Community Bancorp /VT Files 2023 10-K

TL;DR

<b>Community Bancorp /VT filed its 2023 10-K, reporting $12.89M in assets and $0.21 EPS.</b>

AI Summary

COMMUNITY BANCORP /VT (CMTV) filed a Annual Report (10-K) with the SEC on March 29, 2024. Community Bancorp /VT reported total assets of $12,887,000 for the fiscal year ending December 31, 2023. The company's total debt was $588,150 as of December 31, 2023. Net income for the period was $84,944. Earnings per share (EPS) stood at $0.21 for the fiscal year 2023. The filing covers the period from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking COMMUNITY BANCORP /VT, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Community Bancorp /VT's financial performance and position for the fiscal year 2023, including key financial metrics and risk factors. Investors and analysts can use this report to assess the company's financial health, profitability, and potential risks, aiding in investment decisions.

Risk Assessment

Risk Level: medium — COMMUNITY BANCORP /VT shows moderate risk based on this filing. The company operates in the banking sector, which is subject to significant regulatory oversight and economic fluctuations, as evidenced by the detailed financial statements and risk factor disclosures in the 10-K.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Community Bancorp /VT's financial health and operational landscape.

Financial Highlights

total Assets

12887000

total Debt

588150

net Income

84944

eps

0.21

Key Numbers

• 12,887,000 — Total Assets (As of December 31, 2023)
• 588,150 — Total Debt (As of December 31, 2023)
• 84,944 — Net Income (For the fiscal year ended December 31, 2023)
• 0.21 — EPS (For the fiscal year ended December 31, 2023)
• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-29 — Filing Date (Date of submission)

Key Players & Entities

• COMMUNITY BANCORP /VT (company) — FILER
• 0000718413 (company) — CENTRAL INDEX KEY
• VT (location) — STATE OF INCORPORATION
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240329 (date) — FILED AS OF DATE
• $12,887,000 (dollar_amount) — total assets
• $588,150 (dollar_amount) — total debt
• $0.21 (dollar_amount) — EPS

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-29: Filing Date — Date Community Bancorp /VT submitted its 10-K to the SEC.

Key Financial Figures

• $2.50 — ction 12(g) of the Act: Common Stock - $2.50 par value per share Indicate by check
• $18 — r share trade price on June 30, 2023 of $18.50, as reported on the OTC Link ATS sys
• $12.5 million — iness trust, for the purpose of issuing $12.5 million of trust preferred securities. This fun
• $10 billion — anking organization must have less than $10 billion in total consolidated assets and must m

Filing Documents

• cmtv_10k.htm (10-K) — 412KB
• cmtv_ex13.htm (EX-13) — 2970KB
• cmtv_ex19.htm (EX-19) — 39KB
• cmtv_ex21.htm (EX-21) — 1KB
• cmtv_ex23.htm (EX-23) — 3KB
• cmtv_ex311.htm (EX-31.1) — 11KB
• cmtv_ex312.htm (EX-31.2) — 11KB
• cmtv_ex321.htm (EX-32.1) — 4KB
• cmtv_ex322.htm (EX-32.2) — 4KB
• cmtv_ex23img4.jpg (GRAPHIC) — 4KB
• cmtv_10kimg1.jpg (GRAPHIC) — 7KB
• cmtv_ex13img6.jpg (GRAPHIC) — 5KB
• cmtv_ex13img5.jpg (GRAPHIC) — 4KB
• cmtv_ex13img3.jpg (GRAPHIC) — 4KB
• cmtv_ex23img5.jpg (GRAPHIC) — 4KB
• cmtv_ex23img3.jpg (GRAPHIC) — 5KB
• 0001654954-24-003915.txt (&nbsp;) — 15314KB
• cmtv-20231231.xsd (EX-101.SCH) — 104KB
• cmtv-20231231_lab.xml (EX-101.LAB) — 566KB
• cmtv-20231231_cal.xml (EX-101.CAL) — 92KB
• cmtv-20231231_pre.xml (EX-101.PRE) — 517KB
• cmtv-20231231_def.xml (EX-101.DEF) — 283KB
• cmtv_10k_htm.xml (XML) — 3698KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 13 Item 1B Unresolved Staff Comments 20 Item 1C Cybersecurity Risk 20 Item 2

Properties

Properties 21 Item 3

Legal Proceedings

Legal Proceedings 22 Item 4 Mine Safety Disclosures 22 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6 [Reserved] 22 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 22 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 22 Item 9A

Controls and Procedures

Controls and Procedures 23 Item 9B Other Information 23 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 23 PART III Item 10 Directors, Executive Officers and Corporate Governance 24 Item 11

Executive Compensation

Executive Compensation 24 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 24 Item 13 Certain Relationships and Related Transactions, and Director Independence 24 Item 14 Principal Accountant Fees and Services 24 PART IV Item 15 Exhibits and Financial Statement Schedules 25 Item 16 Form 10-K Summary 26

Signatures

Signatures 27 Exhibit Index 28 2 Table of Contents PART I Note Regarding Definitions and Acronyms: Capitalized terms and acronyms used in the discussion below and not otherwise defined have the meaning ascribed to them in Note 1 of the Company's audited consolidated financial statements filed pursuant to Part II, Item 8 of this Report and contained in Exhibit 13 to this report.

The Business

Item 1. The Business Organization and Operation The Company . The Company ("we", "us", "our") was organized under the laws of the State of Vermont in 1982 and became a registered bank holding company under the Bank Holding Company Act of 1956, as amended, in October 1983 when Community National Bank, headquartered in Derby, Vermont, reorganized into a holding company structure. The Bank is the Company's only subsidiary and principally all of our business operations are presently conducted through it. Therefore, the following narrative and the other information about the Company contained in this report are based primarily on the Bank's operations. The Bank; Banking Services . Community National Bank was organized in 1851 as the Peoples Bank, and was subsequently reorganized as the National Bank of Derby Line in 1865. In 1975, after 110 continuous years of operation as the National Bank of Derby Line, the Bank acquired the Island Pond National Bank and changed its name to "Community National Bank." On December 31, 2007, the Company completed its acquisition of LyndonBank, a Vermont bank headquartered in Lyndonville, Vermont, in a cash merger transaction. As a result of the merger, we expanded our existing branch network in Caledonia and Orleans Counties and extended it into Lamoille and Franklin Counties. In addition to our main office in Derby, we currently maintain eleven branch offices in northeastern and central Vermont and loan production offices in Chittenden County, in northwestern Vermont, and Grafton County, in western New Hampshire. The opportunities for growth continue to be primarily in the Central Vermont and Chittenden County markets where economic activity is more robust than in our Orleans and Caledonia County markets, and where we are increasing our presence and market share. We are also focusing on expanding our presence in the neighboring state of New Hampshire, as reflected in the opening of our loan production office in Lebanon, New Hampshi

View Full Filing

View this 10-K filing on SEC EDGAR