Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 27, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COMMUNITY TRUST BANCORP INC /KY/ | ||
Entity Central Index Key | 350852 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $567 | ||
Entity Common Stock, Shares Outstanding | 17,479,236 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Cash and due from banks | $56,299 | $64,828 |
Interest bearing deposits | 44,285 | 33,200 |
Federal funds sold | 4,933 | 8,613 |
Cash and cash equivalents | 105,517 | 106,641 |
Certificates of deposit in other banks | 8,197 | 9,568 |
Securities available-for-sale at fair value (amortized cost of $638,395 and $621,753, respectively) | 640,186 | 609,405 |
Securities held-to-maturity at amortized cost (fair value of $1,644 and $1,601, respectively) | 1,662 | 1,662 |
Loans held for sale | 2,264 | 828 |
Loans | 2,733,824 | 2,615,354 |
Allowance for loan and lease losses | -34,447 | -34,008 |
Net loans | 2,699,377 | 2,581,346 |
Premises and equipment, net | 49,980 | 52,000 |
Federal Home Loan Bank stock | 17,927 | 25,673 |
Federal Reserve Bank stock | 4,869 | 4,886 |
Goodwill | 65,490 | 65,490 |
Core deposit intangible (net of accumulated amortization of $8,138 and $7,925, respectively) | 477 | 690 |
Bank owned life insurance | 60,697 | 53,687 |
Mortgage servicing rights | 2,968 | 3,424 |
Other real estate owned | 36,776 | 39,188 |
Other assets | 27,378 | 27,228 |
Total assets | 3,723,765 | 3,581,716 |
Deposits | ||
Noninterest bearing | 677,626 | 621,321 |
Interest bearing | 2,196,631 | 2,233,753 |
Total deposits | 2,874,257 | 2,855,074 |
Repurchase agreements | 235,186 | 208,067 |
Federal funds purchased and other short-term borrowings | 11,041 | 12,465 |
Advances from Federal Home Loan Bank | 61,170 | 1,286 |
Long-term debt | 61,341 | 61,341 |
Other liabilities | 32,893 | 30,991 |
Total liabilities | 3,275,888 | 3,169,224 |
Commitments and contingencies (note 19) | ||
Shareholders' equity: | ||
Preferred stock, 300,000 shares authorized and unissued | 0 | 0 |
Common stock, $5 par value, shares authorized 25,000,000; shares outstanding 2014 - 17,466,375; 2013 - 17,403,441 | 87,332 | 79,107 |
Capital surplus | 214,684 | 167,122 |
Retained earnings | 144,697 | 174,289 |
Accumulated other comprehensive income (loss), net of tax | 1,164 | -8,026 |
Total shareholders' equity | 447,877 | 412,492 |
Total liabilities and shareholders' equity | $3,723,765 | $3,581,716 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets: | ||
Securities available-for-sale at amortized cost | $638,395 | $621,753 |
Securities held-to-maturity at fair value | 1,644 | 1,601 |
Core deposit intangible, accumulated amortization | $8,138 | $7,925 |
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) | 17,466,375 | 17,403,441 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income: | |||
Interest and fees on loans, including loans held for sale | $128,457 | $131,725 | $137,653 |
Interest and dividends on securities: | |||
Taxable | 11,314 | 12,425 | 12,009 |
Tax exempt | 2,576 | 2,249 | 2,074 |
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock | 1,136 | 1,367 | 1,433 |
Other, including interest on federal funds sold | 384 | 361 | 553 |
Total interest income | 143,867 | 148,127 | 153,722 |
Interest expense: | |||
Interest on deposits | 9,798 | 11,313 | 17,911 |
Interest on repurchase agreements and other short-term borrowings | 841 | 940 | 1,240 |
Interest on advances from Federal Home Loan Bank | 27 | 26 | 34 |
Interest on long-term debt | 1,131 | 1,161 | 2,403 |
Total interest expense | 11,797 | 13,440 | 21,588 |
Net interest income | 132,070 | 134,687 | 132,134 |
Provision for loan losses | 8,755 | 8,568 | 9,450 |
Net interest income after provision for loan losses | 123,315 | 126,119 | 122,684 |
Noninterest income: | |||
Service charges on deposit accounts | 23,892 | 24,650 | 23,996 |
Gains on sales of loans, net | 1,468 | 3,098 | 2,562 |
Trust and wealth management income | 9,011 | 8,199 | 6,918 |
Loan related fees | 3,531 | 4,697 | 4,042 |
Bank owned life insurance | 1,996 | 2,747 | 1,760 |
Brokerage revenue | 2,454 | 2,245 | 2,209 |
Securities gains (losses) | -211 | -45 | 1,155 |
Other noninterest income | 2,940 | 3,713 | 3,315 |
Total noninterest income | 45,081 | 49,304 | 45,957 |
Noninterest expense: | |||
Officer salaries and employee benefits | 11,076 | 10,432 | 10,561 |
Other salaries and employee benefits | 43,417 | 42,411 | 41,327 |
Occupancy, net | 8,017 | 7,804 | 7,546 |
Equipment | 3,414 | 3,865 | 3,876 |
Data processing | 7,877 | 7,308 | 6,394 |
Bank franchise tax | 4,857 | 4,493 | 4,571 |
Legal fees | 2,444 | 2,392 | 2,154 |
Professional fees | 1,832 | 1,790 | 1,545 |
FDIC insurance | 2,400 | 2,442 | 2,553 |
Other real estate owned provision and expense | 3,897 | 5,154 | 5,267 |
Repossession expense | 1,508 | 1,522 | 1,707 |
Other noninterest expense | 15,260 | 20,638 | 16,053 |
Total noninterest expense | 105,999 | 110,251 | 103,554 |
Income before income taxes | 62,397 | 65,172 | 65,087 |
Income taxes | 19,146 | 20,000 | 20,225 |
Net income | 43,251 | 45,172 | 44,862 |
Unrealized holding gains (losses) on securities available-for-sale: | |||
Unrealized holding gains (losses) arising during the period | 13,928 | -31,878 | 4,973 |
Less: Reclassification adjustments for realized (gains) losses included in net income | 211 | 45 | -1,155 |
Tax (benefit) expense | 4,949 | -11,142 | 1,336 |
Other comprehensive income (loss), net of tax | 9,190 | -20,691 | 2,482 |
Comprehensive income | $52,441 | $24,481 | $47,344 |
Basic earnings per share (in dollars per share) | $2.50 | $2.63 | $2.64 |
Diluted earnings per share (in dollars per share) | $2.49 | $2.62 | $2.63 |
Weighted average shares outstanding-basic (in shares) | 17,326 | 17,158 | 17,013 |
Weighted average shares outstanding-diluted (in shares) | 17,397 | 17,240 | 17,073 |
Dividends declared per share (in dollars per share) | $1.18 | $1.15 | $1.14 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2011 | $77,151 | $156,101 | $123,431 | $10,183 | $366,866 |
Balance (in shares) at Dec. 31, 2011 | 16,972,994 | ||||
Increase (Decrease) in Stockholders' Equity [Roll forward] | |||||
Net income | 44,862 | 44,862 | |||
Other comprehensive income (loss), net of tax | 2,482 | 2,482 | |||
Cash dividends declared | -19,349 | -19,349 | |||
Issuance of common stock | 912 | 3,483 | 4,395 | ||
Issuance of common stock (in shares) | 200,873 | ||||
Issuance of restricted stock | 2 | -2 | 0 | ||
Issuance of restricted stock (shares) | 364 | ||||
Stock-based compensation and related excess tax benefits | 1,088 | 1,088 | |||
Balance at Dec. 31, 2012 | 78,065 | 160,670 | 148,944 | 12,665 | 400,344 |
Balance (in shares) at Dec. 31, 2012 | 17,174,231 | ||||
Increase (Decrease) in Stockholders' Equity [Roll forward] | |||||
Net income | 45,172 | 45,172 | |||
Other comprehensive income (loss), net of tax | -20,691 | -20,691 | |||
Cash dividends declared | -19,827 | -19,827 | |||
Issuance of common stock | 1,038 | 5,310 | 6,348 | ||
Issuance of common stock (in shares) | 228,260 | ||||
Issuance of restricted stock | 4 | -4 | 0 | ||
Issuance of restricted stock (shares) | 950 | ||||
Stock-based compensation and related excess tax benefits | 1,146 | 1,146 | |||
Balance at Dec. 31, 2013 | 79,107 | 167,122 | 174,289 | -8,026 | 412,492 |
Balance (in shares) at Dec. 31, 2013 | 17,403,441 | 17,403,441 | |||
Increase (Decrease) in Stockholders' Equity [Roll forward] | |||||
Net income | 43,251 | 43,251 | |||
Other comprehensive income (loss), net of tax | 9,190 | 9,190 | |||
Cash dividends declared | -20,539 | -20,539 | |||
Issuance of 10% stock dividend | 7,910 | 44,394 | -52,304 | 0 | |
Issuance of common stock | 346 | 1,646 | 1,992 | ||
Issuance of common stock (in shares) | 69,138 | ||||
Vesting of restricted stock | -45 | 45 | 0 | ||
Vesting of restricted stock (shares) | -8,945 | ||||
Issuance of restricted stock | 23 | -23 | 0 | ||
Issuance of restricted stock (shares) | 4,576 | ||||
Forfeiture of restricted stock | -9 | 9 | 0 | ||
Forfeiture of restricted stock (shares) | -1,835 | ||||
Stock-based compensation and related excess tax benefits | 1,491 | 1,491 | |||
Balance at Dec. 31, 2014 | $87,332 | $214,684 | $144,697 | $1,164 | $447,877 |
Balance (in shares) at Dec. 31, 2014 | 17,466,375 | 17,466,375 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Stockholders' Equity [Roll forward] | |||
Other comprehensive income (loss), tax | ($4,949) | $11,142 | ($1,336) |
Cash dividends declared (in dollars per share) | $1.18 | $1.15 | $1.14 |
Stock dividend rate (in hundredths) | 10.00% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $43,251 | $45,172 | $44,862 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,314 | 4,562 | 4,324 |
Deferred taxes | -1,048 | 582 | 5,441 |
Stock-based compensation | 852 | 698 | 592 |
Excess tax benefits of stock-based compensation | 760 | 572 | 496 |
Provision for loan losses | 8,755 | 8,568 | 9,450 |
Write-downs of other real estate owned and other repossessed assets | 1,730 | 2,480 | 2,704 |
Gains on sale of mortgage loans held for sale | -1,468 | -3,098 | -2,562 |
Securities (gains) losses | 211 | 45 | -1,155 |
(Gains)/losses on sale of assets, net | -73 | -19 | 328 |
Proceeds from sale of mortgage loans held for sale | 51,181 | 134,695 | 113,632 |
Funding of mortgage loans held for sale | -51,149 | -109,939 | -133,021 |
Amortization of securities premiums and discounts, net | 2,661 | 3,976 | 5,375 |
Change in cash surrender value of bank owned life insurance | -1,506 | -1,488 | -1,410 |
Mortgage servicing rights: | |||
Fair value adjustments | 830 | -206 | 559 |
New servicing assets created | -374 | -854 | -641 |
Changes in: | |||
Other assets | -60 | 4,647 | 1,792 |
Other liabilities | -1,339 | 323 | 7,130 |
Net cash provided by operating activities | 57,528 | 90,716 | 57,896 |
Certificates of deposit in other banks: | |||
Purchase of certificates of deposit | -245 | -4,472 | 0 |
Maturity of certificates of deposit | 1,616 | 240 | 6,539 |
Securities available-for-sale (AFS): | |||
Purchase of AFS securities | -217,949 | -197,264 | -285,795 |
Proceeds from sales of AFS securities | 135,411 | 42,936 | 39,856 |
Proceeds from prepayments and maturities of AFS securities | 63,023 | 112,412 | 169,592 |
Change in loans, net | -132,906 | -76,442 | -7,664 |
Purchase of premises and equipment | -2,081 | -2,105 | -4,301 |
Proceeds from sale of premises and equipment | 82 | 48 | 108 |
Asset retirement | 0 | 0 | 167 |
Redemption of stock by FHLB | 7,746 | 0 | 0 |
Additional investment in Federal Reserve Bank stock | -1 | -1 | -2 |
Cancellation of Federal Reserve Bank stock | 18 | 0 | 0 |
Proceeds from sale of other real estate owned and repossessed assets | 6,714 | 9,914 | 11,082 |
Additional investment in other real estate owned and repossessed assets | 0 | -6 | -545 |
Additional investment in bank owned life insurance | -5,504 | -7,306 | 0 |
Net cash used in investing activities | -144,076 | -122,046 | -70,963 |
Cash flows from financing activities: | |||
Change in deposits, net | 19,183 | -48,774 | 25,489 |
Change in repurchase agreements, federal funds purchased, and other short-term borrowings, net | 25,695 | -1,902 | -7,847 |
Advances from Federal Home Loan Bank | 60,000 | 30,000 | 0 |
Payments on advances from Federal Home Loan Bank | -116 | -30,143 | -20,180 |
Issuance of common stock | 1,992 | 6,348 | 4,395 |
Excess tax benefits of stock-based compensation | -760 | -572 | -496 |
Dividends paid | -20,570 | -24,546 | -19,215 |
Net cash provided by (used in) financing activities | 85,424 | -69,589 | -17,854 |
Net decrease in cash and cash equivalents | -1,124 | -100,919 | -30,921 |
Cash and cash equivalents at beginning of year | 106,641 | 207,560 | 238,481 |
Cash and cash equivalents at end of year | 105,517 | 106,641 | 207,560 |
Supplemental disclosures: | |||
Income taxes paid | 15,818 | 20,827 | 11,752 |
Interest paid | 11,922 | 13,717 | 22,451 |
Non-cash activities: | |||
Loans to facilitate the sale of other real estate owned and repossessed assets | 6,168 | 3,528 | 7,768 |
Common stock dividends accrued, paid in subsequent quarter | 216 | 167 | 4,887 |
Real estate acquired in settlement of loans | $12,199 | $7,384 | $12,031 |
Accounting_Policies
Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Accounting Policies | 1. Accounting Policies | ||||||||||||
Basis of Presentation – The consolidated financial statements include Community Trust Bancorp, Inc. ("CTBI") and its subsidiaries, including its principal subsidiary, Community Trust Bank, Inc. ("CTB"). Intercompany transactions and accounts have been eliminated in consolidation. | |||||||||||||
Nature of Operations – Substantially all assets, liabilities, revenues, and expenses are related to banking operations, including lending, investing of funds, obtaining of deposits, trust and wealth management operations, full service brokerage operations, and other financing activities. All of our business offices and the majority of our business are located in eastern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee. | |||||||||||||
Use of Estimates – In preparing the consolidated financial statements, management must make certain estimates and assumptions. These estimates and assumptions affect the amounts reported for assets, liabilities, revenues, and expenses, as well as affecting the disclosures provided. Future results could differ from the current estimates. Such estimates include, but are not limited to, the allowance for loan and lease losses, valuation of other real estate owned, fair value of securities and mortgage servicing rights, goodwill, and valuation of deferred tax assets. | |||||||||||||
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 loan and lease losses, and capital. | |||||||||||||
Cash and Cash Equivalents – CTBI considers all liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include cash on hand, amounts due from banks, interest bearing deposits in other financial institutions, and federal funds sold. Generally, federal funds are sold for one-day periods. | |||||||||||||
Certificates of Deposit in Other Banks – Certificates of deposit in other banks generally mature within 18 months and are carried at cost. | |||||||||||||
Investments – Management determines the classification of securities at purchase. We classify securities into held-to-maturity, trading, or available-for-sale categories. Held-to-maturity securities are those which we have the positive intent and ability to hold to maturity and are reported at amortized cost. In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 320, Investment Securities, investments in debt securities that are not classified as held-to-maturity and equity securities that have readily determinable fair values shall be classified in one of the following categories and measured at fair value in the statement of financial position: | |||||||||||||
a. Trading securities. Securities that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) shall be classified as trading securities. Trading generally reflects active and frequent buying and selling, and trading securities are generally used with the objective of generating profits on short-term differences in price. | |||||||||||||
b. Available-for-sale securities. Investments not classified as trading securities (nor as held-to-maturity securities) shall be classified as available-for-sale securities. | |||||||||||||
We do not have any securities that are classified as trading securities. Available-for-sale securities are reported at fair value, with unrealized gains and losses included as a separate component of shareholders' equity, net of tax. If declines in fair value are other than temporary, the carrying value of the securities is written down to fair value as a realized loss with a charge to income for the portion attributable to credit losses and a charge to other comprehensive income for the portion that is not credit related. | |||||||||||||
Gains or losses on disposition of securities are computed by specific identification for all securities except for shares in mutual funds, which are computed by average cost. Interest and dividend income, adjusted by amortization of purchase premium or discount, is included in earnings. | |||||||||||||
When the fair value of a security is below its amortized cost, and depending on the length of time the condition exists and the extent the fair market value is below amortized cost, additional analysis is performed to determine whether an other than temporary impairment condition exists. Available-for-sale and held-to-maturity securities are analyzed quarterly for possible other than temporary impairment. The analysis considers (i) whether we have the intent to sell our securities prior to recovery and/or maturity and (ii) whether it is more likely than not that we will not have to sell our securities prior to recovery and/or maturity. Often, the information available to conduct these assessments is limited and rapidly changing, making estimates of fair value subject to judgment. If actual information or conditions are different than estimated, the extent of the impairment of the security may be different than previously estimated, which could have a material effect on the CTBI's results of operations and financial condition. | |||||||||||||
Loans – Loans with the ability and the intent to be held until maturity and/or payoff are reported at the carrying value of unpaid principal reduced by unearned interest, an allowance for loan and lease losses, and unamortized deferred fees or costs. Income is recorded on the level yield basis. Interest accrual 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 collection of interest is doubtful. Any loan greater than 90 days past due must be well secured and in the process of collection to continue accruing interest. Cash payments received on nonaccrual loans generally are applied against principal, and interest income is only recorded once principal recovery is reasonably assured. Loans are not reclassified as accruing until principal and interest payments remain current for a period of time, generally six months, and future payments appear reasonably certain. Included in certain loan categories of impaired loans are troubled debt restructurings that were classified as impaired. A restructuring of a debt constitutes a troubled debt restructuring if the creditor for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not otherwise consider. | |||||||||||||
Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized over the estimated life of the related loans, leases, or commitments as a yield adjustment. | |||||||||||||
Allowance for Loan and Lease Losses – We maintain an allowance for loan and lease losses ("ALLL") at a level that is appropriate to cover estimated credit losses on individually evaluated loans determined to be impaired, as well as estimated credit losses inherent in the remainder of the loan and lease portfolio. Since arriving at an appropriate ALLL involves a high degree of management judgment, we use an ongoing quarterly analysis to develop a range of estimated losses. In accordance with accounting principles generally accepted in the United States, we use our best estimate within the range of potential credit loss to determine the appropriate ALLL. Credit losses are charged and recoveries are credited to the ALLL. | |||||||||||||
We utilize an internal risk grading system for commercial credits. Those larger commercial credits that exhibit probable or observed credit weaknesses are subject to individual review. The borrower's cash flow, adequacy of collateral coverage, and other options available to CTBI, including legal remedies, are evaluated. The review of individual loans includes those loans that are impaired as defined by ASC 310-35, Impairment of a Loan. 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 loans not subject to specific allocations. The ALLL allocation for this pool of commercial loans is established based on the historical average, maximum, minimum, and median loss ratios. | |||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that CTBI will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | |||||||||||||
Homogenous loans, such as consumer installment, residential mortgages, and home equity lines are not individually risk graded. The associated ALLL for these loans is measured under ASC 450, Contingencies. | |||||||||||||
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 non-accrual and the loan is charged down to the value of the collateral less estimated cost to sell or a specific reserve equal to the difference between book value of the loan and the fair value assigned to the collateral is created until such time as the loan is foreclosed. When the foreclosed collateral has been legally assigned to CTBI, a charge off is taken, if necessary, in order that the remaining balance reflects the fair value estimated less costs to sell of the collateral then transferred to other real estate owned or other repossessed assets. When any unsecured commercial loan is considered uncollectable the loan is charged off no later than at 90 days past due. | |||||||||||||
All closed-end consumer loans (excluding conventional 1-4 family residential loans and installment and revolving loans secured by real estate) are charged off no later than 120 days (5 monthly payments) delinquent. If a loan is considered uncollectable, it is charged off earlier than 120 days delinquent. For conventional 1-4 family residential loans and installment and revolving loans secured by real estate, when a loan is 90 days past due, a current assessment of the value of the real estate is made. If the balance of the loan exceeds the fair value of the property, the loan is placed on nonaccrual. Foreclosure proceedings are normally initiated after 120 days. When the foreclosed property has been legally assigned to CTBI, the fair value less estimated costs to sell is transferred to other real estate owned and the remaining balance is taken as a charge-off. | |||||||||||||
Historical loss rates for loans are adjusted for significant factors that, in management's judgment, reflect the impact of any current conditions on loss recognition. We continue to use twelve rolling quarters for our historical loss rate analysis. Factors that we consider include delinquency trends, current economic conditions and trends, strength of supervision and administration of the loan portfolio, levels of underperforming loans, level of recoveries to prior year's charge-offs, trends in loan losses, industry concentrations and their relative strengths, amount of unsecured loans, and underwriting exceptions. Based upon management's judgment, "best case," "worst case," and "most likely" scenarios are determined. The total of each of these weighted factors is then applied against the applicable portion of the portfolio and the ALLL is adjusted accordingly to approximate the most likely scenario. Management continually reevaluates the other subjective factors included in its ALLL analysis. | |||||||||||||
Loans Held for Sale – Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate. Net unrealized losses, if any, are recognized by charges to income. Gains and losses on loan sales are recorded in noninterest income. | |||||||||||||
Premises and Equipment – Premises and equipment are stated at cost less accumulated depreciation and amortization. Capital leases are included in premises and equipment at the capitalized amount less accumulated amortization. Premises and equipment are evaluated for impairment on a quarterly basis. | |||||||||||||
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. Capitalized leased assets are amortized on a straight-line basis over the lives of the respective leases. | |||||||||||||
Federal Home Loan Bank and Federal Reserve Stock – CTB is a member of the Federal Home Loan Bank ("FHLB") system. Members are required to own a certain amount of stock based on the level of borrowings and other factors and may invest on additional amounts. FHLB 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. | |||||||||||||
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. | |||||||||||||
Other Real Estate Owned – When foreclosed properties are acquired, appraisals are obtained and the properties are booked at the current market value less expected sales costs. Additionally, periodic updated appraisals are obtained on unsold foreclosed properties. When an updated appraisal reflects a market value below the current book value, a charge is booked to current earnings to reduce the property to its new market value less expected sales costs. 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. All revenues and expenses related to the carrying of other real estate owned are recognized by a charge to income. | |||||||||||||
Goodwill and Core Deposit Intangible – We evaluate total goodwill and core deposit intangible for impairment, based upon ASC 350, Intangibles-Goodwill and Other, using fair value techniques including multiples of price/equity. Goodwill and core deposit intangible are evaluated for impairment on an annual basis or as other events may warrant. | |||||||||||||
The balance of goodwill, at $65.5 million, has not changed since January 1, 2012. The activity to core deposit intangible for the years ended December 31, 2014, 2013, and 2012 is shown below. | |||||||||||||
Core Deposit Intangible: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Beginning balance, January 1 | $ | 690 | $ | 904 | $ | 1,117 | |||||||
Amortization | (213 | ) | (214 | ) | (213 | ) | |||||||
Ending balance, December 31 | $ | 477 | $ | 690 | $ | 904 | |||||||
Amortization of core deposit intangible is estimated at approximately $0.2 million annually for years one and two and $0.1 million for year three, at which time core deposit intangible will be fully amortized. | |||||||||||||
Transfers of Financial Assets -- Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from CTBI—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) CTBI does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | |||||||||||||
Income Taxes – Income tax expense is based on the taxes due on the consolidated tax return plus deferred taxes based on the expected future tax benefits and consequences of temporary differences between carrying amounts and tax bases of assets and liabilities, using enacted tax rates. Any interest and penalties incurred in connection with income taxes are recorded as a component of income tax expense in the consolidated financial statements. During the years ended December 31, 2014, 2013, and 2012, CTBI has not recognized a significant amount of interest expense or penalties in connection with income taxes. | |||||||||||||
Earnings Per Share ("EPS") – Basic EPS is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding, excluding restricted shares. | |||||||||||||
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 – Management analyzes the operation of CTBI assuming one operating segment, community banking services. CTBI, through its operating subsidiaries, offers a wide range of consumer and commercial community banking services. These services include: (i) residential and commercial real estate loans; (ii) checking accounts; (iii) regular and term savings accounts and savings certificates; (iv) full service securities brokerage services; (v) consumer loans; (vi) debit cards; (vii) annuity and life insurance products; (viii) Individual Retirement Accounts and Keogh plans; (ix) commercial loans; (x) trust and wealth management services; and (xi) commercial demand deposit accounts. | |||||||||||||
Bank Owned Life Insurance – CTBI's bank owned life insurance policies are carried at their cash surrender value. We recognize tax-free income from the periodic increases in cash surrender value of these policies and from death benefits. | |||||||||||||
Mortgage Servicing Rights – Mortgage servicing rights ("MSRs") are carried at fair market value following the accounting guidance in ASC 860-50, Servicing Assets and Liabilities. MSRs are valued using Level 3 inputs as defined in ASC 820, Fair Value Measurements. The fair value is determined quarterly based on an independent third-party valuation using a discounted cash flow analysis and calculated using a computer pricing model. The system used in this evaluation, Compass Point, attempts to quantify loan level idiosyncratic risk by calculating a risk derived value. As a result, each loan's unique characteristics determine the valuation assumptions ascribed to that loan. Additionally, the computer valuation is based on key economic assumptions including the prepayment speeds of the underlying loans generated using the Andrew Davidson Prepayment Model, FHLMC/FNMA guidelines, the weighted-average life of the loan, the discount rate, the weighted-average coupon, and the weighted-average default rate, as applicable. Along with the gains received from the sale of loans, fees are received for servicing loans. These fees include late fees, which are recorded in interest income, and ancillary fees and monthly servicing fees, which are recorded in noninterest income. Costs of servicing loans are charged to expense as incurred. Changes in fair market value of the MSRs are reported as an increase or decrease to mortgage banking income. | |||||||||||||
Share-Based Compensation – CTBI has a share-based employee compensation plan, which is described more fully in note 14 to the consolidated financial statements. CTBI accounts for this plan under the recognition and measurement principles of ASC 718, Share-Based Payment. | |||||||||||||
Comprehensive Income – Comprehensive income consists of net income and other comprehensive income, net of applicable income taxes. Other comprehensive income includes unrealized appreciation (depreciation) on available-for-sale securities and unrealized appreciation (depreciation) on available-for-sale securities for which a portion of an other than temporary impairment has been recognized in income. | |||||||||||||
Transfers between Fair Value Hierarchy Levels – Transfers in and out of Level 1 (quoted market prices), Level 2 (other significant observable inputs), and Level 3 (significant unobservable inputs) are recognized on the period ending date. | |||||||||||||
Reclassifications – Certain reclassifications considered to be immaterial have been made in the prior year consolidated financial statements to conform to current year classifications. These reclassifications had no effect on net income. | |||||||||||||
On June 2, 2014, CTBI issued a 10% stock dividend to shareholders of record on May 15, 2014. Based on the number of common shares outstanding on the record date, CTBI issued 1,582,137 new shares. The fair market value of the additional shares issued, aggregating $52.3 million, was charged to retained earings, and common stock and additional paid-in capital were increased by $7.9 million and $44.4 million, respectively. All references in the consolidated financial statements and accompanying footnotes to the number of common shares and per share amounts are based on the increased number of shares giving restrospective effect to the stock dividend. | |||||||||||||
New Accounting Standards – | |||||||||||||
Ø Accounting for Investments in Qualified Affordable Housing Projects – In January 2014, the FASB issued ASU No. 2014-01, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, which enables companies that invest in affordable housing projects that qualify for the low-income housing tax credit (LIHTC) to elect to use the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial investment cost of the project is amortized in proportion to the amount of tax credits and benefits received, with the results of the investment presented on a net basis as a component of income tax expense (benefit). ASU 2014-01 is effective for interim and annual periods beginning after December 15, 2014. The adoption of this ASU is not expected to have a material impact on CTBI's consolidated financial statements. | |||||||||||||
Ø Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure – In January 2014, the FASB also issued ASU No. 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure, which clarifies when an in-substance foreclosure or repossession of residential real estate property occurs, requiring a creditor to reclassify the loan to other real estate. According to ASU 2014-04, a consumer mortgage loan should be reclassified to other real estate either upon the creditor obtaining legal title to the real estate collateral or when the borrower voluntarily conveys all interest in the real estate property to the creditor through a deed in lieu of foreclosure or similar legal agreement. ASU 2014-04 also clarifies that a creditor should not delay reclassification when a borrower has a legal right of redemption. ASU 2014-04 is effective for interim and annual periods beginning after December 15, 2014. The adoption of this ASU is not expected to have a material impact on CTBI's consolidated financial statements as our practice is already consistent with the new guidance. | |||||||||||||
Ø Elimination of Extraordinary Reporting – In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The FASB issued this ASU as part of its initiative to reduce complexity in accounting standards. The objective of the simplification initiative is to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities. For an entity that prospectively applies the guidance, the only required transition disclosure will be to disclose, if applicable, both the nature and the amount of an item included in income from continuing operations after adoption that adjusts an extraordinary item previously classified and presented before the date of adoption. An entity retrospectively applying the guidance should provide the disclosures in paragraphs 250-10-50-1 through 50-2. |
Cash_and_Due_from_Banks_and_In
Cash and Due from Banks and Interest Bearing Deposits | 12 Months Ended |
Dec. 31, 2014 | |
Cash and Due from Banks and Interest Bearing Deposits [Abstract] | |
Cash and Due from Banks and Interest Bearing Deposits | 2. Cash and Due from Banks and Interest Bearing Deposits |
Included in cash and due from banks and interest bearing deposits are amounts required to be held at the Federal Reserve or maintained in vault cash in accordance with regulatory reserve requirements. The balance requirements were $64.5 million and $60.0 million at December 31, 2014 and 2013, respectively. | |
At December 31, 2014, CTBI had cash accounts which exceeded federally insured limits, and therefore are not subject to FDIC insurance, with $40.9 million in deposits with the Federal Reserve, $22.1 million in deposits with Fifth Third Bank, and $3.4 million in deposits with the Federal Home Loan Bank. |
Securities
Securities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Securities [Abstract] | |||||||||||||||||
Securities | 3. Securities | ||||||||||||||||
Securities are classified into held-to-maturity and available-for-sale categories. Held-to-maturity (HTM) securities are those that CTBI has the positive intent and ability to hold to maturity and are reported at amortized cost. Available-for-sale (AFS) securities are those that CTBI may decide to sell if needed for liquidity, asset-liability management or other reasons. Available-for-sale securities are reported at fair value, with unrealized gains or losses included as a separate component of equity, net of tax. | |||||||||||||||||
The amortized cost and fair value of securities at December 31, 2014 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 | $ | 190,563 | $ | 509 | $ | (2,140 | ) | $ | 188,932 | ||||||||
State and political subdivisions | 133,951 | 3,973 | (466 | ) | 137,458 | ||||||||||||
U.S. government sponsored agency mortgage-backed securities | 288,881 | 2,876 | (2,850 | ) | 288,907 | ||||||||||||
Total debt securities | 613,395 | 7,358 | (5,456 | ) | 615,297 | ||||||||||||
Marketable equity securities | 25,000 | 0 | (111 | ) | 24,889 | ||||||||||||
Total available-for-sale securities | $ | 638,395 | $ | 7,358 | $ | (5,567 | ) | $ | 640,186 | ||||||||
Held-to-Maturity | |||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
U.S. Treasury and government agencies | $ | 480 | $ | 0 | $ | (19 | ) | $ | 461 | ||||||||
State and political subdivisions | 1,182 | 1 | 0 | 1,183 | |||||||||||||
Total held-to-maturity securities | $ | 1,662 | $ | 1 | $ | (19 | ) | $ | 1,644 | ||||||||
The amortized cost and fair value of securities at December 31, 2013 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 | $ | 77,838 | $ | 277 | $ | (5,492 | ) | $ | 72,623 | ||||||||
State and political subdivisions | 118,055 | 1,907 | (3,259 | ) | 116,703 | ||||||||||||
U.S. government sponsored agency mortgage-backed securities | 370,860 | 4,273 | (7,836 | ) | 367,297 | ||||||||||||
Total debt securities | 566,753 | 6,457 | (16,587 | ) | 556,623 | ||||||||||||
Marketable equity securities | 55,000 | 0 | (2,218 | ) | 52,782 | ||||||||||||
Total available-for-sale securities | $ | 621,753 | $ | 6,457 | $ | (18,805 | ) | $ | 609,405 | ||||||||
Held-to-Maturity | |||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
U.S. Treasury and government agencies | $ | 480 | $ | 0 | $ | (62 | ) | $ | 418 | ||||||||
State and political subdivisions | 1,182 | 1 | 0 | 1,183 | |||||||||||||
Total held-to-maturity securities | $ | 1,662 | $ | 1 | $ | (62 | ) | $ | 1,601 | ||||||||
The amortized cost and fair value of securities at December 31, 2014 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 | Held-to-Maturity | ||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
Due in one year or less | $ | 9,153 | $ | 9,193 | $ | 0 | $ | 0 | |||||||||
Due after one through five years | 124,725 | 125,444 | 0 | 0 | |||||||||||||
Due after five through ten years | 141,407 | 141,625 | 1,662 | 1,644 | |||||||||||||
Due after ten years | 49,229 | 50,128 | 0 | 0 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 288,881 | 288,907 | 0 | 0 | |||||||||||||
Total debt securities | 613,395 | 615,297 | 1,662 | 1,644 | |||||||||||||
Marketable equity securities | 25,000 | 24,889 | 0 | 0 | |||||||||||||
Total securities | $ | 638,395 | $ | 640,186 | $ | 1,662 | $ | 1,644 | |||||||||
There was a combined loss of $211 thousand realized in 2014. A pre-tax gain of $2.1 million and a pre-tax loss of $2.4 million were realized during the year. There was a combined loss of $45 thousand realized in 2013 and a combined gain of $1.2 million realized in 2012. | |||||||||||||||||
The amortized cost of securities pledged as collateral, to secure public deposits and for other purposes, was $267.1 million at December 31, 2014 and $257.5 million at December 31, 2013. | |||||||||||||||||
The amortized cost of securities sold under agreements to repurchase amounted to $280.9 million at December 31, 2014 and $255.4 million at December 31, 2013. | |||||||||||||||||
Certain investments in debt and marketable equity securities are reported in the financial statements at amounts less than their historical costs. CTBI evaluates its investment portfolio on a quarterly basis for impairment. The analysis performed as of December 31, 2014 indicates that all impairment is considered temporary, market and interest rate driven, and not credit-related. The percentage of total investments with unrealized losses as of December 31, 2014 was 44.1% compared to 67.8% as of December 31, 2013. The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2014 that are not deemed to be other-than-temporarily impaired. | |||||||||||||||||
Available-for-Sale | |||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | ||||||||||||||
Less Than 12 Months | |||||||||||||||||
U.S. Treasury and government agencies | $ | 31,185 | $ | (87 | ) | $ | 31,098 | ||||||||||
State and political subdivisions | 8,800 | (23 | ) | 8,777 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 50,115 | (442 | ) | 49,673 | |||||||||||||
Total debt securities | 90,100 | (552 | ) | 89,548 | |||||||||||||
Marketable equity securities | 25,000 | (111 | ) | 24,889 | |||||||||||||
Total <12 months temporarily impaired AFS securities | 115,100 | (663 | ) | 114,437 | |||||||||||||
12 Months or More | |||||||||||||||||
U.S. Treasury and government agencies | 65,209 | (2,053 | ) | 63,156 | |||||||||||||
State and political subdivisions | 21,308 | (443 | ) | 20,865 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 86,389 | (2,408 | ) | 83,981 | |||||||||||||
Total debt securities | 172,906 | (4,904 | ) | 168,002 | |||||||||||||
Marketable equity securities | 0 | 0 | 0 | ||||||||||||||
Total ≥12 months temporarily impaired AFS securities | 172,906 | (4,904 | ) | 168,002 | |||||||||||||
Total | |||||||||||||||||
U.S. Treasury and government agencies | 96,394 | (2,140 | ) | 94,254 | |||||||||||||
State and political subdivisions | 30,108 | (466 | ) | 29,642 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 136,504 | (2,850 | ) | 133,654 | |||||||||||||
Total debt securities | 263,006 | (5,456 | ) | 257,550 | |||||||||||||
Marketable equity securities | 25,000 | (111 | ) | 24,889 | |||||||||||||
Total temporarily impaired AFS securities | $ | 288,006 | $ | (5,567 | ) | $ | 282,439 | ||||||||||
Held-to-Maturity | |||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | ||||||||||||||
12 Months or More | |||||||||||||||||
U.S. Treasury and government agencies | $ | 480 | $ | (19 | ) | $ | 461 | ||||||||||
Total temporarily impaired HTM securities | $ | 480 | $ | (19 | ) | $ | 461 | ||||||||||
U.S. Treasury and Government Agencies | |||||||||||||||||
The unrealized losses in U.S. Treasury and government agencies were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than amortized cost. CTBI does not consider those investments to be other-than-temporarily impaired at December 31, 2014, because 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, which may be maturity. | |||||||||||||||||
State and Political Subdivisions | |||||||||||||||||
The unrealized losses in securities of state and political subdivisions were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than amortized cost. CTBI does not consider those investments to be other-than-temporarily impaired at December 31, 2014, because CTBI does not intend to sell the investments before recovery of their amortized cost, which may be maturity. | |||||||||||||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities | |||||||||||||||||
The unrealized losses in U.S. government sponsored agency mortgage-backed securities were caused by interest rate increases. CTBI expects to recover the amortized cost basis over the term of the securities. CTBI does not consider those investments to be other-than-temporarily impaired at December 31, 2014, because (i) the decline in market value is attributable to changes in interest rates and not credit quality, (ii) CTBI does not intend to sell the investments, and (iii) it is not more likely than not we will be required to sell the investments before recovery of their amortized cost, which may be maturity. | |||||||||||||||||
Marketable Equity Securities | |||||||||||||||||
CTBI's investments in marketable equity securities consist of investments in fixed income mutual funds ($24.9 million of the total fair value and $111 thousand of the total unrealized losses in common stock investments). The severity of the impairment (fair value is approximately 0.4% less than cost) and the duration of the impairment correlates with the decline in long-term interest rates in 2014. CTBI evaluated the near-term prospects of these funds in relation to the severity and duration of the impairment. Based on that evaluation, CTBI does not consider those investments to be other-than-temporarily impaired at December 31, 2014. | |||||||||||||||||
The analysis performed as of December 31, 2013 indicated that all impairment was considered temporary, market and interest rate driven, and not credit-related. The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2013 that are not deemed to be other-than-temporarily impaired. | |||||||||||||||||
Available-for-Sale | |||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | ||||||||||||||
Less Than 12 Months | |||||||||||||||||
U.S. Treasury and government agencies | $ | 31,631 | $ | (1,970 | ) | $ | 29,661 | ||||||||||
State and political subdivisions | 57,165 | (2,789 | ) | 54,376 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 238,824 | (7,829 | ) | 230,995 | |||||||||||||
Total debt securities | 327,620 | (12,588 | ) | 315,032 | |||||||||||||
Marketable equity securities | 55,000 | (2,218 | ) | 52,782 | |||||||||||||
Total <12 months temporarily impaired AFS securities | 382,620 | (14,806 | ) | 367,814 | |||||||||||||
12 Months or More | |||||||||||||||||
U.S. Treasury and government agencies | 35,750 | (3,522 | ) | 32,228 | |||||||||||||
State and political subdivisions | 7,639 | (470 | ) | 7,169 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 6,579 | (7 | ) | 6,572 | |||||||||||||
Total debt securities | 49,968 | (3,999 | ) | 45,969 | |||||||||||||
Marketable equity securities | 0 | 0 | 0 | ||||||||||||||
Total ≥12 months temporarily impaired AFS securities | 49,968 | (3,999 | ) | 45,969 | |||||||||||||
Total | |||||||||||||||||
U.S. Treasury and government agencies | 67,381 | (5,492 | ) | 61,889 | |||||||||||||
State and political subdivisions | 64,804 | (3,259 | ) | 61,545 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 245,403 | (7,836 | ) | 237,567 | |||||||||||||
Total debt securities | 377,588 | (16,587 | ) | 361,001 | |||||||||||||
Marketable equity securities | 55,000 | (2,218 | ) | 52,782 | |||||||||||||
Total temporarily impaired AFS securities | $ | 432,588 | $ | (18,805 | ) | $ | 413,783 | ||||||||||
Held-to-Maturity | |||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | ||||||||||||||
12 Months or More | |||||||||||||||||
U.S. Treasury and government agencies | $ | 480 | $ | (62 | ) | $ | 418 | ||||||||||
Total temporarily impaired HTM securities | $ | 480 | $ | (62 | ) | $ | 418 |
Loans
Loans | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Loans [Abstract] | |||||||||||||||||||||||||||||
Loans | 4. Loans | ||||||||||||||||||||||||||||
Major classifications of loans, net of unearned income, deferred loan origination costs, and net premiums on acquired loans, are summarized as follows: | |||||||||||||||||||||||||||||
31-Dec | 31-Dec | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||
Commercial construction | $ | 121,942 | $ | 110,779 | |||||||||||||||||||||||||
Commercial secured by real estate | 948,626 | 872,542 | |||||||||||||||||||||||||||
Equipment lease financing | 10,344 | 8,840 | |||||||||||||||||||||||||||
Commercial other | 352,048 | 374,881 | |||||||||||||||||||||||||||
Real estate construction | 62,412 | 56,075 | |||||||||||||||||||||||||||
Real estate mortgage | 712,465 | 697,601 | |||||||||||||||||||||||||||
Home equity | 88,335 | 84,880 | |||||||||||||||||||||||||||
Consumer direct | 122,136 | 122,215 | |||||||||||||||||||||||||||
Consumer indirect | 315,516 | 287,541 | |||||||||||||||||||||||||||
Total loans | $ | 2,733,824 | $ | 2,615,354 | |||||||||||||||||||||||||
CTBI has segregated and evaluates its loan portfolio through nine portfolio segments. 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. | |||||||||||||||||||||||||||||
Commercial construction loans are for the purpose of erecting or rehabilitating buildings or other structures for commercial purposes, including any infrastructure necessary for development. Included in this category are improved property, land development, and tract development loans. The terms of these loans are generally short-term with permanent financing upon completion. | |||||||||||||||||||||||||||||
Commercial real estate loans include loans secured by nonfarm, nonresidential properties, 1-4 family/multi-family 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. | |||||||||||||||||||||||||||||
Equipment lease financing loans are fixed, variable, and tax exempt leases for commercial purposes. | |||||||||||||||||||||||||||||
Commercial other loans consist of commercial check loans, agricultural loans, receivable financing, floorplans, 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 real estate, equipment, or other assets, although such loans may be uncollateralized but guaranteed. | |||||||||||||||||||||||||||||
Real estate construction loans are typically for owner-occupied properties. The terms of these loans are generally short-term with permanent financing upon completion. | |||||||||||||||||||||||||||||
Residential real estate loans are a mixture of fixed rate and adjustable rate first and second lien residential mortgage loans. As a policy, CTBI holds adjustable rate loans and sells the majority of its 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 revolving adjustable rate credit lines secured by real property. | |||||||||||||||||||||||||||||
Consumer direct loans are fixed rate products comprised of unsecured loans, consumer revolving credit lines, deposit secured loans, and all other consumer purpose loans. | |||||||||||||||||||||||||||||
Consumer indirect loans are fixed rate loans secured by automobiles, trucks, vans, and recreational vehicles originated at the selling dealership underwritten and purchased by CTBI's indirect lending department. Both new and used products are financed. Only dealers who have executed dealer agreements with CTBI participate in the indirect lending program. | |||||||||||||||||||||||||||||
Not included in the loan balances above were loans held for sale in the amount of $2.3 million at December 31, 2014 and $0.8 million at December 31, 2013. | |||||||||||||||||||||||||||||
Refer to note 1 to the condensed consolidated financial statements for further information regarding our nonaccrual policy. Nonaccrual loans segregated by class of loans were as follows: | |||||||||||||||||||||||||||||
(in thousands) | 31-Dec | 31-Dec | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial construction | $ | 4,339 | $ | 4,519 | |||||||||||||||||||||||||
Commercial secured by real estate | 6,725 | 6,576 | |||||||||||||||||||||||||||
Commercial other | 2,423 | 2,801 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate construction | 602 | 481 | |||||||||||||||||||||||||||
Real estate mortgage | 6,513 | 5,152 | |||||||||||||||||||||||||||
Home equity | 369 | 429 | |||||||||||||||||||||||||||
Total nonaccrual loans | $ | 20,971 | $ | 19,958 | |||||||||||||||||||||||||
The following tables present CTBI's loan portfolio aging analysis, segregated by class, as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | 90+ and Accruing* | ||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial construction | $ | 40 | $ | 31 | $ | 6,171 | $ | 6,242 | $ | 115,700 | $ | 121,942 | $ | 1,863 | |||||||||||||||
Commercial secured by real estate | 2,471 | 1,595 | 10,763 | 14,829 | 933,797 | 948,626 | 4,682 | ||||||||||||||||||||||
Equipment lease financing | 0 | 0 | 0 | 0 | 10,344 | 10,344 | 0 | ||||||||||||||||||||||
Commercial other | 826 | 55 | 4,205 | 5,086 | 346,962 | 352,048 | 2,367 | ||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate construction | 92 | 144 | 985 | 1,221 | 61,191 | 62,412 | 383 | ||||||||||||||||||||||
Real estate mortgage | 1,005 | 5,171 | 13,049 | 19,225 | 693,240 | 712,465 | 7,742 | ||||||||||||||||||||||
Home equity | 779 | 197 | 703 | 1,679 | 86,656 | 88,335 | 422 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Consumer direct | 1,307 | 295 | 141 | 1,743 | 120,393 | 122,136 | 141 | ||||||||||||||||||||||
Consumer indirect | 2,304 | 586 | 385 | 3,275 | 312,241 | 315,516 | 385 | ||||||||||||||||||||||
Total | $ | 8,824 | $ | 8,074 | $ | 36,402 | $ | 53,300 | $ | 2,680,524 | $ | 2,733,824 | $ | 17,985 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | 90+ and Accruing* | ||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial construction | $ | 250 | $ | 166 | $ | 6,012 | $ | 6,428 | $ | 104,351 | $ | 110,779 | $ | 1,673 | |||||||||||||||
Commercial secured by real estate | 3,703 | 1,982 | 16,660 | 22,345 | 850,197 | 872,542 | 12,403 | ||||||||||||||||||||||
Equipment lease financing | 0 | 0 | 0 | 0 | 8,840 | 8,840 | 0 | ||||||||||||||||||||||
Commercial other | 344 | 422 | 6,156 | 6,922 | 367,959 | 374,881 | 3,723 | ||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate construction | 81 | 383 | 694 | 1,158 | 54,917 | 56,075 | 213 | ||||||||||||||||||||||
Real estate mortgage | 1,274 | 4,419 | 9,346 | 15,039 | 682,562 | 697,601 | 4,847 | ||||||||||||||||||||||
Home equity | 786 | 330 | 737 | 1,853 | 83,027 | 84,880 | 324 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Consumer direct | 1,063 | 291 | 119 | 1,473 | 120,742 | 122,215 | 119 | ||||||||||||||||||||||
Consumer indirect | 2,750 | 668 | 297 | 3,715 | 283,826 | 287,541 | 297 | ||||||||||||||||||||||
Total | $ | 10,251 | $ | 8,661 | $ | 40,021 | $ | 58,933 | $ | 2,556,421 | $ | 2,615,354 | $ | 23,599 | |||||||||||||||
*90+ and Accruing are also included in 90+ Days Past Due column. | |||||||||||||||||||||||||||||
The risk characteristics of CTBI's material portfolio segments are as follows: | |||||||||||||||||||||||||||||
Commercial 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 that $500,000 generally require a performance bond to be posted by the general contractor to assure completion of the project. | |||||||||||||||||||||||||||||
Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate 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. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. Management monitors and evaluates commercial real estate loans based on collateral and risk grade criteria. | |||||||||||||||||||||||||||||
Equipment lease financing is underwritten by our commercial lenders using the same underwriting standards as would be applied to a secured commercial loan requesting 100% financing. The pricing for equipment lease financing is comparable to that of borrowers with similar quality commercial credits with similar collateral. Maximum terms of equipment leasing are determined by the type and expected life of the equipment to be leased. Residual values are determined by appraisals or opinion letters from industry experts. Leases must be in conformity with our consolidated annual tax plan. 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. | |||||||||||||||||||||||||||||
Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. | |||||||||||||||||||||||||||||
With respect to residential loans that are secured by 1-4 family residences and are generally owner occupied, CTBI generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences. Residential construction loans are handled through the home mortgage area of the bank. The repayment ability of the borrower and the maximum loan-to-value ratio are calculated using the normal mortgage lending criteria. Draws are processed based on percentage of completion stages including normal inspection procedures. Such loans generally convert to term loans after the completion of construction. | |||||||||||||||||||||||||||||
Consumer loans are secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans and certain lines of credit. Our determination of a borrower's ability to repay these loans is primarily dependent on the personal income and credit rating of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. | |||||||||||||||||||||||||||||
The indirect lending area of the bank generally deals with purchasing/funding consumer contracts with new and used automobile dealers. The dealers generate consumer loan applications which are forwarded to the indirect loan processing area for approval or denial. Loan approvals or denials are based on the creditworthiness and repayment ability of the borrower, and on the collateral value. The dealers may have 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: | |||||||||||||||||||||||||||||
Ø | Pass grades include investment grade, low risk, moderate risk, and acceptable risk loans. The loans range from loans that have no chance of resulting in a loss to loans that have a limited chance of resulting in a loss. Customers in this grade have excellent to fair credit ratings. The cash flows are adequate to meet required debt repayments. | ||||||||||||||||||||||||||||
Ø | Watch graded loans are loans that warrant extra management attention but are not currently criticized. Loans on the watch list may be potential troubled credits or may warrant "watch" status for a reason not directly related to the asset quality of the credit. The watch grade is a management tool to identify credits which may be candidates for future classification or may temporarily warrant extra management monitoring. | ||||||||||||||||||||||||||||
Ø | Other assets especially mentioned (OAEM) reflects loans that are currently protected but are potentially weak. These loans constitute an undue and unwarranted credit risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitute an unwarranted risk in light of circumstances surrounding a specific asset. Loans in this grade display potential weaknesses which may, if unchecked or uncorrected, inadequately protect CTBI's credit position at some future date. The loans may be adversely affected by economic or market conditions. | ||||||||||||||||||||||||||||
Ø | Substandard grading indicates that the loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. These loans have a well-defined weakness or weaknesses that jeopardize the orderly liquidation of the debt with the distinct possibility that CTBI will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||||||
Ø | Doubtful graded loans have the weaknesses inherent in the substandard grading with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The probability of loss is extremely high, but because of certain important and reasonably specific pending factors which may work to CTBI's advantage or strengthen the asset(s), its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans. | ||||||||||||||||||||||||||||
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, as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Leases | Commercial Other | Total | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Pass | $ | 101,314 | $ | 834,751 | $ | 10,344 | $ | 307,270 | $ | 1,253,679 | |||||||||||||||||||
Watch | 9,857 | 69,123 | 0 | 36,114 | 115,094 | ||||||||||||||||||||||||
OAEM | 934 | 10,973 | 0 | 881 | 12,788 | ||||||||||||||||||||||||
Substandard | 5,647 | 27,901 | 0 | 5,772 | 39,320 | ||||||||||||||||||||||||
Doubtful | 4,190 | 5,878 | 0 | 2,011 | 12,079 | ||||||||||||||||||||||||
Total | $ | 121,942 | $ | 948,626 | $ | 10,344 | $ | 352,048 | $ | 1,432,960 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Pass | $ | 85,699 | $ | 746,202 | $ | 8,840 | $ | 321,818 | $ | 1,162,559 | |||||||||||||||||||
Watch | 13,519 | 77,561 | 0 | 32,800 | 123,880 | ||||||||||||||||||||||||
OAEM | 0 | 6,639 | 0 | 6,200 | 12,839 | ||||||||||||||||||||||||
Substandard | 7,208 | 37,334 | 0 | 11,772 | 56,314 | ||||||||||||||||||||||||
Doubtful | 4,353 | 4,806 | 0 | 2,291 | 11,450 | ||||||||||||||||||||||||
Total | $ | 110,779 | $ | 872,542 | $ | 8,840 | $ | 374,881 | $ | 1,367,042 | |||||||||||||||||||
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, as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||
(in thousands) | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer | Total | |||||||||||||||||||||||
Indirect | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Performing | $ | 61,427 | $ | 698,210 | $ | 87,544 | $ | 121,995 | $ | 315,131 | $ | 1,284,307 | |||||||||||||||||
Nonperforming (1) | 985 | 14,255 | 791 | 141 | 385 | 16,557 | |||||||||||||||||||||||
Total | $ | 62,412 | $ | 712,465 | $ | 88,335 | $ | 122,136 | $ | 315,516 | $ | 1,300,864 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Performing | $ | 55,381 | $ | 687,602 | $ | 84,127 | $ | 122,096 | $ | 287,244 | $ | 1,236,450 | |||||||||||||||||
Nonperforming (1) | 694 | 9,999 | 753 | 119 | 297 | 11,862 | |||||||||||||||||||||||
Total | $ | 56,075 | $ | 697,601 | $ | 84,880 | $ | 122,215 | $ | 287,541 | $ | 1,248,312 | |||||||||||||||||
(1) A loan is considered nonperforming if it is 90 days or more past due or on nonaccrual. | |||||||||||||||||||||||||||||
A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable CTBI will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance, or other actions intended to maximize collection. | |||||||||||||||||||||||||||||
The following table presents impaired loans, the average investment in impaired loans, and interest income recognized on impaired loans for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | Average Investment in Impaired Loans | *Interest Income Recognized | ||||||||||||||||||||||||
Loans without a specific valuation allowance: | |||||||||||||||||||||||||||||
Commercial construction | $ | 5,653 | $ | 5,654 | $ | 0 | $ | 5,415 | $ | 205 | |||||||||||||||||||
Commercial secured by real estate | 31,639 | 33,268 | 0 | 34,650 | 1,180 | ||||||||||||||||||||||||
Commercial other | 13,069 | 14,597 | 0 | 15,663 | 783 | ||||||||||||||||||||||||
Real estate mortgage | 1,277 | 1,277 | 0 | 1,507 | 53 | ||||||||||||||||||||||||
Loans with a specific valuation allowance: | |||||||||||||||||||||||||||||
Commercial construction | 3,974 | 3,974 | 734 | 4,216 | 0 | ||||||||||||||||||||||||
Commercial secured by real estate | 2,718 | 2,876 | 827 | 4,376 | 11 | ||||||||||||||||||||||||
Commercial other | 738 | 862 | 181 | 531 | 1 | ||||||||||||||||||||||||
Totals: | |||||||||||||||||||||||||||||
Commercial construction | 9,627 | 9,628 | 734 | 9,631 | 205 | ||||||||||||||||||||||||
Commercial secured by real estate | 34,357 | 36,144 | 827 | 39,026 | 1,191 | ||||||||||||||||||||||||
Commercial other | 13,807 | 15,459 | 181 | 16,194 | 784 | ||||||||||||||||||||||||
Real estate mortgage | 1,277 | 1,277 | 0 | 1,507 | 53 | ||||||||||||||||||||||||
Total | $ | 59,068 | $ | 62,508 | $ | 1,742 | $ | 66,358 | $ | 2,233 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | Average Investment in Impaired Loans | *Interest Income Recognized | ||||||||||||||||||||||||
Loans without a specific valuation allowance: | |||||||||||||||||||||||||||||
Commercial construction | $ | 5,457 | $ | 5,458 | $ | 0 | $ | 5,595 | $ | 240 | |||||||||||||||||||
Commercial secured by real estate | 35,258 | 36,173 | 0 | 32,472 | 1,231 | ||||||||||||||||||||||||
Commercial other | 14,839 | 16,435 | 0 | 15,396 | 568 | ||||||||||||||||||||||||
Real estate mortgage | 1,024 | 1,024 | 0 | 934 | 43 | ||||||||||||||||||||||||
Loans with a specific valuation allowance: | |||||||||||||||||||||||||||||
Commercial construction | 4,353 | 4,359 | 1,189 | 4,935 | 0 | ||||||||||||||||||||||||
Commercial secured by real estate | 4,039 | 4,326 | 1,005 | 5,033 | 1 | ||||||||||||||||||||||||
Commercial other | 330 | 453 | 102 | 525 | 0 | ||||||||||||||||||||||||
Totals: | |||||||||||||||||||||||||||||
Commercial construction | 9,810 | 9,817 | 1,189 | 10,530 | 240 | ||||||||||||||||||||||||
Commercial secured by real estate | 39,297 | 40,499 | 1,005 | 37,505 | 1,232 | ||||||||||||||||||||||||
Commercial other | 15,169 | 16,888 | 102 | 15,921 | 568 | ||||||||||||||||||||||||
Real estate mortgage | 1,024 | 1,024 | 0 | 934 | 43 | ||||||||||||||||||||||||
Total | $ | 65,300 | $ | 68,228 | $ | 2,296 | $ | 64,890 | $ | 2,083 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | Average Investment in Impaired Loans | *Interest Income Recognized | ||||||||||||||||||||||||
Loans without a specific valuation allowance: | |||||||||||||||||||||||||||||
Commercial construction | $ | 3,692 | $ | 4,146 | $ | 0 | $ | 4,249 | $ | 97 | |||||||||||||||||||
Commercial secured by real estate | 35,046 | 35,818 | 0 | 35,542 | 1,337 | ||||||||||||||||||||||||
Commercial other | 13,285 | 15,484 | 0 | 11,083 | 416 | ||||||||||||||||||||||||
Real estate mortgage | 695 | 695 | 0 | 481 | 30 | ||||||||||||||||||||||||
Loans with a specific valuation allowance: | |||||||||||||||||||||||||||||
Commercial construction | 5,703 | 6,933 | 1,820 | 6,585 | 0 | ||||||||||||||||||||||||
Commercial secured by real estate | 3,067 | 3,189 | 1,090 | 3,243 | 0 | ||||||||||||||||||||||||
Commercial other | 1,010 | 2,331 | 338 | 1,441 | 0 | ||||||||||||||||||||||||
Commercial construction | 9,395 | 11,079 | 1,820 | 10,834 | 97 | ||||||||||||||||||||||||
Commercial secured by real estate | 38,113 | 39,007 | 1,090 | 38,785 | 1,337 | ||||||||||||||||||||||||
Commercial other | 14,295 | 17,815 | 338 | 12,524 | 416 | ||||||||||||||||||||||||
Real estate mortgage | 695 | 695 | 0 | 481 | 30 | ||||||||||||||||||||||||
Total | $ | 62,498 | $ | 68,596 | $ | 3,248 | $ | 62,624 | $ | 1,880 | |||||||||||||||||||
*Cash basis interest is substantially the same as interest income recognized. | |||||||||||||||||||||||||||||
Included in certain loan categories of impaired loans are certain loans and leases that have been modified in a troubled debt restructuring, where economic concessions have been granted to borrowers who have experienced financial difficulties. These concessions typically result from our loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. Modifications of terms for our loans and their inclusion as troubled debt restructurings are based on individual facts and circumstances. Loan modifications that are included as troubled debt restructurings may involve either an increase or reduction of the interest rate, extension of the term of the loan, or deferral of principal and/or interest payments, regardless of the period of the modification. All of the loans identified as troubled debt restructuring were modified due to financial stress of the borrower. In order to determine if a borrower is experiencing financial difficulty, an evaluation is performed to determine the probability that the borrower will be in payment default on any of its debt in the foreseeable future with the modification. This evaluation is performed under CTBI's internal underwriting policy. | |||||||||||||||||||||||||||||
When we modify loans and leases in a troubled debt restructuring, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan or lease 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 all troubled debt restructuring, including those that have payment defaults, for possible impairment and recognize impairment through the allowance. | |||||||||||||||||||||||||||||
During 2014, certain loans were 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, 2014 and 2013: | |||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Rate Modification | Combination | Post-Modification Outstanding Balance | ||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial construction | 1 | $ | 7 | $ | 0 | $ | 0 | $ | 7 | ||||||||||||||||||||
Commercial secured by real estate | 11 | 5,707 | 0 | 68 | 5,775 | ||||||||||||||||||||||||
Commercial other | 8 | 1,268 | 0 | 0 | 1,268 | ||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate mortgage | 2 | 0 | 0 | 848 | 848 | ||||||||||||||||||||||||
Total troubled debt restructurings | 22 | $ | 6,982 | $ | 0 | $ | 916 | $ | 7,898 | ||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Rate Modification | Combination | Post-Modification Outstanding Balance | ||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial construction | 6 | $ | 2,603 | $ | 0 | $ | 0 | $ | 2,603 | ||||||||||||||||||||
Commercial secured by real estate | 27 | 2,568 | 0 | 2,920 | 5,488 | ||||||||||||||||||||||||
Commercial other | 30 | 6,471 | 0 | 152 | 6,623 | ||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate mortgage | 1 | 373 | 0 | 0 | 373 | ||||||||||||||||||||||||
Total troubled debt restructurings | 64 | $ | 12,015 | $ | 0 | $ | 3,072 | $ | 15,087 | ||||||||||||||||||||
No charge-offs have resulted from modifications for any of the presented periods. We have commitments to extend additional credit in the amount of $0.1 million on loans that are considered troubled debt restructurings. | |||||||||||||||||||||||||||||
Loans retain their accrual status at the time of their modification. As a result, if a loan is on nonaccrual at the time it is modified, it stays as nonaccrual, and if a loan is on accrual at the time of the modification, it generally stays on accrual. Commercial and consumer loans modified in a troubled debt restructuring are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a troubled debt restructuring subsequently default, CTBI evaluates the loan for possible further impairment. The allowance for loan and lease 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. | |||||||||||||||||||||||||||||
(in thousands) | Year Ended | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Number of Loans | Recorded Balance | ||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial other | 1 | 88 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate mortgage | 1 | 581 | |||||||||||||||||||||||||||
Total defaulted restructured loans | 2 | $ | 669 | ||||||||||||||||||||||||||
(in thousands) | Year Ended | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Number of Loans | Recorded Balance | ||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial secured by real estate | 2 | $ | 89 | ||||||||||||||||||||||||||
Commercial other | 6 | 596 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate mortgage | 1 | 373 | |||||||||||||||||||||||||||
Total defaulted restructured loans | 9 | $ | 1,058 |
Mortgage_Banking_and_Servicing
Mortgage Banking and Servicing Rights | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Mortgage Banking and Servicing Rights [Abstract] | |||||||||||||
Mortgage Banking and Servicing Rights | 5. Mortgage Banking and Servicing Rights | ||||||||||||
Mortgage banking activities primarily include residential mortgage originations and servicing. As discussed in note 1 above, mortgage servicing rights ("MSRs") are carried at fair market value. The fair value is determined quarterly based on an independent third-party valuation using a discounted cash flow analysis and calculated using a computer pricing model. The system used in this evaluation, Compass Point, attempts to quantify loan level idiosyncratic risk by calculating a risk derived value. As a result, each loan's unique characteristics determine the valuation assumptions ascribed to that loan. Additionally, the computer valuation is based on key economic assumptions including the prepayment speeds of the underlying loans generated using the Andrew Davidson Prepayment Model, FHLMC/FNMA guidelines, the weighted-average life of the loan, the discount rate, the weighted-average coupon, and the weighted-average default rate, as applicable. Along with the gains received from the sale of loans, fees are received for servicing loans. These fees include late fees, which are recorded in interest income, and ancillary fees and monthly servicing fees, which are recorded in noninterest income. Costs of servicing loans are charged to expense as incurred. Changes in fair market value of the MSRs are reported as an increase or decrease to mortgage banking income. | |||||||||||||
The following table presents the components of mortgage banking income: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Year Ended December 31 | |||||||||||||
Net gain on sale of loans held for sale | $ | 1,468 | $ | 3,098 | $ | 2,562 | |||||||
Net loan servicing income (expense) | |||||||||||||
Servicing fees | 1,129 | 1,121 | 1,083 | ||||||||||
Late fees | 112 | 98 | 83 | ||||||||||
Ancillary fees | 149 | 368 | 382 | ||||||||||
Fair value adjustments | (830 | ) | 206 | (559 | ) | ||||||||
Net loan servicing income | 560 | 1,793 | 989 | ||||||||||
Mortgage banking income | $ | 2,028 | $ | 4,891 | $ | 3,551 | |||||||
Mortgage loans serviced for others are not included in the accompanying balance sheets. Loans serviced for the benefit of others (primarily FHLMC) totaled $441 million, $456 million, and $419 million at December 31, 2014, 2013 and 2012, respectively. Servicing loans for others generally consists 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 $888 thousand, $855 thousand, and $673 thousand at December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
Activity for capitalized mortgage servicing rights using the fair value method is as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Fair value of MSRs, beginning of period | $ | 3,424 | $ | 2,364 | $ | 2,282 | |||||||
New servicing assets created | 374 | 854 | 641 | ||||||||||
Change in fair value during the period due to: | |||||||||||||
Time decay (1) | (162 | ) | (159 | ) | (116 | ) | |||||||
Payoffs (2) | (202 | ) | (423 | ) | (478 | ) | |||||||
Changes in valuation inputs or assumptions (3) | (466 | ) | 788 | 35 | |||||||||
Fair value of MSRs, end of period | $ | 2,968 | $ | 3,424 | $ | 2,364 | |||||||
-1 | Represents decrease in value due to regularly scheduled loan principal payments and partial loan paydowns. | ||||||||||||
-2 | Represents decrease in value due to loans that paid off during the period. | ||||||||||||
-3 | Represents change in value resulting from market-driven changes in interest rates. | ||||||||||||
The fair values of capitalized mortgage servicing rights were $3.0 million, $3.4 million, and $2.4 million at December 31, 2014, 2013, and 2012, respectively. Fair values were determined by third-party valuations using a discount rate of 10.1%, 10.0%, and 10.5%, for the years ended December 31, 2014, 2013, and 2012, respectively, and weighted average default rates of 3.61%, 3.36%, and 2.65%, respectively. Prepayment speeds generated using the Andrew Davidson Prepayment Model averaged 11.3%, 9.7%, and 16.3% at December 31, 2014, 2013, and 2012, respectively. These assumptions are prepared by the third party provider and reviewed and approved by management prior to final determination of the fair value. MSR values are very sensitive to movement in interest rates as expected future net servicing income depends on the projected balance of the underlying loans, which can be greatly impacted by the level of prepayments. CTBI does not currently hedge against changes in the fair value of its MSR portfolio. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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 2014 and 2013 is as follows: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Related party extensions of credit, beginning of period | $ | 33,103 | $ | 33,038 | |||||
New loans and advances on lines of credit | 5,500 | 8,305 | |||||||
Repayments | (1,281 | ) | (8,237 | ) | |||||
Increase (decrease) due to changes in related parties | 151 | (3 | ) | ||||||
Related party extensions of credit, end of period | $ | 37,473 | $ | 33,103 | |||||
The aggregate balances of related party deposits at December 31, 2014 and 2013 were $12.4 million and $13.3 million, respectively. | |||||||||
A director of CTBI, is a shareholder in a law firm that provided services to CTBI and its subsidiaries during the years 2014, 2013, and 2012. Approximately $1.0 million in legal fees and $0.1 million in expenses paid on behalf of CTBI, $1.1 million total, were paid to this law firm during 2014. Approximately $1.1 million in legal fees and $0.2 million in expenses, $1.3 million total, were paid during 2013, and approximately $1.3 million in legal fees and $0.2 million in expenses, $1.5 million in total, were paid during 2012. |
Allowance_for_Loan_and_Lease_L
Allowance for Loan and Lease Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | 7. Allowance for Loan and Lease Losses | ||||||||||||||||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan and lease losses ("ALLL") and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | |||||||||||||||||||||||||||||||
ALLL | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 3,396 | $ | 14,535 | $ | 121 | $ | 5,238 | $ | 397 | $ | 4,939 | $ | 601 | $ | 1,127 | $ | 3,654 | $ | 34,008 | |||||||||||||||||||||
Provision charged to expense | (513 | ) | 941 | (2 | ) | 1,545 | 258 | 2,173 | 265 | 1,207 | 2,881 | 8,755 | |||||||||||||||||||||||||||||
Losses charged off | 15 | 2,163 | 0 | 3,141 | 123 | 1,058 | 115 | 1,326 | 3,495 | 11,436 | |||||||||||||||||||||||||||||||
Recoveries | 28 | 305 | 0 | 621 | 2 | 40 | 5 | 566 | 1,553 | 3,120 | |||||||||||||||||||||||||||||||
Balance, end of year | $ | 2,896 | $ | 13,618 | $ | 119 | $ | 4,263 | $ | 534 | $ | 6,094 | $ | 756 | $ | 1,574 | $ | 4,593 | $ | 34,447 | |||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 734 | $ | 827 | $ | 0 | $ | 181 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,742 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 2,162 | $ | 12,791 | $ | 119 | $ | 4,082 | $ | 534 | $ | 6,094 | $ | 756 | $ | 1,574 | $ | 4,593 | $ | 32,705 | |||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,627 | $ | 34,357 | $ | 0 | $ | 13,807 | $ | 0 | $ | 1,277 | $ | 0 | $ | 0 | $ | 0 | $ | 59,068 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 112,315 | $ | 914,269 | $ | 10,344 | $ | 338,241 | $ | 62,412 | $ | 711,188 | $ | 88,335 | $ | 122,136 | $ | 315,516 | $ | 2,674,756 | |||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | |||||||||||||||||||||||||||||||
ALLL | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 4,033 | $ | 13,541 | $ | 126 | $ | 5,469 | $ | 376 | $ | 4,767 | $ | 563 | $ | 1,102 | $ | 3,268 | $ | 33,245 | |||||||||||||||||||||
Provision charged to expense | 189 | 2,438 | (5 | ) | 1,477 | 106 | 860 | 268 | 696 | 2,539 | 8,568 | ||||||||||||||||||||||||||||||
Losses charged off | 1,135 | 1,607 | 0 | 2,265 | 89 | 744 | 241 | 1,166 | 3,802 | 11,049 | |||||||||||||||||||||||||||||||
Recoveries | 309 | 163 | 0 | 557 | 4 | 56 | 11 | 495 | 1,649 | 3,244 | |||||||||||||||||||||||||||||||
Balance, end of year | $ | 3,396 | $ | 14,535 | $ | 121 | $ | 5,238 | $ | 397 | $ | 4,939 | $ | 601 | $ | 1,127 | $ | 3,654 | $ | 34,008 | |||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,189 | $ | 1,005 | $ | 0 | $ | 102 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2,296 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 2,207 | $ | 13,530 | $ | 121 | $ | 5,136 | $ | 397 | $ | 4,939 | $ | 601 | $ | 1,127 | $ | 3,654 | $ | 31,712 | |||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,810 | $ | 39,297 | $ | 0 | $ | 15,169 | $ | 0 | $ | 1,024 | $ | 0 | $ | 0 | $ | 0 | $ | 65,300 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 100,969 | $ | 833,245 | $ | 8,840 | $ | 359,712 | $ | 56,075 | $ | 696,577 | $ | 84,880 | $ | 122,215 | $ | 287,541 | $ | 2,550,054 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | |||||||||||||||||||||||||||||||
ALLL | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 4,023 | $ | 11,753 | $ | 112 | $ | 5,608 | $ | 354 | $ | 4,302 | $ | 562 | $ | 917 | $ | 5,540 | $ | 33,171 | |||||||||||||||||||||
Provision charged to expense | 1,009 | 3,520 | 14 | 2,330 | 183 | 1,437 | 238 | 892 | (173 | ) | 9,450 | ||||||||||||||||||||||||||||||
Losses charged off | 1,034 | 2,035 | 0 | 3,233 | 189 | 1,123 | 248 | 1,245 | 3,483 | 12,590 | |||||||||||||||||||||||||||||||
Recoveries | 35 | 303 | 0 | 764 | 28 | 151 | 11 | 538 | 1,384 | 3,214 | |||||||||||||||||||||||||||||||
Balance, end of year | $ | 4,033 | $ | 13,541 | $ | 126 | $ | 5,469 | $ | 376 | $ | 4,767 | $ | 563 | $ | 1,102 | $ | 3,268 | $ | 33,245 | |||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,820 | $ | 1,090 | $ | 0 | $ | 338 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 3,248 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 2,213 | $ | 12,451 | $ | 126 | $ | 5,131 | $ | 376 | $ | 4,767 | $ | 563 | $ | 1,102 | $ | 3,268 | $ | 29,997 | |||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,395 | $ | 38,113 | $ | 0 | $ | 14,295 | $ | 0 | $ | 695 | $ | 0 | $ | 0 | $ | 0 | $ | 62,498 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 110,052 | $ | 769,100 | $ | 9,246 | $ | 362,053 | $ | 55,041 | $ | 696,233 | $ | 82,292 | $ | 122,581 | $ | 281,477 | $ | 2,488,075 |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Premises and Equipment [Abstract] | |||||||||
Premises and Equipment | 8. Premises and Equipment | ||||||||
Premises and equipment are summarized as follows: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
31-Dec | |||||||||
Land and buildings | $ | 76,795 | $ | 76,313 | |||||
Leasehold improvements | 4,760 | 4,778 | |||||||
Furniture, fixtures, and equipment | 34,234 | 32,237 | |||||||
Construction in progress | 227 | 971 | |||||||
Total premises and equipment | 116,016 | 114,299 | |||||||
Less accumulated depreciation and amortization | (66,036 | ) | (62,299 | ) | |||||
Premises and equipment, net | $ | 49,980 | $ | 52,000 | |||||
Depreciation and amortization of premises and equipment for 2014, 2013, and 2012 was $4.1 million, $4.3 million, and $4.1 million, respectively. |
Other_Real_Estate_Owned
Other Real Estate Owned | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Real Estate Owned [Abstract] | |||||||||
Other Real Estate Owned | 9. Other Real Estate Owned | ||||||||
Activity for other real estate owned was as follows: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Beginning balance of other real estate owned | $ | 39,188 | $ | 47,537 | |||||
New assets acquired | 12,199 | 7,429 | |||||||
Capitalized costs | 0 | 6 | |||||||
Fair value adjustments | (1,730 | ) | (2,480 | ) | |||||
Sale of assets | (12,881 | ) | (13,304 | ) | |||||
Ending balance of other real estate owned | $ | 36,776 | $ | 39,188 | |||||
Carrying costs and fair value adjustments associated with foreclosed properties were $3.9 million, $5.2 million, and $5.3 million for 2014, 2013, and 2012, respectively. See note 1 for a description of our accounting policies relative to foreclosed properties and other real estate owned. |
Deposits
Deposits | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||
Deposits | 10. Deposits | ||||||||||||||||||||||||||||
Major classifications of deposits are categorized as follows: | |||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||
31-Dec | |||||||||||||||||||||||||||||
Noninterest bearing deposits | $ | 677,626 | $ | 621,321 | |||||||||||||||||||||||||
NOW accounts | 31,998 | 31,017 | |||||||||||||||||||||||||||
Money market deposits | 577,677 | 554,072 | |||||||||||||||||||||||||||
Savings | 348,038 | 320,835 | |||||||||||||||||||||||||||
Certificates of deposit and other time deposits of $100,000 or more | 619,887 | 660,016 | |||||||||||||||||||||||||||
Certificates of deposit and other time deposits less than $100,000 | 619,031 | 667,813 | |||||||||||||||||||||||||||
Total deposits | $ | 2,874,257 | $ | 2,855,074 | |||||||||||||||||||||||||
Interest expense on deposits is categorized as follows: | |||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Savings, NOW, and money market accounts | $ | 2,141 | $ | 2,281 | $ | 2,894 | |||||||||||||||||||||||
Certificates of deposit and other time deposits of $100,000 or more | 4,265 | 4,863 | 7,378 | ||||||||||||||||||||||||||
Certificates of deposit and other time deposits less than $100,000 | 3,392 | 4,169 | 7,639 | ||||||||||||||||||||||||||
Total interest expense on deposits | $ | 9,798 | $ | 11,313 | $ | 17,911 | |||||||||||||||||||||||
Maturities of certificates of deposits and other time deposits are presented below: | |||||||||||||||||||||||||||||
Maturities by Period at December 31, 2014 | |||||||||||||||||||||||||||||
(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 | $ | 619,887 | $ | 518,045 | $ | 48,833 | $ | 24,280 | $ | 14,070 | $ | 14,559 | $ | 100 | |||||||||||||||
Certificates of deposit and other time deposits less than $100,000 | 619,031 | 536,074 | 40,225 | 18,219 | 12,894 | 11,275 | 344 | ||||||||||||||||||||||
Total maturities | $ | 1,238,918 | $ | 1,054,119 | $ | 89,058 | $ | 42,499 | $ | 26,964 | $ | 25,834 | $ | 444 |
Advances_from_Federal_Home_Loa
Advances from Federal Home Loan Bank | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank [Abstract] | |||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 11. Advances from Federal Home Loan Bank | ||||||||||||||||||||||||||||
Federal Home Loan Bank advances consisted of the following monthly amortizing and term borrowings at December 31: | |||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||
Monthly amortizing | $ | 1,170 | $ | 1,286 | |||||||||||||||||||||||||
Term | 60,000 | 0 | |||||||||||||||||||||||||||
Total FHLB advances | $ | 61,170 | $ | 1,286 | |||||||||||||||||||||||||
The advances from the FHLB that require monthly principal payments were due for repayment as follows: | |||||||||||||||||||||||||||||
Principal Payments Due by Period at December 31, 2014 | |||||||||||||||||||||||||||||
(in thousands) | Total | Within 1 Year | 2 Years | 3 Years | 4 Years | 5 Years | After 5 Years | ||||||||||||||||||||||
Outstanding advances, weighted average interest rate – 1.70% | $ | 1,170 | $ | 123 | $ | 111 | $ | 98 | $ | 404 | $ | 20 | $ | 414 | |||||||||||||||
At December 31, 2013, CTBI had monthly amortizing FHLB advances totaling $1.3 million at a weighted average interest rate of 1.84%. | |||||||||||||||||||||||||||||
The term advances that require the total payment to be made at maturity follow: | |||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||
31-Dec | |||||||||||||||||||||||||||||
Advance #275, 0.17%, due 1/05/15 | $ | 60,000 | $ | 0 | |||||||||||||||||||||||||
Total term advances | $ | 60,000 | $ | 0 | |||||||||||||||||||||||||
Advances totaling $61.2 million at December 31, 2014 were collateralized by FHLB stock of $17.9 million and a blanket lien on qualifying first mortgage loans. As of December 31, 2014, CTBI had a $483.0 million FHLB borrowing capacity with $61.2 million in advances and $109.5 million in letters of credit used for public fund pledging leaving $312.3 million available for additional advances. The advances had fixed interest rates ranging from 0.00% to 6.42% with a weighted average rate of 0.20%. The advances are subject to restrictions or penalties in the event of prepayment. Advance #275 matured and was replaced with advances #279 and #280 with a weighted average interest rate of 0.17% maturing on February 3, 2015 totaling $80 million. There were no term advances at December 31, 2013. |
Borrowings
Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Borrowings [Abstract] | |||||||||
Borrowings | 12. Borrowings | ||||||||
Short-term debt is categorized as follows: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
31-Dec | |||||||||
Repurchase agreements | $ | 235,186 | $ | 208,067 | |||||
Federal funds purchased | 11,041 | 12,465 | |||||||
Total short-term debt | $ | 246,227 | $ | 220,532 | |||||
All federal funds purchased and the majority of repurchase agreements mature and reprice daily. The average rates paid for federal funds purchased and repurchase agreements on December 31, 2014 were 0.15% and 0.36%, respectively. | |||||||||
The maximum balance for repurchase agreements at any month-end during 2014 occurred at November 30, 2014, with a month-end balance of $252.3 million. The average balance of repurchase agreements for the year was $221.2 million. | |||||||||
Long-term debt is categorized as follows: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
31-Dec | |||||||||
Junior subordinated debentures, 1.83%, due 6/1/37 | $ | 61,341 | $ | 61,341 | |||||
On March 31, 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. | |||||||||
On November 26, 2014, the coupon rate was set at 1.83% for the March 2, 2015 distribution date, which was based on the three-month LIBOR rate as of November 26, 2014 of 0.24% plus 1.59%. | |||||||||
On October 31, 2014, Community Trust Bancorp, Inc. entered into a revolving credit promissory note for a line of credit in the amount of $12 million at a floating interest rate of 2.00% in excess of the one-month LIBOR Rate, with an unused commitment fee of 0.15%. Currently, all $12 million remain available for general corporate purposes. The agreement, which was effective October 31, 2014, replaced the agreement dated October 25, 2013, and will mature on October 30, 2015. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||
Income Taxes | 13. Income Taxes | ||||||||||||||||||||||||
The components of the provision for income taxes, exclusive of tax effect of unrealized securities gains and losses, are as follows: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Current income tax expense | $ | 20,194 | $ | 19,418 | $ | 14,784 | |||||||||||||||||||
Deferred income tax expense (benefit) | (1,048 | ) | 582 | 5,441 | |||||||||||||||||||||
Total income tax expense | $ | 19,146 | $ | 20,000 | $ | 20,225 | |||||||||||||||||||
A reconciliation of income tax expense at the statutory rate to our actual income tax expense is shown below: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Computed at the statutory rate | $ | 21,839 | 35 | % | $ | 22,810 | 35 | % | $ | 22,781 | 35 | % | |||||||||||||
Adjustments resulting from: | |||||||||||||||||||||||||
Tax-exempt interest | (1,204 | ) | (1.93 | ) | (1,126 | ) | (1.73 | ) | (1,278 | ) | (1.96 | ) | |||||||||||||
Housing and new markets credits | (1,076 | ) | (1.72 | ) | (996 | ) | (1.52 | ) | (704 | ) | (1.08 | ) | |||||||||||||
Dividends received deduction | (178 | ) | (0.29 | ) | (291 | ) | (0.45 | ) | (202 | ) | (0.31 | ) | |||||||||||||
Bank owned life insurance | (503 | ) | (0.81 | ) | (791 | ) | (1.22 | ) | (470 | ) | (0.72 | ) | |||||||||||||
ESOP dividend deduction | (284 | ) | (0.46 | ) | (281 | ) | (0.43 | ) | (271 | ) | (0.42 | ) | |||||||||||||
Other, net | 552 | 0.88 | 675 | 1.04 | 369 | 0.56 | |||||||||||||||||||
Total | $ | 19,146 | 30.68 | % | $ | 20,000 | 30.69 | % | $ | 20,225 | 31.07 | % | |||||||||||||
The components of the net deferred tax liability as of December 31 are as follows: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Allowance for loan and lease losses | $ | 12,019 | $ | 11,820 | |||||||||||||||||||||
Interest on nonperforming loans | 1,039 | 732 | |||||||||||||||||||||||
Accrued expenses | 1,911 | 3,370 | |||||||||||||||||||||||
Allowance for other real estate owned | 1,901 | 2,232 | |||||||||||||||||||||||
Unrealized losses on AFS securities | 0 | 3,717 | |||||||||||||||||||||||
Other | 1,145 | 232 | |||||||||||||||||||||||
Total deferred tax assets | 18,015 | 22,103 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Depreciation and amortization | (19,181 | ) | (18,717 | ) | |||||||||||||||||||||
FHLB stock dividends | (3,460 | ) | (4,956 | ) | |||||||||||||||||||||
Loan fee income | (744 | ) | (724 | ) | |||||||||||||||||||||
Mortgage servicing rights | (1,039 | ) | (1,198 | ) | |||||||||||||||||||||
Capitalized lease obligations | (681 | ) | (1,145 | ) | |||||||||||||||||||||
Unrealized gains on AFS securities | (1,231 | ) | 0 | ||||||||||||||||||||||
Other | (1,171 | ) | (1,015 | ) | |||||||||||||||||||||
Total deferred tax liabilities | (27,507 | ) | (27,755 | ) | |||||||||||||||||||||
Net deferred tax liability | $ | (9,492 | ) | $ | (5,652 | ) | |||||||||||||||||||
CTBI accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. CTBI determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. | |||||||||||||||||||||||||
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 2010, and state and local income tax examinations by tax authorities for years before 2010. For federal tax purposes, CTBI recognizes interest and penalties on income taxes as a component of income tax expense. | |||||||||||||||||||||||||
CTBI files consolidated income tax returns with its subsidiaries. |
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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) with one year of service and who work at least 1,000 hours per year. Participants in the plan have the option to contribute from 1% to 20% of their annual compensation. CTBI matches 50% of participant contributions up to 4% of gross pay. CTBI may at its discretion, contribute an additional percentage of covered employees' compensation. CTBI's matching contributions were $1.0 million for the years ended December 31, 2014, 2013, and 2012. The 401(k) Plan owned 503,082, 487,330, and 551,527 shares of CTBI's common stock at December 31, 2014, 2013, and 2012, respectively. Substantially all shares owned by the 401(k) were allocated to employee accounts on those dates. The market price of the shares at the date of allocation is essentially the same as the market price at the date of purchase. | |||||||||||||||||||||||||
The ESOP Plan has the same entrance requirements as the 401(k) Plan above. CTBI currently contributes 4% of covered employees' gross compensation to the ESOP. The ESOP uses the contributions to acquire shares of CTBI's common stock. CTBI's contributions to the ESOP were $1.5 million for the years ended December 31, 2014 and 2013 and $1.4 million for the year ended 2012. The ESOP owned 752,710, 746,260, and 748,674 shares of CTBI's common stock at December 31, 2014, 2013, and 2012, 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: | |||||||||||||||||||||||||
CTBI currently maintains one active and one inactive incentive stock option plan covering key employees. The 2006 Stock Ownership Incentive Plan ("2006 Plan") was approved by the Board of Directors and the Shareholders in 2006. The 1998 Stock Option Plan ("1998 Plan") was approved by the Board of Directors and the Shareholders in 1998. The 1998 Plan was rendered inactive as of April 26, 2006. The 2006 Plan had 1,650,000 shares authorized, 1,345,876 of which were available at December 31, 2014 for future grants. In addition, any shares reserved for issuance under the 1998 Stock Option Plan ("1998 Plan") in excess of the number of shares as to which options or other benefits are awarded thereunder, plus any shares as to which options or other benefits granted under the 1998 Plan may lapse, expire, terminate or be canceled, shall also be reserved and available for issuance or reissuance under the 2006 Plan. As of December 31, 2014, the 1998 Plan had 1,151,514 shares authorized, 217,826 of which were transferred to the 2006 Plan. The total shares available for issuance under the 2006 Plan as of December 31, 2014 was 1,563,702. 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, 2014: | |||||||||||||||||||||||||
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 | 143 | $31.47 | 1,564 (a) | ||||||||||||||||||||||
Restricted stock | (c) | (b) | (a) | ||||||||||||||||||||||
Performance units | (d) | (b) | (a) | ||||||||||||||||||||||
Stock appreciation rights ("SARs") | (e) | (b) | (a) | ||||||||||||||||||||||
Total | 1,564 | ||||||||||||||||||||||||
(a) | Under the 2006 Plan, 1.65 million shares (plus any shares reserved for issuance under the 1998 Stock Option Plan) were authorized for issuance as nonqualified and incentive stock options, SARS, restricted stock and performance units. As of December 31, 2014, the above shares remained available for issuance. | ||||||||||||||||||||||||
(b) | Not applicable | ||||||||||||||||||||||||
(c) | The maximum number of shares of restricted stock that may be granted is 440,000 shares, and the maximum that may be granted to a participant during any calendar year is 44,000 shares. | ||||||||||||||||||||||||
(d) | No performance units payable in stock had been issued as of December 31, 2014. The maximum payment that can be made pursuant to performance units granted to any one participant in any calendar year shall be $250,000. | ||||||||||||||||||||||||
(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 shall be 110,000 shares. | ||||||||||||||||||||||||
The following table details the shares available for future issuance under the 2006 Plan at December 31, 2014. | |||||||||||||||||||||||||
Plan Category | Shares Available for Future Issuance | ||||||||||||||||||||||||
Shares available at January 1, 2014 | 1,573,980 | ||||||||||||||||||||||||
1998 Plan forfeitures in 2014 | 0 | ||||||||||||||||||||||||
2006 Plan stock option issuances for 2014 | -10,000 | ||||||||||||||||||||||||
2006 Plan restricted stock issuances in 2014 | -4,561 | ||||||||||||||||||||||||
2006 Plan forfeitures in 2014 | 4,283 | ||||||||||||||||||||||||
Shares available for future issuance | 1,563,702 | ||||||||||||||||||||||||
CTBI uses a Black-Scholes option pricing model with the following weighted average assumptions, which are evaluated and revised as necessary, in estimating the grant-date fair value of each option grant for the year end: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Expected option life (in years) | 7 | 7.5 | -- | ||||||||||||||||||||||
Expected volatility | 30.77% | 39.11% | -- | ||||||||||||||||||||||
Expected dividend yield | 3.40% | 3.74% | -- | ||||||||||||||||||||||
Risk-free interest rate | 2.01% | 1.33% | -- | ||||||||||||||||||||||
The expected option life is derived from the "safe-harbor" rules for estimating option life in ASC 718, Share-Based Payment. The expected volatility is based on historical volatility of the stock using a historical look back that approximates the expected life of the option grant. The interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. CTBI's stock-based compensation expense for the years 2014, 2013, and 2012 was $0.9 million, $0.7 million, and $0.6 million, respectively. Included in stock-based compensation expense were dividends paid on restricted stock shares in the amount of $121 thousand, $124 thousand, and $121 thousand, respectively, for the same periods. | |||||||||||||||||||||||||
CTBI's stock option activity for the 2006 Plan for the years ended December 31, 2014, 2013, and 2012 is summarized as follows: | |||||||||||||||||||||||||
31-Dec | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | ||||||||||||||||||||
Outstanding at beginning of year | 97,047 | $ | 32.29 | 163,524 | $ | 31.56 | 167,828 | $ | 31.43 | ||||||||||||||||
Granted | 10,000 | 34.75 | 1,650 | 30.64 | 0 | -- | |||||||||||||||||||
Exercised | (5,757 | ) | 34.62 | (68,127 | ) | 30.52 | (3,507 | ) | 25.92 | ||||||||||||||||
Forfeited/expired | (2,469 | ) | 34.29 | 0 | -- | (797 | ) | -- | |||||||||||||||||
Outstanding at end of year | 98,821 | $ | 32.35 | 97,047 | $ | 32.29 | 163,524 | $ | 31.56 | ||||||||||||||||
Exercisable at end of year | 86,264 | $ | 32.25 | 92,997 | $ | 32.56 | 112,555 | $ | 34.26 | ||||||||||||||||
A summary of the status of CTBI's 2006 Plan for nonvested options as of December 31, 2014, and changes during the year ended December 31, 2014, is presented as follows: | |||||||||||||||||||||||||
Nonvested Options | Options | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Nonvested at January 1, 2014 | 4,051 | $ | 6.87 | ||||||||||||||||||||||
Granted | 10,000 | 7.76 | |||||||||||||||||||||||
Vested | (1,274 | ) | 6.68 | ||||||||||||||||||||||
Forfeited | (220 | ) | 5.94 | ||||||||||||||||||||||
Nonvested at December 31, 2014 | 12,557 | $ | 7.61 | ||||||||||||||||||||||
The weighted average remaining contractual term in years of the shares outstanding at December 31, 2014 was 3.35 years. | |||||||||||||||||||||||||
The weighted-average fair value of options granted from the 2006 Plan during the year 2014 was $0.08 million, or $7.76 per share. The weighted-average fair value of options granted from the 2006 Plan during the year 2013 was $0.01 million or $8.23 per share. No stock options were granted during 2012. | |||||||||||||||||||||||||
The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 2006 Plan for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Options exercised | $ | 11 | $ | 477 | $ | 22 | |||||||||||||||||||
Options exercisable | 376 | 790 | 88 | ||||||||||||||||||||||
Outstanding options | 421 | 849 | 388 | ||||||||||||||||||||||
The following table shows restricted stock activity for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||
31-Dec | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Grants | Weighted Average Fair | Grants | Weighted Average Fair | Grants | Weighted Average Fair | ||||||||||||||||||||
Value at Grant | Value at Grant | Value at Grant | |||||||||||||||||||||||
Outstanding at beginning of year | 107,511 | $ | 25.91 | 106,561 | $ | 25.38 | 106,197 | $ | 25.37 | ||||||||||||||||
Granted | 4,561 | 37.85 | 11,904 | 30.64 | 364 | 28.11 | |||||||||||||||||||
Vested | (8,949 | ) | 28.35 | (10,954 | ) | 25.87 | 0 | -- | |||||||||||||||||
Forfeited | (1,814 | ) | 28.38 | 0 | -- | 0 | -- | ||||||||||||||||||
Outstanding at end of year | 101,309 | $ | 26.19 | 107,511 | $ | 25.91 | 106,561 | $ | 25.38 | ||||||||||||||||
CTBI's stock option activity for the 1998 Plan for the years ended December 31, 2014, 2013, and 2012 is summarized as follows: | |||||||||||||||||||||||||
31-Dec | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | ||||||||||||||||||||
Outstanding at beginning of year | 78,066 | $ | 28.91 | 195,279 | $ | 28.08 | 353,694 | $ | 24.41 | ||||||||||||||||
Granted | 0 | -- | 0 | -- | 0 | -- | |||||||||||||||||||
Exercised | (34,106 | ) | 28.25 | (117,213 | ) | 27.54 | (158,305 | ) | 19.85 | ||||||||||||||||
Forfeited/expired | 0 | -- | 0 | -- | (110 | ) | 29.49 | ||||||||||||||||||
Outstanding at end of year | 43,960 | $ | 29.43 | 78,066 | $ | 28.91 | 195,279 | $ | 28.08 | ||||||||||||||||
Exercisable at end of year | 43,960 | $ | 29.43 | 78,066 | $ | 28.91 | 195,279 | $ | 28.08 | ||||||||||||||||
The weighted average remaining contractual term in years of the shares outstanding at December 31, 2014 was 1.03 years. | |||||||||||||||||||||||||
The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 1998 Plan for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Options exercised | $ | 270 | $ | 1,175 | $ | 690 | |||||||||||||||||||
Options exercisable | 316 | 948 | 1,517 | ||||||||||||||||||||||
Outstanding options | 316 | 948 | 1,517 | ||||||||||||||||||||||
There were no nonvested options in the 1998 Plan shares as of December 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
The following table shows the unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans at December 31, 2014, 2013, and 2012 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, 2014, 2013, and 2012. | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Unrecognized compensation cost of unvested share-based compensation arrangements granted under the plan at year-end | $ | 861 | $ | 1,366 | $ | 1,133 | |||||||||||||||||||
Grant date fair value of shares vested for the year | 343 | 521 | 34 | ||||||||||||||||||||||
Cash received from option exercises under all share-based payment arrangements for the year | 1,163 | 5,306 | 3,137 | ||||||||||||||||||||||
Tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the year | 93 | 303 | 496 | ||||||||||||||||||||||
The unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans at December 31, 2014 is expected to be recognized over a weighted-average period of 1.9 years. |
Operating_Leases
Operating Leases | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Operating Leases [Abstract] | |||||||||
Operating Leases | 15. Operating Leases | ||||||||
Certain premises and equipment are leased under operating leases. Additionally, certain premises are leased or subleased to third parties. These leases generally contain renewal options and require CTBI to pay all executory costs, such as taxes, maintenance fees, and insurance. Minimum non-cancellable rental payments and rental receipts are as follows: | |||||||||
(in thousands) | Payments | Receipts | |||||||
2015 | 1,970 | 577 | |||||||
2016 | 1,411 | 339 | |||||||
2017 | 1,270 | 210 | |||||||
2018 | 862 | 78 | |||||||
2019 | 356 | 4 | |||||||
Thereafter | 2,781 | 0 | |||||||
Total | $ | 8,650 | $ | 1,208 | |||||
Rental expense net of rental income under operating leases was $1.3 million for 2014, $1.2 million for 2013, and $0.8 million for 2012. |
Fair_Market_Value_of_Financial
Fair Market Value of Financial Assets and Liabilities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Market Value of Financial Assets and Liabilities [Abstract] | |||||||||||||||||
Fair Market Value of Financial Assets and Liabilities | 16. Fair Market Value of Financial Assets and Liabilities | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
ASC 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. ASC 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value but does not expand the use of fair value in any new circumstances. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. In this standard, the FASB clarifies the principle that fair value should be based on the assumptions market participants would use when pricing the asset or liability. In support of this principle, ASC 820 establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy is as follows: | |||||||||||||||||
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 pricing 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, 2014 and December 31, 2013 and indicate the level within the fair value hierarchy of the valuation techniques. | |||||||||||||||||
(in thousands) | Fair Value Measurements at | ||||||||||||||||
December 31, 2014 Using | |||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets measured – recurring basis | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
U.S. Treasury and government agencies | $ | 188,932 | $ | 0 | $ | 188,932 | $ | 0 | |||||||||
State and political subdivisions | 137,458 | 0 | 137,458 | 0 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 288,907 | 0 | 288,907 | 0 | |||||||||||||
Marketable equity securities | 24,889 | 24,889 | 0 | 0 | |||||||||||||
Mortgage servicing rights | 2,968 | 0 | 0 | 2,968 | |||||||||||||
(in thousands) | Fair Value Measurements at | ||||||||||||||||
December 31, 2013 Using | |||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets measured – recurring basis | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
U.S. Treasury and government agencies | $ | 72,623 | $ | 0 | $ | 72,623 | $ | 0 | |||||||||
State and political subdivisions | 116,703 | 0 | 116,703 | 0 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 367,297 | 0 | 367,297 | 0 | |||||||||||||
Marketable equity securities | 52,782 | 52,782 | 0 | 0 | |||||||||||||
Mortgage servicing rights | 3,424 | 0 | 0 | 3,424 | |||||||||||||
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 at fair value as of December 31, 2014 and December 31, 2013. There have been no significant changes in the valuation techniques during the year ended December 31, 2014. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. | |||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||
Securities classified as available-for-sale are reported at fair value on a recurring basis. CTBI's CRA investment funds (included in marketable equity securities) 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, and U.S. government sponsored agency mortgage-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. As of December 31, 2014, CTBI does not own any securities classified as Level 3 inputs. | |||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||
Mortgage servicing rights do not trade in an active, open market with readily observable prices. CTBI reports mortgage servicing rights at fair value on a recurring basis with subsequent remeasurement of MSRs based on change in fair value. | |||||||||||||||||
In determining fair value, CTBI utilizes the expertise of an independent third party. Accordingly, fair value is determined by the independent third party by utilizing assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends and industry demand. Due to the nature of the valuation inputs, mortgage servicing rights are classified within Level 3 of the hierarchy. Fair value determinations for Level 3 measurements of mortgage servicing rights are tested for impairment on a quarterly basis where assumptions used are reviewed to ensure the estimated fair value complies with accounting standards generally accepted in the United States. See the table below for inputs and valuation techniques used for Level 3 mortgage servicing rights. | |||||||||||||||||
Transfers between Levels | |||||||||||||||||
There were no transfers between Levels 1, 2, and 3 as of December 31, 2014. | |||||||||||||||||
Level 3 Reconciliation | |||||||||||||||||
Following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs: | |||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights | ||||||||||||||||
Beginning balance | $ | 3,424 | $ | 2,364 | |||||||||||||
Total recognized gains (losses) | |||||||||||||||||
Included in net income | (467 | ) | 788 | ||||||||||||||
Issues | 374 | 854 | |||||||||||||||
Settlements | (363 | ) | (582 | ) | |||||||||||||
Ending balance | $ | 2,968 | $ | 3,424 | |||||||||||||
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 | $ | (467 | ) | $ | 788 | ||||||||||||
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: | |||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Noninterest Income | Noninterest Expense | Noninterest Income | Noninterest Expense | ||||||||||||||
Total gains (losses) | $ | (830 | ) | $ | 0 | $ | 206 | $ | 0 | ||||||||
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, 2014 and December 31, 2013 and indicate the level within the fair value hierarchy of the valuation techniques. | |||||||||||||||||
(in thousands) | Fair Value Measurements at | ||||||||||||||||
December 31, 2014 Using | |||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets measured – nonrecurring basis | |||||||||||||||||
Impaired loans (collateral dependent) | $ | 4,665 | $ | 0 | $ | 0 | $ | 4,665 | |||||||||
Other real estate/assets owned | 6,472 | 0 | 0 | 6,472 | |||||||||||||
(in thousands) | Fair Value Measurements at | ||||||||||||||||
December 31, 2013 Using | |||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets measured – nonrecurring basis | |||||||||||||||||
Impaired loans (collateral dependent) | $ | 6,830 | $ | 0 | $ | 0 | $ | 6,830 | |||||||||
Other real estate/assets owned | 11,111 | 0 | 0 | 11,111 | |||||||||||||
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. | |||||||||||||||||
Impaired Loans (Collateral Dependent) | |||||||||||||||||
The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired 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 impaired under ASC 310-35, Impairment of a Loan, are loans for which, based on current information and events, it is probable that the creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans are subject to nonrecurring fair value adjustments to reflect subsequent (i) partial write-downs that are based on the observable market price or current appraised value of the collateral or (ii) the full charge-off of the loan carrying value. Fair value adjustments on impaired loans disclosed above were $0.4 million and $0.6 million for the years ended December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||
Other Real Estate Owned | |||||||||||||||||
In accordance with the provisions of ASC 360, Property, Plant, and Equipment, other real estate owned (OREO) is carried at the lower of fair value at acquisition date or current estimated fair value, less estimated cost to sell when the real estate is acquired. Estimated fair value of OREO is based on appraisals or evaluations. OREO is classified within Level 3 of the fair value hierarchy. Long-lived assets are subject to nonrecurring fair value adjustments to reflect subsequent partial write-downs that are based on the observable market price or current appraised value of the collateral. Fair value adjustments on other real estate/assets owned were $1.7 million and $2.5 million for the years ended December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||
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, 2014 and December 31, 2013. | |||||||||||||||||
(in thousands) | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
Fair Value at December 31, 2014 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||
Mortgage servicing rights | $ | 2,968 | Discount cash flows, computer pricing model | Constant prepayment rate | 4.6% - 25.1% | %) | |||||||||||
(11.3 | |||||||||||||||||
Probability of default | 0.00% - 100.0% | %) | |||||||||||||||
(3.61 | |||||||||||||||||
Discount rate | 10.0% - 11.5% | %) | |||||||||||||||
(10.13 | |||||||||||||||||
Impaired loans (collateral-dependent) | $ | 4,665 | Market comparable properties | Marketability discount | 5.0% - 10.0% | %) | |||||||||||
(7.0 | |||||||||||||||||
Other real estate/assets owned | $ | 6,472 | Market comparable properties | Comparability adjustments (%) | 3.0% - 67.0% | %) | |||||||||||
(18.0 | |||||||||||||||||
(in thousands) | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
Fair Value at December 31, 2013 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||
Mortgage servicing rights | $ | 3,424 | Discount cash flows, computer pricing model | Constant prepayment rate | 4.3% - 23.6% | %) | |||||||||||
(9.7 | |||||||||||||||||
Probability of default | 0.00% - 33.33% | %) | |||||||||||||||
(3.36 | |||||||||||||||||
Discount rate | Not applicable (10.0%) | ||||||||||||||||
Impaired loans (collateral-dependent) | $ | 6,830 | Market comparable properties | Marketability discount | 5.0% - 10.0% | %) | |||||||||||
(7.0 | |||||||||||||||||
Other real estate/assets owned | $ | 11,111 | Market comparable properties | Comparability adjustments (%) | 5.0% - 38.0% | %) | |||||||||||
(9.0 | |||||||||||||||||
Sensitivity of Significant Unobservable Inputs | |||||||||||||||||
The following is a discussion of the sensitivity of significant unobservable inputs, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement and of how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement. | |||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||
Market value for mortgage servicing rights is derived based on unobservable inputs, such as prepayment speeds of the underlying loans generated using the Andrew Davidson Prepayment Model, FHLMC/FNMA guidelines, the weighted-average life of the loan, the discount rate, the weighted average coupon, and the weighted average default rate. Significant increases (decreases) in either of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for prepayment speeds is accompanied by a directionally opposite change in the assumption for interest rates. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The following table presents estimated fair value of CTBI's financial instruments as of December 31, 2014 and indicates the level within the fair value hierarchy of the valuation techniques. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
(in thousands) | at December 31, 2014 Using | ||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 105,517 | $ | 105,517 | $ | 0 | $ | 0 | |||||||||
Certificates of deposit in other banks | 8,197 | 0 | 8,213 | 0 | |||||||||||||
Securities available-for-sale | 640,186 | 24,889 | 615,297 | 0 | |||||||||||||
Securities held-to-maturity | 1,662 | 0 | 1,644 | 0 | |||||||||||||
Loans held for sale | 2,264 | 2,321 | 0 | 0 | |||||||||||||
Loans, net | 2,699,377 | 0 | 0 | 2,691,906 | |||||||||||||
Federal Home Loan Bank stock | 17,927 | 0 | 17,927 | 0 | |||||||||||||
Federal Reserve Bank stock | 4,869 | 0 | 4,869 | 0 | |||||||||||||
Accrued interest receivable | 13,548 | 0 | 13,548 | 0 | |||||||||||||
Mortgage servicing rights | 2,968 | 0 | 0 | 2,968 | |||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 2,874,257 | $ | 677,626 | $ | 2,192,848 | $ | 0 | |||||||||
Repurchase agreements | 235,186 | 0 | 0 | 235,193 | |||||||||||||
Federal funds purchased | 11,041 | 0 | 11,041 | 0 | |||||||||||||
Advances from Federal Home Loan Bank | 61,170 | 0 | 61,106 | 0 | |||||||||||||
Long-term debt | 61,341 | 0 | 0 | 35,615 | |||||||||||||
Accrued interest payable | 908 | 0 | 908 | 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, 2013 and indicates the level within the fair value hierarchy of the valuation techniques. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
(in thousands) | at December 31, 2013 Using | ||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 106,641 | $ | 106,641 | $ | 0 | $ | 0 | |||||||||
Certificates of deposit in other banks | 9,568 | 0 | 9,582 | 0 | |||||||||||||
Securities available-for-sale | 609,405 | 52,782 | 556,623 | 0 | |||||||||||||
Securities held-to-maturity | 1,662 | 0 | 1,601 | 0 | |||||||||||||
Loans held for sale | 828 | 845 | 0 | 0 | |||||||||||||
Loans, net | 2,581,346 | 0 | 0 | 2,589,811 | |||||||||||||
Federal Home Loan Bank stock | 25,673 | 0 | 25,673 | 0 | |||||||||||||
Federal Reserve Bank stock | 4,886 | 0 | 4,886 | 0 | |||||||||||||
Accrued interest receivable | 12,886 | 0 | 12,886 | 0 | |||||||||||||
Mortgage servicing rights | 3,424 | 0 | 0 | 3,424 | |||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 2,855,074 | $ | 621,321 | $ | 2,230,608 | $ | 0 | |||||||||
Repurchase agreements | 208,067 | 0 | 0 | 207,992 | |||||||||||||
Federal funds purchased | 12,465 | 0 | 12,465 | 0 | |||||||||||||
Advances from Federal Home Loan Bank | 1,286 | 0 | 1,531 | 0 | |||||||||||||
Long-term debt | 61,341 | 0 | 0 | 31,362 | |||||||||||||
Accrued interest payable | 1,032 | 0 | 1,032 | 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 methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: | |||||||||||||||||
Cash and cash equivalents – The carrying amount approximates fair value. | |||||||||||||||||
Certificates of deposit in other banks – Fair values are based on quoted market prices or dealer quotes for similar instruments. | |||||||||||||||||
Securities held-to-maturity – Fair values are based on quoted market prices, if available. If a quoted price is not available, fair value is estimated using quoted prices for similar securities. The fair value estimate is provided to management from a third party using modeling assumptions specific to each type of security that are reviewed and approved by management. Quarterly sampling of fair values provided by additional third parties supplement the fair value review process. | |||||||||||||||||
Loans held for sale – The fair value is predetermined at origination based on sale price. | |||||||||||||||||
Loans (net of the allowance for loan and lease losses) – The fair value of fixed rate loans and variable rate mortgage loans is estimated by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. For other variable rate loans, the carrying amount approximates fair value. | |||||||||||||||||
Federal Home Loan Bank stock – The carrying value of Federal Home Loan Bank stock approximates fair value based on the redemption provisions of the Federal Home Loan Bank. | |||||||||||||||||
Federal Reserve Bank stock – The carrying value of Federal Reserve Bank stock approximates fair value based on the redemption provisions of the Federal Reserve Bank. | |||||||||||||||||
Accrued interest receivable – The carrying amount approximates fair value. | |||||||||||||||||
Deposits – The fair value of fixed maturity time deposits is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. For deposits including demand deposits, savings accounts, NOW accounts, and certain money market accounts, the carrying value approximates fair value. | |||||||||||||||||
Repurchase agreements – The fair value is estimated by discounting future cash flows using current rates. | |||||||||||||||||
Federal funds purchased – The carrying amount approximates fair value. | |||||||||||||||||
Advances from Federal Home Loan Bank – The fair value of these fixed-maturity advances is estimated by discounting future cash flows using rates currently offered for advances of similar remaining maturities. | |||||||||||||||||
Long-term debt – The fair value is estimated by discounting future cash flows using current rates. | |||||||||||||||||
Accrued interest payable – The carrying amount approximates fair value. | |||||||||||||||||
Commitments to originate loans, forward sale commitments, letters of credit, and lines of credit – The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of forward sale commitments is estimated based on current market prices for loans of similar terms and credit quality. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The fair values of these commitments are not material. |
OffBalance_Sheet_Transactions_
Off-Balance Sheet Transactions and Guarantees | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Off-Balance Sheet Transactions and Guarantees [Abstract] | |||||||||
Off-Balance Sheet Transactions and Guarantees | 17. Off-Balance Sheet Transactions and Guarantees | ||||||||
CTBI is a party to transactions with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include standby letters of credit and commitments to extend credit in the form of unused lines of credit. CTBI uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | |||||||||
At December 31, CTBI had the following off-balance sheet financial instruments, whose approximate contract amounts represent additional credit risk to CTBI: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Standby letters of credit | $ | 28,524 | $ | 34,861 | |||||
Commitments to extend credit | 459,380 | 410,803 | |||||||
Total off-balance sheet financial instruments | $ | 487,904 | $ | 445,664 | |||||
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, 2014, we maintained a credit loss reserve of approximately $4 thousand 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 loan and lease losses. Approximately 81% of the total standby letters of credit are secured, with $20.6 million of the total $28.5 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, 2014, a credit loss reserve of $223 thousand 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, 2014 of $36.6 million had interest rates ranging predominantly from 3.50% to 5.00%, respectively, and terms predominantly less than 1 year. These credit commitments were based on prevailing rates, terms, and conditions applicable to other loans being made at December 31, 2014. | |||||||||
Included in our commitments to extend credit are mortgage loans in the process of origination which are intended for sale to investors in the secondary market. These forward sale commitments are on an individual loan basis that CTBI originates as part of its mortgage banking activities. CTBI commits to sell the loans at specified prices in a future period, typically within 60 days. These commitments are acquired to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale since CTBI is exposed to interest rate risk during the period between issuing a loan commitment and the sale of the loan into the secondary market. Total mortgage loans in the process of origination amounted to $0.3 million and $1.6 million at December 31, 2014 and 2013, respectively, and mortgage loans held for sale amounted to $2.3 million and $0.8 million at both December 31, 2014 and 2013, respectively. |
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2014 | |
Concentrations of Credit Risk [Abstract] | |
Concentrations of Credit Risk | 18. Concentrations of Credit Risk |
CTBI's banking activities include granting commercial, residential, and consumer loans to customers primarily located in eastern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee. CTBI is continuing to manage all components of its portfolio mix in a manner to reduce risk from changes in economic conditions. Concentrations of credit, as defined for regulatory purposes, are reviewed quarterly by management to ensure that internally established limits based on Tier 1 Capital plus the allowance for loan and lease losses are not exceeded. At December 31, 2014 and 2013, our concentrations of lessors of non-residential buildings credits were 39% and 33% of Tier 1 Capital plus the allowance for loan and lease losses, respectively. Lessors of residential buildings and dwellings were 34% for both 2014 and 2013, respectively. Hotel/motel industry credits were 31% and 33%, respectively. These percentages are within our internally established limits regarding concentrations of credit. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
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 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, 2014 | |||||||||||||||||||||||||
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 2015, approximately $53.2 million plus any 2015 net profits can be paid by CTB without prior regulatory approval. | |||||||||||||||||||||||||
The Federal Reserve Bank adopted quantitative measures which assign risk weightings to assets and off-balance sheet items and also define and set minimum regulatory capital requirements (risk based capital ratios). All banks are required to have a minimum Tier 1 (core capital) leverage ratio of 4% of adjusted quarterly average assets, Tier 1 capital of at least 4% of risk-weighted assets, and total capital of at least 8% of risk-weighted assets. Tier 1 capital consists principally of shareholders' equity including capital-qualifying subordinated debt but excluding unrealized gains and losses on securities available-for-sale, less goodwill and certain other intangibles. Total capital consists of Tier 1 capital plus certain debt instruments and the reserve for credit losses, subject to limitation. Failure to meet certain capital requirements can initiate certain actions by regulators that, if undertaken, could have a direct material effect on our consolidated financial statements. The regulations also define well-capitalized levels of Tier 1 leverage, Tier 1, and total capital as 5%, 6%, and 10%, respectively. We had Tier 1 leverage, Tier 1, and total capital ratios above the well-capitalized levels at December 31, 2014 and 2013. We believe, as of December 31, 2014, CTBI meets all capital adequacy requirements for which it is subject to be defined as well-capitalized under the regulatory framework for prompt corrective action. | |||||||||||||||||||||||||
Under the current Federal Reserve Board's regulatory framework, certain capital securities offered by wholly owned unconsolidated trust preferred entities of CTBI are included as Tier 1 regulatory capital. On March 1, 2005, the Federal Reserve Board adopted a final rule that allows the continued limited inclusion of trust preferred securities in the Tier 1 capital of bank holding companies ("BHCs"). Under the final rule, trust preferred securities and other restricted core capital elements are subject to stricter quantitative limits. The Board's final rule limits restricted core capital elements to 25 percent of all core capital elements, net of goodwill less any associated deferred tax liability. Amounts of restricted core capital elements in excess of these limits generally may be included in Tier 2 capital. The final rule provided a five-year transition period, which ended March 31, 2009, for application of the quantitative limits. The requirement for trust preferred securities to include a call option has been eliminated, and standards for the junior subordinated debt underlying trust preferred securities eligible for Tier 1 capital treatment have been clarified. The final rule addresses supervisory concerns, competitive equity considerations, and the accounting for trust preferred securities. The final rule also strengthens the definition of regulatory capital by incorporating longstanding Board policies regarding the acceptable terms of capital instruments included in banking organizations' Tier 1 or Tier 2 capital. The final rule did not have a material impact on our regulatory ratios. | |||||||||||||||||||||||||
Consolidated Capital Ratios | |||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | ||||||||||||||||||||||||
(in thousands) | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 439,877 | 12.04 | % | $ | 146,139 | 4 | % | |||||||||||||||||
Tier 1 capital (to risk weighted assets) | 439,877 | 16.51 | 106,572 | 4 | |||||||||||||||||||||
Total capital (to risk weighted assets) | 473,097 | 17.76 | 213,107 | 8 | |||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 412,053 | 11.51 | % | $ | 143,198 | 4 | % | |||||||||||||||||
Tier 1 capital (to risk weighted assets) | 412,053 | 16.15 | 102,056 | 4 | |||||||||||||||||||||
Total capital (to risk weighted assets) | 443,875 | 17.4 | 204,080 | 8 | |||||||||||||||||||||
Community Trust Bank, Inc.'s Capital Ratios | |||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well-Capitalized Under Prompt Corrective Action Provision | |||||||||||||||||||||||
(in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 416,861 | 11.47 | % | $ | 145,374 | 4 | % | $ | 181,718 | 5 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | 416,861 | 15.69 | 106,274 | 4 | 159,411 | 6 | |||||||||||||||||||
Total capital (to risk weighted assets) | 450,081 | 16.94 | 212,553 | 8 | 265,691 | 10 | |||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 392,932 | 11.03 | % | $ | 142,496 | 4 | % | $ | 178,120 | 5 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | 392,932 | 15.45 | 101,730 | 4 | 152,595 | 6 | |||||||||||||||||||
Total capital (to risk weighted assets) | 424,754 | 16.7 | 203,475 | 8 | 254,344 | 10 | |||||||||||||||||||
On July 2, 2013, the Federal Reserve approved final rules that substantially amend the regulatory risk-based capital rules applicable to CTBI and CTB. The FDIC has subsequently approved these rules. The final rules were adopted following the issuance of proposed rules by the Federal Reserve in June 2012, and the "Basel III" regulatory capital reforms and changes required by the Dodd-Frank Act were implemented. "Basel III" refers to two consultative documents released by the Basel Committee on Banking Supervision in December 2009, the rules text released in December 2010, and loss absorbency rules issued in January 2011, which include significant changes to bank capital, leverage, and liquidity requirements. | |||||||||||||||||||||||||
The rules include new risk-based capital and leverage ratios, which will be phased in from 2015 to 2019, and refine the definition of what constitutes "capital" for purposes of calculating those ratios. The new minimum capital level requirements applicable to CTBI and CTB under the final rules are: (i) a new common equity Tier 1 capital ratio of 4.5%; (ii) a Tier 1 capital ratio of 6% (increased from 4%); (iii) a total capital ratio of 8% (unchanged from current rules); and (iv) a Tier 1 leverage ratio of 4% for all institutions. The final rules also establish a "capital conservation buffer" above the new regulatory minimum capital requirements, which must consist entirely of common equity Tier 1 capital. The capital conservation buffer will be phased-in over four years beginning on January 1, 2016, as follows: the maximum buffer will be 0.625% of risk-weighted assets for 2016, 1.25% for 2017, 1.875% for 2018, and 2.5% for 2019 and thereafter. This will result in the following minimum ratios beginning in 2019: (i) a common equity Tier 1 capital ratio of 7.0%, (ii) a Tier 1 capital ratio of 8.5%, and (iii) a total capital ratio of 10.5%. Under the final rules, institutions are subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if its capital level falls below the buffer amount. These limitations establish a maximum percentage of eligible retained income that could be utilized for such actions. | |||||||||||||||||||||||||
Basel III provided discretion for regulators to impose an additional buffer, the "countercyclical buffer," of up to 2.5% of common equity Tier 1 capital to take into account the macro-financial environment and periods of excessive credit growth. However, the final rules permit the countercyclical buffer to be applied only to "advanced approach banks" ( i.e. , banks with $250 billion or more in total assets or $10 billion or more in total foreign exposures), which currently excludes CTBI and CTB. The final rules also implement revisions and clarifications consistent with Basel III regarding the various components of Tier 1 capital, including common equity, unrealized gains and losses, as well as certain instruments that will no longer qualify as Tier 1 capital, some of which will be phased out over time. However, the final rules provide that small depository institution holding companies with less than $15 billion in total assets as of December 31, 2009 (which includes CTBI) will be able to permanently include non-qualifying instruments that were issued and included in Tier 1 or Tier 2 capital prior to May 19, 2010 in additional Tier 1 or Tier 2 capital until they redeem such instruments or until the instruments mature. | |||||||||||||||||||||||||
The final rules also contain revisions to the prompt corrective action framework, which is designed to place restrictions on insured depository institutions, including CTB, if their capital levels begin to show signs of weakness. These revisions took effect January 1, 2015. Under the prompt corrective action requirements, which are designed to complement the capital conservation buffer, insured depository institutions will be required to meet the following increased capital level requirements in order to qualify as "well capitalized:" (i) a new common equity Tier 1 capital ratio of 6.5%; (ii) a Tier 1 capital ratio of 8% (increased from 6%); (iii) a total capital ratio of 10% (unchanged from current rules); and (iv) a Tier 1 leverage ratio of 5% (increased from 4%). | |||||||||||||||||||||||||
The final rules set forth certain changes for the calculation of risk-weighted assets, which were required to begin utilizing January 1, 2015. The standardized approach final rule utilizes an increased number of credit risk exposure categories and risk weights, and also addresses: (i) an alternative standard of creditworthiness consistent with Section 939A of the Dodd-Frank Act; (ii) revisions to recognition of credit risk mitigation; (iii) rules for risk weighting of equity exposures and past due loans; (iv) revised capital treatment for derivatives and repo-style transactions; and (v) disclosure requirements for top-tier banking organizations with $50 billion or more in total assets that are not subject to the "advance approach rules" that apply to banks with greater than $250 billion in consolidated assets. Based on our current capital composition and levels, we anticipate that our capital ratios, on a Basel III basis, will continue to exceed the well-capitalized minimum capital requirements. |
Parent_Company_Financial_State
Parent Company Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Parent Company Financial Statements [Abstract] | |||||||||||||
Parent Company Financial Statements | 21. Parent Company Financial Statements | ||||||||||||
Condensed Balance Sheets | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
31-Dec | |||||||||||||
Assets: | |||||||||||||
Cash on deposit | $ | 995 | $ | 1,272 | |||||||||
Investment in and advances to subsidiaries | 503,252 | 468,240 | |||||||||||
Goodwill | 4,973 | 4,973 | |||||||||||
Premises and equipment, net | 207 | 235 | |||||||||||
Other assets | 1,173 | 617 | |||||||||||
Total assets | $ | 510,600 | $ | 475,337 | |||||||||
Liabilities and shareholders' equity: | |||||||||||||
Long-term debt | $ | 61,341 | $ | 61,341 | |||||||||
Other liabilities | 1,382 | 1,504 | |||||||||||
Total liabilities | 62,723 | 62,845 | |||||||||||
Shareholders' equity | 447,877 | 412,492 | |||||||||||
Total liabilities and shareholders' equity | $ | 510,600 | $ | 475,337 | |||||||||
Condensed Statements of Income and Comprehensive Income | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Year Ended December 31 | |||||||||||||
Income: | |||||||||||||
Dividends from subsidiary banks | $ | 19,534 | $ | 13,035 | $ | 16,572 | |||||||
Other income | 196 | 545 | 238 | ||||||||||
Total income | 19,730 | 13,580 | 16,810 | ||||||||||
Expenses: | |||||||||||||
Interest expense | 1,131 | 1,161 | 2,403 | ||||||||||
Depreciation expense | 153 | 163 | 127 | ||||||||||
Other expenses | 2,550 | 2,442 | 1,990 | ||||||||||
Total expenses | 3,834 | 3,766 | 4,520 | ||||||||||
Income before income taxes and equity in undistributed income of subsidiaries | 15,896 | 9,814 | 12,290 | ||||||||||
Income tax benefit | (1,548 | ) | (1,416 | ) | (1,750 | ) | |||||||
Income before equity in undistributed income of subsidiaries | 17,444 | 11,230 | 14,040 | ||||||||||
Equity in undistributed income of subsidiaries | 25,807 | 33,942 | 30,822 | ||||||||||
Net income | $ | 43,251 | $ | 45,172 | $ | 44,862 | |||||||
Other comprehensive income: | |||||||||||||
Unrealized holding gains (losses) on securities available-for-sale: | |||||||||||||
Unrealized holding gains arising during the period | 13,928 | (31,878 | ) | 4,973 | |||||||||
Less: Reclassification adjustments for realized gains included in net income | 211 | 45 | (1,155 | ) | |||||||||
Tax expense (benefit) | 4,949 | (11,142 | ) | 1,336 | |||||||||
Other comprehensive income (loss), net of tax | 9,190 | (20,691 | ) | 2,482 | |||||||||
Comprehensive income | $ | 52,441 | $ | 24,481 | $ | 47,344 | |||||||
Condensed Statements of Cash Flows | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Year Ended December 31 | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 43,251 | $ | 45,172 | $ | 44,862 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation | 153 | 163 | 127 | ||||||||||
Equity in undistributed earnings of subsidiaries | (25,807 | ) | (33,942 | ) | (30,822 | ) | |||||||
Stock-based compensation | 838 | 658 | 512 | ||||||||||
Excess tax benefit of stock-based compensation | 760 | 572 | 496 | ||||||||||
Changes in: | |||||||||||||
Other assets | (558 | ) | 660 | (771 | ) | ||||||||
Other liabilities | 563 | 1,505 | 495 | ||||||||||
Net cash provided by operating activities | 19,200 | 14,788 | 14,899 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Purchase of premises and equipment | (125 | ) | (148 | ) | (166 | ) | |||||||
Repayment of investments in and advances to subsidiaries | (14 | ) | (40 | ) | (80 | ) | |||||||
Net cash used in investing activities | (139 | ) | (188 | ) | (246 | ) | |||||||
Cash flows from financing activities: | |||||||||||||
Issuance of common stock | 1,992 | 6,348 | 4,395 | ||||||||||
Excess tax benefit of stock-based compensation | (760 | ) | (572 | ) | (496 | ) | |||||||
Dividends paid | (20,570 | ) | (24,546 | ) | (19,215 | ) | |||||||
Net cash used in financing activities | (19,338 | ) | (18,770 | ) | (15,316 | ) | |||||||
Net decrease in cash and cash equivalents | (277 | ) | (4,170 | ) | (663 | ) | |||||||
Cash and cash equivalents at beginning of year | 1,272 | 5,442 | 6,105 | ||||||||||
Cash and cash equivalents at end of year | $ | 995 | $ | 1,272 | $ | 5,442 |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | 22. Earnings Per Share | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||
Year Ended December 31 | 2014 | 2013 | 2012 | ||||||||||
(in thousands except per share data) | |||||||||||||
Numerator: | |||||||||||||
Net income | $ | 43,251 | $ | 45,172 | $ | 44,862 | |||||||
Denominator: | |||||||||||||
Basic earnings per share: | |||||||||||||
Weighted average shares | 17,326 | 17,158 | 17,013 | ||||||||||
Diluted earnings per share: | |||||||||||||
Dilutive effect of equity grants | 71 | 82 | 60 | ||||||||||
Adjusted weighted average shares | 17,397 | 17,240 | 17,073 | ||||||||||
Earnings per share: | |||||||||||||
Basic earnings per share | $ | 2.5 | $ | 2.63 | $ | 2.64 | |||||||
Diluted earnings per share | 2.49 | 2.62 | 2.63 | ||||||||||
There were no options to purchase common shares that were excluded from the diluted calculations above for the year ended December 31, 2014. 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. Options to purchase 65,519 common shares at a weighted average price of $35.409 were excluded from the diluted calculations above for the year ended December 31, 2013, because the exercise prices on the options were greater than the average market price for the period. Options to purchase 98,720 common shares at a price of $35.409 were excluded from the diluted calculations above for the year ended December 31, 2012. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||
Accumulated Other Comprehensive Income | 23. Accumulated Other Comprehensive Income | ||||||||||||
Unrealized gains (losses) on AFS securities | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (AOCI) and the affected line items in the statements of income during the years ended December 31, 2014, 2013, and 2012 were: | |||||||||||||
Amounts Reclassified from AOCI | |||||||||||||
Year Ended December 31 | 2014 | 2013 | 2012 | ||||||||||
(in thousands) | |||||||||||||
Affected line item in the statements of income | |||||||||||||
Securities gains (losses) | $ | (211 | ) | $ | (45 | ) | $ | 1,155 | |||||
Tax (benefit) expense | (74 | ) | (15 | ) | 405 | ||||||||
Total reclassifications out of AOCI | $ | (137 | ) | $ | (30 | ) | $ | 750 |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Basis of Presentation | Basis of Presentation – The consolidated financial statements include Community Trust Bancorp, Inc. ("CTBI") and its subsidiaries, including its principal subsidiary, Community Trust Bank, Inc. ("CTB"). Intercompany transactions and accounts have been eliminated in consolidation. | ||||||||||||
Nature of Operations | Nature of Operations – Substantially all assets, liabilities, revenues, and expenses are related to banking operations, including lending, investing of funds, obtaining of deposits, trust and wealth management operations, full service brokerage operations, and other financing activities. All of our business offices and the majority of our business are located in eastern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee. | ||||||||||||
Use of Estimates | Use of Estimates – In preparing the consolidated financial statements, management must make certain estimates and assumptions. These estimates and assumptions affect the amounts reported for assets, liabilities, revenues, and expenses, as well as affecting the disclosures provided. Future results could differ from the current estimates. Such estimates include, but are not limited to, the allowance for loan and lease losses, valuation of other real estate owned, fair value of securities and mortgage servicing rights, goodwill, and valuation of deferred tax assets. | ||||||||||||
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 loan and lease losses, and capital. | |||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents – CTBI considers all liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include cash on hand, amounts due from banks, interest bearing deposits in other financial institutions, and federal funds sold. Generally, federal funds are sold for one-day periods. | ||||||||||||
Certificates of Deposit in Other Banks | Certificates of Deposit in Other Banks – Certificates of deposit in other banks generally mature within 18 months and are carried at cost. | ||||||||||||
Investments | Investments – Management determines the classification of securities at purchase. We classify securities into held-to-maturity, trading, or available-for-sale categories. Held-to-maturity securities are those which we have the positive intent and ability to hold to maturity and are reported at amortized cost. In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 320, Investment Securities, investments in debt securities that are not classified as held-to-maturity and equity securities that have readily determinable fair values shall be classified in one of the following categories and measured at fair value in the statement of financial position: | ||||||||||||
a. Trading securities. Securities that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) shall be classified as trading securities. Trading generally reflects active and frequent buying and selling, and trading securities are generally used with the objective of generating profits on short-term differences in price. | |||||||||||||
b. Available-for-sale securities. Investments not classified as trading securities (nor as held-to-maturity securities) shall be classified as available-for-sale securities. | |||||||||||||
We do not have any securities that are classified as trading securities. Available-for-sale securities are reported at fair value, with unrealized gains and losses included as a separate component of shareholders' equity, net of tax. If declines in fair value are other than temporary, the carrying value of the securities is written down to fair value as a realized loss with a charge to income for the portion attributable to credit losses and a charge to other comprehensive income for the portion that is not credit related. | |||||||||||||
Gains or losses on disposition of securities are computed by specific identification for all securities except for shares in mutual funds, which are computed by average cost. Interest and dividend income, adjusted by amortization of purchase premium or discount, is included in earnings. | |||||||||||||
When the fair value of a security is below its amortized cost, and depending on the length of time the condition exists and the extent the fair market value is below amortized cost, additional analysis is performed to determine whether an other than temporary impairment condition exists. Available-for-sale and held-to-maturity securities are analyzed quarterly for possible other than temporary impairment. The analysis considers (i) whether we have the intent to sell our securities prior to recovery and/or maturity and (ii) whether it is more likely than not that we will not have to sell our securities prior to recovery and/or maturity. Often, the information available to conduct these assessments is limited and rapidly changing, making estimates of fair value subject to judgment. If actual information or conditions are different than estimated, the extent of the impairment of the security may be different than previously estimated, which could have a material effect on the CTBI's results of operations and financial condition. | |||||||||||||
Loans | Loans – Loans with the ability and the intent to be held until maturity and/or payoff are reported at the carrying value of unpaid principal reduced by unearned interest, an allowance for loan and lease losses, and unamortized deferred fees or costs. Income is recorded on the level yield basis. Interest accrual 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 collection of interest is doubtful. Any loan greater than 90 days past due must be well secured and in the process of collection to continue accruing interest. Cash payments received on nonaccrual loans generally are applied against principal, and interest income is only recorded once principal recovery is reasonably assured. Loans are not reclassified as accruing until principal and interest payments remain current for a period of time, generally six months, and future payments appear reasonably certain. Included in certain loan categories of impaired loans are troubled debt restructurings that were classified as impaired. A restructuring of a debt constitutes a troubled debt restructuring if the creditor for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not otherwise consider. | ||||||||||||
Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized over the estimated life of the related loans, leases, or commitments as a yield adjustment. | |||||||||||||
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses – We maintain an allowance for loan and lease losses ("ALLL") at a level that is appropriate to cover estimated credit losses on individually evaluated loans determined to be impaired, as well as estimated credit losses inherent in the remainder of the loan and lease portfolio. Since arriving at an appropriate ALLL involves a high degree of management judgment, we use an ongoing quarterly analysis to develop a range of estimated losses. In accordance with accounting principles generally accepted in the United States, we use our best estimate within the range of potential credit loss to determine the appropriate ALLL. Credit losses are charged and recoveries are credited to the ALLL. | ||||||||||||
We utilize an internal risk grading system for commercial credits. Those larger commercial credits that exhibit probable or observed credit weaknesses are subject to individual review. The borrower's cash flow, adequacy of collateral coverage, and other options available to CTBI, including legal remedies, are evaluated. The review of individual loans includes those loans that are impaired as defined by ASC 310-35, Impairment of a Loan. 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 loans not subject to specific allocations. The ALLL allocation for this pool of commercial loans is established based on the historical average, maximum, minimum, and median loss ratios. | |||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that CTBI will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | |||||||||||||
Homogenous loans, such as consumer installment, residential mortgages, and home equity lines are not individually risk graded. The associated ALLL for these loans is measured under ASC 450, Contingencies. | |||||||||||||
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 non-accrual and the loan is charged down to the value of the collateral less estimated cost to sell or a specific reserve equal to the difference between book value of the loan and the fair value assigned to the collateral is created until such time as the loan is foreclosed. When the foreclosed collateral has been legally assigned to CTBI, a charge off is taken, if necessary, in order that the remaining balance reflects the fair value estimated less costs to sell of the collateral then transferred to other real estate owned or other repossessed assets. When any unsecured commercial loan is considered uncollectable the loan is charged off no later than at 90 days past due. | |||||||||||||
All closed-end consumer loans (excluding conventional 1-4 family residential loans and installment and revolving loans secured by real estate) are charged off no later than 120 days (5 monthly payments) delinquent. If a loan is considered uncollectable, it is charged off earlier than 120 days delinquent. For conventional 1-4 family residential loans and installment and revolving loans secured by real estate, when a loan is 90 days past due, a current assessment of the value of the real estate is made. If the balance of the loan exceeds the fair value of the property, the loan is placed on nonaccrual. Foreclosure proceedings are normally initiated after 120 days. When the foreclosed property has been legally assigned to CTBI, the fair value less estimated costs to sell is transferred to other real estate owned and the remaining balance is taken as a charge-off. | |||||||||||||
Historical loss rates for loans are adjusted for significant factors that, in management's judgment, reflect the impact of any current conditions on loss recognition. We continue to use twelve rolling quarters for our historical loss rate analysis. Factors that we consider include delinquency trends, current economic conditions and trends, strength of supervision and administration of the loan portfolio, levels of underperforming loans, level of recoveries to prior year's charge-offs, trends in loan losses, industry concentrations and their relative strengths, amount of unsecured loans, and underwriting exceptions. Based upon management's judgment, "best case," "worst case," and "most likely" scenarios are determined. The total of each of these weighted factors is then applied against the applicable portion of the portfolio and the ALLL is adjusted accordingly to approximate the most likely scenario. Management continually reevaluates the other subjective factors included in its ALLL analysis. | |||||||||||||
Loans Held for Sale | Loans Held for Sale – Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate. Net unrealized losses, if any, are recognized by charges to income. Gains and losses on loan sales are recorded in noninterest income. | ||||||||||||
Premises and Equipment | Premises and Equipment – Premises and equipment are stated at cost less accumulated depreciation and amortization. Capital leases are included in premises and equipment at the capitalized amount less accumulated amortization. Premises and equipment are evaluated for impairment on a quarterly basis. | ||||||||||||
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. Capitalized leased assets are amortized on a straight-line basis over the lives of the respective leases. | |||||||||||||
Federal Home Loan Bank and Federal Reserve Stock | Federal Home Loan Bank and Federal Reserve Stock – CTB is a member of the Federal Home Loan Bank ("FHLB") system. Members are required to own a certain amount of stock based on the level of borrowings and other factors and may invest on additional amounts. FHLB 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. | ||||||||||||
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. | |||||||||||||
Other Real Estate Owned | Other Real Estate Owned – When foreclosed properties are acquired, appraisals are obtained and the properties are booked at the current market value less expected sales costs. Additionally, periodic updated appraisals are obtained on unsold foreclosed properties. When an updated appraisal reflects a market value below the current book value, a charge is booked to current earnings to reduce the property to its new market value less expected sales costs. 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. All revenues and expenses related to the carrying of other real estate owned are recognized by a charge to income. | ||||||||||||
Goodwill and Core Deposit Intangible | Goodwill and Core Deposit Intangible – We evaluate total goodwill and core deposit intangible for impairment, based upon ASC 350, Intangibles-Goodwill and Other, using fair value techniques including multiples of price/equity. Goodwill and core deposit intangible are evaluated for impairment on an annual basis or as other events may warrant. | ||||||||||||
The balance of goodwill, at $65.5 million, has not changed since January 1, 2012. The activity to core deposit intangible for the years ended December 31, 2014, 2013, and 2012 is shown below. | |||||||||||||
Core Deposit Intangible: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Beginning balance, January 1 | $ | 690 | $ | 904 | $ | 1,117 | |||||||
Amortization | (213 | ) | (214 | ) | (213 | ) | |||||||
Ending balance, December 31 | $ | 477 | $ | 690 | $ | 904 | |||||||
Amortization of core deposit intangible is estimated at approximately $0.2 million annually for years one and two and $0.1 million for year three, at which time core deposit intangible will be fully amortized. | |||||||||||||
Transfers of Financial Assets | Transfers of Financial Assets -- Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from CTBI—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) CTBI does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | ||||||||||||
Income Taxes | Income Taxes – Income tax expense is based on the taxes due on the consolidated tax return plus deferred taxes based on the expected future tax benefits and consequences of temporary differences between carrying amounts and tax bases of assets and liabilities, using enacted tax rates. Any interest and penalties incurred in connection with income taxes are recorded as a component of income tax expense in the consolidated financial statements. During the years ended December 31, 2014, 2013, and 2012, CTBI has not recognized a significant amount of interest expense or penalties in connection with income taxes. | ||||||||||||
Earnings Per Share ("EPS") | Earnings Per Share ("EPS") – Basic EPS is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding, excluding restricted shares. | ||||||||||||
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 – Management analyzes the operation of CTBI assuming one operating segment, community banking services. CTBI, through its operating subsidiaries, offers a wide range of consumer and commercial community banking services. These services include: (i) residential and commercial real estate loans; (ii) checking accounts; (iii) regular and term savings accounts and savings certificates; (iv) full service securities brokerage services; (v) consumer loans; (vi) debit cards; (vii) annuity and life insurance products; (viii) Individual Retirement Accounts and Keogh plans; (ix) commercial loans; (x) trust and wealth management services; and (xi) commercial demand deposit accounts. | ||||||||||||
Bank Owned Life Insurance | Bank Owned Life Insurance – CTBI's bank owned life insurance policies are carried at their cash surrender value. We recognize tax-free income from the periodic increases in cash surrender value of these policies and from death benefits. | ||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights – Mortgage servicing rights ("MSRs") are carried at fair market value following the accounting guidance in ASC 860-50, Servicing Assets and Liabilities. MSRs are valued using Level 3 inputs as defined in ASC 820, Fair Value Measurements. The fair value is determined quarterly based on an independent third-party valuation using a discounted cash flow analysis and calculated using a computer pricing model. The system used in this evaluation, Compass Point, attempts to quantify loan level idiosyncratic risk by calculating a risk derived value. As a result, each loan's unique characteristics determine the valuation assumptions ascribed to that loan. Additionally, the computer valuation is based on key economic assumptions including the prepayment speeds of the underlying loans generated using the Andrew Davidson Prepayment Model, FHLMC/FNMA guidelines, the weighted-average life of the loan, the discount rate, the weighted-average coupon, and the weighted-average default rate, as applicable. Along with the gains received from the sale of loans, fees are received for servicing loans. These fees include late fees, which are recorded in interest income, and ancillary fees and monthly servicing fees, which are recorded in noninterest income. Costs of servicing loans are charged to expense as incurred. Changes in fair market value of the MSRs are reported as an increase or decrease to mortgage banking income. | ||||||||||||
Share-Based Compensation | Share-Based Compensation – CTBI has a share-based employee compensation plan, which is described more fully in note 14 to the consolidated financial statements. CTBI accounts for this plan under the recognition and measurement principles of ASC 718, Share-Based Payment. | ||||||||||||
Comprehensive Income | Comprehensive Income – Comprehensive income consists of net income and other comprehensive income, net of applicable income taxes. Other comprehensive income includes unrealized appreciation (depreciation) on available-for-sale securities and unrealized appreciation (depreciation) on available-for-sale securities for which a portion of an other than temporary impairment has been recognized in income. | ||||||||||||
Transfers between Fair Value Hierarchy Levels | Transfers between Fair Value Hierarchy Levels – Transfers in and out of Level 1 (quoted market prices), Level 2 (other significant observable inputs), and Level 3 (significant unobservable inputs) are recognized on the period ending date. | ||||||||||||
Reclassifications | Reclassifications – Certain reclassifications considered to be immaterial have been made in the prior year consolidated financial statements to conform to current year classifications. These reclassifications had no effect on net income. | ||||||||||||
On June 2, 2014, CTBI issued a 10% stock dividend to shareholders of record on May 15, 2014. Based on the number of common shares outstanding on the record date, CTBI issued 1,582,137 new shares. The fair market value of the additional shares issued, aggregating $52.3 million, was charged to retained earings, and common stock and additional paid-in capital were increased by $7.9 million and $44.4 million, respectively. All references in the consolidated financial statements and accompanying footnotes to the number of common shares and per share amounts are based on the increased number of shares giving restrospective effect to the stock dividend. | |||||||||||||
New Accounting Standards | New Accounting Standards – | ||||||||||||
Ø Accounting for Investments in Qualified Affordable Housing Projects – In January 2014, the FASB issued ASU No. 2014-01, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, which enables companies that invest in affordable housing projects that qualify for the low-income housing tax credit (LIHTC) to elect to use the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial investment cost of the project is amortized in proportion to the amount of tax credits and benefits received, with the results of the investment presented on a net basis as a component of income tax expense (benefit). ASU 2014-01 is effective for interim and annual periods beginning after December 15, 2014. The adoption of this ASU is not expected to have a material impact on CTBI's consolidated financial statements. | |||||||||||||
Ø Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure – In January 2014, the FASB also issued ASU No. 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure, which clarifies when an in-substance foreclosure or repossession of residential real estate property occurs, requiring a creditor to reclassify the loan to other real estate. According to ASU 2014-04, a consumer mortgage loan should be reclassified to other real estate either upon the creditor obtaining legal title to the real estate collateral or when the borrower voluntarily conveys all interest in the real estate property to the creditor through a deed in lieu of foreclosure or similar legal agreement. ASU 2014-04 also clarifies that a creditor should not delay reclassification when a borrower has a legal right of redemption. ASU 2014-04 is effective for interim and annual periods beginning after December 15, 2014. The adoption of this ASU is not expected to have a material impact on CTBI's consolidated financial statements as our practice is already consistent with the new guidance. | |||||||||||||
Ø Elimination of Extraordinary Reporting – In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The FASB issued this ASU as part of its initiative to reduce complexity in accounting standards. The objective of the simplification initiative is to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities. For an entity that prospectively applies the guidance, the only required transition disclosure will be to disclose, if applicable, both the nature and the amount of an item included in income from continuing operations after adoption that adjusts an extraordinary item previously classified and presented before the date of adoption. An entity retrospectively applying the guidance should provide the disclosures in paragraphs 250-10-50-1 through 50-2. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Activity to Core Deposit Intangible | The activity to core deposit intangible for the years ended December 31, 2014, 2013, and 2012 is shown below. | ||||||||||||
Core Deposit Intangible: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Beginning balance, January 1 | $ | 690 | $ | 904 | $ | 1,117 | |||||||
Amortization | (213 | ) | (214 | ) | (213 | ) | |||||||
Ending balance, December 31 | $ | 477 | $ | 690 | $ | 904 |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Securities [Abstract] | |||||||||||||||||
Amortized Cost and Fair Value of Securities | The amortized cost and fair value of securities at December 31, 2014 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 | $ | 190,563 | $ | 509 | $ | (2,140 | ) | $ | 188,932 | ||||||||
State and political subdivisions | 133,951 | 3,973 | (466 | ) | 137,458 | ||||||||||||
U.S. government sponsored agency mortgage-backed securities | 288,881 | 2,876 | (2,850 | ) | 288,907 | ||||||||||||
Total debt securities | 613,395 | 7,358 | (5,456 | ) | 615,297 | ||||||||||||
Marketable equity securities | 25,000 | 0 | (111 | ) | 24,889 | ||||||||||||
Total available-for-sale securities | $ | 638,395 | $ | 7,358 | $ | (5,567 | ) | $ | 640,186 | ||||||||
Held-to-Maturity | |||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
U.S. Treasury and government agencies | $ | 480 | $ | 0 | $ | (19 | ) | $ | 461 | ||||||||
State and political subdivisions | 1,182 | 1 | 0 | 1,183 | |||||||||||||
Total held-to-maturity securities | $ | 1,662 | $ | 1 | $ | (19 | ) | $ | 1,644 | ||||||||
The amortized cost and fair value of securities at December 31, 2013 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 | $ | 77,838 | $ | 277 | $ | (5,492 | ) | $ | 72,623 | ||||||||
State and political subdivisions | 118,055 | 1,907 | (3,259 | ) | 116,703 | ||||||||||||
U.S. government sponsored agency mortgage-backed securities | 370,860 | 4,273 | (7,836 | ) | 367,297 | ||||||||||||
Total debt securities | 566,753 | 6,457 | (16,587 | ) | 556,623 | ||||||||||||
Marketable equity securities | 55,000 | 0 | (2,218 | ) | 52,782 | ||||||||||||
Total available-for-sale securities | $ | 621,753 | $ | 6,457 | $ | (18,805 | ) | $ | 609,405 | ||||||||
Held-to-Maturity | |||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
U.S. Treasury and government agencies | $ | 480 | $ | 0 | $ | (62 | ) | $ | 418 | ||||||||
State and political subdivisions | 1,182 | 1 | 0 | 1,183 | |||||||||||||
Total held-to-maturity securities | $ | 1,662 | $ | 1 | $ | (62 | ) | $ | 1,601 | ||||||||
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities at December 31, 2014 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 | Held-to-Maturity | ||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
Due in one year or less | $ | 9,153 | $ | 9,193 | $ | 0 | $ | 0 | |||||||||
Due after one through five years | 124,725 | 125,444 | 0 | 0 | |||||||||||||
Due after five through ten years | 141,407 | 141,625 | 1,662 | 1,644 | |||||||||||||
Due after ten years | 49,229 | 50,128 | 0 | 0 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 288,881 | 288,907 | 0 | 0 | |||||||||||||
Total debt securities | 613,395 | 615,297 | 1,662 | 1,644 | |||||||||||||
Marketable equity securities | 25,000 | 24,889 | 0 | 0 | |||||||||||||
Total securities | $ | 638,395 | $ | 640,186 | $ | 1,662 | $ | 1,644 | |||||||||
Amortized Cost, Gross Unrealized Losses, and Fair Market Value of Securities in Continuous Unrealized Loss Position | The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2014 that are not deemed to be other-than-temporarily impaired. | ||||||||||||||||
Available-for-Sale | |||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | ||||||||||||||
Less Than 12 Months | |||||||||||||||||
U.S. Treasury and government agencies | $ | 31,185 | $ | (87 | ) | $ | 31,098 | ||||||||||
State and political subdivisions | 8,800 | (23 | ) | 8,777 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 50,115 | (442 | ) | 49,673 | |||||||||||||
Total debt securities | 90,100 | (552 | ) | 89,548 | |||||||||||||
Marketable equity securities | 25,000 | (111 | ) | 24,889 | |||||||||||||
Total <12 months temporarily impaired AFS securities | 115,100 | (663 | ) | 114,437 | |||||||||||||
12 Months or More | |||||||||||||||||
U.S. Treasury and government agencies | 65,209 | (2,053 | ) | 63,156 | |||||||||||||
State and political subdivisions | 21,308 | (443 | ) | 20,865 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 86,389 | (2,408 | ) | 83,981 | |||||||||||||
Total debt securities | 172,906 | (4,904 | ) | 168,002 | |||||||||||||
Marketable equity securities | 0 | 0 | 0 | ||||||||||||||
Total ≥12 months temporarily impaired AFS securities | 172,906 | (4,904 | ) | 168,002 | |||||||||||||
Total | |||||||||||||||||
U.S. Treasury and government agencies | 96,394 | (2,140 | ) | 94,254 | |||||||||||||
State and political subdivisions | 30,108 | (466 | ) | 29,642 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 136,504 | (2,850 | ) | 133,654 | |||||||||||||
Total debt securities | 263,006 | (5,456 | ) | 257,550 | |||||||||||||
Marketable equity securities | 25,000 | (111 | ) | 24,889 | |||||||||||||
Total temporarily impaired AFS securities | $ | 288,006 | $ | (5,567 | ) | $ | 282,439 | ||||||||||
Held-to-Maturity | |||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | ||||||||||||||
12 Months or More | |||||||||||||||||
U.S. Treasury and government agencies | $ | 480 | $ | (19 | ) | $ | 461 | ||||||||||
Total temporarily impaired HTM securities | $ | 480 | $ | (19 | ) | $ | 461 | ||||||||||
The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2013 that are not deemed to be other-than-temporarily impaired. | |||||||||||||||||
Available-for-Sale | |||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | ||||||||||||||
Less Than 12 Months | |||||||||||||||||
U.S. Treasury and government agencies | $ | 31,631 | $ | (1,970 | ) | $ | 29,661 | ||||||||||
State and political subdivisions | 57,165 | (2,789 | ) | 54,376 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 238,824 | (7,829 | ) | 230,995 | |||||||||||||
Total debt securities | 327,620 | (12,588 | ) | 315,032 | |||||||||||||
Marketable equity securities | 55,000 | (2,218 | ) | 52,782 | |||||||||||||
Total <12 months temporarily impaired AFS securities | 382,620 | (14,806 | ) | 367,814 | |||||||||||||
12 Months or More | |||||||||||||||||
U.S. Treasury and government agencies | 35,750 | (3,522 | ) | 32,228 | |||||||||||||
State and political subdivisions | 7,639 | (470 | ) | 7,169 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 6,579 | (7 | ) | 6,572 | |||||||||||||
Total debt securities | 49,968 | (3,999 | ) | 45,969 | |||||||||||||
Marketable equity securities | 0 | 0 | 0 | ||||||||||||||
Total ≥12 months temporarily impaired AFS securities | 49,968 | (3,999 | ) | 45,969 | |||||||||||||
Total | |||||||||||||||||
U.S. Treasury and government agencies | 67,381 | (5,492 | ) | 61,889 | |||||||||||||
State and political subdivisions | 64,804 | (3,259 | ) | 61,545 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 245,403 | (7,836 | ) | 237,567 | |||||||||||||
Total debt securities | 377,588 | (16,587 | ) | 361,001 | |||||||||||||
Marketable equity securities | 55,000 | (2,218 | ) | 52,782 | |||||||||||||
Total temporarily impaired AFS securities | $ | 432,588 | $ | (18,805 | ) | $ | 413,783 | ||||||||||
Held-to-Maturity | |||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | ||||||||||||||
12 Months or More | |||||||||||||||||
U.S. Treasury and government agencies | $ | 480 | $ | (62 | ) | $ | 418 | ||||||||||
Total temporarily impaired HTM securities | $ | 480 | $ | (62 | ) | $ | 418 |
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Loans [Abstract] | |||||||||||||||||||||||||||||
Summary of Major Classification of Loans Net of Unearned Income and Deferred Loan Origination Cost | Major classifications of loans, net of unearned income, deferred loan origination costs, and net premiums on acquired loans, are summarized as follows: | ||||||||||||||||||||||||||||
31-Dec | 31-Dec | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||
Commercial construction | $ | 121,942 | $ | 110,779 | |||||||||||||||||||||||||
Commercial secured by real estate | 948,626 | 872,542 | |||||||||||||||||||||||||||
Equipment lease financing | 10,344 | 8,840 | |||||||||||||||||||||||||||
Commercial other | 352,048 | 374,881 | |||||||||||||||||||||||||||
Real estate construction | 62,412 | 56,075 | |||||||||||||||||||||||||||
Real estate mortgage | 712,465 | 697,601 | |||||||||||||||||||||||||||
Home equity | 88,335 | 84,880 | |||||||||||||||||||||||||||
Consumer direct | 122,136 | 122,215 | |||||||||||||||||||||||||||
Consumer indirect | 315,516 | 287,541 | |||||||||||||||||||||||||||
Total loans | $ | 2,733,824 | $ | 2,615,354 | |||||||||||||||||||||||||
Nonaccrual Loans Segregated by Class of Loans | Nonaccrual loans segregated by class of loans were as follows: | ||||||||||||||||||||||||||||
(in thousands) | 31-Dec | 31-Dec | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial construction | $ | 4,339 | $ | 4,519 | |||||||||||||||||||||||||
Commercial secured by real estate | 6,725 | 6,576 | |||||||||||||||||||||||||||
Commercial other | 2,423 | 2,801 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate construction | 602 | 481 | |||||||||||||||||||||||||||
Real estate mortgage | 6,513 | 5,152 | |||||||||||||||||||||||||||
Home equity | 369 | 429 | |||||||||||||||||||||||||||
Total nonaccrual loans | $ | 20,971 | $ | 19,958 | |||||||||||||||||||||||||
Loan Portfolio Aging Analysis, Segregated by Class | The following tables present CTBI's loan portfolio aging analysis, segregated by class, as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | 90+ and Accruing* | ||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial construction | $ | 40 | $ | 31 | $ | 6,171 | $ | 6,242 | $ | 115,700 | $ | 121,942 | $ | 1,863 | |||||||||||||||
Commercial secured by real estate | 2,471 | 1,595 | 10,763 | 14,829 | 933,797 | 948,626 | 4,682 | ||||||||||||||||||||||
Equipment lease financing | 0 | 0 | 0 | 0 | 10,344 | 10,344 | 0 | ||||||||||||||||||||||
Commercial other | 826 | 55 | 4,205 | 5,086 | 346,962 | 352,048 | 2,367 | ||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate construction | 92 | 144 | 985 | 1,221 | 61,191 | 62,412 | 383 | ||||||||||||||||||||||
Real estate mortgage | 1,005 | 5,171 | 13,049 | 19,225 | 693,240 | 712,465 | 7,742 | ||||||||||||||||||||||
Home equity | 779 | 197 | 703 | 1,679 | 86,656 | 88,335 | 422 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Consumer direct | 1,307 | 295 | 141 | 1,743 | 120,393 | 122,136 | 141 | ||||||||||||||||||||||
Consumer indirect | 2,304 | 586 | 385 | 3,275 | 312,241 | 315,516 | 385 | ||||||||||||||||||||||
Total | $ | 8,824 | $ | 8,074 | $ | 36,402 | $ | 53,300 | $ | 2,680,524 | $ | 2,733,824 | $ | 17,985 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | 90+ and Accruing* | ||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial construction | $ | 250 | $ | 166 | $ | 6,012 | $ | 6,428 | $ | 104,351 | $ | 110,779 | $ | 1,673 | |||||||||||||||
Commercial secured by real estate | 3,703 | 1,982 | 16,660 | 22,345 | 850,197 | 872,542 | 12,403 | ||||||||||||||||||||||
Equipment lease financing | 0 | 0 | 0 | 0 | 8,840 | 8,840 | 0 | ||||||||||||||||||||||
Commercial other | 344 | 422 | 6,156 | 6,922 | 367,959 | 374,881 | 3,723 | ||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate construction | 81 | 383 | 694 | 1,158 | 54,917 | 56,075 | 213 | ||||||||||||||||||||||
Real estate mortgage | 1,274 | 4,419 | 9,346 | 15,039 | 682,562 | 697,601 | 4,847 | ||||||||||||||||||||||
Home equity | 786 | 330 | 737 | 1,853 | 83,027 | 84,880 | 324 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Consumer direct | 1,063 | 291 | 119 | 1,473 | 120,742 | 122,215 | 119 | ||||||||||||||||||||||
Consumer indirect | 2,750 | 668 | 297 | 3,715 | 283,826 | 287,541 | 297 | ||||||||||||||||||||||
Total | $ | 10,251 | $ | 8,661 | $ | 40,021 | $ | 58,933 | $ | 2,556,421 | $ | 2,615,354 | $ | 23,599 | |||||||||||||||
*90+ and Accruing are also included in 90+ Days Past Due column. | |||||||||||||||||||||||||||||
Credit Risk Profile of the Bank's Commercial Loan Portfolio Based on Rating Category and Payment Activity, Segregated by Class of Loans | The following tables present the credit risk profile of CTBI's commercial loan portfolio based on rating category and payment activity, segregated by class of loans, as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Leases | Commercial Other | Total | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Pass | $ | 101,314 | $ | 834,751 | $ | 10,344 | $ | 307,270 | $ | 1,253,679 | |||||||||||||||||||
Watch | 9,857 | 69,123 | 0 | 36,114 | 115,094 | ||||||||||||||||||||||||
OAEM | 934 | 10,973 | 0 | 881 | 12,788 | ||||||||||||||||||||||||
Substandard | 5,647 | 27,901 | 0 | 5,772 | 39,320 | ||||||||||||||||||||||||
Doubtful | 4,190 | 5,878 | 0 | 2,011 | 12,079 | ||||||||||||||||||||||||
Total | $ | 121,942 | $ | 948,626 | $ | 10,344 | $ | 352,048 | $ | 1,432,960 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Pass | $ | 85,699 | $ | 746,202 | $ | 8,840 | $ | 321,818 | $ | 1,162,559 | |||||||||||||||||||
Watch | 13,519 | 77,561 | 0 | 32,800 | 123,880 | ||||||||||||||||||||||||
OAEM | 0 | 6,639 | 0 | 6,200 | 12,839 | ||||||||||||||||||||||||
Substandard | 7,208 | 37,334 | 0 | 11,772 | 56,314 | ||||||||||||||||||||||||
Doubtful | 4,353 | 4,806 | 0 | 2,291 | 11,450 | ||||||||||||||||||||||||
Total | $ | 110,779 | $ | 872,542 | $ | 8,840 | $ | 374,881 | $ | 1,367,042 | |||||||||||||||||||
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, as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
(in thousands) | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer | Total | |||||||||||||||||||||||
Indirect | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Performing | $ | 61,427 | $ | 698,210 | $ | 87,544 | $ | 121,995 | $ | 315,131 | $ | 1,284,307 | |||||||||||||||||
Nonperforming (1) | 985 | 14,255 | 791 | 141 | 385 | 16,557 | |||||||||||||||||||||||
Total | $ | 62,412 | $ | 712,465 | $ | 88,335 | $ | 122,136 | $ | 315,516 | $ | 1,300,864 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Performing | $ | 55,381 | $ | 687,602 | $ | 84,127 | $ | 122,096 | $ | 287,244 | $ | 1,236,450 | |||||||||||||||||
Nonperforming (1) | 694 | 9,999 | 753 | 119 | 297 | 11,862 | |||||||||||||||||||||||
Total | $ | 56,075 | $ | 697,601 | $ | 84,880 | $ | 122,215 | $ | 287,541 | $ | 1,248,312 | |||||||||||||||||
(1) A loan is considered nonperforming if it is 90 days or more past due or on nonaccrual. | |||||||||||||||||||||||||||||
Impaired Loans, Average Investment in Impaired Loans, and Interest Income Recognized on Impaired Loans | The following table presents impaired loans, the average investment in impaired loans, and interest income recognized on impaired loans for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | Average Investment in Impaired Loans | *Interest Income Recognized | ||||||||||||||||||||||||
Loans without a specific valuation allowance: | |||||||||||||||||||||||||||||
Commercial construction | $ | 5,653 | $ | 5,654 | $ | 0 | $ | 5,415 | $ | 205 | |||||||||||||||||||
Commercial secured by real estate | 31,639 | 33,268 | 0 | 34,650 | 1,180 | ||||||||||||||||||||||||
Commercial other | 13,069 | 14,597 | 0 | 15,663 | 783 | ||||||||||||||||||||||||
Real estate mortgage | 1,277 | 1,277 | 0 | 1,507 | 53 | ||||||||||||||||||||||||
Loans with a specific valuation allowance: | |||||||||||||||||||||||||||||
Commercial construction | 3,974 | 3,974 | 734 | 4,216 | 0 | ||||||||||||||||||||||||
Commercial secured by real estate | 2,718 | 2,876 | 827 | 4,376 | 11 | ||||||||||||||||||||||||
Commercial other | 738 | 862 | 181 | 531 | 1 | ||||||||||||||||||||||||
Totals: | |||||||||||||||||||||||||||||
Commercial construction | 9,627 | 9,628 | 734 | 9,631 | 205 | ||||||||||||||||||||||||
Commercial secured by real estate | 34,357 | 36,144 | 827 | 39,026 | 1,191 | ||||||||||||||||||||||||
Commercial other | 13,807 | 15,459 | 181 | 16,194 | 784 | ||||||||||||||||||||||||
Real estate mortgage | 1,277 | 1,277 | 0 | 1,507 | 53 | ||||||||||||||||||||||||
Total | $ | 59,068 | $ | 62,508 | $ | 1,742 | $ | 66,358 | $ | 2,233 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | Average Investment in Impaired Loans | *Interest Income Recognized | ||||||||||||||||||||||||
Loans without a specific valuation allowance: | |||||||||||||||||||||||||||||
Commercial construction | $ | 5,457 | $ | 5,458 | $ | 0 | $ | 5,595 | $ | 240 | |||||||||||||||||||
Commercial secured by real estate | 35,258 | 36,173 | 0 | 32,472 | 1,231 | ||||||||||||||||||||||||
Commercial other | 14,839 | 16,435 | 0 | 15,396 | 568 | ||||||||||||||||||||||||
Real estate mortgage | 1,024 | 1,024 | 0 | 934 | 43 | ||||||||||||||||||||||||
Loans with a specific valuation allowance: | |||||||||||||||||||||||||||||
Commercial construction | 4,353 | 4,359 | 1,189 | 4,935 | 0 | ||||||||||||||||||||||||
Commercial secured by real estate | 4,039 | 4,326 | 1,005 | 5,033 | 1 | ||||||||||||||||||||||||
Commercial other | 330 | 453 | 102 | 525 | 0 | ||||||||||||||||||||||||
Totals: | |||||||||||||||||||||||||||||
Commercial construction | 9,810 | 9,817 | 1,189 | 10,530 | 240 | ||||||||||||||||||||||||
Commercial secured by real estate | 39,297 | 40,499 | 1,005 | 37,505 | 1,232 | ||||||||||||||||||||||||
Commercial other | 15,169 | 16,888 | 102 | 15,921 | 568 | ||||||||||||||||||||||||
Real estate mortgage | 1,024 | 1,024 | 0 | 934 | 43 | ||||||||||||||||||||||||
Total | $ | 65,300 | $ | 68,228 | $ | 2,296 | $ | 64,890 | $ | 2,083 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | Average Investment in Impaired Loans | *Interest Income Recognized | ||||||||||||||||||||||||
Loans without a specific valuation allowance: | |||||||||||||||||||||||||||||
Commercial construction | $ | 3,692 | $ | 4,146 | $ | 0 | $ | 4,249 | $ | 97 | |||||||||||||||||||
Commercial secured by real estate | 35,046 | 35,818 | 0 | 35,542 | 1,337 | ||||||||||||||||||||||||
Commercial other | 13,285 | 15,484 | 0 | 11,083 | 416 | ||||||||||||||||||||||||
Real estate mortgage | 695 | 695 | 0 | 481 | 30 | ||||||||||||||||||||||||
Loans with a specific valuation allowance: | |||||||||||||||||||||||||||||
Commercial construction | 5,703 | 6,933 | 1,820 | 6,585 | 0 | ||||||||||||||||||||||||
Commercial secured by real estate | 3,067 | 3,189 | 1,090 | 3,243 | 0 | ||||||||||||||||||||||||
Commercial other | 1,010 | 2,331 | 338 | 1,441 | 0 | ||||||||||||||||||||||||
Commercial construction | 9,395 | 11,079 | 1,820 | 10,834 | 97 | ||||||||||||||||||||||||
Commercial secured by real estate | 38,113 | 39,007 | 1,090 | 38,785 | 1,337 | ||||||||||||||||||||||||
Commercial other | 14,295 | 17,815 | 338 | 12,524 | 416 | ||||||||||||||||||||||||
Real estate mortgage | 695 | 695 | 0 | 481 | 30 | ||||||||||||||||||||||||
Total | $ | 62,498 | $ | 68,596 | $ | 3,248 | $ | 62,624 | $ | 1,880 | |||||||||||||||||||
*Cash basis interest is substantially the same as interest income recognized. | |||||||||||||||||||||||||||||
Troubled Debt Restructurings | Presented below, segregated by class of loans, are troubled debt restructurings that occurred during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Rate Modification | Combination | Post-Modification Outstanding Balance | ||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial construction | 1 | $ | 7 | $ | 0 | $ | 0 | $ | 7 | ||||||||||||||||||||
Commercial secured by real estate | 11 | 5,707 | 0 | 68 | 5,775 | ||||||||||||||||||||||||
Commercial other | 8 | 1,268 | 0 | 0 | 1,268 | ||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate mortgage | 2 | 0 | 0 | 848 | 848 | ||||||||||||||||||||||||
Total troubled debt restructurings | 22 | $ | 6,982 | $ | 0 | $ | 916 | $ | 7,898 | ||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Rate Modification | Combination | Post-Modification Outstanding Balance | ||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial construction | 6 | $ | 2,603 | $ | 0 | $ | 0 | $ | 2,603 | ||||||||||||||||||||
Commercial secured by real estate | 27 | 2,568 | 0 | 2,920 | 5,488 | ||||||||||||||||||||||||
Commercial other | 30 | 6,471 | 0 | 152 | 6,623 | ||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate mortgage | 1 | 373 | 0 | 0 | 373 | ||||||||||||||||||||||||
Total troubled debt restructurings | 64 | $ | 12,015 | $ | 0 | $ | 3,072 | $ | 15,087 | ||||||||||||||||||||
Summary of Defaulted Restructured Loans | 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. | ||||||||||||||||||||||||||||
(in thousands) | Year Ended | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Number of Loans | Recorded Balance | ||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial other | 1 | 88 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate mortgage | 1 | 581 | |||||||||||||||||||||||||||
Total defaulted restructured loans | 2 | $ | 669 | ||||||||||||||||||||||||||
(in thousands) | Year Ended | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Number of Loans | Recorded Balance | ||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial secured by real estate | 2 | $ | 89 | ||||||||||||||||||||||||||
Commercial other | 6 | 596 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Real estate mortgage | 1 | 373 | |||||||||||||||||||||||||||
Total defaulted restructured loans | 9 | $ | 1,058 |
Mortgage_Banking_and_Servicing1
Mortgage Banking and Servicing Rights (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Mortgage Banking and Servicing Rights [Abstract] | |||||||||||||
Components of Mortgage Banking Income | The following table presents the components of mortgage banking income: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Year Ended December 31 | |||||||||||||
Net gain on sale of loans held for sale | $ | 1,468 | $ | 3,098 | $ | 2,562 | |||||||
Net loan servicing income (expense) | |||||||||||||
Servicing fees | 1,129 | 1,121 | 1,083 | ||||||||||
Late fees | 112 | 98 | 83 | ||||||||||
Ancillary fees | 149 | 368 | 382 | ||||||||||
Fair value adjustments | (830 | ) | 206 | (559 | ) | ||||||||
Net loan servicing income | 560 | 1,793 | 989 | ||||||||||
Mortgage banking income | $ | 2,028 | $ | 4,891 | $ | 3,551 | |||||||
Activity for Capitalized Mortgage Servicing Rights Using Fair Value Method | Activity for capitalized mortgage servicing rights using the fair value method is as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Fair value of MSRs, beginning of period | $ | 3,424 | $ | 2,364 | $ | 2,282 | |||||||
New servicing assets created | 374 | 854 | 641 | ||||||||||
Change in fair value during the period due to: | |||||||||||||
Time decay (1) | (162 | ) | (159 | ) | (116 | ) | |||||||
Payoffs (2) | (202 | ) | (423 | ) | (478 | ) | |||||||
Changes in valuation inputs or assumptions (3) | (466 | ) | 788 | 35 | |||||||||
Fair value of MSRs, end of period | $ | 2,968 | $ | 3,424 | $ | 2,364 | |||||||
-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, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Activity for Related Party Transactions | Activity for related party extensions of credit during 2014 and 2013 is as follows: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Related party extensions of credit, beginning of period | $ | 33,103 | $ | 33,038 | |||||
New loans and advances on lines of credit | 5,500 | 8,305 | |||||||
Repayments | (1,281 | ) | (8,237 | ) | |||||
Increase (decrease) due to changes in related parties | 151 | (3 | ) | ||||||
Related party extensions of credit, end of period | $ | 37,473 | $ | 33,103 |
Allowance_for_Loan_and_Lease_L1
Allowance for Loan and Lease Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses and Recorded Investment in Loans Based on Portfolio Segment and Impairment Method | The following tables present the balance in the allowance for loan and lease losses ("ALLL") and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2014, 2013, and 2012: | ||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | |||||||||||||||||||||||||||||||
ALLL | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 3,396 | $ | 14,535 | $ | 121 | $ | 5,238 | $ | 397 | $ | 4,939 | $ | 601 | $ | 1,127 | $ | 3,654 | $ | 34,008 | |||||||||||||||||||||
Provision charged to expense | (513 | ) | 941 | (2 | ) | 1,545 | 258 | 2,173 | 265 | 1,207 | 2,881 | 8,755 | |||||||||||||||||||||||||||||
Losses charged off | 15 | 2,163 | 0 | 3,141 | 123 | 1,058 | 115 | 1,326 | 3,495 | 11,436 | |||||||||||||||||||||||||||||||
Recoveries | 28 | 305 | 0 | 621 | 2 | 40 | 5 | 566 | 1,553 | 3,120 | |||||||||||||||||||||||||||||||
Balance, end of year | $ | 2,896 | $ | 13,618 | $ | 119 | $ | 4,263 | $ | 534 | $ | 6,094 | $ | 756 | $ | 1,574 | $ | 4,593 | $ | 34,447 | |||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 734 | $ | 827 | $ | 0 | $ | 181 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,742 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 2,162 | $ | 12,791 | $ | 119 | $ | 4,082 | $ | 534 | $ | 6,094 | $ | 756 | $ | 1,574 | $ | 4,593 | $ | 32,705 | |||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,627 | $ | 34,357 | $ | 0 | $ | 13,807 | $ | 0 | $ | 1,277 | $ | 0 | $ | 0 | $ | 0 | $ | 59,068 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 112,315 | $ | 914,269 | $ | 10,344 | $ | 338,241 | $ | 62,412 | $ | 711,188 | $ | 88,335 | $ | 122,136 | $ | 315,516 | $ | 2,674,756 | |||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | |||||||||||||||||||||||||||||||
ALLL | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 4,033 | $ | 13,541 | $ | 126 | $ | 5,469 | $ | 376 | $ | 4,767 | $ | 563 | $ | 1,102 | $ | 3,268 | $ | 33,245 | |||||||||||||||||||||
Provision charged to expense | 189 | 2,438 | (5 | ) | 1,477 | 106 | 860 | 268 | 696 | 2,539 | 8,568 | ||||||||||||||||||||||||||||||
Losses charged off | 1,135 | 1,607 | 0 | 2,265 | 89 | 744 | 241 | 1,166 | 3,802 | 11,049 | |||||||||||||||||||||||||||||||
Recoveries | 309 | 163 | 0 | 557 | 4 | 56 | 11 | 495 | 1,649 | 3,244 | |||||||||||||||||||||||||||||||
Balance, end of year | $ | 3,396 | $ | 14,535 | $ | 121 | $ | 5,238 | $ | 397 | $ | 4,939 | $ | 601 | $ | 1,127 | $ | 3,654 | $ | 34,008 | |||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,189 | $ | 1,005 | $ | 0 | $ | 102 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2,296 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 2,207 | $ | 13,530 | $ | 121 | $ | 5,136 | $ | 397 | $ | 4,939 | $ | 601 | $ | 1,127 | $ | 3,654 | $ | 31,712 | |||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,810 | $ | 39,297 | $ | 0 | $ | 15,169 | $ | 0 | $ | 1,024 | $ | 0 | $ | 0 | $ | 0 | $ | 65,300 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 100,969 | $ | 833,245 | $ | 8,840 | $ | 359,712 | $ | 56,075 | $ | 696,577 | $ | 84,880 | $ | 122,215 | $ | 287,541 | $ | 2,550,054 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | |||||||||||||||||||||||||||||||
ALLL | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 4,023 | $ | 11,753 | $ | 112 | $ | 5,608 | $ | 354 | $ | 4,302 | $ | 562 | $ | 917 | $ | 5,540 | $ | 33,171 | |||||||||||||||||||||
Provision charged to expense | 1,009 | 3,520 | 14 | 2,330 | 183 | 1,437 | 238 | 892 | (173 | ) | 9,450 | ||||||||||||||||||||||||||||||
Losses charged off | 1,034 | 2,035 | 0 | 3,233 | 189 | 1,123 | 248 | 1,245 | 3,483 | 12,590 | |||||||||||||||||||||||||||||||
Recoveries | 35 | 303 | 0 | 764 | 28 | 151 | 11 | 538 | 1,384 | 3,214 | |||||||||||||||||||||||||||||||
Balance, end of year | $ | 4,033 | $ | 13,541 | $ | 126 | $ | 5,469 | $ | 376 | $ | 4,767 | $ | 563 | $ | 1,102 | $ | 3,268 | $ | 33,245 | |||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,820 | $ | 1,090 | $ | 0 | $ | 338 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 3,248 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 2,213 | $ | 12,451 | $ | 126 | $ | 5,131 | $ | 376 | $ | 4,767 | $ | 563 | $ | 1,102 | $ | 3,268 | $ | 29,997 | |||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,395 | $ | 38,113 | $ | 0 | $ | 14,295 | $ | 0 | $ | 695 | $ | 0 | $ | 0 | $ | 0 | $ | 62,498 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 110,052 | $ | 769,100 | $ | 9,246 | $ | 362,053 | $ | 55,041 | $ | 696,233 | $ | 82,292 | $ | 122,581 | $ | 281,477 | $ | 2,488,075 |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Premises and Equipment [Abstract] | |||||||||
Schedule of Premises and Equipment | Premises and equipment are summarized as follows: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
31-Dec | |||||||||
Land and buildings | $ | 76,795 | $ | 76,313 | |||||
Leasehold improvements | 4,760 | 4,778 | |||||||
Furniture, fixtures, and equipment | 34,234 | 32,237 | |||||||
Construction in progress | 227 | 971 | |||||||
Total premises and equipment | 116,016 | 114,299 | |||||||
Less accumulated depreciation and amortization | (66,036 | ) | (62,299 | ) | |||||
Premises and equipment, net | $ | 49,980 | $ | 52,000 |
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Real Estate Owned [Abstract] | |||||||||
Activity for Other Real Estate Owned | Activity for other real estate owned was as follows: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Beginning balance of other real estate owned | $ | 39,188 | $ | 47,537 | |||||
New assets acquired | 12,199 | 7,429 | |||||||
Capitalized costs | 0 | 6 | |||||||
Fair value adjustments | (1,730 | ) | (2,480 | ) | |||||
Sale of assets | (12,881 | ) | (13,304 | ) | |||||
Ending balance of other real estate owned | $ | 36,776 | $ | 39,188 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||
Major Classifications of Deposits | Major classifications of deposits are categorized as follows: | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||
31-Dec | |||||||||||||||||||||||||||||
Noninterest bearing deposits | $ | 677,626 | $ | 621,321 | |||||||||||||||||||||||||
NOW accounts | 31,998 | 31,017 | |||||||||||||||||||||||||||
Money market deposits | 577,677 | 554,072 | |||||||||||||||||||||||||||
Savings | 348,038 | 320,835 | |||||||||||||||||||||||||||
Certificates of deposit and other time deposits of $100,000 or more | 619,887 | 660,016 | |||||||||||||||||||||||||||
Certificates of deposit and other time deposits less than $100,000 | 619,031 | 667,813 | |||||||||||||||||||||||||||
Total deposits | $ | 2,874,257 | $ | 2,855,074 | |||||||||||||||||||||||||
Schedule of Interest Expense on Deposits | Interest expense on deposits is categorized as follows: | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Savings, NOW, and money market accounts | $ | 2,141 | $ | 2,281 | $ | 2,894 | |||||||||||||||||||||||
Certificates of deposit and other time deposits of $100,000 or more | 4,265 | 4,863 | 7,378 | ||||||||||||||||||||||||||
Certificates of deposit and other time deposits less than $100,000 | 3,392 | 4,169 | 7,639 | ||||||||||||||||||||||||||
Total interest expense on deposits | $ | 9,798 | $ | 11,313 | $ | 17,911 | |||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||||||
(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 | $ | 619,887 | $ | 518,045 | $ | 48,833 | $ | 24,280 | $ | 14,070 | $ | 14,559 | $ | 100 | |||||||||||||||
Certificates of deposit and other time deposits less than $100,000 | 619,031 | 536,074 | 40,225 | 18,219 | 12,894 | 11,275 | 344 | ||||||||||||||||||||||
Total maturities | $ | 1,238,918 | $ | 1,054,119 | $ | 89,058 | $ | 42,499 | $ | 26,964 | $ | 25,834 | $ | 444 |
Advances_from_Federal_Home_Loa1
Advances from Federal Home Loan Bank (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank [Abstract] | |||||||||||||||||||||||||||||
Schedule of Federal Home Loan Bank Advances | Federal Home Loan Bank advances consisted of the following monthly amortizing and term borrowings at December 31: | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||
Monthly amortizing | $ | 1,170 | $ | 1,286 | |||||||||||||||||||||||||
Term | 60,000 | 0 | |||||||||||||||||||||||||||
Total FHLB advances | $ | 61,170 | $ | 1,286 | |||||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||||||
(in thousands) | Total | Within 1 Year | 2 Years | 3 Years | 4 Years | 5 Years | After 5 Years | ||||||||||||||||||||||
Outstanding advances, weighted average interest rate – 1.70% | $ | 1,170 | $ | 123 | $ | 111 | $ | 98 | $ | 404 | $ | 20 | $ | 414 | |||||||||||||||
Schedule of Federal Home Loan Bank, Term Advances | The term advances that require the total payment to be made at maturity follow: | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||
31-Dec | |||||||||||||||||||||||||||||
Advance #275, 0.17%, due 1/05/15 | $ | 60,000 | $ | 0 | |||||||||||||||||||||||||
Total term advances | $ | 60,000 | $ | 0 |
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Borrowings [Abstract] | |||||||||
Schedule of Short-term Debt | Short-term debt is categorized as follows: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
31-Dec | |||||||||
Repurchase agreements | $ | 235,186 | $ | 208,067 | |||||
Federal funds purchased | 11,041 | 12,465 | |||||||
Total short-term debt | $ | 246,227 | $ | 220,532 | |||||
Schedule of Long-term Debt | Long-term debt is categorized as follows: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
31-Dec | |||||||||
Junior subordinated debentures, 1.83%, due 6/1/37 | $ | 61,341 | $ | 61,341 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||
Components of Provision for Income Taxes | The components of the provision for income taxes, exclusive of tax effect of unrealized securities gains and losses, are as follows: | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Current income tax expense | $ | 20,194 | $ | 19,418 | $ | 14,784 | |||||||||||||||||||
Deferred income tax expense (benefit) | (1,048 | ) | 582 | 5,441 | |||||||||||||||||||||
Total income tax expense | $ | 19,146 | $ | 20,000 | $ | 20,225 | |||||||||||||||||||
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) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Computed at the statutory rate | $ | 21,839 | 35 | % | $ | 22,810 | 35 | % | $ | 22,781 | 35 | % | |||||||||||||
Adjustments resulting from: | |||||||||||||||||||||||||
Tax-exempt interest | (1,204 | ) | (1.93 | ) | (1,126 | ) | (1.73 | ) | (1,278 | ) | (1.96 | ) | |||||||||||||
Housing and new markets credits | (1,076 | ) | (1.72 | ) | (996 | ) | (1.52 | ) | (704 | ) | (1.08 | ) | |||||||||||||
Dividends received deduction | (178 | ) | (0.29 | ) | (291 | ) | (0.45 | ) | (202 | ) | (0.31 | ) | |||||||||||||
Bank owned life insurance | (503 | ) | (0.81 | ) | (791 | ) | (1.22 | ) | (470 | ) | (0.72 | ) | |||||||||||||
ESOP dividend deduction | (284 | ) | (0.46 | ) | (281 | ) | (0.43 | ) | (271 | ) | (0.42 | ) | |||||||||||||
Other, net | 552 | 0.88 | 675 | 1.04 | 369 | 0.56 | |||||||||||||||||||
Total | $ | 19,146 | 30.68 | % | $ | 20,000 | 30.69 | % | $ | 20,225 | 31.07 | % | |||||||||||||
Components of Net Deferred Tax Liability | The components of the net deferred tax liability as of December 31 are as follows: | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Allowance for loan and lease losses | $ | 12,019 | $ | 11,820 | |||||||||||||||||||||
Interest on nonperforming loans | 1,039 | 732 | |||||||||||||||||||||||
Accrued expenses | 1,911 | 3,370 | |||||||||||||||||||||||
Allowance for other real estate owned | 1,901 | 2,232 | |||||||||||||||||||||||
Unrealized losses on AFS securities | 0 | 3,717 | |||||||||||||||||||||||
Other | 1,145 | 232 | |||||||||||||||||||||||
Total deferred tax assets | 18,015 | 22,103 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Depreciation and amortization | (19,181 | ) | (18,717 | ) | |||||||||||||||||||||
FHLB stock dividends | (3,460 | ) | (4,956 | ) | |||||||||||||||||||||
Loan fee income | (744 | ) | (724 | ) | |||||||||||||||||||||
Mortgage servicing rights | (1,039 | ) | (1,198 | ) | |||||||||||||||||||||
Capitalized lease obligations | (681 | ) | (1,145 | ) | |||||||||||||||||||||
Unrealized gains on AFS securities | (1,231 | ) | 0 | ||||||||||||||||||||||
Other | (1,171 | ) | (1,015 | ) | |||||||||||||||||||||
Total deferred tax liabilities | (27,507 | ) | (27,755 | ) | |||||||||||||||||||||
Net deferred tax liability | $ | (9,492 | ) | $ | (5,652 | ) |
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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, 2014: | ||||||||||||||||||||||||
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 | 143 | $31.47 | 1,564 (a) | ||||||||||||||||||||||
Restricted stock | (c) | (b) | (a) | ||||||||||||||||||||||
Performance units | (d) | (b) | (a) | ||||||||||||||||||||||
Stock appreciation rights ("SARs") | (e) | (b) | (a) | ||||||||||||||||||||||
Total | 1,564 | ||||||||||||||||||||||||
(a) | Under the 2006 Plan, 1.65 million shares (plus any shares reserved for issuance under the 1998 Stock Option Plan) were authorized for issuance as nonqualified and incentive stock options, SARS, restricted stock and performance units. As of December 31, 2014, the above shares remained available for issuance. | ||||||||||||||||||||||||
(b) | Not applicable | ||||||||||||||||||||||||
(c) | The maximum number of shares of restricted stock that may be granted is 440,000 shares, and the maximum that may be granted to a participant during any calendar year is 44,000 shares. | ||||||||||||||||||||||||
(d) | No performance units payable in stock had been issued as of December 31, 2014. The maximum payment that can be made pursuant to performance units granted to any one participant in any calendar year shall be $250,000. | ||||||||||||||||||||||||
(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 shall be 110,000 shares. | ||||||||||||||||||||||||
The following table details the shares available for future issuance under the 2006 Plan at December 31, 2014. | |||||||||||||||||||||||||
Plan Category | Shares Available for Future Issuance | ||||||||||||||||||||||||
Shares available at January 1, 2014 | 1,573,980 | ||||||||||||||||||||||||
1998 Plan forfeitures in 2014 | 0 | ||||||||||||||||||||||||
2006 Plan stock option issuances for 2014 | -10,000 | ||||||||||||||||||||||||
2006 Plan restricted stock issuances in 2014 | -4,561 | ||||||||||||||||||||||||
2006 Plan forfeitures in 2014 | 4,283 | ||||||||||||||||||||||||
Shares available for future issuance | 1,563,702 | ||||||||||||||||||||||||
Schedule of Weighted Average Assumptions Used for Estimating Grant-Date Fair Value of Each Option Grant | CTBI uses a Black-Scholes option pricing model with the following weighted average assumptions, which are evaluated and revised as necessary, in estimating the grant-date fair value of each option grant for the year end: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Expected option life (in years) | 7 | 7.5 | -- | ||||||||||||||||||||||
Expected volatility | 30.77% | 39.11% | -- | ||||||||||||||||||||||
Expected dividend yield | 3.40% | 3.74% | -- | ||||||||||||||||||||||
Risk-free interest rate | 2.01% | 1.33% | -- | ||||||||||||||||||||||
Schedule of Restricted Stock Activity | The following table shows restricted stock activity for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||||||||
31-Dec | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Grants | Weighted Average Fair | Grants | Weighted Average Fair | Grants | Weighted Average Fair | ||||||||||||||||||||
Value at Grant | Value at Grant | Value at Grant | |||||||||||||||||||||||
Outstanding at beginning of year | 107,511 | $ | 25.91 | 106,561 | $ | 25.38 | 106,197 | $ | 25.37 | ||||||||||||||||
Granted | 4,561 | 37.85 | 11,904 | 30.64 | 364 | 28.11 | |||||||||||||||||||
Vested | (8,949 | ) | 28.35 | (10,954 | ) | 25.87 | 0 | -- | |||||||||||||||||
Forfeited | (1,814 | ) | 28.38 | 0 | -- | 0 | -- | ||||||||||||||||||
Outstanding at end of year | 101,309 | $ | 26.19 | 107,511 | $ | 25.91 | 106,561 | $ | 25.38 | ||||||||||||||||
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, 2014, 2013, and 2012 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, 2014, 2013, and 2012. | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Unrecognized compensation cost of unvested share-based compensation arrangements granted under the plan at year-end | $ | 861 | $ | 1,366 | $ | 1,133 | |||||||||||||||||||
Grant date fair value of shares vested for the year | 343 | 521 | 34 | ||||||||||||||||||||||
Cash received from option exercises under all share-based payment arrangements for the year | 1,163 | 5,306 | 3,137 | ||||||||||||||||||||||
Tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the year | 93 | 303 | 496 | ||||||||||||||||||||||
1998 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 1998 Plan for the years ended December 31, 2014, 2013, and 2012 is summarized as follows: | ||||||||||||||||||||||||
31-Dec | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | ||||||||||||||||||||
Outstanding at beginning of year | 78,066 | $ | 28.91 | 195,279 | $ | 28.08 | 353,694 | $ | 24.41 | ||||||||||||||||
Granted | 0 | -- | 0 | -- | 0 | -- | |||||||||||||||||||
Exercised | (34,106 | ) | 28.25 | (117,213 | ) | 27.54 | (158,305 | ) | 19.85 | ||||||||||||||||
Forfeited/expired | 0 | -- | 0 | -- | (110 | ) | 29.49 | ||||||||||||||||||
Outstanding at end of year | 43,960 | $ | 29.43 | 78,066 | $ | 28.91 | 195,279 | $ | 28.08 | ||||||||||||||||
Exercisable at end of year | 43,960 | $ | 29.43 | 78,066 | $ | 28.91 | 195,279 | $ | 28.08 | ||||||||||||||||
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 1998 Plan for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Options exercised | $ | 270 | $ | 1,175 | $ | 690 | |||||||||||||||||||
Options exercisable | 316 | 948 | 1,517 | ||||||||||||||||||||||
Outstanding options | 316 | 948 | 1,517 | ||||||||||||||||||||||
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, 2014, 2013, and 2012 is summarized as follows: | ||||||||||||||||||||||||
31-Dec | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | ||||||||||||||||||||
Outstanding at beginning of year | 97,047 | $ | 32.29 | 163,524 | $ | 31.56 | 167,828 | $ | 31.43 | ||||||||||||||||
Granted | 10,000 | 34.75 | 1,650 | 30.64 | 0 | -- | |||||||||||||||||||
Exercised | (5,757 | ) | 34.62 | (68,127 | ) | 30.52 | (3,507 | ) | 25.92 | ||||||||||||||||
Forfeited/expired | (2,469 | ) | 34.29 | 0 | -- | (797 | ) | -- | |||||||||||||||||
Outstanding at end of year | 98,821 | $ | 32.35 | 97,047 | $ | 32.29 | 163,524 | $ | 31.56 | ||||||||||||||||
Exercisable at end of year | 86,264 | $ | 32.25 | 92,997 | $ | 32.56 | 112,555 | $ | 34.26 | ||||||||||||||||
Summary for Status of Nonvested Options | A summary of the status of CTBI's 2006 Plan for nonvested options as of December 31, 2014, and changes during the year ended December 31, 2014, is presented as follows: | ||||||||||||||||||||||||
Nonvested Options | Options | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Nonvested at January 1, 2014 | 4,051 | $ | 6.87 | ||||||||||||||||||||||
Granted | 10,000 | 7.76 | |||||||||||||||||||||||
Vested | (1,274 | ) | 6.68 | ||||||||||||||||||||||
Forfeited | (220 | ) | 5.94 | ||||||||||||||||||||||
Nonvested at December 31, 2014 | 12,557 | $ | 7.61 | ||||||||||||||||||||||
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, 2014, 2013, and 2012: | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Options exercised | $ | 11 | $ | 477 | $ | 22 | |||||||||||||||||||
Options exercisable | 376 | 790 | 88 | ||||||||||||||||||||||
Outstanding options | 421 | 849 | 388 |
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Operating Leases [Abstract] | |||||||||
Schedule of Minimum Non-Cancellable Rental Payments and Rental Receipts | Minimum non-cancellable rental payments and rental receipts are as follows: | ||||||||
(in thousands) | Payments | Receipts | |||||||
2015 | 1,970 | 577 | |||||||
2016 | 1,411 | 339 | |||||||
2017 | 1,270 | 210 | |||||||
2018 | 862 | 78 | |||||||
2019 | 356 | 4 | |||||||
Thereafter | 2,781 | 0 | |||||||
Total | $ | 8,650 | $ | 1,208 |
Fair_Market_Value_of_Financial1
Fair Market Value of Financial Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Market Value of Financial Assets and Liabilities [Abstract] | |||||||||||||||||
Fair Value Measurements of Assets Measured at Fair Value 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, 2014 and December 31, 2013 and indicate the level within the fair value hierarchy of the valuation techniques. | ||||||||||||||||
(in thousands) | Fair Value Measurements at | ||||||||||||||||
December 31, 2014 Using | |||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets measured – recurring basis | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
U.S. Treasury and government agencies | $ | 188,932 | $ | 0 | $ | 188,932 | $ | 0 | |||||||||
State and political subdivisions | 137,458 | 0 | 137,458 | 0 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 288,907 | 0 | 288,907 | 0 | |||||||||||||
Marketable equity securities | 24,889 | 24,889 | 0 | 0 | |||||||||||||
Mortgage servicing rights | 2,968 | 0 | 0 | 2,968 | |||||||||||||
(in thousands) | Fair Value Measurements at | ||||||||||||||||
December 31, 2013 Using | |||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets measured – recurring basis | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
U.S. Treasury and government agencies | $ | 72,623 | $ | 0 | $ | 72,623 | $ | 0 | |||||||||
State and political subdivisions | 116,703 | 0 | 116,703 | 0 | |||||||||||||
U.S. government sponsored agency mortgage-backed securities | 367,297 | 0 | 367,297 | 0 | |||||||||||||
Marketable equity securities | 52,782 | 52,782 | 0 | 0 | |||||||||||||
Mortgage servicing rights | 3,424 | 0 | 0 | 3,424 | |||||||||||||
Reconciliation of Beginning and Ending Balances 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 recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs: | ||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights | ||||||||||||||||
Beginning balance | $ | 3,424 | $ | 2,364 | |||||||||||||
Total recognized gains (losses) | |||||||||||||||||
Included in net income | (467 | ) | 788 | ||||||||||||||
Issues | 374 | 854 | |||||||||||||||
Settlements | (363 | ) | (582 | ) | |||||||||||||
Ending balance | $ | 2,968 | $ | 3,424 | |||||||||||||
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 | $ | (467 | ) | $ | 788 | ||||||||||||
Realized and Unrealized Gains and Losses Included in Net Income in 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: | ||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Noninterest Income | Noninterest Expense | Noninterest Income | Noninterest Expense | ||||||||||||||
Total gains (losses) | $ | (830 | ) | $ | 0 | $ | 206 | $ | 0 | ||||||||
Fair Value Measurements of Assets Measured at Fair Value 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, 2014 and December 31, 2013 and indicate the level within the fair value hierarchy of the valuation techniques. | ||||||||||||||||
(in thousands) | Fair Value Measurements at | ||||||||||||||||
December 31, 2014 Using | |||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets measured – nonrecurring basis | |||||||||||||||||
Impaired loans (collateral dependent) | $ | 4,665 | $ | 0 | $ | 0 | $ | 4,665 | |||||||||
Other real estate/assets owned | 6,472 | 0 | 0 | 6,472 | |||||||||||||
(in thousands) | Fair Value Measurements at | ||||||||||||||||
December 31, 2013 Using | |||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets measured – nonrecurring basis | |||||||||||||||||
Impaired loans (collateral dependent) | $ | 6,830 | $ | 0 | $ | 0 | $ | 6,830 | |||||||||
Other real estate/assets owned | 11,111 | 0 | 0 | 11,111 | |||||||||||||
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, 2014 and December 31, 2013. | ||||||||||||||||
(in thousands) | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
Fair Value at December 31, 2014 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||
Mortgage servicing rights | $ | 2,968 | Discount cash flows, computer pricing model | Constant prepayment rate | 4.6% - 25.1% | %) | |||||||||||
(11.3 | |||||||||||||||||
Probability of default | 0.00% - 100.0% | %) | |||||||||||||||
(3.61 | |||||||||||||||||
Discount rate | 10.0% - 11.5% | %) | |||||||||||||||
(10.13 | |||||||||||||||||
Impaired loans (collateral-dependent) | $ | 4,665 | Market comparable properties | Marketability discount | 5.0% - 10.0% | %) | |||||||||||
(7.0 | |||||||||||||||||
Other real estate/assets owned | $ | 6,472 | Market comparable properties | Comparability adjustments (%) | 3.0% - 67.0% | %) | |||||||||||
(18.0 | |||||||||||||||||
(in thousands) | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
Fair Value at December 31, 2013 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||
Mortgage servicing rights | $ | 3,424 | Discount cash flows, computer pricing model | Constant prepayment rate | 4.3% - 23.6% | %) | |||||||||||
(9.7 | |||||||||||||||||
Probability of default | 0.00% - 33.33% | %) | |||||||||||||||
(3.36 | |||||||||||||||||
Discount rate | Not applicable (10.0%) | ||||||||||||||||
Impaired loans (collateral-dependent) | $ | 6,830 | Market comparable properties | Marketability discount | 5.0% - 10.0% | %) | |||||||||||
(7.0 | |||||||||||||||||
Other real estate/assets owned | $ | 11,111 | Market comparable properties | Comparability adjustments (%) | 5.0% - 38.0% | %) | |||||||||||
(9.0 | |||||||||||||||||
Estimated Fair Value of Financial Instruments and Level Within Fair Value Hierarchy of Valuation Techniques | The following table presents estimated fair value of CTBI's financial instruments as of December 31, 2014 and indicates the level within the fair value hierarchy of the valuation techniques. | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
(in thousands) | at December 31, 2014 Using | ||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 105,517 | $ | 105,517 | $ | 0 | $ | 0 | |||||||||
Certificates of deposit in other banks | 8,197 | 0 | 8,213 | 0 | |||||||||||||
Securities available-for-sale | 640,186 | 24,889 | 615,297 | 0 | |||||||||||||
Securities held-to-maturity | 1,662 | 0 | 1,644 | 0 | |||||||||||||
Loans held for sale | 2,264 | 2,321 | 0 | 0 | |||||||||||||
Loans, net | 2,699,377 | 0 | 0 | 2,691,906 | |||||||||||||
Federal Home Loan Bank stock | 17,927 | 0 | 17,927 | 0 | |||||||||||||
Federal Reserve Bank stock | 4,869 | 0 | 4,869 | 0 | |||||||||||||
Accrued interest receivable | 13,548 | 0 | 13,548 | 0 | |||||||||||||
Mortgage servicing rights | 2,968 | 0 | 0 | 2,968 | |||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 2,874,257 | $ | 677,626 | $ | 2,192,848 | $ | 0 | |||||||||
Repurchase agreements | 235,186 | 0 | 0 | 235,193 | |||||||||||||
Federal funds purchased | 11,041 | 0 | 11,041 | 0 | |||||||||||||
Advances from Federal Home Loan Bank | 61,170 | 0 | 61,106 | 0 | |||||||||||||
Long-term debt | 61,341 | 0 | 0 | 35,615 | |||||||||||||
Accrued interest payable | 908 | 0 | 908 | 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, 2013 and indicates the level within the fair value hierarchy of the valuation techniques. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
(in thousands) | at December 31, 2013 Using | ||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 106,641 | $ | 106,641 | $ | 0 | $ | 0 | |||||||||
Certificates of deposit in other banks | 9,568 | 0 | 9,582 | 0 | |||||||||||||
Securities available-for-sale | 609,405 | 52,782 | 556,623 | 0 | |||||||||||||
Securities held-to-maturity | 1,662 | 0 | 1,601 | 0 | |||||||||||||
Loans held for sale | 828 | 845 | 0 | 0 | |||||||||||||
Loans, net | 2,581,346 | 0 | 0 | 2,589,811 | |||||||||||||
Federal Home Loan Bank stock | 25,673 | 0 | 25,673 | 0 | |||||||||||||
Federal Reserve Bank stock | 4,886 | 0 | 4,886 | 0 | |||||||||||||
Accrued interest receivable | 12,886 | 0 | 12,886 | 0 | |||||||||||||
Mortgage servicing rights | 3,424 | 0 | 0 | 3,424 | |||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 2,855,074 | $ | 621,321 | $ | 2,230,608 | $ | 0 | |||||||||
Repurchase agreements | 208,067 | 0 | 0 | 207,992 | |||||||||||||
Federal funds purchased | 12,465 | 0 | 12,465 | 0 | |||||||||||||
Advances from Federal Home Loan Bank | 1,286 | 0 | 1,531 | 0 | |||||||||||||
Long-term debt | 61,341 | 0 | 0 | 31,362 | |||||||||||||
Accrued interest payable | 1,032 | 0 | 1,032 | 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 |
OffBalance_Sheet_Transactions_1
Off-Balance Sheet Transactions and Guarantees (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Off-Balance Sheet Transactions and Guarantees [Abstract] | |||||||||
Off-Balance Sheet Financial Instruments | At December 31, CTBI had the following off-balance sheet financial instruments, whose approximate contract amounts represent additional credit risk to CTBI: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Standby letters of credit | $ | 28,524 | $ | 34,861 | |||||
Commitments to extend credit | 459,380 | 410,803 | |||||||
Total off-balance sheet financial instruments | $ | 487,904 | $ | 445,664 |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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, 2014: | |||||||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 439,877 | 12.04 | % | $ | 146,139 | 4 | % | |||||||||||||||||
Tier 1 capital (to risk weighted assets) | 439,877 | 16.51 | 106,572 | 4 | |||||||||||||||||||||
Total capital (to risk weighted assets) | 473,097 | 17.76 | 213,107 | 8 | |||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 412,053 | 11.51 | % | $ | 143,198 | 4 | % | |||||||||||||||||
Tier 1 capital (to risk weighted assets) | 412,053 | 16.15 | 102,056 | 4 | |||||||||||||||||||||
Total capital (to risk weighted assets) | 443,875 | 17.4 | 204,080 | 8 | |||||||||||||||||||||
Community Trust Bank, Inc.'s Capital Ratios | |||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well-Capitalized Under Prompt Corrective Action Provision | |||||||||||||||||||||||
(in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 416,861 | 11.47 | % | $ | 145,374 | 4 | % | $ | 181,718 | 5 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | 416,861 | 15.69 | 106,274 | 4 | 159,411 | 6 | |||||||||||||||||||
Total capital (to risk weighted assets) | 450,081 | 16.94 | 212,553 | 8 | 265,691 | 10 | |||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 392,932 | 11.03 | % | $ | 142,496 | 4 | % | $ | 178,120 | 5 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | 392,932 | 15.45 | 101,730 | 4 | 152,595 | 6 | |||||||||||||||||||
Total capital (to risk weighted assets) | 424,754 | 16.7 | 203,475 | 8 | 254,344 | 10 |
Parent_Company_Financial_State1
Parent Company Financial Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Parent Company Financial Statements [Abstract] | |||||||||||||
Schedule of Parent Company Financial Statements | Condensed Balance Sheets | ||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
31-Dec | |||||||||||||
Assets: | |||||||||||||
Cash on deposit | $ | 995 | $ | 1,272 | |||||||||
Investment in and advances to subsidiaries | 503,252 | 468,240 | |||||||||||
Goodwill | 4,973 | 4,973 | |||||||||||
Premises and equipment, net | 207 | 235 | |||||||||||
Other assets | 1,173 | 617 | |||||||||||
Total assets | $ | 510,600 | $ | 475,337 | |||||||||
Liabilities and shareholders' equity: | |||||||||||||
Long-term debt | $ | 61,341 | $ | 61,341 | |||||||||
Other liabilities | 1,382 | 1,504 | |||||||||||
Total liabilities | 62,723 | 62,845 | |||||||||||
Shareholders' equity | 447,877 | 412,492 | |||||||||||
Total liabilities and shareholders' equity | $ | 510,600 | $ | 475,337 | |||||||||
Condensed Statements of Income and Comprehensive Income | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Year Ended December 31 | |||||||||||||
Income: | |||||||||||||
Dividends from subsidiary banks | $ | 19,534 | $ | 13,035 | $ | 16,572 | |||||||
Other income | 196 | 545 | 238 | ||||||||||
Total income | 19,730 | 13,580 | 16,810 | ||||||||||
Expenses: | |||||||||||||
Interest expense | 1,131 | 1,161 | 2,403 | ||||||||||
Depreciation expense | 153 | 163 | 127 | ||||||||||
Other expenses | 2,550 | 2,442 | 1,990 | ||||||||||
Total expenses | 3,834 | 3,766 | 4,520 | ||||||||||
Income before income taxes and equity in undistributed income of subsidiaries | 15,896 | 9,814 | 12,290 | ||||||||||
Income tax benefit | (1,548 | ) | (1,416 | ) | (1,750 | ) | |||||||
Income before equity in undistributed income of subsidiaries | 17,444 | 11,230 | 14,040 | ||||||||||
Equity in undistributed income of subsidiaries | 25,807 | 33,942 | 30,822 | ||||||||||
Net income | $ | 43,251 | $ | 45,172 | $ | 44,862 | |||||||
Other comprehensive income: | |||||||||||||
Unrealized holding gains (losses) on securities available-for-sale: | |||||||||||||
Unrealized holding gains arising during the period | 13,928 | (31,878 | ) | 4,973 | |||||||||
Less: Reclassification adjustments for realized gains included in net income | 211 | 45 | (1,155 | ) | |||||||||
Tax expense (benefit) | 4,949 | (11,142 | ) | 1,336 | |||||||||
Other comprehensive income (loss), net of tax | 9,190 | (20,691 | ) | 2,482 | |||||||||
Comprehensive income | $ | 52,441 | $ | 24,481 | $ | 47,344 | |||||||
Condensed Statements of Cash Flows | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Year Ended December 31 | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 43,251 | $ | 45,172 | $ | 44,862 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation | 153 | 163 | 127 | ||||||||||
Equity in undistributed earnings of subsidiaries | (25,807 | ) | (33,942 | ) | (30,822 | ) | |||||||
Stock-based compensation | 838 | 658 | 512 | ||||||||||
Excess tax benefit of stock-based compensation | 760 | 572 | 496 | ||||||||||
Changes in: | |||||||||||||
Other assets | (558 | ) | 660 | (771 | ) | ||||||||
Other liabilities | 563 | 1,505 | 495 | ||||||||||
Net cash provided by operating activities | 19,200 | 14,788 | 14,899 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Purchase of premises and equipment | (125 | ) | (148 | ) | (166 | ) | |||||||
Repayment of investments in and advances to subsidiaries | (14 | ) | (40 | ) | (80 | ) | |||||||
Net cash used in investing activities | (139 | ) | (188 | ) | (246 | ) | |||||||
Cash flows from financing activities: | |||||||||||||
Issuance of common stock | 1,992 | 6,348 | 4,395 | ||||||||||
Excess tax benefit of stock-based compensation | (760 | ) | (572 | ) | (496 | ) | |||||||
Dividends paid | (20,570 | ) | (24,546 | ) | (19,215 | ) | |||||||
Net cash used in financing activities | (19,338 | ) | (18,770 | ) | (15,316 | ) | |||||||
Net decrease in cash and cash equivalents | (277 | ) | (4,170 | ) | (663 | ) | |||||||
Cash and cash equivalents at beginning of year | 1,272 | 5,442 | 6,105 | ||||||||||
Cash and cash equivalents at end of year | $ | 995 | $ | 1,272 | $ | 5,442 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||
(in thousands except per share data) | |||||||||||||
Numerator: | |||||||||||||
Net income | $ | 43,251 | $ | 45,172 | $ | 44,862 | |||||||
Denominator: | |||||||||||||
Basic earnings per share: | |||||||||||||
Weighted average shares | 17,326 | 17,158 | 17,013 | ||||||||||
Diluted earnings per share: | |||||||||||||
Dilutive effect of equity grants | 71 | 82 | 60 | ||||||||||
Adjusted weighted average shares | 17,397 | 17,240 | 17,073 | ||||||||||
Earnings per share: | |||||||||||||
Basic earnings per share | $ | 2.5 | $ | 2.63 | $ | 2.64 | |||||||
Diluted earnings per share | 2.49 | 2.62 | 2.63 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) | Amounts reclassified from accumulated other comprehensive income (AOCI) and the affected line items in the statements of income during the years ended December 31, 2014, 2013, and 2012 were: | ||||||||||||
Amounts Reclassified from AOCI | |||||||||||||
Year Ended December 31 | 2014 | 2013 | 2012 | ||||||||||
(in thousands) | |||||||||||||
Affected line item in the statements of income | |||||||||||||
Securities gains (losses) | $ | (211 | ) | $ | (45 | ) | $ | 1,155 | |||||
Tax (benefit) expense | (74 | ) | (15 | ) | 405 | ||||||||
Total reclassifications out of AOCI | $ | (137 | ) | $ | (30 | ) | $ | 750 |
Accounting_Policies_Details
Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Maturity period of certificates of deposit in other banks | 18 months | ||
Threshold past due period after which loan must be well secured and in the process of collection to continue accruing interest | 90 days | ||
Minimum threshold period for not reclassifying loans as accruing loans | 6 months | ||
Charge off threshold for unsecured commercial loans considered uncollectible | 90 days | ||
Charge off threshold for closed-end consumer loans and uncollectible loans | 120 days | ||
Number of monthly payments before loan charge off | 5 | ||
Current value assessment period for past due loans secured against real estate | 90 days | ||
Foreclosure proceedings initiated | 120 days | ||
Other Real Estate Owned [Abstract] | |||
Typical frequency of periodic reviews, minimum | 12 months | ||
Typical frequency of periodic reviews, maximum | 18 months | ||
Maximum frequency of periodic reviews | 24 months | ||
Goodwill and Core Deposit Intangible [Abstract] | |||
Goodwill | $65,490,000 | $65,490,000 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance, January 1 | 690,000 | ||
Ending balance, December 31 | 477,000 | ||
Segment Reporting [Abstract] | |||
Number of operating segments | 1 | ||
Reclassifications [Abstract] | |||
Stock dividend rate (in hundredths) | 10.00% | ||
Dividend record date | 15-May-14 | ||
New shares issued in stock dividend (in shares) | 1,582,137 | ||
Fair value of additional shares issued | 0 | ||
Retained Earnings [Member] | |||
Reclassifications [Abstract] | |||
Fair value of additional shares issued | -52,304,000 | ||
Common Stock [Member] | |||
Reclassifications [Abstract] | |||
Fair value of additional shares issued | 7,910,000 | ||
Additional Paid-in Capital [Member] | |||
Reclassifications [Abstract] | |||
Fair value of additional shares issued | 44,394,000 | ||
Core Deposit Intangible [Member] | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance, January 1 | 690,000 | 904,000 | 1,117,000 |
Amortization | -213,000 | -214,000 | -213,000 |
Ending balance, December 31 | 477,000 | 690,000 | 904,000 |
Amortization of intangible assets for year one | 200,000 | ||
Amortization of intangible assets for year two | 200,000 | ||
Amortization of intangible assets for year three | $100,000 | ||
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 40 years | ||
Minimum [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Historical loan loss review period (in quarters) | 12 | ||
Minimum [Member] | Furniture, Fixtures, and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 2 years | ||
Maximum [Member] | Furniture, Fixtures, and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 10 years |
Cash_and_Due_from_Banks_and_In1
Cash and Due from Banks and Interest Bearing Deposits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cash and Cash Equivalents [Line Items] | ||
Balance requirements | $64.50 | $60 |
Federal Reserve [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash accounts which exceeded federally insured limits | 40.9 | |
Fifth Third Bank [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash accounts which exceeded federally insured limits | 22.1 | |
Federal Home Loan Bank [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash accounts which exceeded federally insured limits | $3.40 |
Securities_Details
Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Available-for-sale Debt Securities [Abstract] | |||
Amortized cost | $613,395,000 | $566,753,000 | |
Gross unrealized gains | 7,358,000 | 6,457,000 | |
Gross unrealized losses | -5,456,000 | -16,587,000 | |
Fair value | 615,297,000 | 556,623,000 | |
Available-for-sale Equity Securities [Abstract] | |||
Amortized cost | 25,000,000 | ||
Securities Available-for-Sale [Abstract] | |||
Amortized cost | 638,395,000 | 621,753,000 | |
Gross unrealized gains | 7,358,000 | 6,457,000 | |
Gross unrealized losses | -5,567,000 | -18,805,000 | |
Fair value | 640,186,000 | 609,405,000 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Due in one year or less | 9,153,000 | ||
Due after one through five years | 124,725,000 | ||
Due after five through ten years | 141,407,000 | ||
Due after ten years | 49,229,000 | ||
U.S. government sponsored agency mortgage-backed securities | 288,881,000 | ||
Amortized cost | 613,395,000 | 566,753,000 | |
Marketable equity securities | 25,000,000 | ||
Amortized cost | 638,395,000 | 621,753,000 | |
Available-for-Sale, Fair Value [Abstract] | |||
Due in one year or less | 9,193,000 | ||
Due after one through five years | 125,444,000 | ||
Due after five through ten years | 141,625,000 | ||
Due after ten years | 50,128,000 | ||
U.S. government sponsored agency mortgage-backed securities | 288,907,000 | ||
Total debt securities | 615,297,000 | 556,623,000 | |
Marketable equity securities | 24,889,000 | ||
Total securities | 640,186,000 | ||
Securities gains (loss), net | -211,000 | -45,000 | 1,155,000 |
Realized pre-tax gain on sale of securities | 2,100,000 | ||
Realized pre-tax loss on sale of securities | 2,400,000 | ||
Securities pledged as collateral to secure public deposit and for other purposes | 267,100,000 | 257,500,000 | |
Amortized cost of securities sold under agreements to repurchase | 280,900,000 | 255,400,000 | |
Percentage of total investment with unrealized losses (in hundredths) | 44.10% | 67.80% | |
Severity of impairment in percentage of fair value less than cost (in hundredths) | 0.40% | ||
Available-for-Sale, Amortized Cost [Abstract] | |||
Less Than 12 Months | 115,100,000 | 382,620,000 | |
12 Months or More | 172,906,000 | 49,968,000 | |
Total | 288,006,000 | 432,588,000 | |
Available-for-Sale, Gross Unrealized Losses [Abstract] | |||
Less Than 12 Months | -663,000 | -14,806,000 | |
12 Months or More | -4,904,000 | -3,999,000 | |
Total | -5,567,000 | -18,805,000 | |
Available-for-Sale, Fair Value [Abstract] | |||
Less Than 12 Months | 114,437,000 | 367,814,000 | |
12 Months or More | 168,002,000 | 45,969,000 | |
Total | 282,439,000 | 413,783,000 | |
Securities Held-to-Maturity [Abstract] | |||
Amortized Cost | 1,662,000 | 1,662,000 | |
Gross Unrealized Gains | 1,000 | 1,000 | |
Gross Unrealized Losses | -19,000 | -62,000 | |
Fair Value | 1,644,000 | 1,601,000 | |
Held-to-Maturity, Amortized Cost [Abstract] | |||
Due in one year or less | 0 | ||
Due after one through five years | 0 | ||
Due after five through ten years | 1,662,000 | ||
Due after ten years | 0 | ||
U.S. government sponsored agency mortgage-backed securities | 0 | ||
Amortized Cost | 1,662,000 | 1,662,000 | |
Marketable equity securities | 0 | ||
Total securities | 1,662,000 | ||
Held-to-Maturity, Fair Value [Abstract] | |||
Due in one year or less | 0 | ||
Due after one through five years | 0 | ||
Due after five through ten years | 1,644,000 | ||
Due after ten years | 0 | ||
U.S. government sponsored agency mortgage-backed securities | 0 | ||
Total debt securities | 1,644,000 | 1,601,000 | |
Marketable equity securities | 0 | ||
Total securities | 1,644,000 | ||
Held-to-Maturity, Amortized Cost [Abstract] | |||
12 Months or More | 480,000 | 480,000 | |
Held-to-Maturity, Gross Unrealized Losses [Abstract] | |||
12 Months or More | -19,000 | -62,000 | |
Held-to-Maturity, Fair Value [Abstract] | |||
12 Months or More | 461,000 | 418,000 | |
U.S. Treasury and Government Agencies [Member] | |||
Securities Held-to-Maturity [Abstract] | |||
Amortized Cost | 480,000 | 480,000 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | -19,000 | -62,000 | |
Fair Value | 461,000 | 418,000 | |
Held-to-Maturity, Amortized Cost [Abstract] | |||
Amortized Cost | 480,000 | 480,000 | |
Held-to-Maturity, Fair Value [Abstract] | |||
Total debt securities | 461,000 | 418,000 | |
State and Political Subdivisions [Member] | |||
Securities Held-to-Maturity [Abstract] | |||
Amortized Cost | 1,182,000 | 1,182,000 | |
Gross Unrealized Gains | 1,000 | 1,000 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 1,183,000 | 1,183,000 | |
Held-to-Maturity, Amortized Cost [Abstract] | |||
Amortized Cost | 1,182,000 | 1,182,000 | |
Held-to-Maturity, Fair Value [Abstract] | |||
Total debt securities | 1,183,000 | 1,183,000 | |
U.S. Treasury and Government Agencies [Member] | |||
Available-for-sale Debt Securities [Abstract] | |||
Amortized cost | 190,563,000 | 77,838,000 | |
Gross unrealized gains | 509,000 | 277,000 | |
Gross unrealized losses | -2,140,000 | -5,492,000 | |
Fair value | 188,932,000 | 72,623,000 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Amortized cost | 190,563,000 | 77,838,000 | |
Available-for-Sale, Fair Value [Abstract] | |||
Total debt securities | 188,932,000 | 72,623,000 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Less Than 12 Months | 31,185,000 | 31,631,000 | |
12 Months or More | 65,209,000 | 35,750,000 | |
Total | 96,394,000 | 67,381,000 | |
Available-for-Sale, Gross Unrealized Losses [Abstract] | |||
Less Than 12 Months | -87,000 | -1,970,000 | |
12 Months or More | -2,053,000 | -3,522,000 | |
Total | -2,140,000 | -5,492,000 | |
Available-for-Sale, Fair Value [Abstract] | |||
Less Than 12 Months | 31,098,000 | 29,661,000 | |
12 Months or More | 63,156,000 | 32,228,000 | |
Total | 94,254,000 | 61,889,000 | |
State and Political Subdivisions [Member] | |||
Available-for-sale Debt Securities [Abstract] | |||
Amortized cost | 133,951,000 | 118,055,000 | |
Gross unrealized gains | 3,973,000 | 1,907,000 | |
Gross unrealized losses | -466,000 | -3,259,000 | |
Fair value | 137,458,000 | 116,703,000 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Amortized cost | 133,951,000 | 118,055,000 | |
Available-for-Sale, Fair Value [Abstract] | |||
Total debt securities | 137,458,000 | 116,703,000 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Less Than 12 Months | 8,800,000 | 57,165,000 | |
12 Months or More | 21,308,000 | 7,639,000 | |
Total | 30,108,000 | 64,804,000 | |
Available-for-Sale, Gross Unrealized Losses [Abstract] | |||
Less Than 12 Months | -23,000 | -2,789,000 | |
12 Months or More | -443,000 | -470,000 | |
Total | -466,000 | -3,259,000 | |
Available-for-Sale, Fair Value [Abstract] | |||
Less Than 12 Months | 8,777,000 | 54,376,000 | |
12 Months or More | 20,865,000 | 7,169,000 | |
Total | 29,642,000 | 61,545,000 | |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | |||
Available-for-sale Debt Securities [Abstract] | |||
Amortized cost | 288,881,000 | 370,860,000 | |
Gross unrealized gains | 2,876,000 | 4,273,000 | |
Gross unrealized losses | -2,850,000 | -7,836,000 | |
Fair value | 288,907,000 | 367,297,000 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Amortized cost | 288,881,000 | 370,860,000 | |
Available-for-Sale, Fair Value [Abstract] | |||
Total debt securities | 288,907,000 | 367,297,000 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Less Than 12 Months | 50,115,000 | 238,824,000 | |
12 Months or More | 86,389,000 | 6,579,000 | |
Total | 136,504,000 | 245,403,000 | |
Available-for-Sale, Gross Unrealized Losses [Abstract] | |||
Less Than 12 Months | -442,000 | -7,829,000 | |
12 Months or More | -2,408,000 | -7,000 | |
Total | -2,850,000 | -7,836,000 | |
Available-for-Sale, Fair Value [Abstract] | |||
Less Than 12 Months | 49,673,000 | 230,995,000 | |
12 Months or More | 83,981,000 | 6,572,000 | |
Total | 133,654,000 | 237,567,000 | |
Debt Securities [Member] | |||
Available-for-Sale, Amortized Cost [Abstract] | |||
Less Than 12 Months | 90,100,000 | 327,620,000 | |
12 Months or More | 172,906,000 | 49,968,000 | |
Total | 263,006,000 | 377,588,000 | |
Available-for-Sale, Gross Unrealized Losses [Abstract] | |||
Less Than 12 Months | -552,000 | -12,588,000 | |
12 Months or More | -4,904,000 | -3,999,000 | |
Total | -5,456,000 | -16,587,000 | |
Available-for-Sale, Fair Value [Abstract] | |||
Less Than 12 Months | 89,548,000 | 315,032,000 | |
12 Months or More | 168,002,000 | 45,969,000 | |
Total | 257,550,000 | 361,001,000 | |
Marketable Equity Securities [Member] | |||
Available-for-sale Equity Securities [Abstract] | |||
Amortized cost | 25,000,000 | 55,000,000 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | -111,000 | -2,218,000 | |
Fair value | 24,889,000 | 52,782,000 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Marketable equity securities | 25,000,000 | 55,000,000 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Less Than 12 Months | 25,000,000 | 55,000,000 | |
12 Months or More | 0 | 0 | |
Total | 25,000,000 | 55,000,000 | |
Available-for-Sale, Gross Unrealized Losses [Abstract] | |||
Less Than 12 Months | -111,000 | -2,218,000 | |
12 Months or More | 0 | 0 | |
Total | -111,000 | -2,218,000 | |
Available-for-Sale, Fair Value [Abstract] | |||
Less Than 12 Months | 24,889,000 | 52,782,000 | |
12 Months or More | 0 | 0 | |
Total | 24,889,000 | 52,782,000 | |
Fixed Income Mutual Funds [Member] | |||
Available-for-Sale, Fair Value [Abstract] | |||
Marketable equity securities, fair value | 24,900,000 | ||
Marketable equity securities, total unrealized losses | $111,000 |
Loans_Major_Classifications_of
Loans, Major Classifications of Loans, Net of Income and Deferred Loan Origination Cost (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income and deferred origination costs | $2,733,824,000 | $2,615,354,000 |
Loans held for sale [Abstract] | ||
Loans held for sale | 2,264,000 | 828,000 |
Loan threshold amount | 500,000 | |
Secured commercial loan requesting financing (in hundredths) | 100.00% | |
Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income and deferred origination costs | 121,942,000 | 110,779,000 |
Commercial Secured by Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income and deferred origination costs | 948,626,000 | 872,542,000 |
Equipment Lease Financing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income and deferred origination costs | 10,344,000 | 8,840,000 |
Commercial Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income and deferred origination costs | 352,048,000 | 374,881,000 |
Real Estate Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income and deferred origination costs | 62,412,000 | 56,075,000 |
Real Estate Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income and deferred origination costs | 712,465,000 | 697,601,000 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income and deferred origination costs | 88,335,000 | 84,880,000 |
Consumer Direct [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income and deferred origination costs | 122,136,000 | 122,215,000 |
Consumer Indirect [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income and deferred origination costs | $315,516,000 | $287,541,000 |
Loans_Nonaccrual_Loans_Segrega
Loans, Nonaccrual Loans Segregated by Class of Loans and Loan Portfolio Aging Analysis, Segregated by Class (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Nonaccrual loans and loan portfolio aging analysis, segregated by class [Line Items] | ||||
Nonaccrual loans segregated by class of loans | $20,971 | $19,958 | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
30-59 Days Past Due | 8,824 | 10,251 | ||
60-89 Days Past Due | 8,074 | 8,661 | ||
90+ Days Past Due | 36,402 | 40,021 | ||
Total Past Due | 53,300 | 58,933 | ||
Current | 2,680,524 | 2,556,421 | ||
Total Loans | 2,733,824 | 2,615,354 | ||
90+ and Accruing | 17,985 | [1] | 23,599 | [1] |
Commercial [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
Total Loans | 1,432,960 | 1,367,042 | ||
Commercial Construction [Member] | ||||
Nonaccrual loans and loan portfolio aging analysis, segregated by class [Line Items] | ||||
Nonaccrual loans segregated by class of loans | 4,339 | 4,519 | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
30-59 Days Past Due | 40 | 250 | ||
60-89 Days Past Due | 31 | 166 | ||
90+ Days Past Due | 6,171 | 6,012 | ||
Total Past Due | 6,242 | 6,428 | ||
Current | 115,700 | 104,351 | ||
Total Loans | 121,942 | 110,779 | ||
90+ and Accruing | 1,863 | [1] | 1,673 | [1] |
Commercial Secured by Real Estate [Member] | ||||
Nonaccrual loans and loan portfolio aging analysis, segregated by class [Line Items] | ||||
Nonaccrual loans segregated by class of loans | 6,725 | 6,576 | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
30-59 Days Past Due | 2,471 | 3,703 | ||
60-89 Days Past Due | 1,595 | 1,982 | ||
90+ Days Past Due | 10,763 | 16,660 | ||
Total Past Due | 14,829 | 22,345 | ||
Current | 933,797 | 850,197 | ||
Total Loans | 948,626 | 872,542 | ||
90+ and Accruing | 4,682 | [1] | 12,403 | [1] |
Commercial Other [Member] | ||||
Nonaccrual loans and loan portfolio aging analysis, segregated by class [Line Items] | ||||
Nonaccrual loans segregated by class of loans | 2,423 | 2,801 | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
30-59 Days Past Due | 826 | 344 | ||
60-89 Days Past Due | 55 | 422 | ||
90+ Days Past Due | 4,205 | 6,156 | ||
Total Past Due | 5,086 | 6,922 | ||
Current | 346,962 | 367,959 | ||
Total Loans | 352,048 | 374,881 | ||
90+ and Accruing | 2,367 | [1] | 3,723 | [1] |
Equipment Lease Financing [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
30-59 Days Past Due | 0 | 0 | ||
60-89 Days Past Due | 0 | 0 | ||
90+ Days Past Due | 0 | 0 | ||
Total Past Due | 0 | 0 | ||
Current | 10,344 | 8,840 | ||
Total Loans | 10,344 | 8,840 | ||
90+ and Accruing | 0 | [1] | 0 | [1] |
Real Estate Construction [Member] | ||||
Nonaccrual loans and loan portfolio aging analysis, segregated by class [Line Items] | ||||
Nonaccrual loans segregated by class of loans | 602 | 481 | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
30-59 Days Past Due | 92 | 81 | ||
60-89 Days Past Due | 144 | 383 | ||
90+ Days Past Due | 985 | 694 | ||
Total Past Due | 1,221 | 1,158 | ||
Current | 61,191 | 54,917 | ||
Total Loans | 62,412 | 56,075 | ||
90+ and Accruing | 383 | [1] | 213 | [1] |
Real Estate Mortgage [Member] | ||||
Nonaccrual loans and loan portfolio aging analysis, segregated by class [Line Items] | ||||
Nonaccrual loans segregated by class of loans | 6,513 | 5,152 | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
30-59 Days Past Due | 1,005 | 1,274 | ||
60-89 Days Past Due | 5,171 | 4,419 | ||
90+ Days Past Due | 13,049 | 9,346 | ||
Total Past Due | 19,225 | 15,039 | ||
Current | 693,240 | 682,562 | ||
Total Loans | 712,465 | 697,601 | ||
90+ and Accruing | 7,742 | [1] | 4,847 | [1] |
Home Equity [Member] | ||||
Nonaccrual loans and loan portfolio aging analysis, segregated by class [Line Items] | ||||
Nonaccrual loans segregated by class of loans | 369 | 429 | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
30-59 Days Past Due | 779 | 786 | ||
60-89 Days Past Due | 197 | 330 | ||
90+ Days Past Due | 703 | 737 | ||
Total Past Due | 1,679 | 1,853 | ||
Current | 86,656 | 83,027 | ||
Total Loans | 88,335 | 84,880 | ||
90+ and Accruing | 422 | [1] | 324 | [1] |
Consumer Direct [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
30-59 Days Past Due | 1,307 | 1,063 | ||
60-89 Days Past Due | 295 | 291 | ||
90+ Days Past Due | 141 | 119 | ||
Total Past Due | 1,743 | 1,473 | ||
Current | 120,393 | 120,742 | ||
Total Loans | 122,136 | 122,215 | ||
90+ and Accruing | 141 | [1] | 119 | [1] |
Consumer Indirect [Member] | ||||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||||
30-59 Days Past Due | 2,304 | 2,750 | ||
60-89 Days Past Due | 586 | 668 | ||
90+ Days Past Due | 385 | 297 | ||
Total Past Due | 3,275 | 3,715 | ||
Current | 312,241 | 283,826 | ||
Total Loans | 315,516 | 287,541 | ||
90+ and Accruing | $385 | [1] | $297 | [1] |
[1] | 90+ and Accruing are also included in 90+ Days Past Due column. |
Loans_Credit_Risk_Profile_Base
Loans, Credit Risk Profile Based on Rating Category and Payment Activity and on Performing and Nonperforming Status, Segregated by Class (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | $2,733,824 | $2,615,354 | ||
Commercial [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 1,432,960 | 1,367,042 | ||
Commercial Construction [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 121,942 | 110,779 | ||
Commercial Secured by Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 948,626 | 872,542 | ||
Commercial Other [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 352,048 | 374,881 | ||
Equipment Lease [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 10,344 | 8,840 | ||
Real Estate Construction [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 62,412 | 56,075 | ||
Real Estate Mortgage [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 712,465 | 697,601 | ||
Home Equity [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 88,335 | 84,880 | ||
Consumer Direct [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 122,136 | 122,215 | ||
Consumer Indirect [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 315,516 | 287,541 | ||
Residential and Consumer Portfolio Segments [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 1,300,864 | 1,248,312 | ||
Pass [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 1,253,679 | 1,162,559 | ||
Pass [Member] | Commercial Construction [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 101,314 | 85,699 | ||
Pass [Member] | Commercial Secured by Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 834,751 | 746,202 | ||
Pass [Member] | Commercial Other [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 307,270 | 321,818 | ||
Pass [Member] | Equipment Lease [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 10,344 | 8,840 | ||
Watch [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 115,094 | 123,880 | ||
Watch [Member] | Commercial Construction [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 9,857 | 13,519 | ||
Watch [Member] | Commercial Secured by Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 69,123 | 77,561 | ||
Watch [Member] | Commercial Other [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 36,114 | 32,800 | ||
Watch [Member] | Equipment Lease [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 0 | 0 | ||
OAEM [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 12,788 | 12,839 | ||
OAEM [Member] | Commercial Construction [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 934 | 0 | ||
OAEM [Member] | Commercial Secured by Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 10,973 | 6,639 | ||
OAEM [Member] | Commercial Other [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 881 | 6,200 | ||
OAEM [Member] | Equipment Lease [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 0 | 0 | ||
Substandard [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 39,320 | 56,314 | ||
Substandard [Member] | Commercial Construction [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 5,647 | 7,208 | ||
Substandard [Member] | Commercial Secured by Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 27,901 | 37,334 | ||
Substandard [Member] | Commercial Other [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 5,772 | 11,772 | ||
Substandard [Member] | Equipment Lease [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 0 | 0 | ||
Doubtful [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 12,079 | 11,450 | ||
Doubtful [Member] | Commercial Construction [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 4,190 | 4,353 | ||
Doubtful [Member] | Commercial Secured by Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 5,878 | 4,806 | ||
Doubtful [Member] | Commercial Other [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 2,011 | 2,291 | ||
Doubtful [Member] | Equipment Lease [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 0 | 0 | ||
Performing [Member] | Real Estate Construction [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 61,427 | 55,381 | ||
Performing [Member] | Real Estate Mortgage [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 698,210 | 687,602 | ||
Performing [Member] | Home Equity [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 87,544 | 84,127 | ||
Performing [Member] | Consumer Direct [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 121,995 | 122,096 | ||
Performing [Member] | Consumer Indirect [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 315,131 | 287,244 | ||
Performing [Member] | Residential and Consumer Portfolio Segments [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 1,284,307 | 1,236,450 | ||
Nonperforming [Member] | Real Estate Construction [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 985 | [1] | 694 | [1] |
Nonperforming [Member] | Real Estate Mortgage [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 14,255 | [1] | 9,999 | [1] |
Nonperforming [Member] | Home Equity [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 791 | [1] | 753 | [1] |
Nonperforming [Member] | Consumer Direct [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 141 | [1] | 119 | [1] |
Nonperforming [Member] | Consumer Indirect [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | 385 | [1] | 297 | [1] |
Nonperforming [Member] | Residential and Consumer Portfolio Segments [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan portfolio based on credit risk profile | $16,557 | [1] | $11,862 | [1] |
[1] | A loan is considered nonperforming if it is 90 days or more past due or on nonaccrual. |
Loans_Impaired_Loans_Average_I
Loans, Impaired Loans, Average Investments in Impaired Loans, and Interest Income Recognized on Impaired Loans (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Loans with a specific valuation allowance [Abstract] | ||||||
Specific Allowance | $1,742 | $2,296 | $3,248 | |||
Total impaired loans [Abstract] | ||||||
Recorded Balance | 59,068 | 65,300 | 62,498 | |||
Unpaid Contractual Principal Balance | 62,508 | 68,228 | 68,596 | |||
Specific Allowance | 1,742 | 2,296 | 3,248 | |||
Average Investment in Impaired Loans | 66,358 | 64,890 | 62,624 | |||
Interest Income Recognized | 2,233 | [1] | 2,083 | [1] | 1,880 | [1] |
Commercial Construction [Member] | ||||||
Loans without a specific valuation allowance [Abstract] | ||||||
Recorded Balance | 5,653 | 5,457 | 3,692 | |||
Unpaid Contractual Principal Balance | 5,654 | 5,458 | 4,146 | |||
Average Investment in Impaired Loans | 5,415 | 5,595 | 4,249 | |||
Interest Income Recognized | 205 | [1] | 240 | [1] | 97 | [1] |
Loans with a specific valuation allowance [Abstract] | ||||||
Recorded Balance | 3,974 | 4,353 | 5,703 | |||
Unpaid Contractual Principal Balance | 3,974 | 4,359 | 6,933 | |||
Specific Allowance | 734 | 1,189 | 1,820 | |||
Average Investment in Impaired Loans | 4,216 | 4,935 | 6,585 | |||
Interest Income Recognized | 0 | [1] | 0 | [1] | 0 | [1] |
Total impaired loans [Abstract] | ||||||
Recorded Balance | 9,627 | 9,810 | 9,395 | |||
Unpaid Contractual Principal Balance | 9,628 | 9,817 | 11,079 | |||
Specific Allowance | 734 | 1,189 | 1,820 | |||
Average Investment in Impaired Loans | 9,631 | 10,530 | 10,834 | |||
Interest Income Recognized | 205 | [1] | 240 | [1] | 97 | [1] |
Commercial Secured by Real Estate [Member] | ||||||
Loans without a specific valuation allowance [Abstract] | ||||||
Recorded Balance | 31,639 | 35,258 | 35,046 | |||
Unpaid Contractual Principal Balance | 33,268 | 36,173 | 35,818 | |||
Average Investment in Impaired Loans | 34,650 | 32,472 | 35,542 | |||
Interest Income Recognized | 1,180 | [1] | 1,231 | [1] | 1,337 | [1] |
Loans with a specific valuation allowance [Abstract] | ||||||
Recorded Balance | 2,718 | 4,039 | 3,067 | |||
Unpaid Contractual Principal Balance | 2,876 | 4,326 | 3,189 | |||
Specific Allowance | 827 | 1,005 | 1,090 | |||
Average Investment in Impaired Loans | 4,376 | 5,033 | 3,243 | |||
Interest Income Recognized | 11 | [1] | 1 | [1] | 0 | [1] |
Total impaired loans [Abstract] | ||||||
Recorded Balance | 34,357 | 39,297 | 38,113 | |||
Unpaid Contractual Principal Balance | 36,144 | 40,499 | 39,007 | |||
Specific Allowance | 827 | 1,005 | 1,090 | |||
Average Investment in Impaired Loans | 39,026 | 37,505 | 38,785 | |||
Interest Income Recognized | 1,191 | [1] | 1,232 | [1] | 1,337 | [1] |
Commercial Other [Member] | ||||||
Loans without a specific valuation allowance [Abstract] | ||||||
Recorded Balance | 13,069 | 14,839 | 13,285 | |||
Unpaid Contractual Principal Balance | 14,597 | 16,435 | 15,484 | |||
Average Investment in Impaired Loans | 15,663 | 15,396 | 11,083 | |||
Interest Income Recognized | 783 | [1] | 568 | [1] | 416 | [1] |
Loans with a specific valuation allowance [Abstract] | ||||||
Recorded Balance | 738 | 330 | 1,010 | |||
Unpaid Contractual Principal Balance | 862 | 453 | 2,331 | |||
Specific Allowance | 181 | 102 | 338 | |||
Average Investment in Impaired Loans | 531 | 525 | 1,441 | |||
Interest Income Recognized | 1 | [1] | 0 | [1] | 0 | [1] |
Total impaired loans [Abstract] | ||||||
Recorded Balance | 13,807 | 15,169 | 14,295 | |||
Unpaid Contractual Principal Balance | 15,459 | 16,888 | 17,815 | |||
Specific Allowance | 181 | 102 | 338 | |||
Average Investment in Impaired Loans | 16,194 | 15,921 | 12,524 | |||
Interest Income Recognized | 784 | [1] | 568 | [1] | 416 | [1] |
Real Estate Mortgage [Member] | ||||||
Loans without a specific valuation allowance [Abstract] | ||||||
Recorded Balance | 1,277 | 1,024 | 695 | |||
Unpaid Contractual Principal Balance | 1,277 | 1,024 | 695 | |||
Average Investment in Impaired Loans | 1,507 | 934 | 481 | |||
Interest Income Recognized | 53 | [1] | 43 | [1] | 30 | [1] |
Loans with a specific valuation allowance [Abstract] | ||||||
Specific Allowance | 0 | 0 | 0 | |||
Total impaired loans [Abstract] | ||||||
Recorded Balance | 1,277 | 1,024 | 695 | |||
Unpaid Contractual Principal Balance | 1,277 | 1,024 | 695 | |||
Specific Allowance | 0 | 0 | 0 | |||
Average Investment in Impaired Loans | 1,507 | 934 | 481 | |||
Interest Income Recognized | $53 | [1] | $43 | [1] | $30 | [1] |
[1] | Cash basis interest is substantially the same as interest income recognized. |
Loans_Troubled_Debt_Restructur
Loans, Troubled Debt Restructurings Segregated by Class (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Loan | Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 22 | 64 |
Post-Modification Outstanding Balance | $7,898,000 | $15,087,000 |
Commitment to extend additional credit on loans modified | 100,000 | |
Past due period for loan to be considered in default, minimum | 90 days | |
Defaulted Restructured Loans, Number of Loans | 2 | 9 |
Defaulted Restructured Loans, Recorded Balance | 669,000 | 1,058,000 |
Term Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 6,982,000 | 12,015,000 |
Rate Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 0 | 0 |
Combination [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 916,000 | 3,072,000 |
Commercial Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | 6 |
Post-Modification Outstanding Balance | 7,000 | 2,603,000 |
Commercial Construction [Member] | Term Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 7,000 | 2,603,000 |
Commercial Construction [Member] | Rate Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 0 | 0 |
Commercial Construction [Member] | Combination [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 0 | 0 |
Commercial Secured by Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 11 | 27 |
Post-Modification Outstanding Balance | 5,775,000 | 5,488,000 |
Defaulted Restructured Loans, Number of Loans | 2 | |
Defaulted Restructured Loans, Recorded Balance | 89,000 | |
Commercial Secured by Real Estate [Member] | Term Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 5,707,000 | 2,568,000 |
Commercial Secured by Real Estate [Member] | Rate Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 0 | 0 |
Commercial Secured by Real Estate [Member] | Combination [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 68,000 | 2,920,000 |
Commercial Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 8 | 30 |
Post-Modification Outstanding Balance | 1,268,000 | 6,623,000 |
Defaulted Restructured Loans, Number of Loans | 1 | 6 |
Defaulted Restructured Loans, Recorded Balance | 88,000 | 596,000 |
Commercial Other [Member] | Term Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 1,268,000 | 6,471,000 |
Commercial Other [Member] | Rate Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 0 | 0 |
Commercial Other [Member] | Combination [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 0 | 152,000 |
Real Estate Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 2 | 1 |
Post-Modification Outstanding Balance | 848,000 | 373,000 |
Defaulted Restructured Loans, Number of Loans | 1 | 1 |
Defaulted Restructured Loans, Recorded Balance | 581,000 | 373,000 |
Real Estate Mortgage [Member] | Term Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 0 | 373,000 |
Real Estate Mortgage [Member] | Rate Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 0 | 0 |
Real Estate Mortgage [Member] | Combination [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | $848,000 | $0 |
Mortgage_Banking_and_Servicing2
Mortgage Banking and Servicing Rights (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Mortgage Banking and Servicing Rights [Abstract] | ||||||
Net gain on sale of loans held for sale | $1,468 | $3,098 | $2,562 | |||
Net loan servicing income (expense) | ||||||
Servicing fees | 1,129 | 1,121 | 1,083 | |||
Late fees | 112 | 98 | 83 | |||
Ancillary fees | 149 | 368 | 382 | |||
Fair value adjustments | -830 | 206 | -559 | |||
Net loan servicing income | 560 | 1,793 | 989 | |||
Mortgage banking income | 2,028 | 4,891 | 3,551 | |||
Loan service for benefit of others | 441 | 456 | 419 | |||
Custodial escrow balance | 888 | 855 | 673 | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||||
Fair value of MSRs, beginning of period | 3,424 | 2,364 | 2,282 | |||
New servicing assets created | 374 | 854 | 641 | |||
Change in fair value during the period due to [Abstract] | ||||||
Time decay | -162 | [1] | -159 | [1] | -116 | [1] |
Payoffs | -202 | [2] | -423 | [2] | -478 | [2] |
Changes in valuation inputs or assumptions | -466 | [3] | 788 | [3] | 35 | [3] |
Fair value of MSRs, end of period | $2,968 | $3,424 | $2,364 | |||
Discount rate of servicing assets and servicing liabilities (in hundredths) | 10.10% | 10.00% | 10.50% | |||
Weighted average default rates (in hundredths) | 3.61% | 3.36% | 2.65% | |||
Prepayment using andrew davidson model (in hundredths) | 11.30% | 9.70% | 16.30% | |||
[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 $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Related party extensions of credit, beginning of period | $33,103,000 | $33,038,000 | |
New loans and advances on lines of credit | 5,500,000 | 8,305,000 | |
Repayments | -1,281,000 | -8,237,000 | |
Increase/(decrease) due to changes in related parties | 151,000 | -3,000 | |
Related party extensions of credit, end of period | 37,473,000 | 33,103,000 | 33,038,000 |
Related Party Transaction [Line Items] | |||
Related party deposit | 12,400,000 | 13,300,000 | |
Legal fees | 2,444,000 | 2,392,000 | 2,154,000 |
Director [Member] | |||
Related Party Transaction [Line Items] | |||
Legal fees | 1,000,000 | 1,100,000 | 1,300,000 |
Expenses paid to law firm | 100,000 | 200,000 | 200,000 |
Payment for legal services | $1,100,000 | $1,300,000 | $1,500,000 |
Allowance_for_Loan_and_Lease_L2
Allowance for Loan and Lease Losses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for loan and lease losses [Roll Forward] | |||
ALLL balance, beginning of year | $34,008 | $33,245 | $33,171 |
Provision charged to expense | 8,755 | 8,568 | 9,450 |
Losses charged off | 11,436 | 11,049 | 12,590 |
Recoveries | 3,120 | 3,244 | 3,214 |
ALLL balance, end of year | 34,447 | 34,008 | 33,245 |
Allowance for Loan Losses Ending balance: [Abstract] | |||
Individually evaluated for impairment | 1,742 | 2,296 | 3,248 |
Collectively evaluated for impairment | 32,705 | 31,712 | 29,997 |
Loans Ending balance: [Abstract] | |||
Individually evaluated for impairment | 59,068 | 65,300 | 62,498 |
Collectively evaluated for impairment | 2,674,756 | 2,550,054 | 2,488,075 |
Commercial Construction [Member] | |||
Allowance for loan and lease losses [Roll Forward] | |||
ALLL balance, beginning of year | 3,396 | 4,033 | 4,023 |
Provision charged to expense | -513 | 189 | 1,009 |
Losses charged off | 15 | 1,135 | 1,034 |
Recoveries | 28 | 309 | 35 |
ALLL balance, end of year | 2,896 | 3,396 | 4,033 |
Allowance for Loan Losses Ending balance: [Abstract] | |||
Individually evaluated for impairment | 734 | 1,189 | 1,820 |
Collectively evaluated for impairment | 2,162 | 2,207 | 2,213 |
Loans Ending balance: [Abstract] | |||
Individually evaluated for impairment | 9,627 | 9,810 | 9,395 |
Collectively evaluated for impairment | 112,315 | 100,969 | 110,052 |
Commercial Secured by Real Estate [Member] | |||
Allowance for loan and lease losses [Roll Forward] | |||
ALLL balance, beginning of year | 14,535 | 13,541 | 11,753 |
Provision charged to expense | 941 | 2,438 | 3,520 |
Losses charged off | 2,163 | 1,607 | 2,035 |
Recoveries | 305 | 163 | 303 |
ALLL balance, end of year | 13,618 | 14,535 | 13,541 |
Allowance for Loan Losses Ending balance: [Abstract] | |||
Individually evaluated for impairment | 827 | 1,005 | 1,090 |
Collectively evaluated for impairment | 12,791 | 13,530 | 12,451 |
Loans Ending balance: [Abstract] | |||
Individually evaluated for impairment | 34,357 | 39,297 | 38,113 |
Collectively evaluated for impairment | 914,269 | 833,245 | 769,100 |
Equipment Lease Financing [Member] | |||
Allowance for loan and lease losses [Roll Forward] | |||
ALLL balance, beginning of year | 121 | 126 | 112 |
Provision charged to expense | -2 | -5 | 14 |
Losses charged off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
ALLL balance, end of year | 119 | 121 | 126 |
Allowance for Loan Losses Ending balance: [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 119 | 121 | 126 |
Loans Ending balance: [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 10,344 | 8,840 | 9,246 |
Commercial Other [Member] | |||
Allowance for loan and lease losses [Roll Forward] | |||
ALLL balance, beginning of year | 5,238 | 5,469 | 5,608 |
Provision charged to expense | 1,545 | 1,477 | 2,330 |
Losses charged off | 3,141 | 2,265 | 3,233 |
Recoveries | 621 | 557 | 764 |
ALLL balance, end of year | 4,263 | 5,238 | 5,469 |
Allowance for Loan Losses Ending balance: [Abstract] | |||
Individually evaluated for impairment | 181 | 102 | 338 |
Collectively evaluated for impairment | 4,082 | 5,136 | 5,131 |
Loans Ending balance: [Abstract] | |||
Individually evaluated for impairment | 13,807 | 15,169 | 14,295 |
Collectively evaluated for impairment | 338,241 | 359,712 | 362,053 |
Real Estate Construction [Member] | |||
Allowance for loan and lease losses [Roll Forward] | |||
ALLL balance, beginning of year | 397 | 376 | 354 |
Provision charged to expense | 258 | 106 | 183 |
Losses charged off | 123 | 89 | 189 |
Recoveries | 2 | 4 | 28 |
ALLL balance, end of year | 534 | 397 | 376 |
Allowance for Loan Losses Ending balance: [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 534 | 397 | 376 |
Loans Ending balance: [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 62,412 | 56,075 | 55,041 |
Real Estate Mortgage [Member] | |||
Allowance for loan and lease losses [Roll Forward] | |||
ALLL balance, beginning of year | 4,939 | 4,767 | 4,302 |
Provision charged to expense | 2,173 | 860 | 1,437 |
Losses charged off | 1,058 | 744 | 1,123 |
Recoveries | 40 | 56 | 151 |
ALLL balance, end of year | 6,094 | 4,939 | 4,767 |
Allowance for Loan Losses Ending balance: [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 6,094 | 4,939 | 4,767 |
Loans Ending balance: [Abstract] | |||
Individually evaluated for impairment | 1,277 | 1,024 | 695 |
Collectively evaluated for impairment | 711,188 | 696,577 | 696,233 |
Home Equity [Member] | |||
Allowance for loan and lease losses [Roll Forward] | |||
ALLL balance, beginning of year | 601 | 563 | 562 |
Provision charged to expense | 265 | 268 | 238 |
Losses charged off | 115 | 241 | 248 |
Recoveries | 5 | 11 | 11 |
ALLL balance, end of year | 756 | 601 | 563 |
Allowance for Loan Losses Ending balance: [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 756 | 601 | 563 |
Loans Ending balance: [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 88,335 | 84,880 | 82,292 |
Consumer Direct [Member] | |||
Allowance for loan and lease losses [Roll Forward] | |||
ALLL balance, beginning of year | 1,127 | 1,102 | 917 |
Provision charged to expense | 1,207 | 696 | 892 |
Losses charged off | 1,326 | 1,166 | 1,245 |
Recoveries | 566 | 495 | 538 |
ALLL balance, end of year | 1,574 | 1,127 | 1,102 |
Allowance for Loan Losses Ending balance: [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 1,574 | 1,127 | 1,102 |
Loans Ending balance: [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 122,136 | 122,215 | 122,581 |
Consumer Indirect [Member] | |||
Allowance for loan and lease losses [Roll Forward] | |||
ALLL balance, beginning of year | 3,654 | 3,268 | 5,540 |
Provision charged to expense | 2,881 | 2,539 | -173 |
Losses charged off | 3,495 | 3,802 | 3,483 |
Recoveries | 1,553 | 1,649 | 1,384 |
ALLL balance, end of year | 4,593 | 3,654 | 3,268 |
Allowance for Loan Losses Ending balance: [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 4,593 | 3,654 | 3,268 |
Loans Ending balance: [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | $315,516 | $287,541 | $281,477 |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | $116,016,000 | $114,299,000 | |
Less accumulated depreciation and amortization | -66,036,000 | -62,299,000 | |
Premises and equipment, net | 49,980,000 | 52,000,000 | |
Depreciation and amortization of premises and equipment | 4,100,000 | 4,300,000 | 4,100,000 |
Land and Buildings [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | 76,795,000 | 76,313,000 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | 4,760,000 | 4,778,000 | |
Furniture, Fixtures, and Equipment [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | 34,234,000 | 32,237,000 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | $227,000 | $971,000 |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Activity for other real estate owned [Roll Forward] | |||
Beginning balance of other real estate owned | $39,188,000 | $47,537,000 | |
New assets acquired | 12,199,000 | 7,429,000 | |
Capitalized costs | 0 | 6,000 | |
Fair value adjustments | -1,730,000 | -2,480,000 | -2,704,000 |
Sale of assets | -12,881,000 | -13,304,000 | |
Ending balance of other real estate owned | 36,776,000 | 39,188,000 | 47,537,000 |
Carrying cost and fair value adjustments for foreclosed properties | $3,900,000 | $5,200,000 | $5,300,000 |
Deposits_Details
Deposits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits [Abstract] | |||
Noninterest bearing deposits | $677,626 | $621,321 | |
NOW accounts | 31,998 | 31,017 | |
Money market deposits | 577,677 | 554,072 | |
Savings | 348,038 | 320,835 | |
Certificates of deposit and other time deposits of $100,000 or more | 619,887 | 660,016 | |
Certificates of deposit and other time deposits less than $100,000 | 619,031 | 667,813 | |
Total deposits | 2,874,257 | 2,855,074 | |
Interest Expense Deposit [Abstract] | |||
Savings, NOW, and money market accounts | 2,141 | 2,281 | 2,894 |
Certificates of deposit and other time deposits of $100,000 or more | 4,265 | 4,863 | 7,378 |
Certificates of deposit and other time deposits less than $100,000 | 3,392 | 4,169 | 7,639 |
Total interest expense on deposits | 9,798 | 11,313 | 17,911 |
Maturities of Time Deposits [Abstract] | |||
Within 1 Year | 1,054,119 | ||
2 Years | 89,058 | ||
3 Years | 42,499 | ||
4 Years | 26,964 | ||
5 Years | 25,834 | ||
After 5 Years | 444 | ||
Total | 1,238,918 | ||
Certificates of Deposit and Other Time Deposits of $100,000 or More [Member] | |||
Maturities of Time Deposits [Abstract] | |||
Within 1 Year | 518,045 | ||
2 Years | 48,833 | ||
3 Years | 24,280 | ||
4 Years | 14,070 | ||
5 Years | 14,559 | ||
After 5 Years | 100 | ||
Total | 619,887 | ||
Certificates of Deposit and Other Time Deposits Less Than $100,000 [Member] | |||
Maturities of Time Deposits [Abstract] | |||
Within 1 Year | 536,074 | ||
2 Years | 40,225 | ||
3 Years | 18,219 | ||
4 Years | 12,894 | ||
5 Years | 11,275 | ||
After 5 Years | 344 | ||
Total | $619,031 |
Advances_from_Federal_Home_Loa2
Advances from Federal Home Loan Bank (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Advances from Federal Home Loan Bank [Abstract] | ||
Monthly amortizing | $1,170,000 | $1,286,000 |
Term | 60,000,000 | 0 |
Total FHLB advances | 61,170,000 | 1,286,000 |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
Total | 1,170,000 | 1,286,000 |
Within 1 Year | 123,000 | |
2 Years | 111,000 | |
3 Years | 98,000 | |
4 Years | 404,000 | |
5 Years | 20,000 | |
After 5 Years | 414,000 | |
Federal home loan bank collateralized | 17,900,000 | |
FHLB maximum borrowing capacity | 483,000,000 | |
Federal home loan bank advances | 61,200,000 | |
Federal home loan bank letters of credit used for public fund pledging | 109,500,000 | |
Federal home loan bank advances available | 312,300,000 | |
Federal home loan bank, advances interest rate, range from (in hundredths) | 0.00% | |
Federal home loan bank, advances interest rate, range to (in hundredths) | 6.42% | |
Weighted average interest rate (in hundredths) | 0.20% | 1.84% |
Term advances maturity [Abstract] | ||
Total term advances | 60,000,000 | 0 |
Advance #275, 0.17%, due 1/05/15 [Member] | ||
Advances from Federal Home Loan Bank [Abstract] | ||
Term | 60,000,000 | 0 |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
Weighted average interest rate (in hundredths) | 0.17% | |
Term advances maturity [Abstract] | ||
Total term advances | 60,000,000 | 0 |
Advance #279 and #280 , 0.17%, Maturing 02/03/15 [Member] | ||
Advances from Federal Home Loan Bank [Abstract] | ||
Term | 80,000,000 | |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
Weighted average interest rate (in hundredths) | 0.17% | |
Term advances maturity [Abstract] | ||
Total term advances | $80,000,000 |
Borrowings_Details
Borrowings (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2007 | Dec. 31, 2013 | |
Short-term Debt [Line Items] | |||
Repurchase agreements | $235,186,000 | $208,067,000 | |
Federal funds purchased | 11,041,000 | 12,465,000 | |
Total short-term debt | 246,227,000 | 220,532,000 | |
Maximum balance for repurchase agreements at any month-end | 252,300,000 | ||
Long-term debt [Abstract] | |||
Junior subordinated debentures, 1.83%, due 6/1/37 | 61,341,000 | 61,341,000 | |
Interest rate on junior subordinated debentures (in hundredths) | 6.52% | ||
Maturity date of junior subordinated debentures | 1-Jun-37 | ||
Issuance of capital securities in a private placement | 59,500,000 | ||
Maturity period of debentures | 30 years | ||
Period after which debentures are redeemable | 5 years | ||
Description of variable rate basis | three-month LIBOR | three-month LIBOR | |
Basis spread on variable rate (in hundredths) | 1.59% | 1.59% | |
Subordinated Debentures 9.0% [Member] | |||
Long-term debt [Abstract] | |||
Interest rate on junior subordinated debentures (in hundredths) | 9.00% | ||
Subordinated Debentures 8.25% [Member] | |||
Long-term debt [Abstract] | |||
Interest rate on junior subordinated debentures (in hundredths) | 8.25% | ||
Junior Subordinated Debentures [Member] | |||
Long-term debt [Abstract] | |||
Junior subordinated debentures, 1.83%, due 6/1/37 | 61,341,000 | 61,341,000 | |
Interest rate on junior subordinated debentures (in hundredths) | 1.83% | ||
Repurchase Agreements [Member] | |||
Short-term Debt [Line Items] | |||
Average interest rate (in hundredths) | 0.36% | ||
Average balance of repurchase agreements | $221,200,000 | ||
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Average interest rate (in hundredths) | 0.15% |
Borrowings_Line_of_Credit_Faci
Borrowings, Line of Credit Facility (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2007 |
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (in hundredths) | 1.59% | 1.59% |
Description of variable rate basis | three-month LIBOR | three-month LIBOR |
Maturity date of line of credit | 1-Jun-37 | |
Revolving Credit Promissory Note [Member] | ||
Line of Credit Facility [Line Items] | ||
Available amount under line of credit | 12 | |
Basis spread on variable rate (in hundredths) | 2.00% | |
Description of variable rate basis | one-month LIBOR | |
Commitment fee (in hundredths) | 0.15% | |
Maturity date of line of credit | 30-Oct-15 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Components of the provision for income taxes [Abstract] | |||
Current income tax expense | $20,194,000 | $19,418,000 | $14,784,000 |
Deferred income tax expense (benefit) | -1,048,000 | 582,000 | 5,441,000 |
Total income tax expense | 19,146,000 | 20,000,000 | 20,225,000 |
Reconciliation of income tax expense at the statutory rate to actual income tax expense [Abstract] | |||
Computed at the statutory rate | 21,839,000 | 22,810,000 | 22,781,000 |
Adjustments resulting from [Abstract] | |||
Tax-exempt interest | -1,204,000 | -1,126,000 | -1,278,000 |
Housing and new markets credits | -1,076,000 | -996,000 | -704,000 |
Dividends received deduction | -178,000 | -291,000 | -202,000 |
Bank owned life insurance | -503,000 | -791,000 | -470,000 |
ESOP dividend deduction | -284,000 | -281,000 | -271,000 |
Other, net | 552,000 | 675,000 | 369,000 |
Total income tax expense | 19,146,000 | 20,000,000 | 20,225,000 |
Reconciliation of income tax expense at the statutory rate to actual income tax expense [Abstract] | |||
Computed at the statutory rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Adjustment resulting from [Abstract] | |||
Tax-exempt interest (in hundredths) | -1.93% | -1.73% | -1.96% |
Housing and new markets credits (in hundredths) | -1.72% | -1.52% | -1.08% |
Dividends received deduction (in hundredths) | -0.29% | -0.45% | -0.31% |
Bank owned life insurance (in hundredths) | -0.81% | -1.22% | -0.72% |
ESOP dividend deduction (in hundredths) | -0.46% | -0.43% | -0.42% |
Other, net (in hundredths) | 0.88% | 1.04% | 0.56% |
Total (in hundredths) | 30.68% | 30.69% | 31.07% |
Deferred tax assets [Abstract] | |||
Allowance for loan and lease losses | 12,019,000 | 11,820,000 | |
Interest on nonperforming loans | 1,039,000 | 732,000 | |
Accrued expenses | 1,911,000 | 3,370,000 | |
Allowance for other real estate owned | 1,901,000 | 2,232,000 | |
Unrealized losses on AFS securities | 0 | 3,717,000 | |
Other | 1,145,000 | 232,000 | |
Total deferred tax assets | 18,015,000 | 22,103,000 | |
Deferred tax liabilities [Abstract] | |||
Depreciation and amortization | -19,181,000 | -18,717,000 | |
FHLB stock dividends | -3,460,000 | -4,956,000 | |
Loan fee income | -744,000 | -724,000 | |
Mortgage servicing rights | -1,039,000 | -1,198,000 | |
Capitalized lease obligations | -681,000 | -1,145,000 | |
Unrealized gains on AFS securities | -1,231,000 | 0 | |
Other | -1,171,000 | -1,015,000 | |
Total deferred tax liabilities | -27,507,000 | -27,755,000 | |
Net deferred tax liability | ($9,492,000) | ($5,652,000) |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
H | ||||
Plan | ||||
Employee Benefits [Abstract] | ||||
Number of retirement savings plan | 2 | |||
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 | 1,000 | |||
Percentage of employee contribution, minimum (in hundredths) | 1.00% | |||
Percentage of employee contribution, maximum (in hundredths) | 20.00% | |||
Employer matching contribution (in hundredths) | 50.00% | |||
Maximum contribution on employees gross pay (in hundredths) | 4.00% | |||
Contribution by employer under 401(K) plan | $1,000,000 | $1,000,000 | $1,000,000 | |
Number of allocated shares under 401 (K) plan (in shares) | 503,082 | 487,330 | 551,527 | |
Annual contribution percentage under ESOP (in hundredths) | 4.00% | |||
Contributions to ESOP by employer | 1,500,000 | 1,500,000 | 1,400,000 | |
Number of allocated shares under ESOP (in shares) | 752,710 | 746,260 | 748,674 | |
Stock Ownership Incentive Plans [Line Items] | ||||
Number of active incentive stock option plan | 1 | |||
Number of inactive incentive stock option plan | 1 | |||
Number of shares transferred from one plan to another plan (in shares) | 217,826 | |||
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) | 1,563,702 | |||
Shares Available for Future Issuance [Abstract] | ||||
Shares available for future issuance (in shares) | 1,563,702 | |||
Black-Scholes option pricing model, weighted average assumptions [Abstract] | ||||
Stock-based compensation expense | 900,000 | 700,000 | 600,000 | |
Dividends paid on restricted stock shares | 121,000 | 124,000 | 121,000 | |
Unrecognized compensation cost related to nonvested awards grant date fair value of vested shares and tax benefit realized from option exercises [Abstract] | ||||
Unrecognized compensation cost of unvested share-based compensation arrangements granted under the plan at year-end | 861,000 | 1,366,000 | 1,133,000 | |
Grant date fair value of shares vested for the year | 343,000 | 521,000 | 34,000 | |
Cash received from option exercises under all share-based payment arrangements for the year | 1,163,000 | 5,306,000 | 3,137,000 | |
Tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the year | 93,000 | 303,000 | 496,000 | |
Expected period for recognition of unrecognized compensation cost | 1 year 10 months 24 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) | 143,000 | |||
Weighted average price (in dollars per share) | $31.47 | |||
Shares available for future issuance (in shares) | 1,563,702 | [1] | ||
Shares Available for Future Issuance [Abstract] | ||||
Shares available for future issuance (in shares) | 1,563,702 | [1] | ||
Black-Scholes option pricing model, weighted average assumptions [Abstract] | ||||
Expected option life (in years) | 7 years | 7 years 6 months | 0 years | |
Expected volatility (in hundredths) | 30.77% | 39.11% | 0.00% | |
Expected dividend yield (in hundredths) | 3.40% | 3.74% | 0.00% | |
Risk-free interest rate (in hundredths) | 2.01% | 1.33% | 0.00% | |
Restricted Stock [Member] | ||||
Stock Ownership Incentive Plans [Line Items] | ||||
Shares authorized (in shares) | 440,000 | |||
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) | [3] | |||
Shares available for future issuance (in shares) | [1] | |||
Maximum number of shares to be grant to a participant (in shares) | 44,000 | |||
Shares Available for Future Issuance [Abstract] | ||||
Shares available for future issuance (in shares) | [1] | |||
Restricted Stock Grants, Number of Shares [Roll Forward] | ||||
Outstanding, beginning of period (in shares) | 107,511 | 106,561 | 106,197 | |
Granted (in shares) | 4,561 | 11,904 | 364 | |
Vested (in shares) | -8,949 | -10,954 | 0 | |
Forfeited (in shares) | -1,814 | 0 | 0 | |
Outstanding, end of period (in shares) | 101,309 | 107,511 | 106,561 | |
Restricted Stock Grants, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Outstanding, beginning of period (in dollars per share) | $25.91 | $25.38 | $25.37 | |
Granted (in dollars per share) | $37.85 | $30.64 | $28.11 | |
Vested (in dollars per share) | $28.35 | $25.87 | $0 | |
Forfeited (in dollars per share) | $28.38 | $0 | $0 | |
Outstanding, end of period (in dollars per share) | $26.19 | $25.91 | $25.38 | |
Performance Shares [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) | [4] | |||
Weighted average price (in dollars per share) | [3] | |||
Shares available for future issuance (in shares) | [1] | |||
Maximum amount of shares to be grant to a participant | 250,000 | |||
Shares Available for Future Issuance [Abstract] | ||||
Shares available for future issuance (in shares) | [1] | |||
Stock Appreciation Rights (SARs) [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) | [5] | |||
Weighted average price (in dollars per share) | [3] | |||
Shares available for future issuance (in shares) | [1] | |||
Maximum number of shares to be grant to a participant (in shares) | 110,000 | |||
Shares Available for Future Issuance [Abstract] | ||||
Shares available for future issuance (in shares) | [1] | |||
1998 Stock Option Plan [Member] | ||||
Stock Ownership Incentive Plans [Line Items] | ||||
Shares authorized (in shares) | 1,151,514 | |||
Restricted Stock Grants, Number of Shares [Roll Forward] | ||||
Outstanding, beginning of period (in shares) | 0 | |||
Outstanding, end of period (in shares) | 0 | |||
Unrecognized compensation cost related to nonvested awards grant date fair value of vested shares and tax benefit realized from option exercises [Abstract] | ||||
Weighted average remaining contractual term | 1 year 0 months 11 days | |||
1998 Stock Option Plan [Member] | Stock Options [Member] | ||||
Options, Number of Shares [Roll Forward] | ||||
Outstanding, beginning of period (in shares) | 78,066 | 195,279 | 353,694 | |
Granted (in shares) | 0 | 0 | 0 | |
Exercised (in shares) | -34,106 | -117,213 | -158,305 | |
Forfeited/expired (in shares) | 0 | 0 | -110 | |
Outstanding, end of period (in shares) | 43,960 | 78,066 | 195,279 | |
Exercisable, end of period (in shares) | 43,960 | 78,066 | 195,279 | |
Options, Weighted Average Exercise Price [Abstract] | ||||
Outstanding, beginning of period (in dollars per share) | $28.91 | $28.08 | $24.41 | |
Granted (in dollars per share) | $0 | $0 | $0 | |
Exercised (in dollars per share) | $28.25 | $27.54 | $19.85 | |
Forfeited/expired (in dollars per share) | $0 | $0 | $29.49 | |
Outstanding, end of period (in dollars per share) | $29.43 | $28.91 | $28.08 | |
Exercisable, end of period (in dollars per share) | $29.43 | $28.91 | $28.08 | |
Nonvested Options, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 0 | 0 | 0 | |
Nonvested Options, Weighted Average Grant Date Fair Value [Abstract] | ||||
Intrinsic value of options exercised | 270,000 | 1,175,000 | 690,000 | |
Intrinsic value of options exercisable | 316,000 | 948,000 | 1,517,000 | |
Intrinsic value of outstanding options | 316,000 | 948,000 | 1,517,000 | |
2006 Stock Ownership Incentive Plan [Member] | ||||
Stock Ownership Incentive Plans [Line Items] | ||||
Shares authorized (in shares) | 1,650,000 | |||
Shares available for future grants (in shares) | 1,345,876 | |||
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) | 1,563,702 | 1,573,980 | ||
Shares Available for Future Issuance [Abstract] | ||||
Shares available at January 1, 2014 (in shares) | 1,573,980 | |||
1998 Plan forfeitures in 2014 (in shares) | 0 | |||
2006 Plan stock option issuances for 2014 (in shares) | -10,000 | |||
2006 Plan restricted stock issuances in 2014 (in shares) | -4,561 | |||
2006 Plan forfeitures in 2014 (in shares) | 4,283 | |||
Shares available for future issuance (in shares) | 1,563,702 | 1,573,980 | ||
Nonvested Options, Weighted Average Grant Date Fair Value [Abstract] | ||||
Granted (in dollars per share) | $7.76 | $8.23 | ||
Weighted average fair value of options granted | 80,000 | 10,000 | ||
Weighted average fair value per share of options granted (in dollars per share) | $7.76 | $8.23 | ||
Unrecognized compensation cost related to nonvested awards grant date fair value of vested shares and tax benefit realized from option exercises [Abstract] | ||||
Weighted average remaining contractual term | 3 years 4 months 6 days | |||
2006 Stock Ownership Incentive Plan [Member] | Stock Options [Member] | ||||
Options, Number of Shares [Roll Forward] | ||||
Outstanding, beginning of period (in shares) | 97,047 | 163,524 | 167,828 | |
Granted (in shares) | 10,000 | 1,650 | 0 | |
Exercised (in shares) | -5,757 | -68,127 | -3,507 | |
Forfeited/expired (in shares) | -2,469 | 0 | -797 | |
Outstanding, end of period (in shares) | 98,821 | 97,047 | 163,524 | |
Exercisable, end of period (in shares) | 86,264 | 92,997 | 112,555 | |
Options, Weighted Average Exercise Price [Abstract] | ||||
Outstanding, beginning of period (in dollars per share) | $32.29 | $31.56 | $31.43 | |
Granted (in dollars per share) | $34.75 | $30.64 | $0 | |
Exercised (in dollars per share) | $34.62 | $30.52 | $25.92 | |
Forfeited/expired (in dollars per share) | $34.29 | $0 | $0 | |
Outstanding, end of period (in dollars per share) | $32.35 | $32.29 | $31.56 | |
Exercisable, end of period (in dollars per share) | $32.25 | $32.56 | $34.26 | |
Nonvested Options, Number of Shares [Roll Forward] | ||||
Nonvested, beginning of period (in shares) | 4,051 | |||
Granted (in shares) | 10,000 | 1,650 | 0 | |
Vested (in shares) | -1,274 | |||
Forfeited (in shares) | -220 | |||
Nonvested, end of period (in shares) | 12,557 | 4,051 | ||
Nonvested Options, Weighted Average Grant Date Fair Value [Abstract] | ||||
Nonvested, beginning of period (in dollars per share) | $6.87 | |||
Granted (in dollars per share) | $7.76 | |||
Vested (in dollars per share) | $6.68 | |||
Forfeited (in dollars per share) | $5.94 | |||
Nonvested, end of period (in dollars per share) | $7.61 | $6.87 | ||
Weighted average fair value per share of options granted (in dollars per share) | $7.76 | |||
Intrinsic value of options exercised | 11,000 | 477,000 | 22,000 | |
Intrinsic value of options exercisable | 376,000 | 790,000 | 88,000 | |
Intrinsic value of outstanding options | $421,000 | $849,000 | $388,000 | |
[1] | Under the 2006 Plan, 1.65 million shares (plus any shares reserved for issuance under the 1998 Stock Option Plan) were authorized for issuance as nonqualified and incentive stock options, SARS, restricted stock and performance units. As of December 31, 2014, the above shares remained available for issuance. | |||
[2] | The maximum number of shares of restricted stock that may be granted is 440,000 shares, and the maximum that may be granted to a participant during any calendar year is 44,000 shares. | |||
[3] | Not applicable | |||
[4] | No performance units payable in stock had been issued as of December 31, 2014. The maximum payment that can be made pursuant to performance units granted to any one participant in any calendar year shall be $250,000. | |||
[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 shall be 110,000 shares. |
Operating_Leases_Details
Operating Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Payments [Abstract] | |||
2015 | $1,970,000 | ||
2016 | 1,411,000 | ||
2017 | 1,270,000 | ||
2018 | 862,000 | ||
2019 | 356,000 | ||
Thereafter | 2,781,000 | ||
Total | 8,650,000 | ||
Receipts [Abstract] | |||
2015 | 577,000 | ||
2016 | 339,000 | ||
2017 | 210,000 | ||
2018 | 78,000 | ||
2019 | 4,000 | ||
Thereafter | 0 | ||
Total | 1,208,000 | ||
Rental expense net of rental income under operating leases | $1,300,000 | $1,200,000 | $800,000 |
Fair_Market_Value_of_Financial2
Fair Market Value of Financial Assets and Liabilities (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Impaired loan (collateral dependent) [Abstract] | ||
Impaired loans, fair value adjustments | $400,000 | $600,000 |
Other real estate owned [Abstract] | ||
Other real estate /assets owned, fair value adjustment | 1,700,000 | 2,500,000 |
Typical frequency of periodic reviews, minimum | 12 months | |
Typical frequency of periodic reviews, maximum | 18 months | |
Maximum frequency of periodic reviews | 24 months | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total recognized gains (losses) Included in net income | -830,000 | 206,000 |
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 | -830,000 | 206,000 |
Total gains (losses), noninterest income | -830,000 | 206,000 |
Total gains (losses), noninterest expense | 0 | 0 |
Recurring [Member] | ||
Available-for-sale securities [Abstract] | ||
U.S. Treasury and government agencies | 188,932,000 | 72,623,000 |
State and political subdivisions | 137,458,000 | 116,703,000 |
U.S. government sponsored agency mortgage-backed securities | 288,907,000 | 367,297,000 |
Marketable equity securities | 24,889,000 | 52,782,000 |
Mortgage servicing rights | 2,968,000 | 3,424,000 |
Recurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 3,424,000 | 2,364,000 |
Total recognized gains (losses) Included in net income | -467,000 | 788,000 |
Issues | 374,000 | 854,000 |
Settlements | -363,000 | -582,000 |
Ending balance | 2,968,000 | 3,424,000 |
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 | -467,000 | 788,000 |
Total gains (losses), noninterest income | -467,000 | 788,000 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available-for-sale securities [Abstract] | ||
U.S. Treasury and government agencies | 0 | 0 |
State and political subdivisions | 0 | 0 |
U.S. government sponsored agency mortgage-backed securities | 0 | 0 |
Marketable equity securities | 24,889,000 | 52,782,000 |
Mortgage servicing rights | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available-for-sale securities [Abstract] | ||
U.S. Treasury and government agencies | 188,932,000 | 72,623,000 |
State and political subdivisions | 137,458,000 | 116,703,000 |
U.S. government sponsored agency mortgage-backed securities | 288,907,000 | 367,297,000 |
Marketable equity securities | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available-for-sale securities [Abstract] | ||
U.S. Treasury and government agencies | 0 | 0 |
State and political subdivisions | 0 | 0 |
U.S. government sponsored agency mortgage-backed securities | 0 | 0 |
Marketable equity securities | 0 | 0 |
Mortgage servicing rights | 2,968,000 | 3,424,000 |
Nonrecurring [Member] | ||
Assets measured-nonrecurring basis [Abstract] | ||
Impaired loans (collateral dependent) | 4,665,000 | 6,830,000 |
Other real estate /assets owned | 6,472,000 | 11,111,000 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets measured-nonrecurring basis [Abstract] | ||
Impaired loans (collateral dependent) | 0 | 0 |
Other real estate /assets owned | 0 | 0 |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets measured-nonrecurring basis [Abstract] | ||
Impaired loans (collateral dependent) | 0 | 0 |
Other real estate /assets owned | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets measured-nonrecurring basis [Abstract] | ||
Impaired loans (collateral dependent) | 4,665,000 | 6,830,000 |
Other real estate /assets owned | $6,472,000 | $11,111,000 |
Fair_Market_Value_of_Financial3
Fair Market Value of Financial Assets and Liabilities, Quantitative Information about Level 3 Fair Value Measurements (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Servicing Rights [Member] | Discount Cash Flows, Computer Pricing Model [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 2,968 | 3,424 |
Mortgage Servicing Rights [Member] | Discount Cash Flows, Computer Pricing Model [Member] | Minimum [Member] | ||
Unobservable inputs [Abstract] | ||
Constant prepayment rate (in hundredths) | 4.60% | 4.30% |
Probability of default (in hundredths) | 0.00% | 0.00% |
Discount rate (in hundredths) | 10.00% | |
Mortgage Servicing Rights [Member] | Discount Cash Flows, Computer Pricing Model [Member] | Maximum [Member] | ||
Unobservable inputs [Abstract] | ||
Constant prepayment rate (in hundredths) | 25.10% | 23.60% |
Probability of default (in hundredths) | 100.00% | 33.33% |
Discount rate (in hundredths) | 11.50% | |
Mortgage Servicing Rights [Member] | Discount Cash Flows, Computer Pricing Model [Member] | Weighted Average [Member] | ||
Unobservable inputs [Abstract] | ||
Constant prepayment rate (in hundredths) | 11.30% | 9.70% |
Probability of default (in hundredths) | 3.61% | 3.36% |
Discount rate (in hundredths) | 10.13% | 10.00% |
Impaired Loans (Collateral Dependent) [Member] | Market Comparable Properties [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 4,665 | 6,830 |
Impaired Loans (Collateral Dependent) [Member] | Market Comparable Properties [Member] | Minimum [Member] | ||
Unobservable inputs [Abstract] | ||
Marketability discount (in hundredths) | 5.00% | 5.00% |
Impaired Loans (Collateral Dependent) [Member] | Market Comparable Properties [Member] | Maximum [Member] | ||
Unobservable inputs [Abstract] | ||
Marketability discount (in hundredths) | 10.00% | 10.00% |
Impaired Loans (Collateral Dependent) [Member] | Market Comparable Properties [Member] | Weighted Average [Member] | ||
Unobservable inputs [Abstract] | ||
Marketability discount (in hundredths) | 7.00% | 7.00% |
Other Real Estate/Asset Owned [Member] | Market Comparable Properties [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 6,472 | 11,111 |
Other Real Estate/Asset Owned [Member] | Market Comparable Properties [Member] | Minimum [Member] | ||
Unobservable inputs [Abstract] | ||
Comparability adjustments (in hundredths) | 3.00% | 5.00% |
Other Real Estate/Asset Owned [Member] | Market Comparable Properties [Member] | Maximum [Member] | ||
Unobservable inputs [Abstract] | ||
Comparability adjustments (in hundredths) | 67.00% | 38.00% |
Other Real Estate/Asset Owned [Member] | Market Comparable Properties [Member] | Weighted Average [Member] | ||
Unobservable inputs [Abstract] | ||
Comparability adjustments (in hundredths) | 18.00% | 9.00% |
Fair_Market_Value_of_Financial4
Fair Market Value of Financial Assets and Liabilities, Estimated Fair Value Of Financial Instruments and Indication of Level Within Fair Value Hierarchy of Valuation Techniques (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial assets [Abstract] | ||||
Securities available-for-sale | $640,186 | $609,405 | ||
Securities held-to-maturity | 1,644 | 1,601 | ||
Mortgage servicing rights | 2,968 | 3,424 | 2,364 | 2,282 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets [Abstract] | ||||
Cash and cash equivalents | 105,517 | 106,641 | ||
Certificates of deposits in other banks | 0 | 0 | ||
Securities available-for-sale | 24,889 | 52,782 | ||
Securities held-to-maturity | 0 | 0 | ||
Loans held for sale | 2,321 | 845 | ||
Loans, net | 0 | 0 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Federal Reserve Bank stock | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Financial liabilities [Abstract] | ||||
Deposits | 677,626 | 621,321 | ||
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 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets [Abstract] | ||||
Cash and cash equivalents | 0 | 0 | ||
Certificates of deposits in other banks | 8,213 | 9,582 | ||
Securities available-for-sale | 615,297 | 556,623 | ||
Securities held-to-maturity | 1,644 | 1,601 | ||
Loans held for sale | 0 | 0 | ||
Loans, net | 0 | 0 | ||
Federal Home Loan Bank stock | 17,927 | 25,673 | ||
Federal Reserve Bank stock | 4,869 | 4,886 | ||
Accrued interest receivable | 13,548 | 12,886 | ||
Mortgage servicing rights | 0 | 0 | ||
Financial liabilities [Abstract] | ||||
Deposits | 2,192,848 | 2,230,608 | ||
Repurchase agreements | 0 | 0 | ||
Federal funds purchased | 11,041 | 12,465 | ||
Advances from Federal Home Loan Bank | 61,106 | 1,531 | ||
Long-term debt | 0 | 0 | ||
Accrued interest payable | 908 | 1,032 | ||
Unrecognized financial instruments [Abstract] | ||||
Letters of credit | 0 | 0 | ||
Commitments to extend credit | 0 | 0 | ||
Forward sale commitments | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets [Abstract] | ||||
Cash and cash equivalents | 0 | 0 | ||
Certificates of deposits in other banks | 0 | 0 | ||
Securities available-for-sale | 0 | 0 | ||
Securities held-to-maturity | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Loans, net | 2,691,906 | 2,589,811 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Federal Reserve Bank stock | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Mortgage servicing rights | 2,968 | 3,424 | ||
Financial liabilities [Abstract] | ||||
Deposits | 0 | 0 | ||
Repurchase agreements | 235,193 | 207,992 | ||
Federal funds purchased | 0 | 0 | ||
Advances from Federal Home Loan Bank | 0 | 0 | ||
Long-term debt | 35,615 | 31,362 | ||
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 | ||
Carrying Amount [Member] | ||||
Financial assets [Abstract] | ||||
Cash and cash equivalents | 105,517 | 106,641 | ||
Certificates of deposits in other banks | 8,197 | 9,568 | ||
Securities available-for-sale | 640,186 | 609,405 | ||
Securities held-to-maturity | 1,662 | 1,662 | ||
Loans held for sale | 2,264 | 828 | ||
Loans, net | 2,699,377 | 2,581,346 | ||
Federal Home Loan Bank stock | 17,927 | 25,673 | ||
Federal Reserve Bank stock | 4,869 | 4,886 | ||
Accrued interest receivable | 13,548 | 12,886 | ||
Mortgage servicing rights | 2,968 | 3,424 | ||
Financial liabilities [Abstract] | ||||
Deposits | 2,874,257 | 2,855,074 | ||
Repurchase agreements | 235,186 | 208,067 | ||
Federal funds purchased | 11,041 | 12,465 | ||
Advances from Federal Home Loan Bank | 61,170 | 1,286 | ||
Long-term debt | 61,341 | 61,341 | ||
Accrued interest payable | 908 | 1,032 | ||
Unrecognized financial instruments [Abstract] | ||||
Letters of credit | 0 | 0 | ||
Commitments to extend credit | 0 | 0 | ||
Forward sale commitments | $0 | $0 |
OffBalance_Sheet_Transactions_2
Off-Balance Sheet Transactions and Guarantees (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Off-balance sheet risks [Line Items] | ||
Total off-balance sheet financial instruments | $487,904,000 | $445,664,000 |
Percentage of secured standby letters of credit (in hundredths) | 81.00% | |
Standby letters of credit secured by cash | 20,600,000 | |
Fixed rate loan commitments amount | 36,600,000 | |
Period of commitment to sell the loans at specified prices | 60 days | |
Total mortgage loans in process | 300,000 | 1,600,000 |
Mortgage loans held for sale | 2,300,000 | 800,000 |
Minimum [Member] | ||
Off-balance sheet risks [Line Items] | ||
Interest rate on loan commitments (in hundredths) | 3.50% | |
Maximum [Member] | ||
Off-balance sheet risks [Line Items] | ||
Interest rate on loan commitments (in hundredths) | 5.00% | |
Fixed rate loan commitments term | 1 year | |
Standby Letters of Credit [Member] | ||
Off-balance sheet risks [Line Items] | ||
Total off-balance sheet financial instruments | 28,524,000 | 34,861,000 |
Credit loss reserve | 4,000 | |
Commitments to Extend Additional Credit [Member] | ||
Off-balance sheet risks [Line Items] | ||
Total off-balance sheet financial instruments | 459,380,000 | 410,803,000 |
Credit loss reserve | $223,000 |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Lessors of Non-residential Buildings [Member] | ||
Concentration Risk [Line Items] | ||
Concentration of credit risk (in hundredths) | 39.00% | 33.00% |
Lessors of Residential Buildings and Dwellings Credits [Member] | ||
Concentration Risk [Line Items] | ||
Concentration of credit risk (in hundredths) | 34.00% | 34.00% |
Hotel/Motel Industry Credits [Member] | ||
Concentration Risk [Line Items] | ||
Concentration of credit risk (in hundredths) | 31.00% | 33.00% |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Document | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Restricted core capital elements (in hundredths) | 25.00% | |
Transition period of final rule | 5 years | |
Tier I capital (to average assets), Amount [Abstract] | ||
Actual Amount | $439,877,000 | $412,053,000 |
For Capital Adequacy Purposes | 146,139,000 | 143,198,000 |
Tier I capital (to average assets), Ratio [Abstract] | ||
Actual Ratio (in hundredths) | 12.04% | 11.51% |
For Capital Adequacy Purposes (in hundredths) | 4.00% | 4.00% |
Tier I capital (to risk weighted assets), Amount [Abstract] | ||
Actual Amount | 439,877,000 | 412,053,000 |
For Capital Adequacy Purposes | 106,572,000 | 102,056,000 |
Tier I capital (to risk weighted assets), Ratio [Abstract] | ||
Actual Ratio (in hundredths) | 16.51% | 16.15% |
For Capital Adequacy Purposes (in hundredths) | 4.00% | 4.00% |
Total capital (to risk weighted assets), Amount [Abstract] | ||
Actual Amount | 473,097,000 | 443,875,000 |
For Capital Adequacy Purposes | 213,107,000 | 204,080,000 |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual Ratio (in hundredths) | 17.76% | 17.40% |
For Capital Adequacy Purposes (in hundredths) | 8.00% | 8.00% |
Number of consultative documents released by the Basel Committee | 2 | |
Maximum countercyclical buffer specified as percentage of common equity Tier 1 capital (in hundredths) | 2.50% | |
Assets threshold for advanced approach banks | 250,000,000,000 | |
Foreign exposures threshold for advanced approach banks | 10,000,000,000 | |
Total assets threshold for small depository institution | 15,000,000,000 | |
Minimum assets for top tier banking organizations for disclosure requirements | 50,000,000,000 | |
Minimum consolidated assets for banks to which top tier banking organizations apply | 250,000,000,000 | |
Community Trust Bank, Inc [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Maximum dividend without Approval | 53,200,000 | |
Tier I capital (to average assets), Amount [Abstract] | ||
Actual Amount | 416,861,000 | 392,932,000 |
For Capital Adequacy Purposes | 145,374,000 | 142,496,000 |
To Be Well-Capitalized Under Prompt Corrective Action Provision | 181,718,000 | 178,120,000 |
Tier I capital (to average assets), Ratio [Abstract] | ||
Actual Ratio (in hundredths) | 11.47% | 11.03% |
For Capital Adequacy Purposes (in hundredths) | 4.00% | 4.00% |
To Be Well-Capitalized Under Prompt Corrective Action Provision (in hundredths) | 5.00% | 5.00% |
Tier I capital (to risk weighted assets), Amount [Abstract] | ||
Actual Amount | 416,861,000 | 392,932,000 |
For Capital Adequacy Purposes | 106,274,000 | 101,730,000 |
To Be Well-Capitalized Under Prompt Corrective Action Provision | 159,411,000 | 152,595,000 |
Tier I capital (to risk weighted assets), Ratio [Abstract] | ||
Actual Ratio (in hundredths) | 15.69% | 15.45% |
For Capital Adequacy Purposes (in hundredths) | 4.00% | 4.00% |
To Be Well-Capitalized Under Prompt Corrective Action Provision (in hundredths) | 6.00% | 6.00% |
Total capital (to risk weighted assets), Amount [Abstract] | ||
Actual Amount | 450,081,000 | 424,754,000 |
For Capital Adequacy Purposes | 212,553,000 | 203,475,000 |
To Be Well-Capitalized Under Prompt Corrective Action Provision | $265,691,000 | $254,344,000 |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual Ratio (in hundredths) | 16.94% | 16.70% |
For Capital Adequacy Purposes (in hundredths) | 8.00% | 8.00% |
To Be Well-Capitalized Under Prompt Corrective Action Provision (in hundredths) | 10.00% | 10.00% |
CTBI and CTB [Member] | Rules in 2015 [Member] | ||
Tier I capital (to risk weighted assets), Ratio [Abstract] | ||
To Be Well-Capitalized Under Prompt Corrective Action Provision (in hundredths) | 8.00% | |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
To Be Well-Capitalized Under Prompt Corrective Action Provision (in hundredths) | 10.00% | |
Common equity Tier 1 capital ratio under well capitalized (in hundredths) | 6.50% | |
Tier 1 leverage ratio under well capitalized (in hundredths) | 5.00% | |
CTBI and CTB [Member] | Rules from 2015 to 2019 [Member] | ||
Tier I capital (to risk weighted assets), Ratio [Abstract] | ||
For Capital Adequacy Purposes (in hundredths) | 6.00% | |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
For Capital Adequacy Purposes (in hundredths) | 8.00% | |
Common equity Tier one capital ratio (in hundredths) | 4.50% | |
Tier 1 leverage ratio (in hundredths) | 4.00% | |
Capital conservation buffer in 2016 (in hundredths) | 0.63% | |
Capital conservation buffer in 2017 (in hundredths) | 1.25% | |
Capital conservation buffer in 2018 (in hundredths) | 1.88% | |
Capital conservation buffer in 2019 and thereafter (in hundredths) | 2.50% | |
CTBI and CTB [Member] | Rules in 2019 [Member] | ||
Tier I capital (to risk weighted assets), Ratio [Abstract] | ||
For Capital Adequacy Purposes (in hundredths) | 8.50% | |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
For Capital Adequacy Purposes (in hundredths) | 10.50% | |
Common equity Tier one capital ratio (in hundredths) | 7.00% |
Parent_Company_Financial_State2
Parent Company Financial Statements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | |||
Cash on deposit | $56,299 | $64,828 | |
Goodwill | 65,490 | 65,490 | |
Premises and equipment, net | 49,980 | 52,000 | |
Other assets | 27,378 | 27,228 | |
Total assets | 3,723,765 | 3,581,716 | |
Liabilities and shareholders' equity: | |||
Other liabilities | 32,893 | 30,991 | |
Total liabilities | 3,275,888 | 3,169,224 | |
Shareholders' equity | 447,877 | 412,492 | |
Total liabilities and shareholders' equity | 3,723,765 | 3,581,716 | |
Expenses: | |||
Interest expense | 11,797 | 13,440 | 21,588 |
Other expenses | 15,260 | 20,638 | 16,053 |
Income before income taxes and equity in undistributed income of subsidiaries | 62,397 | 65,172 | 65,087 |
Income tax benefit | 19,146 | 20,000 | 20,225 |
Net income | 43,251 | 45,172 | 44,862 |
Unrealized holding gains (losses) on securities available-for-sale | |||
Unrealized holding gains (losses) arising during the period | 13,928 | -31,878 | 4,973 |
Less: Reclassification adjustments for realized (gains) losses included in net income | 211 | 45 | -1,155 |
Other comprehensive income (loss), net of tax | 9,190 | -20,691 | 2,482 |
Comprehensive income | 52,441 | 24,481 | 47,344 |
Cash flows from operating activities: | |||
Net income | 43,251 | 45,172 | 44,862 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 4,314 | 4,562 | 4,324 |
Stock-based compensation | 852 | 698 | 592 |
Excess tax benefits of stock-based compensation | 760 | 572 | 496 |
Changes in: | |||
Other assets | -60 | 4,647 | 1,792 |
Other liabilities | -1,339 | 323 | 7,130 |
Net cash provided by operating activities | 57,528 | 90,716 | 57,896 |
Cash flows from investing activities: | |||
Purchase of premises and equipment | -2,081 | -2,105 | -4,301 |
Net cash used in investing activities | -144,076 | -122,046 | -70,963 |
Cash flows from financing activities: | |||
Issuance of common stock | 1,992 | 6,348 | 4,395 |
Excess tax benefits of stock-based compensation | -760 | -572 | -496 |
Dividends paid | -20,570 | -24,546 | -19,215 |
Net cash provided by (used in) financing activities | 85,424 | -69,589 | -17,854 |
Net decrease in cash and cash equivalents | -1,124 | -100,919 | -30,921 |
Cash and cash equivalents at beginning of year | 106,641 | 207,560 | 238,481 |
Cash and cash equivalents at end of year | 105,517 | 106,641 | 207,560 |
Parent Company [Member] | |||
Assets: | |||
Cash on deposit | 995 | 1,272 | |
Investment in and advances to subsidiaries | 503,252 | 468,240 | |
Goodwill | 4,973 | 4,973 | |
Premises and equipment, net | 207 | 235 | |
Other assets | 1,173 | 617 | |
Total assets | 510,600 | 475,337 | |
Liabilities and shareholders' equity: | |||
Long-term debt | 61,341 | 61,341 | |
Other liabilities | 1,382 | 1,504 | |
Total liabilities | 62,723 | 62,845 | |
Shareholders' equity | 447,877 | 412,492 | |
Total liabilities and shareholders' equity | 510,600 | 475,337 | |
Income: | |||
Dividends from subsidiary banks | 19,534 | 13,035 | 16,572 |
Other income | 196 | 545 | 238 |
Total income | 19,730 | 13,580 | 16,810 |
Expenses: | |||
Interest expense | 1,131 | 1,161 | 2,403 |
Depreciation expense | 153 | 163 | 127 |
Other expenses | 2,550 | 2,442 | 1,990 |
Total expenses | 3,834 | 3,766 | 4,520 |
Income before income taxes and equity in undistributed income of subsidiaries | 15,896 | 9,814 | 12,290 |
Income tax benefit | -1,548 | -1,416 | -1,750 |
Income before equity in undistributed income of subsidiaries | 17,444 | 11,230 | 14,040 |
Equity in undistributed income of subsidiaries | 25,807 | 33,942 | 30,822 |
Net income | 43,251 | 45,172 | 44,862 |
Unrealized holding gains (losses) on securities available-for-sale | |||
Unrealized holding gains (losses) arising during the period | 13,928 | -31,878 | 4,973 |
Less: Reclassification adjustments for realized (gains) losses included in net income | 211 | 45 | -1,155 |
Tax expense (benefit) | 4,949 | -11,142 | 1,336 |
Other comprehensive income (loss), net of tax | 9,190 | -20,691 | 2,482 |
Comprehensive income | 52,441 | 24,481 | 47,344 |
Cash flows from operating activities: | |||
Net income | 43,251 | 45,172 | 44,862 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 153 | 163 | 127 |
Equity in undistributed earnings of subsidiaries | -25,807 | -33,942 | -30,822 |
Stock-based compensation | 838 | 658 | 512 |
Excess tax benefits of stock-based compensation | 760 | 572 | 496 |
Changes in: | |||
Other assets | -558 | 660 | -771 |
Other liabilities | 563 | 1,505 | 495 |
Net cash provided by operating activities | 19,200 | 14,788 | 14,899 |
Cash flows from investing activities: | |||
Purchase of premises and equipment | -125 | -148 | -166 |
Repayment of investments in and advances to subsidiaries | -14 | -40 | -80 |
Net cash used in investing activities | -139 | -188 | -246 |
Cash flows from financing activities: | |||
Issuance of common stock | 1,992 | 6,348 | 4,395 |
Excess tax benefits of stock-based compensation | -760 | -572 | -496 |
Dividends paid | -20,570 | -24,546 | -19,215 |
Net cash provided by (used in) financing activities | -19,338 | -18,770 | -15,316 |
Net decrease in cash and cash equivalents | -277 | -4,170 | -663 |
Cash and cash equivalents at beginning of year | 1,272 | 5,442 | 6,105 |
Cash and cash equivalents at end of year | $995 | $1,272 | $5,442 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator [Abstract] | |||
Net income | $43,251 | $45,172 | $44,862 |
Basic earnings per share [Abstract] | |||
Weighted average shares (in shares) | 17,326,000 | 17,158,000 | 17,013,000 |
Diluted earnings per share [Abstract] | |||
Dilutive effect of equity grants (in shares) | 71,000 | 82,000 | 60,000 |
Adjusted weighted average shares (in shares) | 17,397,000 | 17,240,000 | 17,073,000 |
Earnings per share [Abstract] | |||
Basic earnings per share (in dollars per share) | $2.50 | $2.63 | $2.64 |
Diluted earnings per share (in dollars per share) | $2.49 | $2.62 | $2.63 |
Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options excluded from diluted calculations (in shares) | 0 | 65,519 | 98,720 |
Weighted average price of outstanding options (in dollars per share) | $0 | $35.41 | $35.41 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Tax (benefit) expense | $19,146 | $20,000 | $20,225 |
Net income | 43,251 | 45,172 | 44,862 |
Unrealized Gains (Losses) on AFS Securities [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Securities gains (losses) | -211 | -45 | 1,155 |
Tax (benefit) expense | -74 | -15 | 405 |
Net income | ($137) | ($30) | $750 |