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 · CHANGES IN FINANCIAL CONDITION
CHANGES IN FINANCIAL CONDITION
The following table provides a visual comparison of the breakdown of the daily average assets and the daily average liabilities as well as the daily average shareholders’ equity for the comparison periods and should be reviewed in conjunction with the table on the following page which provides volume changes and percent of change by category.
| Years Ended December 31, | 2023 | 2022 | ||
|---|---|---|---|---|
| Balance | % | Balance | % | |
| Average Assets | ||||
| Cash and due from banks | ||||
| Non-interest bearing | $10,917,697 | 1.03% | $10,931,084 | 1.07% |
| Federal funds sold and overnight deposits | 16,421,943 | 1.55% | 65,817,367 | 6.46% |
| Taxable investment securities | 177,276,797 | 16.77% | 182,184,739 | 17.89% |
| Tax-exempt investment securities | 11,216,139 | 1.06% | 6,954,312 | 0.68% |
| Other securities | 1,887,335 | 0.18% | 1,781,776 | 0.18% |
| Gross loans | 797,943,054 | 75.46% | 713,273,710 | 70.02% |
| ACL | (9,389,900) | -0.89% | (8,174,643) | -0.80% |
| Deferred net loan cost | 525,899 | 0.05% | 347,038 | 0.03% |
| Premises and equipment | 12,738,787 | 1.21% | 13,348,366 | 1.31% |
| BOLI | 5,190,080 | 0.49% | 5,100,510 | 0.50% |
| Goodwill | 11,574,269 | 1.09% | 11,574,269 | 1.14% |
| Other assets | 21,098,666 | 2.00% | 15,462,596 | 1.52% |
| Total average assets | $1,057,400,766 | 100% | $1,018,601,124 | 100% |
| Average Liabilities | ||||
| Demand deposits | $204,093,060 | 19.30% | $208,367,458 | 20.46% |
| Interest-bearing transaction accounts | 278,073,787 | 26.30% | 263,632,834 | 25.88% |
| Money market funds | 132,693,069 | 12.55% | 133,732,022 | 13.13% |
| Savings accounts | 164,588,558 | 15.57% | 177,947,216 | 17.47% |
| Time deposits | 109,238,242 | 10.33% | 105,361,424 | 10.34% |
| Total average deposits | 888,686,716 | 84.05% | 889,040,954 | 87.28% |
| Borrowed funds | 30,296,252 | 2.87% | 1,301,129 | 0.13% |
| Repurchase agreements | 35,419,450 | 3.35% | 31,285,927 | 3.07% |
| Junior subordinated debentures | 12,887,000 | 1.22% | 12,887,000 | 1.27% |
| Other liabilities | 10,102,472 | 0.95% | 7,813,707 | 0.77% |
| Total average liabilities | 977,391,890 | 92.44% | 942,328,717 | 92.52% |
| Average Shareholders’ Equity | ||||
| Preferred stock | 1,500,000 | 0.14% | 1,500,000 | 0.15% |
| Common stock | 14,193,465 | 1.34% | 14,024,620 | 1.38% |
| Additional paid-in capital | 37,371,784 | 3.53% | 36,136,456 | 3.55% |
| Retained earnings | 49,904,781 | 4.72% | 41,068,872 | 4.03% |
| Less: Treasury stock | (2,622,777) | -0.25% | (2,622,777) | -0.26% |
| Accumulated other comprehensive loss | (20,338,377) | -1.92% | (13,834,764) | -1.36% |
| Total average shareholders’ equity | 80,008,876 | 7.56% | 76,272,407 | 7.49% |
| Total average liabilities and shareholders’ equity | $1,057,400,766 | 100% | $1,018,601,124 | 100% |
The following table provides a breakdown of volume changes and percent of change by category for the table on the preceding page. Please refer to the sections labeled “Interest Income and Interest Expense (Net Interest Income)” and “Liquidity and Capital Resources” for more in-depth discussion of significant changes.
| Years Ended December 31, · 2023 · 2022 · 2023 vs 2022 | ||||
|---|---|---|---|---|
| Average | Average | Volume | % of | |
| Average Assets | Balance | Balance | Change | Change |
| Cash and due from banks | ||||
| Non-interest bearing | $10,917,697 | $10,931,084 | $(13,387) | -0.12% |
| Federal funds sold and overnight deposits | 16,421,943 | 65,817,367 | (49,395,424) | -75.05% |
| Taxable investment securities | 177,276,797 | 182,184,739 | (4,907,942) | -2.69% |
| Tax-exempt investment securities | 11,216,139 | 6,954,312 | 4,261,827 | 61.28% |
| Other securities | 1,887,335 | 1,781,776 | 105,559 | 5.92% |
| Gross loans | 797,943,054 | 713,273,710 | 84,669,344 | 11.87% |
| ACL | (9,389,900) | (8,174,643) | (1,215,257) | 14.87% |
| Deferred net loan cost | 525,899 | 347,038 | 178,861 | 51.54% |
| Premises and equipment | 12,738,787 | 13,348,366 | (609,579) | -4.57% |
| BOLI | 5,190,080 | 5,100,510 | 89,570 | 1.76% |
| Goodwill | 11,574,269 | 11,574,269 | 0 | 0.00% |
| Other assets | 21,098,666 | 15,462,596 | 5,636,070 | 36.45% |
| Total average assets | $1,057,400,766 | $1,018,601,124 | $38,799,642 | 3.81% |
| Average Liabilities | ||||
| Demand deposits | $204,093,060 | $208,367,458 | $(4,274,398) | -2.05% |
| Interest-bearing transaction accounts | 278,073,787 | 263,632,834 | 14,440,953 | 5.48% |
| Money market funds | 132,693,069 | 133,732,022 | (1,038,953) | -0.78% |
| Savings accounts | 164,588,558 | 177,947,216 | (13,358,658) | -7.51% |
| Time deposits | 109,238,242 | 105,361,424 | 3,876,818 | 3.68% |
| Total average deposits | 888,686,716 | 889,040,954 | (354,238) | -0.04% |
| Borrowed funds | 30,296,252 | 1,301,129 | 28,995,123 | 2228.46% |
| Repurchase agreements | 35,419,450 | 31,285,927 | 4,133,523 | 13.21% |
| Junior subordinated debentures | 12,887,000 | 12,887,000 | 0 | 0.00% |
| Other liabilities | 10,102,472 | 7,813,707 | 2,288,765 | 29.29% |
| Total average liabilities | 977,391,890 | 942,328,717 | 35,063,173 | 3.72% |
| Average Shareholders’ Equity | ||||
| Preferred stock | 1,500,000 | 1,500,000 | 0 | 0.00% |
| Common stock | 14,193,465 | 14,024,620 | 168,845 | 1.20% |
| Additional paid-in capital | 37,371,784 | 36,136,456 | 1,235,328 | 3.42% |
| Retained earnings | 49,904,781 | 41,068,872 | 8,835,909 | 21.51% |
| Less: Treasury stock | (2,622,777) | (2,622,777) | 0 | 0.00% |
| Accumulated other comprehensive loss | (20,338,377) | (13,834,764) | (6,503,613) | 47.01% |
| Total average shareholders’ equity | 80,008,876 | 76,272,407 | 3,736,469 | 4.90% |
| Total average liabilities and shareholders’ equity | $1,057,400,766 | $1,018,601,124 | $38,799,642 | 3.81% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.