 56,245 | $ 31,142 |
Securities, Gains (Loss) on Sal
Securities, Gains (Loss) on Sales of Securities, Securities Pledged, and Securities Sold Under Agreements to Repurchase (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Security | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Gains (Loss) on Sales of Securities [Abstract} | |||
Net securities gain (loss) | $ 1,769 | $ 783 | $ (85) |
Net gain (loss) realized on sales and calls of AFS securities | 1,251 | 3 | (85) |
Realized pre-tax gain on sales and calls of AFS securities | 1,500 | ||
Realized pre-tax loss on sales and calls of AFS securities | 200 | ||
Unrealized gain from fair market value adjustment of equity securities | 518 | 780 | $ 0 |
Equity securities at fair value | 2,471 | 1,953 | |
Securities Pledged as Collateral [Abstract] | |||
Securities pledged as collateral to secure public deposit and for other purposes | 354,500 | 239,100 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Amortized cost of securities sold under agreements to repurchase | 386,600 | 261,500 | |
Visa Class B Restricted Stock [Member] | |||
Gains (Loss) on Sales of Securities [Abstract} | |||
Equity securities at fair value | 2,500 | ||
Increase (Decrease) in fair market value of equity securities | $ 500 | $ 800 | |
Number of equity securities sold (in shares) | Security | 0 |
Securities, Securities in Conti
Securities, Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities [Abstract] | ||
Percentage of total investment with unrealized losses | 16.20% | 42.80% |
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | $ 87,261 | $ 85,046 |
12 months or more | 75,247 | 173,948 |
Total | 162,508 | 258,994 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (375) | (561) |
12 months or more | (411) | (1,400) |
Total | (786) | (1,961) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 86,886 | 84,485 |
12 months or more | 74,836 | 172,548 |
Total | 161,722 | 257,033 |
U.S. Treasury and Government Agencies [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 5,604 | 25,955 |
12 months or more | 46,163 | 82,339 |
Total | 51,767 | 108,294 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (7) | (148) |
12 months or more | (190) | (428) |
Total | (197) | (576) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 5,597 | 25,807 |
12 months or more | 45,973 | 81,911 |
Total | 51,570 | 107,718 |
State and Political Subdivisions [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 534 | 8,356 |
12 months or more | 0 | 0 |
Total | 534 | 8,356 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (3) | (37) |
12 months or more | 0 | 0 |
Total | (3) | (37) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 531 | 8,319 |
12 months or more | 0 | 0 |
Total | 531 | 8,319 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 58,463 | 19,317 |
12 months or more | 2,801 | 91,609 |
Total | 61,264 | 110,926 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (336) | (100) |
12 months or more | (42) | (972) |
Total | (378) | (1,072) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 58,127 | 19,217 |
12 months or more | 2,759 | 90,637 |
Total | 60,886 | 109,854 |
Other Debt Securities [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 22,660 | 31,418 |
12 months or more | 26,283 | 0 |
Total | 48,943 | 31,418 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (29) | (276) |
12 months or more | (179) | 0 |
Total | (208) | (276) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 22,631 | 31,142 |
12 months or more | 26,104 | 0 |
Total | $ 48,735 | $ 31,142 |
Loans, Major Classifications of
Loans, Major Classifications of Loans, Net of Income and Deferred Loan Origination Cost (Details) $ in Thousands | 12 Months Ended | |
Dec. 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 | $ 3,554,211 | $ 3,248,664 |
Unearned fees | $ 9,300 | 2,300 |
Number of portfolio segments | Segment | 10 | |
Loans held for sale [Abstract] | ||
Loans held for sale | $ 23,259 | 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 | 1,893,527 | 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 | $ 260,699 | |
Percentage of total loan | 7.30% | |
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 | $ 287,928 | |
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 | 743,238 | |
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 | 69,087 | |
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 [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 | 279,908 | 389,683 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 252,667 | |
Residential [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 888,329 | |
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 [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 784,559 | 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 | 103,770 | 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 | 772,355 | |
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 | 152,304 | 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 | 620,051 | 527,418 |
Unamortized premiums | $ 23,800 | $ 20,600 |
Loans, Allowance for Credit Los
Loans, Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 35,096 | |||
Provision charged to expense | [1] | 16,047 | $ 4,819 | $ 6,167 |
Losses charged off | (10,453) | |||
Recoveries | 4,292 | |||
Ending balance | 48,022 | 35,096 | ||
Commercial [Member] | Hotel/Motel [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 3,371 | |||
Provision charged to expense | 2,858 | |||
Losses charged off | (43) | |||
Recoveries | 0 | |||
Ending balance | 6,356 | 3,371 | ||
Commercial [Member] | Commercial Real Estate Residential [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 3,439 | |||
Provision charged to expense | 1,772 | |||
Losses charged off | (182) | |||
Recoveries | 156 | |||
Ending balance | 4,464 | 3,439 | ||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 8,515 | |||
Provision charged to expense | 3,303 | |||
Losses charged off | (941) | |||
Recoveries | 90 | |||
Ending balance | 11,086 | 8,515 | ||
Commercial [Member] | Dealer Floorplans [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 802 | |||
Provision charged to expense | (214) | |||
Losses charged off | (26) | |||
Recoveries | 0 | |||
Ending balance | 1,382 | 802 | ||
Commercial [Member] | Commercial Other [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 5,556 | |||
Provision charged to expense | 2,040 | |||
Losses charged off | (3,339) | |||
Recoveries | 423 | |||
Ending balance | 4,289 | 5,556 | ||
Residential [Member] | Real Estate Mortgage [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 4,604 | |||
Provision charged to expense | 1,584 | |||
Losses charged off | (321) | |||
Recoveries | 72 | |||
Ending balance | 7,832 | 4,604 | ||
Residential [Member] | Home Equity Lines [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 897 | |||
Provision charged to expense | 16 | |||
Losses charged off | (4) | |||
Recoveries | 10 | |||
Ending balance | 844 | 897 | ||
Consumer [Member] | Consumer Direct [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,711 | |||
Provision charged to expense | 609 | |||
Losses charged off | (927) | |||
Recoveries | 510 | |||
Ending balance | 1,863 | 1,711 | ||
Consumer [Member] | Consumer Indirect [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 6,201 | |||
Provision charged to expense | 4,079 | |||
Losses charged off | (4,670) | |||
Recoveries | 3,031 | |||
Ending balance | 9,906 | 6,201 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 3,040 | |||
Ending balance | 3,040 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Commercial [Member] | Hotel/Motel [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 170 | |||
Ending balance | 170 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Commercial [Member] | Commercial Real Estate Residential [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | (721) | |||
Ending balance | (721) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 119 | |||
Ending balance | 119 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Commercial [Member] | Dealer Floorplans [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 820 | |||
Ending balance | 820 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Commercial [Member] | Commercial Other [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | (391) | |||
Ending balance | (391) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Residential [Member] | Real Estate Mortgage [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,893 | |||
Ending balance | 1,893 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Residential [Member] | Home Equity Lines [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | (75) | |||
Ending balance | (75) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Consumer [Member] | Consumer Direct [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | (40) | |||
Ending balance | (40) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Consumer [Member] | Consumer Indirect [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 1,265 | |||
Ending balance | $ 1,265 | |||
[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. |
Loans, Balance in Allowance for
Loans, Balance in Allowance for Loan and Lease Losses and Recorded Investment in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | $ 35,096 | [1] | $ 35,096 | [1] | $ 35,908 | |||
Provision charged to expense | 4,819 | |||||||
Losses charged off | (9,736) | |||||||
Recoveries | 4,105 | |||||||
Ending balance | $ 48,022 | [1] | 35,096 | [1] | $ 35,908 | |||
Ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 1,212 | |||||||
Collectively evaluated for impairment | 33,884 | |||||||
Loans ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 57,771 | |||||||
Collectively evaluated for impairment | 3,190,893 | |||||||
Period of reasonable and supportable forecast | 12 months | |||||||
Provision for credit losses | [2] | $ 16,047 | 4,819 | 6,167 | ||||
Increase (decrease) in allowance for credit losses | 11,200 | |||||||
Allowance for credit losses | $ 48,022 | $ 35,096 | ||||||
Allowance for credit losses to nonperforming loans | 180.70% | |||||||
Allowance for loan and lease losses to nonperforming loans | 104.40% | |||||||
Credit loss reserve as percentage of total loans outstanding | 1.35% | |||||||
Allowance for loan loss as percentage of total loans outstanding | 1.08% | |||||||
Real Estate Mortgage [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 5,501 | $ 5,501 | ||||||
Ending balance | $ 5,501 | |||||||
Consumer Direct [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 1,711 | 1,711 | ||||||
Ending balance | 1,711 | |||||||
Consumer Indirect [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 6,201 | 6,201 | ||||||
Ending balance | 6,201 | |||||||
Commercial [Member] | Construction [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 1,299 | 1,299 | 862 | |||||
Provision charged to expense | 497 | |||||||
Losses charged off | (72) | |||||||
Recoveries | 12 | |||||||
Ending balance | 1,299 | 862 | ||||||
Ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 99 | |||||||
Collectively evaluated for impairment | 1,200 | |||||||
Loans ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 3,010 | |||||||
Collectively evaluated for impairment | 101,799 | |||||||
Commercial [Member] | Real Estate Mortgage [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 14,025 | 14,025 | 14,531 | |||||
Provision charged to expense | (137) | |||||||
Losses charged off | (727) | |||||||
Recoveries | 358 | |||||||
Ending balance | 14,025 | 14,531 | ||||||
Ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 227 | |||||||
Collectively evaluated for impairment | 13,798 | |||||||
Loans ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 41,379 | |||||||
Collectively evaluated for impairment | 1,128,596 | |||||||
Commercial [Member] | Equipment Lease Financing [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 4 | 4 | 12 | |||||
Provision charged to expense | (8) | |||||||
Losses charged off | 0 | |||||||
Recoveries | 0 | |||||||
Ending balance | 4 | 12 | ||||||
Ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 4 | |||||||
Loans ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 481 | |||||||
Commercial [Member] | Commercial Other [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 6,355 | 6,355 | 4,993 | |||||
Provision charged to expense | 3,032 | |||||||
Losses charged off | (2,179) | |||||||
Recoveries | 509 | |||||||
Ending balance | 6,355 | 4,993 | ||||||
Ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 886 | |||||||
Collectively evaluated for impairment | 5,469 | |||||||
Loans ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 11,073 | |||||||
Collectively evaluated for impairment | 378,610 | |||||||
Residential [Member] | Construction [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 372 | 372 | 512 | |||||
Provision charged to expense | (40) | |||||||
Losses charged off | (100) | |||||||
Recoveries | 0 | |||||||
Ending balance | 372 | 512 | ||||||
Ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 372 | |||||||
Loans ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 63,350 | |||||||
Residential [Member] | Real Estate Mortgage [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 4,232 | 4,232 | 4,433 | |||||
Provision charged to expense | 414 | |||||||
Losses charged off | (767) | |||||||
Recoveries | 152 | |||||||
Ending balance | 4,232 | 4,433 | ||||||
Ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 4,232 | |||||||
Loans ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 2,309 | |||||||
Collectively evaluated for impairment | 730,694 | |||||||
Provision for credit losses | 1,584 | |||||||
Allowance for credit losses | 7,832 | 4,604 | ||||||
Residential [Member] | Home Equity Lines [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 897 | 897 | 841 | |||||
Provision charged to expense | 172 | |||||||
Losses charged off | (139) | |||||||
Recoveries | 23 | |||||||
Ending balance | 897 | 841 | ||||||
Ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 897 | |||||||
Loans ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 111,894 | |||||||
Provision for credit losses | 16 | |||||||
Allowance for credit losses | 844 | 897 | ||||||
Consumer [Member] | Consumer Direct [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 1,711 | 1,711 | 1,883 | |||||
Provision charged to expense | 528 | |||||||
Losses charged off | (1,100) | |||||||
Recoveries | 400 | |||||||
Ending balance | 1,711 | 1,883 | ||||||
Ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 1,711 | |||||||
Loans ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 148,051 | |||||||
Provision for credit losses | 609 | |||||||
Allowance for credit losses | 1,863 | 1,711 | ||||||
Consumer [Member] | Consumer Indirect [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 6,201 | 6,201 | 7,841 | |||||
Provision charged to expense | 361 | |||||||
Losses charged off | (4,652) | |||||||
Recoveries | 2,651 | |||||||
Ending balance | 6,201 | $ 7,841 | ||||||
Ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 6,201 | |||||||
Loans ending balance [Abstract] | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 527,418 | |||||||
Provision for credit losses | 4,079 | |||||||
Allowance for credit losses | 9,906 | 6,201 | ||||||
ASU 2016-13 [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 38,137 | 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) | |||||||
ASU 2016-13 [Member] | Real Estate Mortgage [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 7,319 | 7,319 | ||||||
Ending balance | 7,319 | |||||||
ASU 2016-13 [Member] | Consumer Direct [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | 1,671 | 1,671 | ||||||
Ending balance | 1,671 | |||||||
ASU 2016-13 [Member] | Consumer Indirect [Member] | ||||||||
Allowance for loan losses [Roll Forward] | ||||||||
Beginning balance | $ 7,467 | $ 7,467 | ||||||
Ending balance | 7,467 | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | ||||||||
Loans ending balance [Abstract] | ||||||||
Allowance for credit losses | 3,040 | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Residential [Member] | Real Estate Mortgage [Member] | ||||||||
Loans ending balance [Abstract] | ||||||||
Allowance for credit losses | 1,893 | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Residential [Member] | Home Equity Lines [Member] | ||||||||
Loans ending balance [Abstract] | ||||||||
Allowance for credit losses | (75) | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Consumer [Member] | Consumer Direct [Member] | ||||||||
Loans ending balance [Abstract] | ||||||||
Allowance for credit losses | (40) | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Consumer [Member] | Consumer Indirect [Member] | ||||||||
Loans ending balance [Abstract] | ||||||||
Allowance for credit losses | $ 1,265 | |||||||
[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. | |||||||
[2] | 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. |
Loans, Nonaccrual Loans Segrega
Loans, Nonaccrual Loans Segregated by Class of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | $ 0 | |||
Nonaccrual loans with ACL | 9,444 | $ 13,999 | ||
90+ and still accruing | 17,133 | 19,620 | [1] | |
Total nonperforming loans | 26,577 | |||
Interest income recognized on nonaccrual loans | 31 | |||
Commercial [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 3,516 | |||
90+ and still accruing | 12,897 | |||
Total nonperforming loans | 16,413 | |||
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 | 0 | |||
Total nonperforming loans | 0 | |||
Commercial [Member] | Commercial Real Estate Residential [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 1,225 | |||
90+ and still accruing | 4,776 | |||
Total nonperforming loans | 6,001 | |||
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 | 1,424 | |||
90+ and still accruing | 7,852 | |||
Total nonperforming loans | 9,276 | |||
Commercial [Member] | Other [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 867 | 3,839 | ||
90+ and still accruing | 269 | 2,586 | [1] | |
Total nonperforming loans | 1,136 | |||
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 | 5,928 | |||
90+ and still accruing | 3,812 | |||
Total nonperforming loans | 9,740 | |||
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 | 5,346 | 4,821 | ||
90+ and still accruing | 3,420 | 7,088 | [1] | |
Total nonperforming loans | 8,766 | |||
Residential [Member] | Home Equity Lines [Member] | ||||
Nonaccrual loans segregated by class of loans [Abstract] | ||||
Nonaccrual loans with no ACL | 0 | |||
Nonaccrual loans with ACL | 582 | 716 | ||
90+ and still accruing | 392 | 344 | [1] | |
Total nonperforming loans | 974 | |||
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 | 424 | |||
Total nonperforming loans | 424 | |||
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 | 71 | 97 | [1] | |
Total nonperforming loans | 71 | |||
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 | 353 | $ 448 | [1] | |
Total nonperforming loans | $ 353 | |||
[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 ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | $ 37,261,000 | $ 55,255,000 | ||
Current | 3,516,950,000 | 3,193,409,000 | ||
Total Loans | 3,554,211,000 | 3,248,664,000 | ||
90+ and Accruing | 17,133,000 | 19,620,000 | [1] | |
30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 8,491,000 | 10,689,000 | ||
60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 5,415,000 | 13,232,000 | ||
90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 23,355,000 | 31,334,000 | ||
Commercial [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 18,243,000 | |||
Current | 1,875,284,000 | |||
Total Loans | 1,893,527,000 | 1,664,948,000 | ||
90+ and Accruing | 12,897,000 | |||
Commercial [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 2,579,000 | |||
Commercial [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 549,000 | |||
Commercial [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 15,115,000 | |||
Commercial [Member] | Hotel/Motel [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Current | 260,699,000 | |||
Total Loans | 260,699,000 | |||
90+ and Accruing | $ 0 | |||
Percentage of total loan | 7.30% | |||
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 | 0 | |||
Commercial [Member] | Commercial Real Estate Residential [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 6,712,000 | |||
Current | 281,216,000 | |||
Total Loans | 287,928,000 | |||
90+ and Accruing | 4,776,000 | |||
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 | 722,000 | |||
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 | 413,000 | |||
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 | 5,577,000 | |||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 9,902,000 | |||
Current | 733,336,000 | |||
Total Loans | 743,238,000 | |||
90+ and Accruing | 7,852,000 | |||
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 | 1,199,000 | |||
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 | 0 | |||
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 | 8,703,000 | |||
Commercial [Member] | Dealer Floorplans [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Current | 69,087,000 | |||
Total Loans | 69,087,000 | |||
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 | 1,629,000 | 7,431,000 | ||
Current | 278,279,000 | 382,252,000 | ||
Total Loans | 279,908,000 | 389,683,000 | ||
90+ and Accruing | 269,000 | 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 | 658,000 | 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 | 136,000 | 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 | 835,000 | 6,267,000 | ||
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Current | 252,667,000 | |||
Total Loans | 252,667,000 | |||
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 0 | |||
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 [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 [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 [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 [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 | 13,915,000 | |||
Current | 874,414,000 | |||
Total Loans | 888,329,000 | |||
90+ and Accruing | 3,812,000 | |||
Residential [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 2,293,000 | |||
Residential [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 3,806,000 | |||
Residential [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 7,816,000 | |||
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 [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 12,182,000 | 16,470,000 | ||
Current | 772,377,000 | 716,533,000 | ||
Total Loans | 784,559,000 | 733,003,000 | ||
90+ and Accruing | 3,420,000 | 7,088,000 | [1] | |
Residential [Member] | Real Estate [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 1,784,000 | 774,000 | ||
Residential [Member] | Real Estate [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 3,501,000 | 5,376,000 | ||
Residential [Member] | Real Estate [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 6,897,000 | 10,320,000 | ||
Residential [Member] | Home Equity Lines [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 1,733,000 | 2,232,000 | ||
Current | 102,037,000 | 109,662,000 | ||
Total Loans | 103,770,000 | 111,894,000 | ||
90+ and Accruing | 392,000 | 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 | 509,000 | 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 | 305,000 | 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 | 919,000 | 736,000 | ||
Consumer [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 5,103,000 | |||
Current | 767,252,000 | |||
Total Loans | 772,355,000 | |||
90+ and Accruing | 424,000 | |||
Consumer [Member] | 30-59 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 3,619,000 | |||
Consumer [Member] | 60-89 Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 1,060,000 | |||
Consumer [Member] | 90+ Days Past Due [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 424,000 | |||
Consumer [Member] | Consumer Direct [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 817,000 | 1,272,000 | ||
Current | 151,487,000 | 146,779,000 | ||
Total Loans | 152,304,000 | 148,051,000 | ||
90+ and Accruing | 71,000 | 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 | 659,000 | 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 | 87,000 | 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 | 71,000 | 97,000 | ||
Consumer [Member] | Consumer Indirect [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Past Due | 4,286,000 | 5,393,000 | ||
Current | 615,765,000 | 522,025,000 | ||
Total Loans | 620,051,000 | 527,418,000 | ||
90+ and Accruing | 353,000 | 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 | 2,960,000 | 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 | 973,000 | 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 | $ 353,000 | $ 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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | $ 3,554,211 | $ 3,248,664 |
Consumer mortgage loans secured by real estate properties for which formal foreclosure proceedings began but have been\ suspended | 2,900 | |
Consumer mortgage loans secured by real estate properties for which formal foreclosure proceedings are in process | 2,400 | |
Commercial [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 599,119 | |
2019 | 253,159 | |
2018 | 200,954 | |
2017 | 171,851 | |
2016 | 171,600 | |
Prior | 304,879 | |
Revolving Loans | 191,965 | |
Total | 1,893,527 | |
Loan portfolio based on credit risk profile | 1,893,527 | 1,664,948 |
Commercial [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 549,796 | |
2019 | 233,331 | |
2018 | 168,142 | |
2017 | 151,432 | |
2016 | 134,594 | |
Prior | 257,363 | |
Revolving Loans | 183,151 | |
Total | $ 1,677,809 | |
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] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | $ 33,686 | |
2019 | 8,273 | |
2018 | 12,009 | |
2017 | 11,985 | |
2016 | 24,744 | |
Prior | 24,369 | |
Revolving Loans | 8,290 | |
Total | 123,356 | |
Loan portfolio based on credit risk profile | 71,551 | |
Commercial [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 1,946 | |
2019 | 4,241 | |
2018 | 15,023 | |
2017 | 323 | |
2016 | 496 | |
Prior | 3,382 | |
Revolving Loans | 239 | |
Total | 25,650 | |
Loan portfolio based on credit risk profile | 34,283 | |
Commercial [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 13,691 | |
2019 | 7,314 | |
2018 | 5,780 | |
2017 | 8,111 | |
2016 | 11,766 | |
Prior | 19,737 | |
Revolving Loans | 285 | |
Total | 66,684 | |
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 | 28 | |
Revolving Loans | 0 | |
Total | 28 | |
Loan portfolio based on credit risk profile | 92 | |
Commercial [Member] | Hotel/Motel [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 35,458 | |
2019 | 75,003 | |
2018 | 40,395 | |
2017 | 42,866 | |
2016 | 31,937 | |
Prior | 35,040 | |
Revolving Loans | 0 | |
Total | 260,699 | |
Loan portfolio based on credit risk profile | 260,699 | |
Commercial [Member] | Hotel/Motel [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 11,507 | |
2019 | 70,504 | |
2018 | 27,453 | |
2017 | 39,651 | |
2016 | 6,357 | |
Prior | 22,372 | |
Revolving Loans | 0 | |
Total | 177,844 | |
Commercial [Member] | Hotel/Motel [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 23,951 | |
2019 | 2,506 | |
2018 | 3,366 | |
2017 | 2,102 | |
2016 | 16,740 | |
Prior | 7,422 | |
Total | 56,087 | |
Commercial [Member] | Hotel/Motel [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 1,993 | |
2018 | 9,576 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 11,569 | |
Commercial [Member] | Hotel/Motel [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 1,113 | |
2016 | 8,840 | |
Prior | 5,246 | |
Revolving Loans | 0 | |
Total | 15,199 | |
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 | 93,339 | |
2019 | 43,419 | |
2018 | 33,931 | |
2017 | 24,570 | |
2016 | 27,029 | |
Prior | 54,988 | |
Revolving Loans | 10,652 | |
Total | 287,928 | |
Loan portfolio based on credit risk profile | 287,928 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 85,403 | |
2019 | 39,238 | |
2018 | 29,179 | |
2017 | 17,390 | |
2016 | 21,272 | |
Prior | 46,419 | |
Revolving Loans | 10,470 | |
Total | 249,371 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 1,714 | |
2019 | 2,214 | |
2018 | 2,438 | |
2017 | 2,962 | |
2016 | 4,520 | |
Prior | 5,306 | |
Revolving Loans | 182 | |
Total | 19,336 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 1,921 | |
2019 | 1,361 | |
2018 | 323 | |
2017 | 142 | |
2016 | 129 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 3,876 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 4,301 | |
2019 | 606 | |
2018 | 1,991 | |
2017 | 4,076 | |
2016 | 1,108 | |
Prior | 3,263 | |
Revolving Loans | 0 | |
Total | 15,345 | |
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 | 137,592 | |
2019 | 107,418 | |
2018 | 86,299 | |
2017 | 89,244 | |
2016 | 105,118 | |
Prior | 191,112 | |
Revolving Loans | 26,455 | |
Total | 743,238 | |
Loan portfolio based on credit risk profile | 743,238 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 125,205 | |
2019 | 97,204 | |
2018 | 77,685 | |
2017 | 80,416 | |
2016 | 100,740 | |
Prior | 165,839 | |
Revolving Loans | 25,524 | |
Total | 672,613 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 5,133 | |
2019 | 3,175 | |
2018 | 5,075 | |
2017 | 6,366 | |
2016 | 3,020 | |
Prior | 11,046 | |
Revolving Loans | 601 | |
Total | 34,416 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 887 | |
2018 | 68 | |
2017 | 0 | |
2016 | 0 | |
Prior | 3,382 | |
Revolving Loans | 115 | |
Total | 4,452 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 7,254 | |
2019 | 6,152 | |
2018 | 3,471 | |
2017 | 2,462 | |
2016 | 1,358 | |
Prior | 10,817 | |
Revolving Loans | 215 | |
Total | 31,729 | |
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 | 28 | |
Revolving Loans | 0 | |
Total | 28 | |
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 | 69,087 | |
Total | 69,087 | |
Loan portfolio based on credit risk profile | 69,087 | |
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 | 68,610 | |
Total | 68,610 | |
Commercial [Member] | Dealer Floorplans [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 477 | |
Total | 477 | |
Commercial [Member] | Dealer Floorplans [Member] | OAEM [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] | 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 | 0 | |
Total | 0 | |
Commercial [Member] | Commercial Other [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 80,063 | |
2019 | 27,319 | |
2018 | 40,329 | |
2017 | 15,171 | |
2016 | 7,516 | |
Prior | 23,739 | |
Revolving Loans | 85,771 | |
Total | 279,908 | |
Loan portfolio based on credit risk profile | 279,908 | 389,683 |
Commercial [Member] | Commercial Other [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 75,014 | |
2019 | 26,385 | |
2018 | 33,825 | |
2017 | 13,975 | |
2016 | 6,225 | |
Prior | 22,733 | |
Revolving Loans | 78,547 | |
Total | 256,704 | |
Loan portfolio based on credit risk profile | 358,203 | |
Commercial [Member] | Commercial Other [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 2,888 | |
2019 | 378 | |
2018 | 1,130 | |
2017 | 555 | |
2016 | 464 | |
Prior | 595 | |
Revolving Loans | 7,030 | |
Total | 13,040 | |
Loan portfolio based on credit risk profile | 13,618 | |
Commercial [Member] | Commercial Other [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 25 | |
2019 | 0 | |
2018 | 5,056 | |
2017 | 181 | |
2016 | 367 | |
Prior | 0 | |
Revolving Loans | 124 | |
Total | 5,753 | |
Loan portfolio based on credit risk profile | 6,065 | |
Commercial [Member] | Commercial Other [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 2,136 | |
2019 | 556 | |
2018 | 318 | |
2017 | 460 | |
2016 | 460 | |
Prior | 411 | |
Revolving Loans | 70 | |
Total | 4,411 | |
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] | Commercial Unsecured SBA PPP [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 252,667 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 252,667 | |
Loan portfolio based on credit risk profile | 252,667 | |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 252,667 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 252,667 | |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Watch [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 Unsecured SBA PPP [Member] | OAEM [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 Unsecured SBA PPP [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] | Commercial Unsecured SBA PPP [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] | 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 [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 1,169,975 | |
Commercial [Member] | Real Estate [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 1,036,573 | |
Commercial [Member] | Real Estate [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 54,338 | |
Commercial [Member] | Real Estate [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 27,964 | |
Commercial [Member] | Real Estate [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 51,068 | |
Commercial [Member] | Real Estate [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 32 | |
Commercial [Member] | Equipment Lease [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 481 | |
Commercial [Member] | Equipment Lease [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 481 | |
Commercial [Member] | Equipment Lease [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 0 | |
Commercial [Member] | Equipment Lease [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 0 | |
Commercial [Member] | Equipment Lease [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Loan portfolio based on credit risk profile | 0 | |
Commercial [Member] | Equipment Lease [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 | 214,629 | |
2019 | 119,737 | |
2018 | 57,115 | |
2017 | 61,229 | |
2016 | 48,628 | |
Prior | 295,878 | |
Revolving Loans | 91,113 | |
Total | 888,329 | |
Loan portfolio based on credit risk profile | 888,329 | |
Residential [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 214,629 | |
2019 | 119,301 | |
2018 | 56,812 | |
2017 | 60,915 | |
2016 | 48,276 | |
Prior | 287,932 | |
Revolving Loans | 90,724 | |
Total | 878,589 | |
Residential [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 436 | |
2018 | 303 | |
2017 | 314 | |
2016 | 352 | |
Prior | 7,946 | |
Revolving Loans | 389 | |
Total | 9,740 | |
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 [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 214,629 | |
2019 | 119,737 | |
2018 | 57,115 | |
2017 | 61,229 | |
2016 | 48,605 | |
Prior | 283,244 | |
Revolving Loans | 0 | |
Total | 784,559 | |
Loan portfolio based on credit risk profile | 784,559 | 733,003 |
Residential [Member] | Real Estate [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 214,629 | |
2019 | 119,301 | |
2018 | 56,812 | |
2017 | 60,915 | |
2016 | 48,253 | |
Prior | 275,883 | |
Revolving Loans | 0 | |
Total | 775,793 | |
Loan portfolio based on credit risk profile | 721,094 | |
Residential [Member] | Real Estate [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 436 | |
2018 | 303 | |
2017 | 314 | |
2016 | 352 | |
Prior | 7,361 | |
Revolving Loans | 0 | |
Total | 8,766 | |
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 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 23 | |
Prior | 12,634 | |
Revolving Loans | 91,113 | |
Total | 103,770 | |
Loan portfolio based on credit risk profile | 103,770 | 111,894 |
Residential [Member] | Home Equity Lines [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 23 | |
Prior | 12,049 | |
Revolving Loans | 90,724 | |
Total | 102,796 | |
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 | 585 | |
Revolving Loans | 389 | |
Total | 974 | |
Loan portfolio based on credit risk profile | 1,060 | |
Consumer [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 374,205 | |
2019 | 168,288 | |
2018 | 119,061 | |
2017 | 59,881 | |
2016 | 30,388 | |
Prior | 20,532 | |
Revolving Loans | 0 | |
Total | 772,355 | |
Loan portfolio based on credit risk profile | 772,355 | |
Consumer [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 374,171 | |
2019 | 168,116 | |
2018 | 118,943 | |
2017 | 59,822 | |
2016 | 30,358 | |
Prior | 20,521 | |
Revolving Loans | 0 | |
Total | 771,931 | |
Consumer [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 34 | |
2019 | 172 | |
2018 | 118 | |
2017 | 59 | |
2016 | 30 | |
Prior | 11 | |
Revolving Loans | 0 | |
Total | 424 | |
Consumer [Member] | Consumer Direct [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 72,684 | |
2019 | 33,050 | |
2018 | 18,461 | |
2017 | 9,164 | |
2016 | 6,581 | |
Prior | 12,364 | |
Revolving Loans | 0 | |
Total | 152,304 | |
Loan portfolio based on credit risk profile | 152,304 | 148,051 |
Consumer [Member] | Consumer Direct [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 72,677 | |
2019 | 32,993 | |
2018 | 18,461 | |
2017 | 9,157 | |
2016 | 6,581 | |
Prior | 12,364 | |
Revolving Loans | 0 | |
Total | 152,233 | |
Loan portfolio based on credit risk profile | 147,954 | |
Consumer [Member] | Consumer Direct [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 7 | |
2019 | 57 | |
2018 | 0 | |
2017 | 7 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 71 | |
Loan portfolio based on credit risk profile | 97 | |
Consumer [Member] | Consumer Indirect [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 301,521 | |
2019 | 135,238 | |
2018 | 100,600 | |
2017 | 50,717 | |
2016 | 23,807 | |
Prior | 8,168 | |
Revolving Loans | 0 | |
Total | 620,051 | |
Loan portfolio based on credit risk profile | 620,051 | 527,418 |
Consumer [Member] | Consumer Indirect [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 301,494 | |
2019 | 135,123 | |
2018 | 100,482 | |
2017 | 50,665 | |
2016 | 23,777 | |
Prior | 8,157 | |
Revolving Loans | 0 | |
Total | 619,698 | |
Loan portfolio based on credit risk profile | 526,970 | |
Consumer [Member] | Consumer Indirect [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2020 | 27 | |
2019 | 115 | |
2018 | 118 | |
2017 | 52 | |
2016 | 30 | |
Prior | 11 | |
Revolving Loans | 0 | |
Total | $ 353 | |
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) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | $ 1,212 | $ 801 | |
Total loans [Abstract] | |||
Recorded Balance | 57,771 | 46,366 | |
Unpaid Contractual Principal Balance | 61,786 | 50,956 | |
Specific Allowance | 1,212 | 801 | |
Average Investment in Impaired Loans | 55,700 | 47,097 | |
Interest Income Recognized | 2,371 | 2,171 | |
Commercial [Member] | Collateral Pledged [Member] | |||
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | $ 450 | ||
Total loans [Abstract] | |||
Number of Loans | Loan | 22 | ||
Recorded Balance | $ 63,574 | ||
Specific Allowance | 450 | ||
Commercial [Member] | Hotel/Motel [Member] | Collateral Pledged [Member] | |||
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | $ 250 | ||
Total loans [Abstract] | |||
Number of Loans | Loan | 5 | ||
Recorded Balance | $ 26,194 | ||
Specific Allowance | 250 | ||
Commercial [Member] | Commercial Real Estate Residential [Member] | Collateral Pledged [Member] | |||
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | $ 0 | ||
Total loans [Abstract] | |||
Number of Loans | Loan | 4 | ||
Recorded Balance | $ 7,833 | ||
Specific Allowance | 0 | ||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Collateral Pledged [Member] | |||
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | $ 200 | ||
Total loans [Abstract] | |||
Number of Loans | Loan | 12 | ||
Recorded Balance | $ 24,497 | ||
Specific Allowance | 200 | ||
Commercial [Member] | Commercial Other [Member] | |||
Loans without a specific valuation allowance [Abstract] | |||
Recorded Balance | 7,829 | 8,285 | |
Unpaid Contractual Principal Balance | 9,489 | 9,982 | |
Average Investment in Impaired Loans | 9,889 | 8,774 | |
Interest Income Recognized | 460 | 530 | |
Loans with a specific valuation allowance [Abstract] | |||
Recorded Balance | 3,244 | 473 | |
Unpaid Contractual Principal Balance | 3,244 | 473 | |
Specific Allowance | 886 | 146 | |
Average Investment in Impaired Loans | 1,323 | 285 | |
Interest Income Recognized | 29 | 16 | |
Total loans [Abstract] | |||
Recorded Balance | 11,073 | 8,758 | |
Unpaid Contractual Principal Balance | 12,733 | 10,455 | |
Specific Allowance | 886 | 146 | |
Average Investment in Impaired Loans | 11,212 | 9,059 | |
Interest Income Recognized | 489 | 546 | |
Commercial [Member] | Commercial Other [Member] | Collateral Pledged [Member] | |||
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | $ 0 | ||
Total loans [Abstract] | |||
Number of Loans | Loan | 1 | ||
Recorded Balance | $ 5,050 | ||
Specific Allowance | 0 | ||
Commercial [Member] | Commercial Other [Member] | Collateral Pledged by Leasehold Mortgage [Member] | |||
Total loans [Abstract] | |||
Recorded Balance | $ 5,100 | ||
Commercial [Member] | Construction [Member] | |||
Loans without a specific valuation allowance [Abstract] | |||
Recorded Balance | 2,836 | 4,100 | |
Unpaid Contractual Principal Balance | 2,837 | 4,100 | |
Average Investment in Impaired Loans | 3,234 | 3,923 | |
Interest Income Recognized | 170 | 171 | |
Loans with a specific valuation allowance [Abstract] | |||
Recorded Balance | 174 | 127 | |
Unpaid Contractual Principal Balance | 174 | 127 | |
Specific Allowance | 99 | 50 | |
Average Investment in Impaired Loans | 215 | 42 | |
Interest Income Recognized | 11 | 0 | |
Total loans [Abstract] | |||
Recorded Balance | 3,010 | 4,227 | |
Unpaid Contractual Principal Balance | 3,011 | 4,227 | |
Specific Allowance | 99 | 50 | |
Average Investment in Impaired Loans | 3,449 | 3,965 | |
Interest Income Recognized | 181 | 171 | |
Commercial [Member] | Real Estate [Member] | |||
Loans without a specific valuation allowance [Abstract] | |||
Recorded Balance | 40,346 | 29,645 | |
Unpaid Contractual Principal Balance | 41,557 | 31,409 | |
Average Investment in Impaired Loans | 36,976 | 30,250 | |
Interest Income Recognized | 1,601 | 1,412 | |
Loans with a specific valuation allowance [Abstract] | |||
Recorded Balance | 1,033 | 1,854 | |
Unpaid Contractual Principal Balance | 2,176 | 2,983 | |
Specific Allowance | 227 | 605 | |
Average Investment in Impaired Loans | 1,678 | 2,051 | |
Interest Income Recognized | 15 | 1 | |
Total loans [Abstract] | |||
Recorded Balance | 41,379 | 31,499 | |
Unpaid Contractual Principal Balance | 43,733 | 34,392 | |
Specific Allowance | 227 | 605 | |
Average Investment in Impaired Loans | 38,654 | 32,301 | |
Interest Income Recognized | 1,616 | 1,413 | |
Residential [Member] | Construction [Member] | |||
Loans without a specific valuation allowance [Abstract] | |||
Recorded Balance | 0 | ||
Unpaid Contractual Principal Balance | 0 | ||
Average Investment in Impaired Loans | 106 | ||
Interest Income Recognized | 0 | ||
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | 0 | ||
Total loans [Abstract] | |||
Recorded Balance | 0 | ||
Unpaid Contractual Principal Balance | 0 | ||
Specific Allowance | 0 | ||
Average Investment in Impaired Loans | 106 | ||
Interest Income Recognized | 0 | ||
Residential [Member] | Real Estate [Member] | |||
Loans without a specific valuation allowance [Abstract] | |||
Recorded Balance | 2,309 | 1,882 | |
Unpaid Contractual Principal Balance | 2,309 | 1,882 | |
Average Investment in Impaired Loans | 2,385 | 1,666 | |
Interest Income Recognized | 85 | 41 | |
Loans with a specific valuation allowance [Abstract] | |||
Specific Allowance | 0 | 0 | |
Total loans [Abstract] | |||
Recorded Balance | 2,309 | 1,882 | |
Unpaid Contractual Principal Balance | 2,309 | 1,882 | |
Specific Allowance | 0 | 0 | |
Average Investment in Impaired Loans | 2,385 | 1,666 | |
Interest Income Recognized | $ 85 | $ 41 |
Loans, Troubled Debt Restructur
Loans, Troubled Debt Restructurings Segregated by Class (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($)Loan | |
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 47 | 35 |
Pre-Modification Outstanding Recorded Investment | $ 17,879,000 | |
Post-Modification Outstanding Balance | 17,850,000 | $ 9,076,000 |
Commitment to extend additional credit on loans modified in TDRs | $ 85,000 | $ 82,000 |
Defaulted restructured loans, number of loans | Loan | 3 | 3 |
Defaulted restructured loans, recorded balance | $ 368,000 | $ 527,000 |
Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 15,235,000 | |
Post-Modification Outstanding Balance | 15,208,000 | 8,133,000 |
Rate Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Post-Modification Outstanding Balance | 0 | |
Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 2,644,000 | |
Post-Modification Outstanding Balance | $ 2,642,000 | $ 943,000 |
Commercial [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 43 | |
Pre-Modification Outstanding Recorded Investment | $ 16,383,000 | |
Post-Modification Outstanding Balance | 16,371,000 | |
Commercial [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 13,739,000 | |
Post-Modification Outstanding Balance | 13,729,000 | |
Commercial [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 2,644,000 | |
Post-Modification Outstanding Balance | $ 2,642,000 | |
Commercial [Member] | Construction [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Defaulted restructured loans, number of loans | Loan | 0 | |
Defaulted restructured loans, recorded balance | $ 0 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 12 | |
Pre-Modification Outstanding Recorded Investment | $ 6,503,000 | |
Post-Modification Outstanding Balance | 6,505,000 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 4,694,000 | |
Post-Modification Outstanding Balance | 4,696,000 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 1,809,000 | |
Post-Modification Outstanding Balance | $ 1,809,000 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 18 | |
Pre-Modification Outstanding Recorded Investment | $ 8,077,000 | |
Post-Modification Outstanding Balance | 8,131,000 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 7,295,000 | |
Post-Modification Outstanding Balance | 7,349,000 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 782,000 | |
Post-Modification Outstanding Balance | $ 782,000 | |
Commercial [Member] | Hotel/Motel [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 1,113,000 | |
Post-Modification Outstanding Balance | 1,113,000 | |
Commercial [Member] | Hotel/Motel [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 1,113,000 | |
Post-Modification Outstanding Balance | 1,113,000 | |
Commercial [Member] | Hotel/Motel [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 0 | |
Post-Modification Outstanding Balance | $ 0 | |
Commercial [Member] | Commercial Other [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 12 | 17 |
Pre-Modification Outstanding Recorded Investment | $ 690,000 | |
Post-Modification Outstanding Balance | $ 622,000 | $ 1,829,000 |
Defaulted restructured loans, number of loans | Loan | 3 | 1 |
Defaulted restructured loans, recorded balance | $ 368,000 | $ 34,000 |
Commercial [Member] | Commercial Other [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 637,000 | |
Post-Modification Outstanding Balance | 571,000 | 1,565,000 |
Commercial [Member] | Commercial Other [Member] | Rate Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Post-Modification Outstanding Balance | 0 | |
Commercial [Member] | Commercial Other [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 53,000 | |
Post-Modification Outstanding Balance | $ 51,000 | $ 264,000 |
Commercial [Member] | Real Estate Mortgage [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 17 | |
Post-Modification Outstanding Balance | $ 6,784,000 | |
Defaulted restructured loans, number of loans | Loan | 1 | |
Defaulted restructured loans, recorded balance | $ 30,000 | |
Commercial [Member] | Real Estate Mortgage [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Post-Modification Outstanding Balance | 6,105,000 | |
Commercial [Member] | Real Estate Mortgage [Member] | Rate Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Post-Modification Outstanding Balance | 0 | |
Commercial [Member] | Real Estate Mortgage [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Post-Modification Outstanding Balance | $ 679,000 | |
Residential [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 4 | |
Pre-Modification Outstanding Recorded Investment | $ 1,496,000 | |
Post-Modification Outstanding Balance | 1,479,000 | |
Residential [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 1,496,000 | |
Post-Modification Outstanding Balance | 1,479,000 | |
Residential [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 0 | |
Post-Modification Outstanding Balance | $ 0 | |
Residential [Member] | Real Estate Mortgage [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 4 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,496,000 | |
Post-Modification Outstanding Balance | 1,479,000 | $ 463,000 |
Defaulted restructured loans, number of loans | Loan | 1 | |
Defaulted restructured loans, recorded balance | $ 463,000 | |
Residential [Member] | Real Estate Mortgage [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 1,496,000 | |
Post-Modification Outstanding Balance | 1,479,000 | 463,000 |
Residential [Member] | Real Estate Mortgage [Member] | Rate Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Post-Modification Outstanding Balance | 0 | |
Residential [Member] | Real Estate Mortgage [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 0 | |
Post-Modification Outstanding Balance | $ 0 | $ 0 |
Mortgage Banking and Servicin_3
Mortgage Banking and Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Mortgage Banking and Servicing Rights [Abstract] | ||||
Net gain on sale of mortgage loans held for sale | $ 7,226 | $ 1,746 | $ 1,288 | |
Net loan servicing income (expense) [Abstract] | ||||
Servicing fees | 1,515 | 1,297 | 1,275 | |
Late fees | 52 | 72 | 73 | |
Ancillary fees | 1,310 | 190 | 282 | |
Fair value adjustments | (1,064) | (975) | (343) | |
Net loan servicing income | 1,813 | 584 | 1,287 | |
Mortgage banking income | 9,039 | 2,330 | 2,575 | |
Loan service for benefit of others | 650,000 | 486,000 | 462,000 | |
Custodial escrow balance | 2,000 | 1,400 | 1,000 | |
Activity for capitalized mortgage servicing rights using fair value method [Roll Forward] | ||||
Fair value of MSRs, beginning of year | 3,263 | 3,607 | 3,484 | |
New servicing assets created | 1,869 | 631 | 466 | |
Change in fair value during the year due to: | ||||
Time decay | [1] | (135) | (167) | (189) |
Payoffs | [2] | (766) | (293) | (227) |
Changes in valuation inputs or assumptions | [3] | (163) | (515) | 73 |
Fair value of MSRs, end of year | $ 4,068 | $ 3,263 | $ 3,607 | |
Discount rate of servicing assets and servicing liabilities | 10.10% | 10.10% | 10.10% | |
Weighted average default rates | 1.67% | 2.69% | 2.57% | |
Prepayment speeds generated using Andrew Davidson Prepayment Model | 15.70% | 11.70% | 9.50% | |
[1] | Represents decrease in value due to regularly scheduled loan principal payments and partial loan paydowns. | |||
[2] | Represents decrease in value due to loans that paid off during the period. | |||
[3] | Represents change in value resulting from market-driven changes in interest rates. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Related party extensions of credit, beginning of year | $ 37,816 | $ 19,463 | |
New loans and advances on lines of credit | 2,193 | 1 | |
Repayments | (1,948) | (1,686) | |
Increase due to changes in related parties | 0 | 20,038 | |
Related party extensions of credit, end of year | 38,061 | 37,816 | $ 19,463 |
Due to Related Parties [Abstract] | |||
Balances of related party deposits | 23,400 | 20,900 | |
Director Who is Shareholder in Law Firm [Member] | Law Firm [Member] | |||
Related Parties Transactions [Abstract] | |||
Legal fees | 800 | 1,100 | 1,100 |
Expenses | 100 | 100 | 100 |
Total payment to related party | 900 | $ 1,200 | $ 1,200 |
Adjusted total payment to related party after issuance of a refund | $ 600 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | $ 126,877 | $ 125,396 | |
Less accumulated depreciation and amortization | (84,876) | (81,350) | |
Premises and equipment, net | 42,001 | 44,046 | |
Depreciation and amortization of premises and equipment | 3,500 | 3,800 | $ 3,800 |
Land and Buildings [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | 80,959 | 80,552 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | 4,805 | 4,805 | |
Furniture, Fixtures, and Equipment [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | 40,615 | 39,964 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | $ 498 | $ 75 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Activity for other real estate owned [Roll Forward] | |||
Beginning balance of other real estate owned | $ 19,480 | $ 27,273 | |
New assets acquired | 4,446 | 3,384 | |
Fair value adjustments | (1,454) | (4,253) | |
Sale of assets | (14,778) | (6,924) | |
Ending balance of other real estate owned | 7,694 | 19,480 | $ 27,273 |
Carrying cost and fair value adjustments for foreclosed properties | $ 2,700 | $ 5,500 | $ 4,300 |
Other Real Estate Owned, Major
Other Real Estate Owned, Major Classifications of Foreclosed Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | $ 7,694 | $ 19,480 |
1-4 Family [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | 1,888 | 3,630 |
Construction/Land Development/Other [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | 1,069 | 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 | $ 4,649 | $ 5,551 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Noninterest bearing deposits | $ 1,140,925 | $ 865,760 |
Interest bearing demand deposits | 78,308 | 51,179 |
Money market deposits | 1,228,742 | 985,322 |
Savings | 527,436 | 404,151 |
Certificates of deposit and other time deposits of $100,000 or more | 606,223 | 597,628 |
Certificates of deposit and other time deposits less than $100,000 | 434,448 | 501,532 |
Total deposits | 4,016,082 | 3,405,572 |
Certificates of deposit and other time deposits of $250,000 or more | 234,900 | 227,700 |
Wholesale brokered deposits | 0 | $ 37,100 |
Maturities of Time Deposits [Abstract] | ||
Total | 1,040,671 | |
Within 1 Year | 831,609 | |
2 Years | 94,917 | |
3 Years | 43,426 | |
4 Years | 42,379 | |
5 Years | 28,073 | |
After 5 Years | 267 | |
Certificates of Deposit and Other Time Deposits of $100,000 or More [Member] | ||
Maturities of Time Deposits [Abstract] | ||
Total | 606,223 | |
Within 1 Year | 477,852 | |
2 Years | 60,412 | |
3 Years | 23,079 | |
4 Years | 26,430 | |
5 Years | 18,450 | |
After 5 Years | 0 | |
Certificates of Deposit and Other Time Deposits Less Than $100,000 [Member] | ||
Maturities of Time Deposits [Abstract] | ||
Total | 434,448 | |
Within 1 Year | 353,757 | |
2 Years | 34,505 | |
3 Years | 20,347 | |
4 Years | 15,949 | |
5 Years | 9,623 | |
After 5 Years | $ 267 |
Borrowings, Short-term Debt (De
Borrowings, Short-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt [Abstract] | ||
Repurchase agreements | $ 355,862 | $ 226,917 |
Federal funds purchased | 500 | 7,906 |
Total short-term debt | $ 356,362 | $ 234,823 |
Federal Funds Purchased [Member] | ||
Short-term Debt [Abstract] | ||
Average interest rate | 0.00% | |
Repurchase Agreements [Member] | ||
Short-term Debt [Abstract] | ||
Average interest rate | 0.34% | |
Maximum balance for repurchase agreements at any month-end | $ 373,400 | |
Average balance of repurchase agreements | $ 290,500 |
Borrowings, Long-term Debt (Det
Borrowings, Long-term Debt (Details) - USD ($) $ in Thousands | Nov. 27, 2020 | Apr. 02, 2007 | Mar. 30, 2007 | Aug. 31, 2019 | May 31, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term debt [Abstract] | ||||||||
Gain on repurchase of debt instrument | $ 0 | $ 219 | $ 0 | |||||
Junior Subordinated Debentures [Member] | ||||||||
Long-term debt [Abstract] | ||||||||
Issuance of debt | $ 61,300 | |||||||
Long-term debt | $ 57,841 | $ 57,841 | ||||||
Interest rate on junior subordinated debentures | 1.82% | 6.52% | ||||||
Maturity date of junior subordinated debentures | Jun. 1, 2037 | |||||||
Maturity period of debentures | 30 years | |||||||
Period after which debentures are redeemable | 5 years | |||||||
Repayment of debt | $ 61,300 | |||||||
Debt instrument, repurchased face amount | $ 1,500 | $ 2,000 | ||||||
Debt instrument, purchase price | 1,300 | 1,400 | ||||||
Gain on repurchase of debt instrument | $ 200 | $ 600 | ||||||
Junior Subordinated Debentures [Member] | LIBOR Rate [Member] | ||||||||
Long-term debt [Abstract] | ||||||||
Term of variable rate | 3 months | |||||||
Basis spread on variable rate | 1.59% | 1.59% | ||||||
Reference rate | 0.23% | |||||||
Junior Subordinated Debentures [Member] | Subordinated Debentures 9.0% [Member] | ||||||||
Long-term debt [Abstract] | ||||||||
Interest rate on junior subordinated debentures | 9.00% | |||||||
Junior Subordinated Debentures [Member] | Subordinated Debentures 8.25% [Member] | ||||||||
Long-term debt [Abstract] | ||||||||
Interest rate on junior subordinated debentures | 8.25% | |||||||
Unconsolidated Delaware Statutory Trust Subsidiary [Member] | ||||||||
Long-term debt [Abstract] | ||||||||
Issuance of capital securities in a private placement | $ 59,500 |
Repurchase Agreements (Details)
Repurchase Agreements (Details) - Securities Sold under Agreements to Repurchase [Member] - USD ($) $ in Thousands | Dec. 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 | $ 397,400 | $ 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 | 355,862 | 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 | 96,456 | 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 | 105,000 | 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 | 154,406 | 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 | 43,408 | 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 | 8,777 | 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 | 2,831 | 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 | 31,800 | 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 | 77,192 | 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 | 54,639 | 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 | 1,132 | 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 | 21,421 | 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 | 235,262 | 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 | 33,040 | 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 | 101,037 | 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 | $ 101,185 | $ 47,882 |
Advances from Federal Home Lo_3
Advances from Federal Home Loan Bank (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank [Abstract] | ||
Total FHLB advances | $ 395 | $ 415 |
Monthly Amortizing Advances [Member] | ||
Federal Home Loan Bank [Abstract] | ||
Total FHLB advances | 395 | $ 415 |
Within 1 Year | 22 | |
2 Years | 20 | |
3 Years | 21 | |
4 Years | 20 | |
5 Years | 21 | |
After 5 Years | 291 | |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank [Abstract] | ||
Federal home loan bank stock used as collateral for advances | 10,000 | |
FHLB maximum borrowing capacity | 531,400 | |
Federal home loan bank letters of credit used for public fund pledging | 53,800 | |
Federal home loan bank advances available | $ 477,200 | |
Federal Home Loan Bank Advances [Member] | Minimum [Member] | ||
Federal Home Loan Bank [Abstract] | ||
Federal home loan bank advances, interest rate | 0.00% | |
Federal Home Loan Bank Advances [Member] | Maximum [Member] | ||
Federal Home Loan Bank [Abstract] | ||
Federal home loan bank advances, interest rate | 2.00% | |
Federal Home Loan Bank Advances [Member] | Weighted Average [Member] | ||
Federal Home Loan Bank [Abstract] | ||
Federal home loan bank advances, interest rate | 0.06% | |
Federal Home Loan Bank Advances [Member] | Monthly Amortizing Advances [Member] | Weighted Average [Member] | ||
Federal Home Loan Bank [Abstract] | ||
Federal home loan bank advances, interest rate | 0.06% | 0.06% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Components of the provision for income taxes, exclusive of tax effect of unrealized AFS securities gains and losses [Abstract] | ||||
Current federal income tax expense | $ 12,884 | $ 8,351 | $ 11,042 | |
Current state income tax expense | 786 | 513 | 518 | |
Deferred income tax expense (benefit) | (2,900) | 2,030 | (246) | |
Effect of Kentucky tax legislation benefit | (9) | (3,442) | 0 | |
Total income tax expense | 10,761 | 7,452 | 11,314 | |
Reconciliation of income tax expense at the statutory rate to actual income tax expense [Abstract] | ||||
Computed at the statutory rate | 14,755 | 15,118 | 14,814 | |
Adjustments resulting from [Abstract] | ||||
Tax-exempt interest | (547) | (563) | (673) | |
Housing and new markets credits | (4,194) | (4,471) | (2,635) | |
Dividends received deduction | 0 | 0 | (9) | |
Bank owned life insurance | (277) | (284) | (599) | |
ESOP dividend deduction | (221) | (203) | (188) | |
Stock option exercises and restricted stock vesting | (10) | (10) | (39) | |
Effect of KY tax legislation | (7) | (2,719) | 0 | |
State income taxes | 621 | 405 | 409 | |
Split dollar life insurance | 529 | 0 | 0 | |
Other | 112 | 179 | 234 | |
Total income tax expense | $ 10,761 | $ 7,452 | $ 11,314 | |
Reconciliation of income tax expense at the statutory rate to actual income tax expense [Abstract] | ||||
Computed at the statutory rate | 21.00% | 21.00% | 21.00% | |
Adjustments resulting from [Abstract] | ||||
Tax-exempt interest | (0.78%) | (0.78%) | (0.95%) | |
Housing and new markets credits | (5.97%) | (6.21%) | (3.73%) | |
Dividends received deduction | 0.00% | 0.00% | (0.01%) | |
Bank owned life insurance | (0.39%) | (0.39%) | (0.85%) | |
ESOP dividend deduction | (0.32%) | (0.28%) | (0.27%) | |
Stock option exercises and restricted stock vesting | (0.01%) | (0.01%) | (0.06%) | |
Effect of KY tax legislation | (0.01%) | (3.78%) | 0.00% | |
State income taxes | 0.88% | 0.56% | 0.58% | |
Split dollar life insurance | 0.75% | 0.00% | 0.00% | |
Other | 0.16% | 0.24% | 0.33% | |
Total | 15.31% | 10.35% | 16.04% | |
Deferred tax assets [Abstract] | ||||
Allowance for credit/loan and lease losses | [1] | $ 11,982 | $ 8,757 | |
Interest on nonaccrual loans | 471 | 485 | ||
Accrued expenses | 1,444 | 1,100 | ||
Allowance for other real estate owned | 593 | 1,437 | ||
State net operating loss carryforward | 3,975 | 3,786 | ||
Lease liabilities | 3,468 | 3,859 | ||
Other | 470 | 294 | ||
Total deferred tax assets | 22,403 | 19,718 | ||
Deferred tax liabilities [Abstract] | ||||
Depreciation and amortization | (15,006) | (15,048) | ||
FHLB stock dividends | (1,245) | (1,441) | ||
Loan fee income | (238) | (656) | ||
Mortgage servicing rights | (1,015) | (814) | ||
Unrealized gains on AFS securities | (4,807) | (1,534) | ||
Limited partnership investments | (414) | (326) | ||
Right of use assets | (3,297) | (3,698) | ||
Other | (1,068) | (1,101) | ||
Total deferred tax liabilities | (27,090) | (24,618) | ||
Beginning balance for valuation allowance for deferred tax asset | 210 | 3,957 | ||
Change in valuation allowance | (210) | (3,747) | ||
Ending balance for valuation allowance for deferred tax asset | 0 | 210 | $ 3,957 | |
Net deferred tax liability | (4,687) | $ (5,110) | ||
Loss carryforwards | $ 100,600 | |||
[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. |
Employee Benefits (Details)
Employee Benefits (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)hPlanshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | |
Employee Benefits [Abstract] | |||
Number of retirement savings plan | Plan | 2 | ||
401(k) Plan [Member] | |||
Defined Contribution Plan [Abstract] | |||
Minimum age of employees to participate in plan | 21 years | ||
Minimum requisite service period to participate in retirement plans | 1 year | ||
Minimum annual working hours required to participate in plan | h | 1,000 | ||
Percentage of employee contribution, minimum | 1.00% | ||
Percentage of employee contribution, maximum | 20.00% | ||
Employer matching contribution | 50.00% | ||
Maximum contribution on employees gross pay | 8.00% | ||
Contribution by employer under 401(K) plan | $ | $ 1.2 | $ 1.1 | $ 1.1 |
Number of allocated shares under 401 (K) plan (in shares) | shares | 479,489 | 424,591 | 416,360 |
Employee Stock Ownership Plan ("ESOP") [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Maximum annual contribution percentage under ESOP | 4.00% | ||
Contributions to ESOP by employer | $ | $ 1.8 | $ 1.7 | $ 1.6 |
Number of allocated shares under ESOP (in shares) | shares | 778,269 | 738,212 | 726,327 |
Employee Benefits, Stock-Based
Employee Benefits, Stock-Based Compensation (Details) | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2016shares | Dec. 31, 2020USD ($)Plan$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | ||||
Stock-based Compensation [Abstract] | |||||||
Number of active incentive stock option plan | Plan | 1 | ||||||
Number of inactive incentive stock option plan | Plan | 1 | ||||||
Number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance [Abstract] | |||||||
Shares available for future issuance (in shares) | 460,000 | ||||||
Unrecognized compensation cost, grant date fair value of vested shares, cash received from option exercises, and actual tax benefit realized [Abstract] | |||||||
Unrecognized compensation cost of unvested share-based compensation arrangements granted under the plan at year-end | $ | $ 1,512,000 | $ 1,410,000 | $ 1,072,000 | ||||
Grant date fair value of shares vested for the year | $ | 887,000 | 605,000 | 645,000 | ||||
Cash received from option exercises under all share-based payment arrangements for the year | $ | 11,000 | 401,000 | 399,000 | ||||
Tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the year | $ | $ 1,000 | $ 27,000 | $ 49,000 | ||||
Expected period for recognition of unrecognized compensation cost | 2 years 6 months | ||||||
Stock Options [Member] | |||||||
Number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance [Abstract] | |||||||
Number of shares to be issued upon exercise (in shares) | 20,000 | ||||||
Weighted average price (in dollars per share) | $ / shares | $ 32.27 | ||||||
Grants (in shares) | 0 | 0 | 0 | ||||
Shares available for future issuance (in shares) | [1] | 460,000 | |||||
Restricted Stock [Member] | |||||||
Stock-based Compensation [Abstract] | |||||||
Shares authorized (in shares) | 550,000 | ||||||
Number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance [Abstract] | |||||||
Number of shares to be issued upon exercise (in shares) | [2] | ||||||
Weighted average price (in dollars per share) | $ / shares | [3] | ||||||
Maximum number of shares to be grant to a participant (in shares) | 75,000 | ||||||
Shares available for future issuance (in shares) | [1] | ||||||
Performance Units [Member] | |||||||
Stock-based Compensation [Abstract] | |||||||
Number of shares issued to date (in shares) | 0 | ||||||
Number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance [Abstract] | |||||||
Number of shares to be issued upon exercise (in shares) | [4] | ||||||
Weighted average price (in dollars per share) | $ / shares | [3] | ||||||
Maximum amount of shares to be grant to a participant | $ | $ 1,000,000 | ||||||
Shares available for future issuance (in shares) | [1] | ||||||
Stock Appreciation Rights (SARs) [Member] | |||||||
Stock-based Compensation [Abstract] | |||||||
Number of shares issued to date (in shares) | 0 | ||||||
Number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance [Abstract] | |||||||
Number of shares to be issued upon exercise (in shares) | [5] | ||||||
Weighted average price (in dollars per share) | $ / shares | [3] | ||||||
Maximum number of shares to be grant to a participant (in shares) | 100,000 | ||||||
Shares available for future issuance (in shares) | [1] | ||||||
2015 Plan [Member] | |||||||
Stock-based Compensation [Abstract] | |||||||
Shares authorized (in shares) | 550,000 | ||||||
Number of shares issued to date (in shares) | 94,453 | ||||||
Number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance [Abstract] | |||||||
Shares available, beginning of period (in shares) | 481,396 | ||||||
Forfeitures (in shares) | 0 | ||||||
Shares available for future issuance (in shares) | 459,852 | 481,396 | |||||
2015 Plan [Member] | Stock Options [Member] | |||||||
Number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance [Abstract] | |||||||
Grants (in shares) | 0 | 0 | 0 | ||||
Number of shares with accelerated vesting (in shares) | 10,000 | ||||||
Options, number of shares [Roll Forward] | |||||||
Outstanding at beginning of year (in shares) | 0 | 0 | [6] | 10,000 | [6] | ||
Granted (in shares) | 0 | 0 | 0 | [6] | |||
Exercised (in shares) | 0 | 0 | (10,000) | [6] | |||
Forfeited/expired (in shares) | 0 | 0 | 0 | [6] | |||
Outstanding at end of year (in shares) | 0 | 0 | 0 | [6] | |||
Exercisable at end of year (in shares) | 0 | 0 | 0 | [6] | |||
Options, weighted average exercise price [Abstract] | |||||||
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 0 | $ 0 | [6] | $ 33.55 | [6] | ||
Granted (in dollars per share) | $ / shares | 0 | 0 | 0 | [6] | |||
Exercised (in dollars per share) | $ / shares | 0 | 0 | 33.55 | [6] | |||
Forfeited/expired (in dollars per share) | $ / shares | 0 | 0 | 0 | [6] | |||
Outstanding, end of period (in dollars per share) | $ / shares | 0 | 0 | 0 | [6] | |||
Exercisable, end of period (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0 | [6] | |||
Nonvested options, number of shares [Roll Forward] | |||||||
Granted (in shares) | 0 | 0 | 0 | [6] | |||
Options, additional disclosures [Abstract] | |||||||
Intrinsic value of options exercised | $ | $ 0 | $ 0 | $ 140,000 | ||||
Intrinsic value of options exercisable | $ | 0 | 0 | 0 | ||||
Intrinsic value of outstanding options | $ | $ 0 | $ 0 | $ 0 | ||||
2015 Plan [Member] | Restricted Stock [Member] | |||||||
Number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance [Abstract] | |||||||
Shares issued (in shares) | 18,069 | ||||||
Grants (in shares) | (21,544) | ||||||
Restricted stock activity, grants [Roll Forward] | |||||||
Outstanding at beginning of year (in shares) | 50,992 | 34,255 | 33,085 | ||||
Granted (in shares) | 21,544 | 27,921 | 11,320 | ||||
Vested (in shares) | (16,985) | (10,596) | (8,761) | ||||
Forfeited (in shares) | 0 | (588) | (1,389) | ||||
Outstanding at end of year (in shares) | 55,551 | 50,992 | 34,255 | ||||
Restricted stock activity, weighted average fair value at grant [Roll Forward] | |||||||
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 43.08 | $ 44.46 | $ 41.84 | ||||
Granted (in dollars per share) | $ / shares | 44.64 | 41.12 | 49.30 | ||||
Vested (in dollars per share) | $ / shares | 41.92 | 42.39 | 40.46 | ||||
Forfeited (in dollars per share) | $ / shares | 0 | 43.04 | 46.77 | ||||
Outstanding at end of year (in dollars per share) | $ / shares | $ 44.04 | $ 43.08 | $ 44.46 | ||||
2006 Plan [Member] | Stock Options [Member] | |||||||
Options, number of shares [Roll Forward] | |||||||
Outstanding at beginning of year (in shares) | 20,495 | 32,571 | 35,376 | ||||
Granted (in shares) | 0 | 0 | 0 | ||||
Exercised (in shares) | (495) | (12,076) | (2,475) | ||||
Forfeited/expired (in shares) | 0 | 0 | (330) | ||||
Outstanding at end of year (in shares) | 20,000 | 20,495 | 32,571 | ||||
Exercisable at end of year (in shares) | 20,000 | 495 | 2,571 | ||||
Options, weighted average exercise price [Abstract] | |||||||
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 32.04 | $ 32.47 | $ 31.90 | ||||
Granted (in dollars per share) | $ / shares | 0 | 0 | 0 | ||||
Exercised (in dollars per share) | $ / shares | 22.81 | 33.19 | 25.52 | ||||
Forfeited/expired (in dollars per share) | $ / shares | 0 | 0 | 23.79 | ||||
Outstanding, end of period (in dollars per share) | $ / shares | 32.27 | 32.04 | 32.47 | ||||
Exercisable, end of period (in dollars per share) | $ / shares | $ 32.27 | $ 22.81 | $ 25.11 | ||||
Nonvested options, number of shares [Roll Forward] | |||||||
Nonvested, beginning of period (in shares) | 20,000 | ||||||
Granted (in shares) | 0 | 0 | 0 | ||||
Vested (in shares) | 20,000 | ||||||
Forfeited (in shares) | 0 | ||||||
Nonvested, end of period (in shares) | 0 | 20,000 | |||||
Nonvested options, weighted average grant date fair value [Abstract] | |||||||
Nonvested, beginning of period (in dollars per share) | $ / shares | $ 6.59 | ||||||
Granted (in dollars per share) | $ / shares | 0 | ||||||
Vested (in dollars per share) | $ / shares | 6.59 | ||||||
Forfeited (in dollars per share) | $ / shares | 0 | ||||||
Nonvested, end of period (in dollars per share) | $ / shares | $ 0 | $ 6.59 | |||||
Options, additional disclosures [Abstract] | |||||||
Weighted average remaining contractual term | 4 years 1 month 6 days | ||||||
Intrinsic value of options exercised | $ | $ 11,000 | $ 135,000 | $ 56,000 | ||||
Intrinsic value of options exercisable | $ | 96,000 | 12,000 | 37,000 | ||||
Intrinsic value of outstanding options | $ | $ 96,000 | $ 299,000 | $ 233,000 | ||||
2006 Plan [Member] | Restricted Stock [Member] | |||||||
Restricted stock activity, grants [Roll Forward] | |||||||
Outstanding at beginning of year (in shares) | 0 | 2,064 | 5,426 | ||||
Granted (in shares) | 0 | 0 | 0 | ||||
Vested (in shares) | 0 | (2,064) | (3,236) | ||||
Forfeited (in shares) | 0 | 0 | (126) | ||||
Outstanding at end of year (in shares) | 0 | 0 | 2,064 | ||||
Restricted stock activity, weighted average fair value at grant [Roll Forward] | |||||||
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 0 | $ 32.27 | $ 33.24 | ||||
Granted (in dollars per share) | $ / shares | 0 | 0 | 0 | ||||
Vested (in dollars per share) | $ / shares | 0 | 32.27 | 33.90 | ||||
Forfeited (in dollars per share) | $ / shares | 0 | 0 | 32.27 | ||||
Outstanding at end of year (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 32.27 | ||||
[1] | Under the 2015 Plan, 550,000 shares are authorized for issuance; 94,453 have been issued as of December 31, 2020 In January of 2016, 18,069 restricted stock shares were issued under the terms of the 2015 Plan pursuant to awards granted under the 2006 Plan. Additional shares will not be issued pursuant to awards granted from prior plans. | ||||||
[2] | The maximum number of shares of restricted stock that may be granted is 550,000 shares, and the maximum that may be granted to a participant during any calendar year is 75,000 shares. | ||||||
[3] | Not applicable | ||||||
[4] | No performance units payable in stock had been issued as of December 31, 2020. The maximum payment that can be made pursuant to performance units granted to any one participant in any calendar year is $1,000,000. | ||||||
[5] | No SARS have been issued. The maximum number of shares with respect to which SARs may be granted to a participant during any calendar year is 100,000 shares. | ||||||
[6] | Pursuant to the 2015 Plan provisions, the death of the option holder accelerated the vesting of 10,000 shares in 2018. |
Leases (Details)
Leases (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Lease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Finance Leases [Abstract] | |||
Number of finance leases | Lease | 1 | ||
Finance lease cost [Abstract] | |||
Amortization of right-of-use assets - finance leases | $ 50 | $ 52 | |
Interest on lease liabilities - finance leases | 53 | 54 | |
Total finance lease cost | 103 | 106 | |
Short-term lease cost | 294 | 306 | |
Operating lease cost | 1,769 | 1,773 | |
Sublease income | 253 | 257 | |
Total lease cost | 1,913 | 1,928 | |
Supplemental Cash Flow Information Related to CTBI's Operating and Finance Lease [Abstract] | |||
Finance lease - operating cash flows | 53 | 54 | |
Finance lease - financing cash flows | 15 | 14 | $ 0 |
Operating lease - operating cash flows (fixed payments) | 1,682 | 1,665 | |
Operating lease - operating cash flows (liability reduction) | 1,198 | 0 | |
New right-of-use assets - operating leases | $ 0 | $ 9 | |
Weighted average lease term - financing leases | 25 years 7 days | 26 years 7 days | |
Weighted average lease term - operating leases | 13 years 5 months 15 days | 13 years 10 months 2 days | |
Weighted average discount rate - financing leases | 3.70% | 3.70% | |
Weighted average discount rate - operating leases | 3.43% | 3.45% | |
Maturities of Operating Lease Liabilities [Abstract] | |||
2021 | $ 1,717 | ||
2022 | 1,703 | ||
2023 | 1,626 | ||
2024 | 1,313 | ||
2025 | 1,121 | ||
Thereafter | 8,528 | ||
Total lease payments | 16,008 | ||
Less imputed interest | (3,477) | ||
Total | 12,531 | $ 13,729 | |
Maturities of Finance Lease Liabilities [Abstract] | |||
2021 | 75 | ||
2022 | 75 | ||
2023 | 75 | ||
2024 | 75 | ||
2025 | 75 | ||
Thereafter | 1,913 | ||
Total lease payments | 2,288 | ||
Less imputed interest | (847) | ||
Total | $ 1,441 | $ 1,456 | |
Minimum [Member] | |||
Operating Leases [Abstract] | |||
Remaining lease terms | 1 year | ||
Maximum [Member] | |||
Operating Leases [Abstract] | |||
Remaining lease terms | 45 years | ||
Term of lease renewal | 5 years |
Fair Market Value of Financia_3
Fair Market Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Assets Measured at Fair Value on Recurring Basis [Abstract] | ||
Debt securities available-for-sale | $ 997,261 | $ 599,844 |
Equity securities at fair value | 2,471 | 1,953 |
Liabilities Measured at Fair Value on Recurring Basis [Abstract] | ||
Liabilities | 0 | 0 |
Assets measured-nonrecurring basis [Abstract] | ||
Collateral dependent loans | 1,768 | |
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 losses | $ (546) | (195) |
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 | $ 148,793 | 171,150 |
State and Political Subdivisions [Member] | ||
Assets Measured at Fair Value on Recurring Basis [Abstract] | ||
Debt securities available-for-sale | 140,416 | 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 | 651,807 | 295,245 |
Other Debt Securities [Member] | ||
Assets Measured at Fair Value on Recurring Basis [Abstract] | ||
Debt securities available-for-sale | 56,245 | 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 | 74,991 | 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 | 922,270 | 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 | 2,471 | 1,953 |
Recurring [Member] | ||
Assets Measured at Fair Value on Recurring Basis [Abstract] | ||
Equity securities at fair value | 2,471 | 1,953 |
Mortgage servicing rights | 4,068 | 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 | 148,793 | 171,150 |
Recurring [Member] | State and Political Subdivisions [Member] | ||
Assets Measured at Fair Value on Recurring Basis [Abstract] | ||
Debt securities available-for-sale | 140,416 | 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 | 651,807 | 295,245 |
Recurring [Member] | Other Debt Securities [Member] | ||
Assets Measured at Fair Value on Recurring Basis [Abstract] | ||
Debt securities available-for-sale | 56,245 | 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 | 74,991 | 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 | 73,802 | 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 | 140,416 | 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 | 651,807 | 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 | 56,245 | 31,142 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets Measured at Fair Value on Recurring Basis [Abstract] | ||
Equity securities at fair value | 2,471 | 1,953 |
Mortgage servicing rights | 4,068 | 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 at Fair Value [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 | 518 | 780 |
Issues | 0 | 0 |
Settlements | 0 | 0 |
Ending balance | 2,471 | 1,953 |
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 | 518 | 780 |
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 | (163) | (515) |
Issues | 1,869 | 631 |
Settlements | (901) | (460) |
Ending balance | 4,068 | 3,263 |
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 | (163) | (515) |
Nonrecurring [Member] | ||
Collateral dependent loans [Abstract] | ||
Fair value adjustments on collateral dependent loans | 500 | 700 |
Other real estate owned [Abstract] | ||
Other real estate owned, fair value adjustment | 700 | 3,200 |
Nonrecurring [Member] | Fair Value [Member] | ||
Assets measured-nonrecurring basis [Abstract] | ||
Collateral dependent loans | 1,768 | |
Impaired loans | 3,217 | |
Other real estate owned | 2,395 | 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 | 1,768 | |
Impaired loans | 3,217 | |
Other real estate owned | $ 2,395 | $ 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 | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value | $ 2,471 | $ 1,953 |
Mortgage servicing rights | 4,068 | 3,263 |
Collateral dependent loans | 1,768 | |
Impaired loans | 3,217 | |
Other real estate owned | $ 2,395 | $ 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 | 0.5193 | |
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] | ||
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] | 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] | 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 | 0.328 | 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 | 0.157 | 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 | 0.017 | 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 | 0.175 | |
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 | 0.315 | |
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 | 0.245 | |
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 | (0.091) | 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 | 0.643 | 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 | 0.128 | 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 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets [Abstract] | ||||
Debt securities available-for-sale | $ 997,261 | $ 599,844 | ||
Debt securities held-to-maturity | 0 | 517 | ||
Equity securities at fair value | 2,471 | 1,953 | ||
Federal Reserve Bank stock | 4,887 | 4,887 | ||
Mortgage servicing rights | 4,068 | 3,263 | $ 3,607 | $ 3,484 |
Carrying Amount [Member] | ||||
Financial assets [Abstract] | ||||
Cash and cash equivalents | 338,235 | 264,683 | ||
Certificates of deposit in other banks | 245 | 245 | ||
Debt securities available-for-sale | 997,261 | 599,844 | ||
Debt securities held-to-maturity | 517 | |||
Equity securities at fair value | 2,471 | 1,953 | ||
Loans held for sale | 23,259 | 1,167 | ||
Loans, net | 3,506,189 | 3,213,568 | ||
Federal Home Loan Bank stock | 10,048 | 10,474 | ||
Federal Reserve Bank stock | 4,887 | 4,887 | ||
Accrued interest receivable | 15,818 | 14,836 | ||
Mortgage servicing rights | 4,068 | 3,263 | ||
Financial liabilities [Abstract] | ||||
Deposits | 4,016,082 | 3,405,572 | ||
Repurchase agreements | 355,862 | 226,917 | ||
Federal funds purchased | 500 | 7,906 | ||
Advances from Federal Home Loan Bank | 395 | 415 | ||
Long-term debt | 57,841 | 57,841 | ||
Accrued interest payable | 1,243 | 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 | 338,235 | 264,683 | ||
Certificates of deposit in other banks | 0 | 0 | ||
Debt securities available-for-sale | 74,991 | 54,263 | ||
Debt securities held-to-maturity | 0 | |||
Equity securities at fair value | 0 | 0 | ||
Loans held for sale | 23,884 | 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 | 1,140,925 | 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 deposit in other banks | 245 | 245 | ||
Debt securities available-for-sale | 922,270 | 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 | 10,048 | 10,474 | ||
Federal Reserve Bank stock | 4,887 | 4,887 | ||
Accrued interest receivable | 15,818 | 14,836 | ||
Mortgage servicing rights | 0 | 0 | ||
Financial liabilities [Abstract] | ||||
Deposits | 2,913,217 | 2,560,271 | ||
Repurchase agreements | 0 | 0 | ||
Federal funds purchased | 500 | 7,906 | ||
Advances from Federal Home Loan Bank | 436 | 446 | ||
Long-term debt | 0 | 0 | ||
Accrued interest payable | 1,243 | 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 deposit in other banks | 0 | 0 | ||
Debt securities available-for-sale | 0 | 0 | ||
Debt securities held-to-maturity | 0 | |||
Equity securities at fair value | 2,471 | 1,953 | ||
Loans held for sale | 0 | 0 | ||
Loans, net | 3,658,554 | 3,283,876 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Federal Reserve Bank stock | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Mortgage servicing rights | 4,068 | 3,263 | ||
Financial liabilities [Abstract] | ||||
Deposits | 0 | 0 | ||
Repurchase agreements | 355,918 | 226,921 | ||
Federal funds purchased | 0 | 0 | ||
Advances from Federal Home Loan Bank | 0 | 0 | ||
Long-term debt | 40,081 | 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 |
Off-Balance Sheet Transaction_3
Off-Balance Sheet Transactions and Guarantees (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Off-balance Sheet Risks Transactions and Guarantees [Abstract] | ||
Total off-balance sheet financial instruments | $ 656,046 | $ 594,908 |
Mortgage loans held for sale | 23,259 | 1,167 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks Transactions and Guarantees [Abstract] | ||
Total off-balance sheet financial instruments | 32,126 | 30,679 |
Credit loss reserve | $ 100 | |
Percentage of secured standby letters of credit | 65.00% | |
Standby letters of credit secured by cash | $ 15,300 | |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks Transactions and Guarantees [Abstract] | ||
Total off-balance sheet financial instruments | 623,920 | 564,229 |
Credit loss reserve | 600 | |
Fixed rate loan commitments amount | $ 25,200 | |
Period of commitment to sell the loans at specified prices | 60 days | |
Total mortgage loans in process | $ 19,000 | 3,800 |
Mortgage loans held for sale | $ 23,300 | $ 1,200 |
Commitments to Extend Credit [Member] | Minimum [Member] | ||
Fair Value, Off-balance Sheet Risks Transactions and Guarantees [Abstract] | ||
Interest rate on loan commitments | 3.63% | |
Commitments to Extend Credit [Member] | Maximum [Member] | ||
Fair Value, Off-balance Sheet Risks Transactions and Guarantees [Abstract] | ||
Interest rate on loan commitments | 5.50% | |
Fixed rate loan commitments term | 1 year |
Concentrations of Credit Risk (
Concentrations of Credit Risk (Details) - Credit Concentration Risk [Member] - Tier 1 Capital Plus Allowance for Loan and Lease Losses [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Hotel/Motel Industry Credits [Member] | ||
Concentration Risk [Abstract] | ||
Concentration of credit risk | 44.00% | 43.00% |
Lessors of Residential Buildings and Dwellings Credits [Member] | ||
Concentration Risk [Abstract] | ||
Concentration of credit risk | 37.00% | 41.00% |
Lessors of Non-residential Buildings Credits [Member] | ||
Concentration Risk [Abstract] | ||
Concentration of credit risk | 39.00% | 38.00% |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
CBLR, Amount [Abstract] | ||
Actual Amount | $ 636,672 | |
For Capital Adequacy Purposes | $ 401,158 | |
CBLR, Ratio [Abstract] | ||
Actual Ratio | 0.1270 | |
For Capital Adequacy Purposes | 0.0800 | |
Tier I capital (to average assets), Amount [Abstract] | ||
Actual Amount | $ 601,142 | |
For Capital Adequacy Purposes | $ 171,632 | |
Tier I capital (to average assets), Ratio [Abstract] | ||
Actual Ratio | 0.1401 | |
For Capital Adequacy Purposes | 0.0400 | |
Common equity Tier 1 capital (to risk weighted assets), Amount [Abstract] | ||
Actual Amount | $ 545,142 | |
For Capital Adequacy Purposes | $ 142,790 | |
Common equity Tier 1 capital (to risk weighted assets), Ratio [Abstract] | ||
Actual Ratio | 0.1718 | |
For Capital Adequacy Purposes | 4.50% | |
Tier I capital (to risk weighted assets), Amount [Abstract] | ||
Actual Amount | $ 601,142 | |
For Capital Adequacy Purposes | $ 190,436 | |
Tier I capital (to risk weighted assets), Ratio [Abstract] | ||
Actual Ratio | 0.1894 | |
For Capital Adequacy Purposes | 0.0600 | |
Total capital (to risk weighted assets), Amount [Abstract] | ||
Actual Amount | $ 636,512 | |
For Capital Adequacy Purposes | $ 253,970 | |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual Ratio | 0.2005 | |
For Capital Adequacy Purposes | 0.0800 | |
Community Trust Bank, Inc [Member] | ||
Regulatory Matter [Abstract] | ||
Maximum dividend without Approval | $ 66,600 | |
CBLR, Amount [Abstract] | ||
Actual Amount | 605,606 | |
For Capital Adequacy Purposes | $ 399,303 | |
CBLR, Ratio [Abstract] | ||
Actual Ratio | 0.1213 | |
For Capital Adequacy Purposes | 0.0800 | |
Tier I capital (to average assets), Amount [Abstract] | ||
Actual Amount | $ 570,256 | |
For Capital Adequacy Purposes | 170,991 | |
To Be Well-Capitalized Under Prompt Corrective Action Provision | $ 213,739 | |
Tier I capital (to average assets), Ratio [Abstract] | ||
Actual Ratio | 0.1334 | |
For Capital Adequacy Purposes | 0.0400 | |
To Be Well-Capitalized Under Prompt Corrective Action Provision | 0.0500 | |
Common equity Tier 1 capital (to risk weighted assets), Amount [Abstract] | ||
Actual Amount | $ 570,256 | |
For Capital Adequacy Purposes | 142,485 | |
To Be Well-Capitalized Under Prompt Corrective Action Provision | $ 205,811 | |
Common equity Tier 1 capital (to risk weighted assets), Ratio [Abstract] | ||
Actual Ratio | 0.1801 | |
For Capital Adequacy Purposes | 4.50% | |
To Be Well-Capitalized Under Prompt Corrective Action Provision | 6.50% | |
Tier I capital (to risk weighted assets), Amount [Abstract] | ||
Actual Amount | $ 570,256 | |
For Capital Adequacy Purposes | 189,980 | |
To Be Well-Capitalized Under Prompt Corrective Action Provision | $ 253,306 | |
Tier I capital (to risk weighted assets), Ratio [Abstract] | ||
Actual Ratio | 0.1801 | |
For Capital Adequacy Purposes | 0.0600 | |
To Be Well-Capitalized Under Prompt Corrective Action Provision | 0.0800 | |
Total capital (to risk weighted assets), Amount [Abstract] | ||
Actual Amount | $ 605,625 | |
For Capital Adequacy Purposes | 253,400 | |
To Be Well-Capitalized Under Prompt Corrective Action Provision | $ 316,749 | |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual Ratio | 0.1912 | |
For Capital Adequacy Purposes | 0.0800 | |
To Be Well-Capitalized Under Prompt Corrective Action Provision | 0.1000 |
Parent Company Financial Stat_3
Parent Company Financial Statements, Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets [Abstract] | ||||
Cash on deposit | $ 54,250 | $ 58,680 | ||
Goodwill | 65,490 | 65,490 | ||
Premises and equipment, net | 42,001 | 44,046 | ||
Other assets | 35,887 | 37,731 | ||
Total assets | 5,139,141 | 4,366,003 | ||
Liabilities and shareholders' equity [Abstract] | ||||
Long-term debt | 57,841 | 57,841 | ||
Other liabilities | 33,694 | 29,332 | ||
Total liabilities | 4,484,276 | 3,751,117 | ||
Shareholders' equity | 654,865 | 614,886 | $ 564,150 | $ 530,699 |
Total liabilities and shareholders' equity | 5,139,141 | 4,366,003 | ||
Parent Company [Member] | ||||
Assets [Abstract] | ||||
Cash on deposit | 1,505 | 2,089 | ||
Investment in and advances to subsidiaries | 707,943 | 667,206 | ||
Goodwill | 4,973 | 4,973 | ||
Premises and equipment, net | 96 | 153 | ||
Deferred tax asset | 4,649 | 5,100 | ||
Other assets | 45 | 44 | ||
Total assets | 719,211 | 679,565 | ||
Liabilities and shareholders' equity [Abstract] | ||||
Long-term debt | 61,341 | 61,341 | ||
Other liabilities | 3,005 | 3,338 | ||
Total liabilities | 64,346 | 64,679 | ||
Shareholders' equity | 654,865 | 614,886 | ||
Total liabilities and shareholders' equity | $ 719,211 | $ 679,565 |
Parent Company Financial Stat_4
Parent Company Financial Statements, Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses [Abstract] | |||
Interest expense | $ 25,450 | $ 40,513 | $ 29,295 |
Other expenses | 12,031 | 12,539 | 15,558 |
Income before income taxes and equity in undistributed income of subsidiaries | 70,265 | 71,992 | 70,542 |
Income tax benefit | 10,761 | 7,452 | 11,314 |
Net income | 59,504 | 64,540 | 59,228 |
Unrealized holding gains (losses) on securities available-for-sale [Abstract] | |||
Unrealized holding gains (losses) arising during the period | 13,839 | 14,270 | (5,393) |
Less: Reclassification adjustments for realized gains (losses) included in net income | 1,251 | 3 | (821) |
Other comprehensive income (loss), net of tax | 9,315 | 10,864 | (3,612) |
Comprehensive income | 68,819 | 75,404 | 55,616 |
Parent Company [Member] | |||
Income [Abstract] | |||
Dividends from subsidiaries | 29,593 | 30,152 | 26,750 |
Other income | 476 | 757 | 489 |
Total income | 30,069 | 30,909 | 27,239 |
Expenses [Abstract] | |||
Interest expense | 1,519 | 2,520 | 2,318 |
Depreciation expense | 112 | 144 | 135 |
Other expenses | 3,302 | 3,273 | 3,156 |
Total expenses | 4,933 | 5,937 | 5,609 |
Income before income taxes and equity in undistributed income of subsidiaries | 25,136 | 24,972 | 21,630 |
Income tax benefit | (576) | (4,947) | (1,219) |
Income before equity in undistributed income of subsidiaries | 25,712 | 29,919 | 22,849 |
Equity in undistributed income of subsidiaries | 33,792 | 34,621 | 36,379 |
Net income | 59,504 | 64,540 | 59,228 |
Unrealized holding gains (losses) on securities available-for-sale [Abstract] | |||
Unrealized holding gains (losses) arising during the period | 13,839 | 14,270 | (5,393) |
Less: Reclassification adjustments for realized gains (losses) included in net income | 1,251 | 3 | (821) |
Tax expense (benefit) | 3,273 | 3,403 | (960) |
Other comprehensive income (loss), net of tax | 9,315 | 10,864 | (3,612) |
Comprehensive income | $ 68,819 | $ 75,404 | $ 55,616 |
Parent Company Financial Stat_5
Parent Company Financial Statements, Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities [Abstract] | |||
Net income | $ 59,504 | $ 64,540 | $ 59,228 |
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||
Depreciation | 5,346 | 5,515 | 3,786 |
Deferred taxes | (2,909) | (1,412) | (246) |
Stock-based compensation | 944 | 859 | 710 |
Gain on debt repurchase | 0 | (219) | 0 |
Changes in [Abstract] | |||
Other assets | 1,845 | 4,941 | (14,694) |
Other liabilities | 4,147 | (2,440) | 9,660 |
Net cash provided by operating activities | 62,379 | 83,458 | 65,487 |
Cash flows from investing activities [Abstract] | |||
Purchase of premises and equipment | (1,482) | (2,570) | (2,832) |
Net cash used in investing activities | (693,526) | (34,491) | (100,590) |
Cash flows from financing activities [Abstract] | |||
Issuance of common stock | 926 | 1,264 | 1,230 |
Repurchase of common stock | (1,099) | 0 | 0 |
Dividends paid | (27,142) | (26,235) | (24,395) |
Net cash provided by (used in) financing activities | 704,699 | 74,266 | 1,279 |
Cash and cash equivalents at beginning of year | 264,683 | ||
Cash and cash equivalents at end of year | 338,235 | 264,683 | |
Parent Company [Member] | |||
Cash flows from operating activities [Abstract] | |||
Net income | 59,504 | 64,540 | 59,228 |
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||
Depreciation | 112 | 144 | 135 |
Equity in undistributed earnings of subsidiaries | (33,792) | (34,621) | (36,379) |
Deferred taxes | 451 | (4,907) | (12) |
Stock-based compensation | 944 | 859 | 710 |
Gain on debt repurchase | 0 | (219) | 0 |
Changes in [Abstract] | |||
Other assets | (115) | 1 | (50) |
Other liabilities | (318) | 683 | 53 |
Net cash provided by operating activities | 26,786 | 26,480 | 23,685 |
Cash flows from investing activities [Abstract] | |||
Payment for investment in subsidiary | 0 | (1,281) | 0 |
Purchase of premises and equipment | (55) | (78) | (81) |
Net cash used in investing activities | (55) | (1,359) | (81) |
Cash flows from financing activities [Abstract] | |||
Issuance of common stock | 926 | 1,264 | 1,230 |
Repurchase of common stock | (1,099) | 0 | 0 |
Dividends paid | (27,142) | (26,235) | (24,395) |
Net cash provided by (used in) financing activities | (27,315) | (24,971) | (23,165) |
Net increase (decrease) in cash and cash equivalents | (584) | 150 | 439 |
Cash and cash equivalents at beginning of year | 2,089 | 1,939 | 1,500 |
Cash and cash equivalents at end of year | $ 1,505 | $ 2,089 | $ 1,939 |
Revenue Recognition (Details)
Revenue Recognition (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)Segment | |
Revenue Recognition [Abstract] | |
Contract assets | $ 0 |
Contract liabilities | 0 |
Receivable accounts for contracts with customers | $ 0 |
Number of operating segments | Segment | 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator [Abstract] | |||
Net income | $ 59,504 | $ 64,540 | $ 59,228 |
Basic earnings per share [Abstract] | |||
Weighted average shares (in shares) | 17,748,000 | 17,724,000 | 17,687,000 |
Diluted earnings per share [Abstract] | |||
Dilutive effect of equity grants (in shares) | 8,000 | 16,000 | 16,000 |
Adjusted weighted average shares (in shares) | 17,756,000 | 17,740,000 | 17,703,000 |
Earnings per share [Abstract] | |||
Basic earnings per share (in dollars per share) | $ 3.35 | $ 3.64 | $ 3.35 |
Diluted earnings per share (in dollars per share) | $ 3.35 | $ 3.64 | $ 3.35 |
Options [Member] | |||
Earnings Per Share [Abstract] | |||
Options excluded from diluted calculations (in shares) | 0 | 0 | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amounts Reclassified from AOCI [Abstract] | |||
Securities gains (losses) | $ 1,769 | $ 783 | $ (85) |
Tax expense (benefit) | 10,761 | 7,452 | 11,314 |
Net income | 59,504 | 64,540 | 59,228 |
Unrealized Gains (Losses) on AFS Securities [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||
Amounts Reclassified from AOCI [Abstract] | |||
Securities gains (losses) | 1,251 | 3 | (821) |
Tax expense (benefit) | 325 | 1 | (172) |
Net income | $ 926 | $ 2 | $ (649) |
COVID-19 and CARES Act Loan A_3
COVID-19 and CARES Act Loan Activities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)CustomerLoan | |
One Time [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 3,481 |
Amount of loan deferrals | $ 670,000 |
Two Times [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 294 |
Amount of loan deferrals | $ 234,000 |
Three Times [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 63 |
Amount of loan deferrals | $ 85,000 |
Four Times [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 6 |
Amount of loan deferrals | $ 3,000 |
Outstanding [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 410 |
Amount of loan deferrals | $ 130,000 |
Resumed Payments [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Loan | 3,071 |
Amount of loan deferrals | $ 540,000 |
Paycheck Protection Program [Member] | |
COVID-19 [Abstract] | |
Amount of PPP loans forgiven by SBA | 18,800 |
Additional information related to our PPP loans [Abstract] | |
Average balance | 182,008 |
Interest | $ 5,638 |
Average effective rate | 0.0305 |
Commercial Loan [Member] | One Time [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 841 |
Amount of loan deferrals | $ 571,000 |
Commercial Loan [Member] | Two Times [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 153 |
Amount of loan deferrals | $ 223,000 |
Commercial Loan [Member] | Three Times [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 45 |
Amount of loan deferrals | $ 83,000 |
Commercial Loan [Member] | Four Times [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 5 |
Amount of loan deferrals | $ 3,000 |
Commercial Loan [Member] | Outstanding [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 109 |
Amount of loan deferrals | $ 118,000 |
Residential Loan [Member] | One Time [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 552 |
Amount of loan deferrals | $ 63,000 |
Residential Loan [Member] | Two Times [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 100 |
Amount of loan deferrals | $ 10,000 |
Residential Loan [Member] | Three Times [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 15 |
Amount of loan deferrals | $ 2,000 |
Residential Loan [Member] | Four Times [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 1 |
Amount of loan deferrals | $ 0 |
Residential Loan [Member] | Outstanding [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 108 |
Amount of loan deferrals | $ 9,000 |
Consumer Loan [Member] | One Time [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 2,088 |
Amount of loan deferrals | $ 36,000 |
Consumer Loan [Member] | Two Times [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 41 |
Amount of loan deferrals | $ 1,000 |
Consumer Loan [Member] | Three Times [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 3 |
Amount of loan deferrals | $ 0 |
Consumer Loan [Member] | Four Times [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 0 |
Amount of loan deferrals | $ 0 |
Consumer Loan [Member] | Outstanding [Member] | |
COVID-19 [Abstract] | |
Number of loan deferrals | Customer | 193 |
Amount of loan deferrals | $ 3,000 |
COVID-19 [Member] | |
COVID-19 [Abstract] | |
Period of waivers of overdraft/returned item fees and telephone transfer fees | 30 days |
Number of loan deferrals | Loan | 3,844 |
Amount of loan deferrals | $ 992,000 |
COVID-19 [Member] | Paycheck Protection Program [Member] | |
COVID-19 [Abstract] | |
Number of loans closed | Loan | 2,962 |
Amount of loans closed | $ 277,000 |
COVID-19 [Member] | PPP Loans Under $350 Thousand [Member] | |
COVID-19 [Abstract] | |
Number of loans closed | Loan | 2,817 |
COVID-19 [Member] | PPP Loans Between $350 Thousand and $2.0 Million [Member] | |
COVID-19 [Abstract] | |
Number of loans closed | Loan | 132 |
COVID-19 [Member] | PPP Loans Over $2.0 Million [Member] | |
COVID-19 [Abstract] | |
Number of loans closed | Loan | 13 |