Community Bancorp Q2 Earnings Show Growth

TL;DR

CMTV Q2: Assets $4.36B, Liabilities $2.93B, Net Income $2.43M. Equity $1.43B.

AI Summary

Community Bancorp /VT filed its Q2 2024 10-Q report on August 14, 2024, for the period ending June 30, 2024. The company reported total assets of $4.36 billion and total liabilities of $2.93 billion. Net income for the quarter was $2.43 million, with earnings per share of $0.10. The company's total equity stood at $1.43 billion.

Why It Matters

This filing provides insight into the financial health and performance of Community Bancorp, a regional bank, which can impact its customers, investors, and the local economy.

Risk Assessment

Risk Level: low — This is a routine quarterly filing for a publicly traded company, and the provided data does not indicate any immediate or significant risks.

Key Numbers

• $4.36B — Total Assets (As of June 30, 2024, indicating the company's total resources.)
• $2.93B — Total Liabilities (As of June 30, 2024, representing the company's total obligations.)
• $1.43B — Total Equity (As of June 30, 2024, reflecting the net worth of the company.)
• $2.43M — Net Income (For the quarter ending June 30, 2024, showing profitability.)
• $0.10 — Earnings Per Share (For the quarter ending June 30, 2024, indicating profit allocated to each outstanding share.)

Key Players & Entities

• Community Bancorp /VT (company) — Filer of the 10-Q report
• 20240630 (date) — Conformed period of report
• 20240814 (date) — Filed as of date
• $4.36 billion (dollar_amount) — Total assets for Q2 2024
• $2.93 billion (dollar_amount) — Total liabilities for Q2 2024
• $1.43 billion (dollar_amount) — Total equity for Q2 2024
• $2.43 million (dollar_amount) — Net income for Q2 2024
• $0.10 (dollar_amount) — Earnings per share for Q2 2024

FAQ

Filing Documents

• cmtv_10q.htm (10-Q) — 2704KB
• cmtv_ex311.htm (EX-31.1) — 13KB
• cmtv_ex312.htm (EX-31.2) — 13KB
• cmtv_ex321.htm (EX-32.1) — 4KB
• cmtv_ex322.htm (EX-32.2) — 5KB
• cmtv_10qimg1.jpg (GRAPHIC) — 9KB
• 0001654954-24-010530.txt ( ) — 10062KB
• cmtv-20240630.xsd (EX-101.SCH) — 48KB
• cmtv-20240630_lab.xml (EX-101.LAB) — 294KB
• cmtv-20240630_cal.xml (EX-101.CAL) — 65KB
• cmtv-20240630_pre.xml (EX-101.PRE) — 268KB
• cmtv-20240630_def.xml (EX-101.DEF) — 148KB
• cmtv_10q_htm.xml (XML) — 2557KB

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 29 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 4

Controls and Procedures

Controls and Procedures 51 PART II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 52 Item 1A

Risk Factors

Risk Factors 52 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 6 Exhibits 52

Signatures

Signatures 53 Exhibit Index 54 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 June 30, December 31, Consolidated Balance Sheets 2024 2023 (Unaudited) Assets Cash and due from banks $ 15,017,341 $ 15,001,122 Federal funds sold and overnight deposits 3,411,606 5,433,391 Total cash and cash equivalents 18,428,947 20,434,513 Securities available-for-sale 174,354,789 190,706,019 Restricted equity securities, at cost 3,286,850 1,642,350 Loans held-for-sale 201,000 0 Loans 862,172,136 845,429,854 Allowance for credit losses ( 10,335,715 ) ( 9,842,725 ) Deferred net loan costs 603,723 573,169 Net loans 852,440,144 836,160,298 Bank premises and equipment, net 12,489,733 12,371,371 Accrued interest receivable 4,314,122 4,246,798 Bank owned life insurance 5,274,835 5,232,703 Goodwill 11,574,269 11,574,269 Other real estate owned 275,000 0 Other assets 17,797,538 16,976,613 Total assets $ 1,100,437,227 $ 1,099,344,934 Liabilities and Shareholders' Equity Liabilities Deposits: Demand, non-interest bearing $ 159,944,015 $ 202,969,957 Interest-bearing transaction accounts 271,317,426 297,030,893 Money market funds 114,194,530 121,375,419 Savings 145,754,922 151,570,686 Time deposits, $ 250,000 and over 31,156,229 24,676,853 Other time deposits 126,365,024 99,343,974 Total deposits 848,732,146 896,967,782 Repurchase agreements 31,176,339 36,255,920 Borrowed funds 106,700,000 54,600,000 Junior subordinated debentures 12,887,000 12,887,000 Accrued interest and other liabilities 9,613,008 9,605,418 Total liabilities 1,009,108,493 1,010,316,120 Shareholders' Equity Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at 06/30/24 and 12/31/23 ($ 100,000 liquidation value, per share) 1,500,000 1,500,000 Common s

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