COMMUNITY BANCORP VT
For the period ended Dec 31, 2023. Filed Mar 29, 2024.
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FY2023 · Filed Mar 29, 2024
CMTV$47.18-0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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EX-13 · Non-interest Expense
Non-interest Expense
The components of non-interest expense for the annual periods presented are as follows:
| Years Ended | ||||
|---|---|---|---|---|
| December 31, · Change | ||||
| 2023 | 2022 | Expense | Percent | |
| Salaries and wages | $8,988,040 | $8,347,000 | $641,040 | 7.68% |
| Employee benefits | 3,238,939 | 2,743,210 | 495,729 | 18.07% |
| Occupancy expenses, net | 2,813,523 | 2,806,830 | 6,693 | 0.24% |
| Other expenses | ||||
| Outsourcing expense | 577,260 | 539,123 | 38,137 | 7.07% |
| Service contracts - administrative | 638,630 | 579,956 | 58,674 | 10.12% |
| Telephone expense | 148,809 | 133,932 | 14,877 | 11.11% |
| Travel, entertainment and meals expense | 134,562 | 117,593 | 16,969 | 14.43% |
| Audit fees | 503,518 | 429,892 | 73,626 | 17.13% |
| Consultant services | 256,310 | 310,296 | (53,986) | -17.40% |
| FDIC insurance | 493,654 | 348,960 | 144,694 | 41.46% |
| Collection & non-accruing loan expense | 89,000 | (72,727) | 161,727 | 222.38% |
| Other miscellaneous expenses | 5,694,537 | 5,590,274 | 104,263 | 1.87% |
| Total non-interest expense | $23,576,782 | $21,874,339 | $1,702,443 | 7.78% |
Total non-interest expense increased $1.7 million for the year ended December 31, 2023 compared to 2022, with significant changes noted in the following:
| · | In addition to normal salary increases, the increase in salaries and wages year over year is attributable to new hires in the area of commercial lending and operations during the last quarter of 2022. |
| · | The increase in employee benefits is attributable to an increase in health insurance claims year over year under the Company’s self-funded health insurance plan. |
| · | The increase in outsourcing expense is attributable to normal increases in costs associated with these arrangements. |
| · | The increase in service contracts - administrative is due to a combination of an increase in asset-based pricing for certain contracts and contractual inflationary adjustment factors that are higher than historical increase adjustments. |
| · | The increase in telephone expenses was due to an upgrade to the phone systems throughout the offices. |
| · | The increase in travel, entertainment and meals expense is attributable to an increase in travel expenses as more seminars and training sessions return to in-person attendance. |
| · | The increase in audit fees reflects increased audit services due to additional audit requirements required by FDICIA due to the Company surpassing the $1.0 billion asset size. |
| · | The decrease in consultant services is due to the cost of recruitment during 2022. |
| · | As announced by the FDIC in late 2022, the assessment multiplier increased for 2023 accounting for the increase in FDIC insurance year over year. |
| · | The increase in collections & non-accruing loan expense for 2023 compared to 2022 is attributable to the recovery of expenses associated with properties in the Company’s non-accruing loan portfolio in 2022. |
| · | Included in other miscellaneous expenses are state deposit tax of approximately $1.0 million in 2023 and 2022 and ATM fees of just over $600 thousand in both periods. While the increases are less than 5% in both categories, the balances make up a significant portion of the $5.7 million and $5.6 million, respective totals for 2023 and 2022. |
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