COMMUNITY BANCORP /VT
For the period ended Dec 31, 2024. Filed Mar 28, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 28, 2025
CMTV$47.18-0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
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 | ||||
| 2024 | 2023 | Expense | Percent | |
| Salaries and wages | $9,352,000 | $8,988,040 | $363,960 | 4.05% |
| Employee benefits | 3,875,597 | 3,238,939 | 636,658 | 19.66% |
| Occupancy expenses, net | 2,739,657 | 2,813,523 | (73,866) | -2.63% |
| Other expenses | ||||
| Charged-off checks | 132,538 | 45,911 | 86,627 | 188.68% |
| Service contracts - administrative | 806,996 | 638,630 | 168,366 | 26.36% |
| Telephone expense | 73,446 | 148,809 | (75,363) | -50.64% |
| Consultant services | 230,210 | 256,310 | (26,100) | -10.18% |
| FDIC insurance | 614,823 | 493,654 | 121,169 | 24.55% |
| Collection & non-accruing loan expense | 184,775 | 89,000 | 95,775 | 107.61% |
| Electronic banking expense | 463,440 | 297,108 | 166,332 | 55.98% |
| ATM and debit card expense | 708,946 | 645,745 | 63,201 | 9.79% |
| Other miscellaneous expenses | 6,294,664 | 5,921,113 | 373,551 | 6.31% |
| Total non-interest expense | $25,477,092 | $23,576,782 | $1,900,310 | 8.06% |
Total non-interest expense increased $1.9 million for the year ended December 31, 2024 compared to 2023, 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 and promotions in the areas of operations and commercial lending in the latter part of 2023, although the amounts and percentages of such increases were moderated by the effect of several unfilled positions that were budgeted to be hired in the first and second quarters 2024. |
| · | 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 decrease in occupancy expense year over year is due to a combination of lower building maintenance costs as more repairs are done by staff rather than relying on outside vendors, and the settlement of a flood insurance claim received in the first quarter of 2024 where the replacement value received exceeded the depreciated value of equipment, resulting in a capital gain on equipment. |
| · | An increase in check fraud activity resulted in an increase in charged-off checks. |
| · | The increase in service contracts - administrative is due to a combination of new contracts, an increase in transaction-based pricing for certain contracts and contractual inflationary adjustment factors that are higher than the historical increase adjustments. |
| · | The decrease in telephone expenses was due to an upgrade in 2023 to the phone systems throughout the offices. |
| · | The decrease in consultant services is due to a decrease in the amount of services needed during 2024. |
| · | The assessment multiplier has increased steadily throughout 2023 and 2024 accounting for the increase in FDIC insurance year over year. |
| · | The increase in collections & non-accruing loan expense was due primarily to an increase in legal fees and insurance expenses associated with a commercial property in the Company’s non-accruing loan portfolio. |
| · | The increase in electronic banking expense is attributable to an upgrade of the Company’s electronic banking platform. |
| · | ATM and debit card expense is transaction-based and reflects increased customer activity year over year, as well as annual contractual price adjustments. |
| · | Included in other miscellaneous expenses are state deposit tax of approximately $1.0 million in 2024 and 2023 and outsourcing expenses of $605 thousand and $577 thousand, respectively. While the increases are less than 5% in both categories, the balances make up a significant portion of the $6.3 million and $5.9 million, respective totals for 2024 and 2023. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.