COMMUNITY BANCORP VT
For the period ended Dec 31, 2023. Filed Mar 29, 2024.
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FY2023 · Filed Mar 29, 2024
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EX-13 · Basis of presentation and consolidation
Basis of presentation and consolidation
In addition to the definitions provided elsewhere in this Annual Report, the definitions, acronyms and abbreviations identified below are used throughout this Annual Report, including these “Notes to Consolidated Financial Statements” and the section labeled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” immediately following. These definitions are intended to aid the reader and provide a reference page when reviewing this Annual Report.
| ABS: | Asset backed security | FDIC: | Federal Deposit Insurance Corporation |
|---|---|---|---|
| ACBB: | Atlantic Community Bankers Bank | FDICIA: | Federal Deposit Insurance Corporation |
| ACBI: | Atlantic Community Bancshares, Inc. | Improvement Act of 1991 | |
| ACH: | Automated Clearing House | FHA: | Federal Housing Administration |
| ACL: | Allowance for credit losses | FHLBB: | Federal Home Loan Bank of Boston |
| AFS: | Available-for-sale | FHLMC: | Federal Home Loan Mortgage Corporation |
| Agency MBS: | MBS issued by a US government agency | FLA: | First Loss Account |
| or GSE | FOMC: | Federal Open Market Committee | |
| FRB: | Federal Reserve Board | ||
| ALCO: | Asset Liability Committee | FRBB: | Federal Reserve Bank of Boston |
| ALL: | Allowance for Loan Losses | GAAP: | Generally Accepted Accounting Principles |
| AML: | Anti-money laundering laws | in the United States | |
| AOCI: | Accumulated other comprehensive income | GSE: | Government sponsored enterprise |
| ASC: | Accounting Standards Codification | HMDA: | Home Mortgage Disclosure Act |
| ASU: | Accounting Standards Update | HTM: | Held-to-maturity |
| ATMs: | Automatic teller machines | ICS: | Insured Cash Sweeps of the IntraFi Network |
| ATS: | Automatic transfer service | IRS: | Internal Revenue Service |
| Bancorp: | Community Bancorp. | JNE: | Jobs for New England |
| Bank: | Community National Bank | Jr: | Junior |
| BHG: | Bankers Healthcare Group, LLC | LIBOR: | London Interbank Offered Rate |
| BIC: | Borrower-in-Custody | LLC: | Limited liability corporation |
| Board: | Board of Directors | MBS: | Mortgage-backed security |
| BOLI: | Bank owned life insurance | MPF: | Mortgage Partnership Finance |
| bp or bps: | Basis point(s) | MSAs | Metropolitan Statistical Areas |
| BSA: | Bank Secrecy Act | MSRs: | Mortgage servicing rights |
| BTFP: | Bank Term Funding Program | NII: | Net interest income |
| CBLR: | Community Bank Leverage Ratio | OAS: | Other amortizing security |
| CARES ACT: | Coronavirus Aid Relief and Economic | OBS: | Off-balance sheet |
| Security Act | OCI: | Other comprehensive income (loss) | |
| CDARS: | Certificate of Deposit Accounts Registry | OFAC: | Office of Foreign Asset Control |
| Service of the IntraFi Network | OREO: | Other real estate owned | |
| CDs: | Certificates of deposit | OTTI: | Other-than-temporary impairment |
| CDI: | Core deposit intangible | PMI: | Private mortgage insurance |
| CECL: | Current Expected Credit Loss | PPP: | Paycheck Protection Program |
| CEO: | Credit Enhancement Obligation | QM(s): | Qualified Mortgage(s) |
| CFPB: | Consumer Financial Protection Bureau | RD: | USDA Rural Development |
| CFSG: | Community Financial Services Group, LLC | RESPA: | Real Estate Settlement Procedures Act |
| CFS Partners: | Community Financial Services Partners, LLC | SBA: | U.S. Small Business Administration |
| CMO: | Collateralized Mortgage Obligations | SEC: | U.S. Securities and Exchange Commission |
| Company: | Community Bancorp. and Subsidiary | SOFR: | Secured Overnight Financing Rate |
| COVID-19: | Coronavirus Disease 2019 | SERP: | Supplemental Employee Retirement Plan |
| CRA: | Community Reinvestment Act | SOX: | Sarbanes-Oxley Act of 2002 |
| CRE: | Commercial Real Estate | TDR: | Troubled-debt restructuring |
| DCF: | Discounted cash flow | TILA: | Truth in Lending Act |
| DDA or DDAs: | Demand Deposit Account(s) | USDA: | U.S. Department of Agriculture |
| DIF: | Deposit Insurance Fund | VA: | U.S. Veterans Administration |
| DTC: | Depository Trust Company | VIE: | Variable interest entities |
| DRIP: | Dividend Reinvestment Plan | 2017 Tax Act: | Tax Cut and Jobs Act of 2017 |
| Exchange Act: | Securities Exchange Act of 1934 | 2018 Regulatory | Economic Growth, Regulatory Relief and |
| FASB: | Financial Accounting Standards Board | Relief Act: | Consumer Protection Act of 2018 |
| FDIA: | Federal Deposit Insurance Act | ||
The consolidated financial statements include the accounts of the Bancorp. and its wholly-owned subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated. The Company is considered a “smaller reporting company” and a “non-accelerated filer” under the disclosure rules of the SEC. Accordingly, the Company has elected to provide smaller reporting company scaled disclosures where management deems it appropriate, and to provide its audited consolidated statements of income, comprehensive income (loss), cash flows and changes in shareholders’ equity for a two year, rather than a three year, period.
FASB ASC Topic 810, “Consolidation,” in part, addresses limited purpose trusts formed to issue trust preferred securities. It also establishes the criteria used to identify VIE, and to determine whether to consolidate a VIE. In general, ASC Topic 810 provides that the enterprise with the controlling financial interest, known as the primary beneficiary, consolidates the VIE. In 2007, the Company formed CMTV Statutory Trust I for the purposes of issuing trust preferred securities to unaffiliated parties and investing the proceeds from the issuance thereof and the common securities of the trust in junior subordinated debentures issued by the Company. The Company is not the primary beneficiary of CMTV Statutory Trust I; accordingly, the trust is not consolidated with the Company for financial reporting purposes. CMTV Statutory Trust I is considered an affiliate of the Company (see Note 12).
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