| 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 and indicate the level within the fair value hierarchy of the valuation techniques.
| |
|
|
|
|
Fair Value Measurements at
March 31, 2026 Using
|
|
|
(in thousands)
|
|
Fair Value
|
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
Assets measured – recurring basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and government agencies
|
|
$
|
160,469 |
|
|
$
|
0 |
|
|
$
|
160,469 |
|
|
$
|
0 |
|
|
State and political subdivisions
|
|
|
263,881 |
|
|
|
0 |
|
|
|
263,881 |
|
|
|
0 |
|
|
Agency mortgage-backed securities
|
|
|
641,461 |
|
|
|
0 |
|
|
|
641,461 |
|
|
|
0 |
|
|
Asset-backed securities
|
|
|
22,394 |
|
|
|
0 |
|
|
|
22,394 |
|
|
|
0 |
|
|
Equity securities at fair value
|
|
|
3,666 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3,666 |
|
|
Mortgage servicing rights
|
|
|
6,728 |
|
|
|
0 |
|
|
|
0 |
|
|
|
6,728 |
|
| |
|
|
|
|
Fair Value Measurements at
December 31, 2025 Using
|
|
|
(in thousands)
|
|
Fair Value
|
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
|
Significant Unobservable Inputs
(Level 3)
|
|
|
Assets measured – recurring basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and government agencies
|
|
$
|
235,759 |
|
|
$
|
0 |
|
|
$
|
235,759 |
|
|
$
|
0 |
|
|
State and political subdivisions
|
|
|
266,891 |
|
|
|
0 |
|
|
|
266,891 |
|
|
|
0 |
|
|
Agency mortgage-backed securities
|
|
|
588,262 |
|
|
|
0 |
|
|
|
588,262 |
|
|
|
0 |
|
|
Asset-backed securities
|
|
|
29,807 |
|
|
|
0 |
|
|
|
29,807 |
|
|
|
0 |
|
|
Equity securities at fair value
|
|
|
4,154 |
|
|
|
0 |
|
|
|
0 |
|
|
|
4,154 |
|
|
Mortgage servicing rights
|
|
|
6,751 |
|
|
|
0 |
|
|
|
0 |
|
|
|
6,751 |
|
|
| Reconciliation of 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:
| |
|
Three Months Ended
March 31
|
|
| |
|
2026
|
|
|
2025
|
|
|
(in thousands)
|
|
Equity
Securities
at Fair
Value
|
|
|
Mortgage
Servicing
Rights
|
|
|
Equity
Securities
at Fair
Value
|
|
|
Mortgage
Servicing
Rights
|
|
|
Beginning balance
|
|
$
|
4,154 |
|
|
$
|
6,751 |
|
|
$
|
3,781 |
|
|
$
|
7,357 |
|
|
Total unrealized gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in net income
|
|
|
(488 |
)
|
|
|
146 |
|
|
|
480 |
|
|
|
(113 |
)
|
|
Issues
|
|
|
0 |
|
|
|
22 |
|
|
|
0 |
|
|
|
20 |
|
|
Settlements
|
|
|
0 |
|
|
|
(191 |
)
|
|
|
0 |
|
|
|
(171 |
)
|
|
Ending balance
|
|
$
|
3,666 |
|
|
$
|
6,728 |
|
|
$
|
4,261 |
|
|
$
|
7,093 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
(488 |
)
|
|
$
|
146 |
|
|
$
|
480 |
|
|
$
|
(113 |
)
|
|
| Fair Value of Financial Instruments and Levels within Fair Value Hierarchy of Valuation Techniques |
The following tables present estimated fair value of CTBI’s financial instruments as of March 31, 2026 and December 31, 2025 and indicate the level within the fair value hierarchy of the valuation techniques.
| |
|
|
|
|
Fair Value Measurements
at March 31, 2026 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
|
|
$
|
358,655 |
|
|
$
|
358,655 |
|
|
$
|
0 |
|
|
$
|
0 |
|
|
Certificates of deposit in other banks
|
|
|
245 |
|
|
|
0 |
|
|
|
245 |
|
|
|
0 |
|
|
Debt securities available-for-sale
|
|
|
1,088,205 |
|
|
|
0 |
|
|
|
1,088,205 |
|
|
|
0 |
|
|
Equity securities at fair value
|
|
|
3,666 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3,666 |
|
|
Loans held for sale
|
|
|
73 |
|
|
|
74 |
|
|
|
0 |
|
|
|
0 |
|
|
Loans, net
|
|
|
4,929,500 |
|
|
|
0 |
|
|
|
0 |
|
|
|
4,976,103 |
|
|
Federal Home Loan Bank stock
|
|
|
5,200 |
|
|
|
0 |
|
|
|
5,200 |
|
|
|
0 |
|
|
Federal Reserve Bank stock
|
|
|
4,887 |
|
|
|
0 |
|
|
|
4,887 |
|
|
|
0 |
|
|
Mortgage servicing rights
|
|
|
6,728 |
|
|
|
0 |
|
|
|
0 |
|
|
|
6,728 |
|
|
Accrued interest receivable
|
|
|
25,591 |
|
|
|
0 |
|
|
|
25,591 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
5,434,220 |
|
|
$
|
1,262,835 |
|
|
$
|
3,966,881 |
|
|
$
|
0 |
|
|
Repurchase agreements
|
|
|
298,721 |
|
|
|
0 |
|
|
|
298,686 |
|
|
|
0 |
|
|
Federal funds purchased
|
|
|
500 |
|
|
|
0 |
|
|
|
500 |
|
|
|
0 |
|
|
Advances from Federal Home Loan Bank
|
|
|
288 |
|
|
|
0 |
|
|
|
299 |
|
|
|
0 |
|
|
Long-term debt
|
|
|
63,724 |
|
|
|
0 |
|
|
|
57,716 |
|
|
|
0 |
|
|
Accrued interest payable
|
|
|
11,567 |
|
|
|
0 |
|
|
|
11,567 |
|
|
|
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 |
|
| |
|
|
|
|
Fair Value Measurements
at December 31, 2025 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
|
|
$
|
363,684 |
|
|
$
|
363,684 |
|
|
$
|
0 |
|
|
$
|
0 |
|
|
Certificates of deposit in other banks
|
|
|
245 |
|
|
|
0 |
|
|
|
245 |
|
|
|
0 |
|
|
Debt securities available-for-sale
|
|
|
1,120,719 |
|
|
|
0 |
|
|
|
1,120,719 |
|
|
|
0 |
|
|
Equity securities at fair value
|
|
|
4,154 |
|
|
|
0 |
|
|
|
0 |
|
|
|
4,154 |
|
|
Loans held for sale
|
|
|
211 |
|
|
|
214 |
|
|
|
0 |
|
|
|
0 |
|
|
Loans, net
|
|
|
4,834,773 |
|
|
|
0 |
|
|
|
0 |
|
|
|
4,918,385 |
|
|
Federal Home Loan Bank stock
|
|
|
5,200 |
|
|
|
0 |
|
|
|
5,200 |
|
|
|
0 |
|
|
Federal Reserve Bank stock
|
|
|
4,887 |
|
|
|
0 |
|
|
|
4,887 |
|
|
|
0 |
|
|
Mortgage servicing rights
|
|
|
6,751 |
|
|
|
0 |
|
|
|
0 |
|
|
|
6,751 |
|
|
Accrued interest receivable
|
|
|
25,957 |
|
|
|
0 |
|
|
|
25,957 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
5,389,058 |
|
|
$
|
1,263,243 |
|
|
$
|
3,896,447 |
|
|
$
|
0 |
|
|
Repurchase agreements
|
|
|
308,799 |
|
|
|
0 |
|
|
|
308,769 |
|
|
|
0 |
|
|
Federal funds purchased
|
|
|
500 |
|
|
|
0 |
|
|
|
500 |
|
|
|
0 |
|
|
Advances from Federal Home Loan Bank
|
|
|
293 |
|
|
|
0 |
|
|
|
304 |
|
|
|
0 |
|
|
Long-term debt
|
|
|
63,784 |
|
|
|
0 |
|
|
|
60,483 |
|
|
|
0 |
|
|
Accrued interest payable
|
|
|
8,535 |
|
|
|
0 |
|
|
|
8,535 |
|
|
|
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 |
|
|