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
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EX-13 · Non-interest Income
Non-interest Income
The components of non-interest income for the annual periods presented are as follows:
| Years Ended | ||||
|---|---|---|---|---|
| December 31, · Change | ||||
| 2023 | 2022 | Income | Percent | |
| Service fees | $3,689,047 | $3,676,875 | $12,172 | 0.33% |
| Income from sold loans | 463,444 | 605,848 | (142,404) | -23.50% |
| Other income from loans | 1,405,435 | 1,377,494 | 27,941 | 2.03% |
| Net realized gain on sale of securities AFS | 36,707 | 0 | 36,707 | 100.00% |
| Other income | ||||
| Income from CFS Partners | 1,033,499 | 584,971 | 448,528 | 76.68% |
| Exchange income | 85,000 | 19,950 | 65,050 | 326.07% |
| VISA card commission | 168,943 | 85,917 | 83,026 | 96.64% |
| Other miscellaneous income | 293,001 | 291,993 | 1,008 | 0.35% |
| Total non-interest income | $7,175,076 | $6,643,048 | $532,028 | 8.01% |
Total non-interest income increased $532,028 for the year ended December 31, 2023 compared to the same period 2022, with significant changes noted in the following:
| · | Despite the increase in secondary market activity during the third and fourth quarters of 2023, it was not enough to make up for the lower volume during the first two quarters of 2023 resulting in a decrease year over year in income from sold loans. |
| · | The increased volume of commercial loan activity resulted in an increase in documentation fees collected at origination but decreases in the documentation fees for residential loan activity resulted in the modest 2.0% overall increase in other income from loans. |
| · | The sale of investments from the Company’s tax-exempt investment portfolio during the fourth quarter of 2023 resulted in a net realized gain on sale of securities AFS for 2023. |
| · | Income from CFS Partners increased year over year due in part to a rebound of market prices during the latter part of the first quarter of 2023 and an increase in managed accounts during 2023. CFS Partners has a small portion of its equity capital invested in the stock market, and as a result is sensitive to general stock market conditions. |
| · | The Company has seen an increase in volume of Canadian funds purchased due to an increase in cross-border activity, accounting for the increase in exchange income. |
| · | The increase in VISA card commission is attributable to additional income from a renegotiated contract in June of 2023, including a renewal incentive payment as well as an increase in the monthly commission beginning in July 2023. |
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