| Amortized Cost and Fair Value of Available-for-sale Securities |
The amortized cost and fair value of debt securities available-for-sale are summarized as follows:
| |
|
June 30, 2026
|
|
|
(in thousands)
|
|
Amortized
Cost
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair Value
|
|
|
U.S. Treasury and government agencies
|
|
$
|
154,652 |
|
|
$
|
47 |
|
|
$
|
(7,393 |
)
|
|
$
|
147,306 |
|
|
State and political subdivisions
|
|
|
285,200 |
|
|
|
51 |
|
|
|
(37,266 |
)
|
|
|
247,985 |
|
|
Agency mortgage-backed securities
|
|
|
687,825 |
|
|
|
234 |
|
|
|
(46,722 |
)
|
|
|
641,337 |
|
|
Asset-backed securities
|
|
|
15,042 |
|
|
|
26 |
|
|
|
(15 |
)
|
|
|
15,053 |
|
|
Total available-for-sale securities
|
|
$
|
1,142,719 |
|
|
$
|
358 |
|
|
$
|
(91,396 |
)
|
|
$
|
1,051,681 |
|
| |
|
December 31, 2025
|
|
|
(in thousands)
|
|
Amortized
Cost
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair Value
|
|
|
U.S. Treasury and government agencies
|
|
$
|
243,840 |
|
|
$
|
65 |
|
|
$
|
(8,146 |
)
|
|
$
|
235,759 |
|
|
State and political subdivisions
|
|
|
303,118 |
|
|
|
117 |
|
|
|
(36,344 |
)
|
|
|
266,891 |
|
|
Agency mortgage-backed securities
|
|
|
630,172 |
|
|
|
1,119 |
|
|
|
(43,029 |
)
|
|
|
588,262 |
|
|
Asset-backed securities
|
|
|
29,808 |
|
|
|
57 |
|
|
|
(58 |
)
|
|
|
29,807 |
|
|
Total available-for-sale securities
|
|
$
|
1,206,938 |
|
|
$
|
1,358 |
|
|
$
|
(87,577 |
)
|
|
$
|
1,120,719 |
|
|
| Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
The amortized cost and fair value of debt securities at June 30, 2026 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
|
|
$
|
300 |
|
|
$
|
299 |
|
|
Due after one through five years
|
|
|
222,575 |
|
|
|
210,730 |
|
|
Due after five through ten years
|
|
|
114,039 |
|
|
|
100,175 |
|
|
Due after ten years
|
|
|
102,938 |
|
|
|
84,087 |
|
|
Agency mortgage-backed securities
|
|
|
687,825 |
|
|
|
641,337 |
|
|
Asset-backed securities
|
|
|
15,042 |
|
|
|
15,053 |
|
|
Total debt securities
|
|
$
|
1,142,719 |
|
|
$
|
1,051,681 |
|
|
| Available for Sale Securities, Continuous Unrealized Loss Position |
CTBI evaluates its investment portfolio on a quarterly basis for impairment. The analysis performed as of June 30, 2026 and December 31, 2025 indicates that all impairment is market and interest rate driven and not credit-related. The percentage of total debt securities with unrealized losses as of June 30, 2026 was 93.8% compared to 85.4% as of December 31, 2025. The following tables provide the amortized cost, gross unrealized losses, and fair value of debt securities available-for-sale, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of the periods indicated that are not deemed to have credit losses.
| |
|
June 30, 2026
|
|
|
(in thousands)
|
|
Amortized
Cost
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair Value
|
|
|
Less Than 12 Months
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and government agencies
|
|
$
|
10 |
|
|
$
|
0 |
|
|
$
|
10 |
|
|
State and political subdivisions
|
|
|
11,818 |
|
|
|
(1,105 |
)
|
|
|
10,713 |
|
|
Agency mortgage-backed securities
|
|
|
286,796 |
|
|
|
(3,351 |
)
|
|
|
283,445 |
|
|
Asset-backed securities
|
|
|
8,276 |
|
|
|
(15 |
)
|
|
|
8,261 |
|
|
Total <12 months AFS securities with unrealized losses
|
|
|
306,900 |
|
|
|
(4,471 |
)
|
|
|
302,429 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Months or More
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and government agencies
|
|
|
151,452 |
|
|
|
(7,393 |
)
|
|
|
144,059 |
|
|
State and political subdivisions
|
|
|
262,693 |
|
|
|
(36,161 |
)
|
|
|
226,532 |
|
|
Agency mortgage-backed securities
|
|
|
357,320 |
|
|
|
(43,371 |
)
|
|
|
313,949 |
|
|
Asset-backed securities
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
Total ≥12 months AFS securities with unrealized losses
|
|
|
771,465 |
|
|
|
(86,925 |
)
|
|
|
684,540 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and government agencies
|
|
|
151,462 |
|
|
|
(7,393 |
)
|
|
|
144,069 |
|
|
State and political subdivisions
|
|
|
274,511 |
|
|
|
(37,266 |
)
|
|
|
237,245 |
|
|
Agency mortgage-backed securities
|
|
|
644,116 |
|
|
|
(46,722 |
)
|
|
|
597,394 |
|
|
Asset-backed securities
|
|
|
8,276 |
|
|
|
(15 |
)
|
|
|
8,261 |
|
|
Total AFS securities with unrealized losses
|
|
$
|
1,078,365 |
|
|
$
|
(91,396 |
)
|
|
$
|
986,969 |
|
| |
|
December 31, 2025
|
|
|
(in thousands)
|
|
Amortized
Cost
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair Value
|
|
|
Less Than 12 Months
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and government agencies
|
|
$
|
954 |
|
|
$
|
(2 |
)
|
|
$
|
952 |
|
|
State and political subdivisions
|
|
|
8,129 |
|
|
|
(1,232 |
)
|
|
|
6,897 |
|
|
Agency mortgage-backed securities
|
|
|
113,962 |
|
|
|
(633 |
)
|
|
|
113,329 |
|
|
Asset-backed securities
|
|
|
6,911 |
|
|
|
(2 |
)
|
|
|
6,909 |
|
|
Total <12 months AFS securities with unrealized losses
|
|
|
129,956 |
|
|
|
(1,869 |
)
|
|
|
128,087 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Months or More
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and government agencies
|
|
|
238,808 |
|
|
|
(8,144 |
)
|
|
|
230,664 |
|
|
State and political subdivisions
|
|
|
274,927 |
|
|
|
(35,112 |
)
|
|
|
239,815 |
|
|
Agency mortgage-backed securities
|
|
|
384,506 |
|
|
|
(42,396 |
)
|
|
|
342,110 |
|
|
Asset-backed securities
|
|
|
16,235 |
|
|
|
(56 |
)
|
|
|
16,179 |
|
|
Total ≥12 months AFS securities with unrealized losses
|
|
|
914,476 |
|
|
|
(85,708 |
)
|
|
|
828,768 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and government agencies
|
|
|
239,762 |
|
|
|
(8,146 |
)
|
|
|
231,616 |
|
|
State and political subdivisions
|
|
|
283,056 |
|
|
|
(36,344 |
)
|
|
|
246,712 |
|
|
Agency mortgage-backed securities
|
|
|
498,468 |
|
|
|
(43,029 |
)
|
|
|
455,439 |
|
|
Asset-backed securities
|
|
|
23,146 |
|
|
|
(58 |
)
|
|
|
23,088 |
|
|
Total AFS securities with unrealized losses
|
|
$
|
1,044,432 |
|
|
$
|
(87,577 |
)
|
|
$
|
956,855 |
|
|