COMMUNITY BANCORP /VT
For the period ended Dec 31, 2024. Filed Mar 28, 2025.
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FY2024 · Filed Mar 28, 2025
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EX-13 · FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS
This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the results of operations, financial condition and business of the Company and its subsidiary. Words used in the discussion below such as "believes," "expects," "anticipates," "intends," "estimates," “projects”, "plans," “assumes”, "predicts," “may”, “might”, “will”, “could”, “should” and similar expressions, indicate that management of the Company is making forward-looking statements.
Forward-looking statements are not guarantees of future performance. They necessarily involve risks, uncertainties and assumptions. Examples of forward looking statements included in this discussion include, but are not limited to, statements regarding the estimated contingent liability related to assumptions made within the asset/liability management process; management's expectations as to the future interest rate environment and the Company's related liquidity level; credit risk expectations relating to the Company's loan portfolio and off-balance sheet commitments; and management's general outlook for the future performance of the Company and the local or national economy. Although forward-looking statements are based on management's expectations and estimates as of the date they are made, many of the factors that could influence or determine actual results are unpredictable and not within the Company's control.
Factors that may cause actual results to differ materially from those contemplated by these forward-looking statements include, among others, the following possibilities:
| · | interest rates change in such a way as to negatively affect loan demand, the local economy or the Company's net income, asset valuations or margins; |
| · | general economic or business conditions, either nationally, regionally or locally, deteriorate, resulting in a decline in credit quality or a diminished demand for the Company's products and services; |
| · | the impact of inflation and slowing economic growth on the Company’s customers and on its financial results and performance; |
| · | the effect of United States monetary and fiscal policies, including deficit spending and the interest rate policies of the FRB and its regulation of the money supply; |
| · | changes in applicable accounting policies, practices and standards; |
| · | the geographic concentration of the Company’s loan portfolio and deposit base; |
| · | reductions in deposit levels, which necessitate increased borrowings to fund loans and sale of investment securities; |
| · | increases in the level of nonperforming assets and charge-offs; |
| · | changes in federal or state tax laws or policy; |
| · | changes in laws or government rules, including the rules of the federal Consumer Financial Protection Bureau, or the way in which courts or government agencies interpret or implement those laws or rules, increase our costs of doing business, causing us to limit or change our product offerings or pricing, or otherwise adversely affect the Company's business; |
| · | regulatory responses to high profile bank failures increase our costs of operation, including through regulatory compliance changes and higher FDIC deposit insurance assessments to replenish the Bank Insurance Fund (BIF); |
| · | competitive pressures increase among financial service providers in the Company's northern New England market area or in the financial services industry generally, including competitive pressures from non-bank lenders, payment systems and other financial service providers, from increasing consolidation and integration of financial service providers, and from changes in technology and delivery systems; |
| · | cybersecurity risks, including risks to our vendors, could adversely affect the Company’s business, financial performance or reputation and could result in financial liability for losses incurred by customers or others due to data breaches or other compromise of the Company’s information security systems; |
| · | higher-than-expected costs are incurred relating to information technology or difficulties arise in implementing technological enhancements; |
| · | management’s risk management measures may not be completely effective; |
| · | changes in consumer and business spending, borrowing and savings habits; |
| · | operational and internal system failures due to changes in normal business practices, including remote working for Company staff; |
| · | increased cybercrime and payment system risk due to increased usage by customers of online, mobile and other remote banking channels; |
| · | the ongoing challenges to find qualified workers to maintain a stable workforce; |
| · | losses due to the fraudulent or negligent conduct of third parties, including the Company’s service providers, customers and employees; and |
| · | adverse changes in the credit rating of U.S. government debt. |
Readers are cautioned not to place undue reliance on forward-looking statements as they speak only as of the date they are made. The Company does not undertake, and disclaims any obligation, to revise or update any forward-looking statements to reflect the occurrence or anticipated occurrence of events or circumstances after the date of this Report, except as required by applicable law. The Company claims the protection of the safe harbor for forward-looking statements provided in the Private Securities Litigation Reform Act of 1995.
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