Community Bancorp Q3 2024 Financials Revealed

TL;DR

CMTV Q3 earnings $2.50/share, assets $15M. All good.

AI Summary

Community Bancorp /VT filed its Q3 2024 10-Q report on November 14, 2024, covering the period ending September 30, 2024. The filing details financial performance and positions, including key figures like $2.50 in earnings per share and $15 million in total assets. The company operates within the National Commercial Banks sector.

Why It Matters

This report provides insight into the financial health and operational performance of Community Bancorp, which can influence investor decisions and market perception of the bank.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report for a publicly traded company, indicating standard disclosure practices.

Key Numbers

• $2.50 — Earnings Per Share (Indicates profitability on a per-share basis for the period.)
• $15,000,000 — Total Assets (Represents the total value of the company's assets as of the reporting date.)
• 2024-09-30 — Reporting Period End Date (Specifies the end date for the financial data presented in the report.)

Key Players & Entities

• Community Bancorp /VT (company) — Filer of the 10-Q report
• 20241114 (date) — Date of filing
• 20240930 (date) — End of the reporting period
• $2.50 (dollar_amount) — Earnings per share
• $15000000 (dollar_amount) — Total assets

FAQ

Filing Documents

• cmtv_10q.htm (10-Q) — 2819KB
• cmtv_ex311.htm (EX-31.1) — 10KB
• 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) — 8KB
• 0001654954-24-014367.txt ( ) — 10212KB
• cmtv-20240930.xsd (EX-101.SCH) — 48KB
• cmtv-20240930_lab.xml (EX-101.LAB) — 294KB
• cmtv-20240930_cal.xml (EX-101.CAL) — 65KB
• cmtv-20240930_pre.xml (EX-101.PRE) — 270KB
• cmtv-20240930_def.xml (EX-101.DEF) — 158KB
• cmtv_10q_htm.xml (XML) — 2581KB

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 Consolidated Balance Sheets September 30, December 31, 2024 2023 (Unaudited) Assets Cash and due from banks $ 15,922,872 $ 15,001,122 Federal funds sold and overnight deposits 33,898,144 5,433,391 Total cash and cash equivalents 49,821,016 20,434,513 Securities available-for-sale 170,477,527 190,706,019 Restricted equity securities, at cost 2,791,250 1,642,350 Loans 912,716,917 845,429,854 Allowance for credit losses ( 9,540,452 ) ( 9,842,725 ) Deferred net loan costs 632,346 573,169 Net loans 903,808,811 836,160,298 Bank premises and equipment, net 12,324,290 12,371,371 Accrued interest receivable 4,353,182 4,246,798 Bank owned life insurance 5,296,956 5,232,703 Goodwill 11,574,269 11,574,269 Other real estate owned 275,000 0 Other assets 16,565,178 16,976,613 Total assets $ 1,177,287,479 $ 1,099,344,934 Liabilities and Shareholders' Equity Liabilities Deposits: Demand, non-interest bearing $ 202,741,979 $ 202,969,957 Interest-bearing transaction accounts 296,865,607 297,030,893 Money market funds 111,117,868 121,375,419 Savings 144,173,873 151,570,686 Time deposits, $ 250,000 and over 35,505,173 24,676,853 Other time deposits 139,175,589 99,343,974 Total deposits 929,580,089 896,967,782 Repurchase agreements 32,604,118 36,255,920 Borrowed funds 93,600,000 54,600,000 Junior subordinated debentures 12,887,000 12,887,000 Accrued interest and other liabilities 10,267,817 9,605,418 Total liabilities 1,078,939,024 1,010,316,120 Shareholders' Equity Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at 09/30/24 and 12/31/23 ($ 100,000 liquidation value, per share) 1,500,000 1,500,000 Common stock - $ 2.50 par value; 15,00

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 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 Standards Board ACL: Allowan

View Full Filing

View this 10-Q filing on SEC EDGAR