Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Entity File Number | 001-31220 | |
Entity Registrant Name | COMMUNITY TRUST BANCORP INC /KY/ | |
Entity Central Index Key | 0000350852 | |
Entity Incorporation, State or Country Code | KY | |
Entity Tax Identification Number | 61-0979818 | |
Entity Address, Address Line One | 346 North Mayo Trail | |
Entity Address, Address Line Two | P.O. Box 2947 | |
Entity Address, City or Town | Pikeville | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 41502 | |
City Area Code | 606 | |
Local Phone Number | 432-1414 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CTBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,895,181 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and due from banks | $ 58,352 | $ 46,558 |
Interest bearing deposits | 106,133 | 265,198 |
Cash and cash equivalents | 164,485 | 311,756 |
Certificates of deposit in other banks | 245 | 245 |
Debt securities available-for-sale at fair value (amortized cost of $1,588,129 and $1,461,829, respectively) | 1,503,165 | 1,455,429 |
Equity securities at fair value | 2,352 | 2,253 |
Loans held for sale | 1,941 | 2,632 |
Loans | 3,515,541 | 3,408,813 |
Allowance for credit losses | (42,309) | (41,756) |
Net loans | 3,473,232 | 3,367,057 |
Premises and equipment, net | 40,738 | 40,479 |
Right-of-use assets | 11,941 | 12,148 |
Federal Home Loan Bank stock | 8,139 | 8,139 |
Federal Reserve Bank stock | 4,887 | 4,887 |
Goodwill | 65,490 | 65,490 |
Bank owned life insurance | 91,530 | 91,097 |
Mortgage servicing rights | 7,748 | 6,774 |
Other real estate owned | 2,299 | 3,486 |
Deferred tax asset | 19,574 | 0 |
Accrued interest receivable | 15,024 | 15,415 |
Other assets | 30,343 | 30,970 |
Total assets | 5,443,133 | 5,418,257 |
Deposits: | ||
Noninterest bearing | 1,398,529 | 1,331,103 |
Interest bearing | 3,029,775 | 3,013,189 |
Total deposits | 4,428,304 | 4,344,292 |
Repurchase agreements | 254,623 | 271,088 |
Federal funds purchased | 500 | 500 |
Advances from Federal Home Loan Bank | 370 | 375 |
Long-term debt | 57,841 | 57,841 |
Deferred tax liability | 0 | 546 |
Operating lease liability | 11,380 | 11,583 |
Finance lease liability | 1,416 | 1,422 |
Accrued interest payable | 1,306 | 1,016 |
Other liabilities | 34,022 | 31,392 |
Total liabilities | 4,789,762 | 4,720,055 |
Shareholders' equity: | ||
Preferred stock, 300,000 shares authorized and unissued | 0 | 0 |
Common stock, $5.00 par value, shares authorized 25,000,000; shares outstanding 2022 - 17,884,106; 2021 - 17,843,081 | 89,420 | 89,215 |
Capital surplus | 227,589 | 227,085 |
Retained earnings | 399,347 | 386,750 |
Accumulated other comprehensive loss, net of tax | (62,985) | (4,848) |
Total shareholders' equity | 653,371 | 698,202 |
Total liabilities and shareholders' equity | $ 5,443,133 | $ 5,418,257 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Debt securities available-for-sale at amortized cost | $ 1,588,129 | $ 1,461,829 |
Shareholders' equity: | ||
Preferred stock, shares authorized (in shares) | 300,000 | 300,000 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares outstanding (in shares) | 17,884,106 | 17,843,081 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Interest and fees on loans, including loans held for sale | $ 38,167 | $ 40,689 |
Interest and dividends on securities | ||
Taxable | 4,384 | 2,575 |
Tax exempt | 772 | 739 |
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock | 114 | 124 |
Interest on Federal Reserve Bank deposits | 82 | 76 |
Other, including interest on federal funds sold | 8 | 8 |
Total interest income | 43,527 | 44,211 |
Interest expense: | ||
Interest on deposits | 2,954 | 3,387 |
Interest on repurchase agreements and federal funds purchased | 254 | 304 |
Interest on long-term debt | 287 | 278 |
Total interest expense | 3,495 | 3,969 |
Net interest income | 40,032 | 40,242 |
Provision for credit losses (recovery) | 875 | (2,499) |
Net interest income after provision for credit losses (recovery) | 39,157 | 42,741 |
Noninterest income: | ||
Deposit related fees | 6,746 | 6,022 |
Gains on sales of loans, net | 597 | 2,433 |
Trust and wealth management income | 3,248 | 2,951 |
Loan related fees | 2,062 | 2,270 |
Bank owned life insurance | 691 | 573 |
Brokerage revenue | 590 | 457 |
Securities gains (losses) | 99 | (168) |
Other noninterest income | 932 | 1,039 |
Total noninterest income | 14,965 | 15,577 |
Noninterest expense: | ||
Officer salaries and employee benefits | 3,882 | 3,738 |
Other salaries and employee benefits | 13,656 | 13,095 |
Occupancy, net | 2,245 | 2,195 |
Equipment | 609 | 633 |
Data processing | 2,201 | 2,159 |
Bank franchise tax | 415 | 360 |
Legal fees | 301 | 352 |
Professional fees | 566 | 541 |
Advertising and marketing | 752 | 722 |
FDIC insurance | 355 | 326 |
Other real estate owned provision and expense | 353 | 318 |
Repossession expense | 100 | 199 |
Amortization of limited partnership investments | 733 | 837 |
Other noninterest expense | 3,191 | 2,835 |
Total noninterest expense | 29,359 | 28,310 |
Income before income taxes | 24,763 | 30,008 |
Income taxes | 5,035 | 6,390 |
Net income | 19,728 | 23,618 |
Unrealized holding losses on debt securities available-for-sale: | ||
Unrealized holding losses arising during the period | (78,564) | (13,456) |
Less: Reclassification adjustments for realized gains included in net income | 0 | 60 |
Tax benefit | (20,427) | (3,514) |
Other comprehensive loss, net of tax | (58,137) | (10,002) |
Comprehensive income (loss) | $ (38,409) | $ 13,616 |
Basic earnings per share (in dollars per share) | $ 1.11 | $ 1.33 |
Diluted earnings per share (in dollars per share) | $ 1.11 | $ 1.33 |
Weighted average shares outstanding-basic (in shares) | 17,820 | 17,774 |
Weighted average shares outstanding-diluted (in shares) | 17,832 | 17,787 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | Total |
Balance at Dec. 31, 2020 | $ 89,052 | $ 225,507 | $ 326,738 | $ 13,568 | $ 654,865 |
Balance (in shares) at Dec. 31, 2020 | 17,810,401 | ||||
Increase (Decrease) in Stockholders' Equity [Roll forward] | |||||
Net income | 23,618 | 23,618 | |||
Other comprehensive loss | (10,002) | (10,002) | |||
Cash dividends declared | (6,845) | (6,845) | |||
Issuance of common stock | $ 121 | 117 | 238 | ||
Issuance of common stock (in shares) | 24,163 | ||||
Issuance of restricted stock | $ 46 | (46) | 0 | ||
Issuance of restricted stock (in shares) | 9,193 | ||||
Vesting of restricted stock | $ (88) | 88 | 0 | ||
Vesting of restricted stock (in shares) | (17,681) | ||||
Stock-based compensation | 195 | 195 | |||
Balance at Mar. 31, 2021 | $ 89,131 | 225,861 | 343,511 | 3,566 | 662,069 |
Balance (in shares) at Mar. 31, 2021 | 17,826,076 | ||||
Balance at Dec. 31, 2021 | $ 89,215 | 227,085 | 386,750 | (4,848) | $ 698,202 |
Balance (in shares) at Dec. 31, 2021 | 17,843,081 | 17,843,081 | |||
Increase (Decrease) in Stockholders' Equity [Roll forward] | |||||
Net income | 19,728 | $ 19,728 | |||
Other comprehensive loss | (58,137) | (58,137) | |||
Cash dividends declared | (7,131) | (7,131) | |||
Issuance of common stock | $ 163 | 85 | 248 | ||
Issuance of common stock (in shares) | 32,491 | ||||
Issuance of restricted stock | $ 177 | (177) | 0 | ||
Issuance of restricted stock (in shares) | 35,438 | ||||
Vesting of restricted stock | $ (135) | 135 | 0 | ||
Vesting of restricted stock (in shares) | (26,904) | ||||
Stock-based compensation | 461 | 461 | |||
Balance at Mar. 31, 2022 | $ 89,420 | $ 227,589 | $ 399,347 | $ (62,985) | $ 653,371 |
Balance (in shares) at Mar. 31, 2022 | 17,884,106 | 17,884,106 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll forward] | ||
Dividends declared per share (in dollars per share) | $ 0.40 | $ 0.385 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||||
Net income | $ 19,728 | $ 23,618 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 1,286 | 1,265 | ||
Deferred taxes | 307 | (643) | ||
Stock-based compensation | 484 | 213 | ||
Provision for credit losses (recovery) | 875 | $ 500 | (2,499) | $ (6,386) |
Write-downs of other real estate owned and other repossessed assets | 246 | 154 | ||
Gains on sale of mortgage loans held for sale | (597) | (2,433) | ||
Securities gains | 0 | (60) | ||
Fair value adjustment in equity securities | (99) | 228 | ||
Gains on sale of assets, net | (5) | (214) | ||
Proceeds from sale of mortgage loans held for sale | 26,257 | 109,014 | ||
Funding of mortgage loans held for sale | (24,969) | (101,070) | ||
Amortization of securities premiums and discounts, net | 1,801 | 1,893 | ||
Change in cash surrender value of bank owned life insurance | (434) | (337) | ||
Payment of operating lease liabilities | (469) | (445) | ||
Mortgage servicing rights: | ||||
Fair value adjustments | (745) | (780) | ||
New servicing assets created | (229) | (736) | ||
Changes in: | ||||
Accrued interest receivable | 391 | 630 | ||
Other assets | 627 | 1,634 | ||
Accrued interest payable | 290 | 122 | ||
Other liabilities | 2,605 | 2,152 | ||
Net cash provided by operating activities | 27,350 | 31,706 | ||
Securities available-for-sale (AFS): | ||||
Purchase of AFS securities | (176,730) | (304,167) | ||
Proceeds from sales of AFS securities | 0 | 1,080 | ||
Proceeds from prepayments, calls, and maturities of AFS securities | 48,630 | 129,804 | ||
Change in loans, net | (106,591) | 15,747 | ||
Purchase of premises and equipment | (1,072) | (403) | ||
Proceeds from sale and retirement of premises and equipment | 0 | 812 | ||
Proceeds from sale of stock by Federal Home Loan Bank | 0 | 77 | ||
Proceeds from sale of other real estate owned and repossessed assets | 486 | 762 | ||
Proceeds from settlement of bank owned life insurance | 1 | 0 | ||
Net cash used in investing activities | (235,276) | (156,288) | ||
Cash flows from financing activities: | ||||
Change in deposits, net | 84,012 | 217,690 | ||
Change in repurchase agreements and federal funds purchased, net | (16,465) | (1,627) | ||
Payments on advances from Federal Home Loan Bank | (5) | (5) | ||
Payment of finance lease liabilities | (6) | (3) | ||
Issuance of common stock | 248 | 238 | ||
Dividends paid | (7,129) | (6,841) | ||
Net cash provided by financing activities | 60,655 | 209,452 | ||
Net increase (decrease) in cash and cash equivalents | (147,271) | 84,870 | ||
Cash and cash equivalents at beginning of period | 311,756 | 338,235 | 338,235 | |
Cash and cash equivalents at end of period | 164,485 | $ 311,756 | 423,105 | $ 311,756 |
Supplemental disclosures: | ||||
Income taxes paid | 50 | 87 | ||
Interest paid | 3,205 | 3,847 | ||
Non-cash activities: | ||||
Loans to facilitate the sale of other real estate owned and repossessed assets | 597 | 381 | ||
Common stock dividends accrued, paid in subsequent quarter | 250 | 242 | ||
Real estate acquired in settlement of loans | $ 137 | $ (136) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies In Principles of Consolidation – New Accounting Standards ➢ Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting In response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. The amendments in this ASU provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting and provide optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This ASU applies only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ➢ Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures he amendments in this ASU eliminate the accounting guidance for troubled debt restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors Financial Instruments—Credit Losses—Measured at Amortized Cost Significant Accounting Policies – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the appropriate application of certain accounting policies, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our consolidated financial statements and related notes. Since future events and their impact cannot be determined with certainty, the actual results will inevitably differ from our estimates. Such differences could be material to our consolidated financial statements. We believe the application of accounting policies and the estimates required therein are reasonable. These accounting policies and estimates are constantly reevaluated, and adjustments are made when facts and circumstances dictate a change. Historically, we have found our application of accounting policies to be appropriate, and actual results have not differed materially from those determined using necessary estimates. We have identified the following significant accounting policies: ➢ Investments – Debt Securities a. Trading securities . . b. Available-for-sale securities. Investments not classified as trading securities (nor as HTM securities) shall be classified as available-for-sale (“AFS”) securities. We do not have any securities that are classified as trading securities. AFS securities are reported at fair value, with unrealized gains and losses included as a separate component of shareholders’ equity, net of tax. If declines in fair value are other than temporary, the carrying value of the securities is written down to fair value as a realized loss with a charge to income for the portion attributable to credit losses and a charge to other comprehensive income for the portion that is not credit related. Gains or losses on disposition of debt securities are computed by specific identification for those securities. Interest and dividend income, adjusted by amortization of purchase premium or discount, is included in earnings. An allowance is recognized for credit losses relative to AFS securities rather than as a reduction in the cost basis of the security. Subsequent improvements in credit quality or reductions in estimated credit losses are recognized immediately as a reversal of the previously recorded allowance, which aligns the income statement recognition of credit losses with the reporting period in which changes occur. HTM securities are subject to an allowance for lifetime expected credit losses, determined by adjusting historical loss information for current conditions and reasonable and supportable forecasts. The forward-looking evaluation of lifetime expected losses will be performed on a pooled basis for debt securities that share similar risk characteristics. These allowances for expected losses must be made by the holder of the HTM debt security when the security is purchased. At March 31, 2022 and December 31, 2021, CTBI held no securities designated as held-to-maturity. CTBI accounts for equity securities in accordance with ASC 321, Investments – Equity Securities Equity securities with a readily determinable fair value are required to be measured at fair value, with changes in fair value recognized in net income. Equity securities without a readily determinable fair value are carried at cost, less any impairment, if any, plus or minus changes resulting from observable price changes for identical or similar investments. As permitted by ASC 321-10-35-2, CTBI can make an irrevocable election to subsequently measure an equity security without a readily determinable fair value, and all identical or similar investments of the same issuer, including future purchases of identical or similar investments of the same issuer, at fair value. CTBI has made this election for our Visa Class B equity securities. The fair value of these securities was determined by a third party service provider using Level 3 inputs as defined in ASC 820, Fair Value Measurement ➢ The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) included an election for banking institutions to not apply the guidance on accounting for TDRs to loan modifications, such as extensions or deferrals, related to COVID-19 made between March 1, 2020 and the earlier of (i) December 31, 2020 or (ii) 60 days after the end of the COVID-19 national emergency. The relief can only be applied to modifications for borrowers that were not more than 30 days past due as of December 31, 2019. The ability to exclude COVID-19-related modifications as TDRs was extended under the Consolidated Appropriations Act 2021 to the earlier of (i) 60 days after the end of the COVID-19 national emergency and (ii) January 1, 2022. CTBI elected to adopt these provisions of the CARES Act, as extended by the Consolidated Appropriations Act 2021 . Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized over the estimated life of the related loans, or commitments as a yield adjustment. ➢ In the event that collection of principal becomes uncertain, CTBI has policies in place to reverse accrued interest in a timely manner. Therefore, CTBI elected ASU 2019-04 which allows that accrued interest would continue to be presented separately and not part of the amortized cost of the loan. The methodology used by CTBI is developed using the current loan balance, which is then compared to amortized cost balances to analyze the impact. The difference in amortized cost basis versus consideration of loan balances impacts the allowance for credit losses calculation by one We maintain an allowance for credit losses (“ACL”) at a level that is appropriate to cover estimated credit losses on individually evaluated loans, as well as estimated credit losses inherent in the remainder of the loan and lease portfolio. Credit losses are charged and recoveries are credited to the ACL. We utilize an internal risk grading system for commercial credits. Those credits that meet the following criteria are subject to individual evaluation: the loan has an outstanding bank share balance of $1 million or greater and meets one of the following criteria: (i) has a criticized risk rating, (ii) is in nonaccrual status, (iii) is a TDR, or (iv) is 90 days or more past due. The borrower’s cash flow, adequacy of collateral coverage, and other options available to CTBI, including legal remedies, are evaluated. We evaluate the collectability of both principal and interest when assessing the need for loss provision. Historical loss rates are analyzed and applied to other commercial loan segments not subject to individual evaluation. Homogenous loans, such as consumer installment, residential mortgages, and home equity lines are not individually risk graded. The associated ACL for these loans is measured in pools with similar risk characteristics under ASC 326. When any secured commercial loan is considered uncollectable, whether past due or not, a current assessment of the value of the underlying collateral is made. If the balance of the loan exceeds the fair value of the collateral, the loan is placed on nonaccrual and the loan is charged down to the value of the collateral less estimated cost to sell. For commercial loans greater than $ When the foreclosed collateral has been legally assigned to CTBI, the estimated fair value of the collateral less costs to sell is then transferred to other real estate owned or other repossessed assets, and a charge-off is taken for any remaining balance. When any unsecured commercial loan is considered uncollectable the loan is charged off no later than at days past due. All closed-end consumer loans (excluding conventional 1-4 family residential loans and installment and revolving loans secured by real estate) are charged off no later than 120 days (five monthly payments) delinquent. If a loan is considered uncollectable, it is charged off earlier than 120 days delinquent. For conventional 1-4 family residential loans and installment and revolving loans secured by real estate, when a loan is 90 days past due, a current assessment of the value of the real estate is made. If the balance of the loan exceeds the fair value of the property, the loan is placed on nonaccrual. Foreclosure proceedings are normally initiated after 120 days. When the foreclosed property has been legally assigned to CTBI, the fair value less estimated costs to sell is transferred to other real estate owned and the remaining balance is taken as a charge-off. Historical loss rates for loans are adjusted for significant factors that, in management’s judgment, reflect the impact of any current conditions on loss recognition. With the implementation of ASC 326, weighted average life (“WAL”) calculations were completed as a tool to determine the life of CTBI’s various loan segments. Vintage modeling was used to determine the life of loan losses for consumer and residential real estate loans. Static pool modeling was used to determine the life of loan losses for commercial loan segments. Qualitative factors used to derive CTBI’s total ACL include delinquency trends, current economic conditions and trends, strength of supervision and administration of the loan portfolio, levels of underperforming loans, trends in loan losses, and underwriting exceptions. Forecasting factors including unemployment rates and industry specific forecasts for industries in which our total exposure of capital or greater are also included as factors in the ACL model. Management continually reevaluates the other subjective factors included in our ACL analysi ➢ – 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, 2015. Our core deposit intangible has been fully amortized since December 31, 2017. ➢ 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 our consolidated financial statements. During the quarters ended March 31, 2022 and 2021, CTBI has not recognized a significant amount of interest expense or penalties in connection with income |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 2 – Stock-Based Compensation Restricted stock expense for the three months ended March 31, 2022 and 2021 was $484 thousand and $213 thousand, respectively, including $23 thousand and $18 thousand, respectively, in dividends paid for those periods. Restricted stock expense for the first quarter 2022 included the accelerated vesting of restricted stock related to employee retirement in the amount of $245 thousand, pursuant to the terms of CTBI’s 2015 Stock Ownership Incentive Plan. There was no compensation expense related to stock option grants for the three months ended March 31, 2022 or 2021, as all stock option awards have fully vested. There were no stock options granted in the first three months of 2022 or 2021. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2022 | |
Securities [Abstract] | |
Securities | Note 3 – Securities Debt securities are classified into HTM and AFS categories. HTM securities are those that CTBI has the positive intent and ability to hold to maturity and are reported at amortized cost. AFS securities are those that CTBI may decide to sell if needed for liquidity, asset-liability management or other reasons. AFS securities are reported at fair value, with unrealized gains or losses included as a separate component of equity, net of tax. As of March 31 CTBI had HTM securities. The amortized cost and fair value of debt securities at March are summarized as follows: Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government agencies $ 472,210 $ 95 $ (20,574 ) $ 451,731 State and political subdivisions 331,756 823 (29,917 ) 302,662 U.S. government sponsored agency mortgage-backed securities 690,098 895 (35,780 ) 655,213 Asset-backed securities 94,065 55 (561 ) 93,559 Total available-for-sale securities $ 1,588,129 $ 1,868 $ (86,832 ) $ 1,503,165 The amortized cost and fair value of debt securities at December are summarized as follows: Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government agencies $ 299,606 $ 351 $ (4,187 ) $ 295,770 State and political subdivisions 334,218 5,524 (5,539 ) 334,203 U.S. government sponsored agency mortgage-backed securities 733,467 5,107 (7,765 ) 730,809 Asset-backed securities 94,538 301 (192 ) 94,647 Total available-for-sale securities $ 1,461,829 $ 11,283 $ (17,683 ) $ 1,455,429 The amortized cost and fair value of debt securities at March by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale (in thousands) Amortized Cost Fair Value Due in one year or less $ 47,754 $ 47,673 Due after one through five years 245,157 235,839 Due after five through ten years 280,613 263,396 Due after ten years 230,442 207,485 U.S. government sponsored agency mortgage-backed securities 690,098 655,213 Asset-backed securities 94,065 93,559 Total debt securities $ 1,588,129 $ 1,503,165 During the three months ended March March thousand, consisting of a pre-tax gain of $ thousand realized on sales and calls of AFS securities and an unrealized loss of $ thousand from the fair value adjustment of equity securities. Equity Securities at Fair Value CTBI made the election permitted by ASC - - - to record its Visa Class B shares at fair value. Equity securities at fair value as of March , as a result of a increase in the fair value in the first quarter The fair value of equity securities decreased in the first quarter equity securities were sold during the three months ended March The amortized cost of securities pledged as collateral, to secure public deposits and for other purposes, was at March at December The amortized cost of securities sold under agreements to repurchase amounted to at March at December CTBI evaluates its investment portfolio on a quarterly basis for impairment. The analysis performed as of March of total debt securities with unrealized losses as of March , compared to as of December The following table provides the amortized cost, gross unrealized losses, and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of March March Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 395,941 $ (17,249 ) $ 378,692 State and political subdivisions 204,547 (19,287 ) 185,260 U.S. government sponsored agency mortgage-backed securities 524,844 (29,719 ) 495,125 Asset-backed securities 75,952 (554 ) 75,398 Total <12 months temporarily impaired AFS securities 1,201,284 (66,809 ) 1,134,475 12 Months or More U.S. Treasury and government agencies 50,328 (3,325 ) 47,003 State and political subdivisions 67,941 (10,630 ) 57,311 U.S. government sponsored agency mortgage-backed securities 84,800 (6,061 ) 78,739 Asset-backed securities 1,294 (7 ) 1,287 Total ≥12 months temporarily impaired AFS securities 204,363 (20,023 ) 184,340 Total U.S. Treasury and government agencies 446,269 (20,574 ) 425,695 State and political subdivisions 272,488 (29,917 ) 242,571 U.S. government sponsored agency mortgage-backed securities 609,644 (35,780 ) 573,864 Asset-backed securities 77,246 (561 ) 76,685 Total temporarily impaired AFS securities $ 1,405,647 $ (86,832 ) $ 1,318,815 The analysis performed as of December indicated that all impairment was considered temporary, market and interest rate driven, and not credit-related. The following table provides the amortized cost, gross unrealized losses, and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December that are not deemed to be other-than-temporarily impaired. As stated above, CTBI had no HTM securities as of December 31, 2021. Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 249,990 $ (4,123 ) $ 245,867 State and political subdivisions 197,592 (4,779 ) 192,813 U.S. government sponsored agency mortgage-backed securities 473,831 (6,759 ) 467,072 Asset-backed securities 52,229 (190 ) 52,039 Total <12 months temporarily impaired AFS securities 973,642 (15,851 ) 957,791 12 Months or More U.S. Treasury and government agencies 14,505 (64 ) 14,441 State and political subdivisions 19,126 (760 ) 18,366 U.S. government sponsored agency mortgage-backed securities 62,330 (1,006 ) 61,324 Asset-backed securities 1,368 (2 ) 1,366 Total ≥12 months temporarily impaired AFS securities 97,329 (1,832 ) 95,497 Total U.S. Treasury and government agencies 264,495 (4,187 ) 260,308 State and political subdivisions 216,718 (5,539 ) 211,179 U.S. government sponsored agency mortgage-backed securities 536,161 (7,765 ) 528,396 Asset-backed securities 53,597 (192 ) 53,405 Total temporarily impaired AFS securities $ 1,070,971 $ (17,683 ) $ 1,053,288 U.S. Treasury and Government Agencies The unrealized losses in U.S. Treasury and government agencies were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par which will equal amortized cost at maturity. CTBI does not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost. State and Political Subdivisions The unrealized losses in securities of state and political subdivisions were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par which will equal amortized cost at maturity. CTBI does not intend to sell the investments before recovery of their amortized cost and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost. U.S. Government Sponsored Agency Mortgage-Backed Securities The unrealized losses in U.S. government sponsored agency mortgage-backed securities were caused by interest rate changes. CTBI expects to recover the amortized cost basis over the term of the securities. CTBI does not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost. Asset-Backed Securities The unrealized losses in asset-backed securities were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par which will equal amortized cost at maturity. CTBI does not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2022 | |
Loans [Abstract] | |
Loans | Note 4 – Loans Major classifications of loans, net of unearned income, deferred loan origination costs and fees, and net premiums on acquired loans, are summarized as follows: (in thousands) March 31 2022 December 31 2021 Hotel/motel $ 274,256 $ 257,062 Commercial real estate residential 337,447 335,233 Commercial real estate nonresidential 774,791 757,893 Dealer floorplans 72,766 69,452 Commercial other 322,109 290,478 Commercial unsecured SBA PPP 22,482 47,335 Commercial loans 1,803,851 1,757,453 Real estate mortgage 780,453 767,185 Home equity lines 107,230 106,667 Residential loans 887,683 873,852 Consumer direct 156,620 156,683 Consumer indirect 667,387 620,825 Consumer loans 824,007 777,508 Loans and lease financing $ 3,515,541 $ 3,408,813 The loan portfolios presented above are net of unearned fees and unamortized premiums. Unearned fees included above totaled $2.4 million as of March 31, 2022 and $4.0 million as of December 31, 2021 while the unamortized premiums on the indirect lending portfolio totaled $26.0 million as of March 31, 2022 and $24.1 million as of December 31, 2021. CTBI has segregated and evaluates its loan portfolio through ten portfolio segments with similar risk characteristics. CTBI serves customers in small and mid-sized communities in eastern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee. Therefore, CTBI’s exposure to credit risk is significantly affected by changes in these communities. Hotel/motel loans are a significant concentration for CTBI, representing approximately of total loans. This industry has unique risk characteristics as it is highly susceptible to changes in the domestic and global economic environments, which can cause the industry to experience substantial volatility. Additionally, any hotel/motel construction loans would be included in this segment as CTBI’s construction loans are primarily completed as loan going from construction to permanent financing. These loans are originated based on the borrower’s ability to service the debt and arily based on the fair value of the underlying collateral. Commercial real estate residential loans are commercial purpose construction and permanent financed loans for commercial purpose - family/multi-family properties. These loans are originated based on the borrower’s ability to service the debt and arily based on the fair value of the underlying collateral. Commercial real estate nonresidential loans are secured by nonfarm, nonresidential properties, farmland, and other commercial real estate. These loans are originated based on the borrower’s ability to service the debt and arily based on the fair value of the underlying collateral. Construction for commercial real estate nonresidential loans are also included in this segment as these loans are generally loan for construction to permanent financing. Dealer floorplans consist of loans to dealerships to finance inventory and are collateralized under a blanket security agreement and without specific liens on individual units. This risk is mitigated by the use of periodic inventory audits. These audits are performed monthly and follow up is required on any out of compliance items identified. These audits are subject to increasing frequency when fact patterns suggest more scrutiny is required . Commercial other loans consist of agricultural loans, receivable financing, loans to financial institutions, loans for purchasing or carrying securities, and other commercial purpose loans. Commercial loans are underwritten based on the borrower’s ability to service debt from the business’s underlying cash flows. As a general practice, we obtain collateral such as equipment, or other assets, although such loans may be uncollateralized but guaranteed. CTBI’s participation in the Paycheck Protection Program (“PPP”) established by the CARES Act resulted in the creation of a new loan segment of unsecured commercial other loans that are one hundred percent guaranteed by the Small Business Administration (“SBA”). These loans, which are subject to forgiveness, have maturities of either two or three to five years, depending on when the loan was made. These loans currently have no allowance for credit losses. Residential real estate loans are a mixture of fixed rate and adjustable rate and lien residential mortgage loans and also include real estate construction loans which are typically for owner-occupied properties. The terms of the real estate construction loans are generally short-term with permanent financing upon completion. As a policy, CTBI holds adjustable rate loans and sells the majority of its fixed rate lien mortgage loans into the ary market. Changes in interest rates or market conditions may impact a borrower’s ability to meet contractual principal and interest payments. Residential real estate loans are secured by real property. Home equity lines are primarily revolving adjustable rate credit lines secured by real property. Consumer direct loans are a mixture of fixed rate and adjustable rate products comprised of unsecured loans, consumer revolving credit lines, deposit secured loans, and all other consumer purpose loans. Consumer indirect loans are fixed rate loans secured by automobiles, trucks, vans, and recreational vehicles originated at the selling dealership underwritten and purchased by CTBI’s indirect lending department. Both new and used products are financed. Only dealers who have executed dealer agreements with CTBI participate in the indirect lending program. Not included in the loan balances above were loans held for sale in the amount of $1.9 million at March 31, 2022 and $2.6 million at December 31, 2021. The following tables present the balance in the allowance for credit losses (“ACL”) for the periods ended March 31, 2022, December 31, 2021 and March 31, 2021: Three Months Ended March 31, 2022 (in thousands) Beginning Balance Provision Charged to Expense Losses Charged Off Recoveries Ending Balance ACL Hotel/motel $ 5,080 $ (153 ) $ (216 ) $ 0 $ 4,711 Commercial real estate residential 3,986 110 (31 ) 5 4,070 Commercial real estate nonresidential 8,884 174 0 111 9,169 Dealer floorplans 1,436 83 0 0 1,519 Commercial other 4,422 478 (157 ) 101 4,844 Real estate mortgage 7,637 97 (93 ) 21 7,662 Home equity 866 (33 ) (19 ) 5 819 Consumer direct 1,951 (180 ) (170 ) 186 1,787 Consumer indirect 7,494 299 (634 ) 569 7,728 Total $ 41,756 $ 875 $ (1,320 ) $ 998 $ 42,309 Year Ended December 31, 2021 (in thousands) Beginning Balance Provision Charged to Expense Losses Charged Off Recoveries Ending Balance ACL Hotel/motel $ 6,356 $ (1,276 ) $ 0 $ 0 $ 5,080 Commercial real estate residential 4,464 (488 ) (28 ) 38 3,986 Commercial real estate nonresidential 11,086 (2,233 ) (306 ) 337 8,884 Dealer floorplans 1,382 54 0 0 1,436 Commercial other 4,289 388 (644 ) 389 4,422 Real estate mortgage 7,832 3 (266 ) 68 7,637 Home equity 844 39 (36 ) 19 866 Consumer direct 1,863 256 (684 ) 516 1,951 Consumer indirect 9,906 (3,129 ) (2,361 ) 3,078 7,494 Total $ 48,022 $ (6,386 ) $ (4,325 ) $ 4,445 $ 41,756 Three Months Ended March 31, 2021 (in thousands) Beginning Balance Provision Charged to Expense Losses Charged Off Recoveries Ending Balance ACL Hotel/motel $ 6,356 $ 308 $ 0 $ 0 $ 6,664 Commercial real estate residential 4,464 199 (24 ) 2 4,641 Commercial real estate nonresidential 11,086 (135 ) (151 ) 13 10,813 Dealer floorplans 1,382 (64 ) 0 0 1,318 Commercial other 4,289 269 (112 ) 125 4,571 Real estate mortgage 7,832 (690 ) (8 ) 9 7,143 Home equity 844 (93 ) (5 ) 4 750 Consumer direct 1,863 (14 ) (154 ) 116 1,811 Consumer indirect 9,906 (2,279 ) (1,016 ) 1,024 7,635 Total $ 48,022 $ (2,499 ) $ (1,470 ) $ 1,293 $ 45,346 CTBI derived its ACL balance by using vintage modeling for the consumer and residential portfolios. Static pool models incorporating losses by credit risk rating were developed to determine credit loss balances for the commercial loan segments. Qualitative loss factors are based on CTBI’s judgment of delinquency trends, level of nonperforming loans, trend in loan losses, supervision and administration, quality control exceptions, and reasonable and supportable forecasts based on unemployment rates and industry concentrations. CTBI has determined that twelve months represents a reasonable and supportable forecast period and reverts back to a historical loss rate immediately. CTBI leverages economic projections from a reputable and independent third party to form its loss driver forecasts over the twelve month forecast period. Other internal and external indicators of economic forecasts are also considered by CTBI when developing the forecast metrics. CTBI also has an inherent model risk allocation included in its ACL calculation to allow for certain known model limitations as well as other potential risks not quantified elsewhere. Management has identified the following known model limitations and made adjustments through this portion of the calculation for them: (1) The inability to completely identify revolving lines of credit within the commercial other segment. Management had to make assumptions regarding commercial renewals as those renewals are not tracked well by its loan system. (2) The inability within the model to estimate the value of modifications made under TDRs. Management has manually calculated the estimated impact based on research of modified terms for TDRs. With the continued impact of the global COVID-19 pandemic, including the high rate of inflation, the potential rising rate environment, and the fact that there is no immediate end foreseen, this has been identified as a significant specific event that could impact our customers’ ability to pay. Given this uncertainty, management continues to have a significant event qualitative factor to anticipate the continued impact of COVID-19 as deferments have ended and the SBA Paycheck Protection Programs are largely over with no approved capacity to fund new loans. Provision for loan losses for the quarter was $0.9 million, compared to provision of $0.5 million for the quarter ended December 31, 2021 and a recovery of provision of $2.5 million for the first quarter 2021. Our reserve coverage (allowance for credit losses to nonperforming loans) at March 31, 2022 was 309.1%, compared to 251.2% at December 31, 2021 and 215.5% at March 31, 2021. Our credit loss reserve as a percentage of total loans outstanding at March 31, 2022 was 1.20% (1.21% excluding PPP loans) compared to 1.22% at December 31, 2021 (1.24% excluding PPP loans) and 1.28% at March 31, 2021 (1.38% excluding PPP loans). Refer to Note 1 to the condensed consolidated financial statements for further information regarding our nonaccrual policy. Nonaccrual loans and loans 90 days past due and still accruing segregated by class of loans for both March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 (in thousands) Nonaccrual Loans with No ACL Nonaccrual Loans with ACL 90+ and Still Accruing Total Nonperforming Loans Hotel/motel $ 0 $ 0 $ 0 $ 0 Commercial real estate residential 0 216 202 418 Commercial real estate nonresidential 2,431 1,430 414 4,275 Commercial other 0 269 52 321 Commercial unsecured SBA PPP 0 0 8 8 Total commercial loans 2,431 1,915 676 5,022 Real estate mortgage 0 3,985 3,509 7,494 Home equity lines 0 501 471 972 Total residential loans 0 4,486 3,980 8,466 Consumer direct 0 0 23 23 Consumer indirect 0 0 179 179 Total consumer loans 0 0 202 202 Loans and lease financing $ 2,431 $ 6,401 $ 4,858 $ 13,690 December 31, 2021 (in thousands) Nonaccrual Loans with No ACL Nonaccrual Loans with ACL 90+ and Still Accruing Total Nonperforming Loans Hotel/motel $ 0 $ 1,075 $ 0 $ 1,075 Commercial real estate residential 0 585 312 897 Commercial real estate nonresidential 2,447 1,602 144 4,193 Commercial other 0 302 76 378 Total commercial loans 2,447 3,564 532 6,543 Real estate mortgage 0 4,081 4,659 8,740 Home equity lines 0 579 513 1,092 Total residential loans 0 4,660 5,172 9,832 Consumer direct 0 0 44 44 Consumer indirect 0 0 206 206 Total consumer loans 0 0 250 250 Loans and lease financing $ 2,447 $ 8,224 $ 5,954 $ 16,625 Discussion of the Nonaccrual Policy The accrual of interest income on loans is discontinued when management believes, after considering economic and business conditions, collateral value, and collection efforts, that the borrower’s financial condition is such that the collection of interest is doubtful. Cash payments received on nonaccrual loans generally are applied against principal, and interest income is only recorded once principal recovery is reasonably assured. Any loans greater than 90 days past due must be well secured and in the process of collection to continue accruing interest. See Note 1 to the condensed consolidated financial statements for further discussion on our nonaccrual policy. The following tables present CTBI’s loan portfolio aging analysis, segregated by class, as of March 31, 2022 and December 31, 2021 (includes loans 90 days past due and still accruing as well): March 31, 2022 (in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Hotel/motel $ 0 $ 0 $ 0 $ 0 $ 274,256 $ 274,256 Commercial real estate residential 2,019 202 369 2,590 334,857 337,447 Commercial real estate nonresidential 1,119 305 3,756 5,180 769,611 774,791 Dealer floorplans 0 0 0 0 72,766 72,766 Commercial other 923 10 82 1,015 321,094 322,109 Commercial unsecured SBA PPP 0 279 8 287 22,195 22,482 Total commercial loans 4,061 796 4,215 9,072 1,794,779 1,803,851 Real estate mortgage 1,249 3,206 5,001 9,456 770,997 780,453 Home equity lines 479 205 775 1,459 105,771 107,230 Total residential loans 1,728 3,411 5,776 10,915 876,768 887,683 Consumer direct 371 182 22 575 156,045 156,620 Consumer indirect 1,516 339 178 2,033 665,354 667,387 Total consumer loans 1,887 521 200 2,608 821,399 824,007 Loans and lease financing $ 7,676 $ 4,728 $ 10,191 $ 22,595 $ 3,492,946 $ 3,515,541 December 31, 2021 (in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Hotel/motel $ 0 $ 0 $ 0 $ 0 $ 257,062 $ 257,062 Commercial real estate residential 274 116 845 1,235 333,998 335,233 Commercial real estate nonresidential 1,303 147 3,509 4,959 752,934 757,893 Dealer floorplans 0 0 0 0 69,452 69,452 Commercial other 1,225 175 108 1,508 288,970 290,478 Commercial unsecured SBA PPP 14 34 0 48 47,287 47,335 Total commercial loans 2,816 472 4,462 7,750 1,749,703 1,757,453 Real estate mortgage 1,171 2,707 6,859 10,737 756,448 767,185 Home equity lines 656 315 903 1,874 104,793 106,667 Total residential loans 1,827 3,022 7,762 12,611 861,241 873,852 Consumer direct 396 179 44 619 156,064 156,683 Consumer indirect 2,889 533 206 3,628 617,197 620,825 Total consumer loans 3,285 712 250 4,247 773,261 777,508 Loans and lease financing $ 7,928 $ 4,206 $ 12,474 $ 24,608 $ 3,384,205 $ 3,408,813 The risk characteristics of CTBI’s material portfolio segments are as follows: Hotel/motel loans are a significant concentration for CTBI, representing approximately 7.8% of total loans. This industry has unique risk characteristics as it is highly susceptible to changes in the domestic and global economic environments, which can cause the industry to experience substantial volatility. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Hotel/motel lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Management monitors and evaluates all commercial real estate loans based on collateral and risk grade criteria. Commercial construction loans generally are made to customers for the purpose of building income-producing properties, and any hotel/motel construction loan would be included in this segment. Personal guarantees of the principals are generally required. Such loans are made on a projected cash flow basis and are secured by the project being constructed. Construction loan draw procedures are included in each specific loan agreement, including required documentation items and inspection requirements. Construction loans may convert to term loans at the end of the construction period, or may be repaid by the take-out commitment from another financing source. If the loan is to convert to a term loan, the repayment ability is based on the borrower’s projected cash flow. Risk is mitigated during the construction phase by requiring proper documentation and inspections whenever a draw is requested. Loans in amounts greater than $500,000 generally require a performance bond to be posted by the general contractor to assure completion of the project. Commercial real estate residential loans are commercial purpose construction and permanent financed loans for commercial purpose 1-4 family/multi-family properties. All commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Management monitors and evaluates all commercial real estate loans based on collateral and risk grade criteria. Commercial residential construction loans generally are made to customers for the purpose of building income-producing properties. Personal guarantees of the principals are generally required. Such loans are made on a projected cash flow basis and are secured by the project being constructed. Construction loan draw procedures are included in each specific loan agreement, including required documentation items and inspection requirements. Construction loans may convert to term loans at the end of the construction period, or may be repaid by the take-out commitment from another financing source. If the loan is to convert to a term loan, the repayment ability is based on the borrower’s projected cash flow. Risk is mitigated during the construction phase by requiring proper documentation and inspections whenever a draw is requested. Loans in amounts greater than $500,000 generally require a performance bond to be posted by the general contractor to assure completion of the project. Commercial real estate nonresidential loans are secured by nonfarm, nonresidential properties, farmland, and other commercial real estate. Construction for commercial real estate nonresidential loans are also included in this segment as these loans are generally one loan for construction to permanent financing. All commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Management monitors and evaluates all commercial real estate loans based on collateral and risk grade criteria. Commercial nonresidential construction loans generally are made to customers for the purpose of building income-producing properties. Personal guarantees of the principals are generally required. Such loans are made on a projected cash flow basis and are secured by the project being constructed. Construction loan draw procedures are included in each specific loan agreement, including required documentation items and inspection requirements. Construction loans may convert to term loans at the end of the construction period, or may be repaid by the take-out commitment from another financing source. If the loan is to convert to a term loan, the repayment ability is based on the borrower’s projected cash flow. Risk is mitigated during the construction phase by requiring proper documentation and inspections whenever a draw is requested. Loans in amounts greater than $500,000 generally require a performance bond to be posted by the general contractor to assure completion of the project. Dealer floorplans are segmented separately as they are a unique product with unique risk factors. CTBI maintains strict processing procedures over its floorplan product with any exceptions requested by a loan officer approved by the appropriate loan committee and the floorplan manager. Commercial other loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. As we underwrite our equipment lease financing in a manner similar to our commercial loan portfolio described below, the risk characteristics for this portfolio mirror that of the commercial loan portfolio. CTBI’s participation in the CARES Act PPP loan program has resulted in a new loan segment of unsecured commercial other loans that are one hundred percent guaranteed by the SBA. These loans, which are subject to forgiveness, have maturities of either two or three to five years, depending on when the loans were made. These loans currently have no allowance for credit losses. With respect to residential loans that are secured by 1-4 family residences and are generally owner occupied, CTBI generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences. Residential construction loans are handled through the home mortgage area of the bank. The repayment ability of the borrower and the maximum loan-to-value ratio are calculated using the normal mortgage lending criteria. Draws are processed based on percentage of completion stages including normal inspection procedures. Such loans generally convert to term loans after the completion of construction. Consumer loans are secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans and certain lines of credit. Our determination of a borrower’s ability to repay these loans is primarily dependent on the personal income and credit rating of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. The indirect lending area of the bank generally deals with purchasing/funding consumer contracts with new and used automobile dealers. The dealers generate consumer loan applications which are forwarded to the indirect loan processing area for approval or denial. Loan approvals or denials are based on the creditworthiness and repayment ability of the borrower, and on the collateral value. The dealers may have limited recourse agreements with CTB. Credit Quality Indicators: CTBI categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. CTBI also considers the fair value of the underlying collateral and the strength and willingness of the guarantor(s). CTBI analyzes commercial loans individually by classifying the loans as to credit risk. Loans classified as loss, doubtful, substandard, or special mention are reviewed quarterly by CTBI for further deterioration or improvement to determine if appropriately classified and valued if deemed impaired. All other commercial loan reviews are completed every 12 to 18 months. In addition, during the renewal process of any loan, as well as if a loan becomes past due or if other information becomes available, CTBI will evaluate the loan grade. CTBI uses the following definitions for risk ratings: ➢ Pass ➢ Watch ➢ Other assets especially mentioned (OAEM) ➢ Substandard ➢ Doubtful The following tables present the credit risk profile of CTBI’s commercial loan portfolio based on rating category and payment activity, segregated by class of loans and based on last credit decision or year of origination: March 31, 2022 Term Loans Amortized Cost Basis by Origination Year (in s) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Hotel/motel Risk rating: Pass $ 37,289 $ 27,824 $ 11,120 $ 53,233 $ 18,607 $ 49,251 $ 0 $ 197,324 Watch 3,960 9,149 13,921 8,741 8,709 29,113 0 73,593 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 3,339 0 0 3,339 Doubtful 0 0 0 0 0 0 0 0 Total hotel/motel $ 41,249 $ 36,973 $ 25,041 $ 61,974 $ 30,655 $ 78,364 $ 0 $ 274,256 Commercial real estate residential Risk rating: Pass $ 26,018 $ 135,618 $ 48,239 $ 17,798 $ 18,552 $ 52,486 $ 10,157 $ 308,868 Watch 614 2,214 2,367 2,000 2,409 7,488 37 17,129 OAEM 0 0 0 0 0 15 0 15 Substandard 322 4,260 1,917 383 1,715 2,614 224 11,435 Doubtful 0 0 0 0 0 0 0 0 Total commercial real estate residential $ 26,954 $ 142,092 $ 52,523 $ 20,181 $ 22,676 $ 62,603 $ 10,418 $ 337,447 Commercial real estate nonresidential Risk rating: Pass $ 46,930 $ 213,550 $ 97,038 $ 80,023 $ 52,560 $ 198,565 $ 29,254 $ 717,920 Watch 2,647 4,430 2,688 3,072 2,602 13,046 1,041 29,526 OAEM 0 0 0 0 0 112 20 132 Substandard 1,347 4,883 5,499 3,416 1,119 10,618 24 26,906 Doubtful 0 0 0 0 0 307 0 307 Total commercial real estate nonresidential $ 50,924 $ 222,863 $ 105,225 $ 86,511 $ 56,281 $ 222,648 $ 30,339 $ 774,791 Dealer floorplans Risk rating: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 72,309 $ 72,309 Watch 0 0 0 0 0 0 457 457 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total dealer floorplans $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 72,766 $ 72,766 Commercial other Risk rating: Pass $ 38,977 $ 60,835 $ 39,687 $ 13,194 $ 29,265 $ 29,659 $ 80,968 $ 292,585 Watch 949 648 702 364 473 1,177 6,728 11,041 OAEM 0 0 0 0 3 0 0 3 Substandard 1,357 6,954 2,844 1,254 329 795 4,947 18,480 Doubtful 0 0 0 0 0 0 0 0 Total commercial other $ 41,283 $ 68,437 $ 43,233 $ 14,812 $ 30,070 $ 31,631 $ 92,643 $ 322,109 Commercial unsecured SBA PPP Risk rating: Pass $ 0 $ 22,176 $ 306 $ 0 $ 0 $ 0 $ 0 $ 22,482 Watch 0 0 0 0 0 0 0 0 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total commercial unsecured SBA PPP $ 0 $ 22,176 $ 306 $ 0 $ 0 $ 0 $ 0 $ 22,482 Commercial loans Risk rating: Pass $ 149,214 $ 460,003 $ 196,390 $ 164,248 $ 118,984 $ 329,961 $ 192,688 $ 1,611,488 Watch 8,170 16,441 19,678 14,177 14,193 50,824 8,263 131,746 OAEM 0 0 0 0 3 127 20 150 Substandard 3,026 16,097 10,260 5,053 6,502 14,027 5,195 60,160 Doubtful 0 0 0 0 0 307 0 307 Total commercial loans $ 160,410 $ 492,541 $ 226,328 $ 183,478 $ 139,682 $ 395,246 $ 206,166 $ 1,803,851 December 31, 2021 Term Loans Amortized Cost Basis by Origination Year (in s) 2021 2020 2019 2018 2017 Prior Revolving Loans Total Hotel/motel Risk rating: Pass $ 42,056 $ 11,231 $ 53,713 $ 18,752 $ 32,765 $ 20,087 $ 0 $ 178,604 Watch 9,234 14,021 8,813 8,780 2,678 30,502 0 74,028 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 3,355 1,075 0 0 4,430 Doubtful 0 0 0 0 0 0 0 0 Total hotel/motel $ 51,290 $ 25,252 $ 62,526 $ 30,887 $ 36,518 $ 50,589 $ 0 $ 257,062 Commercial real estate residential Risk rating: Pass $ 142,364 $ 54,380 $ 22,320 $ 19,826 $ 11,919 $ 45,791 $ 9,544 $ 306,144 Watch 2,643 2,359 1,962 2,119 554 6,949 156 16,742 OAEM 0 0 0 0 16 0 0 16 Substandard 4,822 1,990 620 1,835 596 2,468 0 12,331 Doubtful 0 0 0 0 0 0 0 0 Total commercial real estate residential $ 149,829 $ 58,729 $ 24,902 $ 23,780 $ 13,085 $ 55,208 $ 9,700 $ 335,233 Commercial real estate nonresidential Risk rating: Pass $ 214,563 $ 99,131 $ 82,386 $ 57,397 $ 55,422 $ 168,533 $ 22,389 $ 699,821 Watch 5,130 2,865 3,981 2,802 3,655 11,828 767 31,028 OAEM 0 0 0 0 0 178 20 198 Substandard 5,201 5,098 3,764 600 2,016 9,659 200 26,538 Doubtful 0 0 0 0 0 308 0 308 Total commercial real estate nonresidential $ 224,894 $ 107,094 $ 90,131 $ 60,799 $ 61,093 $ 190,506 $ 23,376 $ 757,893 Dealer floorplans Risk rating: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 69,105 $ 69,105 Watch 0 0 0 0 0 0 347 347 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total dealer floorplans $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 69,452 $ 69,452 Commercial other Risk rating: Pass $ 72,650 $ 43,838 $ 16,495 $ 29,858 $ 9,105 $ 13,346 $ 75,119 $ 260,411 Watch 7,196 1,967 1,582 599 332 1,071 11,792 24,539 OAEM 0 0 268 383 12 1 482 1,146 Substandard 1,600 1,589 147 184 287 451 124 4,382 Doubtful 0 0 0 0 0 0 0 0 Total commercial other $ 81,446 $ 47,394 $ 18,492 $ 31,024 $ 9,736 $ 14,869 $ 87,517 $ 290,478 Commercial unsecured SBA PPP Risk rating: Pass $ 46,227 $ 1,108 $ 0 $ 0 $ 0 $ 0 $ 0 $ 47,335 Watch 0 0 0 0 0 0 0 0 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total commercial unsecured SBA PPP $ 46,227 $ 1,108 $ 0 $ 0 $ 0 $ 0 $ 0 $ 47,335 Commercial loans Risk rating: Pass $ 517,860 $ 209,688 $ 174,914 $ 125,833 $ 109,211 $ 247,757 $ 176,157 $ 1,561,420 Watch 24,203 21,212 16,338 14,300 7,219 50,350 13,062 146,684 OAEM 0 0 268 383 28 179 502 1,360 Substandard 11,623 8,677 4,531 5,974 3,974 12,578 324 47,681 Doubtful 0 0 0 0 0 308 0 308 Total commercial loans $ 553,686 $ 239,577 $ 196,051 $ 146,490 $ 120,432 $ 311,172 $ 190,045 $ 1,757,453 The following tables present the credit risk profile of CTBI’s residential real estate and consumer loan portfolios based on performing or nonperforming status, segregated by class: March 31, 2022 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Home equity lines Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 11,934 $ 94,324 $ 106,258 Nonperforming 0 0 0 0 0 635 337 972 Total home equity lines $ 0 $ 0 $ 0 $ 0 $ 0 $ 12,569 $ 94,661 $ 107,230 Mortgage loans Performing $ 44,293 $ 196,891 $ 151,515 $ 70,288 $ 35,606 $ 274,366 $ 0 $ 772,959 Nonperforming 0 0 0 485 415 6,594 0 7,494 Total mortgage loans $ 44,293 $ 196,891 $ 151,515 $ 70,773 $ 36,021 $ 280,960 $ 0 $ 780,453 Residential loans Performing $ 44,293 $ 196,891 $ 151,515 $ 70,288 $ 35,606 $ 286,300 $ 94,324 $ 879,217 Nonperforming 0 0 0 485 415 7,229 337 8,466 Total residential loans $ 44,293 $ 196,891 $ 151,515 $ 70,773 $ 36,021 $ 293,529 $ 94,661 $ 887,683 Consumer direct loans Performing $ 19,055 $ 62,560 $ 34,193 $ 16,419 $ 9,332 $ 15,038 $ 0 $ 156,597 Nonperforming 0 0 14 0 9 0 0 23 Total consumer direct loans $ 19,055 $ 62,560 $ 34,207 $ 16,419 $ 9,341 $ 15,038 $ 0 $ 156,620 Consumer indirect loans Performing $ 123,676 $ 235,189 $ 167,492 $ 70,474 $ 46,187 $ 24,190 $ 0 $ 667,208 Nonperforming 0 105 7 53 0 14 0 179 Total consumer indirect loans $ 123,676 $ 235,294 $ 167,499 $ 70,527 $ 46,187 $ 24,204 $ 0 $ 667,387 Consumer loans Performing $ 142,731 $ 297,749 $ 201,685 $ 86,893 $ 55,519 $ 39,228 $ 0 $ 823,805 Nonperforming 0 105 21 53 9 14 0 202 Total consumer loans $ 142,731 $ 297,854 $ 201,706 $ 86,946 $ 55,528 $ 39,242 $ 0 $ 824,007 December 31, 2021 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Total Home equity lines Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 10,909 $ 94,666 $ 105,575 Nonperforming 0 0 0 0 0 520 572 1,092 Total home equity lines $ 0 $ 0 $ 0 $ 0 $ 0 $ 11,429 $ 95,238 $ 106,667 Mortgage loans Performing $ 195,731 $ 161,471 $ 75,792 $ 37,188 $ 42,597 $ 245,666 $ 0 $ 758,445 Nonperforming 0 63 424 364 558 7,331 0 8,740 Total mortgage loans $ 195,731 $ 161,534 $ 76,216 $ 37,552 $ 43,155 $ 252,997 $ 0 $ 767,185 Residential loans Performing $ 195,731 $ 161,471 $ 75,792 $ 37,188 $ 42,597 $ 256,575 $ 94,666 $ 864,020 Nonperforming 0 63 424 364 558 7,851 572 9,832 Total residential loans $ 195,731 $ 161,534 $ 76,216 $ 37,552 $ 43,155 $ 264,426 $ 95,238 $ 873,852 Consumer direct loans Performing $ 71,626 $ 39,312 $ 18,492 $ 10,468 $ 4,490 $ 12,251 $ 0 $ 156,639 Nonperforming 0 4 3 34 3 0 0 44 Total consumer direct loans $ 71,626 $ 39,316 $ 18,495 $ 10,502 $ 4,493 $ 12,251 $ 0 $ 156,683 Consumer indirect loans Performing $ 263,127 $ 190,145 $ 80,793 $ 54,437 $ 23,449 $ 8,668 $ 0 $ 620,619 Nonperforming 24 135 20 0 23 4 0 206 Total consumer indirect loans $ 263,151 $ 190,280 $ 80,813 $ 54,437 $ 23,472 $ 8,672 $ 0 $ 620,825 Consumer loans Performing $ 334,753 $ 229,457 $ 99,285 $ 64,905 $ 27,939 $ 20,919 $ 0 $ 777,258 Nonperforming 24 139 23 34 26 4 0 250 Tota |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2022 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned | Note 5 – Other Real Estate Owned Activity for other real estate owned was as follows: Three Months Ended March (in thousands) 2022 2021 Beginning balance of other real estate owned $ 3,486 $ 7,694 New assets acquired 137 (170 ) Fair value adjustments (246 ) (154 ) Sale of assets (1,078 ) (1,146 ) Ending balance of other real estate owned $ 2,299 $ 6,224 Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended March 31, 2022 and 2021 were $0.4 million and $0.3 million, respectively. For a description of our accounting policies relative to foreclosed properties and other real estate owned, see Note 1 to our consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2021. The major classifications of foreclosed properties are shown in the following table: (in thousands) March 31 2022 December 31 2021 1-4 family $ 940 $ 1,130 Construction/land development/other 465 480 Multifamily 0 88 Non-farm/non-residential 894 1,788 Total foreclosed properties $ 2,299 $ 3,486 |
Repurchase Agreements
Repurchase Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Repurchase Agreements [Abstract] | |
Repurchase Agreements | Note 6 – Repurchase Agreements We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and provide additional funding to our balance sheet. Repurchase agreements are transactions whereby we offer to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates CTBI to repurchase the security on an agreed upon date at an agreed upon repurchase price plus interest at an agreed upon rate. Securities sold under agreements to repurchase are recorded at the amount of cash received in connection with the transaction and are reflected in the accompanying consolidated balance sheets. We monitor collateral levels on a continuous basis and maintain records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and we segregate the security from its general assets in accordance with regulations governing custodial holdings of securities. The primary risk with our repurchase agreements is market risk associated with the securities securing the transactions, as we may be required to provide additional collateral based on fair value changes of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The carrying value of investment securities available-for-sale pledged as collateral under repurchase agreements totaled $330.9 million and $317.1 million at March 31, 2022 The remaining contractual maturity of the securities sold under agreements to repurchase by class of collateral pledged included in the accompanying consolidated balance sheets as of March 31, 2022 and December is presented in the following tables: March 31, 2022 Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Continuous Up to 30 days 30-90 days Greater Than 90 days Total Repurchase agreements and repurchase-to-maturity transactions: U.S. Treasury and government agencies $ 2,470 $ 0 $ 25,000 $ 14,209 $ 41,679 State and political subdivisions 82,075 0 0 22,045 104,120 U.S. government sponsored agency mortgage-backed securities 25,228 0 0 83,596 108,824 Total $ 109,773 $ 0 $ 25,000 $ 119,850 $ 254,623 December 31, 2021 Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Continuous Up to 30 days 30-90 days Greater Than 90 days Total Repurchase agreements and repurchase-to-maturity transactions: U.S. Treasury and government agencies $ 3,176 $ 16 $ 5,400 $ 10,040 $ 18,632 State and political subdivisions 83,375 484 13,633 9,427 106,919 U.S. government sponsored agency mortgage-backed securities 24,689 0 85,967 34,881 145,537 Total $ 111,240 $ 500 $ 105,000 $ 54,348 $ 271,088 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value of Financial Assets and Liabilities [Abstract] | |
Fair Value of Financial Assets and Liabilities | Note 7 – Fair Value of Financial Assets and Liabilities Fair Value Measurements ASC 820, Fair Value Measurements Level 1 Inputs – Quoted prices in active markets for identical assets or liabilities. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in determining an exit price for the assets or liabilities. Recurring Measurements The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 and indicate the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at March 31, 2022 Using Fair Value Quoted Prices in Active Markets for Identical (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – recurring basis Available-for-sale securities: U.S. Treasury and government agencies $ 451,731 $ 402,275 $ 49,456 $ 0 State and political subdivisions 302,662 0 302,662 0 U.S. government sponsored agency mortgage-backed securities 655,213 0 655,213 0 Asset-backed securities 93,559 0 93,559 0 Equity securities at fair value 2,352 0 0 2,352 Mortgage servicing rights 7,748 0 0 7,748 (in thousands) Fair Value Measurements at December 31, 2021 Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – recurring basis Available-for-sale securities: U.S. Treasury and government agencies $ 295,770 $ 242,214 $ 53,556 $ 0 State and political subdivisions 334,203 0 334,203 0 U.S. government sponsored agency mortgage-backed securities 730,809 0 730,809 0 Asset-backed securities 94,647 0 94,647 0 Equity securities at fair value 2,253 0 0 2,253 Mortgage servicing rights 6,774 0 0 6,774 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. These valuation methodologies were applied to all of CTBI’s financial assets carried at fair value. CTBI had no liabilities measured and recorded at fair value as of March 31, 2022 and December 31, 2021. There have been no significant changes in the valuation techniques during the quarter ended March 31, 2022. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Available-for-Sale Securities Securities classified as AFS are reported at fair value on a recurring basis. U.S. Treasury and government agencies are classified as Level 1 of the valuation hierarchy where quoted market prices are available in the active market on which the individual securities are traded. If quoted market prices are not available, CTBI obtains fair value measurements from an independent pricing service, such as Interactive Data, which utilizes pricing models to determine fair value measurement. CTBI reviews the pricing quarterly to verify the reasonableness of the pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the bond’s terms and conditions, among other factors. U.S. Treasury and government agencies, state and political subdivisions, U.S. government sponsored agency mortgage-backed securities, and asset-backed securities are classified as Level 2 inputs. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Fair value determinations for Level 3 measurements are estimated on a quarterly basis where assumptions used are reviewed to ensure the estimated fair value complies with accounting standards generally accepted in the United States. Equity Securities at Fair Value As of March 31, 2022 and December 31, 2021, the only securities owned by CTBI that were valued using Level 3 criteria are Visa Class B Stock (included in equity securities at fair value). Fair value for Visa Class B Stock is determined by an independent third party utilizing assumptions about factors such as quarterly common stock dividend payments, the conversion of the securities to the relevant Class A Stock shares subject to the prevailing conversion rate, and conversion date. See the table below for inputs and valuation techniques used for Level 3 equity securities. Mortgage Servicing Rights Mortgage servicing rights (“MSRs”) In determining fair value, CTBI utilizes the expertise of an independent third party. Accordingly, fair value is determined by the independent third party by utilizing assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends and industry demand. Due to the nature of the valuation inputs, MSRs are classified within Level 3 of the hierarchy. Fair value determinations for Level 3 measurements of MSRs are tested for impairment on a quarterly basis where assumptions used are reviewed to ensure the estimated fair value complies with accounting standards generally accepted in the United States. We have reviewed the assumptions, processes, and conclusions of the third party provider. We have determined these assumptions, processes, and conclusions to be reasonable and appropriate in determining the fair value of this asset. See the table below for inputs and valuation techniques used for Level 3 MSRs. Level 3 Reconciliation Following is a reconciliation of the beginning and ending balances of recurring fair value measurements, for the periods indicated, using significant unobservable (Level 3) inputs: (in thousands) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Equity Securities at Fair Value Mortgage Servicing Rights Equity Securities at Fair Value Mortgage Servicing Rights Beginning balance $ 2,253 $ 6,774 $ 2,471 $ 4,068 Total unrealized gains (losses) Included in net income 99 983 (228 ) 1,030 Issues 0 229 0 736 Settlements 0 (238 ) 0 (250 ) Ending balance $ 2,352 $ 7,748 $ 2,243 $ 5,584 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 $ 99 $ 983 $ (228 ) $ 1,030 Realized and unrealized gains and losses for items reflected in the table above are included in net income in the consolidated statements of income as follows: Noninterest Income Three Months Ended March 31 (in thousands) 2022 2021 Total gains $ 844 $ 552 Nonrecurring Measurements The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a nonrecurring basis as of March 31, 2022 and December 31, 2021 and indicate the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at March 31, 2022 Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – nonrecurring basis Collateral dependent loans $ 759 $ 0 $ 0 $ 759 Other real estate owned 688 0 0 688 (in thousands) Fair Value Measurements at December 31, 2021 Using Fair Value Quoted Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – nonrecurring basis Collateral-dependent loans $ 1,238 $ 0 $ 0 $ 1,238 Other real estate owned 1,487 0 0 1,487 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheet, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Collateral Dependent Loans The estimated fair value of collateral-dependent loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent loans are classified within Level 3 of the fair value hierarchy. CTBI considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the Chief Credit Officer. Appraisals are reviewed for accuracy and consistency by the Chief Credit Officer. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the Chief Credit Officer by comparison to historical results. Loans considered collateral dependent are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty in accordance with ASC - - - Quarter-to-date fair value adjustments on collateral- dependent loans disclosed above was a recovery of at March 31, 2022, and expense of and for the quarters ended December and March respectively. Other Real Estate Owned In accordance with the provisions of ASC 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 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. Quarter-to-date fair value adjustments on OREO disclosed above were for each of the quarters ended March December and March . Our policy for determining the frequency of periodic reviews is based upon consideration of the specific properties and the known or perceived market fluctuations in a particular market and is typically between 12 and 18 months but generally not more than 24 months. Appraisers are selected from the list of approved appraisers maintained by management. Unobservable (Level 3) Inputs The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at March 31, 2022 and December 31, 2021. (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at March 31, 2022 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $ 2,352 Discount cash flows, computer pricing model Discount rate 8.0% - 12.0% (10.0%) Conversion date Dec 2024 Dec 2028 ( Dec 2026 Mortgage servicing rights $ 7,748 Discount cash flows, computer pricing model Constant prepayment rate 7.0% - 28.3% (8.1%) Probability of default 0.0% - 66.7% (1.3%) Discount rate 10.0% - 11.5% (10.1%) Collateral dependent loans $ 759 Market comparable properties Marketability discount 20.0% - 20.0% (20.0%) Other real estate owned $ 688 Market comparable properties Comparability adjustments 10.0% - 34.15% (14.3%) (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, 2021 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $ 2,253 Discount cash flows, computer pricing model Discount rate 8.0% - 12.0% (10.0%) Conversion date Dec 2024 Dec 2028 ( Dec 2026 Mortgage servicing rights $ 6,774 Discount cash flows, computer pricing model Constant prepayment rate 7.0% - 26.7% (10.0%) Probability of default 0.0% - 75.0% (1.4%) Discount rate 10.0% - 11.5% (10.1%) Collateral-dependent loans $ 1,238 Market comparable properties Marketability discount 20.0% - 62.0% (41.0%) Other real estate owned $ 1,487 Market comparable properties Comparability adjustments 10.0% - 45.5% (15.1%) U The following is a discussion of the uncertainty of fair value measurements, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement and of how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement. Equity Securities at Fair Value Fair value for equity securities is derived based on unobservable inputs, such as the discount rate, quarterly dividends payable to the Visa Class B common stock and the prevailing conversion rate at the conversion date. The most recent conversion rate of 1.6181 and the most recent dividend rate of 0.6068 were used to derive the fair value estimate. Significant increases (decreases) in either of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for discount rate is accompanied by a directionally opposite change in the fair value estimate. Mortgage Servicing Rights Fair value for MSRs is derived based on unobservable inputs, such as prepayment speeds of the underlying loans generated using the Andrew Davidson Prepayment Model, FHLMC/FNMA guidelines, the weighted average life of the loan, the discount rate, the weighted average coupon, and the weighted average default rate. Significant increases (decreases) in either of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for prepayment speeds is accompanied by a directionally opposite change in the assumption for interest rates. Fair Value of Financial Instruments The following table presents estimated fair value of CTBI’s financial instruments as of March 31, 2022 and indicates the level within the fair value hierarchy of the valuation techniques. In accordance with the adoption of ASU 2016-01, the fair values as of March 31, 2022 were measured using an exit price notion. Fair Value Measurements at March 31, 2022 Using (in thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 164,485 $ 164,485 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 1,503,165 402,275 1,100,890 0 Equity securities at fair value 2,352 0 0 2,352 Loans held for sale 1,941 1,979 0 0 Loans, net 3,473,232 0 0 3,565,567 Federal Home Loan Bank stock 8,139 0 8,139 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 15,024 0 15,024 0 Financial liabilities: Deposits $ 4,428,304 $ 1,398,529 $ 3,046,220 $ 0 Repurchase agreements 254,623 0 0 254,885 Federal funds purchased 500 0 500 0 Advances from Federal Home Loan Bank 370 0 392 0 Long-term debt 57,841 0 0 47,415 Accrued interest payable 1,306 0 1,306 0 Unrecognized financial instruments: Letters of credit $ 0 $ 0 $ 0 $ 0 Commitments to extend credit 0 0 0 0 Forward sale commitments 0 0 0 0 The following table presents estimated fair value of CTBI’s financial instruments as of December 31, 2021 and indicates the level within the fair value hierarchy of the valuation techniques. Fair Value Measurements at December 31, 2021 Using (in thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 311,756 $ 311,756 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 1,455,429 242,214 1,213,215 0 Equity securities at fair value 2,253 0 0 2,253 Loans held for sale 2,632 2,693 0 0 Loans, net 3,367,057 0 0 3,480,803 Federal Home Loan Bank stock 8,139 0 8,139 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 15,415 0 15,415 0 Financial liabilities: Deposits $ 4,344,292 $ 1,331,103 $ 3,043,339 $ 0 Repurchase agreements 271,088 0 0 271,186 Federal funds purchased 500 0 500 0 Advances from Federal Home Loan Bank 375 0 400 0 Long-term debt 57,841 0 0 45,854 Accrued interest payable 1,016 0 1,016 0 Unrecognized financial instruments: Letters of credit $ 0 $ 0 $ 0 $ 0 Commitments to extend credit 0 0 0 0 Forward sale commitments 0 0 0 0 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 8 – Revenue Recognition CTBI’s primary source of revenue is interest income generated from loans and investment securities. Interest income is recognized according to the terms of the financial instrument agreement over the life of the loan or investment security unless it is determined that the counterparty is unable to continue making interest payments. Interest income also includes prepaid interest fees from commercial customers, which approximates the interest foregone on the balance of the loan prepaid. CTBI’s additional source of income, also referred to as noninterest income, includes service charges on deposit accounts, gains/losses on the sale of OREO, gains/losses on the sale of property, plant and equipment, Generally, CTBI enters into contracts with customers that are short-term in nature where the performance obligations are fulfilled and payment is processed at the same time. Such examples include revenue related to merchant fees, interchange fees, and investment services income. In addition, revenue generated from existing customer relationships such as deposit accounts are also considered short-term in nature, because the relationship may be terminated at any time and payment is processed at the time performance obligations are fulfilled. As a result, CTBI does t have contract assets, contract liabilities, or related receivable accounts for contracts with customers. In cases where collectability is a concern, CTBI does not record revenue. Generally, the pricing of transactions between CTBI and each customer is either (i) established within a legally enforceable contract between the two parties, as is the case with loan sales, or (ii) disclosed to the customer at a specific point in time, as is the case when a deposit account is opened or before a new loan is underwritten. Fees are usually fixed at a specific amount or as a percentage of a transaction amount. No judgment or estimates by management are required to record revenue related to these transactions and pricing is clearly identified within these contracts. CTBI primarily operates in Kentucky and contiguous areas. Therefore, all significant operating decisions are based upon analysis of CTBI as operating segment. We disaggregate our revenue from contracts with customers by contract-type and timing of revenue recognition, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Noninterest income not generated under accounting guidance for revenue from contracts with customers during CTBI’s ordinary activities primarily relates to gains on sales of loans, MSRs, gains/losses on the sale of investment securities, and income from bank owned life insurance. For more information related to our components of noninterest income, see the Condensed Consolidated Statements of Income and Comprehensive Income above. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 9 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31 (in thousands except per share data) 2022 2021 Numerator: Net income $ 19,728 $ 23,618 Denominator: Basic earnings per share: Weighted average shares 17,820 17,774 Diluted earnings per share: Effect of dilutive stock options and restricted stock grants 12 13 Adjusted weighted average shares 17,832 17,787 Earnings per share: Basic earnings per share $ 1.11 $ 1.33 Diluted earnings per share 1.11 1.33 There were options to purchase common shares that were excluded from the diluted calculations above for the months ended March In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | Note 10 – Accumulated Other Comprehensive Income Unrealized gains on AFS securities Amounts reclassified from accumulated other comprehensive income ( AOCI ) and the affected line items in the statements of income during the three months ended March 31, 2022 and 2021 Amounts Reclassified from AOCI (in thousands) Three Months Ended March 31 2022 2021 Affected line item in the statements of income Securities gains $ 0 $ 60 Tax expense 0 16 Total reclassifications out of AOCI $ 0 $ 44 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation – |
New Accounting Standards | New Accounting Standards ➢ Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting In response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. The amendments in this ASU provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting and provide optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This ASU applies only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ➢ Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures he amendments in this ASU eliminate the accounting guidance for troubled debt restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors Financial Instruments—Credit Losses—Measured at Amortized Cost |
Significant Accounting Policies | Significant Accounting Policies – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the appropriate application of certain accounting policies, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our consolidated financial statements and related notes. Since future events and their impact cannot be determined with certainty, the actual results will inevitably differ from our estimates. Such differences could be material to our consolidated financial statements. We believe the application of accounting policies and the estimates required therein are reasonable. These accounting policies and estimates are constantly reevaluated, and adjustments are made when facts and circumstances dictate a change. Historically, we have found our application of accounting policies to be appropriate, and actual results have not differed materially from those determined using necessary estimates. We have identified the following significant accounting policies: |
Investments | ➢ Investments – Debt Securities a. Trading securities . . b. Available-for-sale securities. Investments not classified as trading securities (nor as HTM securities) shall be classified as available-for-sale (“AFS”) securities. We do not have any securities that are classified as trading securities. AFS securities are reported at fair value, with unrealized gains and losses included as a separate component of shareholders’ equity, net of tax. If declines in fair value are other than temporary, the carrying value of the securities is written down to fair value as a realized loss with a charge to income for the portion attributable to credit losses and a charge to other comprehensive income for the portion that is not credit related. Gains or losses on disposition of debt securities are computed by specific identification for those securities. Interest and dividend income, adjusted by amortization of purchase premium or discount, is included in earnings. An allowance is recognized for credit losses relative to AFS securities rather than as a reduction in the cost basis of the security. Subsequent improvements in credit quality or reductions in estimated credit losses are recognized immediately as a reversal of the previously recorded allowance, which aligns the income statement recognition of credit losses with the reporting period in which changes occur. HTM securities are subject to an allowance for lifetime expected credit losses, determined by adjusting historical loss information for current conditions and reasonable and supportable forecasts. The forward-looking evaluation of lifetime expected losses will be performed on a pooled basis for debt securities that share similar risk characteristics. These allowances for expected losses must be made by the holder of the HTM debt security when the security is purchased. At March 31, 2022 and December 31, 2021, CTBI held no securities designated as held-to-maturity. CTBI accounts for equity securities in accordance with ASC 321, Investments – Equity Securities Equity securities with a readily determinable fair value are required to be measured at fair value, with changes in fair value recognized in net income. Equity securities without a readily determinable fair value are carried at cost, less any impairment, if any, plus or minus changes resulting from observable price changes for identical or similar investments. As permitted by ASC 321-10-35-2, CTBI can make an irrevocable election to subsequently measure an equity security without a readily determinable fair value, and all identical or similar investments of the same issuer, including future purchases of identical or similar investments of the same issuer, at fair value. CTBI has made this election for our Visa Class B equity securities. The fair value of these securities was determined by a third party service provider using Level 3 inputs as defined in ASC 820, Fair Value Measurement |
Loans | ➢ The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) included an election for banking institutions to not apply the guidance on accounting for TDRs to loan modifications, such as extensions or deferrals, related to COVID-19 made between March 1, 2020 and the earlier of (i) December 31, 2020 or (ii) 60 days after the end of the COVID-19 national emergency. The relief can only be applied to modifications for borrowers that were not more than 30 days past due as of December 31, 2019. The ability to exclude COVID-19-related modifications as TDRs was extended under the Consolidated Appropriations Act 2021 to the earlier of (i) 60 days after the end of the COVID-19 national emergency and (ii) January 1, 2022. CTBI elected to adopt these provisions of the CARES Act, as extended by the Consolidated Appropriations Act 2021 . Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized over the estimated life of the related loans, or commitments as a yield adjustment. |
Allowance for Credit Losses | ➢ In the event that collection of principal becomes uncertain, CTBI has policies in place to reverse accrued interest in a timely manner. Therefore, CTBI elected ASU 2019-04 which allows that accrued interest would continue to be presented separately and not part of the amortized cost of the loan. The methodology used by CTBI is developed using the current loan balance, which is then compared to amortized cost balances to analyze the impact. The difference in amortized cost basis versus consideration of loan balances impacts the allowance for credit losses calculation by one We maintain an allowance for credit losses (“ACL”) at a level that is appropriate to cover estimated credit losses on individually evaluated loans, as well as estimated credit losses inherent in the remainder of the loan and lease portfolio. Credit losses are charged and recoveries are credited to the ACL. We utilize an internal risk grading system for commercial credits. Those credits that meet the following criteria are subject to individual evaluation: the loan has an outstanding bank share balance of $1 million or greater and meets one of the following criteria: (i) has a criticized risk rating, (ii) is in nonaccrual status, (iii) is a TDR, or (iv) is 90 days or more past due. The borrower’s cash flow, adequacy of collateral coverage, and other options available to CTBI, including legal remedies, are evaluated. We evaluate the collectability of both principal and interest when assessing the need for loss provision. Historical loss rates are analyzed and applied to other commercial loan segments not subject to individual evaluation. Homogenous loans, such as consumer installment, residential mortgages, and home equity lines are not individually risk graded. The associated ACL for these loans is measured in pools with similar risk characteristics under ASC 326. When any secured commercial loan is considered uncollectable, whether past due or not, a current assessment of the value of the underlying collateral is made. If the balance of the loan exceeds the fair value of the collateral, the loan is placed on nonaccrual and the loan is charged down to the value of the collateral less estimated cost to sell. For commercial loans greater than $ When the foreclosed collateral has been legally assigned to CTBI, the estimated fair value of the collateral less costs to sell is then transferred to other real estate owned or other repossessed assets, and a charge-off is taken for any remaining balance. When any unsecured commercial loan is considered uncollectable the loan is charged off no later than at days past due. All closed-end consumer loans (excluding conventional 1-4 family residential loans and installment and revolving loans secured by real estate) are charged off no later than 120 days (five monthly payments) delinquent. If a loan is considered uncollectable, it is charged off earlier than 120 days delinquent. For conventional 1-4 family residential loans and installment and revolving loans secured by real estate, when a loan is 90 days past due, a current assessment of the value of the real estate is made. If the balance of the loan exceeds the fair value of the property, the loan is placed on nonaccrual. Foreclosure proceedings are normally initiated after 120 days. When the foreclosed property has been legally assigned to CTBI, the fair value less estimated costs to sell is transferred to other real estate owned and the remaining balance is taken as a charge-off. Historical loss rates for loans are adjusted for significant factors that, in management’s judgment, reflect the impact of any current conditions on loss recognition. With the implementation of ASC 326, weighted average life (“WAL”) calculations were completed as a tool to determine the life of CTBI’s various loan segments. Vintage modeling was used to determine the life of loan losses for consumer and residential real estate loans. Static pool modeling was used to determine the life of loan losses for commercial loan segments. Qualitative factors used to derive CTBI’s total ACL include delinquency trends, current economic conditions and trends, strength of supervision and administration of the loan portfolio, levels of underperforming loans, trends in loan losses, and underwriting exceptions. Forecasting factors including unemployment rates and industry specific forecasts for industries in which our total exposure of capital or greater are also included as factors in the ACL model. Management continually reevaluates the other subjective factors included in our ACL analysi |
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, 2015. Our core deposit intangible has been fully amortized since December 31, 2017. |
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 our consolidated financial statements. During the quarters ended March 31, 2022 and 2021, CTBI has not recognized a significant amount of interest expense or penalties in connection with income |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Securities [Abstract] | |
Amortized Cost and Fair Value of Available-for-sale Securities | The amortized cost and fair value of debt securities at March are summarized as follows: Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government agencies $ 472,210 $ 95 $ (20,574 ) $ 451,731 State and political subdivisions 331,756 823 (29,917 ) 302,662 U.S. government sponsored agency mortgage-backed securities 690,098 895 (35,780 ) 655,213 Asset-backed securities 94,065 55 (561 ) 93,559 Total available-for-sale securities $ 1,588,129 $ 1,868 $ (86,832 ) $ 1,503,165 The amortized cost and fair value of debt securities at December are summarized as follows: Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government agencies $ 299,606 $ 351 $ (4,187 ) $ 295,770 State and political subdivisions 334,218 5,524 (5,539 ) 334,203 U.S. government sponsored agency mortgage-backed securities 733,467 5,107 (7,765 ) 730,809 Asset-backed securities 94,538 301 (192 ) 94,647 Total available-for-sale securities $ 1,461,829 $ 11,283 $ (17,683 ) $ 1,455,429 |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at March by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale (in thousands) Amortized Cost Fair Value Due in one year or less $ 47,754 $ 47,673 Due after one through five years 245,157 235,839 Due after five through ten years 280,613 263,396 Due after ten years 230,442 207,485 U.S. government sponsored agency mortgage-backed securities 690,098 655,213 Asset-backed securities 94,065 93,559 Total debt securities $ 1,588,129 $ 1,503,165 |
Available for Sale Securities and Held-to-Maturity Securities, Continuous Unrealized Loss Position | CTBI evaluates its investment portfolio on a quarterly basis for impairment. The analysis performed as of March of total debt securities with unrealized losses as of March , compared to as of December The following table provides the amortized cost, gross unrealized losses, and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of March March Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 395,941 $ (17,249 ) $ 378,692 State and political subdivisions 204,547 (19,287 ) 185,260 U.S. government sponsored agency mortgage-backed securities 524,844 (29,719 ) 495,125 Asset-backed securities 75,952 (554 ) 75,398 Total <12 months temporarily impaired AFS securities 1,201,284 (66,809 ) 1,134,475 12 Months or More U.S. Treasury and government agencies 50,328 (3,325 ) 47,003 State and political subdivisions 67,941 (10,630 ) 57,311 U.S. government sponsored agency mortgage-backed securities 84,800 (6,061 ) 78,739 Asset-backed securities 1,294 (7 ) 1,287 Total ≥12 months temporarily impaired AFS securities 204,363 (20,023 ) 184,340 Total U.S. Treasury and government agencies 446,269 (20,574 ) 425,695 State and political subdivisions 272,488 (29,917 ) 242,571 U.S. government sponsored agency mortgage-backed securities 609,644 (35,780 ) 573,864 Asset-backed securities 77,246 (561 ) 76,685 Total temporarily impaired AFS securities $ 1,405,647 $ (86,832 ) $ 1,318,815 The analysis performed as of December indicated that all impairment was considered temporary, market and interest rate driven, and not credit-related. The following table provides the amortized cost, gross unrealized losses, and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December that are not deemed to be other-than-temporarily impaired. As stated above, CTBI had no HTM securities as of December 31, 2021. Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Less Than 12 Months U.S. Treasury and government agencies $ 249,990 $ (4,123 ) $ 245,867 State and political subdivisions 197,592 (4,779 ) 192,813 U.S. government sponsored agency mortgage-backed securities 473,831 (6,759 ) 467,072 Asset-backed securities 52,229 (190 ) 52,039 Total <12 months temporarily impaired AFS securities 973,642 (15,851 ) 957,791 12 Months or More U.S. Treasury and government agencies 14,505 (64 ) 14,441 State and political subdivisions 19,126 (760 ) 18,366 U.S. government sponsored agency mortgage-backed securities 62,330 (1,006 ) 61,324 Asset-backed securities 1,368 (2 ) 1,366 Total ≥12 months temporarily impaired AFS securities 97,329 (1,832 ) 95,497 Total U.S. Treasury and government agencies 264,495 (4,187 ) 260,308 State and political subdivisions 216,718 (5,539 ) 211,179 U.S. government sponsored agency mortgage-backed securities 536,161 (7,765 ) 528,396 Asset-backed securities 53,597 (192 ) 53,405 Total temporarily impaired AFS securities $ 1,070,971 $ (17,683 ) $ 1,053,288 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Loans [Abstract] | |
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans | Major classifications of loans, net of unearned income, deferred loan origination costs and fees, and net premiums on acquired loans, are summarized as follows: (in thousands) March 31 2022 December 31 2021 Hotel/motel $ 274,256 $ 257,062 Commercial real estate residential 337,447 335,233 Commercial real estate nonresidential 774,791 757,893 Dealer floorplans 72,766 69,452 Commercial other 322,109 290,478 Commercial unsecured SBA PPP 22,482 47,335 Commercial loans 1,803,851 1,757,453 Real estate mortgage 780,453 767,185 Home equity lines 107,230 106,667 Residential loans 887,683 873,852 Consumer direct 156,620 156,683 Consumer indirect 667,387 620,825 Consumer loans 824,007 777,508 Loans and lease financing $ 3,515,541 $ 3,408,813 |
Activity in Allowance for Credit Losses | The following tables present the balance in the allowance for credit losses (“ACL”) for the periods ended March 31, 2022, December 31, 2021 and March 31, 2021: Three Months Ended March 31, 2022 (in thousands) Beginning Balance Provision Charged to Expense Losses Charged Off Recoveries Ending Balance ACL Hotel/motel $ 5,080 $ (153 ) $ (216 ) $ 0 $ 4,711 Commercial real estate residential 3,986 110 (31 ) 5 4,070 Commercial real estate nonresidential 8,884 174 0 111 9,169 Dealer floorplans 1,436 83 0 0 1,519 Commercial other 4,422 478 (157 ) 101 4,844 Real estate mortgage 7,637 97 (93 ) 21 7,662 Home equity 866 (33 ) (19 ) 5 819 Consumer direct 1,951 (180 ) (170 ) 186 1,787 Consumer indirect 7,494 299 (634 ) 569 7,728 Total $ 41,756 $ 875 $ (1,320 ) $ 998 $ 42,309 Year Ended December 31, 2021 (in thousands) Beginning Balance Provision Charged to Expense Losses Charged Off Recoveries Ending Balance ACL Hotel/motel $ 6,356 $ (1,276 ) $ 0 $ 0 $ 5,080 Commercial real estate residential 4,464 (488 ) (28 ) 38 3,986 Commercial real estate nonresidential 11,086 (2,233 ) (306 ) 337 8,884 Dealer floorplans 1,382 54 0 0 1,436 Commercial other 4,289 388 (644 ) 389 4,422 Real estate mortgage 7,832 3 (266 ) 68 7,637 Home equity 844 39 (36 ) 19 866 Consumer direct 1,863 256 (684 ) 516 1,951 Consumer indirect 9,906 (3,129 ) (2,361 ) 3,078 7,494 Total $ 48,022 $ (6,386 ) $ (4,325 ) $ 4,445 $ 41,756 Three Months Ended March 31, 2021 (in thousands) Beginning Balance Provision Charged to Expense Losses Charged Off Recoveries Ending Balance ACL Hotel/motel $ 6,356 $ 308 $ 0 $ 0 $ 6,664 Commercial real estate residential 4,464 199 (24 ) 2 4,641 Commercial real estate nonresidential 11,086 (135 ) (151 ) 13 10,813 Dealer floorplans 1,382 (64 ) 0 0 1,318 Commercial other 4,289 269 (112 ) 125 4,571 Real estate mortgage 7,832 (690 ) (8 ) 9 7,143 Home equity 844 (93 ) (5 ) 4 750 Consumer direct 1,863 (14 ) (154 ) 116 1,811 Consumer indirect 9,906 (2,279 ) (1,016 ) 1,024 7,635 Total $ 48,022 $ (2,499 ) $ (1,470 ) $ 1,293 $ 45,346 |
Nonaccrual Loans Segregated by Class of Loans | Refer to Note 1 to the condensed consolidated financial statements for further information regarding our nonaccrual policy. Nonaccrual loans and loans 90 days past due and still accruing segregated by class of loans for both March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 (in thousands) Nonaccrual Loans with No ACL Nonaccrual Loans with ACL 90+ and Still Accruing Total Nonperforming Loans Hotel/motel $ 0 $ 0 $ 0 $ 0 Commercial real estate residential 0 216 202 418 Commercial real estate nonresidential 2,431 1,430 414 4,275 Commercial other 0 269 52 321 Commercial unsecured SBA PPP 0 0 8 8 Total commercial loans 2,431 1,915 676 5,022 Real estate mortgage 0 3,985 3,509 7,494 Home equity lines 0 501 471 972 Total residential loans 0 4,486 3,980 8,466 Consumer direct 0 0 23 23 Consumer indirect 0 0 179 179 Total consumer loans 0 0 202 202 Loans and lease financing $ 2,431 $ 6,401 $ 4,858 $ 13,690 December 31, 2021 (in thousands) Nonaccrual Loans with No ACL Nonaccrual Loans with ACL 90+ and Still Accruing Total Nonperforming Loans Hotel/motel $ 0 $ 1,075 $ 0 $ 1,075 Commercial real estate residential 0 585 312 897 Commercial real estate nonresidential 2,447 1,602 144 4,193 Commercial other 0 302 76 378 Total commercial loans 2,447 3,564 532 6,543 Real estate mortgage 0 4,081 4,659 8,740 Home equity lines 0 579 513 1,092 Total residential loans 0 4,660 5,172 9,832 Consumer direct 0 0 44 44 Consumer indirect 0 0 206 206 Total consumer loans 0 0 250 250 Loans and lease financing $ 2,447 $ 8,224 $ 5,954 $ 16,625 |
Bank's Loan Portfolio Aging Analysis, Segregated by Class | The following tables present CTBI’s loan portfolio aging analysis, segregated by class, as of March 31, 2022 and December 31, 2021 (includes loans 90 days past due and still accruing as well): March 31, 2022 (in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Hotel/motel $ 0 $ 0 $ 0 $ 0 $ 274,256 $ 274,256 Commercial real estate residential 2,019 202 369 2,590 334,857 337,447 Commercial real estate nonresidential 1,119 305 3,756 5,180 769,611 774,791 Dealer floorplans 0 0 0 0 72,766 72,766 Commercial other 923 10 82 1,015 321,094 322,109 Commercial unsecured SBA PPP 0 279 8 287 22,195 22,482 Total commercial loans 4,061 796 4,215 9,072 1,794,779 1,803,851 Real estate mortgage 1,249 3,206 5,001 9,456 770,997 780,453 Home equity lines 479 205 775 1,459 105,771 107,230 Total residential loans 1,728 3,411 5,776 10,915 876,768 887,683 Consumer direct 371 182 22 575 156,045 156,620 Consumer indirect 1,516 339 178 2,033 665,354 667,387 Total consumer loans 1,887 521 200 2,608 821,399 824,007 Loans and lease financing $ 7,676 $ 4,728 $ 10,191 $ 22,595 $ 3,492,946 $ 3,515,541 December 31, 2021 (in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Hotel/motel $ 0 $ 0 $ 0 $ 0 $ 257,062 $ 257,062 Commercial real estate residential 274 116 845 1,235 333,998 335,233 Commercial real estate nonresidential 1,303 147 3,509 4,959 752,934 757,893 Dealer floorplans 0 0 0 0 69,452 69,452 Commercial other 1,225 175 108 1,508 288,970 290,478 Commercial unsecured SBA PPP 14 34 0 48 47,287 47,335 Total commercial loans 2,816 472 4,462 7,750 1,749,703 1,757,453 Real estate mortgage 1,171 2,707 6,859 10,737 756,448 767,185 Home equity lines 656 315 903 1,874 104,793 106,667 Total residential loans 1,827 3,022 7,762 12,611 861,241 873,852 Consumer direct 396 179 44 619 156,064 156,683 Consumer indirect 2,889 533 206 3,628 617,197 620,825 Total consumer loans 3,285 712 250 4,247 773,261 777,508 Loans and lease financing $ 7,928 $ 4,206 $ 12,474 $ 24,608 $ 3,384,205 $ 3,408,813 |
Credit Risk Profile of the Bank's Commercial Loan Portfolio Based on Rating Category and Payment Activity, Segregated by Class of Loans | The following tables present the credit risk profile of CTBI’s commercial loan portfolio based on rating category and payment activity, segregated by class of loans and based on last credit decision or year of origination: March 31, 2022 Term Loans Amortized Cost Basis by Origination Year (in s) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Hotel/motel Risk rating: Pass $ 37,289 $ 27,824 $ 11,120 $ 53,233 $ 18,607 $ 49,251 $ 0 $ 197,324 Watch 3,960 9,149 13,921 8,741 8,709 29,113 0 73,593 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 3,339 0 0 3,339 Doubtful 0 0 0 0 0 0 0 0 Total hotel/motel $ 41,249 $ 36,973 $ 25,041 $ 61,974 $ 30,655 $ 78,364 $ 0 $ 274,256 Commercial real estate residential Risk rating: Pass $ 26,018 $ 135,618 $ 48,239 $ 17,798 $ 18,552 $ 52,486 $ 10,157 $ 308,868 Watch 614 2,214 2,367 2,000 2,409 7,488 37 17,129 OAEM 0 0 0 0 0 15 0 15 Substandard 322 4,260 1,917 383 1,715 2,614 224 11,435 Doubtful 0 0 0 0 0 0 0 0 Total commercial real estate residential $ 26,954 $ 142,092 $ 52,523 $ 20,181 $ 22,676 $ 62,603 $ 10,418 $ 337,447 Commercial real estate nonresidential Risk rating: Pass $ 46,930 $ 213,550 $ 97,038 $ 80,023 $ 52,560 $ 198,565 $ 29,254 $ 717,920 Watch 2,647 4,430 2,688 3,072 2,602 13,046 1,041 29,526 OAEM 0 0 0 0 0 112 20 132 Substandard 1,347 4,883 5,499 3,416 1,119 10,618 24 26,906 Doubtful 0 0 0 0 0 307 0 307 Total commercial real estate nonresidential $ 50,924 $ 222,863 $ 105,225 $ 86,511 $ 56,281 $ 222,648 $ 30,339 $ 774,791 Dealer floorplans Risk rating: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 72,309 $ 72,309 Watch 0 0 0 0 0 0 457 457 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total dealer floorplans $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 72,766 $ 72,766 Commercial other Risk rating: Pass $ 38,977 $ 60,835 $ 39,687 $ 13,194 $ 29,265 $ 29,659 $ 80,968 $ 292,585 Watch 949 648 702 364 473 1,177 6,728 11,041 OAEM 0 0 0 0 3 0 0 3 Substandard 1,357 6,954 2,844 1,254 329 795 4,947 18,480 Doubtful 0 0 0 0 0 0 0 0 Total commercial other $ 41,283 $ 68,437 $ 43,233 $ 14,812 $ 30,070 $ 31,631 $ 92,643 $ 322,109 Commercial unsecured SBA PPP Risk rating: Pass $ 0 $ 22,176 $ 306 $ 0 $ 0 $ 0 $ 0 $ 22,482 Watch 0 0 0 0 0 0 0 0 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total commercial unsecured SBA PPP $ 0 $ 22,176 $ 306 $ 0 $ 0 $ 0 $ 0 $ 22,482 Commercial loans Risk rating: Pass $ 149,214 $ 460,003 $ 196,390 $ 164,248 $ 118,984 $ 329,961 $ 192,688 $ 1,611,488 Watch 8,170 16,441 19,678 14,177 14,193 50,824 8,263 131,746 OAEM 0 0 0 0 3 127 20 150 Substandard 3,026 16,097 10,260 5,053 6,502 14,027 5,195 60,160 Doubtful 0 0 0 0 0 307 0 307 Total commercial loans $ 160,410 $ 492,541 $ 226,328 $ 183,478 $ 139,682 $ 395,246 $ 206,166 $ 1,803,851 December 31, 2021 Term Loans Amortized Cost Basis by Origination Year (in s) 2021 2020 2019 2018 2017 Prior Revolving Loans Total Hotel/motel Risk rating: Pass $ 42,056 $ 11,231 $ 53,713 $ 18,752 $ 32,765 $ 20,087 $ 0 $ 178,604 Watch 9,234 14,021 8,813 8,780 2,678 30,502 0 74,028 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 3,355 1,075 0 0 4,430 Doubtful 0 0 0 0 0 0 0 0 Total hotel/motel $ 51,290 $ 25,252 $ 62,526 $ 30,887 $ 36,518 $ 50,589 $ 0 $ 257,062 Commercial real estate residential Risk rating: Pass $ 142,364 $ 54,380 $ 22,320 $ 19,826 $ 11,919 $ 45,791 $ 9,544 $ 306,144 Watch 2,643 2,359 1,962 2,119 554 6,949 156 16,742 OAEM 0 0 0 0 16 0 0 16 Substandard 4,822 1,990 620 1,835 596 2,468 0 12,331 Doubtful 0 0 0 0 0 0 0 0 Total commercial real estate residential $ 149,829 $ 58,729 $ 24,902 $ 23,780 $ 13,085 $ 55,208 $ 9,700 $ 335,233 Commercial real estate nonresidential Risk rating: Pass $ 214,563 $ 99,131 $ 82,386 $ 57,397 $ 55,422 $ 168,533 $ 22,389 $ 699,821 Watch 5,130 2,865 3,981 2,802 3,655 11,828 767 31,028 OAEM 0 0 0 0 0 178 20 198 Substandard 5,201 5,098 3,764 600 2,016 9,659 200 26,538 Doubtful 0 0 0 0 0 308 0 308 Total commercial real estate nonresidential $ 224,894 $ 107,094 $ 90,131 $ 60,799 $ 61,093 $ 190,506 $ 23,376 $ 757,893 Dealer floorplans Risk rating: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 69,105 $ 69,105 Watch 0 0 0 0 0 0 347 347 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total dealer floorplans $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 69,452 $ 69,452 Commercial other Risk rating: Pass $ 72,650 $ 43,838 $ 16,495 $ 29,858 $ 9,105 $ 13,346 $ 75,119 $ 260,411 Watch 7,196 1,967 1,582 599 332 1,071 11,792 24,539 OAEM 0 0 268 383 12 1 482 1,146 Substandard 1,600 1,589 147 184 287 451 124 4,382 Doubtful 0 0 0 0 0 0 0 0 Total commercial other $ 81,446 $ 47,394 $ 18,492 $ 31,024 $ 9,736 $ 14,869 $ 87,517 $ 290,478 Commercial unsecured SBA PPP Risk rating: Pass $ 46,227 $ 1,108 $ 0 $ 0 $ 0 $ 0 $ 0 $ 47,335 Watch 0 0 0 0 0 0 0 0 OAEM 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 Total commercial unsecured SBA PPP $ 46,227 $ 1,108 $ 0 $ 0 $ 0 $ 0 $ 0 $ 47,335 Commercial loans Risk rating: Pass $ 517,860 $ 209,688 $ 174,914 $ 125,833 $ 109,211 $ 247,757 $ 176,157 $ 1,561,420 Watch 24,203 21,212 16,338 14,300 7,219 50,350 13,062 146,684 OAEM 0 0 268 383 28 179 502 1,360 Substandard 11,623 8,677 4,531 5,974 3,974 12,578 324 47,681 Doubtful 0 0 0 0 0 308 0 308 Total commercial loans $ 553,686 $ 239,577 $ 196,051 $ 146,490 $ 120,432 $ 311,172 $ 190,045 $ 1,757,453 |
Credit Risk Profile of Residential Real Estate and Consumer Loan Portfolio Based on Performing and Nonperforming Status Segregated by Class | The following tables present the credit risk profile of CTBI’s residential real estate and consumer loan portfolios based on performing or nonperforming status, segregated by class: March 31, 2022 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Home equity lines Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 11,934 $ 94,324 $ 106,258 Nonperforming 0 0 0 0 0 635 337 972 Total home equity lines $ 0 $ 0 $ 0 $ 0 $ 0 $ 12,569 $ 94,661 $ 107,230 Mortgage loans Performing $ 44,293 $ 196,891 $ 151,515 $ 70,288 $ 35,606 $ 274,366 $ 0 $ 772,959 Nonperforming 0 0 0 485 415 6,594 0 7,494 Total mortgage loans $ 44,293 $ 196,891 $ 151,515 $ 70,773 $ 36,021 $ 280,960 $ 0 $ 780,453 Residential loans Performing $ 44,293 $ 196,891 $ 151,515 $ 70,288 $ 35,606 $ 286,300 $ 94,324 $ 879,217 Nonperforming 0 0 0 485 415 7,229 337 8,466 Total residential loans $ 44,293 $ 196,891 $ 151,515 $ 70,773 $ 36,021 $ 293,529 $ 94,661 $ 887,683 Consumer direct loans Performing $ 19,055 $ 62,560 $ 34,193 $ 16,419 $ 9,332 $ 15,038 $ 0 $ 156,597 Nonperforming 0 0 14 0 9 0 0 23 Total consumer direct loans $ 19,055 $ 62,560 $ 34,207 $ 16,419 $ 9,341 $ 15,038 $ 0 $ 156,620 Consumer indirect loans Performing $ 123,676 $ 235,189 $ 167,492 $ 70,474 $ 46,187 $ 24,190 $ 0 $ 667,208 Nonperforming 0 105 7 53 0 14 0 179 Total consumer indirect loans $ 123,676 $ 235,294 $ 167,499 $ 70,527 $ 46,187 $ 24,204 $ 0 $ 667,387 Consumer loans Performing $ 142,731 $ 297,749 $ 201,685 $ 86,893 $ 55,519 $ 39,228 $ 0 $ 823,805 Nonperforming 0 105 21 53 9 14 0 202 Total consumer loans $ 142,731 $ 297,854 $ 201,706 $ 86,946 $ 55,528 $ 39,242 $ 0 $ 824,007 December 31, 2021 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Total Home equity lines Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 10,909 $ 94,666 $ 105,575 Nonperforming 0 0 0 0 0 520 572 1,092 Total home equity lines $ 0 $ 0 $ 0 $ 0 $ 0 $ 11,429 $ 95,238 $ 106,667 Mortgage loans Performing $ 195,731 $ 161,471 $ 75,792 $ 37,188 $ 42,597 $ 245,666 $ 0 $ 758,445 Nonperforming 0 63 424 364 558 7,331 0 8,740 Total mortgage loans $ 195,731 $ 161,534 $ 76,216 $ 37,552 $ 43,155 $ 252,997 $ 0 $ 767,185 Residential loans Performing $ 195,731 $ 161,471 $ 75,792 $ 37,188 $ 42,597 $ 256,575 $ 94,666 $ 864,020 Nonperforming 0 63 424 364 558 7,851 572 9,832 Total residential loans $ 195,731 $ 161,534 $ 76,216 $ 37,552 $ 43,155 $ 264,426 $ 95,238 $ 873,852 Consumer direct loans Performing $ 71,626 $ 39,312 $ 18,492 $ 10,468 $ 4,490 $ 12,251 $ 0 $ 156,639 Nonperforming 0 4 3 34 3 0 0 44 Total consumer direct loans $ 71,626 $ 39,316 $ 18,495 $ 10,502 $ 4,493 $ 12,251 $ 0 $ 156,683 Consumer indirect loans Performing $ 263,127 $ 190,145 $ 80,793 $ 54,437 $ 23,449 $ 8,668 $ 0 $ 620,619 Nonperforming 24 135 20 0 23 4 0 206 Total consumer indirect loans $ 263,151 $ 190,280 $ 80,813 $ 54,437 $ 23,472 $ 8,672 $ 0 $ 620,825 Consumer loans Performing $ 334,753 $ 229,457 $ 99,285 $ 64,905 $ 27,939 $ 20,919 $ 0 $ 777,258 Nonperforming 24 139 23 34 26 4 0 250 Total consumer loans $ 334,777 $ 229,596 $ 99,308 $ 64,939 $ 27,965 $ 20,923 $ 0 $ 777,508 |
Collateral Dependent Loans and Impaired Loans With/Without Specific Valuation Allowance | In accordance with ASC 326-20-30-2, if a loan does not share risk characteristics with other pooled loans in determining the allowance for credit losses, the loan shall be evaluated for expected credit losses on an individual basis. Of the loans that CTBI has individually evaluated, the loans listed below by segment are those that are collateral dependent: March 31, 2022 (in thousands) Number of Loans Recorded Investment Specific Reserve Hotel/motel 1 $ 8,348 $ 0 Commercial real estate residential 4 7,119 0 Commercial real estate nonresidential 11 19,827 200 Commercial other 4 11,634 300 Total collateral dependent loans 20 $ 46,928 $ 500 December 31, 2021 (in thousands) Number of Loans Recorded Investment Specific Reserve Hotel/motel 2 $ 9,462 $ 600 Commercial real estate residential 4 7,255 0 Commercial real estate nonresidential 11 19,943 200 Commercial other 1 1,113 350 Total collateral dependent loans 18 $ 37,773 $ 1,150 March 31, 2021 (in thousands) Number of Loans Recorded Investment Specific Reserve Hotel/motel 6 $ 34,174 $ 550 Commercial real estate residential 5 8,679 0 Commercial real estate nonresidential 10 19,431 200 Commercial other 1 1,267 0 Total collateral dependent loans 22 $ 63,551 $ 750 |
Troubled Debt Restructuring | Certain loans have been modified in TDRs, 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 TDRs that occurred during the three months ended March 31, 2022 and 2021 and the year ended December 31, 2021: Three Months Ended March 31, 2022 Pre-Modification Outstanding Balance (in thousands) Number of Loans Term Modification Combination Total Modification Hotel/motel 0 $ 0 $ 0 $ 0 Commercial real estate residential 2 154 0 154 Commercial real estate nonresidential 2 245 0 245 Commercial other 4 964 0 964 Total commercial loans 8 1,363 0 1,363 Real estate mortgage 2 0 916 916 Total residential loans 2 0 916 916 Total troubled debt restructurings 10 $ 1,363 $ 916 $ 2,279 Three Months Ended March 31, 2022 Post-Modification Outstanding Balance (in thousands) Number of Loans Term Modification Combination Total Modification Hotel/motel 0 $ 0 $ 0 $ 0 Commercial real estate residential 2 154 0 154 Commercial real estate nonresidential 2 244 0 244 Commercial other 4 963 0 963 Total commercial loans 8 1,361 0 1,361 Real estate mortgage 2 0 916 916 Total residential loans 2 0 916 916 Total troubled debt restructurings 10 $ 1,361 $ 916 $ 2,277 Year Ended December 31, 2021 Pre-Modification Outstanding Balance (in thousands) Number of Loans Term Modification Combination Other Total Modification Hotel/motel 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate residential 6 388 0 0 388 Commercial real estate nonresidential 9 4,179 2,988 0 7,167 Commercial other 5 417 0 0 417 Total commercial loans 20 4,984 2,988 0 7,972 Real estate mortgage 3 278 277 262 817 Total residential loans 3 278 277 262 817 Total troubled debt restructurings 23 $ 5,262 $ 3,265 $ 262 $ 8,789 Year Ended December 31, 2021 Post-Modification Outstanding Balance (in thousands) Number of Loans Term Modification Combination Other Total Modification Commercial real estate residential 6 $ 424 $ 0 $ 0 $ 424 Commercial real estate nonresidential 9 4,282 3,000 0 7,282 Hotel/motel 0 0 0 0 0 Commercial other 5 340 0 0 340 Total commercial loans 20 5,046 3,000 0 8,046 Real estate mortgage 3 279 277 262 818 Total residential loans 3 279 277 262 818 Total troubled debt restructurings 23 $ 5,325 $ 3,277 $ 262 $ 8,864 Three Months Ended March 31, 2021 Pre-Modification Outstanding Balance (in thousands) Number of Loans Term Modification Combination Total Modification Hotel/motel 0 $ 0 $ 0 $ 0 Commercial real estate residential 0 0 0 0 Commercial real estate nonresidential 1 0 284 284 Commercial other 0 0 0 0 Total commercial loans 1 0 284 284 Real estate mortgage 0 0 0 0 Total residential loans 0 0 0 0 Total troubled debt restructurings 1 $ 0 $ 284 $ 284 Three Months Ended March 31, 2021 Post-Modification Outstanding Balance (in thousands) Number of Loans Term Modification Combination Total Modification Hotel/motel 0 $ 0 $ 0 $ 0 Commercial real estate residential 0 0 0 0 Commercial real estate nonresidential 1 0 284 284 Commercial other 0 0 0 0 Total commercial loans 1 0 284 284 Real estate mortgage 0 0 0 0 Total residential loans 0 0 0 0 Total troubled debt restructurings 1 $ 0 $ 284 $ 284 |
Defaulted Restructured Loans | Loans retain their accrual status at the time of their modification. As a result, if a loan is on nonaccrual at the time it is modified, it stays as nonaccrual, and if a loan is on accrual at the time of the modification, it generally stays on accrual. Commercial and consumer loans modified in a TDR are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a TDR subsequently default, CTBI evaluates the loan for possible further impairment. The allowance for loan losses may be increased, adjustments may be made in the allocation of the allowance, or partial charge-offs may be taken to further write-down the carrying value of the loan. Presented below, segregated by class of loans, are loans that were modified as TDRs within the past twelve months which have subsequently defaulted. CTBI considers a loan in default when it is 90 days or more past due or transferred to nonaccrual. Presented below, segregated by segment, are TDRs for which there was a payment default during the periods indicated and such default was within twelve months of the loan modification. There were no defaulted restructured loans for the three months ended March 31, 2022. (in thousands) Three Months Ended March 31, 2022 Year Ended December 31, 2021 Number of Loans Recorded Balance Number of Loans Recorded Balance Commercial: Hotel/motel 0 $ 0 1 $ 1,113 Commercial other 0 0 0 0 Residential: Real estate mortgage 0 0 1 275 Total defaulted restructured loans 0 $ 0 2 $ 1,388 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Real Estate Owned [Abstract] | |
Activity for Other Real Estate Owned | Activity for other real estate owned was as follows: Three Months Ended March (in thousands) 2022 2021 Beginning balance of other real estate owned $ 3,486 $ 7,694 New assets acquired 137 (170 ) Fair value adjustments (246 ) (154 ) Sale of assets (1,078 ) (1,146 ) Ending balance of other real estate owned $ 2,299 $ 6,224 |
Major Classifications of Foreclosed Properties | The major classifications of foreclosed properties are shown in the following table: (in thousands) March 31 2022 December 31 2021 1-4 family $ 940 $ 1,130 Construction/land development/other 465 480 Multifamily 0 88 Non-farm/non-residential 894 1,788 Total foreclosed properties $ 2,299 $ 3,486 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Repurchase Agreements [Abstract] | |
Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase by Class of Collateral Pledged | The remaining contractual maturity of the securities sold under agreements to repurchase by class of collateral pledged included in the accompanying consolidated balance sheets as of March 31, 2022 and December is presented in the following tables: March 31, 2022 Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Continuous Up to 30 days 30-90 days Greater Than 90 days Total Repurchase agreements and repurchase-to-maturity transactions: U.S. Treasury and government agencies $ 2,470 $ 0 $ 25,000 $ 14,209 $ 41,679 State and political subdivisions 82,075 0 0 22,045 104,120 U.S. government sponsored agency mortgage-backed securities 25,228 0 0 83,596 108,824 Total $ 109,773 $ 0 $ 25,000 $ 119,850 $ 254,623 December 31, 2021 Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Continuous Up to 30 days 30-90 days Greater Than 90 days Total Repurchase agreements and repurchase-to-maturity transactions: U.S. Treasury and government agencies $ 3,176 $ 16 $ 5,400 $ 10,040 $ 18,632 State and political subdivisions 83,375 484 13,633 9,427 106,919 U.S. government sponsored agency mortgage-backed securities 24,689 0 85,967 34,881 145,537 Total $ 111,240 $ 500 $ 105,000 $ 54,348 $ 271,088 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value of Financial Assets and Liabilities [Abstract] | |
Fair Value Measurements of Assets Measured on Recurring Basis | The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 and indicate the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at March 31, 2022 Using Fair Value Quoted Prices in Active Markets for Identical (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – recurring basis Available-for-sale securities: U.S. Treasury and government agencies $ 451,731 $ 402,275 $ 49,456 $ 0 State and political subdivisions 302,662 0 302,662 0 U.S. government sponsored agency mortgage-backed securities 655,213 0 655,213 0 Asset-backed securities 93,559 0 93,559 0 Equity securities at fair value 2,352 0 0 2,352 Mortgage servicing rights 7,748 0 0 7,748 (in thousands) Fair Value Measurements at December 31, 2021 Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – recurring basis Available-for-sale securities: U.S. Treasury and government agencies $ 295,770 $ 242,214 $ 53,556 $ 0 State and political subdivisions 334,203 0 334,203 0 U.S. government sponsored agency mortgage-backed securities 730,809 0 730,809 0 Asset-backed securities 94,647 0 94,647 0 Equity securities at fair value 2,253 0 0 2,253 Mortgage servicing rights 6,774 0 0 6,774 |
Reconciliation of the Beginning and Ending Balance of Recurring Fair Value Measurements Using Significant Unobservable (Level 3) Inputs | Following is a reconciliation of the beginning and ending balances of recurring fair value measurements, for the periods indicated, using significant unobservable (Level 3) inputs: (in thousands) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Equity Securities at Fair Value Mortgage Servicing Rights Equity Securities at Fair Value Mortgage Servicing Rights Beginning balance $ 2,253 $ 6,774 $ 2,471 $ 4,068 Total unrealized gains (losses) Included in net income 99 983 (228 ) 1,030 Issues 0 229 0 736 Settlements 0 (238 ) 0 (250 ) Ending balance $ 2,352 $ 7,748 $ 2,243 $ 5,584 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 $ 99 $ 983 $ (228 ) $ 1,030 |
Realized and Unrealized Gains and Losses for Items Included in Net Income in the Consolidated Statements of Income | Realized and unrealized gains and losses for items reflected in the table above are included in net income in the consolidated statements of income as follows: Noninterest Income Three Months Ended March 31 (in thousands) 2022 2021 Total gains $ 844 $ 552 |
Fair Value Measurements of Assets Measured on Nonrecurring Basis | The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a nonrecurring basis as of March 31, 2022 and December 31, 2021 and indicate the level within the fair value hierarchy of the valuation techniques. (in thousands) Fair Value Measurements at March 31, 2022 Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – nonrecurring basis Collateral dependent loans $ 759 $ 0 $ 0 $ 759 Other real estate owned 688 0 0 688 (in thousands) Fair Value Measurements at December 31, 2021 Using Fair Value Quoted Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured – nonrecurring basis Collateral-dependent loans $ 1,238 $ 0 $ 0 $ 1,238 Other real estate owned 1,487 0 0 1,487 |
Quantitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements | The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at March 31, 2022 and December 31, 2021. (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at March 31, 2022 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $ 2,352 Discount cash flows, computer pricing model Discount rate 8.0% - 12.0% (10.0%) Conversion date Dec 2024 Dec 2028 ( Dec 2026 Mortgage servicing rights $ 7,748 Discount cash flows, computer pricing model Constant prepayment rate 7.0% - 28.3% (8.1%) Probability of default 0.0% - 66.7% (1.3%) Discount rate 10.0% - 11.5% (10.1%) Collateral dependent loans $ 759 Market comparable properties Marketability discount 20.0% - 20.0% (20.0%) Other real estate owned $ 688 Market comparable properties Comparability adjustments 10.0% - 34.15% (14.3%) (in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, 2021 Valuation Technique(s) Unobservable Input Range (Weighted Average) Equity securities at fair value $ 2,253 Discount cash flows, computer pricing model Discount rate 8.0% - 12.0% (10.0%) Conversion date Dec 2024 Dec 2028 ( Dec 2026 Mortgage servicing rights $ 6,774 Discount cash flows, computer pricing model Constant prepayment rate 7.0% - 26.7% (10.0%) Probability of default 0.0% - 75.0% (1.4%) Discount rate 10.0% - 11.5% (10.1%) Collateral-dependent loans $ 1,238 Market comparable properties Marketability discount 20.0% - 62.0% (41.0%) Other real estate owned $ 1,487 Market comparable properties Comparability adjustments 10.0% - 45.5% (15.1%) |
Fair Value of Financial Instruments and Levels within Fair Value Hierarchy of Valuation Techniques | The following table presents estimated fair value of CTBI’s financial instruments as of March 31, 2022 and indicates the level within the fair value hierarchy of the valuation techniques. In accordance with the adoption of ASU 2016-01, the fair values as of March 31, 2022 were measured using an exit price notion. Fair Value Measurements at March 31, 2022 Using (in thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 164,485 $ 164,485 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 1,503,165 402,275 1,100,890 0 Equity securities at fair value 2,352 0 0 2,352 Loans held for sale 1,941 1,979 0 0 Loans, net 3,473,232 0 0 3,565,567 Federal Home Loan Bank stock 8,139 0 8,139 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 15,024 0 15,024 0 Financial liabilities: Deposits $ 4,428,304 $ 1,398,529 $ 3,046,220 $ 0 Repurchase agreements 254,623 0 0 254,885 Federal funds purchased 500 0 500 0 Advances from Federal Home Loan Bank 370 0 392 0 Long-term debt 57,841 0 0 47,415 Accrued interest payable 1,306 0 1,306 0 Unrecognized financial instruments: Letters of credit $ 0 $ 0 $ 0 $ 0 Commitments to extend credit 0 0 0 0 Forward sale commitments 0 0 0 0 The following table presents estimated fair value of CTBI’s financial instruments as of December 31, 2021 and indicates the level within the fair value hierarchy of the valuation techniques. Fair Value Measurements at December 31, 2021 Using (in thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 311,756 $ 311,756 $ 0 $ 0 Certificates of deposit in other banks 245 0 245 0 Debt securities available-for-sale 1,455,429 242,214 1,213,215 0 Equity securities at fair value 2,253 0 0 2,253 Loans held for sale 2,632 2,693 0 0 Loans, net 3,367,057 0 0 3,480,803 Federal Home Loan Bank stock 8,139 0 8,139 0 Federal Reserve Bank stock 4,887 0 4,887 0 Accrued interest receivable 15,415 0 15,415 0 Financial liabilities: Deposits $ 4,344,292 $ 1,331,103 $ 3,043,339 $ 0 Repurchase agreements 271,088 0 0 271,186 Federal funds purchased 500 0 500 0 Advances from Federal Home Loan Bank 375 0 400 0 Long-term debt 57,841 0 0 45,854 Accrued interest payable 1,016 0 1,016 0 Unrecognized financial instruments: Letters of credit $ 0 $ 0 $ 0 $ 0 Commitments to extend credit 0 0 0 0 Forward sale commitments 0 0 0 0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31 (in thousands except per share data) 2022 2021 Numerator: Net income $ 19,728 $ 23,618 Denominator: Basic earnings per share: Weighted average shares 17,820 17,774 Diluted earnings per share: Effect of dilutive stock options and restricted stock grants 12 13 Adjusted weighted average shares 17,832 17,787 Earnings per share: Basic earnings per share $ 1.11 $ 1.33 Diluted earnings per share 1.11 1.33 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income [Abstract] | |
Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) | Amounts reclassified from accumulated other comprehensive income ( AOCI ) and the affected line items in the statements of income during the three months ended March 31, 2022 and 2021 Amounts Reclassified from AOCI (in thousands) Three Months Ended March 31 2022 2021 Affected line item in the statements of income Securities gains $ 0 $ 60 Tax expense 0 16 Total reclassifications out of AOCI $ 0 $ 44 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)Payment | Dec. 31, 2021USD ($) | |
Investments [Abstract] | ||
Securities held-to-maturity | $ 0 | $ 0 |
Loans [Abstract] | ||
Impact of difference in amortized cost basis versus consideration of loan balances on allowance for credit losses | 0.01% | |
Past due period after which loans must be well secured and in the process of collection to continue accruing interest | 90 days | |
Period of current principal and interest payments for reclassifying nonaccrual loans as accruing loans | 6 months | |
Allowance for Credit Losses [Abstract] | ||
Number of delinquent monthly payments before loan charge off | Payment | 5 | |
Current value assessment period for past due loans secured against real estate | 90 days | |
Threshold period past due for initiation of foreclosure proceedings | 120 days | |
Goodwill and Core Deposit Intangible [Abstract] | ||
Goodwill | $ 65,490 | $ 65,490 |
Minimum [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Percentage exposure of capital | 5.00% | |
Commercial [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Threshold period past due for individual evaluations | 90 days | |
Commercial [Member] | 90+ Days Past Due [Member] | Minimum [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Threshold outstanding loan balance for individual evaluations | $ 1,000 | |
Commercial [Member] | Nonaccrual Status [Member] | Minimum [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Threshold outstanding loan balance for individual evaluations | 1,000 | |
Threshold amount of outstanding loan balance for specific reserve to be created | 1,000 | |
Commercial [Member] | TDR [Member] | Minimum [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Threshold outstanding loan balance for individual evaluations | 1,000 | |
Threshold amount of outstanding loan balance for specific reserve to be created | 1,000 | |
Commercial [Member] | Criticized [Member] | Minimum [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Threshold outstanding loan balance for individual evaluations | 1,000 | |
Threshold amount of outstanding loan balance for specific reserve to be created | $ 1,000 | |
Commercial [Member] | Unsecured Commercial Loan [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Charge off threshold for loans considered uncollectible | 90 days | |
Consumer [Member] | Closed-End Consumer Loan [Member] | ||
Allowance for Credit Losses [Abstract] | ||
Charge off threshold for loans considered uncollectible | 120 days |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock-based Compensation [Abstract] | ||
Stock based compensation expense | $ 484 | $ 213 |
Restricted Stock [Member] | ||
Stock-based Compensation [Abstract] | ||
Stock based compensation expense | 484 | 213 |
Dividend paid on stock based compensation | 23 | $ 18 |
Unrecognized compensation expense related to restricted stock grants | $ 2,200 | |
Unrecognized compensation expense, weighted average period | 3 years 1 month 6 days | |
Granted (in shares) | 35,438 | 9,193 |
Stock Options [Member] | ||
Stock-based Compensation [Abstract] | ||
Stock based compensation expense | $ 0 | $ 0 |
Options granted to purchase shares of CTBI common stock (in shares) | 0 | 0 |
2015 Plan [Member] | Restricted Stock [Member] | ||
Stock-based Compensation [Abstract] | ||
Accelerated vesting of restricted stock related to employee retirement | $ 245 | |
Award vesting period | 4 years | |
2015 Plan [Member] | Restricted Stock [Member] | Maximum [Member] | ||
Stock-based Compensation [Abstract] | ||
Period of certain participant employee termination events following change in control for restriction on restricted stock granted to lapse | 24 months |
Securities, Held-to-maturity Se
Securities, Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Held-to-maturity [Abstract] | ||
Securities held-to-maturity | $ 0 | $ 0 |
Securities, Available-for-sale
Securities, Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-sale [Abstract] | ||
Amortized cost | $ 1,588,129 | $ 1,461,829 |
Gross unrealized gains | 1,868 | 11,283 |
Gross unrealized losses | (86,832) | (17,683) |
Fair value | 1,503,165 | 1,455,429 |
U.S. Treasury and Government Agencies [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 472,210 | 299,606 |
Gross unrealized gains | 95 | 351 |
Gross unrealized losses | (20,574) | (4,187) |
Fair value | 451,731 | 295,770 |
State and Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 331,756 | 334,218 |
Gross unrealized gains | 823 | 5,524 |
Gross unrealized losses | (29,917) | (5,539) |
Fair value | 302,662 | 334,203 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 690,098 | 733,467 |
Gross unrealized gains | 895 | 5,107 |
Gross unrealized losses | (35,780) | (7,765) |
Fair value | 655,213 | 730,809 |
Asset-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 94,065 | 94,538 |
Gross unrealized gains | 55 | 301 |
Gross unrealized losses | (561) | (192) |
Fair value | $ 93,559 | $ 94,647 |
Securities, Amortized Cost and
Securities, Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-sale, amortized cost [Abstract] | ||
Due in one year or less | $ 47,754 | |
Due after one through five years | 245,157 | |
Due after five through ten years | 280,613 | |
Due after ten years | 230,442 | |
Amortized cost | 1,588,129 | $ 1,461,829 |
Available for sale, fair value [Abstract] | ||
Due in one year or less | 47,673 | |
Due after one through five years | 235,839 | |
Due after five through ten years | 263,396 | |
Due after ten years | 207,485 | |
Fair value | 1,503,165 | 1,455,429 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Without single maturity date | 690,098 | |
Amortized cost | 690,098 | 733,467 |
Available for sale, fair value [Abstract] | ||
Without single maturity date | 655,213 | |
Fair value | 655,213 | 730,809 |
Asset-backed Securities [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Without single maturity date | 94,065 | |
Amortized cost | 94,065 | 94,538 |
Available for sale, fair value [Abstract] | ||
Without single maturity date | 93,559 | |
Fair value | $ 93,559 | $ 94,647 |
Securities, Gains (Loss) on Sec
Securities, Gains (Loss) on Securities, Securities Pledged, and Securities Sold Under Agreements to Repurchase (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)Security | Mar. 31, 2021USD ($)Security | Dec. 31, 2021USD ($) | |
Gains (Loss) on Sales of Securities [Abstract} | |||
Net securities gain (loss) | $ 99 | $ (168) | |
Realized pre-tax gain on sales and calls of AFS securities | 60 | ||
Unrealized loss from fair value adjustment of equity securities | 99 | (228) | |
Equity Securities at Fair Value [Abstract] | |||
Equity securities at fair value | 2,352 | $ 2,253 | |
Amortized cost of securities sold under agreements to repurchase | 347,400 | 314,100 | |
Asset Pledged as Collateral [Member] | Public Deposits and for Other Purposes [Member] | |||
Equity Securities at Fair Value [Abstract] | |||
Securities | 499,800 | $ 545,600 | |
Visa Class B Restricted Stock [Member] | |||
Equity Securities at Fair Value [Abstract] | |||
Equity securities at fair value | 2,400 | ||
Increase (decrease) in fair value of equity securities | $ 99 | $ (228) | |
Number of equity securities sold (in shares) | Security | 0 | 0 |
Securities, Securities in Conti
Securities, Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Securities [Abstract] | ||
Percentage of total investment with unrealized losses | 87.70% | 72.40% |
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | $ 1,201,284 | $ 973,642 |
12 months or more | 204,363 | 97,329 |
Total | 1,405,647 | 1,070,971 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (66,809) | (15,851) |
12 months or more | (20,023) | (1,832) |
Total | (86,832) | (17,683) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 1,134,475 | 957,791 |
12 months or more | 184,340 | 95,497 |
Total | 1,318,815 | 1,053,288 |
U.S. Treasury and Government Agencies [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 395,941 | 249,990 |
12 months or more | 50,328 | 14,505 |
Total | 446,269 | 264,495 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (17,249) | (4,123) |
12 months or more | (3,325) | (64) |
Total | (20,574) | (4,187) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 378,692 | 245,867 |
12 months or more | 47,003 | 14,441 |
Total | 425,695 | 260,308 |
State and Political Subdivisions [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 204,547 | 197,592 |
12 months or more | 67,941 | 19,126 |
Total | 272,488 | 216,718 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (19,287) | (4,779) |
12 months or more | (10,630) | (760) |
Total | (29,917) | (5,539) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 185,260 | 192,813 |
12 months or more | 57,311 | 18,366 |
Total | 242,571 | 211,179 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 524,844 | 473,831 |
12 months or more | 84,800 | 62,330 |
Total | 609,644 | 536,161 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (29,719) | (6,759) |
12 months or more | (6,061) | (1,006) |
Total | (35,780) | (7,765) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 495,125 | 467,072 |
12 months or more | 78,739 | 61,324 |
Total | 573,864 | 528,396 |
Asset-backed Securities [Member] | ||
Available-for-sale, amortized cost [Abstract] | ||
Less than 12 months | 75,952 | 52,229 |
12 months or more | 1,294 | 1,368 |
Total | 77,246 | 53,597 |
Available-for-sale, gross unrealized losses [Abstract] | ||
Less than 12 months | (554) | (190) |
12 months or more | (7) | (2) |
Total | (561) | (192) |
Available-for-sale, fair value [Abstract] | ||
Less than 12 months | 75,398 | 52,039 |
12 months or more | 1,287 | 1,366 |
Total | $ 76,685 | $ 53,405 |
Loans, Major Classifications of
Loans, Major Classifications of Loans, Net of Income and Deferred Loan Origination Cost (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)Segment | Dec. 31, 2021USD ($) | |
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | $ 3,515,541 | $ 3,408,813 |
Unearned fees | $ 2,400 | 4,000 |
Number of portfolio segments | Segment | 10 | |
Loans held for sale [Abstract] | ||
Loans held for sale | $ 1,941 | 2,632 |
Commercial [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 1,803,851 | 1,757,453 |
Commercial [Member] | Hotel/Motel [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | $ 274,256 | 257,062 |
Percentage of total loan | 7.80% | |
Commercial [Member] | Commercial Real Estate Residential [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | $ 337,447 | 335,233 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 774,791 | 757,893 |
Commercial [Member] | Dealer Floorplans [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 72,766 | 69,452 |
Commercial [Member] | Commercial Other [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 322,109 | 290,478 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 22,482 | 47,335 |
Residential [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 887,683 | 873,852 |
Residential [Member] | Real Estate Mortgage [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 780,453 | 767,185 |
Residential [Member] | Home Equity Lines [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 107,230 | 106,667 |
Consumer [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 824,007 | 777,508 |
Consumer [Member] | Consumer Direct [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 156,620 | 156,683 |
Consumer [Member] | Consumer Indirect [Member] | ||
Major Classification of Loans Net of Unearned Income, Deferred Loan Origination Costs and Net Premiums on Acquired Loans [Abstract] | ||
Total loans | 667,387 | 620,825 |
Unamortized premiums | $ 26,000 | $ 24,100 |
Loans, Balance in Allowance for
Loans, Balance in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | |
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 41,756 | $ 48,022 | $ 48,022 | |
Provision charged to expense | 875 | $ 500 | (2,499) | (6,386) |
Losses charged off | (1,320) | (1,470) | (4,325) | |
Recoveries | 998 | 1,293 | 4,445 | |
Ending balance | 42,309 | 41,756 | 45,346 | 41,756 |
Commercial [Member] | Hotel/Motel [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 5,080 | 6,356 | 6,356 | |
Provision charged to expense | (153) | 308 | (1,276) | |
Losses charged off | (216) | 0 | 0 | |
Recoveries | 0 | 0 | 0 | |
Ending balance | 4,711 | 5,080 | 6,664 | 5,080 |
Commercial [Member] | Commercial Real Estate Residential [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 3,986 | 4,464 | 4,464 | |
Provision charged to expense | 110 | 199 | (488) | |
Losses charged off | (31) | (24) | (28) | |
Recoveries | 5 | 2 | 38 | |
Ending balance | 4,070 | 3,986 | 4,641 | 3,986 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 8,884 | 11,086 | 11,086 | |
Provision charged to expense | 174 | (135) | (2,233) | |
Losses charged off | 0 | (151) | (306) | |
Recoveries | 111 | 13 | 337 | |
Ending balance | 9,169 | 8,884 | 10,813 | 8,884 |
Commercial [Member] | Dealer Floorplans [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,436 | 1,382 | 1,382 | |
Provision charged to expense | 83 | (64) | 54 | |
Losses charged off | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | |
Ending balance | 1,519 | 1,436 | 1,318 | 1,436 |
Commercial [Member] | Commercial Other [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 4,422 | 4,289 | 4,289 | |
Provision charged to expense | 478 | 269 | 388 | |
Losses charged off | (157) | (112) | (644) | |
Recoveries | 101 | 125 | 389 | |
Ending balance | 4,844 | 4,422 | 4,571 | 4,422 |
Residential [Member] | Real Estate Mortgage [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 7,637 | 7,832 | 7,832 | |
Provision charged to expense | 97 | (690) | 3 | |
Losses charged off | (93) | (8) | (266) | |
Recoveries | 21 | 9 | 68 | |
Ending balance | 7,662 | 7,637 | 7,143 | 7,637 |
Residential [Member] | Home Equity Lines [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 866 | 844 | 844 | |
Provision charged to expense | (33) | (93) | 39 | |
Losses charged off | (19) | (5) | (36) | |
Recoveries | 5 | 4 | 19 | |
Ending balance | 819 | 866 | 750 | 866 |
Consumer [Member] | Consumer Direct [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,951 | 1,863 | 1,863 | |
Provision charged to expense | (180) | (14) | 256 | |
Losses charged off | (170) | (154) | (684) | |
Recoveries | 186 | 116 | 516 | |
Ending balance | 1,787 | 1,951 | 1,811 | 1,951 |
Consumer [Member] | Consumer Indirect [Member] | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 7,494 | 9,906 | 9,906 | |
Provision charged to expense | 299 | (2,279) | (3,129) | |
Losses charged off | (634) | (1,016) | (2,361) | |
Recoveries | 569 | 1,024 | 3,078 | |
Ending balance | $ 7,728 | $ 7,494 | $ 7,635 | $ 7,494 |
Loans, Analysis of Allowance fo
Loans, Analysis of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | |
Allowance for Credit Losses [Abstract] | ||||
Period of reasonable and supportable forecast | 12 months | |||
Provision for credit losses (recovery) | $ 875 | $ 500 | $ (2,499) | $ (6,386) |
Allowance for credit losses to nonperforming loans | 309.10% | 251.20% | 215.50% | 251.20% |
Credit loss reserve as percentage of total loans outstanding | 1.20% | 1.22% | 1.28% | 1.22% |
Credit loss reserve as percentage of total loans outstanding excluding PPP loans | 1.21% | 1.24% | 1.38% | 1.24% |
Loans, Nonaccrual Loans Segrega
Loans, Nonaccrual Loans Segregated by Class of Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | $ 2,431 | $ 2,447 |
Nonaccrual loans with ACL | 6,401 | 8,224 |
90+ and still accruing | 4,858 | 5,954 |
Total nonperforming loans | $ 13,690 | 16,625 |
Past due period after which loans must be well secured and in process of collection to continue accruing interest | 90 days | |
Commercial [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | $ 2,431 | 2,447 |
Nonaccrual loans with ACL | 1,915 | 3,564 |
90+ and still accruing | 676 | 532 |
Total nonperforming loans | 5,022 | 6,543 |
Commercial [Member] | Hotel/Motel [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 0 | 1,075 |
90+ and still accruing | 0 | 0 |
Total nonperforming loans | 0 | 1,075 |
Commercial [Member] | Commercial Real Estate Residential [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 216 | 585 |
90+ and still accruing | 202 | 312 |
Total nonperforming loans | 418 | 897 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 2,431 | 2,447 |
Nonaccrual loans with ACL | 1,430 | 1,602 |
90+ and still accruing | 414 | 144 |
Total nonperforming loans | 4,275 | 4,193 |
Commercial [Member] | Other [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 269 | 302 |
90+ and still accruing | 52 | 76 |
Total nonperforming loans | 321 | 378 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | |
Nonaccrual loans with ACL | 0 | |
90+ and still accruing | 8 | |
Total nonperforming loans | 8 | |
Residential [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 4,486 | 4,660 |
90+ and still accruing | 3,980 | 5,172 |
Total nonperforming loans | 8,466 | 9,832 |
Residential [Member] | Real Estate Mortgage [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 3,985 | 4,081 |
90+ and still accruing | 3,509 | 4,659 |
Total nonperforming loans | 7,494 | 8,740 |
Residential [Member] | Home Equity Lines [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 501 | 579 |
90+ and still accruing | 471 | 513 |
Total nonperforming loans | 972 | 1,092 |
Consumer [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 0 | 0 |
90+ and still accruing | 202 | 250 |
Total nonperforming loans | 202 | 250 |
Consumer [Member] | Consumer Direct [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 0 | 0 |
90+ and still accruing | 23 | 44 |
Total nonperforming loans | 23 | 44 |
Consumer [Member] | Consumer Indirect [Member] | ||
Nonaccrual loans segregated by class of loans [Abstract] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 0 | 0 |
90+ and still accruing | 179 | 206 |
Total nonperforming loans | $ 179 | $ 206 |
Loans, Loan Portfolio Aging Ana
Loans, Loan Portfolio Aging Analysis, Segregated by Class (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | $ 3,515,541 | $ 3,408,813 |
Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 22,595 | 24,608 |
30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 7,676 | 7,928 |
60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 4,728 | 4,206 |
90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 10,191 | 12,474 |
Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 3,492,946 | 3,384,205 |
Commercial [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,803,851 | 1,757,453 |
Commercial [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 9,072 | 7,750 |
Commercial [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 4,061 | 2,816 |
Commercial [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 796 | 472 |
Commercial [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 4,215 | 4,462 |
Commercial [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,794,779 | 1,749,703 |
Commercial [Member] | Hotel/Motel [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | $ 274,256 | 257,062 |
Percentage of total loan | 7.80% | |
Minimum threshold amount of loans requiring performance bond | $ 500 | |
Commercial [Member] | Hotel/Motel [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 274,256 | 257,062 |
Commercial [Member] | Commercial Real Estate Residential [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 337,447 | 335,233 |
Minimum threshold amount of loans requiring performance bond | 500 | |
Commercial [Member] | Commercial Real Estate Residential [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 2,590 | 1,235 |
Commercial [Member] | Commercial Real Estate Residential [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 2,019 | 274 |
Commercial [Member] | Commercial Real Estate Residential [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 202 | 116 |
Commercial [Member] | Commercial Real Estate Residential [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 369 | 845 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 334,857 | 333,998 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 774,791 | 757,893 |
Minimum threshold amount of loans requiring performance bond | 500 | |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 5,180 | 4,959 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,119 | 1,303 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 305 | 147 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 3,756 | 3,509 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 769,611 | 752,934 |
Commercial [Member] | Dealer Floorplans [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 72,766 | 69,452 |
Commercial [Member] | Dealer Floorplans [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Dealer Floorplans [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Dealer Floorplans [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Dealer Floorplans [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Dealer Floorplans [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 72,766 | 69,452 |
Commercial [Member] | Commercial Other [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 322,109 | 290,478 |
Commercial [Member] | Commercial Other [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,015 | 1,508 |
Commercial [Member] | Commercial Other [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 923 | 1,225 |
Commercial [Member] | Commercial Other [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 10 | 175 |
Commercial [Member] | Commercial Other [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 82 | 108 |
Commercial [Member] | Commercial Other [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 321,094 | 288,970 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 22,482 | 47,335 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 287 | 48 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 0 | 14 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 279 | 34 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 8 | 0 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 22,195 | 47,287 |
Residential [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 887,683 | 873,852 |
Residential [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 10,915 | 12,611 |
Residential [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,728 | 1,827 |
Residential [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 3,411 | 3,022 |
Residential [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 5,776 | 7,762 |
Residential [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 876,768 | 861,241 |
Residential [Member] | Real Estate Mortgage [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 780,453 | 767,185 |
Residential [Member] | Real Estate Mortgage [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 9,456 | 10,737 |
Residential [Member] | Real Estate Mortgage [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,249 | 1,171 |
Residential [Member] | Real Estate Mortgage [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 3,206 | 2,707 |
Residential [Member] | Real Estate Mortgage [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 5,001 | 6,859 |
Residential [Member] | Real Estate Mortgage [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 770,997 | 756,448 |
Residential [Member] | Home Equity Lines [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 107,230 | 106,667 |
Residential [Member] | Home Equity Lines [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,459 | 1,874 |
Residential [Member] | Home Equity Lines [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 479 | 656 |
Residential [Member] | Home Equity Lines [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 205 | 315 |
Residential [Member] | Home Equity Lines [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 775 | 903 |
Residential [Member] | Home Equity Lines [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 105,771 | 104,793 |
Consumer [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 824,007 | 777,508 |
Consumer [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 2,608 | 4,247 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,887 | 3,285 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 521 | 712 |
Consumer [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 200 | 250 |
Consumer [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 821,399 | 773,261 |
Consumer [Member] | Consumer Direct [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 156,620 | 156,683 |
Consumer [Member] | Consumer Direct [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 575 | 619 |
Consumer [Member] | Consumer Direct [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 371 | 396 |
Consumer [Member] | Consumer Direct [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 182 | 179 |
Consumer [Member] | Consumer Direct [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 22 | 44 |
Consumer [Member] | Consumer Direct [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 156,045 | 156,064 |
Consumer [Member] | Consumer Indirect [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 667,387 | 620,825 |
Consumer [Member] | Consumer Indirect [Member] | Total Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 2,033 | 3,628 |
Consumer [Member] | Consumer Indirect [Member] | 30-59 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 1,516 | 2,889 |
Consumer [Member] | Consumer Indirect [Member] | 60-89 Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 339 | 533 |
Consumer [Member] | Consumer Indirect [Member] | 90+ Days Past Due [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | 178 | 206 |
Consumer [Member] | Consumer Indirect [Member] | Current [Member] | ||
Bank's Loan portfolio aging analysis, segregated by class [Abstract] | ||
Total loans | $ 665,354 | $ 617,197 |
Loans, Credit Risk Profile Base
Loans, Credit Risk Profile Based on Rating Category and Payment Activity and on Performing and Nonperforming Status, Segregated by Class (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Credit Risk Profile, Segregated by Class [Abstract] | ||
Total | $ 3,515,541 | $ 3,408,813 |
Consumer mortgage loans secured by real estate properties for which formal foreclosure proceedings are in process | 4,300 | 2,300 |
Commercial [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 160,410 | 553,686 |
2021/2020 | 492,541 | 239,577 |
2020/2019 | 226,328 | 196,051 |
2019/2018 | 183,478 | 146,490 |
2018/2017 | 139,682 | 120,432 |
Prior | 395,246 | 311,172 |
Revolving Loans | 206,166 | 190,045 |
Total | 1,803,851 | 1,757,453 |
Commercial [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 149,214 | 517,860 |
2021/2020 | 460,003 | 209,688 |
2020/2019 | 196,390 | 174,914 |
2019/2018 | 164,248 | 125,833 |
2018/2017 | 118,984 | 109,211 |
Prior | 329,961 | 247,757 |
Revolving Loans | 192,688 | 176,157 |
Total | $ 1,611,488 | 1,561,420 |
Commercial [Member] | Pass [Member] | Minimum [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Review period for loans | 12 months | |
Commercial [Member] | Pass [Member] | Maximum [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
Review period for loans | 18 months | |
Commercial [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | $ 8,170 | 24,203 |
2021/2020 | 16,441 | 21,212 |
2020/2019 | 19,678 | 16,338 |
2019/2018 | 14,177 | 14,300 |
2018/2017 | 14,193 | 7,219 |
Prior | 50,824 | 50,350 |
Revolving Loans | 8,263 | 13,062 |
Total | 131,746 | 146,684 |
Commercial [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 268 |
2019/2018 | 0 | 383 |
2018/2017 | 3 | 28 |
Prior | 127 | 179 |
Revolving Loans | 20 | 502 |
Total | 150 | 1,360 |
Commercial [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 3,026 | 11,623 |
2021/2020 | 16,097 | 8,677 |
2020/2019 | 10,260 | 4,531 |
2019/2018 | 5,053 | 5,974 |
2018/2017 | 6,502 | 3,974 |
Prior | 14,027 | 12,578 |
Revolving Loans | 5,195 | 324 |
Total | 60,160 | 47,681 |
Commercial [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 307 | 308 |
Revolving Loans | 0 | 0 |
Total | 307 | 308 |
Commercial [Member] | Hotel/Motel [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 41,249 | 51,290 |
2021/2020 | 36,973 | 25,252 |
2020/2019 | 25,041 | 62,526 |
2019/2018 | 61,974 | 30,887 |
2018/2017 | 30,655 | 36,518 |
Prior | 78,364 | 50,589 |
Revolving Loans | 0 | 0 |
Total | 274,256 | 257,062 |
Commercial [Member] | Hotel/Motel [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 37,289 | 42,056 |
2021/2020 | 27,824 | 11,231 |
2020/2019 | 11,120 | 53,713 |
2019/2018 | 53,233 | 18,752 |
2018/2017 | 18,607 | 32,765 |
Prior | 49,251 | 20,087 |
Revolving Loans | 0 | 0 |
Total | 197,324 | 178,604 |
Commercial [Member] | Hotel/Motel [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 3,960 | 9,234 |
2021/2020 | 9,149 | 14,021 |
2020/2019 | 13,921 | 8,813 |
2019/2018 | 8,741 | 8,780 |
2018/2017 | 8,709 | 2,678 |
Prior | 29,113 | 30,502 |
Revolving Loans | 0 | 0 |
Total | 73,593 | 74,028 |
Commercial [Member] | Hotel/Motel [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 3,355 |
2018/2017 | 3,339 | 1,075 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 3,339 | 4,430 |
Commercial [Member] | Hotel/Motel [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Real Estate Residential [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 26,954 | 149,829 |
2021/2020 | 142,092 | 58,729 |
2020/2019 | 52,523 | 24,902 |
2019/2018 | 20,181 | 23,780 |
2018/2017 | 22,676 | 13,085 |
Prior | 62,603 | 55,208 |
Revolving Loans | 10,418 | 9,700 |
Total | 337,447 | 335,233 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 26,018 | 142,364 |
2021/2020 | 135,618 | 54,380 |
2020/2019 | 48,239 | 22,320 |
2019/2018 | 17,798 | 19,826 |
2018/2017 | 18,552 | 11,919 |
Prior | 52,486 | 45,791 |
Revolving Loans | 10,157 | 9,544 |
Total | 308,868 | 306,144 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 614 | 2,643 |
2021/2020 | 2,214 | 2,359 |
2020/2019 | 2,367 | 1,962 |
2019/2018 | 2,000 | 2,119 |
2018/2017 | 2,409 | 554 |
Prior | 7,488 | 6,949 |
Revolving Loans | 37 | 156 |
Total | 17,129 | 16,742 |
Commercial [Member] | Commercial Real Estate Residential [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 16 |
Prior | 15 | 0 |
Revolving Loans | 0 | 0 |
Total | 15 | 16 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 322 | 4,822 |
2021/2020 | 4,260 | 1,990 |
2020/2019 | 1,917 | 620 |
2019/2018 | 383 | 1,835 |
2018/2017 | 1,715 | 596 |
Prior | 2,614 | 2,468 |
Revolving Loans | 224 | 0 |
Total | 11,435 | 12,331 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 50,924 | 224,894 |
2021/2020 | 222,863 | 107,094 |
2020/2019 | 105,225 | 90,131 |
2019/2018 | 86,511 | 60,799 |
2018/2017 | 56,281 | 61,093 |
Prior | 222,648 | 190,506 |
Revolving Loans | 30,339 | 23,376 |
Total | 774,791 | 757,893 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 46,930 | 214,563 |
2021/2020 | 213,550 | 99,131 |
2020/2019 | 97,038 | 82,386 |
2019/2018 | 80,023 | 57,397 |
2018/2017 | 52,560 | 55,422 |
Prior | 198,565 | 168,533 |
Revolving Loans | 29,254 | 22,389 |
Total | 717,920 | 699,821 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 2,647 | 5,130 |
2021/2020 | 4,430 | 2,865 |
2020/2019 | 2,688 | 3,981 |
2019/2018 | 3,072 | 2,802 |
2018/2017 | 2,602 | 3,655 |
Prior | 13,046 | 11,828 |
Revolving Loans | 1,041 | 767 |
Total | 29,526 | 31,028 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 112 | 178 |
Revolving Loans | 20 | 20 |
Total | 132 | 198 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 1,347 | 5,201 |
2021/2020 | 4,883 | 5,098 |
2020/2019 | 5,499 | 3,764 |
2019/2018 | 3,416 | 600 |
2018/2017 | 1,119 | 2,016 |
Prior | 10,618 | 9,659 |
Revolving Loans | 24 | 200 |
Total | 26,906 | 26,538 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 307 | 308 |
Revolving Loans | 0 | 0 |
Total | 307 | 308 |
Commercial [Member] | Dealer Floorplans [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 72,766 | 69,452 |
Total | 72,766 | 69,452 |
Commercial [Member] | Dealer Floorplans [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 72,309 | 69,105 |
Total | 72,309 | 69,105 |
Commercial [Member] | Dealer Floorplans [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 457 | 347 |
Total | 457 | 347 |
Commercial [Member] | Dealer Floorplans [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Dealer Floorplans [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Dealer Floorplans [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Other [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 41,283 | 81,446 |
2021/2020 | 68,437 | 47,394 |
2020/2019 | 43,233 | 18,492 |
2019/2018 | 14,812 | 31,024 |
2018/2017 | 30,070 | 9,736 |
Prior | 31,631 | 14,869 |
Revolving Loans | 92,643 | 87,517 |
Total | 322,109 | 290,478 |
Commercial [Member] | Commercial Other [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 38,977 | 72,650 |
2021/2020 | 60,835 | 43,838 |
2020/2019 | 39,687 | 16,495 |
2019/2018 | 13,194 | 29,858 |
2018/2017 | 29,265 | 9,105 |
Prior | 29,659 | 13,346 |
Revolving Loans | 80,968 | 75,119 |
Total | 292,585 | 260,411 |
Commercial [Member] | Commercial Other [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 949 | 7,196 |
2021/2020 | 648 | 1,967 |
2020/2019 | 702 | 1,582 |
2019/2018 | 364 | 599 |
2018/2017 | 473 | 332 |
Prior | 1,177 | 1,071 |
Revolving Loans | 6,728 | 11,792 |
Total | 11,041 | 24,539 |
Commercial [Member] | Commercial Other [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 268 |
2019/2018 | 0 | 383 |
2018/2017 | 3 | 12 |
Prior | 0 | 1 |
Revolving Loans | 0 | 482 |
Total | 3 | 1,146 |
Commercial [Member] | Commercial Other [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 1,357 | 1,600 |
2021/2020 | 6,954 | 1,589 |
2020/2019 | 2,844 | 147 |
2019/2018 | 1,254 | 184 |
2018/2017 | 329 | 287 |
Prior | 795 | 451 |
Revolving Loans | 4,947 | 124 |
Total | 18,480 | 4,382 |
Commercial [Member] | Commercial Other [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 46,227 |
2021/2020 | 22,176 | 1,108 |
2020/2019 | 306 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 22,482 | 47,335 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Pass [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 46,227 |
2021/2020 | 22,176 | 1,108 |
2020/2019 | 306 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 22,482 | 47,335 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Watch [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | OAEM [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Substandard [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial [Member] | Commercial Unsecured SBA PPP [Member] | Doubtful [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Residential [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 44,293 | 195,731 |
2021/2020 | 196,891 | 161,534 |
2020/2019 | 151,515 | 76,216 |
2019/2018 | 70,773 | 37,552 |
2018/2017 | 36,021 | 43,155 |
Prior | 293,529 | 264,426 |
Revolving Loans | 94,661 | 95,238 |
Total | 887,683 | 873,852 |
Residential [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 44,293 | 195,731 |
2021/2020 | 196,891 | 161,471 |
2020/2019 | 151,515 | 75,792 |
2019/2018 | 70,288 | 37,188 |
2018/2017 | 35,606 | 42,597 |
Prior | 286,300 | 256,575 |
Revolving Loans | 94,324 | 94,666 |
Total | 879,217 | 864,020 |
Residential [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 63 |
2020/2019 | 0 | 424 |
2019/2018 | 485 | 364 |
2018/2017 | 415 | 558 |
Prior | 7,229 | 7,851 |
Revolving Loans | 337 | 572 |
Total | 8,466 | 9,832 |
Residential [Member] | Real Estate Mortgage [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 44,293 | 195,731 |
2021/2020 | 196,891 | 161,534 |
2020/2019 | 151,515 | 76,216 |
2019/2018 | 70,773 | 37,552 |
2018/2017 | 36,021 | 43,155 |
Prior | 280,960 | 252,997 |
Revolving Loans | 0 | 0 |
Total | 780,453 | 767,185 |
Residential [Member] | Real Estate Mortgage [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 44,293 | 195,731 |
2021/2020 | 196,891 | 161,471 |
2020/2019 | 151,515 | 75,792 |
2019/2018 | 70,288 | 37,188 |
2018/2017 | 35,606 | 42,597 |
Prior | 274,366 | 245,666 |
Revolving Loans | 0 | 0 |
Total | 772,959 | 758,445 |
Residential [Member] | Real Estate Mortgage [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 63 |
2020/2019 | 0 | 424 |
2019/2018 | 485 | 364 |
2018/2017 | 415 | 558 |
Prior | 6,594 | 7,331 |
Revolving Loans | 0 | 0 |
Total | 7,494 | 8,740 |
Residential [Member] | Home Equity Lines [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 12,569 | 11,429 |
Revolving Loans | 94,661 | 95,238 |
Total | 107,230 | 106,667 |
Residential [Member] | Home Equity Lines [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 11,934 | 10,909 |
Revolving Loans | 94,324 | 94,666 |
Total | 106,258 | 105,575 |
Residential [Member] | Home Equity Lines [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 635 | 520 |
Revolving Loans | 337 | 572 |
Total | 972 | 1,092 |
Consumer [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 142,731 | 334,777 |
2021/2020 | 297,854 | 229,596 |
2020/2019 | 201,706 | 99,308 |
2019/2018 | 86,946 | 64,939 |
2018/2017 | 55,528 | 27,965 |
Prior | 39,242 | 20,923 |
Revolving Loans | 0 | 0 |
Total | 824,007 | 777,508 |
Consumer [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 142,731 | 334,753 |
2021/2020 | 297,749 | 229,457 |
2020/2019 | 201,685 | 99,285 |
2019/2018 | 86,893 | 64,905 |
2018/2017 | 55,519 | 27,939 |
Prior | 39,228 | 20,919 |
Revolving Loans | 0 | 0 |
Total | 823,805 | 777,258 |
Consumer [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 24 |
2021/2020 | 105 | 139 |
2020/2019 | 21 | 23 |
2019/2018 | 53 | 34 |
2018/2017 | 9 | 26 |
Prior | 14 | 4 |
Revolving Loans | 0 | 0 |
Total | 202 | 250 |
Consumer [Member] | Consumer Direct [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 19,055 | 71,626 |
2021/2020 | 62,560 | 39,316 |
2020/2019 | 34,207 | 18,495 |
2019/2018 | 16,419 | 10,502 |
2018/2017 | 9,341 | 4,493 |
Prior | 15,038 | 12,251 |
Revolving Loans | 0 | 0 |
Total | 156,620 | 156,683 |
Consumer [Member] | Consumer Direct [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 19,055 | 71,626 |
2021/2020 | 62,560 | 39,312 |
2020/2019 | 34,193 | 18,492 |
2019/2018 | 16,419 | 10,468 |
2018/2017 | 9,332 | 4,490 |
Prior | 15,038 | 12,251 |
Revolving Loans | 0 | 0 |
Total | 156,597 | 156,639 |
Consumer [Member] | Consumer Direct [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 4 |
2020/2019 | 14 | 3 |
2019/2018 | 0 | 34 |
2018/2017 | 9 | 3 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 23 | 44 |
Consumer [Member] | Consumer Indirect [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 123,676 | 263,151 |
2021/2020 | 235,294 | 190,280 |
2020/2019 | 167,499 | 80,813 |
2019/2018 | 70,527 | 54,437 |
2018/2017 | 46,187 | 23,472 |
Prior | 24,204 | 8,672 |
Revolving Loans | 0 | 0 |
Total | 667,387 | 620,825 |
Consumer [Member] | Consumer Indirect [Member] | Performing [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 123,676 | 263,127 |
2021/2020 | 235,189 | 190,145 |
2020/2019 | 167,492 | 80,793 |
2019/2018 | 70,474 | 54,437 |
2018/2017 | 46,187 | 23,449 |
Prior | 24,190 | 8,668 |
Revolving Loans | 0 | 0 |
Total | 667,208 | 620,619 |
Consumer [Member] | Consumer Indirect [Member] | Nonperforming [Member] | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||
2022/2021 | 0 | 24 |
2021/2020 | 105 | 135 |
2020/2019 | 7 | 20 |
2019/2018 | 53 | 0 |
2018/2017 | 0 | 23 |
Prior | 14 | 4 |
Revolving Loans | 0 | 0 |
Total | $ 179 | $ 206 |
Loans, Collateral Dependent Loa
Loans, Collateral Dependent Loans and Loans With/Without Specific Valuation Allowance (Details) - Commercial [Member] $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)Loan | Mar. 31, 2021USD ($)Loan | Dec. 31, 2021USD ($)Loan | |
Collateral Pledged [Member] | |||
Collateral Dependent Loans by Segment [Abstract] | |||
Number of Loans | Loan | 20 | 22 | 18 |
Recorded balance | $ 46,928 | $ 63,551 | $ 37,773 |
Specific Allowance | $ 500 | $ 750 | $ 1,150 |
Hotel/Motel [Member] | Collateral Pledged [Member] | |||
Collateral Dependent Loans by Segment [Abstract] | |||
Number of Loans | Loan | 1 | 6 | 2 |
Recorded balance | $ 8,348 | $ 34,174 | $ 9,462 |
Specific Allowance | $ 0 | $ 550 | $ 600 |
Commercial Real Estate Residential [Member] | Collateral Pledged [Member] | |||
Collateral Dependent Loans by Segment [Abstract] | |||
Number of Loans | Loan | 4 | 5 | 4 |
Recorded balance | $ 7,119 | $ 8,679 | $ 7,255 |
Specific Allowance | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Nonresidential [Member] | Collateral Pledged [Member] | |||
Collateral Dependent Loans by Segment [Abstract] | |||
Number of Loans | Loan | 11 | 10 | 11 |
Recorded balance | $ 19,827 | $ 19,431 | $ 19,943 |
Specific Allowance | $ 200 | $ 200 | $ 200 |
Commercial Other [Member] | Collateral Pledged [Member] | |||
Collateral Dependent Loans by Segment [Abstract] | |||
Number of Loans | Loan | 4 | 1 | 1 |
Recorded balance | $ 11,634 | $ 1,267 | $ 1,113 |
Specific Allowance | $ 300 | $ 0 | $ 350 |
Commercial Other [Member] | Various Chattel, Including Surface Mining Equipment, Preparation Plant Equipment, and First Mortgage on a Preparation Plant, Real Estate, and Improvements [Member] | |||
Collateral Dependent Loans by Segment [Abstract] | |||
Number of financing receivables collateralized | Loan | 1 | ||
Commercial Other [Member] | Accounts Receivable, Equipment, and Inventory [Member] | |||
Collateral Dependent Loans by Segment [Abstract] | |||
Number of financing receivables collateralized | Loan | 3 |
Loans, Troubled Debt Restructur
Loans, Troubled Debt Restructurings Segregated by Class (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)Loan | Mar. 31, 2021USD ($)Loan | Dec. 31, 2021USD ($)Loan | |
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 10 | 1 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 2,279 | $ 284 | $ 8,789 |
Post-Modification Outstanding Balance | 2,277 | 284 | 8,864 |
Commitment to extend additional credit on loans modified in TDRs | $ 175 | $ 52 | |
Defaulted restructured loans, number of loans | Loan | 0 | 2 | |
Defaulted restructured loans, recorded balance | $ 0 | $ 1,388 | |
Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 1,363 | 0 | 5,262 |
Post-Modification Outstanding Balance | 1,361 | 0 | 5,325 |
Combination [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 916 | 284 | 3,265 |
Post-Modification Outstanding Balance | $ 916 | $ 284 | 3,277 |
Other [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 262 | ||
Post-Modification Outstanding Balance | $ 262 | ||
Commercial [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 8 | 1 | 20 |
Pre-Modification Outstanding Recorded Investment | $ 1,363 | $ 284 | $ 7,972 |
Post-Modification Outstanding Balance | 1,361 | 284 | 8,046 |
Commercial [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 1,363 | 0 | 4,984 |
Post-Modification Outstanding Balance | 1,361 | 0 | 5,046 |
Commercial [Member] | Combination [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | 284 | 2,988 |
Post-Modification Outstanding Balance | $ 0 | $ 284 | 3,000 |
Commercial [Member] | Other [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | ||
Post-Modification Outstanding Balance | $ 0 | ||
Commercial [Member] | Hotel/Motel [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Balance | $ 0 | 0 | $ 0 |
Defaulted restructured loans, number of loans | Loan | 0 | 1 | |
Defaulted restructured loans, recorded balance | $ 0 | $ 1,113 | |
Commercial [Member] | Hotel/Motel [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Post-Modification Outstanding Balance | 0 | 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | Combination [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Post-Modification Outstanding Balance | $ 0 | $ 0 | 0 |
Commercial [Member] | Hotel/Motel [Member] | Other [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | ||
Post-Modification Outstanding Balance | $ 0 | ||
Commercial [Member] | Commercial Real Estate Residential [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 2 | 0 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 154 | $ 0 | $ 388 |
Post-Modification Outstanding Balance | 154 | 0 | 424 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 154 | 0 | 388 |
Post-Modification Outstanding Balance | 154 | 0 | 424 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Combination [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Post-Modification Outstanding Balance | $ 0 | $ 0 | 0 |
Commercial [Member] | Commercial Real Estate Residential [Member] | Other [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | ||
Post-Modification Outstanding Balance | $ 0 | ||
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 2 | 1 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 245 | $ 284 | $ 7,167 |
Post-Modification Outstanding Balance | 244 | 284 | 7,282 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 245 | 0 | 4,179 |
Post-Modification Outstanding Balance | 244 | 0 | 4,282 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Combination [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | 284 | 2,988 |
Post-Modification Outstanding Balance | $ 0 | $ 284 | 3,000 |
Commercial [Member] | Commercial Real Estate Nonresidential [Member] | Other [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | ||
Post-Modification Outstanding Balance | $ 0 | ||
Commercial [Member] | Commercial Other [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 4 | 0 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 964 | $ 0 | $ 417 |
Post-Modification Outstanding Balance | $ 963 | 0 | $ 340 |
Defaulted restructured loans, number of loans | Loan | 0 | 0 | |
Defaulted restructured loans, recorded balance | $ 0 | $ 0 | |
Commercial [Member] | Commercial Other [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 964 | 0 | 417 |
Post-Modification Outstanding Balance | 963 | 0 | 340 |
Commercial [Member] | Commercial Other [Member] | Combination [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Post-Modification Outstanding Balance | $ 0 | $ 0 | 0 |
Commercial [Member] | Commercial Other [Member] | Other [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | ||
Post-Modification Outstanding Balance | $ 0 | ||
Residential [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 2 | 0 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 916 | $ 0 | $ 817 |
Post-Modification Outstanding Balance | 916 | 0 | 818 |
Residential [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 278 |
Post-Modification Outstanding Balance | 0 | 0 | 279 |
Residential [Member] | Combination [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 916 | 0 | 277 |
Post-Modification Outstanding Balance | $ 916 | $ 0 | 277 |
Residential [Member] | Other [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 262 | ||
Post-Modification Outstanding Balance | $ 262 | ||
Residential [Member] | Real Estate Mortgage [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Number of Loans | Loan | 2 | 0 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 916 | $ 0 | $ 817 |
Post-Modification Outstanding Balance | $ 916 | 0 | $ 818 |
Defaulted restructured loans, number of loans | Loan | 0 | 1 | |
Defaulted restructured loans, recorded balance | $ 0 | $ 275 | |
Residential [Member] | Real Estate Mortgage [Member] | Term Modification [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 278 |
Post-Modification Outstanding Balance | 0 | 0 | 279 |
Residential [Member] | Real Estate Mortgage [Member] | Combination [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 916 | 0 | 277 |
Post-Modification Outstanding Balance | $ 916 | $ 0 | 277 |
Residential [Member] | Real Estate Mortgage [Member] | Other [Member] | |||
Troubled Debt Restructurings Segregated by Class [Abstract] | |||
Pre-Modification Outstanding Recorded Investment | 262 | ||
Post-Modification Outstanding Balance | $ 262 |
Other Real Estate Owned, Activi
Other Real Estate Owned, Activity For Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Activity for other real estate owned [Roll Forward] | ||
Beginning balance of other real estate owned | $ 3,486 | $ 7,694 |
New assets acquired | 137 | (170) |
Fair value adjustments | (246) | (154) |
Sale of assets | (1,078) | (1,146) |
Ending balance of other real estate owned | 2,299 | 6,224 |
Carrying cost and fair value adjustments for foreclosed properties | $ 400 | $ 300 |
Other Real Estate Owned, Major
Other Real Estate Owned, Major Classifications of Foreclosed Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | $ 2,299 | $ 3,486 |
1-4 Family [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | 940 | 1,130 |
Construction/Land Development/Other [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | 465 | 480 |
Multifamily [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | 0 | 88 |
Non-farm/Non-residential [Member] | ||
Major Classifications of Foreclosed Properties [Abstract] | ||
Total foreclosed properties | $ 894 | $ 1,788 |
Repurchase Agreements (Details)
Repurchase Agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial Instruments Pledged as Collateral [Abstract] | ||
Debt securities available-for-sale | $ 1,503,165 | $ 1,455,429 |
Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 254,623 | 271,088 |
Securities Sold under Agreements to Repurchase [Member] | Asset Pledged as Collateral [Member] | ||
Financial Instruments Pledged as Collateral [Abstract] | ||
Debt securities available-for-sale | 330,900 | 317,100 |
Overnight and Continuous [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 109,773 | 111,240 |
Up to 30 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 500 |
30-90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 25,000 | 105,000 |
Greater Than 90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 119,850 | 54,348 |
U.S. Treasury and Government Agencies [Member] | ||
Financial Instruments Pledged as Collateral [Abstract] | ||
Debt securities available-for-sale | 451,731 | 295,770 |
U.S. Treasury and Government Agencies [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 41,679 | 18,632 |
U.S. Treasury and Government Agencies [Member] | Overnight and Continuous [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 2,470 | 3,176 |
U.S. Treasury and Government Agencies [Member] | Up to 30 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 16 |
U.S. Treasury and Government Agencies [Member] | 30-90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 25,000 | 5,400 |
U.S. Treasury and Government Agencies [Member] | Greater Than 90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 14,209 | 10,040 |
State and Political Subdivisions [Member] | ||
Financial Instruments Pledged as Collateral [Abstract] | ||
Debt securities available-for-sale | 302,662 | 334,203 |
State and Political Subdivisions [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 104,120 | 106,919 |
State and Political Subdivisions [Member] | Overnight and Continuous [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 82,075 | 83,375 |
State and Political Subdivisions [Member] | Up to 30 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 484 |
State and Political Subdivisions [Member] | 30-90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 13,633 |
State and Political Subdivisions [Member] | Greater Than 90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 22,045 | 9,427 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Financial Instruments Pledged as Collateral [Abstract] | ||
Debt securities available-for-sale | 655,213 | 730,809 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 108,824 | 145,537 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | Overnight and Continuous [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 25,228 | 24,689 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | Up to 30 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 0 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | 30-90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | 0 | 85,967 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | Greater Than 90 Days [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Remaining contractual maturity of securities sold under agreements to repurchase by class of collateral pledged [Abstract] | ||
Repurchase agreements and repurchase-to-maturity transactions | $ 83,596 | $ 34,881 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities, Fair Value Measurements of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | $ 1,503,165 | $ 1,455,429 |
Equity securities at fair value | 2,352 | 2,253 |
U.S. Treasury and Government Agencies [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 451,731 | 295,770 |
State and Political Subdivisions [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 302,662 | 334,203 |
U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 655,213 | 730,809 |
Asset-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 93,559 | 94,647 |
Recurring [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Equity securities at fair value | 2,352 | 2,253 |
Mortgage servicing rights | 7,748 | 6,774 |
Recurring [Member] | U.S. Treasury and Government Agencies [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 451,731 | 295,770 |
Recurring [Member] | State and Political Subdivisions [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 302,662 | 334,203 |
Recurring [Member] | U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 655,213 | 730,809 |
Recurring [Member] | Asset-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 93,559 | 94,647 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Equity securities at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | U.S. Treasury and Government Agencies [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 402,275 | 242,214 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | State and Political Subdivisions [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Asset-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Equity securities at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | U.S. Treasury and Government Agencies [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 49,456 | 53,556 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | State and Political Subdivisions [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 302,662 | 334,203 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 655,213 | 730,809 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Asset-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 93,559 | 94,647 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Equity securities at fair value | 2,352 | 2,253 |
Mortgage servicing rights | 7,748 | 6,774 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | U.S. Treasury and Government Agencies [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | State and Political Subdivisions [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | U.S. Government Sponsored Agency Mortgage-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Asset-backed Securities [Member] | ||
Assets measured - recurring basis [Abstract] | ||
Debt securities available-for-sale | $ 0 | $ 0 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities, Fair Value Measurements of Assets Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Assets measured-nonrecurring basis [Abstract] | |||
Collateral dependent loans | $ 759 | $ 1,238 | |
Minimum [Member] | |||
Other real estate owned [Abstract] | |||
Typical frequency of periodic reviews | 12 months | ||
Maximum [Member] | |||
Other real estate owned [Abstract] | |||
Typical frequency of periodic reviews | 18 months | ||
Frequency of periodic reviews in general | 24 months | ||
Nonrecurring [Member] | |||
Impaired loan (collateral dependent) [Abstract] | |||
Fair value adjustments on collateral dependent loans expense (recovery) | $ 100 | $ 300 | 400 |
Other real estate owned [Abstract] | |||
Other real estate owned, fair value adjustment | 200 | $ 200 | 200 |
Nonrecurring [Member] | Fair Value [Member] | |||
Assets measured-nonrecurring basis [Abstract] | |||
Collateral dependent loans | 759 | 1,238 | |
Other real estate owned | 688 | 1,487 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Fair Value [Member] | |||
Assets measured-nonrecurring basis [Abstract] | |||
Collateral dependent loans | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Fair Value [Member] | |||
Assets measured-nonrecurring basis [Abstract] | |||
Collateral dependent loans | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Fair Value [Member] | |||
Assets measured-nonrecurring basis [Abstract] | |||
Collateral dependent loans | 759 | 1,238 | |
Other real estate owned | $ 688 | $ 1,487 |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities, Level 3 Reconciliation and Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Noninterest Income [Abstract] | ||
Total gains | $ 844 | $ 552 |
Recurring [Member] | Equity Securities [Member] | ||
Reconciliation of beginning and ending balances of recurring fair value measurements recognized in balance sheet using significant unobservable (Level 3) inputs [Roll Forward] | ||
Beginning balance | 2,253 | 2,471 |
Total unrealized gains (losses) included in net income | 99 | (228) |
Issues | 0 | 0 |
Settlements | 0 | 0 |
Ending balance | 2,352 | 2,243 |
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 | 99 | (228) |
Recurring [Member] | Mortgage Servicing Rights [Member] | ||
Reconciliation of beginning and ending balances of recurring fair value measurements recognized in balance sheet using significant unobservable (Level 3) inputs [Roll Forward] | ||
Beginning balance | 6,774 | 4,068 |
Total unrealized gains (losses) included in net income | 983 | 1,030 |
Issues | 229 | 736 |
Settlements | (238) | (250) |
Ending balance | 7,748 | 5,584 |
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 | $ 983 | $ 1,030 |
Fair Value of Financial Asset_6
Fair Value of Financial Assets and Liabilities, Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value | $ 2,352 | $ 2,253 |
Mortgage servicing rights | 7,748 | 6,774 |
Collateral dependent loans | 759 | 1,238 |
Other real estate owned | $ 688 | $ 1,487 |
Conversion Rate [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input | 1.6181 | |
Dividend Rate [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input | 0.6068 | |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Discount Rate [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input | 0.080 | 0.080 |
Mortgage servicing rights, measurement input | 0.100 | 0.100 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Discount Rate [Member] | Maximum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input | 0.120 | 0.120 |
Mortgage servicing rights, measurement input | 0.115 | 0.115 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Discount Rate [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input | 0.100 | 0.100 |
Mortgage servicing rights, measurement input | 0.101 | 0.101 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Conversion Date [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input, conversion date | Dec. 31, 2024 | Dec. 31, 2024 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Conversion Date [Member] | Maximum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input, conversion date | Dec. 31, 2028 | Dec. 31, 2028 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Conversion Date [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Equity securities at fair value, measurement input, conversion date | Dec. 31, 2026 | Dec. 31, 2026 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Constant Prepayment Rate [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Mortgage servicing rights, measurement input | 0.070 | 0.070 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Constant Prepayment Rate [Member] | Maximum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Mortgage servicing rights, measurement input | 0.283 | 0.267 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Constant Prepayment Rate [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Mortgage servicing rights, measurement input | 0.081 | 0.100 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Probability of Default [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Mortgage servicing rights, measurement input | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Probability of Default [Member] | Maximum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Mortgage servicing rights, measurement input | 0.667 | 0.750 |
Significant Unobservable Inputs (Level 3) [Member] | Valuation, Income Approach [Member] | Probability of Default [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Mortgage servicing rights, measurement input | 0.013 | 0.014 |
Significant Unobservable Inputs (Level 3) [Member] | Market Comparable Properties [Member] | Marketability Discount [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Collateral dependent loans, measurement input | 0.200 | 0.200 |
Significant Unobservable Inputs (Level 3) [Member] | Market Comparable Properties [Member] | Marketability Discount [Member] | Maximum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Collateral dependent loans, measurement input | 0.200 | 0.620 |
Significant Unobservable Inputs (Level 3) [Member] | Market Comparable Properties [Member] | Marketability Discount [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Collateral dependent loans, measurement input | 0.200 | 0.410 |
Significant Unobservable Inputs (Level 3) [Member] | Market Comparable Properties [Member] | Comparability Adjustment [Member] | Minimum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Other real estate owned, measurement input | 0.100 | 0.100 |
Significant Unobservable Inputs (Level 3) [Member] | Market Comparable Properties [Member] | Comparability Adjustment [Member] | Maximum [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Other real estate owned, measurement input | 0.3415 | 0.455 |
Significant Unobservable Inputs (Level 3) [Member] | Market Comparable Properties [Member] | Comparability Adjustment [Member] | Weighted Average [Member] | ||
Quantitative Information about Unobservable Inputs Used in Level 3 Fair Value Measurements [Abstract] | ||
Other real estate owned, measurement input | 0.143 | 0.151 |
Fair Value of Financial Asset_7
Fair Value of Financial Assets and Liabilities, Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets [Abstract] | ||
Debt securities available-for-sale | $ 1,503,165 | $ 1,455,429 |
Equity securities at fair value | 2,352 | 2,253 |
Federal Reserve Bank stock | 4,887 | 4,887 |
Carrying Amount [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 164,485 | 311,756 |
Certificates of deposits in other banks | 245 | 245 |
Debt securities available-for-sale | 1,503,165 | 1,455,429 |
Equity securities at fair value | 2,352 | 2,253 |
Loans held for sale | 1,941 | 2,632 |
Loans, net | 3,473,232 | 3,367,057 |
Federal Home Loan Bank stock | 8,139 | 8,139 |
Federal Reserve Bank stock | 4,887 | 4,887 |
Accrued interest receivable | 15,024 | 15,415 |
Financial liabilities [Abstract] | ||
Deposits | 4,428,304 | 4,344,292 |
Repurchase agreements | 254,623 | 271,088 |
Federal funds purchased | 500 | 500 |
Advances from Federal Home Loan Bank | 370 | 375 |
Long-term debt | 57,841 | 57,841 |
Accrued interest payable | 1,306 | 1,016 |
Unrecognized financial instruments [Abstract] | ||
Letters of credit | 0 | 0 |
Commitments to extend credit | 0 | 0 |
Forward sale commitments | 0 | 0 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 164,485 | 311,756 |
Certificates of deposits in other banks | 0 | 0 |
Debt securities available-for-sale | 402,275 | 242,214 |
Equity securities at fair value | 0 | 0 |
Loans held for sale | 1,979 | 2,693 |
Loans, net | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | 1,398,529 | 1,331,103 |
Repurchase agreements | 0 | 0 |
Federal funds purchased | 0 | 0 |
Advances from Federal Home Loan Bank | 0 | 0 |
Long-term debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Unrecognized financial instruments [Abstract] | ||
Letters of credit | 0 | 0 |
Commitments to extend credit | 0 | 0 |
Forward sale commitments | 0 | 0 |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposits in other banks | 245 | 245 |
Debt securities available-for-sale | 1,100,890 | 1,213,215 |
Equity securities at fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Federal Home Loan Bank stock | 8,139 | 8,139 |
Federal Reserve Bank stock | 4,887 | 4,887 |
Accrued interest receivable | 15,024 | 15,415 |
Financial liabilities [Abstract] | ||
Deposits | 3,046,220 | 3,043,339 |
Repurchase agreements | 0 | 0 |
Federal funds purchased | 500 | 500 |
Advances from Federal Home Loan Bank | 392 | 400 |
Long-term debt | 0 | 0 |
Accrued interest payable | 1,306 | 1,016 |
Unrecognized financial instruments [Abstract] | ||
Letters of credit | 0 | 0 |
Commitments to extend credit | 0 | 0 |
Forward sale commitments | 0 | 0 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposits in other banks | 0 | 0 |
Debt securities available-for-sale | 0 | 0 |
Equity securities at fair value | 2,352 | 2,253 |
Loans held for sale | 0 | 0 |
Loans, net | 3,565,567 | 3,480,803 |
Federal Home Loan Bank stock | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | 0 | 0 |
Repurchase agreements | 254,885 | 271,186 |
Federal funds purchased | 0 | 0 |
Advances from Federal Home Loan Bank | 0 | 0 |
Long-term debt | 47,415 | 45,854 |
Accrued interest payable | 0 | 0 |
Unrecognized financial instruments [Abstract] | ||
Letters of credit | 0 | 0 |
Commitments to extend credit | 0 | 0 |
Forward sale commitments | $ 0 | $ 0 |
Revenue Recognition (Details)
Revenue Recognition (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)Segment | |
Revenue Recognition [Abstract] | |
Contract assets | $ 0 |
Contract liabilities | 0 |
Receivable accounts for contracts with customers | $ 0 |
Number of operating segments | Segment | 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator [Abstract] | ||
Net income | $ 19,728 | $ 23,618 |
Basic earnings per share [Abstract] | ||
Weighted average shares (in shares) | 17,820,000 | 17,774,000 |
Diluted earnings per share [Abstract] | ||
Effect of dilutive stock options and restricted stock grants (in shares) | 12,000 | 13,000 |
Adjusted weighted average shares (in shares) | 17,832,000 | 17,787,000 |
Earnings per share [Abstract] | ||
Basic earnings per share (in dollars per share) | $ 1.11 | $ 1.33 |
Diluted earnings per share (in dollars per share) | $ 1.11 | $ 1.33 |
Options [Member] | ||
Earnings Per Share [Abstract] | ||
Options excluded from diluted calculations (in shares) | 0 | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amounts Reclassified from AOCI [Abstract] | ||
Securities gains | $ 99 | $ (168) |
Tax expense | 5,035 | 6,390 |
Net income | 19,728 | 23,618 |
Unrealized Gains on AFS Securities [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||
Amounts Reclassified from AOCI [Abstract] | ||
Securities gains | 0 | 60 |
Tax expense | 0 | 16 |
Net income | $ 0 | $ 44 |