Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 001-31220 | ||
Entity Registrant Name | COMMUNITY TRUST BANCORP INC /KY/ | ||
Entity Central Index Key | 0000350852 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 693.1 | ||
Entity Common Stock, Shares Outstanding | 17,976,722 | ||
Auditor Name | FORVIS, LLP | ||
Auditor Location | Louisville, Kentucky | ||
Auditor Firm ID | 686 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and due from banks | $ 51,306 | $ 46,558 |
Interest bearing deposits | 77,380 | 265,198 |
Cash and cash equivalents | 128,686 | 311,756 |
Certificates of deposit in other banks | 245 | 245 |
Debt securities available-for-sale at fair value (amortized cost of $1,430,605 and $1,461,829, respectively) | 1,256,226 | 1,455,429 |
Equity securities at fair value | 2,166 | 2,253 |
Loans held for sale | 109 | 2,632 |
Loans | 3,709,290 | 3,408,813 |
Allowance for credit losses | (45,981) | (41,756) |
Net loans | 3,663,309 | 3,367,057 |
Premises and equipment, net | 42,633 | 40,479 |
Operating right-of-use assets | 13,809 | 10,892 |
Finance right-of-use assets | 3,262 | 1,256 |
Federal Home Loan Bank stock | 6,676 | 8,139 |
Federal Reserve Bank stock | 4,887 | 4,887 |
Goodwill | 65,490 | 65,490 |
Bank owned life insurance | 92,746 | 91,097 |
Mortgage servicing rights | 8,468 | 6,774 |
Other real estate owned | 3,671 | 3,486 |
Deferred tax asset | 39,878 | 0 |
Accrued interest receivable | 19,592 | 15,415 |
Other assets | 28,463 | 30,970 |
Total assets | 5,380,316 | 5,418,257 |
Deposits: | ||
Noninterest bearing | 1,394,915 | 1,331,103 |
Interest bearing | 3,031,228 | 3,013,189 |
Total deposits | 4,426,143 | 4,344,292 |
Repurchase agreements | 215,431 | 271,088 |
Federal funds purchased | 500 | 500 |
Advances from Federal Home Loan Bank | 355 | 375 |
Long-term debt | 57,841 | 57,841 |
Deferred tax liability | 0 | 546 |
Operating lease liability | 14,160 | 11,583 |
Finance lease liability | 3,468 | 1,422 |
Accrued interest payable | 2,237 | 1,016 |
Other liabilities | 32,134 | 31,392 |
Total liabilities | 4,752,269 | 4,720,055 |
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 2022 - 17,918,280; 2021 - 17,843,081 | 89,591 | 89,215 |
Capital surplus | 229,012 | 227,085 |
Retained earnings | 438,596 | 386,750 |
Accumulated other comprehensive loss, net of tax | (129,152) | (4,848) |
Total shareholders' equity | 628,047 | 698,202 |
Total liabilities and shareholders' equity | $ 5,380,316 | $ 5,418,257 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Debt securities available-for-sale at amortized cost | $ 1,430,605 | $ 1,461,829 |
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) | 17,918,280 | 17,843,081 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | |||
Interest and fees on loans, including loans held for sale | $ 169,885 | $ 160,198 | $ 160,826 |
Interest and dividends on securities: | |||
Taxable | 21,695 | 13,981 | 11,939 |
Tax exempt | 2,998 | 3,098 | 2,380 |
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock | 603 | 486 | 532 |
Interest on Federal Reserve Bank deposits | 2,439 | 372 | 704 |
Other, including interest on federal funds sold | 122 | 34 | 60 |
Total interest income | 197,742 | 178,169 | 176,441 |
Interest expense: | |||
Interest on deposits | 24,068 | 12,753 | 21,177 |
Interest on repurchase agreements and federal funds purchased | 2,540 | 1,254 | 2,788 |
Interest on advances from Federal Home Loan Bank | 20 | 0 | 0 |
Interest on long-term debt | 2,012 | 1,083 | 1,485 |
Total interest expense | 28,640 | 15,090 | 25,450 |
Net interest income | 169,102 | 163,079 | 150,991 |
Provision for credit losses (recovery) | 4,905 | (6,386) | 16,047 |
Net interest income after provision for credit losses (recovery) | 164,197 | 169,465 | 134,944 |
Noninterest income: | |||
Service charges on deposit accounts | 29,049 | 26,529 | 23,461 |
Gains on sales of loans, net | 1,525 | 6,820 | 7,226 |
Trust and wealth management income | 12,394 | 12,644 | 10,931 |
Loan related fees | 6,185 | 5,578 | 4,041 |
Bank owned life insurance | 2,708 | 2,844 | 2,306 |
Brokerage revenue | 1,846 | 1,962 | 1,483 |
Securities gains (losses) | (168) | (158) | 1,769 |
Other noninterest income | 4,377 | 4,244 | 3,343 |
Total noninterest income | 57,916 | 60,463 | 54,560 |
Noninterest expense: | |||
Officer salaries and employee benefits | 15,922 | 19,713 | 15,257 |
Other salaries and employee benefits | 56,568 | 54,401 | 51,170 |
Occupancy, net | 8,380 | 8,306 | 7,912 |
Equipment | 2,703 | 2,548 | 2,737 |
Data processing | 8,910 | 8,039 | 7,941 |
Bank franchise tax | 1,528 | 1,705 | 7,299 |
Legal fees | 1,159 | 1,160 | 1,634 |
Professional fees | 2,275 | 2,039 | 2,091 |
Advertising and marketing | 3,005 | 2,928 | 2,980 |
FDIC insurance | 1,447 | 1,381 | 1,056 |
Other real estate owned provision and expense | 456 | 1,401 | 2,655 |
Repossession expense | 546 | 344 | 717 |
Amortization of limited partnership investments | 2,853 | 3,352 | 3,759 |
Other noninterest expense | 15,319 | 11,968 | 12,031 |
Total noninterest expense | 121,071 | 119,285 | 119,239 |
Income before income taxes | 101,042 | 110,643 | 70,265 |
Income taxes | 19,228 | 22,704 | 10,761 |
Net income | 81,814 | 87,939 | 59,504 |
Unrealized holding gains (losses) on debt securities available-for-sale: | |||
Unrealized holding gains (losses) arising during the period | (168,060) | (24,827) | 13,839 |
Less: Reclassification adjustments for realized gains (losses) included in net income | (81) | 60 | 1,251 |
Tax expense (benefit) | (43,675) | (6,471) | 3,273 |
Other comprehensive income (loss), net of tax | (124,304) | (18,416) | 9,315 |
Comprehensive income (loss) | $ (42,490) | $ 69,523 | $ 68,819 |
Basic earnings per share (in dollars per share) | $ 4.59 | $ 4.94 | $ 3.35 |
Diluted earnings per share (in dollars per share) | $ 4.58 | $ 4.94 | $ 3.35 |
Weighted average shares outstanding-basic (in shares) | 17,836 | 17,786 | 17,748 |
Weighted average shares outstanding-diluted (in shares) | 17,851 | 17,804 | 17,756 |
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] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Capital Surplus [Member] | 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, 2019 | $ 88,966 | $ 224,907 | $ 296,760 | $ 4,253 | $ 614,886 | $ 88,966 | $ 224,907 | $ 294,394 | $ 4,253 | $ 612,520 |
Balance (ASU 2016-13 [Member]) at Dec. 31, 2019 | $ (2,366) | $ (2,366) | ||||||||
Balance (in shares) at Dec. 31, 2019 | 17,793,165 | 17,793,165 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll forward] | ||||||||||
Net income | 59,504 | 59,504 | ||||||||
Other comprehensive income (loss) | 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) | |||||||||
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 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll forward] | ||||||||||
Net income | 87,939 | 87,939 | ||||||||
Other comprehensive income (loss) | (18,416) | (18,416) | ||||||||
Cash dividends declared | (27,927) | (27,927) | ||||||||
Issuance of common stock | $ 205 | 760 | 965 | |||||||
Issuance of common stock (in shares) | 41,168 | |||||||||
Issuance of restricted stock | $ 46 | (46) | 0 | |||||||
Issuance of restricted stock (in shares) | 9,193 | |||||||||
Vesting of restricted stock | $ (88) | 88 | 0 | |||||||
Vesting of restricted stock (in shares) | (17,681) | |||||||||
Stock-based compensation | 776 | 776 | ||||||||
Balance at Dec. 31, 2021 | $ 89,215 | 227,085 | 386,750 | (4,848) | $ 698,202 | |||||
Balance (in shares) at Dec. 31, 2021 | 17,843,081 | 17,843,081 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll forward] | ||||||||||
Net income | 81,814 | $ 81,814 | ||||||||
Other comprehensive income (loss) | (124,304) | (124,304) | ||||||||
Cash dividends declared | (29,968) | (29,968) | ||||||||
Issuance of common stock | $ 271 | 770 | 1,041 | |||||||
Issuance of common stock (in shares) | 54,125 | |||||||||
Issuance of restricted stock | $ 252 | (252) | 0 | |||||||
Issuance of restricted stock (in shares) | 50,438 | |||||||||
Vesting of restricted stock | $ (147) | 147 | 0 | |||||||
Vesting of restricted stock (in shares) | (29,364) | |||||||||
Stock-based compensation | 1,262 | 1,262 | ||||||||
Balance at Dec. 31, 2022 | $ 89,591 | $ 229,012 | $ 438,596 | $ (129,152) | $ 628,047 | |||||
Balance (in shares) at Dec. 31, 2022 | 17,918,280 | 17,918,280 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll forward] | |||
Cash dividends declared (in dollars per share) | $ 1.68 | $ 1.57 | $ 1.53 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 81,814 | $ 87,939 | $ 59,504 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 5,219 | 5,033 | 5,346 |
Deferred taxes | 3,250 | 2,330 | (2,909) |
Stock-based compensation | 1,366 | 850 | 944 |
Provision for credit losses (recovery) | 4,905 | (6,386) | 16,047 |
Write-downs of other real estate owned and other repossessed assets | 285 | 864 | 1,454 |
Gains on sale of loans held for sale | (1,525) | (6,820) | (7,226) |
Securities gains (losses) | 81 | (60) | (1,251) |
Fair value adjustment in equity securities | 87 | 218 | (518) |
(Gains) losses on sale of assets, net | (354) | (165) | 390 |
Proceeds from sale of mortgage loans held for sale | 65,974 | 307,843 | 347,048 |
Funding of mortgage loans held for sale | (61,926) | (280,396) | (361,913) |
Amortization of securities premiums and discounts, net | 5,466 | 8,010 | 5,907 |
Change in cash surrender value of bank owned life insurance | (1,650) | (1,873) | (1,371) |
Payment of operating lease liabilities | (1,773) | (1,693) | (1,682) |
Mortgage servicing rights: | |||
Fair value adjustments | (1,069) | (428) | 1,064 |
New servicing assets created | (625) | (2,278) | (1,869) |
Changes in: | |||
Accrued interest receivable | (4,177) | 403 | (982) |
Other assets | 2,507 | 4,918 | 1,845 |
Accrued interest payable | 1,221 | (227) | (1,596) |
Other liabilities | 608 | (2,387) | 4,147 |
Net cash provided by operating activities | 99,684 | 115,695 | 62,379 |
Certificates of deposit in other banks: | |||
Purchase of certificates of deposit | 0 | 0 | (245) |
Maturity of certificates of deposit | 0 | 0 | 245 |
Securities available-for-sale (AFS): | |||
Purchase of AFS securities | (179,627) | (797,445) | (857,167) |
Proceeds from sales of AFS securities | 11,462 | 1,080 | 186,194 |
Proceeds from prepayments, calls, and maturities of AFS securities | 193,843 | 305,361 | 281,487 |
Securities held-to-maturity (HTM): | |||
Proceeds from prepayments and maturities of HTM securities | 0 | 0 | 517 |
Change in loans, net | (302,466) | 146,050 | (306,523) |
Purchase of premises and equipment | (6,218) | (2,373) | (1,482) |
Proceeds from sale and retirement of premises and equipment | 620 | 830 | 1 |
Redemption of stock by Federal Home Loan Bank | 1,463 | 1,909 | 426 |
Proceeds from sale of other real estate owned and repossessed assets | 988 | 2,819 | 4,754 |
Additional investment in other real estate owned and repossessed assets | (73) | 0 | 0 |
Additional investment in bank owned life insurance | 0 | (17,181) | (1,733) |
Proceeds from settlement of bank owned life insurance | 1 | 330 | 0 |
Net cash used in investing activities | (280,007) | (358,620) | (693,526) |
Cash flows from financing activities: | |||
Change in deposits, net | 81,851 | 328,210 | 610,510 |
Change in repurchase agreements and federal funds purchased, net | (55,657) | (84,774) | 121,539 |
Advances from Federal Home Loan Bank | 45,000 | 0 | 25,000 |
Payments on advances from Federal Home Loan Bank | (45,020) | (20) | (25,020) |
Payment of finance lease liabilities | (24) | (19) | (15) |
Repurchase of long-term debt | 0 | 0 | 0 |
Issuance of common stock | 1,041 | 965 | 926 |
Repurchase of stock | 0 | 0 | (1,099) |
Dividends paid | (29,938) | (27,916) | (27,142) |
Net cash provided by (used in) financing activities | (2,747) | 216,446 | 704,699 |
Net increase (decrease) in cash and cash equivalents | (183,070) | (26,479) | 73,552 |
Cash and cash equivalents at beginning of year | 311,756 | 338,235 | 264,683 |
Cash and cash equivalents at end of year | 128,686 | 311,756 | 338,235 |
Supplemental disclosures: | |||
Income taxes paid | 16,293 | 19,485 | 13,275 |
Interest paid | 27,419 | 15,316 | 27,047 |
Non-cash activities: | |||
Loans to facilitate the sale of other real estate owned and repossessed assets | 1,124 | 1,733 | 9,632 |
Common stock dividends accrued, paid in subsequent quarter | 278 | 248 | 238 |
Real estate and assets acquired in settlement of loans | 2,433 | 1,200 | 4,446 |
Right-of-use assets obtained in exchange for new operating/finance lease liabilities | $ 5,539 | $ 0 | $ 0 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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 HTM securities) shall be classified as available-for-sale (“AFS”) securities. We do not have any securities that are classified as trading securities. AFS 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. For AFS debt securities in an unrealized loss position, we evaluate the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or non-credit related factors. Any impairment that is not credit-related is recognized in accumulated other comprehensive income, net of tax. Credit-related impairment is recognized as an allowance for credit losses (“ACL”) for AFS debt securities on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses. Both the ACL for AFS debt securities and the adjustment to net income may be reversed if conditions change. However, if we intend to sell an impaired AFS debt security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL for AFS debt securities in this situation. In evaluating AFS debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, we consider the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. There were no credit related factors underlying unrealized losses on AFS debt securities at December 31, 2022 and December 31, 2021, therefore, no ACL for AFS securities was recorded. Changes in the ACL for AFS debt securities are recorded as expense. Losses are charged against the ACL for AFS debt securities when management believes the uncollectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. 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. HTM securities are subject to an allowance 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, 2022 and 2021, CTBI held no securities designated as held-to-maturity. CTBI accounts for equity securities in accordance with ASC 321, Investments – Equity Securities Equity securities with a readily determinable fair value are required to be measured at fair value, with changes in fair value recognized in 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 our 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 (“TDR”) 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. 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, or commitments as a yield adjustment. Leases Allowance for Credit Losses CTBI accounts for the allowance for credit losses under ASC 326. CTBI measures expected credit losses of financial assets on a collective (pool) basis using loss-rate methods when the financial assets share similar risk characteristics. Loans that do not share risk characteristics are evaluated on an individual basis. Regardless of an initial measurement method, once it is determined that foreclosure is probable, the allowance for credit losses is measured based on the fair value of the collateral as of the measurement date. As a practical expedient, the fair value of the collateral may be used for a loan when determining the allowance for credit losses 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. The fair value shall be adjusted for selling costs when foreclosure is probable. For collateral-dependent financial assets, the credit loss expected may be zero if the fair value less costs to sell exceed the amortized cost of the loan. Loans shall not be included in both collective assessments and individual assessments. 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 Accounting Standards Update (“ASU”) 2019-04 which allows that accrued interest would continue to be presented separately and not part of the amortized cost of the 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 1 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 meets one of the following criteria: (i) has a criticized risk rating, (ii) is in nonaccrual status, (iii) is a TDR, or (iv) is 90 days or more past due. The borrower’s cash flow, adequacy of collateral coverage, and other options available to CTBI, including legal remedies, are evaluated. We evaluate the collectability of both principal and interest when assessing the need for loss provision. Historical loss rates are analyzed and applied to other commercial loan segments not subject to individual evaluation. Homogenous loans, such as consumer installment, residential mortgages, and home equity lines are not individually risk graded. The associated ACL for these loans is measured in pools with similar risk characteristics under ASC 326. When any secured commercial loan is considered uncollectable, whether past due or not, a current assessment of the value of the underlying collateral is made. If the balance of the loan exceeds the fair value of the collateral, the loan is placed on nonaccrual and the loan is charged down to the value of the collateral less estimated cost to sell. For commercial loans greater than $1 million and classified as criticized, TDR, 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 (five 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 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. 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 our ACL analysis. 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 to 10 years for furniture, fixtures, and equipment, and up to the lease term for leasehold improvements. 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 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 represent 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. Advertising Expense – It is CTBI’s policy to expense advertising costs in the period in which they are incurred. 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 – New Accounting Standards – ➢ Facilitation of the Effects of Reference Rate Reform on Financial Reporting ➢ Troubled Debt Restructurings and Vintage Disclosures – ➢ Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions – |
Cash and Due from Banks and Int
Cash and Due from Banks and Interest Bearing Deposits | 12 Months Ended |
Dec. 31, 2022 | |
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 At December 31, 2022, CTBI had cash accounts which exceeded federally insured limits, and therefore were not subject to FDIC insurance, with $72.6 million in deposits with the Federal Reserve, $26.6 million in deposits with U.S. Bank, $1.4 million in deposits with Fifth Third Bank, $4.8 million in deposits with the Federal Home Loan Bank, and $3.0 million in deposits with Raymond James. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2022 | |
Securities [Abstract] | |
Securities | 3. Securities Debt securities are classified into HTM and AFS categories. HTM securities are those that CTBI has the positive intent and ability to hold to maturity and are reported at amortized cost. AFS securities are those that CTBI may decide to sell if needed for liquidity, asset-liability management, or other reasons. AFS securities are reported at fair value, with unrealized gains or losses included as a separate component of equity, net of tax. As of December 31, 2022 and December 31, 2021, CTBI had no HTM securities. The amortized cost and fair value of debt securities at December 31, 2022 are summarized as follows: Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government agencies $ 418,579 $ 212 $ (36,859 ) $ 381,932 State and political subdivisions 326,746 32 (61,676 ) 265,102 U.S. government sponsored agency mortgage-backed securities 593,917 1 (73,833 ) 520,085 Asset-backed securities 91,363 0 (2,256 ) 89,107 Total available-for-sale securities $ 1,430,605 $ 245 $ (174,624 ) $ 1,256,226 The amortized cost and fair value of debt securities at December 31, 2021 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 $ 299,606 $ 351 $ (4,187 ) $ 295,770 State and political subdivisions 334,218 5,524 (5,539 ) 334,203 U.S. government sponsored agency mortgage-backed securities 733,467 5,107 (7,765 ) 730,809 Asset-backed securities 94,538 301 (192 ) 94,647 Total available-for-sale securities $ 1,461,829 $ 11,283 $ (17,683 ) $ 1,455,429 The amortized cost and fair value of debt securities at December 31, 2022 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 $ 29,874 $ 29,242 Due after one through five years 267,190 244,404 Due after five through ten years 250,194 218,508 Due after ten years 198,067 154,880 U.S. government sponsored agency mortgage-backed securities 593,917 520,085 Asset-backed securities 91,363 89,107 Total debt securities $ 1,430,605 $ 1,256,226 In 2022, we had a net securities loss of $168 thousand. There was a net loss of $81 thousand realized on sales and calls of AFS securities, and an unrealized loss of $87 thousand from the fair value adjustment of equity securities. There was a net loss of $158 thousand realized in 2021 and a net gain of $1.8 million realized in 2020. 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, 2022 were $2.2 million, as a result of an $87 thousand decrease in the fair value in 2022. The fair value of equity securities decreased $218 thousand in 2021. No equity securities were sold during 2022 or 2021. The amortized cost of securities pledged as collateral, to secure public deposits and for other purposes, was $725.0 million at December 31, 2022 and $545.6 million at December 31, 2021. The amortized cost of securities sold under agreements to repurchase amounted to $316.9 million at December 31, 2022 and $314.1 million at December 31, 2021. CTBI evaluates its investment portfolio on a quarterly basis for impairment. The analysis performed as of December 31, 2022 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, 2022 was 97.4% compared to 72.4% as of December 31, 2021. The following table provides the amortized cost, gross unrealized losses, and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2022 that are not deemed to have credit losses. As stated above, CTBI had no HTM securities as of December 31, 2022. Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 144,305 $ (6,953 ) $ 137,352 State and political subdivisions 94,277 (6,257 ) 88,020 U.S. government sponsored agency mortgage-backed securities 139,314 (6,883 ) 132,431 Asset-backed securities 38,882 (1,231 ) 37,651 Total <12 months temporarily impaired AFS securities 416,778 (21,324 ) 395,454 12 Months or More U.S. Treasury and government agencies 249,424 (29,906 ) 219,518 State and political subdivisions 225,019 (55,419 ) 169,600 U.S. government sponsored agency mortgage-backed securities 454,357 (66,950 ) 387,407 Asset-backed securities 52,480 (1,025 ) 51,455 Total ≥12 months temporarily impaired AFS securities 981,280 (153,300 ) 827,980 Total U.S. Treasury and government agencies 393,729 (36,859 ) 356,870 State and political subdivisions 319,296 (61,676 ) 257,620 U.S. government sponsored agency mortgage-backed securities 593,671 (73,833 ) 519,838 Asset-backed securities 91,362 (2,256 ) 89,106 Total temporarily impaired AFS securities $ 1,398,058 $ (174,624 ) $ 1,223,434 The analysis performed as of December 31, 2021 indicated that all impairment was considered temporary, market and interest rate driven, and not credit-related. The following table provides the amortized cost, gross unrealized losses, and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2021 that are not deemed to be other-than-temporarily impaired. As stated above, CTBI had no HTM securities as of December 31, 2021. Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 249,990 $ (4,123 ) $ 245,867 State and political subdivisions 197,592 (4,779 ) 192,813 U.S. government sponsored agency mortgage-backed securities 473,831 (6,759 ) 467,072 Asset-backed securities 52,229 (190 ) 52,039 Total <12 months temporarily impaired AFS securities 973,642 (15,851 ) 957,791 12 Months or More U.S. Treasury and government agencies 14,505 (64 ) 14,441 State and political subdivisions 19,126 (760 ) 18,366 U.S. government sponsored agency mortgage-backed securities 62,330 (1,006 ) 61,324 Asset-backed securities 1,368 (2 ) 1,366 Total ≥12 months temporarily impaired AFS securities 97,329 (1,832 ) 95,497 Total U.S. Treasury and government agencies 264,495 (4,187 ) 260,308 State and political subdivisions 216,718 (5,539 ) 211,179 U.S. government sponsored agency mortgage-backed securities 536,161 (7,765 ) 528,396 Asset-backed securities 53,597 (192 ) 53,405 Total temporarily impaired AFS securities $ 1,070,971 $ (17,683 ) $ 1,053,288 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 that we will be required to sell the investments before recovery of their amortized cost. Asset-Backed Securities The unrealized losses in asset-backed 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, 2022 | |
Loans [Abstract] | |
Loans | 4. Loans Major classifications of loans, net of unearned income, deferred loan origination costs and fees, and net premiums on acquired loans, are summarized as follows: (in thousands) December 31 2022 December 31 2021 Hotel/motel $ 343,640 $ 257,062 Commercial real estate residential 372,914 335,233 Commercial real estate nonresidential 762,349 757,893 Dealer floorplans 77,533 69,452 Commercial other 311,539 290,478 Commercial unsecured SBA PPP 883 47,335 Commercial loans 1,868,858 1,757,453 Real estate mortgage 824,996 767,185 Home equity lines 120,540 106,667 Residential loans 945,536 873,852 Consumer direct 157,504 156,683 Consumer indirect 737,392 620,825 Consumer loans 894,896 777,508 Loans and lease financing $ 3,709,290 $ 3,408,813 The loan portfolios presented above are net of unearned fees and unamortized premiums. Unearned fees included above totaled $1.0 million as of December 31, 2022 and $4.0 million as of December 31, 2021, while the unamortized premiums on the indirect lending portfolio totaled $28.5 million as of December 31, 2022 and $24.1 million as of December 31, 2021. CTBI has segregated and evaluates our loan portfolio through ten 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 9.3% 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. Additionally, any hotel/motel construction loans would be included in this segment as CTBI’s construction loans are primarily completed as one 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 1-4 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 one loan for construction to permanent financing. Dealer floorplans consist of loans to dealerships to finance inventory and are collateralized under a blanket security agreement and without specific liens on individual units. This risk is mitigated by the use of periodic inventory audits. These audits are performed monthly and follow up is required on any out of compliance items identified. These audits are subject to increasing frequency when fact patterns suggest more scrutiny is required. Commercial other loans consist of 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 participation in the Paycheck Protection Program (“PPP”) established by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) resulted in the creation of a new loan segment of unsecured commercial other loans that are one hundred percent guaranteed by the U.S. Small Business Administration (“SBA”). These loans, which are subject to forgiveness, have maturities of either two or three to five years, depending on when the loan was made. These loans currently have no allowance for credit losses. Residential real estate loans are a mixture of fixed rate and adjustable rate first and second 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 our fixed rate first 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 primarily fixed rate consumer 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 $0.1 million at December 31, 2022 and $2.6 million at December 31, 2021. The following tables present the balance in the ACL for the years ended December 31, 2022 and December 31, 2021. Year Ended December 31, 2022 (in thousands) Beginning Balance Provision Charged to Expense Losses Charged Off Recoveries Ending Balance ACL Hotel/motel $ 5,080 $ 307 $ (216 ) $ 0 $ 5,171 Commercial real estate residential 3,986 951 (92 ) 49 4,894 Commercial real estate nonresidential 8,884 (154 ) (46 ) 735 9,419 Dealer floorplans 1,436 340 0 0 1,776 Commercial other 4,422 947 (1,082 ) 998 5,285 Real estate mortgage 7,637 466 (223 ) 52 7,932 Home equity 866 257 (37 ) 20 1,106 Consumer direct 1,951 (210 ) (609 ) 562 1,694 Consumer indirect 7,494 2,001 (3,041 ) 2,250 8,704 Total $ 41,756 $ 4,905 $ (5,346 ) $ 4,666 $ 45,981 Year Ended December 31, 2021 (in thousands) Beginning Balance Provision Charged to Expense Losses Charged Off Recoveries Ending Balance ACL Hotel/motel $ 6,356 $ (1,276 ) $ 0 $ 0 $ 5,080 Commercial real estate residential 4,464 (488 ) (28 ) 38 3,986 Commercial real estate nonresidential 11,086 (2,233 ) (306 ) 337 8,884 Dealer floorplans 1,382 54 0 0 1,436 Commercial other 4,289 388 (644 ) 389 4,422 Real estate mortgage 7,832 3 (266 ) 68 7,637 Home equity 844 39 (36 ) 19 866 Consumer direct 1,863 256 (684 ) 516 1,951 Consumer indirect 9,906 (3,129 ) (2,361 ) 3,078 7,494 Total $ 48,022 $ (6,386 ) $ (4,325 ) $ 4,445 $ 41,756 Year Ended December 31, 2020 (in thousands) Beginning Balance, Prior to Adoption of ASC 326 Impact of Adoption of ASC 326 Provision Charged to Expense Losses Charged Off Recoveries Ending Balance ACL Hotel/motel $ 3,371 $ 170 $ 2,858 $ (43 ) $ 0 $ 6,356 Commercial real estate residential 3,439 (721 ) 1,772 (182 ) 156 4,464 Commercial real estate nonresidential 8,515 119 3,303 (941 ) 90 11,086 Dealer floorplans 802 820 (214 ) (26 ) 0 1,382 Commercial other 5,556 (391 ) 2,040 (3,339 ) 423 4,289 Real estate mortgage 4,604 1,893 1,584 (321 ) 72 7,832 Home equity 897 (75 ) 16 (4 ) 10 844 Consumer direct 1,711 (40 ) 609 (927 ) 510 1,863 Consumer indirect 6,201 1,265 4,079 (4,670 ) 3,031 9,906 Total $ 35,096 $ 3,040 $ 16,047 $ (10,453 ) $ 4,292 $ 48,022 CTBI derived our ACL balance by using vintage modeling for the consumer and residential portfolios. Static pool models incorporating losses by credit risk rating were developed to determine credit loss balances for the commercial loan segments. Qualitative loss factors are based on CTBI’s judgment of delinquency trends, level of nonperforming loans, trend in loan losses, supervision and administration, quality control exceptions, and reasonable and supportable forecasts based on unemployment rates and industry concentrations. CTBI has determined that twelve months represents a reasonable and supportable forecast period and reverts back to a historical loss rate immediately. CTBI leverages economic projections from reputable and independent third parties to form our loss driver forecasts over the twelve month forecast period. Other internal and external indicators of economic forecasts are also considered by CTBI when developing the forecast metrics. CTBI also has an inherent model risk allocation included in our ACL calculation to allow for certain known model limitations as well as other potential risks not quantified elsewhere. Management has identified the following known model limitations and made adjustments through this portion of the calculation for them: (1) The inability to completely identify revolving lines of credit within the commercial other segment. Management had to make assumptions regarding commercial renewals as those renewals are not tracked well by our loan system. (2) The inability within the model to estimate the value of modifications made under TDRs. Management has manually calculated the estimated impact based on research of modified terms for TDRs. With the continued impact of global uncertainty, the current historically high rate of inflation, the significant rising rate environment, and the fact that there is no immediate end foreseen, these have been identified as significant specific events that could impact our customers’ ability to pay. As segments stabilize, these allocations are adjusted with reductions totaling $0.9 million made to the segments during 2022. Management continues to have a significant event qualitative factor to anticipate the continued impact of the above factors. Provision for credit losses for the year 2022 was $4.9 million compared to a recovery of $6.4 million during the year 2021. Our reserve coverage (allowance for credit losses to nonperforming loans) at December 31, 2022 was 300.4% compared to 251.2% at December 31, 2021. Our credit loss reserve as a percentage of total loans outstanding at December 31, 2022 was 1.24% compared to 1.22% at December 31, 2021. Refer to note 1 to the consolidated financial statements for further information regarding our nonaccrual policy. Nonaccrual loans and loans 90 days past due and still accruing segregated by class of loans for both December 31, 2022 and December 31, 2021 were as follows: December 31, 2022 (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 0 355 258 613 Commercial real estate nonresidential 0 1,116 1,947 3,063 Commercial other 0 982 356 1,338 Commercial unsecured SBA PPP 0 0 13 13 Total commercial loans 0 2,453 2,574 5,027 Real estate mortgage 0 4,069 4,929 8,998 Home equity lines 0 291 487 778 Total residential loans 0 4,360 5,416 9,776 Consumer direct 0 0 41 41 Consumer indirect 0 0 465 465 Total consumer loans 0 0 506 506 Loans and lease financing $ 0 $ 6,813 $ 8,496 $ 15,309 December 31, 2021 (in thousands) Nonaccrual Loans with No ACL Nonaccrual Loans with ACL 90+ and Still Accruing Total Nonperforming Loans Hotel/motel $ 0 $ 1,075 $ 0 $ 1,075 Commercial real estate residential 0 585 312 897 Commercial real estate nonresidential 2,447 1,602 144 4,193 Commercial other 0 302 76 378 Total commercial loans 2,447 3,564 532 6,543 Real estate mortgage 0 4,081 4,659 8,740 Home equity lines 0 579 513 1,092 Total residential loans 0 4,660 5,172 9,832 Consumer direct 0 0 44 44 Consumer indirect 0 0 206 206 Total consumer loans 0 0 250 250 Loans and lease financing $ 2,447 $ 8,224 $ 5,954 $ 16,625 CTBI recognized Discussion of the Nonaccrual Policy The accrual of interest income on loans is discontinued when management believes, after considering economic and business conditions, collateral value, and collection efforts, that the borrower’s financial condition is such that the collection of interest is doubtful. Cash payments received on nonaccrual loans generally are applied against principal, and interest income is only recorded once principal recovery is reasonably assured. Any loans greater than 90 days past due must be well secured and in the process of collection to continue accruing interest. See note 1 to the consolidated financial statements for further discussion on our nonaccrual policy. 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, 2022 (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 $ 343,640 $ 343,640 Commercial real estate residential 602 225 574 1,401 371,513 372,914 Commercial real estate nonresidential 2,549 395 2,611 5,555 756,794 762,349 Dealer floorplans 0 0 0 0 77,533 77,533 Commercial other 1,029 846 484 2,359 309,180 311,539 Commercial unsecured SBA PPP 0 4 12 16 867 883 Total commercial loans 4,180 1,470 3,681 9,331 1,859,527 1,868,858 Real estate mortgage 869 3,402 7,067 11,338 813,658 824,996 Home equity lines 786 44 740 1,570 118,970 120,540 Total residential loans 1,655 3,446 7,807 12,908 932,628 945,536 Consumer direct 555 126 41 722 156,782 157,504 Consumer indirect 4,407 764 465 5,636 731,756 737,392 Total consumer loans 4,962 890 506 6,358 888,538 894,896 Loans and lease financing $ 10,797 $ 5,806 $ 11,994 $ 28,597 $ 3,680,693 $ 3,709,290 December 31, 2021 (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 $ 257,062 $ 257,062 Commercial real estate residential 274 116 845 1,235 333,998 335,233 Commercial real estate nonresidential 1,303 147 3,509 4,959 752,934 757,893 Dealer floorplans 0 0 0 0 69,452 69,452 Commercial other 1,225 175 108 1,508 288,970 290,478 Commercial unsecured SBA PPP 14 34 0 48 47,287 47,335 Total commercial loans 2,816 472 4,462 7,750 1,749,703 1,757,453 Real estate mortgage 1,171 2,707 6,859 10,737 756,448 767,185 Home equity lines 656 315 903 1,874 104,793 106,667 Total residential loans 1,827 3,022 7,762 12,611 861,241 873,852 Consumer direct 396 179 44 619 156,064 156,683 Consumer indirect 2,889 533 206 3,628 617,197 620,825 Total consumer loans 3,285 712 250 4,247 773,261 777,508 Loans and lease financing $ 7,928 $ 4,206 $ 12,474 $ 24,608 $ 3,384,205 $ 3,408,813 The risk characteristics of CTBI’s material portfolio segments are as follows: Hotel/motel loans are a significant concentration for CTBI, representing approximately 9.3% 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. Dealer floorplans are segmented separately as they are a unique product with unique risk factors. CTBI maintains strict processing procedures over our 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 our 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 100% 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 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 thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Hotel/motel Risk rating: Pass $ 145,262 $ 36,002 $ 17,742 $ 54,328 $ 13,178 $ 35,179 $ 545 $ 302,236 Watch 7,921 8,996 5,523 3,453 0 13,555 0 39,448 OAEM 0 0 0 0 0 1,956 0 1,956 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total hotel/motel 153,183 44,998 23,265 57,781 13,178 50,690 545 343,640 Commercial real estate residential Risk rating: Pass 119,826 110,963 38,423 15,467 10,492 36,307 14,297 345,775 Watch 1,474 898 1,675 848 2,136 7,015 152 14,198 OAEM 0 0 0 39 0 0 29 68 Substandard 182 4,289 1,878 346 3,639 2,539 0 12,873 Doubtful 0 0 0 0 0 0 0 0 Total commercial real estate residential 121,482 116,150 41,976 16,700 16,267 45,861 14,478 372,914 Commercial real estate nonresidential Risk rating: Pass 175,220 171,311 80,932 70,848 44,099 137,575 23,166 703,151 Watch 3,331 5,765 10,090 2,178 1,962 10,022 1,550 34,898 OAEM 19 0 0 0 0 90 0 109 Substandard 1,939 2,537 4,877 3,135 508 10,865 25 23,886 Doubtful 0 0 0 0 0 305 0 305 Total commercial real estate nonresidential 180,509 179,613 95,899 76,161 46,569 158,857 24,741 762,349 Dealer floorplans Risk rating: Pass 0 0 0 0 0 0 77,153 77,153 Watch 0 0 0 0 0 0 380 380 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 77,533 77,533 Commercial other Risk rating: Pass 78,846 59,667 34,841 8,922 2,333 23,961 77,355 285,925 Watch 1,622 393 604 217 159 780 6,402 10,177 OAEM 30 0 0 0 0 0 30 60 Substandard 6,090 5,489 885 356 143 758 952 14,673 Doubtful 466 129 0 109 0 0 0 704 Total commercial other 87,054 65,678 36,330 9,604 2,635 25,499 84,739 311,539 Commercial unsecured SBA PPP Risk rating: Pass 0 883 0 0 0 0 0 883 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 0 883 0 0 0 0 0 883 Commercial loans Risk rating: Pass 519,154 378,826 171,938 149,565 70,102 233,022 192,516 1,715,123 Watch 14,348 16,052 17,892 6,696 4,257 31,372 8,484 99,101 OAEM 49 0 0 39 0 2,046 59 2,193 Substandard 8,211 12,315 7,640 3,837 4,290 14,162 977 51,432 Doubtful 466 129 0 109 0 305 0 1,009 Total commercial loans $ 542,228 $ 407,322 $ 197,470 $ 160,246 $ 78,649 $ 280,907 $ 202,036 $ 1,868,858 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Total Hotel/motel Risk rating: Pass $ 42,056 $ 11,231 $ 53,713 $ 18,752 $ 32,765 $ 20,087 $ 0 $ 178,604 Watch 9,234 14,021 8,813 8,780 2,678 30,502 0 74,028 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 3,355 1,075 0 0 4,430 Doubtful 0 0 0 0 0 0 0 0 Total hotel/motel 51,290 25,252 62,526 30,887 36,518 50,589 0 257,062 Commercial real estate residential Risk rating: Pass 142,364 54,380 22,320 19,826 11,919 45,791 9,544 306,144 Watch 2,643 2,359 1,962 2,119 554 6,949 156 16,742 OAEM 0 0 0 0 16 0 0 16 Substandard 4,822 1,990 620 1,835 596 2,468 0 12,331 Doubtful 0 0 0 0 0 0 0 0 Total commercial real estate residential 149,829 58,729 24,902 23,780 13,085 55,208 9,700 335,233 Commercial real estate nonresidential Risk rating: Pass 214,563 99,131 82,386 57,397 55,422 168,533 22,389 699,821 Watch 5,130 2,865 3,981 2,802 3,655 11,828 767 31,028 OAEM 0 0 0 0 0 178 20 198 Substandard 5,201 5,098 3,764 600 2,016 9,659 200 26,538 Doubtful 0 0 0 0 0 308 0 308 Total commercial real estate nonresidential 224,894 107,094 90,131 60,799 61,093 190,506 23,376 757,893 Dealer floorplans Risk rating: Pass 0 0 0 0 0 0 69,105 69,105 Watch 0 0 0 0 0 0 347 347 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 69,452 69,452 Commercial other Risk rating: Pass 72,650 43,838 16,495 29,858 9,105 13,346 75,119 260,411 Watch 7,196 1,967 1,582 599 332 1,071 11,792 24,539 OAEM 0 0 268 383 12 1 482 1,146 Substandard 1,600 1,589 147 184 287 451 124 4,382 Doubtful 0 0 0 0 0 0 0 0 Total commercial other 81,446 47,394 18,492 31,024 9,736 14,869 87,517 290,478 Commercial unsecured SBA PPP Risk rating: Pass 46,227 1,108 0 0 0 0 0 47,335 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 46,227 1,108 0 0 0 0 0 47,335 Commercial loans Risk rating: Pass 517,860 209,688 174,914 125,833 109,211 247,757 176,157 1,561,420 Watch 24,203 21,212 16,338 14,300 7,219 50,350 13,062 146,684 OAEM 0 0 268 383 28 179 502 1,360 Substandard 11,623 8,677 4,531 5,974 3,974 12,578 324 47,681 Doubtful 0 0 0 0 0 308 0 308 Total commercial loans $ 553,686 $ 239,577 $ 196,051 $ 146,490 $ 120,432 $ 311,172 $ 190,045 $ 1,757,453 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: (in thousands) Term Loans Amortized Cost Basis by Origination Year December 31 2022 2021 2020 2019 2018 Prior Revolving Loans Total Home equity lines Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 10,195 $ 109,567 $ 119,762 Nonperforming 0 0 0 0 0 502 276 778 Total home equity lines 0 0 0 0 0 10,697 109,843 120,540 Mortgage loans Performing 176,736 177,469 132,795 62,415 30,473 236,110 0 815,998 Nonperforming 0 282 98 791 422 7,405 0 8,998 Total mortgage loans 176,736 177,751 132,893 63,206 30,895 243,515 0 824,996 Residential loans Performing 176,736 177,469 132,795 62,415 30,473 246,305 109,567 935,760 Nonperforming 0 282 98 791 422 7,907 276 9,776 Total residential loans 176,736 177,751 132,893 63,206 30,895 254,212 109,843 945,536 Consumer direct loans Performing 62,239 42,014 23,921 11,166 6,766 11,357 0 157,463 Nonperforming 25 11 5 0 0 0 0 41 Total consumer direct loans 62,264 42,025 23,926 11,166 6,766 11,357 0 157,504 Consumer indirect loans Performing 371,079 168,513 116,267 45,748 26,247 9,073 0 736,927 Nonperforming 65 251 96 30 1 22 0 465 Total consumer indirect loans 371,144 168,764 116,363 45,778 26,248 9,095 0 737,392 Consumer loans Performing 433,318 210,527 140,188 56,914 33,013 20,430 0 894,390 Nonperforming 90 262 101 30 1 22 0 506 Total consumer loans $ 433,408 $ 210,789 $ 140,289 $ 56,944 $ 33,014 $ 20,452 $ 0 $ 894,896 (in thousands) Term Loans Amortized Cost Basis by Origination Year December 31 2021 2020 2019 2018 2017 Prior Revolving Loans Total Home equity lines Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 10,909 $ 94,666 $ 105,575 Nonperforming 0 0 0 0 0 520 572 1,092 Total home equity lines 0 0 0 0 0 11,429 95,238 106,667 Mortgage loans Performing 195,731 161,471 75,792 37,188 42,597 245,666 0 758,445 Nonperforming 0 63 424 364 558 7,331 0 8,740 Total mortgage loans 195,731 161,534 76,216 37,552 43,155 252,997 0 767,185 Residential loans Performing 195,731 161,471 75,792 37,188 42,597 256,575 94,666 864,020 Nonperforming 0 63 424 364 558 7,851 572 9,832 Total residential loans 195,731 161,534 76,216 37,552 43,155 264,426 95,238 873,852 Consumer direct loans Performing 71,626 39,312 18,492 10,468 4,490 12,251 0 156,639 Nonperforming 0 4 3 34 3 0 0 44 Total consumer direct loans 71,626 39,316 18,495 10,502 4,493 12,251 0 156,683 Consumer indirect loans Performing 263,127 190,145 80,793 54,437 23,449 8,668 0 620,619 Nonperforming 24 135 20 0 23 4 0 206 Total consumer indirect loans 263,151 190,280 80,813 54,437 23,472 8,672 0 620,825 Consumer loans Performing 334,753 229,457 99,285 64,905 27,939 20,919 0 777,258 Nonperforming 24 139 23 34 26 4 0 250 Total consumer loans $ 334,777 $ 229,596 $ 99,308 $ 64,939 $ 27,965 $ 20,923 $ 0 $ 777,508 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 are in process was $3.3 million at December 31, 2022. The total of consumer mortgage loans secured by real estate properties for which formal foreclosure proceedings have resumed with restricted parameters was $2.3 million at December 31, 2021. 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 |
Mortgage Banking and Servicing
Mortgage Banking and Servicing Rights | 12 Months Ended |
Dec. 31, 2022 | |
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 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 loan related fees The following table presents the components of mortgage banking income: (in thousands) Year Ended December 31 2022 2021 2020 Net gain on sale of mortgage loans held for sale $ 1,525 $ 6,820 $ 7,226 Net loan servicing income: Servicing fees 2,226 2,058 1,515 Late fees 78 67 52 Ancillary fees 94 848 1,310 Fair value adjustments 1,069 428 (1,064 ) Net loan servicing income 3,467 3,401 1,813 Mortgage banking income $ 4,992 $ 10,221 $ 9,039 Mortgage loans serviced for others are not included in the accompanying balance sheets. Loans serviced for the benefit of others (primarily FHLMC) totaled $783 million, $807 million, and $650 million at December 31, 2022, 2021, and 2020, 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 $3.0 million, $ million, and $ million Activity for capitalized MSRs using the fair value method is as follows: (in thousands) 2022 2021 2020 Fair value of MSRs, beginning of year $ 6,774 $ 4,068 $ 3,263 New servicing assets created 625 2,278 1,869 Change in fair value during the year due to: Time decay (1) (450 ) (259 ) (135 ) Payoffs (2) (429 ) (587 ) (766 ) Changes in valuation inputs or assumptions (3) 1,948 1,274 (163 ) Fair value of MSRs, end of year $ 8,468 $ 6,774 $ 4,068 (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 MSRs were $8.5 million, $6.8 million, and $4.1 million at December 31, 2022, 2021, and 2020, respectively. Fair values for the years ended December 31, 2022, 2021, and 2020 were determined by third-party valuations with a resulting 10.0% average discount rate in 2022 compared to the 10.1% average discount rate over the prior two years, respectively, and weighted average default rates of 1.24%, 1.39%, and 1.67%, respectively. Prepayment speeds generated using the Andrew Davidson Prepayment Model averaged 7.1%, 10.0%, and 15.7% at December 31, 2022, 2021, and 2020, 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 our MSR portfolio. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 and 2021 is as follows: (in thousands) 2022 2021 Related party extensions of credit, beginning of year $ 45,022 $ 38,061 New loans and advances on lines of credit 1,813 10,952 Repayments (4,749 ) (3,055 ) Decrease due to changes in related parties (19 ) (936 ) Related party extensions of credit, end of year $ 42,067 $ 45,022 The aggregate balances of related party deposits at December 31, 2022 and 2021 were $27.9 million and $24.9 million, respectively. A director of CTBI is a shareholder in a law firm that provided services to CTBI and our subsidiaries during the years 2022, 2021, and 2020. Approximately $0.4 million in legal fees and $0.1 million in expenses, $0.5 million total, were paid during 2022. Approximately $0.4 million in legal fees and $0.1 million in expenses, $0.5 million total, were paid during 2021. 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. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | 7. Premises and Equipment Premises and equipment are summarized as follows: (in thousands) December 31 2022 2021 Land and buildings $ 81,345 $ 80,015 Leasehold improvements 4,797 4,829 Furniture, fixtures, and equipment 43,531 40,835 Construction in progress 589 1,475 Total premises and equipment 130,262 127,154 Less accumulated depreciation and amortization (87,629 ) (86,675 ) Premises and equipment, net $ 42,633 $ 40,479 Depreciation and amortization of premises and equipment for 2022, 2021, and 2020 was $3.3 million, $3.2 million, and $3.5 million, respectively. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 Beginning balance of other real estate owned $ 3,486 $ 7,694 New assets acquired 2,433 1,166 Capitalized costs 73 0 Fair value adjustments (285 ) (857 ) Sale of assets (2,036 ) (4,517 ) Ending balance of other real estate owned $ 3,671 $ 3,486 Carrying costs and fair value adjustments associated with foreclosed properties were $0.5 million, $1.4 million, and $2.7 million for 2022, 2021, and 2020, 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 2022 2021 1-4 family $ 859 $ 1,130 Construction/land development/other 867 480 Multifamily 0 88 Non-farm/non-residential 1,945 1,788 Total foreclosed properties $ 3,671 $ 3,486 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | 9. Deposits Major classifications of deposits are categorized as follows: (in thousands) December 31 2022 2021 Noninterest bearing deposits $ 1,394,915 $ 1,331,103 Interest bearing demand deposits 112,265 97,064 Money market deposits 1,348,809 1,206,401 Savings 654,380 632,645 Certificates of deposit and other time deposits of $100,000 or more 531,424 654,325 Certificates of deposit and other time deposits less than $100,000 384,350 422,754 Total deposits $ 4,426,143 $ 4,344,292 Certificates of deposit and other time deposits of $250,000 or more at December 31, and were $ million and $ million, respectively. Maturities of certificates of deposits and other time deposits are presented below: Maturities by Period at December 31, 2022 (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 $ 531,424 $ 397,480 $ 96,745 $ 19,199 $ 10,789 $ 7,057 $ 154 Certificates of deposit and other time deposits less than $100,000 384,350 300,646 51,991 12,525 9,955 9,023 210 Total maturities $ 915,774 $ 698,126 $ 148,736 $ 31,724 $ 20,744 $ 16,080 $ 364 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [Abstract] | |
Borrowings | 10. Borrowings Short-term debt is categorized as follows: (in thousands) December 31 2022 2021 Repurchase agreements $ 215,431 $ 271,088 Federal funds purchased 500 500 Total short-term debt $ 215,931 $ 271,588 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, 2022 were 4.07% and 2.75%, respectively. The maximum balance for repurchase agreements at any month-end during 2022 occurred at February 28, 2022, with a month-end balance of $277.4 million. The average balance of repurchase agreements for the year was $242.4 million. Long-term debt is categorized as follows: (in thousands) December 31 2022 2021 Junior subordinated debentures, 6.35%, 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 March 15, 2022, the President of the United States of America signed into law the Adjustable Interest Rate (LIBOR) Act (as implemented by the Final Regulations (defined below), the “LIBOR Act”). Under the LIBOR Act, on the first London banking day after June 30, 2023 (the “LIBOR Replacement Date”), a benchmark replacement recommended by the Board of Governors of the Federal Reserve System (the “Board”) will replace LIBOR in certain contracts. These contracts are those which, after giving effect to other parts of the LIBOR Act, (i) contain no fallback provisions (including contracts which contain no fallback provisions after giving effect to certain parts of the LIBOR Act) or (ii) contain fallback provisions that identify neither a specific non-LIBOR based benchmark replacement nor a person with the authority, right or obligation to determine a benchmark replacement. Other parts of the LIBOR Act require that fallback provisions which (i) are based in any way on any LIBOR value, except to account for the difference between LIBOR and the benchmark replacement or (ii) require that a person (other than a benchmark administrator) conduct a poll, survey or inquiries for quotes or information concerning interbank lending or deposit rates be disregarded and deemed null and void. The Board-recommended benchmark replacement is based on the Secured Overnight Financing Rate (“SOFR”) published by the Federal Reserve Bank of New York, including any recommended spread adjustment and benchmark replacement conforming changes. In addition, the LIBOR Act creates a safe harbor protecting from liability any person (including any person with the authority to determine a benchmark replacement under the junior subordinated debentures and the related trust preferred securities (the “TRUPS Documents”)) for the selection or use of the Board-recommended benchmark replacement or the implementation of certain technical, administrative or operational changes relating to the implementation, administration and calculation of the Board-recommended benchmark replacement. Under the LIBOR Act, the Board was required to promulgate regulations implementing the LIBOR Act. On December 16, 2022, the Board issued its final regulations (the “Final Regulations”) implementing the LIBOR Act. The Final Regulations: (i) address the applicability of the LIBOR Act to various LIBOR contracts, (ii) identify the Board-selected benchmark replacements for various types of LIBOR contracts, (iii) include certain benchmark replacement conforming changes, (iv) address the issue of preemption and (v) provide other clarifications, definitions and information. On January 27, 2023, CTBI received notice from the trustee of the trust subsidiary, that based on their review of the TRUPS Documents, after application of the LIBOR Act and the Final Regulations, the TRUPS Documents issued by the trust subsidiary do not provide a replacement rate for Applicable LIBOR (a “Replacement Rate”) or include other fallback provisions which would apply on the LIBOR Replacement Date. Absent an amendment to the TRUPS Documents, some other change in applicable law, rule, regulation, or some other development, the LIBOR Act as implemented by the Final Regulations provides that (i) on and after the LIBOR Replacement Date, 3-month CME Term SOFR or 6-month CME Term SOFR (as defined in the Final Regulations) as adjusted by the relevant spread adjustment, which is 0.26161 percent or 0.42826 percent, shall be the benchmark replacement for the Applicable LIBOR in the TRUPS Documents and (ii) all applicable benchmark replacement conforming changes (as specified in the Final Regulations) will become an integral part of the TRUPS Documents, without any action by any party. On November 29, 2022, the coupon rate was set at 6.35% for the March 1, 2023 distribution date, which was based on the three-month LIBOR rate as of November 29, 2022 of 4.76% plus 1.59%. |
Repurchase Agreements
Repurchase Agreements | 12 Months Ended |
Dec. 31, 2022 | |
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 $273.8 million and $317.1 million at December 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021 is presented in the following tables: December 31, 2022 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 $ 21,679 $ 34 $ 2,979 $ 1,832 $ 26,524 State and political subdivisions 96,627 466 9,634 2,140 108,867 U.S. government sponsored agency mortgage-backed securities 17,964 0 52,387 9,385 79,736 Asset-backed securities 304 0 0 0 304 Total $ 136,574 $ 500 $ 65,000 $ 13,357 $ 215,431 December 31, 2021 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 $ 3,176 $ 16 $ 5,400 $ 10,040 $ 18,632 State and political subdivisions 83,375 484 13,633 9,427 106,919 U.S. government sponsored agency mortgage-backed securities 24,689 0 85,967 34,881 145,537 Asset-backed securities 0 0 0 0 0 Total $ 111,240 $ 500 $ 105,000 $ 54,348 $ 271,088 |
Advances from Federal Home Loan
Advances from Federal Home Loan Bank | 12 Months Ended |
Dec. 31, 2022 | |
Advances from Federal Home Loan Bank [Abstract] | |
Advances from Federal Home Loan Bank | 12. Advances from Federal Home Loan Bank Federal Home Loan Bank (“FHLB”) advances consisted of the following monthly amortizing borrowings at December 31: (in thousands) 2022 2021 Monthly amortizing $ 355 $ 375 Total FHLB advances $ 355 $ 375 The advances from the FHLB that require monthly principal payments were due for repayment as follows: Principal Payments Due by Period at December 31, 2022 (in thousands) Total Within 1 Year 2 Years 3 Years 4 Years 5 Years After 5 Years Outstanding advances, weighted average interest rate – 0.05 $ 355 $ 22 $ 20 $ 21 $ 20 $ 21 $ 251 At December 31, 2022, CTBI had monthly amortizing FHLB advances totaling $0.4 million at a weighted average interest rate of 0.05%. Advances totaling $0.4 million at December 31, 2022 were collateralized by FHLB stock of $6.7 million and a blanket lien on qualifying 1-4 family first mortgage loans. As of December 31, 2022, CTBI had a $501.4 million FHLB borrowing capacity with $0.4 million in advances leaving $501.0 million available for additional advances. The advances had fixed interest rates of 0.00% and 2.00% with a weighted average rate of 0.05%. The advances are subject to restrictions or penalties in the event of prepayment. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 2020 Current federal income tax expense $ 14,882 $ 16,160 $ 12,884 Current state income tax expense 1,096 4,214 786 Deferred federal income tax expense (benefit) 194 1,138 (2,900 ) Deferred state income tax expense 3,056 1,192 0 Effect of Kentucky tax legislation benefit 0 0 (9 ) Total income tax expense $ 19,228 $ 22,704 $ 10,761 A reconciliation of income tax expense at the statutory rate to our actual income tax expense is shown below: (in thousands) 2022 2021 2020 Computed at the statutory rate $ 21,219 21.00 % $ 23,235 21.00 % $ 14,755 21.00 % Adjustments resulting from: Tax-exempt interest (717 ) (0.70 ) (690 ) (0.62 ) (547 ) (0.78 ) Housing and new markets credits (3,105 ) (3.07 ) (3,939 ) (3.56 ) (4,194 ) (5.97 ) Bank owned life insurance (367 ) (0.36 ) (382 ) (0.35 ) (277 ) (0.39 ) ESOP dividend deduction (240 ) (0.24 ) (233 ) (0.21 ) (221 ) (0.32 ) Stock option exercises and restricted stock vesting (1 ) 0.00 25 0.02 (10 ) (0.01 ) Effect of KY tax legislation 0 0.00 0 0.00 (7 ) (0.01 ) State income taxes 3,281 3.25 4,270 3.86 621 0.88 Split dollar life insurance (184 ) (0.19 ) 212 0.19 529 0.75 Other (658 ) (0.66 ) 206 0.19 112 0.16 Total $ 19,228 19.03 % $ 22,704 20.52 % $ 10,761 15.31 % The components of the net deferred tax asset (liability) as of December 31 are as follows: (in thousands) 2022 2021 Deferred tax assets: Allowance for credit losses $ 11,472 $ 10,418 Interest on nonaccrual loans 362 547 Accrued expenses 2,969 2,960 Unrealized losses on AFS securities 45,339 1,664 Allowance for other real estate owned 223 268 State net operating loss carryforward 0 2,308 Lease liabilities 4,398 3,245 Other 485 973 Total deferred tax assets 65,248 22,383 Deferred tax liabilities: Depreciation and amortization (14,859 ) (14,604 ) FHLB stock dividends (827 ) (961 ) Loan fee income (1,136 ) (621 ) Mortgage servicing rights (2,113 ) (1,690 ) Limited partnership investments (710 ) (648 ) Right of use assets (4,259 ) (3,031 ) Other (1,466 ) (1,374 ) Total deferred tax liabilities (25,370 ) (22,929 ) Net deferred tax asset (liability) $ 39,878 $ (546 ) CTBI had a deferred tax asset for the Kentucky net operating loss carryforward. The losses were utilized as CTBI began filing a consolidated Kentucky income tax return with CTB and CTIC beginning with the 2021 tax year. The loss deduction for 2022 was 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 2019, and state and local income tax examinations by tax authorities for years before 2018. 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 our subsidiaries. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
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). The year of service requirement for participant contributions was changed in 2022 to 90 days of service effective January 1, 2023. The company match will continue to begin with one year of credited service. The ESOP 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). 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 $1.7 million, $1.8 million, and $1.8 million for the three years ended December 31, 2022, 2021, and 2020, respectively. The ESOP owned 734,677, 774,562, and 778,269 shares of CTBI’s common stock at December 31, 2022, 2021, and 2020, 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, 2022, 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, 400,221 of which were available at December 31, 2022. 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, 2022: 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 $ 32.27 400 (a) Restricted stock (c) (b) (a) Performance units (d) (b) (a) Stock appreciation rights (“SARs”) (e) (b) (a) Total 400 (a) Under the 2015 Plan, 550,000 shares are authorized for issuance; 154,084 have been issued as of December 31, 2022. 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, 2022. 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, 2022. Plan Category Shares Available for Future Issuance Shares available at January 1, 2022 450,659 Stock option grants 0 Restricted stock grants (50,438 ) Forfeitures 0 Shares available for future issuance at December 31, 400,221 There were no stock options granted in 2022, 2021, or 2020. The 2015 Plan: There was no stock option activity for the 2015 Plan for the years ended December 31, 2022, 2021, and 2020. The following table shows restricted stock activity for the 2015 Plan for the years ended December 31, 2022, 2021, and 2020: December 31 2022 2021 2020 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 47,063 $ 42.90 55,551 $ 44.04 50,992 $ 43.08 Granted 50,438 45.15 9,193 38.70 21,544 44.64 Vested (29,364 ) 43.92 (17,681 ) 44.31 (16,985 ) 41.92 Forfeited 0 - 0 - 0 - Outstanding at end of year 68,137 $ 44.13 47,063 $ 42.90 55,551 $ 44.04 The 2006 Plan: CTBI’s stock option activity for the 2006 Plan for the years ended December 31, 2022, 2021, and 2020 is summarized as follows: December 31 2022 2021 2020 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of year 20,000 $ 32.27 20,000 $ 32.27 20,495 $ 32.04 Granted 0 0 0 0 0 0 Exercised 0 0 0 0 (495 ) 22.81 Forfeited/expired 0 0 0 0 0 0 Outstanding at end of year 20,000 $ 32.27 20,000 $ 32.27 20,000 $ 32.27 Exercisable at end of year 20,000 $ 32.27 20,000 $ 32.27 20,000 $ 32.27 There were no nonvested options at December 31, 2022. Incentive stock options are exercisable four years from grant date, and management retention stock options are exercisable five years from grant date. All outstanding options as of December 31, 2022 are management retention stock options. Stock options expire 10 years from the grant date if not exercised within that timeframe. The weighted average remaining contractual term in years of the options outstanding at December 31, 2022 was 2.1 years. There were no options granted from the 2006 Plan during the years 2022, 2021, and 2020. The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 2006 Plan for the years ended December 31, 2022, 2021, and 2020: (in thousands) 2022 2021 2020 Options exercised $ 0 $ 0 $ 11 Options exercisable 273 227 96 Outstanding options 273 227 96 There was no restricted stock activity for the 2006 Plan for the years ended December 31, 2022, 2021, and 2020. The following table shows the unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans at December 31, 2022, 2021, and 2020 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, 2022, 2021, and 2020. (in thousands) 2022 2021 2020 Unrecognized compensation cost of nonvested share-based compensation arrangements granted under the plan at year-end $ 2,108 $ 1,093 $ 1,512 Total fair value of shares vested for the year 1,306 664 887 Cash received from option exercises under all share-based payment arrangements for the year 0 0 11 Tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the year 0 0 1 The unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans at December 31, 2022 is expected to be recognized over a weighted-average period of 3.2 years. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 15. Leases CTBI has finance lease for property but no material sublease or leasing arrangements for which it is the lessor of property or equipment. CTBI has operating leases for banking and ATM locations. These leases have original remaining lease terms of year to years, some of which include options to renew 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, 2022 were as follows: (in thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Finance lease cost: Amortization of right-of-use assets – finance leases $ 64 $ 52 Interest on lease liabilities – finance leases 70 55 Total finance lease cost 134 107 Short-term lease cost 85 181 Operating lease cost 1,838 1,760 Total lease cost 2,057 2,048 Sublease income (249 ) (253 ) Net lease cost $ 1,808 $ 1,795 Supplemental cash flow information related to CTBI’s operating and finance leases for the year ended December 31, 2022 was as follows: (in thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Finance lease – operating cash flows $ 67 $ 53 Finance lease – financing cash flows $ 24 $ 19 Operating lease – operating cash flows (fixed payments) $ 1,760 $ 1,693 Operating lease – operating cash flows (liability reduction) $ 1,424 $ 948 New right-of-use assets – operating leases $ 3,469 $ 0 New right-of-use assets – finance leases $ 2,070 $ 0 Weighted average lease term – financing leases 27.10 years 24.02 years Weighted average lease term – operating leases 13.84 years 13.39 years Weighted average discount rate – financing leases 4.90 % 3.70 % Weighted average discount rate – operating leases 3.55 % 3.11 % Maturities of lease liabilities as of December 31, 2022 are as follows: (in thousands) Operating Leases Finance Leases 2023 $ 1,878 $ 151 2024 1,853 155 2025 1,748 160 2026 1,731 171 2027 1,620 175 Thereafter 9,393 6,362 Total lease payments 18,223 7,174 Less imputed interest (4,063 ) (3,706 ) Total $ 14,160 $ 3,468 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value of Financial Assets and Liabilities [Abstract] | |
Fair Value of Financial Assets and Liabilities | 16. Fair 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, 2022 and December 31, 2021 and indicate the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at December 31, 2022 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 $ 381,932 $ 346,265 $ 35,667 $ 0 State and political subdivisions 265,102 0 265,102 0 U.S. government sponsored agenc y mortgage-backed securities 520,085 0 520,085 0 Asset-backed securities 89,107 0 89,107 0 Equity securities at fair value 2,166 0 0 2,166 Mortgage servicing rights 8,468 0 0 8,468 (in thousands) Fair Value Measurements at December 31, 2021 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 $ 295,770 $ 242,214 $ 53,556 $ 0 State and political subdivisions 334,203 0 334,203 0 U.S. government sponsored agenc y mortgage-backed securities 730,809 0 730,809 0 Asset-backed securities 94,647 0 94,647 0 Equity securities at fair value 2,253 0 0 2,253 Mortgage servicing rights 6,774 0 0 6,774 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, 2022 and December 31, 2021. There have been no significant changes in the valuation techniques during the year ended December 31, 2022. 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 AFS 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 asset-backed 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, 2022 and December 31, 2021, 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 an 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. We have concluded the third party 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 equity securities. Mortgage Servicing Rights MSRs do not trade in an active, open market with readily observable prices. CTBI reports MSRs 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, MSRs are classified within Level 3 of the hierarchy. Fair value determinations for Level 3 measurements of MSRs 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 MSRs. 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) 2022 2021 Equity Securities at Fair Value Mortgage Servicing Rights Equity Securities at Fair Value Mortgage Servicing Rights Beginning balance $ 2,253 $ 6,774 $ 2,471 $ 4,068 Total unrealized gains (losses) Included in net income (87 ) 1,948 (218 ) 1,274 Issues 0 625 0 2,278 Settlements 0 (879 ) 0 (846 ) Ending balance $ 2,166 $ 8,468 $ 2,253 $ 6,774 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 $ (87 ) $ 1,948 $ (218 ) $ 1,274 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) 2022 2021 Total gains (losses) $ 982 $ 210 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, 2022 and December 31, 2021 and indicate the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at December 31, 2022 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 $ 2,703 $ 0 $ 0 $ 2,703 Other real estate owned 570 0 0 570 (in thousands) Fair Value Measurements at December 31, 2021 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 $ 1,238 $ 0 $ 0 $ 1,238 Other real estate owned 1,487 0 0 1,487 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 $1.0 million and $0.7 million for the years ended December 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021. (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, 2022 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $ 2,166 Discount cash flows, computer pricing model Discount rate 8.0% - 12.0% (10.0%) Conversion date Dec 2025 Dec 2029 ( Dec 2027 Mortgage servicing rights $ 8,468 Discount cash flows, computer pricing model Constant prepayment rate 6.5% - 28.0% (7.1%) Probability of default 0.0% - 100.0% (1.2%) Discount rate 9.5% - 12.0% (10.0%) Collateral-dependent loans $ 2,703 Market comparable properties Marketability discount 52.0% - 52.0% (52.0%) Other real estate owned $ 570 Market comparable properties Comparability adjustments 10.0% - 30.6% (10.9%) (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, 2021 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $ 2,253 Discount cash flows, computer pricing model Discount rate 8.0% - 12.0% (10.0%) Conversion date Dec 2024 Dec 2028 ( Dec 2026 Mortgage servicing rights $ 6,774 Discount cash flows, computer pricing model Constant prepayment rate 7.0% - 26.7% (10.0%) Probability of default 0.0% - 75.0% (1.4%) Discount rate 10.0% - 11.5% (10.1%) Collateral-dependent loans $ 1,238 Market comparable properties Marketability discount 20.0% - 62.0% (41.0%) Other real estate owned $ 1,487 Market comparable properties Comparability adjustments 10.0% - 45.5% (15.1%) 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 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 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 1.6059 and the most recent dividend rate of 0.7227 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 value for MSRs 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, 2022 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, 2022 were measured using an exit price notion. (in thousands) Fair Value Measurements at December 31, 2022 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 $ 128,686 $ 128,686 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 1,256,226 346,265 909,961 0 Equity securities at fair value 2,166 0 0 2,166 Loans held for sale 109 112 0 0 Loans, net 3,663,309 0 0 3,511,810 Federal Home Loan Bank stock 6,676 0 6,676 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 19,592 0 19,592 0 Financial liabilities: Deposits $ 4,426,143 $ 1,394,915 $ 3,050,144 $ 0 Repurchase agreements 215,431 0 0 215,542 Federal funds purchased 500 0 500 0 Advances from Federal Home Loan Bank 355 0 380 0 Long-term debt 57,841 0 0 55,860 Accrued interest payable 2,237 0 2,237 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, 2021 and indicates the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at December 31, 2021 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 $ 311,756 $ 311,756 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 1,455,429 242,214 1,213,215 0 Equity securities at fair value 2,253 0 0 2,253 Loans held for sale 2,632 2,693 0 0 Loans, net 3,367,057 0 0 3,480,803 Federal Home Loan Bank stock 8,139 0 8,139 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 15,415 0 15,415 0 Financial liabilities: Deposits $ 4,344,292 $ 1,331,103 $ 3,043,339 $ 0 Repurchase agreements 271,088 0 0 271,186 Federal funds purchased 500 0 500 0 Advances from Federal Home Loan Bank 375 0 400 0 Long-term debt 57,841 0 0 45,854 Accrued interest payable 1,016 0 1,016 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, 2022 | |
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 our 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, 2022, CTBI had the following off-balance sheet financial instruments, whose approximate contract amounts represent additional credit risk to CTBI: (in thousands) 2022 2021 Standby letters of credit $ 34,721 $ 32,676 Commitments to extend credit 839,549 710,225 Total off-balance sheet financial instruments $ 874,270 $ 742,901 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, 2022, we maintained a credit loss reserve recorded in other liabilities of approximately $0.7 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 68% of the total standby letters of credit are secured, with $19.5 million of the total $23.5 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, 2022, a credit loss reserve recorded in other liabilities of $0.7 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, 2022 of $119.2 million had interest rates ranging predominantly from 4.0% to 6.50% 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, 2022. 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 our 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 $1.8 million and $3.6 million at December 31, 2022 and 2021, respectively, and mortgage loans held for sale amounted to $0.1 million and $2.6 million for the years ended December 31, 2022 and 2021, respectively. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2022 | |
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 our 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, 2022 and 2021, our concentrations of hospitality industry credits were 60% and 44% of Tier 1 Capital plus the allowance for credit losses, respectively. Lessors of residential buildings and dwellings were 41% for each period end and lessors of non-residential buildings credits were 35% for each period end. These percentages are within our internally established limits regarding concentrations of credit. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 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, 2022 | |
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 2023, approximately $111.5 million plus any 2023 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. Accordingly, a qualifying community banking organization that has a community bank leverage ratio greater than 9% will be considered to have met: (i) the risk-based and leverage capital requirements of the generally applicable capital rules; (ii) the capital ratio requirements in order to be considered well-capitalized under the prompt corrective action framework; and (iii) any other applicable capital or leverage requirements. Management elected to use the CBLR framework for CTBI and CTB. 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 was increased to 8.5% for the calendar year before returning to 9% in calendar year 2022. CTBI’s and CTB’s CBLR ratios as of December 31, 2022 are disclosed below. Consolidated Capital Ratios Actual For Capital Adequacy Purposes (in thousands) Amount Ratio Amount Ratio As of December 31, 2022: CBLR $ 750,159 13.55 % $ 498,148 9.00 % As of December 31, 2021: CBLR $ 696,828 13.00 % $ 455,594 8.50 % Community Trust Bank, Inc.’s Capital Ratios Actual For Capital Adequacy Purposes (in thousands) Amount Ratio Amount Ratio As of December 31, 2022: CBLR $ 714,727 12.98 % $ 495,727 9.00 % As of December 31, 2021: CBLR $ 662,125 12.42 % $ 453,185 8.50 % |
Parent Company Financial Statem
Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2022 | |
Parent Company Financial Statements [Abstract] | |
Parent Company Financial Statements | 21. Parent Company Financial Statements Condensed Balance Sheets (in thousands) December 31 2022 2021 Assets: Cash on deposit $ 2,933 $ 3,263 Investment in and advances to subsidiaries 679,425 749,002 Goodwill 4,973 4,973 Premises and equipment, net 133 114 Deferred tax asset 260 890 Other assets 4,808 5,427 Total assets $ 692,532 $ 763,669 Liabilities and shareholders’ equity: Long-term debt $ 61,341 $ 61,341 Other liabilities 3,144 4,126 Total liabilities 64,485 65,467 Shareholders’ equity 628,047 698,202 Total liabilities and shareholders’ equity $ 692,532 $ 763,669 Condensed Statements of Income and Comprehensive Income (Loss) (in thousands) Year Ended December 31 2022 2021 2020 Income: Dividends from subsidiaries $ 31,544 $ 33,319 $ 29,593 Other income 710 482 476 Total income 32,254 33,801 30,069 Expenses: Interest expense 2,060 1,090 1,519 Depreciation expense 75 70 112 Other expenses 4,833 5,878 3,302 Total expenses 6,968 7,038 4,933 Income before income taxes and equity in undistributed income of subsidiaries 25,286 26,763 25,136 Income tax benefit (1,808 ) (1,700 ) (576 ) Income before equity in undistributed income of subsidiaries 27,094 28,463 25,712 Equity in undistributed income of subsidiaries 54,720 59,476 33,792 Net income $ 81,814 $ 87,939 $ 59,504 Other comprehensive income (loss): Unrealized holding gains (losses) on debt securities available-for-sale: Unrealized holding gains (losses) arising during the period (168,060 ) (24,827 ) 13,839 Less: Reclassification adjustments for realized gains (losses) included in net income (81 ) 60 1,251 Tax expense (benefit) (43,675 ) (6,471 ) 3,273 Other comprehensive income (loss), net of tax (124,304 ) (18,416 ) 9,315 Comprehensive income (loss) $ (42,490 ) $ 69,523 $ 68,819 Condensed Statements of Cash Flows (in thousands) Year Ended December 31 2022 2021 2020 Cash flows from operating activities: Net income $ 81,814 $ 87,939 $ 59,504 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 76 69 112 Equity in undistributed earnings of subsidiaries (54,720 ) (59,476 ) (33,792 ) Deferred taxes 630 3,759 451 Stock-based compensation 1,366 850 944 Changes in: Other assets 611 (5,403 ) (115 ) Other liabilities (1,115 ) 1,037 (318 ) Net cash provided by operating activities 28,662 28,775 26,786 Cash flows from investing activities: Net purchases of premises and equipment (95 ) (66 ) (55 ) Net cash used in investing activities (95 ) (66 ) (55 ) Cash flows from financing activities: Issuance of common stock 1,041 965 926 Repurchase of common stock 0 0 (1,099 ) Dividends paid (29,938 ) (27,916 ) (27,142 ) Net cash used in financing activities (28,897 ) (26,951 ) (27,315 ) Net increase (decrease) in cash and cash equivalents (330 ) 1,758 (584 ) Cash and cash equivalents at beginning of year 3,263 1,505 2,089 Cash and cash equivalents at end of year $ 2,933 $ 3,263 $ 1,505 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | |
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) 2022 2021 2020 Numerator: Net income $ 81,814 $ 87,939 $ 59,504 Denominator: Basic earnings per share: Weighted average shares 17,836 17,786 17,748 Diluted earnings per share: Dilutive effect of equity grants 15 18 8 Adjusted weighted average shares 17,851 17,804 17,756 Earnings per share: Basic earnings per share $ 4.59 $ 4.94 $ 3.35 Diluted earnings per share 4.58 4.94 3.35 There were no options to purchase common shares that were excluded from the diluted calculations above for the years ended December 31, 2022, 2021, and 2020. 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 (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 24. Accumulated Other Comprehensive Income (Loss) Unrealized gains (losses) on AFS securities Amounts reclassified from accumulated other comprehensive income (loss) (“AOCI”) and the affected line items in the statements of income during the years ended December 31, 2022, 2021, and 2020 were: Amounts Reclassified from AOCI Year Ended December 31 (in thousands) 2022 2021 2020 Affected line item in the statements of income Securities gains (losses) $ (81 ) $ 60 $ 1,251 Tax expense (benefit) (21 ) 16 325 Total reclassifications out of AOCI $ (60 ) $ 44 $ 926 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 HTM securities) shall be classified as available-for-sale (“AFS”) securities. We do not have any securities that are classified as trading securities. AFS 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. For AFS debt securities in an unrealized loss position, we evaluate the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or non-credit related factors. Any impairment that is not credit-related is recognized in accumulated other comprehensive income, net of tax. Credit-related impairment is recognized as an allowance for credit losses (“ACL”) for AFS debt securities on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses. Both the ACL for AFS debt securities and the adjustment to net income may be reversed if conditions change. However, if we intend to sell an impaired AFS debt security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL for AFS debt securities in this situation. In evaluating AFS debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, we consider the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. There were no credit related factors underlying unrealized losses on AFS debt securities at December 31, 2022 and December 31, 2021, therefore, no ACL for AFS securities was recorded. Changes in the ACL for AFS debt securities are recorded as expense. Losses are charged against the ACL for AFS debt securities when management believes the uncollectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. 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. HTM securities are subject to an allowance 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, 2022 and 2021, CTBI held no securities designated as held-to-maturity. CTBI accounts for equity securities in accordance with ASC 321, Investments – Equity Securities Equity securities with a readily determinable fair value are required to be measured at fair value, with changes in fair value recognized in 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 our 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 (“TDR”) 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. 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, or commitments as a yield adjustment. |
Leases | Leases |
Allowance for Credit Losses | Allowance for Credit Losses CTBI accounts for the allowance for credit losses under ASC 326. CTBI measures expected credit losses of financial assets on a collective (pool) basis using loss-rate methods when the financial assets share similar risk characteristics. Loans that do not share risk characteristics are evaluated on an individual basis. Regardless of an initial measurement method, once it is determined that foreclosure is probable, the allowance for credit losses is measured based on the fair value of the collateral as of the measurement date. As a practical expedient, the fair value of the collateral may be used for a loan when determining the allowance for credit losses 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. The fair value shall be adjusted for selling costs when foreclosure is probable. For collateral-dependent financial assets, the credit loss expected may be zero if the fair value less costs to sell exceed the amortized cost of the loan. Loans shall not be included in both collective assessments and individual assessments. 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 Accounting Standards Update (“ASU”) 2019-04 which allows that accrued interest would continue to be presented separately and not part of the amortized cost of the 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 1 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 meets one of the following criteria: (i) has a criticized risk rating, (ii) is in nonaccrual status, (iii) is a TDR, or (iv) is 90 days or more past due. The borrower’s cash flow, adequacy of collateral coverage, and other options available to CTBI, including legal remedies, are evaluated. We evaluate the collectability of both principal and interest when assessing the need for loss provision. Historical loss rates are analyzed and applied to other commercial loan segments not subject to individual evaluation. Homogenous loans, such as consumer installment, residential mortgages, and home equity lines are not individually risk graded. The associated ACL for these loans is measured in pools with similar risk characteristics under ASC 326. When any secured commercial loan is considered uncollectable, whether past due or not, a current assessment of the value of the underlying collateral is made. If the balance of the loan exceeds the fair value of the collateral, the loan is placed on nonaccrual and the loan is charged down to the value of the collateral less estimated cost to sell. For commercial loans greater than $1 million and classified as criticized, TDR, 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 (five 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 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. 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 our ACL analysis. |
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 to 10 years for furniture, fixtures, and equipment, and up to the lease term for leasehold improvements. |
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 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 represent 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. |
Advertising Expense | Advertising Expense – It is CTBI’s policy to expense advertising costs in the period in which they are incurred. |
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 – |
New Accounting Standards | New Accounting Standards – ➢ Facilitation of the Effects of Reference Rate Reform on Financial Reporting ➢ Troubled Debt Restructurings and Vintage Disclosures – ➢ Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions – |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Securities [Abstract] | |
Amortized Cost and Fair Value of Available-for-sale Securities | The amortized cost and fair value of debt securities at December 31, 2022 are summarized as follows: Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government agencies $ 418,579 $ 212 $ (36,859 ) $ 381,932 State and political subdivisions 326,746 32 (61,676 ) 265,102 U.S. government sponsored agency mortgage-backed securities 593,917 1 (73,833 ) 520,085 Asset-backed securities 91,363 0 (2,256 ) 89,107 Total available-for-sale securities $ 1,430,605 $ 245 $ (174,624 ) $ 1,256,226 The amortized cost and fair value of debt securities at December 31, 2021 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 $ 299,606 $ 351 $ (4,187 ) $ 295,770 State and political subdivisions 334,218 5,524 (5,539 ) 334,203 U.S. government sponsored agency mortgage-backed securities 733,467 5,107 (7,765 ) 730,809 Asset-backed securities 94,538 301 (192 ) 94,647 Total available-for-sale securities $ 1,461,829 $ 11,283 $ (17,683 ) $ 1,455,429 |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at December 31, 2022 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 $ 29,874 $ 29,242 Due after one through five years 267,190 244,404 Due after five through ten years 250,194 218,508 Due after ten years 198,067 154,880 U.S. government sponsored agency mortgage-backed securities 593,917 520,085 Asset-backed securities 91,363 89,107 Total debt securities $ 1,430,605 $ 1,256,226 |
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, 2022 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, 2022 was 97.4% compared to 72.4% as of December 31, 2021. The following table provides the amortized cost, gross unrealized losses, and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2022 that are not deemed to have credit losses. As stated above, CTBI had no HTM securities as of December 31, 2022. Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 144,305 $ (6,953 ) $ 137,352 State and political subdivisions 94,277 (6,257 ) 88,020 U.S. government sponsored agency mortgage-backed securities 139,314 (6,883 ) 132,431 Asset-backed securities 38,882 (1,231 ) 37,651 Total <12 months temporarily impaired AFS securities 416,778 (21,324 ) 395,454 12 Months or More U.S. Treasury and government agencies 249,424 (29,906 ) 219,518 State and political subdivisions 225,019 (55,419 ) 169,600 U.S. government sponsored agency mortgage-backed securities 454,357 (66,950 ) 387,407 Asset-backed securities 52,480 (1,025 ) 51,455 Total ≥12 months temporarily impaired AFS securities 981,280 (153,300 ) 827,980 Total U.S. Treasury and government agencies 393,729 (36,859 ) 356,870 State and political subdivisions 319,296 (61,676 ) 257,620 U.S. government sponsored agency mortgage-backed securities 593,671 (73,833 ) 519,838 Asset-backed securities 91,362 (2,256 ) 89,106 Total temporarily impaired AFS securities $ 1,398,058 $ (174,624 ) $ 1,223,434 The analysis performed as of December 31, 2021 indicated that all impairment was considered temporary, market and interest rate driven, and not credit-related. The following table provides the amortized cost, gross unrealized losses, and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2021 that are not deemed to be other-than-temporarily impaired. As stated above, CTBI had no HTM securities as of December 31, 2021. Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 249,990 $ (4,123 ) $ 245,867 State and political subdivisions 197,592 (4,779 ) 192,813 U.S. government sponsored agency mortgage-backed securities 473,831 (6,759 ) 467,072 Asset-backed securities 52,229 (190 ) 52,039 Total <12 months temporarily impaired AFS securities 973,642 (15,851 ) 957,791 12 Months or More U.S. Treasury and government agencies 14,505 (64 ) 14,441 State and political subdivisions 19,126 (760 ) 18,366 U.S. government sponsored agency mortgage-backed securities 62,330 (1,006 ) 61,324 Asset-backed securities 1,368 (2 ) 1,366 Total ≥12 months temporarily impaired AFS securities 97,329 (1,832 ) 95,497 Total U.S. Treasury and government agencies 264,495 (4,187 ) 260,308 State and political subdivisions 216,718 (5,539 ) 211,179 U.S. government sponsored agency mortgage-backed securities 536,161 (7,765 ) 528,396 Asset-backed securities 53,597 (192 ) 53,405 Total temporarily impaired AFS securities $ 1,070,971 $ (17,683 ) $ 1,053,288 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loans [Abstract] | |
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans | Major classifications of loans, net of unearned income, deferred loan origination costs and fees, and net premiums on acquired loans, are summarized as follows: (in thousands) December 31 2022 December 31 2021 Hotel/motel $ 343,640 $ 257,062 Commercial real estate residential 372,914 335,233 Commercial real estate nonresidential 762,349 757,893 Dealer floorplans 77,533 69,452 Commercial other 311,539 290,478 Commercial unsecured SBA PPP 883 47,335 Commercial loans 1,868,858 1,757,453 Real estate mortgage 824,996 767,185 Home equity lines 120,540 106,667 Residential loans 945,536 873,852 Consumer direct 157,504 156,683 Consumer indirect 737,392 620,825 Consumer loans 894,896 777,508 Loans and lease financing $ 3,709,290 $ 3,408,813 |
Balance in ACL | The following tables present the balance in the ACL for the years ended December 31, 2022 and December 31, 2021. Year Ended December 31, 2022 (in thousands) Beginning Balance Provision Charged to Expense Losses Charged Off Recoveries Ending Balance ACL Hotel/motel $ 5,080 $ 307 $ (216 ) $ 0 $ 5,171 Commercial real estate residential 3,986 951 (92 ) 49 4,894 Commercial real estate nonresidential 8,884 (154 ) (46 ) 735 9,419 Dealer floorplans 1,436 340 0 0 1,776 Commercial other 4,422 947 (1,082 ) 998 5,285 Real estate mortgage 7,637 466 (223 ) 52 7,932 Home equity 866 257 (37 ) 20 1,106 Consumer direct 1,951 (210 ) (609 ) 562 1,694 Consumer indirect 7,494 2,001 (3,041 ) 2,250 8,704 Total $ 41,756 $ 4,905 $ (5,346 ) $ 4,666 $ 45,981 Year Ended December 31, 2021 (in thousands) Beginning Balance Provision Charged to Expense Losses Charged Off Recoveries Ending Balance ACL Hotel/motel $ 6,356 $ (1,276 ) $ 0 $ 0 $ 5,080 Commercial real estate residential 4,464 (488 ) (28 ) 38 3,986 Commercial real estate nonresidential 11,086 (2,233 ) (306 ) 337 8,884 Dealer floorplans 1,382 54 0 0 1,436 Commercial other 4,289 388 (644 ) 389 4,422 Real estate mortgage 7,832 3 (266 ) 68 7,637 Home equity 844 39 (36 ) 19 866 Consumer direct 1,863 256 (684 ) 516 1,951 Consumer indirect 9,906 (3,129 ) (2,361 ) 3,078 7,494 Total $ 48,022 $ (6,386 ) $ (4,325 ) $ 4,445 $ 41,756 Year Ended December 31, 2020 (in thousands) Beginning Balance, Prior to Adoption of ASC 326 Impact of Adoption of ASC 326 Provision Charged to Expense Losses Charged Off Recoveries Ending Balance ACL Hotel/motel $ 3,371 $ 170 $ 2,858 $ (43 ) $ 0 $ 6,356 Commercial real estate residential 3,439 (721 ) 1,772 (182 ) 156 4,464 Commercial real estate nonresidential 8,515 119 3,303 (941 ) 90 11,086 Dealer floorplans 802 820 (214 ) (26 ) 0 1,382 Commercial other 5,556 (391 ) 2,040 (3,339 ) 423 4,289 Real estate mortgage 4,604 1,893 1,584 (321 ) 72 7,832 Home equity 897 (75 ) 16 (4 ) 10 844 Consumer direct 1,711 (40 ) 609 (927 ) 510 1,863 Consumer indirect 6,201 1,265 4,079 (4,670 ) 3,031 9,906 Total $ 35,096 $ 3,040 $ 16,047 $ (10,453 ) $ 4,292 $ 48,022 |
Nonaccrual Loans Segregated by Class of Loans | Refer to note 1 to the consolidated financial statements for further information regarding our nonaccrual policy. Nonaccrual loans and loans 90 days past due and still accruing segregated by class of loans for both December 31, 2022 and December 31, 2021 were as follows: December 31, 2022 (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 0 355 258 613 Commercial real estate nonresidential 0 1,116 1,947 3,063 Commercial other 0 982 356 1,338 Commercial unsecured SBA PPP 0 0 13 13 Total commercial loans 0 2,453 2,574 5,027 Real estate mortgage 0 4,069 4,929 8,998 Home equity lines 0 291 487 778 Total residential loans 0 4,360 5,416 9,776 Consumer direct 0 0 41 41 Consumer indirect 0 0 465 465 Total consumer loans 0 0 506 506 Loans and lease financing $ 0 $ 6,813 $ 8,496 $ 15,309 December 31, 2021 (in thousands) Nonaccrual Loans with No ACL Nonaccrual Loans with ACL 90+ and Still Accruing Total Nonperforming Loans Hotel/motel $ 0 $ 1,075 $ 0 $ 1,075 Commercial real estate residential 0 585 312 897 Commercial real estate nonresidential 2,447 1,602 144 4,193 Commercial other 0 302 76 378 Total commercial loans 2,447 3,564 532 6,543 Real estate mortgage 0 4,081 4,659 8,740 Home equity lines 0 579 513 1,092 Total residential loans 0 4,660 5,172 9,832 Consumer direct 0 0 44 44 Consumer indirect 0 0 206 206 Total consumer loans 0 0 250 250 Loans and lease financing $ 2,447 $ 8,224 $ 5,954 $ 16,625 |
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, 2022 (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 $ 343,640 $ 343,640 Commercial real estate residential 602 225 574 1,401 371,513 372,914 Commercial real estate nonresidential 2,549 395 2,611 5,555 756,794 762,349 Dealer floorplans 0 0 0 0 77,533 77,533 Commercial other 1,029 846 484 2,359 309,180 311,539 Commercial unsecured SBA PPP 0 4 12 16 867 883 Total commercial loans 4,180 1,470 3,681 9,331 1,859,527 1,868,858 Real estate mortgage 869 3,402 7,067 11,338 813,658 824,996 Home equity lines 786 44 740 1,570 118,970 120,540 Total residential loans 1,655 3,446 7,807 12,908 932,628 945,536 Consumer direct 555 126 41 722 156,782 157,504 Consumer indirect 4,407 764 465 5,636 731,756 737,392 Total consumer loans 4,962 890 506 6,358 888,538 894,896 Loans and lease financing $ 10,797 $ 5,806 $ 11,994 $ 28,597 $ 3,680,693 $ 3,709,290 December 31, 2021 (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 $ 257,062 $ 257,062 Commercial real estate residential 274 116 845 1,235 333,998 335,233 Commercial real estate nonresidential 1,303 147 3,509 4,959 752,934 757,893 Dealer floorplans 0 0 0 0 69,452 69,452 Commercial other 1,225 175 108 1,508 288,970 290,478 Commercial unsecured SBA PPP 14 34 0 48 47,287 47,335 Total commercial loans 2,816 472 4,462 7,750 1,749,703 1,757,453 Real estate mortgage 1,171 2,707 6,859 10,737 756,448 767,185 Home equity lines 656 315 903 1,874 104,793 106,667 Total residential loans 1,827 3,022 7,762 12,611 861,241 873,852 Consumer direct 396 179 44 619 156,064 156,683 Consumer indirect 2,889 533 206 3,628 617,197 620,825 Total consumer loans 3,285 712 250 4,247 773,261 777,508 Loans and lease financing $ 7,928 $ 4,206 $ 12,474 $ 24,608 $ 3,384,205 $ 3,408,813 |
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 thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Hotel/motel Risk rating: Pass $ 145,262 $ 36,002 $ 17,742 $ 54,328 $ 13,178 $ 35,179 $ 545 $ 302,236 Watch 7,921 8,996 5,523 3,453 0 13,555 0 39,448 OAEM 0 0 0 0 0 1,956 0 1,956 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total hotel/motel 153,183 44,998 23,265 57,781 13,178 50,690 545 343,640 Commercial real estate residential Risk rating: Pass 119,826 110,963 38,423 15,467 10,492 36,307 14,297 345,775 Watch 1,474 898 1,675 848 2,136 7,015 152 14,198 OAEM 0 0 0 39 0 0 29 68 Substandard 182 4,289 1,878 346 3,639 2,539 0 12,873 Doubtful 0 0 0 0 0 0 0 0 Total commercial real estate residential 121,482 116,150 41,976 16,700 16,267 45,861 14,478 372,914 Commercial real estate nonresidential Risk rating: Pass 175,220 171,311 80,932 70,848 44,099 137,575 23,166 703,151 Watch 3,331 5,765 10,090 2,178 1,962 10,022 1,550 34,898 OAEM 19 0 0 0 0 90 0 109 Substandard 1,939 2,537 4,877 3,135 508 10,865 25 23,886 Doubtful 0 0 0 0 0 305 0 305 Total commercial real estate nonresidential 180,509 179,613 95,899 76,161 46,569 158,857 24,741 762,349 Dealer floorplans Risk rating: Pass 0 0 0 0 0 0 77,153 77,153 Watch 0 0 0 0 0 0 380 380 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 77,533 77,533 Commercial other Risk rating: Pass 78,846 59,667 34,841 8,922 2,333 23,961 77,355 285,925 Watch 1,622 393 604 217 159 780 6,402 10,177 OAEM 30 0 0 0 0 0 30 60 Substandard 6,090 5,489 885 356 143 758 952 14,673 Doubtful 466 129 0 109 0 0 0 704 Total commercial other 87,054 65,678 36,330 9,604 2,635 25,499 84,739 311,539 Commercial unsecured SBA PPP Risk rating: Pass 0 883 0 0 0 0 0 883 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 0 883 0 0 0 0 0 883 Commercial loans Risk rating: Pass 519,154 378,826 171,938 149,565 70,102 233,022 192,516 1,715,123 Watch 14,348 16,052 17,892 6,696 4,257 31,372 8,484 99,101 OAEM 49 0 0 39 0 2,046 59 2,193 Substandard 8,211 12,315 7,640 3,837 4,290 14,162 977 51,432 Doubtful 466 129 0 109 0 305 0 1,009 Total commercial loans $ 542,228 $ 407,322 $ 197,470 $ 160,246 $ 78,649 $ 280,907 $ 202,036 $ 1,868,858 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Total Hotel/motel Risk rating: Pass $ 42,056 $ 11,231 $ 53,713 $ 18,752 $ 32,765 $ 20,087 $ 0 $ 178,604 Watch 9,234 14,021 8,813 8,780 2,678 30,502 0 74,028 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 3,355 1,075 0 0 4,430 Doubtful 0 0 0 0 0 0 0 0 Total hotel/motel 51,290 25,252 62,526 30,887 36,518 50,589 0 257,062 Commercial real estate residential Risk rating: Pass 142,364 54,380 22,320 19,826 11,919 45,791 9,544 306,144 Watch 2,643 2,359 1,962 2,119 554 6,949 156 16,742 OAEM 0 0 0 0 16 0 0 16 Substandard 4,822 1,990 620 1,835 596 2,468 0 12,331 Doubtful 0 0 0 0 0 0 0 0 Total commercial real estate residential 149,829 58,729 24,902 23,780 13,085 55,208 9,700 335,233 Commercial real estate nonresidential Risk rating: Pass 214,563 99,131 82,386 57,397 55,422 168,533 22,389 699,821 Watch 5,130 2,865 3,981 2,802 3,655 11,828 767 31,028 OAEM 0 0 0 0 0 178 20 198 Substandard 5,201 5,098 3,764 600 2,016 9,659 200 26,538 Doubtful 0 0 0 0 0 308 0 308 Total commercial real estate nonresidential 224,894 107,094 90,131 60,799 61,093 190,506 23,376 757,893 Dealer floorplans Risk rating: Pass 0 0 0 0 0 0 69,105 69,105 Watch 0 0 0 0 0 0 347 347 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 69,452 69,452 Commercial other Risk rating: Pass 72,650 43,838 16,495 29,858 9,105 13,346 75,119 260,411 Watch 7,196 1,967 1,582 599 332 1,071 11,792 24,539 OAEM 0 0 268 383 12 1 482 1,146 Substandard 1,600 1,589 147 184 287 451 124 4,382 Doubtful 0 0 0 0 0 0 0 0 Total commercial other 81,446 47,394 18,492 31,024 9,736 14,869 87,517 290,478 Commercial unsecured SBA PPP Risk rating: Pass 46,227 1,108 0 0 0 0 0 47,335 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 46,227 1,108 0 0 0 0 0 47,335 Commercial loans Risk rating: Pass 517,860 209,688 174,914 125,833 109,211 247,757 176,157 1,561,420 Watch 24,203 21,212 16,338 14,300 7,219 50,350 13,062 146,684 OAEM 0 0 268 383 28 179 502 1,360 Substandard 11,623 8,677 4,531 5,974 3,974 12,578 324 47,681 Doubtful 0 0 0 0 0 308 0 308 Total commercial loans $ 553,686 $ 239,577 $ 196,051 $ 146,490 $ 120,432 $ 311,172 $ 190,045 $ 1,757,453 |
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: (in thousands) Term Loans Amortized Cost Basis by Origination Year December 31 2022 2021 2020 2019 2018 Prior Revolving Loans Total Home equity lines Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 10,195 $ 109,567 $ 119,762 Nonperforming 0 0 0 0 0 502 276 778 Total home equity lines 0 0 0 0 0 10,697 109,843 120,540 Mortgage loans Performing 176,736 177,469 132,795 62,415 30,473 236,110 0 815,998 Nonperforming 0 282 98 791 422 7,405 0 8,998 Total mortgage loans 176,736 177,751 132,893 63,206 30,895 243,515 0 824,996 Residential loans Performing 176,736 177,469 132,795 62,415 30,473 246,305 109,567 935,760 Nonperforming 0 282 98 791 422 7,907 276 9,776 Total residential loans 176,736 177,751 132,893 63,206 30,895 254,212 109,843 945,536 Consumer direct loans Performing 62,239 42,014 23,921 11,166 6,766 11,357 0 157,463 Nonperforming 25 11 5 0 0 0 0 41 Total consumer direct loans 62,264 42,025 23,926 11,166 6,766 11,357 0 157,504 Consumer indirect loans Performing 371,079 168,513 116,267 45,748 26,247 9,073 0 736,927 Nonperforming 65 251 96 30 1 22 0 465 Total consumer indirect loans 371,144 168,764 116,363 45,778 26,248 9,095 0 737,392 Consumer loans Performing 433,318 210,527 140,188 56,914 33,013 20,430 0 894,390 Nonperforming 90 262 101 30 1 22 0 506 Total consumer loans $ 433,408 $ 210,789 $ 140,289 $ 56,944 $ 33,014 $ 20,452 $ 0 $ 894,896 (in thousands) Term Loans Amortized Cost Basis by Origination Year December 31 2021 2020 2019 2018 2017 Prior Revolving Loans Total Home equity lines Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 10,909 $ 94,666 $ 105,575 Nonperforming 0 0 0 0 0 520 572 1,092 Total home equity lines 0 0 0 0 0 11,429 95,238 106,667 Mortgage loans Performing 195,731 161,471 75,792 37,188 42,597 245,666 0 758,445 Nonperforming 0 63 424 364 558 7,331 0 8,740 Total mortgage loans 195,731 161,534 76,216 37,552 43,155 252,997 0 767,185 Residential loans Performing 195,731 161,471 75,792 37,188 42,597 256,575 94,666 864,020 Nonperforming 0 63 424 364 558 7,851 572 9,832 Total residential loans 195,731 161,534 76,216 37,552 43,155 264,426 95,238 873,852 Consumer direct loans Performing 71,626 39,312 18,492 10,468 4,490 12,251 0 156,639 Nonperforming 0 4 3 34 3 0 0 44 Total consumer direct loans 71,626 39,316 18,495 10,502 4,493 12,251 0 156,683 Consumer indirect loans Performing 263,127 190,145 80,793 54,437 23,449 8,668 0 620,619 Nonperforming 24 135 20 0 23 4 0 206 Total consumer indirect loans 263,151 190,280 80,813 54,437 23,472 8,672 0 620,825 Consumer loans Performing 334,753 229,457 99,285 64,905 27,939 20,919 0 777,258 Nonperforming 24 139 23 34 26 4 0 250 Total consumer loans $ 334,777 $ 229,596 $ 99,308 $ 64,939 $ 27,965 $ 20,923 $ 0 $ 777,508 |
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, 2022 (in thousands) Number of Loans Recorded Investment Specific Reserve Hotel/motel 1 $ 1,168 $ 0 Commercial real estate residential 4 7,786 0 Commercial real estate nonresidential 8 14,718 200 Commercial other 2 8,926 1,000 Total collateral dependent loans 15 $ 32,598 $ 1,200 December 31, 2021 (in thousands) Number of Loans Recorded Investment Specific Reserve Hotel/motel 2 $ 9,462 $ 600 Commercial real estate residential 4 7,255 0 Commercial real estate nonresidential 11 19,943 200 Commercial other 1 1,113 350 Total collateral dependent loans 18 $ 37,773 $ 1,150 |
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 December 31, 2022 and 2021: Year Ended December 31, 2022 Pre-Modification Outstanding Balance (in thousands) Number of Loans Term Combination Other Total Modification Commercial real estate residential 6 $ 659 $ 0 $ 66 $ 725 Commercial real estate nonresidential 8 1,206 0 118 1,324 Hotel/motel 0 0 0 0 0 Commercial other 22 12,812 0 66 12,878 Total commercial loans 36 14,677 0 250 14,927 Real estate mortgage 5 593 1,309 0 1,902 Total residential loans 5 593 1,309 0 1,902 Total troubled debt restructurings 41 $ 15,270 $ 1,309 $ 250 $ 16,829 Year Ended December 31, 2022 Post-Modification Outstanding Balance (in thousands) Number of Loans Term Modification Combination Other Total Modification Commercial real estate residential 6 $ 659 $ 0 $ 66 $ 725 Commercial real estate nonresidential 8 1,342 0 118 1,460 Hotel/motel 0 0 0 0 0 Commercial other 22 12,811 0 66 12,877 Total commercial loans 36 14,812 0 250 15,062 Real estate mortgage 5 593 1,309 0 1,902 Total residential loans 5 593 1,309 0 1,902 Total troubled debt restructurings 41 $ 15,405 $ 1,309 $ 250 $ 16,964 Year Ended December 31, 2021 Pre-Modification Outstanding Balance (in thousands) Number of Loans Term Modification Combination Other Total Modification Commercial real estate residential 6 $ 388 $ 0 $ 0 $ 388 Commercial real estate nonresidential 9 4,179 2,988 0 7,167 Hotel/motel 0 0 0 0 0 Commercial other 5 417 0 0 417 Total commercial loans 20 4,984 2,988 0 7,972 Real estate mortgage 3 278 277 262 817 Total residential loans 3 278 277 262 817 Total troubled debt restructurings 23 $ 5,262 $ 3,265 $ 262 $ 8,789 Year Ended December 31, 2021 Post-Modification Outstanding Balance (in thousands) Number of Loans Term Modification Combination Other Total Modification Commercial real estate residential 6 $ 424 $ 0 $ 0 $ 424 Commercial real estate nonresidential 9 4,282 3,000 0 7,282 Hotel/motel 0 0 0 0 0 Commercial other 5 340 0 0 340 Total commercial loans 20 5,046 3,000 0 8,046 Real estate mortgage 3 279 277 262 818 Total residential loans 3 279 277 262 818 Total troubled debt restructurings 23 $ 5,325 $ 3,277 $ 262 $ 8,864 |
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 a loan modified in a troubled debt restructuring subsequently defaults, 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. See below for defaulted restructured loans at December 31, 2022 and 2021. (in thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Number of Loans Recorded Balance Number of Loans Recorded Balance Commercial: Hotel/motel 0 $ 0 1 $ 1,113 Residential: Real estate mortgage 2 751 1 275 Total defaulted restructured loans 2 $ 751 2 $ 1,388 |
Mortgage Banking and Servicin_2
Mortgage Banking and Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Net gain on sale of mortgage loans held for sale $ 1,525 $ 6,820 $ 7,226 Net loan servicing income: Servicing fees 2,226 2,058 1,515 Late fees 78 67 52 Ancillary fees 94 848 1,310 Fair value adjustments 1,069 428 (1,064 ) Net loan servicing income 3,467 3,401 1,813 Mortgage banking income $ 4,992 $ 10,221 $ 9,039 |
Activity for Capitalized MSRs Using Fair Value Method | Activity for capitalized MSRs using the fair value method is as follows: (in thousands) 2022 2021 2020 Fair value of MSRs, beginning of year $ 6,774 $ 4,068 $ 3,263 New servicing assets created 625 2,278 1,869 Change in fair value during the year due to: Time decay (1) (450 ) (259 ) (135 ) Payoffs (2) (429 ) (587 ) (766 ) Changes in valuation inputs or assumptions (3) 1,948 1,274 (163 ) Fair value of MSRs, end of year $ 8,468 $ 6,774 $ 4,068 (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, 2022 | |
Related Party Transactions [Abstract] | |
Activity for Related Party Transactions | Activity for related party extensions of credit during 2022 and 2021 is as follows: (in thousands) 2022 2021 Related party extensions of credit, beginning of year $ 45,022 $ 38,061 New loans and advances on lines of credit 1,813 10,952 Repayments (4,749 ) (3,055 ) Decrease due to changes in related parties (19 ) (936 ) Related party extensions of credit, end of year $ 42,067 $ 45,022 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment are summarized as follows: (in thousands) December 31 2022 2021 Land and buildings $ 81,345 $ 80,015 Leasehold improvements 4,797 4,829 Furniture, fixtures, and equipment 43,531 40,835 Construction in progress 589 1,475 Total premises and equipment 130,262 127,154 Less accumulated depreciation and amortization (87,629 ) (86,675 ) Premises and equipment, net $ 42,633 $ 40,479 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Real Estate Owned [Abstract] | |
Activity for Other Real Estate Owned | Activity for other real estate owned was as follows: (in thousands) 2022 2021 Beginning balance of other real estate owned $ 3,486 $ 7,694 New assets acquired 2,433 1,166 Capitalized costs 73 0 Fair value adjustments (285 ) (857 ) Sale of assets (2,036 ) (4,517 ) Ending balance of other real estate owned $ 3,671 $ 3,486 |
Major Classifications of Foreclosed Properties | The major classifications of foreclosed properties are shown in the following table: (in thousands) December 31 2022 2021 1-4 family $ 859 $ 1,130 Construction/land development/other 867 480 Multifamily 0 88 Non-farm/non-residential 1,945 1,788 Total foreclosed properties $ 3,671 $ 3,486 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Major Classifications of Deposits | Major classifications of deposits are categorized as follows: (in thousands) December 31 2022 2021 Noninterest bearing deposits $ 1,394,915 $ 1,331,103 Interest bearing demand deposits 112,265 97,064 Money market deposits 1,348,809 1,206,401 Savings 654,380 632,645 Certificates of deposit and other time deposits of $100,000 or more 531,424 654,325 Certificates of deposit and other time deposits less than $100,000 384,350 422,754 Total deposits $ 4,426,143 $ 4,344,292 |
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, 2022 (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 $ 531,424 $ 397,480 $ 96,745 $ 19,199 $ 10,789 $ 7,057 $ 154 Certificates of deposit and other time deposits less than $100,000 384,350 300,646 51,991 12,525 9,955 9,023 210 Total maturities $ 915,774 $ 698,126 $ 148,736 $ 31,724 $ 20,744 $ 16,080 $ 364 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [Abstract] | |
Short-term Debt | Short-term debt is categorized as follows: (in thousands) December 31 2022 2021 Repurchase agreements $ 215,431 $ 271,088 Federal funds purchased 500 500 Total short-term debt $ 215,931 $ 271,588 |
Long-term Debt | Long-term debt is categorized as follows: (in thousands) December 31 2022 2021 Junior subordinated debentures, 6.35%, due 6/1/37 $ 57,841 $ 57,841 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December 31, 2021 is presented in the following tables: December 31, 2022 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 $ 21,679 $ 34 $ 2,979 $ 1,832 $ 26,524 State and political subdivisions 96,627 466 9,634 2,140 108,867 U.S. government sponsored agency mortgage-backed securities 17,964 0 52,387 9,385 79,736 Asset-backed securities 304 0 0 0 304 Total $ 136,574 $ 500 $ 65,000 $ 13,357 $ 215,431 December 31, 2021 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 $ 3,176 $ 16 $ 5,400 $ 10,040 $ 18,632 State and political subdivisions 83,375 484 13,633 9,427 106,919 U.S. government sponsored agency mortgage-backed securities 24,689 0 85,967 34,881 145,537 Asset-backed securities 0 0 0 0 0 Total $ 111,240 $ 500 $ 105,000 $ 54,348 $ 271,088 |
Advances from Federal Home Lo_2
Advances from Federal Home Loan Bank (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Advances from Federal Home Loan Bank [Abstract] | |
Federal Home Loan Bank Advances | Federal Home Loan Bank (“FHLB”) advances consisted of the following monthly amortizing borrowings at December 31: (in thousands) 2022 2021 Monthly amortizing $ 355 $ 375 Total FHLB advances $ 355 $ 375 |
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, 2022 (in thousands) Total Within 1 Year 2 Years 3 Years 4 Years 5 Years After 5 Years Outstanding advances, weighted average interest rate – 0.05 $ 355 $ 22 $ 20 $ 21 $ 20 $ 21 $ 251 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 2020 Current federal income tax expense $ 14,882 $ 16,160 $ 12,884 Current state income tax expense 1,096 4,214 786 Deferred federal income tax expense (benefit) 194 1,138 (2,900 ) Deferred state income tax expense 3,056 1,192 0 Effect of Kentucky tax legislation benefit 0 0 (9 ) Total income tax expense $ 19,228 $ 22,704 $ 10,761 |
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) 2022 2021 2020 Computed at the statutory rate $ 21,219 21.00 % $ 23,235 21.00 % $ 14,755 21.00 % Adjustments resulting from: Tax-exempt interest (717 ) (0.70 ) (690 ) (0.62 ) (547 ) (0.78 ) Housing and new markets credits (3,105 ) (3.07 ) (3,939 ) (3.56 ) (4,194 ) (5.97 ) Bank owned life insurance (367 ) (0.36 ) (382 ) (0.35 ) (277 ) (0.39 ) ESOP dividend deduction (240 ) (0.24 ) (233 ) (0.21 ) (221 ) (0.32 ) Stock option exercises and restricted stock vesting (1 ) 0.00 25 0.02 (10 ) (0.01 ) Effect of KY tax legislation 0 0.00 0 0.00 (7 ) (0.01 ) State income taxes 3,281 3.25 4,270 3.86 621 0.88 Split dollar life insurance (184 ) (0.19 ) 212 0.19 529 0.75 Other (658 ) (0.66 ) 206 0.19 112 0.16 Total $ 19,228 19.03 % $ 22,704 20.52 % $ 10,761 15.31 % |
Components of Net Deferred Tax Asset (Liability) | The components of the net deferred tax asset (liability) as of December 31 are as follows: (in thousands) 2022 2021 Deferred tax assets: Allowance for credit losses $ 11,472 $ 10,418 Interest on nonaccrual loans 362 547 Accrued expenses 2,969 2,960 Unrealized losses on AFS securities 45,339 1,664 Allowance for other real estate owned 223 268 State net operating loss carryforward 0 2,308 Lease liabilities 4,398 3,245 Other 485 973 Total deferred tax assets 65,248 22,383 Deferred tax liabilities: Depreciation and amortization (14,859 ) (14,604 ) FHLB stock dividends (827 ) (961 ) Loan fee income (1,136 ) (621 ) Mortgage servicing rights (2,113 ) (1,690 ) Limited partnership investments (710 ) (648 ) Right of use assets (4,259 ) (3,031 ) Other (1,466 ) (1,374 ) Total deferred tax liabilities (25,370 ) (22,929 ) Net deferred tax asset (liability) $ 39,878 $ (546 ) |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 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, 2022: 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 $ 32.27 400 (a) Restricted stock (c) (b) (a) Performance units (d) (b) (a) Stock appreciation rights (“SARs”) (e) (b) (a) Total 400 (a) Under the 2015 Plan, 550,000 shares are authorized for issuance; 154,084 have been issued as of December 31, 2022. 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, 2022. 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, 2022, 2021, and 2020 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, 2022, 2021, and 2020. (in thousands) 2022 2021 2020 Unrecognized compensation cost of nonvested share-based compensation arrangements granted under the plan at year-end $ 2,108 $ 1,093 $ 1,512 Total fair value of shares vested for the year 1,306 664 887 Cash received from option exercises under all share-based payment arrangements for the year 0 0 11 Tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the year 0 0 1 |
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, 2022. Plan Category Shares Available for Future Issuance Shares available at January 1, 2022 450,659 Stock option grants 0 Restricted stock grants (50,438 ) Forfeitures 0 Shares available for future issuance at December 31, 400,221 |
Schedule of Restricted Stock Activity | The following table shows restricted stock activity for the 2015 Plan for the years ended December 31, 2022, 2021, and 2020: December 31 2022 2021 2020 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 47,063 $ 42.90 55,551 $ 44.04 50,992 $ 43.08 Granted 50,438 45.15 9,193 38.70 21,544 44.64 Vested (29,364 ) 43.92 (17,681 ) 44.31 (16,985 ) 41.92 Forfeited 0 - 0 - 0 - Outstanding at end of year 68,137 $ 44.13 47,063 $ 42.90 55,551 $ 44.04 |
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, 2022, 2021, and 2020 is summarized as follows: December 31 2022 2021 2020 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of year 20,000 $ 32.27 20,000 $ 32.27 20,495 $ 32.04 Granted 0 0 0 0 0 0 Exercised 0 0 0 0 (495 ) 22.81 Forfeited/expired 0 0 0 0 0 0 Outstanding at end of year 20,000 $ 32.27 20,000 $ 32.27 20,000 $ 32.27 Exercisable at end of year 20,000 $ 32.27 20,000 $ 32.27 20,000 $ 32.27 |
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, 2022, 2021, and 2020: (in thousands) 2022 2021 2020 Options exercised $ 0 $ 0 $ 11 Options exercisable 273 227 96 Outstanding options 273 227 96 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense for the year ended December 31, 2022 were as follows: (in thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Finance lease cost: Amortization of right-of-use assets – finance leases $ 64 $ 52 Interest on lease liabilities – finance leases 70 55 Total finance lease cost 134 107 Short-term lease cost 85 181 Operating lease cost 1,838 1,760 Total lease cost 2,057 2,048 Sublease income (249 ) (253 ) Net lease cost $ 1,808 $ 1,795 |
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, 2022 was as follows: (in thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Finance lease – operating cash flows $ 67 $ 53 Finance lease – financing cash flows $ 24 $ 19 Operating lease – operating cash flows (fixed payments) $ 1,760 $ 1,693 Operating lease – operating cash flows (liability reduction) $ 1,424 $ 948 New right-of-use assets – operating leases $ 3,469 $ 0 New right-of-use assets – finance leases $ 2,070 $ 0 Weighted average lease term – financing leases 27.10 years 24.02 years Weighted average lease term – operating leases 13.84 years 13.39 years Weighted average discount rate – financing leases 4.90 % 3.70 % Weighted average discount rate – operating leases 3.55 % 3.11 % |
Maturities of Lease Liabilities | Maturities of lease liabilities as of December 31, 2022 are as follows: (in thousands) Operating Leases Finance Leases 2023 $ 1,878 $ 151 2024 1,853 155 2025 1,748 160 2026 1,731 171 2027 1,620 175 Thereafter 9,393 6,362 Total lease payments 18,223 7,174 Less imputed interest (4,063 ) (3,706 ) Total $ 14,160 $ 3,468 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value of Financial Assets and Liabilities [Abstract] | |
Fair Value Measurements of 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, 2022 and December 31, 2021 and indicate the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at December 31, 2022 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 $ 381,932 $ 346,265 $ 35,667 $ 0 State and political subdivisions 265,102 0 265,102 0 U.S. government sponsored agenc y mortgage-backed securities 520,085 0 520,085 0 Asset-backed securities 89,107 0 89,107 0 Equity securities at fair value 2,166 0 0 2,166 Mortgage servicing rights 8,468 0 0 8,468 (in thousands) Fair Value Measurements at December 31, 2021 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 $ 295,770 $ 242,214 $ 53,556 $ 0 State and political subdivisions 334,203 0 334,203 0 U.S. government sponsored agenc y mortgage-backed securities 730,809 0 730,809 0 Asset-backed securities 94,647 0 94,647 0 Equity securities at fair value 2,253 0 0 2,253 Mortgage servicing rights 6,774 0 0 6,774 |
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) 2022 2021 Equity Securities at Fair Value Mortgage Servicing Rights Equity Securities at Fair Value Mortgage Servicing Rights Beginning balance $ 2,253 $ 6,774 $ 2,471 $ 4,068 Total unrealized gains (losses) Included in net income (87 ) 1,948 (218 ) 1,274 Issues 0 625 0 2,278 Settlements 0 (879 ) 0 (846 ) Ending balance $ 2,166 $ 8,468 $ 2,253 $ 6,774 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 $ (87 ) $ 1,948 $ (218 ) $ 1,274 |
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) 2022 2021 Total gains (losses) $ 982 $ 210 |
Fair Value Measurements of 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, 2022 and December 31, 2021 and indicate the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at December 31, 2022 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 $ 2,703 $ 0 $ 0 $ 2,703 Other real estate owned 570 0 0 570 (in thousands) Fair Value Measurements at December 31, 2021 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 $ 1,238 $ 0 $ 0 $ 1,238 Other real estate owned 1,487 0 0 1,487 |
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, 2022 and December 31, 2021. (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, 2022 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $ 2,166 Discount cash flows, computer pricing model Discount rate 8.0% - 12.0% (10.0%) Conversion date Dec 2025 Dec 2029 ( Dec 2027 Mortgage servicing rights $ 8,468 Discount cash flows, computer pricing model Constant prepayment rate 6.5% - 28.0% (7.1%) Probability of default 0.0% - 100.0% (1.2%) Discount rate 9.5% - 12.0% (10.0%) Collateral-dependent loans $ 2,703 Market comparable properties Marketability discount 52.0% - 52.0% (52.0%) Other real estate owned $ 570 Market comparable properties Comparability adjustments 10.0% - 30.6% (10.9%) (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, 2021 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $ 2,253 Discount cash flows, computer pricing model Discount rate 8.0% - 12.0% (10.0%) Conversion date Dec 2024 Dec 2028 ( Dec 2026 Mortgage servicing rights $ 6,774 Discount cash flows, computer pricing model Constant prepayment rate 7.0% - 26.7% (10.0%) Probability of default 0.0% - 75.0% (1.4%) Discount rate 10.0% - 11.5% (10.1%) Collateral-dependent loans $ 1,238 Market comparable properties Marketability discount 20.0% - 62.0% (41.0%) Other real estate owned $ 1,487 Market comparable properties Comparability adjustments 10.0% - 45.5% (15.1%) |
Fair Value of Financial Instruments and Levels within Fair Value Hierarchy of Valuation Techniques | The following table presents estimated fair value of CTBI’s financial instruments as of December 31, 2022 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, 2022 were measured using an exit price notion. (in thousands) Fair Value Measurements at December 31, 2022 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 $ 128,686 $ 128,686 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 1,256,226 346,265 909,961 0 Equity securities at fair value 2,166 0 0 2,166 Loans held for sale 109 112 0 0 Loans, net 3,663,309 0 0 3,511,810 Federal Home Loan Bank stock 6,676 0 6,676 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 19,592 0 19,592 0 Financial liabilities: Deposits $ 4,426,143 $ 1,394,915 $ 3,050,144 $ 0 Repurchase agreements 215,431 0 0 215,542 Federal funds purchased 500 0 500 0 Advances from Federal Home Loan Bank 355 0 380 0 Long-term debt 57,841 0 0 55,860 Accrued interest payable 2,237 0 2,237 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, 2021 and indicates the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at December 31, 2021 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 $ 311,756 $ 311,756 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 1,455,429 242,214 1,213,215 0 Equity securities at fair value 2,253 0 0 2,253 Loans held for sale 2,632 2,693 0 0 Loans, net 3,367,057 0 0 3,480,803 Federal Home Loan Bank stock 8,139 0 8,139 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 15,415 0 15,415 0 Financial liabilities: Deposits $ 4,344,292 $ 1,331,103 $ 3,043,339 $ 0 Repurchase agreements 271,088 0 0 271,186 Federal funds purchased 500 0 500 0 Advances from Federal Home Loan Bank 375 0 400 0 Long-term debt 57,841 0 0 45,854 Accrued interest payable 1,016 0 1,016 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, 2022 | |
Off-Balance Sheet Transactions and Guarantees [Abstract] | |
Off-Balance Sheet Financial Instruments | At December 31, 2022, CTBI had the following off-balance sheet financial instruments, whose approximate contract amounts represent additional credit risk to CTBI: (in thousands) 2022 2021 Standby letters of credit $ 34,721 $ 32,676 Commitments to extend credit 839,549 710,225 Total off-balance sheet financial instruments $ 874,270 $ 742,901 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022: CBLR $ 750,159 13.55 % $ 498,148 9.00 % As of December 31, 2021: CBLR $ 696,828 13.00 % $ 455,594 8.50 % Community Trust Bank, Inc.’s Capital Ratios Actual For Capital Adequacy Purposes (in thousands) Amount Ratio Amount Ratio As of December 31, 2022: CBLR $ 714,727 12.98 % $ 495,727 9.00 % As of December 31, 2021: CBLR $ 662,125 12.42 % $ 453,185 8.50 % |
Parent Company Financial Stat_2
Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Parent Company Financial Statements [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets (in thousands) December 31 2022 2021 Assets: Cash on deposit $ 2,933 $ 3,263 Investment in and advances to subsidiaries 679,425 749,002 Goodwill 4,973 4,973 Premises and equipment, net 133 114 Deferred tax asset 260 890 Other assets 4,808 5,427 Total assets $ 692,532 $ 763,669 Liabilities and shareholders’ equity: Long-term debt $ 61,341 $ 61,341 Other liabilities 3,144 4,126 Total liabilities 64,485 65,467 Shareholders’ equity 628,047 698,202 Total liabilities and shareholders’ equity $ 692,532 $ 763,669 |
Condensed Statements of Income and Comprehensive Income (loss) | Condensed Statements of Income and Comprehensive Income (Loss) (in thousands) Year Ended December 31 2022 2021 2020 Income: Dividends from subsidiaries $ 31,544 $ 33,319 $ 29,593 Other income 710 482 476 Total income 32,254 33,801 30,069 Expenses: Interest expense 2,060 1,090 1,519 Depreciation expense 75 70 112 Other expenses 4,833 5,878 3,302 Total expenses 6,968 7,038 4,933 Income before income taxes and equity in undistributed income of subsidiaries 25,286 26,763 25,136 Income tax benefit (1,808 ) (1,700 ) (576 ) Income before equity in undistributed income of subsidiaries 27,094 28,463 25,712 Equity in undistributed income of subsidiaries 54,720 59,476 33,792 Net income $ 81,814 $ 87,939 $ 59,504 Other comprehensive income (loss): Unrealized holding gains (losses) on debt securities available-for-sale: Unrealized holding gains (losses) arising during the period (168,060 ) (24,827 ) 13,839 Less: Reclassification adjustments for realized gains (losses) included in net income (81 ) 60 1,251 Tax expense (benefit) (43,675 ) (6,471 ) 3,273 Other comprehensive income (loss), net of tax (124,304 ) (18,416 ) 9,315 Comprehensive income (loss) $ (42,490 ) $ 69,523 $ 68,819 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (in thousands) Year Ended December 31 2022 2021 2020 Cash flows from operating activities: Net income $ 81,814 $ 87,939 $ 59,504 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 76 69 112 Equity in undistributed earnings of subsidiaries (54,720 ) (59,476 ) (33,792 ) Deferred taxes 630 3,759 451 Stock-based compensation 1,366 850 944 Changes in: Other assets 611 (5,403 ) (115 ) Other liabilities (1,115 ) 1,037 (318 ) Net cash provided by operating activities 28,662 28,775 26,786 Cash flows from investing activities: Net purchases of premises and equipment (95 ) (66 ) (55 ) Net cash used in investing activities (95 ) (66 ) (55 ) Cash flows from financing activities: Issuance of common stock 1,041 965 926 Repurchase of common stock 0 0 (1,099 ) Dividends paid (29,938 ) (27,916 ) (27,142 ) Net cash used in financing activities (28,897 ) (26,951 ) (27,315 ) Net increase (decrease) in cash and cash equivalents (330 ) 1,758 (584 ) Cash and cash equivalents at beginning of year 3,263 1,505 2,089 Cash and cash equivalents at end of year $ 2,933 $ 3,263 $ 1,505 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 2020 Numerator: Net income $ 81,814 $ 87,939 $ 59,504 Denominator: Basic earnings per share: Weighted average shares 17,836 17,786 17,748 Diluted earnings per share: Dilutive effect of equity grants 15 18 8 Adjusted weighted average shares 17,851 17,804 17,756 Earnings per share: Basic earnings per share $ 4.59 $ 4.94 $ 3.35 Diluted earnings per share 4.58 4.94 3.35 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (AOCI) | Amounts reclassified from accumulated other comprehensive income (loss) (“AOCI”) and the affected line items in the statements of income during the years ended December 31, 2022, 2021, and 2020 were: Amounts Reclassified from AOCI Year Ended December 31 (in thousands) 2022 2021 2020 Affected line item in the statements of income Securities gains (losses) $ (81 ) $ 60 $ 1,251 Tax expense (benefit) (21 ) 16 325 Total reclassifications out of AOCI $ (60 ) $ 44 $ 926 |
Accounting Policies, Certificat
Accounting Policies, Certificates of Deposit in Other Banks (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Certificates of Deposits in Other Banks [Abstract] | |
Maturity period of certificates of deposit in other banks | 18 months |
Accounting Policies, Investment
Accounting Policies, Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments [Abstract] | ||
Unrealized losses on ACL for AFS debt securities | $ 0 | $ 0 |
Securities held-to-maturity | $ 0 | $ 0 |
Accounting Policies, Loans (Det
Accounting Policies, Loans (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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 |
Accounting Policies, Allowance
Accounting Policies, Allowance for Credit Losses (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) Payment | |
Allowance for Credit Losses [Abstract] | |
Impact of difference in amortized cost basis versus consideration of loan balances on allowance for credit losses | 0.01% |
Number of delinquent monthly payments before loan charge off | Payment | 5 |
Current value assessment period for past due loans secured against real estate | 90 days |
Threshold period past due for initiation of foreclosure proceedings | 120 days |
Minimum [Member] | |
Allowance for Credit Losses [Abstract] | |
Percentage exposure of capital | 5% |
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 |
Commercial [Member] | Nonaccrual Status [Member] | Minimum [Member] | |
Allowance for Credit Losses [Abstract] | |
Threshold outstanding loan balance for individual evaluations | 1 |
Threshold amount of outstanding loan balance for specific reserve to be created | 1 |
Commercial [Member] | TDR [Member] | Minimum [Member] | |
Allowance for Credit Losses [Abstract] | |
Threshold outstanding loan balance for individual evaluations | 1 |
Threshold amount of outstanding loan balance for specific reserve to be created | 1 |
Commercial [Member] | Criticized [Member] | Minimum [Member] | |
Allowance for Credit Losses [Abstract] | |
Threshold outstanding loan balance for individual evaluations | 1 |
Threshold amount of outstanding loan balance for specific reserve to be created | $ 1 |
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, Premises a
Accounting Policies, Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings [Member] | Maximum [Member] | |
Premises and Equipment [Abstract] | |
Estimated useful life | 40 years |
Furniture, Fixtures, and Equipment [Member] | Minimum [Member] | |
Premises and Equipment [Abstract] | |
Estimated useful life | 2 years |
Furniture, Fixtures, and Equipment [Member] | Maximum [Member] | |
Premises and Equipment [Abstract] | |
Estimated useful life | 10 years |
Accounting Policies, Other Real
Accounting Policies, Other Real Estate Owned (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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 |
Accounting Policies, Goodwill a
Accounting Policies, Goodwill and Core Deposit Intangible (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill and Core Deposit Intangible [Abstract] | ||
Goodwill | $ 65,490 | $ 65,490 |
Accounting Policies, Segments (
Accounting Policies, Segments (Details) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segments [Abstract] | |
Number of operating segments | 1 |
Cash and Due from Banks and I_2
Cash and Due from Banks and Interest Bearing Deposits (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Federal Reserve [Member] | |
Cash and Due from Banks and Interest Bearing Deposits [Abstract] | |
Cash accounts which exceeded federally insured limits | $ 72.6 |
US Bank [Member] | |
Cash and Due from Banks and Interest Bearing Deposits [Abstract] | |
Cash accounts which exceeded federally insured limits | 26.6 |
Fifth Third Bank [Member] | |
Cash and Due from Banks and Interest Bearing Deposits [Abstract] | |
Cash accounts which exceeded federally insured limits | 1.4 |
Federal Home Loan Bank [Member] | |
Cash and Due from Banks and Interest Bearing Deposits [Abstract] | |
Cash accounts which exceeded federally insured limits | 4.8 |
Raymond James [Member] | |
Cash and Due from Banks and Interest Bearing Deposits [Abstract] | |
Cash accounts which exceeded federally insured limits | $ 3 |
Securities, Held-to-maturity Se
Securities, Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Held-to-maturity [Abstract] | ||
Securities held-to-maturity | $ 0 | $ 0 |
Securities, Available-for-Sale
Securities, Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available-for-sale [Abstract] | ||
Amortized cost | $ 1,430,605 | $ 1,461,829 |
Gross unrealized gains | 245 | 11,283 |
Gross unrealized losses | (174,624) | (17,683) |
Fair value | 1,256,226 | 1,455,429 |
U.S. Treasury and Government Agencies [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 418,579 | 299,606 |
Gross unrealized gains | 212 | 351 |
Gross unrealized losses | (36,859) | (4,187) |
Fair value | 381,932 | 295,770 |
State and Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 326,746 | 334,218 |
Gross unrealized gains | 32 | 5,524 |
Gross unrealized losses | (61,676) | (5,539) |
Fair value | 265,102 | 334,203 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 593,917 | 733,467 |
Gross unrealized gains | 1 | 5,107 |
Gross unrealized losses | (73,833) | (7,765) |
Fair value | 520,085 | 730,809 |
Asset-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 91,363 | 94,538 |
Gross unrealized gains | 0 | 301 |
Gross unrealized losses | (2,256) | (192) |
Fair value | $ 89,107 | $ 94,647 |
Securities, Amortized Cost and
Securities, Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available for sale, amortized cost [Abstract] | ||
Due in one year or less | $ 29,874 | |
Due after one through five years | 267,190 | |
Due after five through ten years | 250,194 | |
Due after ten years | 198,067 | |
Amortized cost | 1,430,605 | $ 1,461,829 |
Available for sale, fair value [Abstract] | ||
Due in one year or less | 29,242 | |
Due after one through five years | 244,404 | |
Due after five through ten years | 218,508 | |
Due after ten years | 154,880 | |
Fair value | 1,256,226 | 1,455,429 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Available for sale, amortized cost [Abstract] | ||
Without single maturity date | 593,917 | |
Amortized cost | 593,917 | 733,467 |
Available for sale, fair value [Abstract] | ||
Without single maturity date | 520,085 | |
Fair value | 520,085 | 730,809 |
Asset-backed Securities [Member] | ||
Available for sale, amortized cost [Abstract] | ||
Without single maturity date | 91,363 | |
Amortized cost | 91,363 | 94,538 |
Available for sale, fair value [Abstract] | ||
Without single maturity date | 89,107 | |
Fair value | $ 89,107 | $ 94,647 |
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, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | |
Gains (Loss) on Sales of Securities [Abstract] | |||
Securities gains (losses) | $ (168) | $ (158) | $ 1,769 |
Net gain (loss) realized on sales and calls of AFS securities | (81) | 60 | 1,251 |
Unrealized loss from fair value adjustment of equity securities | (87) | (218) | $ 518 |
Equity Securities at Fair Value [Abstract] | |||
Equity securities at fair value | 2,166 | 2,253 | |
Amortized cost of securities sold under agreements to repurchase | 316,900 | 314,100 | |
Asset Pledged as Collateral [Member] | Public Deposits and for Other Purposes [Member] | |||
Equity Securities at Fair Value [Abstract] | |||
Securities | 725,000 | 545,600 | |
Visa Class B Restricted Stock [Member] | |||
Equity Securities at Fair Value [Abstract] | |||
Equity securities at fair value | 2,200 | ||
Increase (decrease) in fair value of equity securities | $ (87) | $ (218) | |
Number of equity securities sold (in shares) | shares | 0 | 0 |
Securities, Securities in Conti
Securities, Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities [Abstract] | ||
Percentage of total investment with unrealized losses | 97.40% | 72.40% |
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | $ 416,778 | $ 973,642 |
12 months or more | 981,280 | 97,329 |
Total | 1,398,058 | 1,070,971 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (21,324) | (15,851) |
12 months or more | (153,300) | (1,832) |
Total | (174,624) | (17,683) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 395,454 | 957,791 |
12 months or more | 827,980 | 95,497 |
Total | 1,223,434 | 1,053,288 |
U.S. Treasury and Government Agencies [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 144,305 | 249,990 |
12 months or more | 249,424 | 14,505 |
Total | 393,729 | 264,495 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (6,953) | (4,123) |
12 months or more | (29,906) | (64) |
Total | (36,859) | (4,187) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 137,352 | 245,867 |
12 months or more | 219,518 | 14,441 |
Total | 356,870 | 260,308 |
State and Political Subdivisions [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 94,277 | 197,592 |
12 months or more | 225,019 | 19,126 |
Total | 319,296 | 216,718 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (6,257) | (4,779) |
12 months or more | (55,419) | (760) |
Total | (61,676) | (5,539) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 88,020 | 192,813 |
12 months or more | 169,600 | 18,366 |
Total | 257,620 | 211,179 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 139,314 | 473,831 |
12 months or more | 454,357 | 62,330 |
Total | 593,671 | 536,161 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (6,883) | (6,759) |
12 months or more | (66,950) | (1,006) |
Total | (73,833) | (7,765) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 132,431 | 467,072 |
12 months or more | 387,407 | 61,324 |
Total | 519,838 | 528,396 |
Asset-backed Securities [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 38,882 | 52,229 |
12 months or more | 52,480 | 1,368 |
Total | 91,362 | 53,597 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (1,231) | (190) |
12 months or more | (1,025) | (2) |
Total | (2,256) | (192) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 37,651 | 52,039 |
12 months or more | 51,455 | 1,366 |
Total | $ 89,106 | $ 53,405 |
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, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | |
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | $ 3,709,290 | $ 3,408,813 |
Unearned fees | $ 1,000 | 4,000 |
Number of portfolio segments | Segment | 10 | |
Loans held for sale [Abstract] | ||
Loans held for sale | $ 109 | 2,632 |
Commercial [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 1,868,858 | 1,757,453 |
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 | $ 343,640 | 257,062 |
Percentage of total loan | 9.30% | |
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 | $ 372,914 | 335,233 |
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 | 762,349 | 757,893 |
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 | 77,533 | 69,452 |
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 | 311,539 | 290,478 |
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 | 883 | 47,335 |
Residential [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 945,536 | 873,852 |
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 | 824,996 | 767,185 |
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 | 120,540 | 106,667 |
Consumer [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 894,896 | 777,508 |
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 | 157,504 | 156,683 |
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 | 737,392 | 620,825 |
Unamortized premiums | $ 28,500 | $ 24,100 |
Loans, Balance in ACL (Details)
Loans, Balance in ACL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance in ACL [Roll Forward] | |||
Beginning balance | $ 41,756 | $ 48,022 | $ 35,096 |
Provision charged to expense | 4,905 | (6,386) | 16,047 |
Losses charged off | (5,346) | (4,325) | (10,453) |
Recoveries | 4,666 | 4,445 | 4,292 |
Ending balance | 45,981 | 41,756 | 48,022 |
Commercial [Member] | Hotel/Motel [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 5,080 | 6,356 | 3,371 |
Provision charged to expense | 307 | (1,276) | 2,858 |
Losses charged off | (216) | 0 | (43) |
Recoveries | 0 | 0 | 0 |
Ending balance | 5,171 | 5,080 | 6,356 |
Commercial [Member] | Commercial Real Estate Residential [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 3,986 | 4,464 | 3,439 |
Provision charged to expense | 951 | (488) | 1,772 |
Losses charged off | (92) | (28) | (182) |
Recoveries | 49 | 38 | 156 |
Ending balance | 4,894 | 3,986 | 4,464 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 8,884 | 11,086 | 8,515 |
Provision charged to expense | (154) | (2,233) | 3,303 |
Losses charged off | (46) | (306) | (941) |
Recoveries | 735 | 337 | 90 |
Ending balance | 9,419 | 8,884 | 11,086 |
Commercial [Member] | Dealer Floorplans [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 1,436 | 1,382 | 802 |
Provision charged to expense | 340 | 54 | (214) |
Losses charged off | 0 | 0 | (26) |
Recoveries | 0 | 0 | 0 |
Ending balance | 1,776 | 1,436 | 1,382 |
Commercial [Member] | Commercial Other [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 4,422 | 4,289 | 5,556 |
Provision charged to expense | 947 | 388 | 2,040 |
Losses charged off | (1,082) | (644) | (3,339) |
Recoveries | 998 | 389 | 423 |
Ending balance | 5,285 | 4,422 | 4,289 |
Residential [Member] | Real Estate Mortgage [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 7,637 | 7,832 | 4,604 |
Provision charged to expense | 466 | 3 | 1,584 |
Losses charged off | (223) | (266) | (321) |
Recoveries | 52 | 68 | 72 |
Ending balance | 7,932 | 7,637 | 7,832 |
Residential [Member] | Home Equity Lines [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 866 | 844 | 897 |
Provision charged to expense | 257 | 39 | 16 |
Losses charged off | (37) | (36) | (4) |
Recoveries | 20 | 19 | 10 |
Ending balance | 1,106 | 866 | 844 |
Consumer [Member] | Consumer Direct [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 1,951 | 1,863 | 1,711 |
Provision charged to expense | (210) | 256 | 609 |
Losses charged off | (609) | (684) | (927) |
Recoveries | 562 | 516 | 510 |
Ending balance | 1,694 | 1,951 | 1,863 |
Consumer [Member] | Consumer Indirect [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 7,494 | 9,906 | 6,201 |
Provision charged to expense | 2,001 | (3,129) | 4,079 |
Losses charged off | (3,041) | (2,361) | (4,670) |
Recoveries | 2,250 | 3,078 | 3,031 |
Ending balance | $ 8,704 | $ 7,494 | 9,906 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 3,040 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Commercial [Member] | Hotel/Motel [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 170 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Commercial [Member] | Commercial Real Estate Residential [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | (721) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Commercial [Member] | Commercial Real Estate Nonresidential [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 119 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Commercial [Member] | Dealer Floorplans [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 820 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Commercial [Member] | Commercial Other [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | (391) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Residential [Member] | Real Estate Mortgage [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | 1,893 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Residential [Member] | Home Equity Lines [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | (75) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Consumer [Member] | Consumer Direct [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | (40) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | Consumer [Member] | Consumer Indirect [Member] | |||
Balance in ACL [Roll Forward] | |||
Beginning balance | $ 1,265 |
Loans, Analysis of Allowance fo
Loans, Analysis of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Credit Losses [Abstract] | |||
Period of reasonable and supportable forecast | 12 months | ||
Provision for credit losses (recovery) | $ 4,905 | $ (6,386) | $ 16,047 |
Reduction in allowance for credit losses | $ (900) | ||
Allowance for credit losses to nonperforming loans | 300.40% | 251.20% | |
Credit loss reserve as percentage of total loans outstanding | 1.24% | 1.22% |
Loans, Nonaccrual Loans Segrega
Loans, Nonaccrual Loans Segregated by Class of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | $ 0 | $ 2,447 |
Nonaccrual loans with ACL | 6,813 | 8,224 |
90+ and still accruing | 8,496 | 5,954 |
Nonperforming loans | 15,309 | 16,625 |
Interest income recognized on nonaccrual loans | $ 44 | 82 |
Past due period after which loans must be well secured and in process of collection to continue accruing interest | 90 days | |
Commercial [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | $ 0 | 2,447 |
Nonaccrual loans with ACL | 2,453 | 3,564 |
90+ and still accruing | 2,574 | 532 |
Nonperforming loans | 5,027 | 6,543 |
Commercial [Member] | Hotel/Motel [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 0 | 1,075 |
90+ and still accruing | 0 | 0 |
Nonperforming loans | 0 | 1,075 |
Commercial [Member] | Commercial Real Estate Residential [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 355 | 585 |
90+ and still accruing | 258 | 312 |
Nonperforming loans | 613 | 897 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 2,447 |
Nonaccrual loans with ACL | 1,116 | 1,602 |
90+ and still accruing | 1,947 | 144 |
Nonperforming loans | 3,063 | 4,193 |
Commercial [Member] | Other [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 982 | 302 |
90+ and still accruing | 356 | 76 |
Nonperforming loans | 1,338 | 378 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | |
Nonaccrual loans with ACL | 0 | |
90+ and still accruing | 13 | |
Nonperforming loans | 13 | |
Residential [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 4,360 | 4,660 |
90+ and still accruing | 5,416 | 5,172 |
Nonperforming loans | 9,776 | 9,832 |
Residential [Member] | Real Estate Mortgage [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 4,069 | 4,081 |
90+ and still accruing | 4,929 | 4,659 |
Nonperforming loans | 8,998 | 8,740 |
Residential [Member] | Home Equity Lines [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 291 | 579 |
90+ and still accruing | 487 | 513 |
Nonperforming loans | 778 | 1,092 |
Consumer [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 0 | 0 |
90+ and still accruing | 506 | 250 |
Nonperforming loans | 506 | 250 |
Consumer [Member] | Consumer Direct [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 0 | 0 |
90+ and still accruing | 41 | 44 |
Nonperforming loans | 41 | 44 |
Consumer [Member] | Consumer Indirect [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 0 | 0 |
90+ and still accruing | 465 | 206 |
Nonperforming loans | $ 465 | $ 206 |
Loans, Loan Portfolio Aging Ana
Loans, Loan Portfolio Aging Analysis, Segregated by Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | $ 3,709,290 | $ 3,408,813 |
Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 28,597 | 24,608 |
30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 10,797 | 7,928 |
60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 5,806 | 4,206 |
90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 11,994 | 12,474 |
Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 3,680,693 | 3,384,205 |
Commercial [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,868,858 | 1,757,453 |
Commercial [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 9,331 | 7,750 |
Commercial [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 4,180 | 2,816 |
Commercial [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,470 | 472 |
Commercial [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 3,681 | 4,462 |
Commercial [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,859,527 | 1,749,703 |
Commercial [Member] | Hotel/Motel [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | $ 343,640 | 257,062 |
Percentage of total loan | 9.30% | |
Minimum threshold amount of loans requiring performance bond | $ 500 | |
Commercial [Member] | Hotel/Motel [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 343,640 | 257,062 |
Commercial [Member] | Commercial Real Estate Residential [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 372,914 | 335,233 |
Minimum threshold amount of loans requiring performance bond | 500 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,401 | 1,235 |
Commercial [Member] | Commercial Real Estate Residential [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 602 | 274 |
Commercial [Member] | Commercial Real Estate Residential [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 225 | 116 |
Commercial [Member] | Commercial Real Estate Residential [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 574 | 845 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 371,513 | 333,998 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 762,349 | 757,893 |
Minimum threshold amount of loans requiring performance bond | 500 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 5,555 | 4,959 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 2,549 | 1,303 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 395 | 147 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 2,611 | 3,509 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 756,794 | 752,934 |
Commercial [Member] | Dealer Floorplans [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 77,533 | 69,452 |
Commercial [Member] | Dealer Floorplans [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Dealer Floorplans [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Dealer Floorplans [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Dealer Floorplans [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Dealer Floorplans [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 77,533 | 69,452 |
Commercial [Member] | Commercial Other [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 311,539 | 290,478 |
Commercial [Member] | Commercial Other [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 2,359 | 1,508 |
Commercial [Member] | Commercial Other [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,029 | 1,225 |
Commercial [Member] | Commercial Other [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 846 | 175 |
Commercial [Member] | Commercial Other [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 484 | 108 |
Commercial [Member] | Commercial Other [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 309,180 | 288,970 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 883 | 47,335 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 16 | 48 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 14 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 4 | 34 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 12 | 0 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 867 | 47,287 |
Residential [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 945,536 | 873,852 |
Residential [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 12,908 | 12,611 |
Residential [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,655 | 1,827 |
Residential [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 3,446 | 3,022 |
Residential [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 7,807 | 7,762 |
Residential [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 932,628 | 861,241 |
Residential [Member] | Real Estate Mortgage [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 824,996 | 767,185 |
Residential [Member] | Real Estate Mortgage [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 11,338 | 10,737 |
Residential [Member] | Real Estate Mortgage [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 869 | 1,171 |
Residential [Member] | Real Estate Mortgage [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 3,402 | 2,707 |
Residential [Member] | Real Estate Mortgage [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 7,067 | 6,859 |
Residential [Member] | Real Estate Mortgage [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 813,658 | 756,448 |
Residential [Member] | Home Equity Lines [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 120,540 | 106,667 |
Residential [Member] | Home Equity Lines [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,570 | 1,874 |
Residential [Member] | Home Equity Lines [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 786 | 656 |
Residential [Member] | Home Equity Lines [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 44 | 315 |
Residential [Member] | Home Equity Lines [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 740 | 903 |
Residential [Member] | Home Equity Lines [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 118,970 | 104,793 |
Consumer [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 894,896 | 777,508 |
Consumer [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 6,358 | 4,247 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 4,962 | 3,285 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 890 | 712 |
Consumer [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 506 | 250 |
Consumer [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 888,538 | 773,261 |
Consumer [Member] | Consumer Direct [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 157,504 | 156,683 |
Consumer [Member] | Consumer Direct [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 722 | 619 |
Consumer [Member] | Consumer Direct [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 555 | 396 |
Consumer [Member] | Consumer Direct [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 126 | 179 |
Consumer [Member] | Consumer Direct [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 41 | 44 |
Consumer [Member] | Consumer Direct [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 156,782 | 156,064 |
Consumer [Member] | Consumer Indirect [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 737,392 | 620,825 |
Consumer [Member] | Consumer Indirect [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 5,636 | 3,628 |
Consumer [Member] | Consumer Indirect [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 4,407 | 2,889 |
Consumer [Member] | Consumer Indirect [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 764 | 533 |
Consumer [Member] | Consumer Indirect [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 465 | 206 |
Consumer [Member] | Consumer Indirect [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | $ 731,756 | $ 617,197 |
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, 2022 | Dec. 31, 2021 | |
Credit Risk Profile, Segregated by Class [Abstract] | ||
Total | $ 3,709,290 | $ 3,408,813 |
Consumer mortgage loans secured by real estate properties for which formal foreclosure proceedings are in process | 3,300 | 2,300 |
Commercial [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 542,228 | 553,686 |
2021/2020 | 407,322 | 239,577 |
2020/2019 | 197,470 | 196,051 |
2019/2018 | 160,246 | 146,490 |
2018/2017 | 78,649 | 120,432 |
Prior | 280,907 | 311,172 |
Revolving Loans | 202,036 | 190,045 |
Total | 1,868,858 | 1,757,453 |
Commercial [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 519,154 | 517,860 |
2021/2020 | 378,826 | 209,688 |
2020/2019 | 171,938 | 174,914 |
2019/2018 | 149,565 | 125,833 |
2018/2017 | 70,102 | 109,211 |
Prior | 233,022 | 247,757 |
Revolving Loans | 192,516 | 176,157 |
Total | $ 1,715,123 | 1,561,420 |
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] | ||
2022/2021 | $ 14,348 | 24,203 |
2021/2020 | 16,052 | 21,212 |
2020/2019 | 17,892 | 16,338 |
2019/2018 | 6,696 | 14,300 |
2018/2017 | 4,257 | 7,219 |
Prior | 31,372 | 50,350 |
Revolving Loans | 8,484 | 13,062 |
Total | 99,101 | 146,684 |
Commercial [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 49 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 268 |
2019/2018 | 39 | 383 |
2018/2017 | 0 | 28 |
Prior | 2,046 | 179 |
Revolving Loans | 59 | 502 |
Total | 2,193 | 1,360 |
Commercial [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 8,211 | 11,623 |
2021/2020 | 12,315 | 8,677 |
2020/2019 | 7,640 | 4,531 |
2019/2018 | 3,837 | 5,974 |
2018/2017 | 4,290 | 3,974 |
Prior | 14,162 | 12,578 |
Revolving Loans | 977 | 324 |
Total | 51,432 | 47,681 |
Commercial [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 466 | 0 |
2021/2020 | 129 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 109 | 0 |
2018/2017 | 0 | 0 |
Prior | 305 | 308 |
Revolving Loans | 0 | 0 |
Total | 1,009 | 308 |
Commercial [Member] | Hotel/Motel [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 153,183 | 51,290 |
2021/2020 | 44,998 | 25,252 |
2020/2019 | 23,265 | 62,526 |
2019/2018 | 57,781 | 30,887 |
2018/2017 | 13,178 | 36,518 |
Prior | 50,690 | 50,589 |
Revolving Loans | 545 | 0 |
Total | 343,640 | 257,062 |
Commercial [Member] | Hotel/Motel [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 145,262 | 42,056 |
2021/2020 | 36,002 | 11,231 |
2020/2019 | 17,742 | 53,713 |
2019/2018 | 54,328 | 18,752 |
2018/2017 | 13,178 | 32,765 |
Prior | 35,179 | 20,087 |
Revolving Loans | 545 | 0 |
Total | 302,236 | 178,604 |
Commercial [Member] | Hotel/Motel [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 7,921 | 9,234 |
2021/2020 | 8,996 | 14,021 |
2020/2019 | 5,523 | 8,813 |
2019/2018 | 3,453 | 8,780 |
2018/2017 | 0 | 2,678 |
Prior | 13,555 | 30,502 |
Revolving Loans | 0 | 0 |
Total | 39,448 | 74,028 |
Commercial [Member] | Hotel/Motel [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 1,956 | 0 |
Revolving Loans | 0 | 0 |
Total | 1,956 | 0 |
Commercial [Member] | Hotel/Motel [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 3,355 |
2018/2017 | 0 | 1,075 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 4,430 |
Commercial [Member] | Hotel/Motel [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Real Estate Residential [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 121,482 | 149,829 |
2021/2020 | 116,150 | 58,729 |
2020/2019 | 41,976 | 24,902 |
2019/2018 | 16,700 | 23,780 |
2018/2017 | 16,267 | 13,085 |
Prior | 45,861 | 55,208 |
Revolving Loans | 14,478 | 9,700 |
Total | 372,914 | 335,233 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 119,826 | 142,364 |
2021/2020 | 110,963 | 54,380 |
2020/2019 | 38,423 | 22,320 |
2019/2018 | 15,467 | 19,826 |
2018/2017 | 10,492 | 11,919 |
Prior | 36,307 | 45,791 |
Revolving Loans | 14,297 | 9,544 |
Total | 345,775 | 306,144 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 1,474 | 2,643 |
2021/2020 | 898 | 2,359 |
2020/2019 | 1,675 | 1,962 |
2019/2018 | 848 | 2,119 |
2018/2017 | 2,136 | 554 |
Prior | 7,015 | 6,949 |
Revolving Loans | 152 | 156 |
Total | 14,198 | 16,742 |
Commercial [Member] | Commercial Real Estate Residential [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 39 | 0 |
2018/2017 | 0 | 16 |
Prior | 0 | 0 |
Revolving Loans | 29 | 0 |
Total | 68 | 16 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 182 | 4,822 |
2021/2020 | 4,289 | 1,990 |
2020/2019 | 1,878 | 620 |
2019/2018 | 346 | 1,835 |
2018/2017 | 3,639 | 596 |
Prior | 2,539 | 2,468 |
Revolving Loans | 0 | 0 |
Total | 12,873 | 12,331 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 180,509 | 224,894 |
2021/2020 | 179,613 | 107,094 |
2020/2019 | 95,899 | 90,131 |
2019/2018 | 76,161 | 60,799 |
2018/2017 | 46,569 | 61,093 |
Prior | 158,857 | 190,506 |
Revolving Loans | 24,741 | 23,376 |
Total | 762,349 | 757,893 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 175,220 | 214,563 |
2021/2020 | 171,311 | 99,131 |
2020/2019 | 80,932 | 82,386 |
2019/2018 | 70,848 | 57,397 |
2018/2017 | 44,099 | 55,422 |
Prior | 137,575 | 168,533 |
Revolving Loans | 23,166 | 22,389 |
Total | 703,151 | 699,821 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 3,331 | 5,130 |
2021/2020 | 5,765 | 2,865 |
2020/2019 | 10,090 | 3,981 |
2019/2018 | 2,178 | 2,802 |
2018/2017 | 1,962 | 3,655 |
Prior | 10,022 | 11,828 |
Revolving Loans | 1,550 | 767 |
Total | 34,898 | 31,028 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 19 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 90 | 178 |
Revolving Loans | 0 | 20 |
Total | 109 | 198 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 1,939 | 5,201 |
2021/2020 | 2,537 | 5,098 |
2020/2019 | 4,877 | 3,764 |
2019/2018 | 3,135 | 600 |
2018/2017 | 508 | 2,016 |
Prior | 10,865 | 9,659 |
Revolving Loans | 25 | 200 |
Total | 23,886 | 26,538 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 305 | 308 |
Revolving Loans | 0 | 0 |
Total | 305 | 308 |
Commercial [Member] | Dealer Floorplans [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 77,533 | 69,452 |
Total | 77,533 | 69,452 |
Commercial [Member] | Dealer Floorplans [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 77,153 | 69,105 |
Total | 77,153 | 69,105 |
Commercial [Member] | Dealer Floorplans [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 380 | 347 |
Total | 380 | 347 |
Commercial [Member] | Dealer Floorplans [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Dealer Floorplans [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Dealer Floorplans [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Other [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 87,054 | 81,446 |
2021/2020 | 65,678 | 47,394 |
2020/2019 | 36,330 | 18,492 |
2019/2018 | 9,604 | 31,024 |
2018/2017 | 2,635 | 9,736 |
Prior | 25,499 | 14,869 |
Revolving Loans | 84,739 | 87,517 |
Total | 311,539 | 290,478 |
Commercial [Member] | Commercial Other [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 78,846 | 72,650 |
2021/2020 | 59,667 | 43,838 |
2020/2019 | 34,841 | 16,495 |
2019/2018 | 8,922 | 29,858 |
2018/2017 | 2,333 | 9,105 |
Prior | 23,961 | 13,346 |
Revolving Loans | 77,355 | 75,119 |
Total | 285,925 | 260,411 |
Commercial [Member] | Commercial Other [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 1,622 | 7,196 |
2021/2020 | 393 | 1,967 |
2020/2019 | 604 | 1,582 |
2019/2018 | 217 | 599 |
2018/2017 | 159 | 332 |
Prior | 780 | 1,071 |
Revolving Loans | 6,402 | 11,792 |
Total | 10,177 | 24,539 |
Commercial [Member] | Commercial Other [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 30 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 268 |
2019/2018 | 0 | 383 |
2018/2017 | 0 | 12 |
Prior | 0 | 1 |
Revolving Loans | 30 | 482 |
Total | 60 | 1,146 |
Commercial [Member] | Commercial Other [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 6,090 | 1,600 |
2021/2020 | 5,489 | 1,589 |
2020/2019 | 885 | 147 |
2019/2018 | 356 | 184 |
2018/2017 | 143 | 287 |
Prior | 758 | 451 |
Revolving Loans | 952 | 124 |
Total | 14,673 | 4,382 |
Commercial [Member] | Commercial Other [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 466 | 0 |
2021/2020 | 129 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 109 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 704 | 0 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 46,227 |
2021/2020 | 883 | 1,108 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 883 | 47,335 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 46,227 |
2021/2020 | 883 | 1,108 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 883 | 47,335 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Residential [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 176,736 | 195,731 |
2021/2020 | 177,751 | 161,534 |
2020/2019 | 132,893 | 76,216 |
2019/2018 | 63,206 | 37,552 |
2018/2017 | 30,895 | 43,155 |
Prior | 254,212 | 264,426 |
Revolving Loans | 109,843 | 95,238 |
Total | 945,536 | 873,852 |
Residential [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 176,736 | 195,731 |
2021/2020 | 177,469 | 161,471 |
2020/2019 | 132,795 | 75,792 |
2019/2018 | 62,415 | 37,188 |
2018/2017 | 30,473 | 42,597 |
Prior | 246,305 | 256,575 |
Revolving Loans | 109,567 | 94,666 |
Total | 935,760 | 864,020 |
Residential [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 282 | 63 |
2020/2019 | 98 | 424 |
2019/2018 | 791 | 364 |
2018/2017 | 422 | 558 |
Prior | 7,907 | 7,851 |
Revolving Loans | 276 | 572 |
Total | 9,776 | 9,832 |
Residential [Member] | Real Estate Mortgage [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 176,736 | 195,731 |
2021/2020 | 177,751 | 161,534 |
2020/2019 | 132,893 | 76,216 |
2019/2018 | 63,206 | 37,552 |
2018/2017 | 30,895 | 43,155 |
Prior | 243,515 | 252,997 |
Revolving Loans | 0 | 0 |
Total | 824,996 | 767,185 |
Residential [Member] | Real Estate Mortgage [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 176,736 | 195,731 |
2021/2020 | 177,469 | 161,471 |
2020/2019 | 132,795 | 75,792 |
2019/2018 | 62,415 | 37,188 |
2018/2017 | 30,473 | 42,597 |
Prior | 236,110 | 245,666 |
Revolving Loans | 0 | 0 |
Total | 815,998 | 758,445 |
Residential [Member] | Real Estate Mortgage [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 282 | 63 |
2020/2019 | 98 | 424 |
2019/2018 | 791 | 364 |
2018/2017 | 422 | 558 |
Prior | 7,405 | 7,331 |
Revolving Loans | 0 | 0 |
Total | 8,998 | 8,740 |
Residential [Member] | Home Equity Lines [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 10,697 | 11,429 |
Revolving Loans | 109,843 | 95,238 |
Total | 120,540 | 106,667 |
Residential [Member] | Home Equity Lines [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 10,195 | 10,909 |
Revolving Loans | 109,567 | 94,666 |
Total | 119,762 | 105,575 |
Residential [Member] | Home Equity Lines [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 502 | 520 |
Revolving Loans | 276 | 572 |
Total | 778 | 1,092 |
Consumer [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 433,408 | 334,777 |
2021/2020 | 210,789 | 229,596 |
2020/2019 | 140,289 | 99,308 |
2019/2018 | 56,944 | 64,939 |
2018/2017 | 33,014 | 27,965 |
Prior | 20,452 | 20,923 |
Revolving Loans | 0 | 0 |
Total | 894,896 | 777,508 |
Consumer [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 433,318 | 334,753 |
2021/2020 | 210,527 | 229,457 |
2020/2019 | 140,188 | 99,285 |
2019/2018 | 56,914 | 64,905 |
2018/2017 | 33,013 | 27,939 |
Prior | 20,430 | 20,919 |
Revolving Loans | 0 | 0 |
Total | 894,390 | 777,258 |
Consumer [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 90 | 24 |
2021/2020 | 262 | 139 |
2020/2019 | 101 | 23 |
2019/2018 | 30 | 34 |
2018/2017 | 1 | 26 |
Prior | 22 | 4 |
Revolving Loans | 0 | 0 |
Total | 506 | 250 |
Consumer [Member] | Consumer Direct [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 62,264 | 71,626 |
2021/2020 | 42,025 | 39,316 |
2020/2019 | 23,926 | 18,495 |
2019/2018 | 11,166 | 10,502 |
2018/2017 | 6,766 | 4,493 |
Prior | 11,357 | 12,251 |
Revolving Loans | 0 | 0 |
Total | 157,504 | 156,683 |
Consumer [Member] | Consumer Direct [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 62,239 | 71,626 |
2021/2020 | 42,014 | 39,312 |
2020/2019 | 23,921 | 18,492 |
2019/2018 | 11,166 | 10,468 |
2018/2017 | 6,766 | 4,490 |
Prior | 11,357 | 12,251 |
Revolving Loans | 0 | 0 |
Total | 157,463 | 156,639 |
Consumer [Member] | Consumer Direct [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 25 | 0 |
2021/2020 | 11 | 4 |
2020/2019 | 5 | 3 |
2019/2018 | 0 | 34 |
2018/2017 | 0 | 3 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 41 | 44 |
Consumer [Member] | Consumer Indirect [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 371,144 | 263,151 |
2021/2020 | 168,764 | 190,280 |
2020/2019 | 116,363 | 80,813 |
2019/2018 | 45,778 | 54,437 |
2018/2017 | 26,248 | 23,472 |
Prior | 9,095 | 8,672 |
Revolving Loans | 0 | 0 |
Total | 737,392 | 620,825 |
Consumer [Member] | Consumer Indirect [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 371,079 | 263,127 |
2021/2020 | 168,513 | 190,145 |
2020/2019 | 116,267 | 80,793 |
2019/2018 | 45,748 | 54,437 |
2018/2017 | 26,247 | 23,449 |
Prior | 9,073 | 8,668 |
Revolving Loans | 0 | 0 |
Total | 736,927 | 620,619 |
Consumer [Member] | Consumer Indirect [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 65 | 24 |
2021/2020 | 251 | 135 |
2020/2019 | 96 | 20 |
2019/2018 | 30 | 0 |
2018/2017 | 1 | 23 |
Prior | 22 | 4 |
Revolving Loans | 0 | 0 |
Total | $ 465 | $ 206 |
Loans, Collateral Dependent Loa
Loans, Collateral Dependent Loans and Loans With/Without Specific Valuation Allowance (Details) - Commercial [Member] - Collateral Pledged [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) Loan | |
Collateral Dependent Loans by Segment [Abstract] | ||
Number of Loans | Loan | 15 | 18 |
Recorded Balance | $ 32,598 | $ 37,773 |
Specific Allowance | $ 1,200 | $ 1,150 |
Hotel/Motel [Member] | ||
Collateral Dependent Loans by Segment [Abstract] | ||
Number of Loans | Loan | 1 | 2 |
Recorded Balance | $ 1,168 | $ 9,462 |
Specific Allowance | $ 0 | $ 600 |
Commercial Real Estate Residential [Member] | ||
Collateral Dependent Loans by Segment [Abstract] | ||
Number of Loans | Loan | 4 | 4 |
Recorded Balance | $ 7,786 | $ 7,255 |
Specific Allowance | $ 0 | $ 0 |
Commercial Real Estate Nonresidential [Member] | ||
Collateral Dependent Loans by Segment [Abstract] | ||
Number of Loans | Loan | 8 | 11 |
Recorded Balance | $ 14,718 | $ 19,943 |
Specific Allowance | $ 200 | $ 200 |
Commercial Other [Member] | ||
Collateral Dependent Loans by Segment [Abstract] | ||
Number of Loans | Loan | 2 | 1 |
Recorded Balance | $ 8,926 | $ 1,113 |
Specific Allowance | $ 1,000 | $ 350 |
Loans, Troubled Debt Restructur
Loans, Troubled Debt Restructurings Segregated by Class (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) Loan | |
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 41 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 16,829 | $ 8,789 |
Post-Modification Outstanding Balance | 16,964 | 8,864 |
Commitment to extend additional credit on loans modified in TDRs | $ 40 | $ 52 |
Defaulted restructured loans, number of loans | Loan | 2 | 2 |
Defaulted restructured loans, recorded balance | $ 751 | $ 1,388 |
Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 15,270 | 5,262 |
Post-Modification Outstanding Balance | 15,405 | 5,325 |
Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 1,309 | 3,265 |
Post-Modification Outstanding Balance | 1,309 | 3,277 |
Other [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 250 | 262 |
Post-Modification Outstanding Balance | $ 250 | $ 262 |
Commercial [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 36 | 20 |
Pre-Modification Outstanding Recorded Investment | $ 14,927 | $ 7,972 |
Post-Modification Outstanding Balance | 15,062 | 8,046 |
Commercial [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 14,677 | 4,984 |
Post-Modification Outstanding Balance | 14,812 | 5,046 |
Commercial [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 2,988 |
Post-Modification Outstanding Balance | 0 | 3,000 |
Commercial [Member] | Other [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 250 | 0 |
Post-Modification Outstanding Balance | $ 250 | $ 0 |
Commercial [Member] | Commercial Real Estate Residential [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 6 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 725 | $ 388 |
Post-Modification Outstanding Balance | 725 | 424 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 659 | 388 |
Post-Modification Outstanding Balance | 659 | 424 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Balance | 0 | 0 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Other [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 66 | 0 |
Post-Modification Outstanding Balance | $ 66 | $ 0 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 8 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 1,324 | $ 7,167 |
Post-Modification Outstanding Balance | 1,460 | 7,282 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 1,206 | 4,179 |
Post-Modification Outstanding Balance | 1,342 | 4,282 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 2,988 |
Post-Modification Outstanding Balance | 0 | 3,000 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Other [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 118 | 0 |
Post-Modification Outstanding Balance | $ 118 | $ 0 |
Commercial [Member] | Hotel/Motel [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Balance | $ 0 | $ 0 |
Defaulted restructured loans, number of loans | Loan | 0 | 1 |
Defaulted restructured loans, recorded balance | $ 0 | $ 1,113 |
Commercial [Member] | Hotel/Motel [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Balance | 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Balance | 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | Other [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Balance | $ 0 | $ 0 |
Commercial [Member] | Commercial Other [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 22 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 12,878 | $ 417 |
Post-Modification Outstanding Balance | 12,877 | 340 |
Commercial [Member] | Commercial Other [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 12,812 | 417 |
Post-Modification Outstanding Balance | 12,811 | 340 |
Commercial [Member] | Commercial Other [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Balance | 0 | 0 |
Commercial [Member] | Commercial Other [Member] | Other [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 66 | 0 |
Post-Modification Outstanding Balance | $ 66 | $ 0 |
Residential [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 5 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 1,902 | $ 817 |
Post-Modification Outstanding Balance | 1,902 | 818 |
Residential [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 593 | 278 |
Post-Modification Outstanding Balance | 593 | 279 |
Residential [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 1,309 | 277 |
Post-Modification Outstanding Balance | 1,309 | 277 |
Residential [Member] | Other [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 262 |
Post-Modification Outstanding Balance | $ 0 | $ 262 |
Residential [Member] | Real Estate Mortgage [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Number of Loans | Loan | 5 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 1,902 | $ 817 |
Post-Modification Outstanding Balance | $ 1,902 | $ 818 |
Defaulted restructured loans, number of loans | Loan | 2 | 1 |
Defaulted restructured loans, recorded balance | $ 751 | $ 275 |
Residential [Member] | Real Estate Mortgage [Member] | Term Modification [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 593 | 278 |
Post-Modification Outstanding Balance | 593 | 279 |
Residential [Member] | Real Estate Mortgage [Member] | Combination [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 1,309 | 277 |
Post-Modification Outstanding Balance | 1,309 | 277 |
Residential [Member] | Real Estate Mortgage [Member] | Other [Member] | ||
Troubled Debt Restructurings Segregated by Class [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 262 |
Post-Modification Outstanding Balance | $ 0 | $ 262 |
Mortgage Banking and Servicin_3
Mortgage Banking and Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Mortgage Banking and Servicing Rights [Abstract] | ||||
Net gain on sale of mortgage loans held for sale | $ 1,525 | $ 6,820 | $ 7,226 | |
Net loan servicing income [Abstract] | ||||
Servicing fees | $ 2,226 | $ 2,058 | $ 1,515 | |
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Loan Related Fees | Loan Related Fees | Loan Related Fees | |
Late fees | $ 78 | $ 67 | $ 52 | |
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating | |
Ancillary fees | $ 94 | $ 848 | $ 1,310 | |
Ancillary Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] | Loan Related Fees | Loan Related Fees | Loan Related Fees | |
Fair value adjustments | $ 1,069 | $ 428 | $ (1,064) | |
Net loan servicing income | 3,467 | 3,401 | 1,813 | |
Mortgage banking income | 4,992 | 10,221 | 9,039 | |
Loan service for benefit of others | 783,000 | 807,000 | 650,000 | |
Custodial escrow balance | 3,000 | 2,600 | 2,000 | |
Activity for capitalized MSRs using fair value method [Roll Forward] | ||||
Fair value of MSRs, beginning of year | 6,774 | 4,068 | 3,263 | |
New servicing assets created | 625 | 2,278 | 1,869 | |
Change in fair value during the year due to: | ||||
Time decay | [1] | (450) | (259) | (135) |
Payoffs | [2] | (429) | (587) | (766) |
Changes in valuation inputs or assumptions | [3] | 1,948 | 1,274 | (163) |
Fair value of MSRs, end of year | $ 8,468 | $ 6,774 | $ 4,068 | |
Discount rate of servicing assets and servicing liabilities | 10% | 10.10% | 10.10% | |
Weighted average default rates | 1.24% | 1.39% | 1.67% | |
Prepayment speeds generated using Andrew Davidson Prepayment Model | 7.10% | 10% | 15.70% | |
[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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Related party extensions of credit, beginning of year | $ 45,022 | $ 38,061 | |
New loans and advances on lines of credit | 1,813 | 10,952 | |
Repayments | (4,749) | (3,055) | |
Decrease due to changes in related parties | (19) | (936) | |
Related party extensions of credit, end of year | 42,067 | 45,022 | $ 38,061 |
Due to Related Parties [Abstract] | |||
Balances of related party deposits | 27,900 | 24,900 | |
Director Who is Shareholder in Law Firm [Member] | Law Firm [Member] | |||
Related Parties Transactions [Abstract] | |||
Legal fees | 400 | 400 | 800 |
Expenses | 100 | 100 | 100 |
Total payment to related party | $ 500 | $ 500 | 900 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | $ 130,262 | $ 127,154 | |
Less accumulated depreciation and amortization | (87,629) | (86,675) | |
Premises and equipment, net | 42,633 | 40,479 | |
Depreciation and amortization of premises and equipment | 3,300 | 3,200 | $ 3,500 |
Land and Buildings [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | 81,345 | 80,015 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | 4,797 | 4,829 | |
Furniture, Fixtures, and Equipment [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | 43,531 | 40,835 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | $ 589 | $ 1,475 |
Other Real Estate Owned, Activi
Other Real Estate Owned, Activity For Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Activity for other real estate owned [Roll Forward] | |||
Beginning balance of other real estate owned | $ 3,486 | $ 7,694 | |
New assets acquired | 2,433 | 1,166 | |
Capitalized costs | 73 | 0 | |
Fair value adjustments | (285) | (857) | |
Sale of assets | (2,036) | (4,517) | |
Ending balance of other real estate owned | 3,671 | 3,486 | $ 7,694 |
Carrying cost and fair value adjustments for foreclosed properties | $ 500 | $ 1,400 | $ 2,700 |
Other Real Estate Owned, Major
Other Real Estate Owned, Major Classifications of Foreclosed Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | $ 3,671 | $ 3,486 |
1-4 Family [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | 859 | 1,130 |
Construction/Land Development/Other [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | 867 | 480 |
Multifamily [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | 0 | 88 |
Non-farm/Non-residential [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | $ 1,945 | $ 1,788 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Noninterest bearing deposits | $ 1,394,915 | $ 1,331,103 |
Interest bearing demand deposits | 112,265 | 97,064 |
Money market deposits | 1,348,809 | 1,206,401 |
Savings | 654,380 | 632,645 |
Certificates of deposit and other time deposits of $100,000 or more | 531,424 | 654,325 |
Certificates of deposit and other time deposits less than $100,000 | 384,350 | 422,754 |
Total deposits | 4,426,143 | 4,344,292 |
Certificates of deposit and other time deposits of $250,000 or more | 203,700 | $ 261,000 |
Maturities of Time Deposits [Abstract] | ||
Total | 915,774 | |
Within 1 Year | 698,126 | |
2 Years | 148,736 | |
3 Years | 31,724 | |
4 Years | 20,744 | |
5 Years | 16,080 | |
After 5 Years | 364 | |
Certificates of Deposit and Other Time Deposits of $100,000 or More [Member] | ||
Maturities of Time Deposits [Abstract] | ||
Total | 531,424 | |
Within 1 Year | 397,480 | |
2 Years | 96,745 | |
3 Years | 19,199 | |
4 Years | 10,789 | |
5 Years | 7,057 | |
After 5 Years | 154 | |
Certificates of Deposit and Other Time Deposits Less Than $100,000 [Member] | ||
Maturities of Time Deposits [Abstract] | ||
Total | 384,350 | |
Within 1 Year | 300,646 | |
2 Years | 51,991 | |
3 Years | 12,525 | |
4 Years | 9,955 | |
5 Years | 9,023 | |
After 5 Years | $ 210 |
Borrowings, Short-term Debt (De
Borrowings, Short-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Short-term Debt [Abstract] | ||
Repurchase agreements | $ 215,431 | $ 271,088 |
Federal funds purchased | 500 | 500 |
Total short-term debt | $ 215,931 | $ 271,588 |
Federal Funds Purchased [Member] | ||
Short-term Debt [Abstract] | ||
Average interest rate | 4.07% | |
Repurchase Agreements [Member] | ||
Short-term Debt [Abstract] | ||
Average interest rate | 2.75% | |
Maximum balance for repurchase agreements at any month-end | $ 277,400 | |
Average balance of repurchase agreements | $ 242,400 |
Borrowings, Long-term Debt (Det
Borrowings, Long-term Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jan. 27, 2023 | Nov. 29, 2022 | Apr. 02, 2007 | Mar. 30, 2007 | Aug. 31, 2019 | May 31, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | |
3-Month CME Term SOFR [Member] | SOFR [Member] | Subsequent Event [Member] | ||||||||
Long-term debt [Abstract] | ||||||||
Term of variable rate | 3 months | |||||||
Basis spread on variable rate | 0.26161% | |||||||
6-Month CME Term SOFR [Member] | SOFR [Member] | Subsequent Event [Member] | ||||||||
Long-term debt [Abstract] | ||||||||
Term of variable rate | 6 months | |||||||
Basis spread on variable rate | 0.42826% | |||||||
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 | 6.35% | 6.52% | ||||||
Maturity date of junior subordinated debentures | Jun. 01, 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 | 4.76% | |||||||
Junior Subordinated Debentures [Member] | Subordinated Debentures 9.0% [Member] | ||||||||
Long-term debt [Abstract] | ||||||||
Interest rate on junior subordinated debentures | 9% | |||||||
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) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investment securities available-for-sale [Abstract] | ||
Debt securities available-for-sale | $ 1,256,226 | $ 1,455,429 |
Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 215,431 | 271,088 |
Securities Sold under Agreements to Repurchase [Member] | Asset Pledged as Collateral [Member] | ||
Investment securities available-for-sale [Abstract] | ||
Debt securities available-for-sale | 273,800 | 317,100 |
Overnight and Continuous [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 136,574 | 111,240 |
Up to 30 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 500 | 500 |
30-90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 65,000 | 105,000 |
Greater Than 90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 13,357 | 54,348 |
U.S. Treasury and Government Agencies [Member] | ||
Investment securities available-for-sale [Abstract] | ||
Debt securities available-for-sale | 381,932 | 295,770 |
U.S. Treasury and Government Agencies [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 26,524 | 18,632 |
U.S. Treasury and Government Agencies [Member] | Overnight and Continuous [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 21,679 | 3,176 |
U.S. Treasury and Government Agencies [Member] | Up to 30 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 34 | 16 |
U.S. Treasury and Government Agencies [Member] | 30-90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 2,979 | 5,400 |
U.S. Treasury and Government Agencies [Member] | Greater Than 90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 1,832 | 10,040 |
State and Political Subdivisions [Member] | ||
Investment securities available-for-sale [Abstract] | ||
Debt securities available-for-sale | 265,102 | 334,203 |
State and Political Subdivisions [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 108,867 | 106,919 |
State and Political Subdivisions [Member] | Overnight and Continuous [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 96,627 | 83,375 |
State and Political Subdivisions [Member] | Up to 30 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 466 | 484 |
State and Political Subdivisions [Member] | 30-90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 9,634 | 13,633 |
State and Political Subdivisions [Member] | Greater Than 90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 2,140 | 9,427 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Investment securities available-for-sale [Abstract] | ||
Debt securities available-for-sale | 520,085 | 730,809 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 79,736 | 145,537 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | Overnight and Continuous [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 17,964 | 24,689 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | Up to 30 Days [Member] | Securities Sold under Agreements to Repurchase [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] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 52,387 | 85,967 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | Greater Than 90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 9,385 | 34,881 |
Asset-backed Securities [Member] | ||
Investment securities available-for-sale [Abstract] | ||
Debt securities available-for-sale | 89,107 | 94,647 |
Asset-backed Securities [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 304 | 0 |
Asset-backed Securities [Member] | Overnight and Continuous [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 304 | 0 |
Asset-backed Securities [Member] | Up to 30 Days [Member] | Securities Sold under Agreements to Repurchase [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 |
Asset-backed Securities [Member] | 30-90 Days [Member] | Securities Sold under Agreements to Repurchase [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 |
Asset-backed Securities [Member] | Greater Than 90 Days [Member] | Securities Sold under Agreements to Repurchase [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 |
Advances from Federal Home Lo_3
Advances from Federal Home Loan Bank (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank [Abstract] | ||
Total FHLB advances | $ 355 | $ 375 |
Monthly Amortizing Advances [Member] | ||
Federal Home Loan Bank [Abstract] | ||
Total FHLB advances | 355 | $ 375 |
Within 1 Year | 22 | |
2 Years | 20 | |
3 Years | 21 | |
4 Years | 20 | |
5 Years | 21 | |
After 5 Years | 251 | |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank [Abstract] | ||
Federal home loan bank stock used as collateral for advances | 6,700 | |
FHLB maximum borrowing capacity | 501,400 | |
Federal home loan bank advances available | $ 501,000 | |
Federal Home Loan Bank Advances [Member] | Minimum [Member] | ||
Federal Home Loan Bank [Abstract] | ||
Federal home loan bank advances, interest rate | 0% | |
Federal Home Loan Bank Advances [Member] | Maximum [Member] | ||
Federal Home Loan Bank [Abstract] | ||
Federal home loan bank advances, interest rate | 2% | |
Federal Home Loan Bank Advances [Member] | Weighted Average [Member] | ||
Federal Home Loan Bank [Abstract] | ||
Federal home loan bank advances, interest rate | 0.05% | |
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 | 0.05% | 0.05% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of the provision for income taxes, exclusive of tax effect of unrealized AFS securities gains and losses [Abstract] | |||
Current federal income tax expense | $ 14,882 | $ 16,160 | $ 12,884 |
Current state income tax expense | 1,096 | 4,214 | 786 |
Deferred federal income tax expense (benefit) | 194 | 1,138 | (2,900) |
Deferred state income tax expense | 3,056 | 1,192 | 0 |
Effect of Kentucky tax legislation benefit | 0 | 0 | (9) |
Total income tax expense | 19,228 | 22,704 | 10,761 |
Reconciliation of income tax expense at the statutory rate to actual income tax expense [Abstract] | |||
Computed at the statutory rate | 21,219 | 23,235 | 14,755 |
Adjustments resulting from [Abstract] | |||
Tax-exempt interest | (717) | (690) | (547) |
Housing and new markets credits | (3,105) | (3,939) | (4,194) |
Bank owned life insurance | (367) | (382) | (277) |
ESOP dividend deduction | (240) | (233) | (221) |
Stock option exercises and restricted stock vesting | (1) | 25 | (10) |
Effect of KY tax legislation | 0 | 0 | (7) |
State income taxes | 3,281 | 4,270 | 621 |
Split dollar life insurance | (184) | 212 | 529 |
Other | (658) | 206 | 112 |
Total income tax expense | $ 19,228 | $ 22,704 | $ 10,761 |
Reconciliation of income tax expense at the statutory rate to actual income tax expense [Abstract] | |||
Computed at the statutory rate | 21% | 21% | 21% |
Adjustments resulting from [Abstract] | |||
Tax-exempt interest | (0.70%) | (0.62%) | (0.78%) |
Housing and new markets credits | (3.07%) | (3.56%) | (5.97%) |
Bank owned life insurance | (0.36%) | (0.35%) | (0.39%) |
ESOP dividend deduction | (0.24%) | (0.21%) | (0.32%) |
Stock option exercises and restricted stock vesting | 0% | 0.02% | (0.01%) |
Effect of KY tax legislation | 0% | 0% | (0.01%) |
State income taxes | 3.25% | 3.86% | 0.88% |
Split dollar life insurance | (0.19%) | 0.19% | 0.75% |
Other | (0.66%) | 0.19% | 0.16% |
Total | 19.03% | 20.52% | 15.31% |
Deferred tax assets [Abstract] | |||
Allowance for credit losses | $ 11,472 | $ 10,418 | |
Interest on nonaccrual loans | 362 | 547 | |
Accrued expenses | 2,969 | 2,960 | |
Unrealized losses on AFS securities | 45,339 | 1,664 | |
Allowance for other real estate owned | 223 | 268 | |
State net operating loss carryforward | 0 | 2,308 | |
Lease liabilities | 4,398 | 3,245 | |
Other | 485 | 973 | |
Total deferred tax assets | 65,248 | 22,383 | |
Deferred tax liabilities [Abstract] | |||
Depreciation and amortization | (14,859) | (14,604) | |
FHLB stock dividends | (827) | (961) | |
Loan fee income | (1,136) | (621) | |
Mortgage servicing rights | (2,113) | (1,690) | |
Limited partnership investments | (710) | (648) | |
Right of use assets | (4,259) | (3,031) | |
Other | (1,466) | (1,374) | |
Total deferred tax liabilities | (25,370) | (22,929) | |
Net deferred tax asset (liability) | 39,878 | ||
Net deferred tax asset (liability) | (546) | ||
Amount of loss deduction | 58,400 | $ 42,200 | |
Loss carryforwards | $ 0 |
Employee Benefits, Summary (Det
Employee Benefits, Summary (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Plan h shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) 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 | ||
Service requirement for participant contributions period | 90 days | ||
Percentage of employee contribution, minimum | 1% | ||
Percentage of employee contribution, maximum | 20% | ||
Employer matching contribution | 50% | ||
Maximum contribution on employees gross pay | 8% | ||
Contribution by employer under 401(K) plan | $ | $ 1.2 | $ 1.1 | $ 1.2 |
Number of allocated shares under 401 (K) plan (in shares) | shares | 348,859 | 445,562 | 479,489 |
Employee Stock Ownership Plan ("ESOP") [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Abstract] | |||
Minimum age of employees to participate under ESOP | 21 years | ||
Minimum requisite service period to participate under ESOP | 1 year | ||
Minimum annual working hours required to participate under ESOP | h | 1,000 | ||
Maximum annual contribution percentage under ESOP | 4% | ||
Contributions to ESOP by employer | $ | $ 1.7 | $ 1.8 | $ 1.8 |
Number of allocated shares under ESOP (in shares) | shares | 734,677 | 774,562 | 778,269 |
Employee Benefits, Stock-Based
Employee Benefits, Stock-Based Compensation (Details) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2016 shares | Dec. 31, 2022 USD ($) Plan $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | ||
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) | 400,000 | ||||
Options, weighted average exercise price [Abstract] | |||||
Number of nonvested options (in shares) | 0 | ||||
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 nonvested share-based compensation arrangements granted under the plan at year-end | $ | $ 2,108,000 | $ 1,093,000 | $ 1,512,000 | ||
Total fair value of shares vested for the year | $ | 1,306,000 | 664,000 | 887,000 | ||
Cash received from option exercises under all share-based payment arrangements for the year | $ | 0 | 0 | 11,000 | ||
Tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the year | $ | $ 0 | $ 0 | $ 1,000 | ||
Expected period for recognition of unrecognized compensation cost | 3 years 2 months 12 days | ||||
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] | 400,000 | |||
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) | 154,084 | ||||
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) | 450,659 | ||||
Forfeitures (in shares) | 0 | ||||
Shares available for future issuance (in shares) | 400,221 | 450,659 | |||
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 | ||
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) | (50,438) | ||||
Restricted stock activity, grants [Roll Forward] | |||||
Outstanding at beginning of year (in shares) | 47,063 | 55,551 | 50,992 | ||
Granted (in shares) | 50,438 | 9,193 | 21,544 | ||
Vested (in shares) | (29,364) | (17,681) | (16,985) | ||
Forfeited (in shares) | 0 | 0 | 0 | ||
Outstanding at end of year (in shares) | 68,137 | 47,063 | 55,551 | ||
Restricted stock activity, weighted average fair value at grant [Roll Forward] | |||||
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 42.9 | $ 44.04 | $ 43.08 | ||
Granted (in dollars per share) | $ / shares | 45.15 | 38.7 | 44.64 | ||
Vested (in dollars per share) | $ / shares | 43.92 | 44.31 | 41.92 | ||
Forfeited (in dollars per share) | $ / shares | 0 | 0 | 0 | ||
Outstanding at end of year (in dollars per share) | $ / shares | $ 44.13 | $ 42.9 | $ 44.04 | ||
2006 Plan [Member] | Stock Options [Member] | |||||
Options, number of shares [Roll Forward] | |||||
Outstanding at beginning of year (in shares) | 20,000 | 20,000 | 20,495 | ||
Granted (in shares) | 0 | 0 | 0 | ||
Exercised (in shares) | 0 | 0 | (495) | ||
Forfeited/expired (in shares) | 0 | 0 | 0 | ||
Outstanding at end of year (in shares) | 20,000 | 20,000 | 20,000 | ||
Exercisable at end of year (in shares) | 20,000 | 20,000 | 20,000 | ||
Options, weighted average exercise price [Abstract] | |||||
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 32.27 | $ 32.27 | $ 32.04 | ||
Granted (in dollars per share) | $ / shares | 0 | 0 | 0 | ||
Exercised (in dollars per share) | $ / shares | 0 | 0 | 22.81 | ||
Forfeited/expired (in dollars per share) | $ / shares | 0 | 0 | 0 | ||
Outstanding, end of period (in dollars per share) | $ / shares | 32.27 | 32.27 | 32.27 | ||
Exercisable, end of period (in dollars per share) | $ / shares | $ 32.27 | $ 32.27 | $ 32.27 | ||
Expiration period | 10 years | ||||
Options, additional disclosures [Abstract] | |||||
Weighted average remaining contractual term | 2 years 1 month 6 days | ||||
Intrinsic value of options exercised | $ | $ 0 | $ 0 | $ 11,000 | ||
Intrinsic value of options exercisable | $ | 273,000 | 227,000 | 96,000 | ||
Intrinsic value of outstanding options | $ | $ 273,000 | $ 227,000 | $ 96,000 | ||
2006 Plan [Member] | Incentive Stock Option [Member] | |||||
Options, weighted average exercise price [Abstract] | |||||
Exercisable period | 4 years | ||||
2006 Plan [Member] | Management Retention Stock Options [Member] | |||||
Options, weighted average exercise price [Abstract] | |||||
Exercisable period | 5 years | ||||
2006 Plan [Member] | Restricted Stock [Member] | |||||
Restricted stock activity, grants [Roll Forward] | |||||
Outstanding at beginning of year (in shares) | 0 | 0 | |||
Outstanding at end of year (in shares) | 0 | 0 | 0 | ||
[1]Under the 2015 Plan, 550,000 shares are authorized for issuance; 154,084 have been issued as of December 31, 2022. 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, 2022. 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. |
Leases (Details)
Leases (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Lease | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Finance Leases [Abstract] | |||
Number of finance leases | Lease | 1 | ||
Finance lease cost [Abstract] | |||
Amortization of right-of-use assets - finance leases | $ 64 | $ 52 | |
Interest on lease liabilities - finance leases | 70 | 55 | |
Total finance lease cost | 134 | 107 | |
Short-term lease cost | 85 | 181 | |
Operating lease cost | 1,838 | 1,760 | |
Total lease cost | 2,057 | 2,048 | |
Sublease income | (249) | (253) | |
Net lease cost | 1,808 | 1,795 | |
Supplemental Cash Flow Information Related to CTBI's Operating and Finance Lease [Abstract] | |||
Finance lease - operating cash flows | 67 | 53 | |
Finance lease - financing cash flows | 24 | 19 | $ 15 |
Operating lease - operating cash flows (fixed payments) | 1,760 | 1,693 | |
Operating lease - operating cash flows (liability reduction) | 1,424 | 948 | |
New right-of-use assets - operating leases | 3,469 | 0 | |
New right-of-use assets - finance leases | $ 2,070 | $ 0 | |
Weighted average lease term - financing leases | 27 years 1 month 6 days | 24 years 7 days | |
Weighted average lease term - operating leases | 13 years 10 months 2 days | 13 years 4 months 20 days | |
Weighted average discount rate - financing leases | 4.90% | 3.70% | |
Weighted average discount rate - operating leases | 3.55% | 3.11% | |
Maturities of Operating Lease Liabilities [Abstract] | |||
2023 | $ 1,878 | ||
2024 | 1,853 | ||
2025 | 1,748 | ||
2026 | 1,731 | ||
2027 | 1,620 | ||
Thereafter | 9,393 | ||
Total lease payments | 18,223 | ||
Less imputed interest | (4,063) | ||
Total | 14,160 | $ 11,583 | |
Maturities of Finance Lease Liabilities [Abstract] | |||
2023 | 151 | ||
2024 | 155 | ||
2025 | 160 | ||
2026 | 171 | ||
2027 | 175 | ||
Thereafter | 6,362 | ||
Total lease payments | 7,174 | ||
Less imputed interest | (3,706) | ||
Total | $ 3,468 | $ 1,422 | |
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 Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities, Fair Value Measurements of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | $ 1,256,226 | $ 1,455,429 |
Equity securities at fair value | 2,166 | 2,253 |
Liabilities measured - recurring basis [Abstract] | ||
Liabilities | 0 | 0 |
U.S. Treasury and Government Agencies [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 381,932 | 295,770 |
State and Political Subdivisions [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 265,102 | 334,203 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 520,085 | 730,809 |
Asset-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 89,107 | 94,647 |
Recurring [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Equity securities at fair value | 2,166 | 2,253 |
Mortgage servicing rights | 8,468 | 6,774 |
Recurring [Member] | U.S. Treasury and Government Agencies [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 381,932 | 295,770 |
Recurring [Member] | State and Political Subdivisions [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 265,102 | 334,203 |
Recurring [Member] | U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 520,085 | 730,809 |
Recurring [Member] | Asset-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 89,107 | 94,647 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets measured - 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 - recurring basis [Abstract] | ||
Debt securities available-for-sale | 346,265 | 242,214 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | State and Political Subdivisions [Member] | ||
Assets measured - 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 - recurring basis [Abstract] | ||
Debt securities available-for-sale | 0 | 0 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Asset-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets measured - 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 - recurring basis [Abstract] | ||
Debt securities available-for-sale | 35,667 | 53,556 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 265,102 | 334,203 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 520,085 | 730,809 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Asset-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 89,107 | 94,647 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Equity securities at fair value | 2,166 | 2,253 |
Mortgage servicing rights | 8,468 | 6,774 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury and Government Agencies [Member] | ||
Assets measured - 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 - 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 - recurring basis [Abstract] | ||
Debt securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Asset-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | $ 0 | $ 0 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities, Level 3 Reconciliation and Noninterest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Noninterest Income [Abstract] | ||
Total gains (losses) | $ 982 | $ 210 |
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 | 2,253 | 2,471 |
Total unrealized gains (losses) included in net income | (87) | (218) |
Issues | 0 | 0 |
Settlements | 0 | 0 |
Ending balance | 2,166 | 2,253 |
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 | (87) | (218) |
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 | 6,774 | 4,068 |
Total unrealized gains (losses) included in net income | 1,948 | 1,274 |
Issues | 625 | 2,278 |
Settlements | (879) | (846) |
Ending balance | 8,468 | 6,774 |
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 | $ 1,948 | $ 1,274 |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities, Fair Value Measurements of Assets Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Assets measured-nonrecurring basis [Abstract] | ||
Collateral dependent loans | $ 2,703 | $ 1,238 |
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 | |
Nonrecurring [Member] | ||
Impaired loan (collateral dependent) [Abstract] | ||
Fair value adjustments on collateral dependent loans expense (recovery) | $ 1,000 | 700 |
Other real estate owned [Abstract] | ||
Other real estate owned, fair value adjustment | 200 | 300 |
Nonrecurring [Member] | Fair Value [Member] | ||
Assets measured-nonrecurring basis [Abstract] | ||
Collateral dependent loans | 2,703 | 1,238 |
Other real estate owned | 570 | 1,487 |
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 | 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 | 0 |
Other real estate owned | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value [Member] | ||
Assets measured-nonrecurring basis [Abstract] | ||
Collateral dependent loans | 2,703 | 1,238 |
Other real estate owned | $ 570 | $ 1,487 |
Fair Value of Financial Asset_6
Fair Value of Financial Assets and Liabilities, Quantitative Information about Unobservable Inputs (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value | $ 2,166 | $ 2,253 |
Mortgage servicing rights | 8,468 | 6,774 |
Collateral dependent loans | 2,703 | 1,238 |
Other real estate owned | $ 570 | $ 1,487 |
Conversion Rate [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input | 1.6059 | |
Dividend Rate [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input | 0.7227 | |
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 | 0.08 | 0.08 |
Mortgage servicing rights, measurement input | 0.095 | 0.10 |
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 | 0.12 | 0.12 |
Mortgage servicing rights, measurement input | 0.12 | 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 | 0.10 | 0.10 |
Mortgage servicing rights, measurement input | 0.10 | 0.101 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Conversion Date [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input, conversion date | Dec. 31, 2025 | Dec. 31, 2024 |
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, 2029 | Dec. 31, 2028 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Conversion Date [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input, conversion date | Dec. 31, 2027 | 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 | 0.065 | 0.07 |
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 | 0.28 | 0.267 |
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 | 0.071 | 0.10 |
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 | 0.75 |
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 | 0.012 | 0.014 |
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 | 0.52 | 0.20 |
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 | 0.52 | 0.62 |
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 | 0.52 | 0.41 |
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 | 0.10 | 0.10 |
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 | 0.306 | 0.455 |
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 | 0.109 | 0.151 |
Fair Value of Financial Asset_7
Fair Value of Financial Assets and Liabilities, Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets [Abstract] | ||
Debt securities available-for-sale | $ 1,256,226 | $ 1,455,429 |
Equity securities at fair value | 2,166 | 2,253 |
Federal Reserve Bank stock | 4,887 | 4,887 |
Carrying Amount [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 128,686 | 311,756 |
Certificates of deposit in other banks | 245 | 245 |
Debt securities available-for-sale | 1,256,226 | 1,455,429 |
Equity securities at fair value | 2,166 | 2,253 |
Loans held for sale | 109 | 2,632 |
Loans, net | 3,663,309 | 3,367,057 |
Federal Home Loan Bank stock | 6,676 | 8,139 |
Federal Reserve Bank stock | 4,887 | 4,887 |
Accrued interest receivable | 19,592 | 15,415 |
Financial liabilities [Abstract] | ||
Deposits | 4,426,143 | 4,344,292 |
Repurchase agreements | 215,431 | 271,088 |
Federal funds purchased | 500 | 500 |
Advances from Federal Home Loan Bank | 355 | 375 |
Long-term debt | 57,841 | 57,841 |
Accrued interest payable | 2,237 | 1,016 |
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 | 128,686 | 311,756 |
Certificates of deposit in other banks | 0 | 0 |
Debt securities available-for-sale | 346,265 | 242,214 |
Equity securities at fair value | 0 | 0 |
Loans held for sale | 112 | 2,693 |
Loans, net | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | 1,394,915 | 1,331,103 |
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 | 909,961 | 1,213,215 |
Equity securities at fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Federal Home Loan Bank stock | 6,676 | 8,139 |
Federal Reserve Bank stock | 4,887 | 4,887 |
Accrued interest receivable | 19,592 | 15,415 |
Financial liabilities [Abstract] | ||
Deposits | 3,050,144 | 3,043,339 |
Repurchase agreements | 0 | 0 |
Federal funds purchased | 500 | 500 |
Advances from Federal Home Loan Bank | 380 | 400 |
Long-term debt | 0 | 0 |
Accrued interest payable | 2,237 | 1,016 |
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 |
Equity securities at fair value | 2,166 | 2,253 |
Loans held for sale | 0 | 0 |
Loans, net | 3,511,810 | 3,480,803 |
Federal Home Loan Bank stock | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | 0 | 0 |
Repurchase agreements | 215,542 | 271,186 |
Federal funds purchased | 0 | 0 |
Advances from Federal Home Loan Bank | 0 | 0 |
Long-term debt | 55,860 | 45,854 |
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, 2022 | Dec. 31, 2021 | |
Fair Value, Off-balance Sheet Risks Transactions and Guarantees [Abstract] | ||
Total off-balance sheet financial instruments | $ 874,270 | $ 742,901 |
Mortgage loans held for sale | 109 | 2,632 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks Transactions and Guarantees [Abstract] | ||
Total off-balance sheet financial instruments | 34,721 | 32,676 |
Credit loss reserve | $ 700 | |
Percentage of standby letters of credit secured | 68% | |
Standby letters of credit secured by cash | $ 19,500 | |
Standby letters of credit secured | 23,500 | |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks Transactions and Guarantees [Abstract] | ||
Total off-balance sheet financial instruments | 839,549 | 710,225 |
Credit loss reserve | 700 | |
Fixed rate loan commitments amount | $ 119,200 | |
Period of commitment to sell the loans at specified prices | 60 days | |
Total mortgage loans in process | $ 1,800 | 3,600 |
Mortgage loans held for sale | $ 100 | $ 2,600 |
Commitments to Extend Credit [Member] | Minimum [Member] | ||
Fair Value, Off-balance Sheet Risks Transactions and Guarantees [Abstract] | ||
Interest rate on loan commitments | 4% | |
Commitments to Extend Credit [Member] | Maximum [Member] | ||
Fair Value, Off-balance Sheet Risks Transactions and Guarantees [Abstract] | ||
Interest rate on loan commitments | 6.50% | |
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, 2022 | Dec. 31, 2021 | |
Hospitality Industry Credits [Member] | ||
Concentration Risk [Abstract] | ||
Concentration of credit risk | 60% | 44% |
Lessors of Residential Buildings and Dwellings Credits [Member] | ||
Concentration Risk [Abstract] | ||
Concentration of credit risk | 41% | 41% |
Lessors of Non-residential Buildings Credits [Member] | ||
Concentration Risk [Abstract] | ||
Concentration of credit risk | 35% | 35% |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
CBLR, Amount [Abstract] | ||
Actual Amount | $ 750,159 | $ 696,828 |
For Capital Adequacy Purposes | $ 498,148 | $ 455,594 |
CBLR, Ratio [Abstract] | ||
Actual Ratio | 0.1355 | 0.13 |
For Capital Adequacy Purposes | 0.09 | 0.085 |
Community Trust Bank, Inc [Member] | ||
Regulatory Matter [Abstract] | ||
Maximum dividend without Approval | $ 111,500 | |
CBLR, Amount [Abstract] | ||
Actual Amount | 714,727 | $ 662,125 |
For Capital Adequacy Purposes | $ 495,727 | $ 453,185 |
CBLR, Ratio [Abstract] | ||
Actual Ratio | 0.1298 | 0.1242 |
For Capital Adequacy Purposes | 0.09 | 0.085 |
Parent Company Financial Stat_3
Parent Company Financial Statements, Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets [Abstract] | ||||
Cash on deposit | $ 51,306 | $ 46,558 | ||
Goodwill | 65,490 | 65,490 | ||
Premises and equipment, net | 42,633 | 40,479 | ||
Deferred tax asset | 39,878 | 0 | ||
Other assets | 28,463 | 30,970 | ||
Total assets | 5,380,316 | 5,418,257 | ||
Liabilities and shareholders' equity [Abstract] | ||||
Long-term debt | 57,841 | 57,841 | ||
Other liabilities | 32,134 | 31,392 | ||
Total liabilities | 4,752,269 | 4,720,055 | ||
Shareholders' equity | 628,047 | 698,202 | $ 654,865 | $ 614,886 |
Total liabilities and shareholders' equity | 5,380,316 | 5,418,257 | ||
Parent Company [Member] | ||||
Assets [Abstract] | ||||
Cash on deposit | 2,933 | 3,263 | ||
Investment in and advances to subsidiaries | 679,425 | 749,002 | ||
Goodwill | 4,973 | 4,973 | ||
Premises and equipment, net | 133 | 114 | ||
Deferred tax asset | 260 | 890 | ||
Other assets | 4,808 | 5,427 | ||
Total assets | 692,532 | 763,669 | ||
Liabilities and shareholders' equity [Abstract] | ||||
Long-term debt | 61,341 | 61,341 | ||
Other liabilities | 3,144 | 4,126 | ||
Total liabilities | 64,485 | 65,467 | ||
Shareholders' equity | 628,047 | 698,202 | ||
Total liabilities and shareholders' equity | $ 692,532 | $ 763,669 |
Parent Company Financial Stat_4
Parent Company Financial Statements, Condensed Statements of Income and Comprehensive Income (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expenses [Abstract] | |||
Interest expense | $ 28,640 | $ 15,090 | $ 25,450 |
Other expenses | 15,319 | 11,968 | 12,031 |
Income tax benefit | 19,228 | 22,704 | 10,761 |
Net income | 81,814 | 87,939 | 59,504 |
Unrealized holding gains (losses) on debt securities available-for-sale [Abstract] | |||
Unrealized holding gains (losses) arising during the period | (168,060) | (24,827) | 13,839 |
Less: Reclassification adjustments for realized gains (losses) included in net income | (81) | 60 | 1,251 |
Other comprehensive income (loss), net of tax | (124,304) | (18,416) | 9,315 |
Comprehensive income (loss) | (42,490) | 69,523 | 68,819 |
Parent Company [Member] | |||
Income [Abstract] | |||
Dividends from subsidiaries | 31,544 | 33,319 | 29,593 |
Other income | 710 | 482 | 476 |
Total income | 32,254 | 33,801 | 30,069 |
Expenses [Abstract] | |||
Interest expense | 2,060 | 1,090 | 1,519 |
Depreciation expense | 75 | 70 | 112 |
Other expenses | 4,833 | 5,878 | 3,302 |
Total expenses | 6,968 | 7,038 | 4,933 |
Income before income taxes and equity in undistributed income of subsidiaries | 25,286 | 26,763 | 25,136 |
Income tax benefit | (1,808) | (1,700) | (576) |
Income before equity in undistributed income of subsidiaries | 27,094 | 28,463 | 25,712 |
Equity in undistributed income of subsidiaries | 54,720 | 59,476 | 33,792 |
Net income | 81,814 | 87,939 | 59,504 |
Unrealized holding gains (losses) on debt securities available-for-sale [Abstract] | |||
Unrealized holding gains (losses) arising during the period | (168,060) | (24,827) | 13,839 |
Less: Reclassification adjustments for realized gains (losses) included in net income | (81) | 60 | 1,251 |
Tax expense (benefit) | (43,675) | (6,471) | 3,273 |
Other comprehensive income (loss), net of tax | (124,304) | (18,416) | 9,315 |
Comprehensive income (loss) | $ (42,490) | $ 69,523 | $ 68,819 |
Parent Company Financial Stat_5
Parent Company Financial Statements, Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities [Abstract] | |||
Net income | $ 81,814 | $ 87,939 | $ 59,504 |
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||
Depreciation | 5,219 | 5,033 | 5,346 |
Deferred taxes | 3,250 | 2,330 | (2,909) |
Stock-based compensation | 1,366 | 850 | 944 |
Changes in [Abstract] | |||
Other assets | 2,507 | 4,918 | 1,845 |
Other liabilities | 608 | (2,387) | 4,147 |
Net cash provided by operating activities | 99,684 | 115,695 | 62,379 |
Cash flows from investing activities [Abstract] | |||
Net purchases of premises and equipment | (6,218) | (2,373) | (1,482) |
Net cash used in investing activities | (280,007) | (358,620) | (693,526) |
Cash flows from financing activities [Abstract] | |||
Issuance of common stock | 1,041 | 965 | 926 |
Repurchase of common stock | 0 | 0 | (1,099) |
Dividends paid | (29,938) | (27,916) | (27,142) |
Net cash provided by (used in) financing activities | (2,747) | 216,446 | 704,699 |
Net increase (decrease) in cash and cash equivalents | (183,070) | (26,479) | 73,552 |
Cash and cash equivalents at beginning of year | 311,756 | ||
Cash and cash equivalents at end of year | 128,686 | 311,756 | |
Parent Company [Member] | |||
Cash flows from operating activities [Abstract] | |||
Net income | 81,814 | 87,939 | 59,504 |
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||
Depreciation | 76 | 69 | 112 |
Equity in undistributed earnings of subsidiaries | (54,720) | (59,476) | (33,792) |
Deferred taxes | 630 | 3,759 | 451 |
Stock-based compensation | 1,366 | 850 | 944 |
Changes in [Abstract] | |||
Other assets | 611 | (5,403) | (115) |
Other liabilities | (1,115) | 1,037 | (318) |
Net cash provided by operating activities | 28,662 | 28,775 | 26,786 |
Cash flows from investing activities [Abstract] | |||
Net purchases of premises and equipment | (95) | (66) | (55) |
Net cash used in investing activities | (95) | (66) | (55) |
Cash flows from financing activities [Abstract] | |||
Issuance of common stock | 1,041 | 965 | 926 |
Repurchase of common stock | 0 | 0 | (1,099) |
Dividends paid | (29,938) | (27,916) | (27,142) |
Net cash provided by (used in) financing activities | (28,897) | (26,951) | (27,315) |
Net increase (decrease) in cash and cash equivalents | (330) | 1,758 | (584) |
Cash and cash equivalents at beginning of year | 3,263 | 1,505 | 2,089 |
Cash and cash equivalents at end of year | $ 2,933 | $ 3,263 | $ 1,505 |
Revenue Recognition (Details)
Revenue Recognition (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator [Abstract] | |||
Net income | $ 81,814 | $ 87,939 | $ 59,504 |
Basic earnings per share [Abstract] | |||
Weighted average shares (in shares) | 17,836,000 | 17,786,000 | 17,748,000 |
Diluted earnings per share [Abstract] | |||
Dilutive effect of equity grants (in shares) | 15,000 | 18,000 | 8,000 |
Adjusted weighted average shares (in shares) | 17,851,000 | 17,804,000 | 17,756,000 |
Earnings per share [Abstract] | |||
Basic earnings per share (in dollars per share) | $ 4.59 | $ 4.94 | $ 3.35 |
Diluted earnings per share (in dollars per share) | $ 4.58 | $ 4.94 | $ 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 (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amounts Reclassified from AOCI [Abstract] | |||
Securities gains (losses) | $ (168) | $ (158) | $ 1,769 |
Tax expense (benefit) | 19,228 | 22,704 | 10,761 |
Net income | 81,814 | 87,939 | 59,504 |
Unrealized Gains (Losses) on AFS Securities [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||
Amounts Reclassified from AOCI [Abstract] | |||
Securities gains (losses) | (81) | 60 | 1,251 |
Tax expense (benefit) | (21) | 16 | 325 |
Net income | $ (60) | $ 44 | $ 926 |