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 · PCAOB ID -
PCAOB ID -136
Berry Dunn McNeil & Parker, LLC
Manchester, New Hampshire
March 29, 2024
Vermont Registration No. 92-0000278
| Community Bancorp. and Subsidiary | December 31, | December 31, |
|---|---|---|
| Consolidated Balance Sheets | 2023 | 2022 |
| Assets | ||
| Cash and due from banks | $15,001,122 | $12,302,771 |
| Federal funds sold and overnight deposits | 5,433,391 | 58,837,557 |
| Total cash and cash equivalents | 20,434,513 | 71,140,328 |
| Securities available-for-sale | 190,706,019 | 192,918,109 |
| Restricted equity securities, at cost | 1,642,350 | 1,411,750 |
| Loans | 845,429,854 | 748,548,608 |
| Allowance for credit losses | (9,842,725) | (8,709,225) |
| Deferred net loan costs | 573,169 | 493,275 |
| Net loans | 836,160,298 | 740,332,658 |
| Bank premises and equipment, net | 12,371,371 | 13,042,468 |
| Accrued interest receivable | 4,246,798 | 3,214,332 |
| Bank owned life insurance | 5,232,703 | 5,153,387 |
| Goodwill | 11,574,269 | 11,574,269 |
| Other assets | 16,976,613 | 17,244,846 |
| Total assets | $1,099,344,934 | $1,056,032,147 |
| Liabilities and Shareholders’ Equity | ||
| Liabilities | ||
| Deposits: | ||
| Demand, non-interest bearing | $202,969,957 | $216,093,534 |
| Interest-bearing transaction accounts | 297,030,893 | 294,050,079 |
| Money market funds | 121,375,419 | 140,117,086 |
| Savings | 151,570,686 | 171,072,921 |
| Time deposits, $250,000 and over | 24,676,853 | 15,632,058 |
| Other time deposits | 99,343,974 | 86,006,601 |
| Total deposits | 896,967,782 | 922,972,279 |
| Borrowed funds | 54,600,000 | 1,300,000 |
| Repurchase agreements | 36,255,920 | 33,077,829 |
| Junior subordinated debentures | 12,887,000 | 12,887,000 |
| Accrued interest and other liabilities | 9,605,418 | 10,618,676 |
| Total liabilities | 1,010,316,120 | 980,855,784 |
| Shareholders’ Equity | ||
| Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2023 and 2022 ($100,000 liquidation value, per share) | 1,500,000 | 1,500,000 |
| Common stock - $2.50 par value; 15,000,000 shares authorized, 5,724,151 and 5,647,710 shares issued at December 31, 2023 and 2022, respectively (including 20,774 and 16,850 shares issued February 1, 2024 and 2023, respectively) | 14,310,378 | 14,119,275 |
| Additional paid-in capital | 37,574,578 | 36,383,235 |
| Retained earnings | 54,198,230 | 46,464,447 |
| Accumulated other comprehensive loss | (15,931,595) | (20,667,817) |
| Less: treasury stock, at cost; 210,101 shares at December 31, 2023 and 2022 | (2,622,777) | (2,622,777) |
| Total shareholders’ equity | 89,028,814 | 75,176,363 |
| Total liabilities and shareholders’ equity | $1,099,344,934 | $1,056,032,147 |
| Book value per common share outstanding | $15.87 | $13.55 |
| Community Bancorp. and Subsidiary | Years Ended December 31, | |
|---|---|---|
| Consolidated Statements of Income | 2023 | 2022 |
| Interest income | ||
| Interest and fees on loans | $41,824,692 | $32,558,005 |
| Interest on taxable debt securities | 3,807,650 | 3,111,860 |
| Interest on tax-exempt debt securities | 361,268 | 203,358 |
| Dividends | 138,682 | 82,989 |
| Interest on federal funds sold and overnight deposits | 769,849 | 1,158,444 |
| Total interest income | 46,902,141 | 37,114,656 |
| Interest expense | ||
| Interest on deposits | 9,341,928 | 3,203,696 |
| Interest on borrowed funds | 1,550,048 | 86,054 |
| Interest on repurchase agreements | 747,091 | 166,746 |
| Interest on junior subordinated debentures | 1,053,873 | 573,603 |
| Total interest expense | 12,692,940 | 4,030,099 |
| Net interest income | 34,209,201 | 33,084,557 |
| Credit loss expense | 1,480,549 | 978,000 |
| Net interest income after provision for credit losses | 32,728,652 | 32,106,557 |
| Non-interest income | ||
| Service fees | 3,689,047 | 3,676,875 |
| Income from sold loans | 463,444 | 605,848 |
| Other income from loans | 1,405,435 | 1,377,494 |
| Net realized gain on sale of securities AFS | 36,707 | 0 |
| Other income | 1,580,443 | 982,831 |
| Total non-interest income | 7,175,076 | 6,643,048 |
| Non-interest expense | ||
| Salaries and wages | 8,988,040 | 8,347,000 |
| Employee benefits | 3,238,939 | 2,743,210 |
| Occupancy expenses, net | 2,813,523 | 2,806,830 |
| Other expenses | 8,536,280 | 7,977,299 |
| Total non-interest expense | 23,576,782 | 21,874,339 |
| Income before income taxes | 16,326,946 | 16,875,266 |
| Income tax expense | 2,895,091 | 3,135,326 |
| Net income | $13,431,855 | $13,739,940 |
| Earnings per common share | $2.43 | $2.53 |
| Weighted average number of common shares | ||
| used in computing earnings per share | 5,471,457 | 5,403,938 |
| Dividends declared per common share | $0.92 | $0.92 |
| Community Bancorp. and Subsidiary | ||
|---|---|---|
| Consolidated Statements of Comprehensive Income (Loss) | ||
| Years Ended December 31, | ||
| 2023 | 2022 | |
| Net income | $13,431,855 | $13,739,940 |
| Other comprehensive income (loss), net of tax: | ||
| Unrealized holding gain (loss) on securities AFS arising during the period | 6,031,923 | (24,684,615) |
| Reclassification adjustment for gain realized in income | (36,707) | 0 |
| Unrealized gain (loss) during the period | 5,995,216 | (24,684,615) |
| Tax effect | (1,258,994) | 5,183,769 |
| Other comprehensive income (loss), net of tax | 4,736,222 | (19,500,846) |
| Total comprehensive income (loss) | $18,168,077 | $(5,760,906) |
Community Bancorp. and Subsidiary
Consolidated Statements of Changes in Shareholders’ Equity
Years Ended December 31, 2023 and 2022
| Accumulated | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Additional · other · Total | |||||||||
| Common stock · Preferred stock · paid-in · Retained · comprehensive · Treasury · shareholders' | |||||||||
| Shares | Amount | Shares | Amount | capital | earnings | loss | stock | equity | |
| Balances, December 31, 2021 | 5,587,939 | $13,969,848 | 15 | $1,500,000 | $35,322,063 | $37,758,105 | $(1,166,971) | $(2,622,777) | $84,760,268 |
| Comprehensive loss | |||||||||
| Net income | 13,739,940 | 13,739,940 | |||||||
| Other comprehensive loss | (19,500,846) | (19,500,846) | |||||||
| Total comprehensive loss | (5,760,906) | ||||||||
| Cash dividends declared - common stock | (4,967,035) | (4,967,035) | |||||||
| Cash dividends declared - preferred stock | (66,563) | (66,563) | |||||||
| Issuance of common stock | 59,771 | 149,427 | 1,061,172 | 1,210,599 | |||||
| Balances, December 31, 2022 | 5,647,710 | 14,119,275 | 15 | 1,500,000 | 36,383,235 | 46,464,447 | (20,667,817) | (2,622,777) | 75,176,363 |
| Cumulative change in accounting principle (Note 2) | (549,113) | (549,113) | |||||||
| Balance at January 1, 2023 (as adjusted for change in accounting principle) | 45,915,334 | 74,627,250 | |||||||
| Comprehensive income | |||||||||
| Net income | 13,431,855 | 13,431,855 | |||||||
| Other comprehensive income | 4,736,222 | 4,736,222 | |||||||
| Total comprehensive income | 18,168,077 | ||||||||
| Cash dividends declared - common stock | (5,028,021) | (5,028,021) | |||||||
| Cash dividends declared - preferred stock | (120,938) | (120,938) | |||||||
| Issuance of common stock | 76,441 | 191,103 | 1,191,343 | 1,382,446 | |||||
| Balances, December 31, 2023 | 5,724,151 | $14,310,378 | 15 | $1,500,000 | $37,574,578 | $54,198,230 | $(15,931,595) | $(2,622,777) | $89,028,814 |
| Community Bancorp. and Subsidiary | ||
|---|---|---|
| Consolidated Statements of Cash Flows | ||
| Years Ended December 31, | ||
| 2023 | 2022 | |
| Cash Flows from Operating Activities: | ||
| Net income | $13,431,855 | $13,739,940 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization, bank premises and equipment | 1,070,035 | 1,141,727 |
| Credit loss expense | 1,480,549 | 978,000 |
| Deferred income tax | (373,105) | (118,587) |
| Net realized gain on sale of securities AFS | (36,707) | 0 |
| Gain on sale of loans | (153,491) | (237,881) |
| Loss on sale of bank premises and equipment | 33,228 | 0 |
| Income from CFS Partners | (1,033,499) | (584,971) |
| Amortization of bond premium, net | 256,999 | 609,535 |
| Proceeds from sales of loans held for sale | 8,034,329 | 12,865,842 |
| Originations of loans held for sale | (7,880,838) | (12,288,961) |
| (Decrease) increase in taxes payable | (339,199) | 499,525 |
| Increase in interest receivable | (1,032,466) | (813,772) |
| Decrease in mortgage servicing rights | 75,580 | 35,127 |
| Decrease in right-of-use assets | 201,296 | 198,682 |
| Decrease in operating lease liabilities | (215,031) | (205,165) |
| (Increase) decrease in other assets | (377,001) | 15,389 |
| Increase in cash surrender value of BOLI | (79,316) | (80,159) |
| Amortization of limited partnerships | 596,429 | 268,714 |
| Change in net deferred loan fees and costs | (79,894) | (531,247) |
| Increase in interest payable | 1,008,140 | 15,143 |
| Increase in accrued expenses | 14,230 | 267,655 |
| Increase (decrease) in other liabilities | 328,394 | (39,291) |
| Net cash provided by operating activities | 14,930,517 | 15,735,245 |
| Cash Flows from Investing Activities: | ||
| Investments - AFS | ||
| Maturities, calls, pay downs and sales | 16,705,912 | 18,857,918 |
| Purchases | (8,718,898) | (54,727,718) |
| Proceeds from redemption of restricted equity securities | 3,985,100 | 43,500 |
| Purchases of restricted equity securities | (4,215,700) | (20,800) |
| (Decrease) increase in limited partnership contributions payable | (2,601,000) | 2,601,000 |
| Investments in limited liability entities | (394,000) | (2,601,000) |
| Proceeds from distribution from CFS Partners | 1,000,000 | 0 |
| Increase in loans, net | (97,400,781) | (59,368,049) |
| Capital expenditures net of proceeds from sales of bank premises and equipment | (633,462) | (615,549) |
| Recoveries of loans charged off | 178,780 | 828,943 |
| Net cash used in investing activities | (92,094,049) | (95,001,755) |
| 2023 | 2022 | |
|---|---|---|
| Cash Flows from Financing Activities: | ||
| Net (decrease) increase in demand and interest-bearing transaction accounts | (10,142,763) | 35,164,525 |
| Net (decrease) increase in money market and savings accounts | (38,243,902) | 13,070,148 |
| Net increase (decrease) in time deposits | 22,382,168 | (4,662,347) |
| Net increase in repurchase agreements | 3,178,091 | 467,954 |
| Net increase in short-term borrowings | 53,500,000 | 0 |
| Repayments on long-term borrowings | (200,000) | 0 |
| Decrease in finance lease obligations | (219,857) | (213,055) |
| Dividends paid on preferred stock | (120,938) | (66,563) |
| Dividends paid on common stock | (3,675,082) | (3,712,750) |
| Net cash provided by financing activities | 26,457,717 | 40,047,912 |
| Net decrease in cash and cash equivalents | (50,705,815) | (39,218,598) |
| Cash and cash equivalents: | ||
| Beginning | 71,140,328 | 110,358,926 |
| Ending | $20,434,513 | $71,140,328 |
| Supplemental Schedule of Cash Paid During the Period: | ||
| Interest | $11,684,800 | $4,014,956 |
| Income taxes, net of refunds | $2,865,000 | $2,485,675 |
| Supplemental Schedule of Noncash Investing and Financing Activities: | ||
| Change in unrealized gain (loss) on securities AFS | $5,995,216 | $(24,684,615) |
| Common Shares Dividends Paid: | ||
| Dividends declared | $5,028,021 | $4,967,035 |
| Decrease (increase) in dividends payable attributable to dividends declared | 29,507 | (43,686) |
| Dividends reinvested | (1,382,446) | (1,210,599) |
| Total dividends paid | $3,675,082 | $3,712,750 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.