COMMUNITY BANCORP /VT
For the period ended Dec 31, 2025. Filed Mar 27, 2026.
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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.
FY2025 · Filed Mar 27, 2026
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 | ||||
| 2025 | 2024 | Expense | Percent | |
| Salaries and wages | $9,778,049 | $9,352,000 | $426,049 | 4.56% |
| Employee benefits | 4,174,297 | 3,875,597 | 298,700 | 7.71% |
| Occupancy expenses, net | 3,041,242 | 2,739,657 | 301,585 | 11.01% |
| Other expenses | ||||
| Directors fees | 605,020 | 546,653 | 58,367 | 10.68% |
| Charged-off checks | 6,509 | 132,538 | (126,029) | -95.09% |
| Outsourcing expense | 496,945 | 604,679 | (107,734) | -17.82% |
| Service contracts - administrative | 876,215 | 806,996 | 69,219 | 8.58% |
| Audit fees | 573,616 | 546,195 | 27,421 | 5.02% |
| Consultant services | 364,964 | 230,210 | 134,754 | 58.54% |
| Collection & non-accruing loan expense | 30,293 | 184,775 | (154,482) | -83.61% |
| ATM & debit card expense | 776,385 | 708,946 | 67,439 | 9.51% |
| State deposit tax | 1,092,860 | 1,023,201 | 69,659 | 6.81% |
| Other miscellaneous expenses | 5,188,582 | 4,725,645 | 462,937 | 9.80% |
| Total non-interest expense | $27,004,977 | $25,477,092 | $1,527,885 | 6.00% |
Total non-interest expense increased $1.5 million for the year ended December 31, 2025 compared to 2024, with significant changes noted in the following:
| · | The increases in salaries and wages during 2025 reflect normal salary increases and remain in line with budget. |
| · | 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 as well as the switch from CIGNA to Blue Cross Blue Shield and the associated costs. |
| · | The increase in occupancy expense year over year is due to a combination of higher building maintenance costs and normal increases in contracted services. |
| · | A recovery due to check fraud activity from 2024 resulted in a decrease in charged-off checks year over year. |
| · | The decrease in outsourcing expense is attributable to a renegotiated contract from the Company’s core processing provider. |
| · | 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 increase in consultant services is due to an increase in the amount of services needed during 2025. |
| · | The decrease in collections & non-accruing loan expense was due primarily to an decrease in legal fees and insurance expenses associated with properties in foreclosure that were resolved. |
| · | 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 FDIC insurance of approximately $613 thousand and $615 thousand in 2025 and 2024 and marketing expense of $454 thousand and $475 thousand, respectively. While the year over year changes are less than 5% in both categories, the balances are the largest contributors of the $5.2 million and $4.7 million, respective totals for 2025 and 2024. |
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