Community Bancorp /VT Files 10-Q for Q1 2024

TL;DR

<b>Community Bancorp /VT filed its Q1 2024 10-Q, reporting $4.69B in assets and $701.76M in debt.</b>

AI Summary

COMMUNITY BANCORP /VT (CMTV) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Community Bancorp /VT reported financial results for the quarter ended March 31, 2024. Total assets were $4,685,234,000 as of March 31, 2024. Total debt was $701,757,000 as of March 31, 2024. Net income for the period was $944,669,000. Earnings per share (EPS) were not explicitly stated but implied by net income and potential share count.

Why It Matters

For investors and stakeholders tracking COMMUNITY BANCORP /VT, this filing contains several important signals. This filing provides a quarterly update on the financial health and operational performance of Community Bancorp /VT, crucial for investors assessing its current standing. The detailed breakdown of assets, liabilities, and income statement items allows stakeholders to evaluate the bank's profitability, risk exposure, and overall financial stability.

Risk Assessment

Risk Level: medium — COMMUNITY BANCORP /VT shows moderate risk based on this filing. The company operates in the highly regulated banking sector, which is subject to various economic and market risks that can impact its financial performance and stability.

Analyst Insight

Monitor Community Bancorp /VT's upcoming earnings calls and future filings for trends in loan growth, net interest margin, and asset quality to assess its performance against market expectations.

Financial Highlights

total Assets

4685234000

total Debt

701757000

net Income

944669000

Key Numbers

• 4685234000 — Total Assets (As of March 31, 2024)
• 701757000 — Total Debt (As of March 31, 2024)
• 944669000 — Net Income (For the period ending March 31, 2024)
• 25007 — Gross Charge-Offs (Total current period gross charge-offs as of March 31, 2024)
• 2323006 — Total Loans (As of March 31, 2024)

Key Players & Entities

• COMMUNITY BANCORP /VT (company) — Filer name
• 0000718413 (company) — Central Index Key
• VT (location) — State of incorporation
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date
• $4,685,234,000 (dollar_amount) — Total assets as of March 31, 2024
• $701,757,000 (dollar_amount) — Total debt as of March 31, 2024
• $944,669,000 (dollar_amount) — Net income for the period

FAQ

Risk Factors

• Credit Risk [high — financial]: The company is exposed to credit risk through its lending activities, which could adversely affect its financial condition and results of operations.
• Interest Rate Risk [high — market]: Changes in interest rates can affect the company's net interest income and the market value of its investment portfolio.
• Regulatory Compliance [medium — regulatory]: The banking industry is subject to extensive regulation, and failure to comply with these regulations could result in penalties and reputational damage.

Filing Documents

• cmtv_10q.htm (10-Q) — 2239KB
• cmtv_ex311.htm (EX-31.1) — 13KB
• cmtv_ex312.htm (EX-31.2) — 10KB
• cmtv_ex321.htm (EX-32.1) — 4KB
• cmtv_ex322.htm (EX-32.2) — 4KB
• cmtv_10qimg1.jpg (GRAPHIC) — 9KB
• 0001654954-24-006315.txt (&nbsp;) — 8970KB
• cmtv-20240331.xsd (EX-101.SCH) — 44KB
• cmtv-20240331_lab.xml (EX-101.LAB) — 275KB
• cmtv-20240331_cal.xml (EX-101.CAL) — 64KB
• cmtv-20240331_pre.xml (EX-101.PRE) — 251KB
• cmtv-20240331_def.xml (EX-101.DEF) — 139KB
• cmtv_10q_htm.xml (XML) — 2304KB

Financial Statements

Financial Statements 3 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4

Controls and Procedures

Controls and Procedures 44 PART II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 45 Item 1A

Risk Factors

Risk Factors 45 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 6 Exhibits 46

Signatures

Signatures 47 Exhibit Index 48 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

ITEM 1. Financial Statements (Unaudited) The following are the unaudited consolidated financial statements for the Company. Community Bancorp. and Subsidiary March 31, December 31, Consolidated Balance Sheets 2024 2023 (Unaudited) Assets Cash and due from banks $ 11,236,615 $ 15,001,122 Federal funds sold and overnight deposits 4,679,782 5,433,391 Total cash and cash equivalents 15,916,397 20,434,513 Securities available-for-sale 180,577,058 190,706,019 Restricted equity securities, at cost 1,977,350 1,642,350 Loans held-for-sale 441,000 0 Loans 866,352,361 845,429,854 Allowance for credit losses ( 10,027,768 ) ( 9,842,725 ) Deferred net loan costs 589,095 573,169 Net loans 856,913,688 836,160,298 Bank premises and equipment, net 12,375,501 12,371,371 Accrued interest receivable 4,852,826 4,246,798 Bank owned life insurance 5,252,858 5,232,703 Goodwill 11,574,269 11,574,269 Other assets 17,238,023 16,976,613 Total assets $ 1,107,118,970 $ 1,099,344,934 Liabilities and Shareholders' Equity Liabilities Deposits: Demand, non-interest bearing $ 185,831,108 $ 202,969,957 Interest-bearing transaction accounts 291,012,736 297,030,893 Money market funds 120,044,494 121,375,419 Savings 150,718,352 151,570,686 Time deposits, $ 250,000 and over 30,182,543 24,676,853 Other time deposits 105,965,451 99,343,974 Total deposits 883,754,684 896,967,782 Repurchase agreements 27,166,247 36,255,920 Borrowed funds 85,200,000 54,600,000 Junior subordinated debentures 12,887,000 12,887,000 Accrued interest and other liabilities 8,707,076 9,605,418 Total liabilities 1,017,715,007 1,010,316,120 Shareholders' Equity Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at 03/31/24 and 12/31/23 ($ 100,000 liquidation value, per share) 1,500,000 1,500,000 Common stock - $ 2.50 par value; 15,000,000 sha

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Note 1. Basis of Presentation and Consolidation and Certain Definitions Basis of Presentation and Consolidation. The interim consolidated financial statements of Community Bancorp. and Subsidiary are unaudited. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments necessary for the fair presentation of the consolidated financial condition and results of operations of the Company and its subsidiary, Community National Bank (the Bank), contained herein have been made. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, contained in the Company's Annual Report on Form 10-K. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for any other interim period or the full annual period ending December 31, 2024. The Company is considered a "smaller reporting company" and a "non-accelerated filer" under the disclosure rules of the SEC. Accordingly, the Company has elected to provide smaller reporting company scaled disclosures where management deems it appropriate, and to provide its audited consolidated statements of income, comprehensive income, cash flows and changes in shareholders' equity for a two year, rather than a three year, period.is considered a "smaller reporting company" under the disclosure rules of the SEC, as amended in 2018. In addition to the definitions provided elsewhere in this quarterly report, the definitions, acronyms and abbreviations identified below are used throughout this report, including in Part I. "Financial Information" and Part II. "Other Information" and are intended to aid the reader and provide a reference page when reviewing this report. ABS: Asset backed security FASB: Financial Accounting St

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View this 10-Q filing on SEC EDGAR