SEC 8-K filings with transcript text
Jul 23, 2026
2 cmtv_ex991.htm
cmtv_ex991.htm Exhibit 99.1
Community Bancorp. Reports Second Quarter 2026 Earnings
For immediate release
Derby, VT: July 22, 2026 --- Community Bancorp. (NASDAQ:CMTV), the parent company of Community National Bank (the “Bank”), reported consolidated earnings for the second quarter ended June 30, 2026, of $4.7 million or $0.84 per share, an increase of $628,008 or 15.47% compared to $4.1 million or $0.72 per share reported for the second quarter of 2025. Earnings for the six months ended June 30, 2026, were $9.1 million, or $1.62 per share, also a significant increase of $1.5 million or 19.40% compared to $7.6 million or $1.34 per share in the same period in 2025.
Second Quarter 2026 Financial Highlights and Key Performance Indicators (KPIs):
(Unaudited)
Six months Ended
Quarter Ended
Six months Ended
Quarter Ended
June 30, 2026
June 30, 2026
June 30, 2025
June 30, 2025
Return on average assets
1.47 %
1.53 %
1.29 %
1.38 %
Pre-tax, pre-provision net revenue return on average assets
1.96 %
2.11 %
1.67 %
1.81 %
Return on average shareholders' equity
15.63 %
15.83 %
15.05 %
15.62 %
Net Interest Margin
3.88 %
3.95 %
3.56 %
3.64 %
Efficiency Ratio
54.2 %
52.8 %
57.3 %
55.8 %
Noninterest expense to average assets
2.31 %
2.37 %
2.24 %
2.29 %
Dividend payout
30.86 %
29.76 %
35.82 %
33.33 %
Fully diluted tangible book value per common share (1)
$ 19.51
$ 19.51
$ 16.63
$ 16.63
Total capital to risk-weighted assets (2)
16.05 %
16.05 %
14.85 %
14.85 %
Total common equity tier 1 capital to risk-weighted assets (2)
14.79 %
14.79 %
13.60 %
13.60 %
Tier I Capital to Average Assets (2)
10.63 %
10.63 %
10.06 %
10.06 %
Tangible common equity to tangible assets (1)
9.41 %
9.41 %
8.21 %
8.21 %
Earnings per common share
$ 1.62
$ 0.84
$ 1.34
$ 0.72
Weighted average number of common shares used in computing earnings per share
5,590,465
5,594,749
5,608,997
5,612,675
(1)
Refer to the "Reconciliation of GAAP to Non-GAAP Measures" section of this document for additional detail.
(2)
Represents Bank-only ratios. Current period capital ratios are preliminary subject to finalization of the Bank’s June 30, 2026 FDIC Call Report.
Total assets for the Company at June 30, 2026, were $1.17 billion, a decrease of $114.8 million from year end 2025, but $6.2 million or 0.53% higher compared to $1.17 billion as of June 30, 2025. The year-to-date change primarily reflects annual maturities of municipal non arbitrage relationships and lower cash balances used to pay off two maturing advances totaling $25.0 million, as well as a cyclical decrease in deposit balances. Contributing to the Company’s year-over-year growth in assets was growth in the Company's gross loan portfolio of $28.8 million, or 3.06%, compared to the 2025 period. Deposit balances increased $48.7 million, or 5.22%, compared to the same period in 2025 but decreased $89.0 million or 8.31% since year end 2025 reflecting cyclical changes. The year-over-year loan growth was primarily funded by a combination of cash, maturities of securities, as well as an increase in core deposits.
1
The Company’s securities portfolio totaled $128 million as of June 30, 2026, an 11.45% decrease compared to $144.6 million as of December 31, 2025. The portfolio is classified as available-for-sale and is required to be reported at fair market value with the unrealized loss, net of a deferred tax adjustment, as an adjustment to total equity. Such unrealized losses reflect the interest rate environment, as current rates remain below the coupon rates on the securities, resulting in a fair market value lower than current book values. As of June 30, 2026, the adjustment to equity was $9.4 million, representing an improvement of $3.1 million from the adjustment to equity of $12.5 million on June 30, 2026 and $9.6 million as of December 31, 2025.
Total net interest income for the second quarter ended June 30, 2026, increased $1.4 million, or 13.68%, to $11.2 million, compared to $9.9 million for the same quarter in 2025. The quarter-over-quarter improvement reflects an increase of $1.1 million, or 7.72%, in interest and fees on loans due to strong loan growth and higher yields, partially offset by higher interest on deposits expense of $37,533, or 0.94%. Net interest income for the six months ended June 30, 2026, increased $2.9 million or 14.81%, to $22.2 million, compared to $19.3 million for the same period in 2025, reflecting the same trends.
The provision for credit losses for the second quarter ended June 30, 2026, was $720,967 compared to $407,046 for the same period in 2025. The year-to-date provision for credit losses was $1.1 million, compared to $732,100 for the same period in 2025. The $380,373 year-over-year increase was driven primarily by strong loan growth. The provision for credit losses for June 30, 2026, was determined under Accounting Standard No. 2016-13, Measureme
Jul 21, 2026
2 cmtv_ex991.htm
cmtv_ex991.htm
Community Bancorp. Reports Second Quarter 2026 Earnings
For immediate release
Derby, VT: July 21, 2026 --- Community Bancorp. (NASDAQ:CMTV), the parent company of Community National Bank (the “Bank”), reported consolidated earnings for the second quarter ended June 30, 2026, of $4.9 million or $0.84 per share, an increase of $621,097 or 14.41% compared to $4.3 million or $0.72 per share reported for the second quarter of 2025. Earnings for the six months ended June 30, 2026 were $9.1 million, or $1.62 per share, also a significant increase of $1.5 million or 19.40% compared to $7.6 million or $1.34 per share in the same period in 2025.
Second Quarter 2026 Financial Highlights and Key Performance Indicators (KPIs):
(Unaudited)
Year Ended
Quarter Ended
Year Ended
Quarter Ended
June 30, 2026
June 30, 2026
June 30, 2025
June 30, 2025
Return on average assets
1.47 %
1.53 %
1.29 %
1.38 %
Pre-tax, pre-provision net revenue return on average assets
1.96 %
2.11 %
1.67 %
1.81 %
Return on average shareholders' equity
15.63 %
15.83 %
15.05 %
15.67 %
Net Interest Margin
3.88 %
4.00 %
3.36 %
3.47 %
Efficiency Ratio
54.2 %
52.8 %
57.3 %
55.8 %
Noninterest expense to average assets
2.31 %
2.37 %
2.24 %
2.29 %
Dividend payout
30.86 %
29.76 %
35.82 %
33.33 %
Fully diluted tangible book value per common share (1)
$ 19.51
$ 19.51
$ 16.63
$ 16.63
Total capital to risk-weighted assets (2)
16.05 %
16.05 %
14.85 %
14.85 %
Total common equity tier 1 capital to risk-weighted assets (2)
14.79 %
14.79 %
13.60 %
13.60 %
Tier I Capital to Average Assets (2)
10.63 %
10.63 %
10.06 %
10.06 %
Tangible common equity to tangible assets (1)
9.41 %
9.41 %
8.21 %
8.21 %
Earnings per common share
$ 1.62
$ 0.84
$ 0.72
$ 1.34
Weighted average number of common shares
used in computing earnings per share
5,590,465
5,594,749
5,608,997
5,612,675
(1) Refer to the "Reconciliation of GAAP to Non-GAAP Measures" section of this document for additional detail.
(2) Represents Bank-only ratios. Current period capital ratios are preliminary subject to finalization of the Bank’s June 30, 2026 FDIC Call Report.
Total assets for the Company at June 30, 2026, were $1.17 billion, a decrease of $114.8 million from year end 2025, but $6.2 million or 0.53% higher compared to $1.17 billion as of June 30, 2025. The year-to-date change primarily reflects annual maturities of municipal non arbitrage relationships and lower cash balances used to pay off two maturing advances totaling $25.0 million, as well as a cyclical decrease in deposit balances. Contributing to the Company’s year-over-year growth in assets was growth in the Company's gross loan portfolio of $28.8 million, or 3.06%, compared to the 2025 period. Deposit balances increased $48.7 million, or 5.22%, compared to the same period in 2025 but decreased $89.0 million or 8.31% since year end 2025 reflecting cyclical changes. The year-over-year loan growth was primarily funded by a combination of cash, maturities of securities, as well as an increase in core and deposits.
1
The Company’s securities portfolio totaled $128 million as of June 30, 2026, an 11.45% decrease compared to $144.6 million as of December 31, 2025. The portfolio is classified as available-for-sale and is required to be reported at fair market value with the unrealized loss, net of a deferred tax adjustment, as an adjustment to total equity. Such unrealized losses reflect the interest rate environment, as current rates remain below the coupon rates on the securities, resulting in a fair market value lower than current book values. As of June 30, 2026, the adjustment to equity was $9.4 million, representing an improvement of $3.1 million from the adjustment to equity of $12.5 million on June 30, 2026 and $9.6 million as of December 31, 2025.
Total net interest income for the second quarter ended June 30, 2026, increased $1.4 million, or 13.68%, to $11.2 million, compared to $9.9 million for the same quarter in 2025. The quarter-over-quarter improvement reflects an increase of $1.1 million, or 7.72%, in interest and fees on loans due to strong loan growth and higher yields, partially offset by higher interest on deposits expense of $37,533, or 0.94%. Net interest income for the six months ended June 30, 2026, increased $2.9 million or 14.81%, to $22.2 million, compared to $19.3 million for the same period in 2025, reflecting the same trends.
The provision for credit losses for the second quarter ended June 30, 2026, was $720,967 compared to $407,046 for the same period in 2025. The year-to-date provision for credit losses was $1.1 million, compared to $732,100 for the same period in 2025. The $380,373 year-over-year increase was driven primarily by strong loan growth. The provision for credit losses for June 30, 2026, was determined under Accounting Standard No. 2016-13, Measurement of Credi
Apr 21, 2026
2 cmtv_ex991.htm
cmtv_ex991.htm
Community Bancorp. Reports First Quarter 2026 Earnings
For immediate release
Derby, VT: April 21, 2026 --- Community Bancorp. (NASDAQ:CMTV), the parent company of Community National Bank (the “Bank”), reported consolidated earnings for the first quarter ended March 31, 2026, of $4.4 million or $0.78 per share, an increase of $843,645 or 23.93% compared to $3.5 million or $0.62 per share reported for the first quarter of 2025.
First Quarter 2026 Financial Highlights and Key Performance Indicators (KPIs):
(Unaudited)
Quarter Ended
March 31, 2026
Return on average assets
1.42 %
Pre-tax, pre-provision net revenue return on average assets
1.83 %
Return on average shareholders’ equity
15.31 %
Net Interest Margin
3.81 %
Efficiency Ratio
57.4 %
Noninterest expense to average assets
2.29 %
Dividend payout
31.96 %
Fully diluted tangible book value per common share (1)
$ 18.81
Total capital to risk-weighted assets (2)
15.63 %
Total common equity tier 1 capital to risk-weighted assets (2)
14.38 %
Tier I Capital to Average Assets (2)
10.17 %
Tangible common equity to tangible assets (1)
8.60 %
Earnings per common share
$ 0.78
Weighted average number of common shares used in computing earnings per share
5,586,133
(1)
Refer to the “Reconciliation of GAAP to Non-GAAP Measures” section of this document for additional detail.
(2)
Represents Bank-only ratios. Current period capital ratios are preliminary subject to finalization of the Bank’s March 31, 2026 FDIC Call Report.
Total assets for the Company at March 31, 2026, were $1.24 billion, a decrease of $52.3 million from year end 2025, but $47 million or 3.99% higher compared to $1.12 billion as of March 31, 2025. Contributing to the Company’s year-over-year growth in assets was growth in the Company’s gross loan portfolio of $43.6 million, or 4.64%, compared to the 2025 period. Deposit balances increased $38 million, or 3.89%, compared to the same period in 2025 The year-over-year loan growth was primarily funded by a combination of cash, maturities of securities, as well as an increase in core and brokered deposits.
The Company’s securities portfolio totaled $138 million as of March 31, 2026, a 4.67% decrease compared to $145 million as of December 31, 2025. As stated above, the cashflow from maturing securities was used to fund loan growth during the year. The portfolio is classified as available-for-sale and is required to be reported at fair market value with the unrealized loss, net of a deferred tax adjustment, as an adjustment to total equity. Such unrealized losses reflect the interest rate environment, as current rates remain below the coupon rates on the securities, resulting in a fair market value lower than current book values. As of March 31, 2026, the adjustment to equity was $9.8 million, representing an improvement of $3.6 million from the adjustment to equity of $13.4 million as of March 31, 2025.
1
Total net interest income for the first quarter ended March 31, 2026, increased $1.5 million, or 15.99%, to $11 million, compared to $9.4 million for the same quarter in 2025. The year-over-year improvement reflects an increase of $1.2 million, or 9.21%, in interest and fees on loans due to strong loan growth and higher yields, as well as higher interest on federal funds sold and overnight deposits of $335,150.
The provision for credit losses for the first quarter ended March 31, 2026, was $391,505, compared to $325,054 for the same period in 2025. The provision for credit losses for March 31, 2026, was determined under Accounting Standard No. 2016-13, Measurement of Credit Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses, or CECL.
Total non interest income for the first quarter ended March 31, 2026 was $1.7 million, an increase of $166,731, or 11%, from $1.6 million for the same period in 2025.
Equity capital increased to $116.8 million, with a book value per share of $20.88, as of March 31, 2026, compared to equity capital of $113.7 million and a book value per share of $20.36 as of December 31, 2025. This change includes an increase of $164,132 in unrealized losses in the investment portfolio year to date and a decrease of $3.6 million year over year, due to changing bond rates, which increased the fair market value of the investment portfolio, as well as an increase of $2.9 million in the current year first quarter and an increase of $12.2 million year over year in retained earnings. The unrealized loss position is considered temporary and does not impact the Company’s regulatory capital ratios. In the fourth quarter of 2025, the Company completed the optional redemption of all fifteen of the Company’s outstanding shares of its Series A Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. The preferred stock value of $1,500,000 was included in the Company’s equity capital as of March 31, 2025
Jan 27, 2026
2 cmtv_ex991.htm
cmtv_ex991.htm
Community Bancorp. Reports Fourth Quarter and Full Year 2025 Financial Results
For immediate release
Derby, VT: January 27, 2026 --- Community Bancorp. (OTCQX:CMTV), the parent company of Community National Bank (the “Bank”), reported consolidated earnings for the fourth quarter ended December 31, 2025, of $4.6 million or $0.83 per share, an increase of $536,850 or 13.10% compared to $4.1 million or $0.73 per share reported for the fourth quarter of 2024. Full year earnings for 2025 were $17 million or $3.01 per share, compared to $12.8 million or $2.28 per share for the prior year period, a significant increase of $4.2 million or 32.93%. On a per share basis, earnings increased 13.70% in the 2025 fourth quarter to $0.83 per share compared to the prior year period; on an annual basis, earnings per share of $3.01 increased 32.02% year-over-year.
Full Year 2025 and Fourth Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):
(Unaudited)
Year Ended
Quarter Ended
December 31, 2025
December 31, 2025
Return on average assets
1.41 %
1.49 %
Pre-tax, pre-provision net revenue return on average assets (1)
1.81 %
1.91 %
Return on average shareholders' equity
16.04 %
16.37 %
Net Interest Margin
3.68 %
3.81 %
Efficiency Ratio
57.0 %
56.5 %
Noninterest expense to average assets
2.25 %
2.32 %
Net loan (recoveries) charge-offs as a percentage of average loans
0.04 %
0.04 %
Dividend payout
32.55 %
30.21 %
Fully diluted tangible book value per common share (1)
$ 18.29
$ 18.29
Total capital to risk-weighted assets (2)
15.20 %
15.20 %
Total common equity tier 1 capital to risk-weighted assets (2)
13.95 %
13.95 %
Tier I Capital to Average Assets (2)
10.28 %
9.90 %
Tangible common equity to tangible assets (1)
8.00 %
8.00 %
Earnings per common share
$ 3.01
$ 0.83
Weighted average number of common shares used in computing earnings per share
5,602,905
5,586,738
(1)
Refer to the "Reconciliation of GAAP to Non-GAAP Measures" section of this document for additional detail.
(2)
Represents Bank-only ratios. Current period capital ratios are preliminary subject to finalization of the Bank’s December 31, 2025 FDIC Call Report.
Total assets for the Company at December 31, 2025, were $1.29 billion, an increase of $38.6 million from year end 2024, a 3.09% year-over-year increase. Contributing to the Company’s year-over-year growth in assets was growth in the Company's gross loan portfolio of $37 million, or 4.02%, compared to year end 2024 as well as an increase in cash of $17 million or 15.43%. Deposit balances increased $69 million, or 6.89%, compared to the same period in 2024. The year-over-year loan growth was primarily funded by a combination of cash, maturities of securities, as well as an increase in core and brokered deposits.
1
The Company’s securities portfolio totaled $144 million as of December 31, 2025, a 9.50% decrease compared to $160 million as of December 31, 2024. As stated above, the cashflow from maturing securities was used to fund loan growth during the year. The portfolio is classified as available-for-sale and is required to be reported at fair market value with the unrealized loss, net of a deferred tax adjustment, as an adjustment to total equity. Such unrealized losses reflect the interest rate environment, as current rates remain below the coupon rates on the securities, resulting in a fair market value lower than current book values. As of December 31, 2025, the adjustment to equity was $9.6 million, representing an improvement of $6.2 million from the adjustment to equity of $15.8 million as of December 31, 2024.
Total net interest income for the fourth quarter ended December 31, 2025, increased $1.5 million, or 15.98%, to $11 million, compared to $9.5 million for the same quarter in 2024. The year-over-year improvement reflects an increase of $1.2 million, or 9.26%, in interest and fees on loans due to strong loan growth and higher yields, offset by only slightly higher interest expense on deposits of $116,985, or 2.93%, and on repurchase agreements of $25,104, or 11.10%. Net interest income for the year ended December 31, 2025, increased $6.2 million or 18.03%, to $40.9 million, compared to $34.6 million for the year ended December 31, 2024, reflecting the same trends.
The provision for credit losses for the fourth quarter ended December 31, 2025, was $382,807, compared to $27,504 for the same period in 2024. The charge off of a commercial loan in the amount of $299 thousand in the fourth quarter of 2025 resulted in net charge offs for the quarter of $296,594. This compares to net charge offs of $1,284 for the fourth quarter of 2024, due to a recovery of a loan previously charged off earlier in 2024. The recovery in 2024 resulted in a lower provision for the fourth quarter. The year-to-date provision for credit losses was $1.4 million, compared to $1.1 mil
Oct 21, 2025
2 community_ex991.htm
community_ex991.htm
Community Bancorp. Reports Significant Year-Over-Year Growth in Third Quarter 2025 Earnings
Fourth annual increase in quarterly dividend
For immediate release
Derby, VT: October 21, 2025 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the third quarter ended September 30, 2025, of $4.7 million or $0.84 per share, a significant increase of $1.6 million or 52.42% compared to $3.1 million or $0.55 per share reported for the third quarter of 2024. Earnings for the nine months ended September 30, 2025, were $12.3 million, or $2.18 per share, also a significant increase of $3.7 million or 42.31% compared to $8.7 million or $1.55 per share in the same period in 2024.
Total assets for the Company on September 30, 2025, were $1.23 billion, a decrease of $22.8 million from year end 2024, but a year-over-year 4.15% increase of $49 million compared to $1.18 billion as of September 30, 2024. The year-to-date change primarily reflects the use of cash to pay off borrowings as well as maturities and amortization of securities in the investment portfolio. Contributing to the bank’s year-over-year growth in assets is continued growth in the Company's loan portfolio of $49 million, or 5.39%, compared to the 2024 period. Deposit balances increased $78.7 million, or 8.47%, compared to the same period in 2024, and were $6.7 million higher, a 0.66% increase, since year end 2024. The year-over-year loan growth was primarily funded by cash along with an increase in core and brokered deposits.
The Company’s securities portfolio totaled $152 million as of September 30, 2025, a 10.69% decrease compared to $170.5 million as of September 30, 2024. The portfolio is classified as available-for-sale and is required to be reported at fair market value with the unrealized loss, net of a deferred tax adjustment, as an adjustment to total equity. Such unrealized losses reflect the interest rate environment, as current rates remain below the coupon rates on the securities, resulting in a fair market value lower than current book values. As of September 30, 2025, the adjustment to equity was $10.5 million, an improvement from recent quarters due to the current rate environment; previous adjustments to equity were $15.8 million on December 31, 2024, and $12.4 million as of September 30, 2024.
Total net interest income for the third quarter ended September 30, 2025, increased $1.8 million, or 21.35%, to $10.5 million, compared to $8.7 million for the same quarter in 2024. The year-over-year improvement reflects an increase of $1.5 million, or 11.48%, in interest and fees on loans due to strong loan growth and higher yields, offset by only slightly higher interest on deposits expense of $89,026, or 2.42%, and on repurchase agreements of $40,605, or 20.91%. Net interest income for the nine months ended September 30, 2025, increased $4.7 million or 18.80%, to $29.8 million, compared to $25.1 million for the same period in 2024, reflecting the same trends.
The provision for credit losses for the third quarter ended September 30, 2025, was $258,753, compared to $460,745 for the same period in 2024. The year-to-date provision for credit losses was $990,853, compared to $1,105,906 for the same period in 2024. The $115,053 year-over-year decrease was driven primarily by a charge off of a larger commercial loan in 2024. The provision for credit losses for September 30, 2025, was determined under Accounting Standard No. 2016-13, Measurement of Credit Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses, or CECL.
Total non-interest income for the third quarter ended September 30, 2025, of $2.1 million increased $88,380, or 4.40%, compared to $2.0 million for the same period in 2024. Total non-interest income for the nine months ended September 30, 2025, grew to $5.7 million, compared to $5.4 million for the nine months ended September 30, 2024, an increase of $319,376, or 5.90% year over year. Total non-interest expenses increased only 1.30%, for the third quarter comparison period, and $684,135, or 3.59%, for the nine months period year over year.
1
Equity capital increased to $111.9 million, with a book value per share of $19.64, as of September 30, 2025, compared to equity capital of $98.0 million and a book value per share of $17.24 as of December 31, 2024, and $98.3 million and book value per share of $17.36 as of September 30, 2024. This change includes a decrease of $5.2 million in unrealized losses in the investment portfolio year to date and a decrease of $1.9 million year over year, due to changing bond rates, which increased the fair market value of the investment portfolio. The unrealized loss position is considered temporary and does not impact the Company’s regulatory capital ratios.
President and CEO Christopher Caldwell commented on the Company’s results: “Through three quarters thi
Jul 22, 2025
2 cmtv_ex991.htm
cmtv_ex991.htm
Community Bancorp. Reports Strong Second Quarter 2025 Earnings
For immediate release
Derby, VT: July 22, 2025 --- Community Bancorp., (OTCQX:CMTV) Community National Bank today reported earnings for the second quarter ended June 30, 2025, of $4.1 million or $0.72 per share, a significant increase of $1.3 million or 48.81% compared to $2.7 million or $0.49 per share reported for the second quarter of 2024. Earnings for the six months ended June 30, 2025 were $7.6 million, or $1.34 per share, also a significant increase of $2.0 million or 36.64% compared to $5.6 million or $0.99 per share in the same period in 2024.
Total assets for the Company on June 30, 2025, were $1.17 billion, a decrease of $82.3 million from year end 2024, but a year-over-year 6.01% increase of $66 million compared to $1.1 billion as of June 30, 2024. The year-to-date change primarily reflects annual maturities of municipal non arbitrage relationships and lower cash balances used to pay off two maturing advances totaling $46.5 million, as well as a cyclical decrease in deposit balances. Contributing to the bank’s year-over-year growth in assets is continued growth in the Company's loan portfolio of $79.6 million, or 9.23%, compared to the 2024 period. Deposit balances increased $84.2 million, or 9.92%, compared to the same period in 2024 but decreased $68.7 million or 6.86% since year end 2024 reflecting cyclical changes. The year-over-year loan growth was primarily funded by an increase in core and brokered deposits.
The Company’s securities portfolio totaled $158.9 million as of June 30, 2025, an 8.87% decrease compared to $174.4 million as of June 30, 2024. The portfolio is classified as available-for-sale and is required to be reported at fair market value with the unrealized loss, net of a deferred tax adjustment, reported as an adjustment to total equity. Such unrealized losses reflect the interest rate environment, as current rates remain below the coupon rates on the securities, resulting in a fair market value lower than current book values. As of June 30, 2025, the adjustment to equity was $12.5 million, an improvement from recent quarters due to the current higher rate environment; previous adjustments to equity were $15.8 million on December 31, 2024, and $17.3 million as of June 30, 2024.
Total net interest income for the second quarter ended June 30, 2025, increased $1.8 million, or 22.14%, to $9.9 million, compared to $8.1 million for the same quarter in 2024. The year-over-year improvement reflects an increase of $1.6 million, or 13.46%, in interest and fees on loans due to strong loan growth and higher yields, offset by higher interest on deposits expense of $612,173, or 18.22%, as well as higher interest expense on repurchase agreements of $120,186, or 67.57%. Net interest income for the six months ended June 30, 2025, increased $2.9 million or 17.62%, to $19.3 million, compared to $16.5 million for the same period in 2024, reflecting the same trends.
The provision for credit losses for the second quarter ended June 30, 2025, was $407,046, compared to $331,582 for the same period in 2024. The year-to-date provision for credit losses was $732,100, compared to $645,161 for the same period in 2024. The $86,939 year over year increase was driven primarily by strong loan growth. The provision for credit losses for June 30, 2025, was determined under Accounting Standard No. 2016-13, Measurement of Credit Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses, or CECL.
Total non-interest income for the second quarter ended June 30, 2025, of $2.1 million increased $286,294, or 16.15%, compared to $1.8 million for the same period in 2024. Total non-interest income for the six months ended June 30, 2025, grew to $3.6 million, compared to $3.4 million for the six months ended June 30, 2024, an increase of $230,996, or 6.78% year over year. Total non-interest expenses increased $395,829, or 6.31%, for the second quarter comparison period, and $599,294, or 4.77%, for the six months period year over year.
Equity capital increased to $106.3 million, with a book value per share of $18.69, as of June 30, 2025, compared to equity capital of $98.0 million and a book value per share of $17.24 as of December 31, 2024, and $91.3 million and book value per share of $16.17 as of June 30, 2024. This change includes a decrease of $3.3 million in unrealized losses in the investment portfolio year to date and a decrease of $4.8 million year over year, due to changing bond rates, which increased the fair market value of the investment portfolio, as well as an increase of $4.8 million in the current year second quarter and an increase of $9.3 million year over year in retained earnings. The unrealized loss position is considered temporary and does not impact the Company’s regulatory capital ratios.
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President and CEO Christopher Cald
Apr 22, 2025
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Community Bancorp. Reports Strong First Quarter 2025 Earnings
For immediate release
Derby, VT: April 22, 2025 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the first quarter ended March 31, 2025, of $3.5 million or $0.62 per share, a significant increase of $702,554 or 24.89% compared to $2.8 million or $0.51 per share for the first quarter of 2024.
Total assets for the Company on March 31, 2025, were $1.19 billion, a slight decrease of $61.1 million from year end 2024, but $90 million or 8.2% higher compared to $1.1 billion as of March 31, 2024. The first quarter 2025 decrease primarily reflects lower cash due to the maturity of two advances totaling $46.5 million. Contributing to the bank’s year-over-year growth in assets was continued growth in the Company's loan portfolio of $73.9 million, or 8.53%, compared to the 2024 period. Deposit balances increased $96 million, or 10.85%, compared to the same period in 2024. The year-over-year loan growth was funded by an increase in deposits as well as an increase in cash and cash equivalents of $12.9 million.
The Company’s securities portfolio totaled $168.3 million as of March 31, 2025, a 6.81% decrease compared to $180.6 million as of March 31, 2024. The portfolio is classified as available-for-sale and is required to be reported at fair market value with the unrealized loss, net of a deferred tax adjustment, reported as an adjustment to total equity. Such unrealized losses reflect the interest rate environment, as current rates remain above the coupon rates on the securities, resulting in a fair market value lower than current book values. As of March 31, 2025, the adjustment to equity was $13.4 million, an improvement from recent quarters due to the current rate environment; previous adjustments to equity were $15.8 million on December 31, 2024, and $17.4 million as of March 31, 2024.
Total net interest income for the first quarter ended March 31, 2025, increased $1.1 million, or 12.93%, to $9.4 million, compared to $8.4 million for the same quarter in 2024. The year-over-year improvement reflects an increase of $1,536,815, or 13.16%, in interest and fees on loans due to loan growth and higher interest rates, as well as higher interest on federal funds sold and overnight deposits of $236,015, offset by higher interest on deposits expense of $1,105,735, or 35.90%.
The provision for credit losses for the first quarter ended March 31, 2025, was $325,054, compared to $313,579 for the same period in 2024, remaining steady even as the loan portfolio grew. The provision for credit losses for the first quarter ended March 31, 2025, was determined under Accounting Standard No. 2016-13, Measurement of Credit Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses, or CECL.
Total non-interest income for the first quarter ended March 31, 2025, of $1.58 million decreased $55,298, or 3.38%, compared to $1.6 million for the same period in 2024.
Total non-interest expense for the first quarter ended March 31, 2025, of $6.50 million increased $203,468, or 3.23%, compared to $6.30 million for the same period in 2024. Higher service contract expense and the cost of FDIC insurance were only partially offset by a decrease in Salaries expense and the Company’s core vendor cost, due to contract renegotiation effective January 1, 2025.
Equity capital increased to $102.9 million, with a book value per share of $18.05, as of March 31, 2025, compared to equity capital of $98.0 million and a book value of $17.24 as of December 31, 2024, and $89.4 million and a book value of $15.88 as of March 31, 2024. This change includes a decrease of $2.4 million in unrealized losses in the investment portfolio year to date and a decrease of $4.0 million year over year, due to changing bond rates, which increased the fair market value of the investment portfolio, as well as an increase of $2.2 million in the current year first quarter and an increase of $8.1 million year over year in retained earnings. The unrealized loss position is considered temporary and does not impact the Company’s regulatory capital ratios.
President and CEO Christopher Caldwell commented on the Company’s results: “Community National Bank began 2025 with strong results across the board. I am very pleased with our solid performance including our sharply higher earnings and the continued growth in our loan portfolio and deposit balances. Both of these demonstrate that we are serving our customer base very effectively despite the economic uncertainty around us. Our ability to sustain year-over-year growth in assets and loans, reflects the dedication, talent and diligence of our team. Our team clearly understands what it means to be community bankers as they serve their clients and communities. I’m proud to lead the bank as we focus on maintaining our momentum this year, even amid
Jan 22, 2025
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Community Bancorp. Reports Fourth Quarter and Full Year 2024 Financial Results
Generates Continued Strong Growth in Loans Leading to Record Total Assets
For immediate release
Derby, VT: January 22, 2025 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the fourth quarter ended December 31, 2024, of $4.1 million or $0.73 per share, an increase of $565 thousand or 15.98% compared to $3.5 million or $0.64 per share for the fourth quarter of 2023. Full year earnings for 2024 were $12.8 million or $2.28 per share, compared to $13.4 million or $2.43 per share for the prior year period, a decrease of $667 thousand or 4.97%. On a per share basis, earnings increased 14% in the 2024 fourth quarter to $0.73 per share compared to the prior year period; on an annual basis, earnings per share of $2.28 decreased 6% year over year, reflecting the impact of a declining rate environment and reliance on wholesale funds earlier in the year.
Total assets for the Company at December 31, 2024, were $1.25 billion, an increase of 13.61% compared to $1.10 billion at year-end 2023. The year-over-year balance sheet growth in 2024 was driven mostly by an increase in loans of $82.5 million, or 9.8%, and an increase in cash and cash equivalents of $90.5 million or 442.9%, offset by a decrease in investment securities of $30.0 million, or 15.6%.
Total net interest income for the fourth quarter ended December 31, 2024, of $9.5 million increased $524 thousand, or 5.83% compared to the prior year quarter, and grew $422 thousand, or 1.23% to $34.6 million for the full year. The year-over-year improvement reflects an increase in the interest and fees on loans of $7.8 million, or 18.65%, due to higher interest rates for most of the year, offset by an increase in interest on deposits expense of $4.8 million or 51.10%.
The provision for credit losses for the fourth quarter ended December 31, 2024, was $28 thousand, compared to $672 thousand for the same period in 2023. For the year ended December 31, 2024, the provision for credit losses was $1.1 million, compared to $1.5 million in the full year 2023. The $347 thousand year-over-year decrease was driven primarily by the previously disclosed write-down on a single non-performing loan, which was paid off and partially recovered in December 2023.
Total non-interest income was relatively flat for the fourth quarter and the year ended December 31, 2024, compared to the same periods in 2023. Total non-interest expenses increased $378 thousand, or 6.28%, in the fourth quarter of 2024 compared to the same period in 2023, and grew $1.9 million, or 8.06%, for the full-year 2024 compared to 2023. The year-over-year increase was impacted by an increase in health benefit costs of $600 thousand, or 33.0%; $96 thousand of the year-over-year increase was due to legal fees and other collection expenses related to the foreclosure and workout of a commercial loan during 2024.
Equity capital increased to $98 million, with a book value per share of $17.24 as of December 31, 2024, compared to $89 million and a book value of $15.87 as of December 31, 2023.
President and CEO Christopher Caldwell commented on the Company’s results: “I am very pleased with our solid performance in finishing 2024 with record total assets, driven largely by continued growth in our loan portfolio. Our ability to sustain year-over-year growth in assets and loans, despite a challenging economic environment with rising interest rates, especially in the first half of the year, reflects the dedication and diligence of our team and our enduring relationships with customers. As we kick off 2025, I am enthusiastic to take on the bank’s leadership, with the support of our Board, including former CEO Kathy Austin, and of course, our incredible team of bankers with whom I get to work every day. We look forward to maintaining our momentum this year, even amid economic uncertainty, as the demand for the financial products and services we provide in our markets throughout Vermont and New Hampshire continues to grow. We appreciate the support of our customers and communities, and we are committed to build upon our success in order to serve them effectively in the coming years.”
As previously announced, the Company declared a quarterly cash dividend of $0.24 per share payable February 1, 2025, to shareholders of record as of January 15, 2025.
About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with retail banking offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls as well as loan offices located in Burlington, Vermont and Lebanon, New Hampshire
This press release contains forward looking statements, including, without limitation, statements ab
Oct 17, 2024
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Community Bancorp. Reports Third Quarter 2024 Earnings
Total Assets Increased, Reflecting Continued Growth in Loan Portfolio;
Net Interest Income and Non-Interest Income Both Higher
For immediate release
Derby, VT: October 17, 2024 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the third quarter ended September 30, 2024, of $3.1 million or $0.55 per share, a decrease of $248,258 or 7.38%, compared to $3.4 million or $0.61 per share for the third quarter of 2023. Year to date earnings for 2024 are $8.7 million or $1.55 per share, a decrease of $1.2 million or 12.45%, compared to $9.9 million or $1.80 per share a year ago, with the 2024 periods reflecting more challenging operating conditions for banks given persistent high interest rates.
Total assets for the Company as of September 30, 2024, were $1.2 billion, an increase of $78 million from year end 2023 and an increase of $94 million from $1.03 billion as of September 30, 2023. Contributing to the bank’s healthy asset levels was continued growth in the Company's loan portfolio, which increased $74.1 million, or 8.84%, in the third quarter of 2024 compared to the same period in 2023. Deposit balances increased $28 million, or 3.15%, compared to the same period in 2023. The year-over-year loan growth was partially funded by an increase in borrowed funds of $62 million.
The Company’s securities portfolio totaled $170.5 million as of September 30, 2024, a 6.29% decrease compared to $181.9 million as of September 30, 2023. The decrease reflects $9.8 million in maturities and amortization of mortgage-backed securities as well as a market value adjustment. The portfolio is classified as available-for-sale and is required to be reported at fair market value with the unrealized loss, net of a deferred tax adjustment, reported as an adjustment to total equity. Such unrealized losses reflect the interest rate environment, as current rates remain above the coupon rates on the securities, resulting in a fair market value lower than current book values. As of September 30, 2024, the adjustment to equity was $12.4 million, which has declined consistently in recent quarters, totaling $15.9 million on December 31, 2023, and $23.5 million as of September 30, 2023.
Total net interest income for the third quarter ended September 30, 2024, increased $231,864, or 2.75%, to $8.7 million, compared to $8.4 million for the same quarter in 2023. The growth reflects an increase of $1,819,894, or 16.67%, in interest and fees on loans due to loan growth and higher interest rates, offset by higher interest on deposits expense of $1,175,646, or 47.00%, as well as higher interest on borrowed funds of $482,377 or 71.27%. Net interest income for the nine months ended September 30, 2024, decreased slightly by $101,425, or 0.40%, to $25.1 million, compared to $25.2 million for the same period in 2023.
The provision for credit losses for the third quarter ended September 30, 2024, was $460,745, compared to $240,889 for the same period in 2023, reflecting a larger loan portfolio year-over-year and higher charge offs due to the completion of a workout of a large commercial loan. The year-to-date provision for credit losses was $1,105,906, an increase of $297,349 compared to $808,557 for the same period in 2023.
Total non-interest income for the third quarter ended September 30, 2024, of $2 million increased $295,083, or 17.24%, compared to $1.7 million for the same period in 2023. Total non-interest income for the nine months ended September 30, 2024, was $5.4 million, compared to $5.3 million for the nine months ended September 30, 2023, an increase of $104,198 or 1.96%. Total non-interest expenses increased $694,114, or 11.94% for the third quarter of 2024 compared to the same period in 2023, and $1.5 million, or 8.67%, year over year.
Equity capital increased to $98.3 million, with a book value per share of $17.36, as of September 30, 2024, compared to equity capital of $89.0 million and a book value of $15.87 as of December 31, 2023. This growth is based partially upon a decrease of $3.5 million in unrealized losses in the investment portfolio, due to changing bond rates, which increased the fair market value of the investment portfolio, along with an increase of $5.8 million in retained earnings. The unrealized loss position is considered temporary and does not impact the Company’s regulatory capital ratios.
CEO Kathryn Austin commented on the Company’s results: “I am very proud of the strong operating results that our team produced again in the third quarter this year – even as the banking sector faced continued high interest rates that challenged our bottom line. Building upon our strong customer relationships, we generated year-over-year growth in our loan portfolio for the tenth consecutive quarter, as well as in total deposits, demonstrating that our team remains pivotal in he
Jul 23, 2024
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Community Bancorp. Reports Second Quarter 2024 Earnings
And Announces Stock Repurchase Program
For immediate release
Derby, VT: July 23, 2024 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the second quarter ended June 30, 2024, of $2.7 million or $0.49 per share, a decrease of $468,153 or 14.65% compared to $3.2 million or $0.58 per share for the second quarter of 2023. Year to date earnings for 2024 are $5.6 million or $0.99 per share, a decrease of $984,014 or 15.06% compared to $6.5 million or $1.19 per share a year ago, both reflecting more challenging operating conditions for banks given persistent high interest rates.
Total assets for the Company on June 30, 2024, were $1.1 billion, unchanged from year end 2023, and an increase from $1.03 billion as of June 30, 2023. Contributing to the bank’s healthy asset levels was continued growth in the second quarter of 2024 in the Company's loan portfolio, which increased $81.19 million, or 10.40%, compared to the same period in 2023. This increase is net of $28 million in maturing municipal loans at the end of the annual municipal finance cycle for school districts in Vermont. Deposit balances decreased $2.45 million, or 0.29%, compared to the same period in 2023. The year-over-year loan growth was funded by an increase in borrowed funds of $65.5 million as well as a decrease in cash and cash equivalents of $900,000.
The Company’s securities portfolio totaled $174.4 million as of June 30, 2024, a 6.53% decrease compared to $186.5 million as of June 30, 2023. The decrease reflects $6.8 million in maturities as well as a market value adjustment. The portfolio is classified as available-for-sale and is required to be reported at fair market value with the unrealized loss, net of a deferred tax adjustment, reported as an adjustment to total equity. Such unrealized losses reflect the interest rate environment, as current rates remain above the coupon rates on the securities, resulting in a fair market value lower than current book values. As of June 30, 2024, the adjustment to equity was $17.3 million, which has remained consistent in recent quarters, at $15.9 million on December 31, 2023, and $19.5 million as of June 30, 2023.
Total net interest income for the second quarter ended June 30, 2024, decreased $167,570, or 2.03%, to $8.1 million, compared to $8.3 million for the same quarter in 2023. The slight decrease reflects an increase of $2,052,143, or 20.49%, in interest and fees on loans due to loan growth and higher interest rates, offset by higher interest on deposits expense of $1,135,451, or 51.05%, as well as higher interest on borrowed funds of $1,021,983 or 404.84%. Net interest income for the six months ended June 30, 2024, decreased $333,290, or 1.98%, to $16.5 million, compared to $16.8 million for the same period in 2023, reflecting the same trends.
The provision for credit losses for the second quarter ended June 30, 2024, was $331,582, compared to $281,142 for the same period in 2023. The year-to-date provision for credit losses was $645,161, compared to $567,668 for the same period in 2023. The $77,493 year over year increase was driven primarily by loan growth.
Total non-interest income for the second quarter ended June 30, 2024, of $1.77 million decreased $66,014, or 3.59%, compared to $1.8 million for the same period in 2023. Total non-interest income for the six months ended June 30, 2024, was $3.4 million, compared to $3.6 million for the six months ended June 30, 2023, a decrease of $190,885, or 5.31% year over year. Total non-interest expenses increased $407,648, or 6.95% for the second quarter comparison period, and $828,090, or 7.05%, year over year.
Equity capital increased to $91.3 million, with a book value per share of $16.17, as of June 30, 2024, compared to equity capital of $89.0 million and a book value of $15.87 as of December 31, 2023. This growth is based upon an increase of $1.35 million in unrealized losses in the investment portfolio, due to changing bond rates, which decreased the fair market value of the investment portfolio, offset by an increase of $2.95 million in retained earnings. The unrealized loss position is considered temporary and does not impact the Company’s regulatory capital ratios.
CEO Kathryn Austin commented on the Company’s results: “I am pleased with our team’s performance in the second quarter this year, despite challenging industry conditions, knowing that this reflects our incredibly strong customer relationships. For the nineth consecutive quarter, we generated year-over-year growth in loans despite higher interest rates. This shows how well our team helps our customers navigate economic uncertainties. We believe these results continue to underscore the wisdom of our strategic decision to focus on organic loan and deposit growth, within our well-established risk management framework, a
Apr 22, 2024
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Community Bancorp. Reports First Quarter 2024 Earnings
For immediate release
Derby, VT: April 22, 2024 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the first quarter ended March 31, 2024, of $2.8 million or $0.51 per share, a decrease of $515,860 or 15.45% compared to $3.3 million or $0.61 per share for the first quarter of 2023.
Total assets for the Company on March 31, 2024, were $1.1 billion, unchanged from year end 2023, and up slightly from $1.03 billion as of March 31, 2023. Contributing to the bank’s healthy asset levels was continued growth in the first quarter of 2024 in the Company's loan portfolio of $107.8 million, or 14.21%, compared to the 2023 period. Deposit balances decreased $4.8 million, or 0.54%, compared to the same period in 2023. The year-over-year loan growth was funded by an increase in borrowed funds of $83.9 million as well as a decrease in cash and cash equivalents of $21.7 million.
The Company’s securities portfolio totaled $180.6 million as of March 31, 2024, a 6.28% decrease compared to $192.7 million as of March 31, 2023. The portfolio is classified as available-for-sale and is required to be reported at fair market value with the unrealized loss, net of a deferred tax adjustment, reported as an adjustment to total equity. Such unrealized losses reflect the interest rate environment, as current rates remain above the coupon rates on the securities, resulting in a fair market value lower than current book values. As of March 31, 2024, the adjustment to equity was $17.4 million, which has remained consistent in recent quarters, including $15.9 million on December 31, 2023, and $18.0 million as of March 31, 2023.
Total net interest income for the first quarter ended March 31, 2024, decreased $165,720, or 1.94%, to $8.4 million, compared to $8.5 million for the same quarter in 2023. The slight year-over-year decrease reflects an increase of $2,302,192, or 24.55%, in interest and fees on loans due to loan growth and higher interest rates, offset by higher interest on deposits expense of $1,235,425, or 66.97%, as well as higher interest on borrowed funds of $921,296.
The provision for credit losses for the first quarter ended March 31, 2024, was $313,579, compared to $286,526 for the same period in 2023. The provision for credit losses for the first quarter ended March 31, 2024, was determined under Accounting Standard No. 2016-13, Measurement of Credit Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses, or CECL, which the Company adopted effective January 1, 2023.
Total non-interest income for the first quarter ended March 31, 2024, of $1.6 million decreased $124,870, or 7.10%, compared to $1.8 million for the same period in 2023. The decrease is partially due to lower commercial loan documentation fees and commercial rate lock fees associated with transaction timing.
Equity capital increased to $89.4 million, with a book value per share of $15.88, as of March 31, 2024, compared to equity capital of $89.0 million and a book value of $15.87 as of December 31, 2023. This change includes an increase of $1.5 million in unrealized losses in the investment portfolio, due to changing bond rates, which decreased the fair market value of the investment portfolio, offset by an increase of $1.52 million in retained earnings. The unrealized loss position is considered temporary and does not impact the Company’s regulatory capital ratios.
President and CEO Kathryn Austin commented on the Company’s results: “Our solid financial performance in the first quarter of 2024 demonstrates the strength of our customer relationships. Continued year-over-year growth in loans during a period of higher interest rates is a testament to the success of our team who helped customers navigate economic challenges. We believe these results also reflect our strategic decision to focus on organic loan and deposit growth, within our well-established risk management framework, and the continued resilience of our local economy in the communities we serve throughout Vermont and New Hampshire. As always, we are grateful for our dedicated employees who support their communities and our growing customer base every day.”
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As previously announced, the Company declared a quarterly cash dividend of $0.23 per share payable May 1, 2024, to shareholders of record as of April 15, 2024.
About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with retail banking offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls as well as loan offices located in Burlington, Vermont and Lebanon, New Hampshire
This press release contains forward-looking statements, including, without limitation,
Jan 23, 2024
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Community Bancorp. Reports Fourth Quarter and Full Year 2023 Financial Results
Generates Continued Strong Growth in Loans Leading to Increased Total Assets
For immediate release
Derby, VT: January 23, 2023 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the fourth quarter ended December 31, 2023, of $3.5 million or $0.64 per share, a decrease of $1.2 million
or 24.85% compared to $4.7 million or $0.86 per share for the fourth quarter of 2022, as significantly higher interest rates affected the Bank’s operations. Full year earnings for 2023 were $13.4 million or $2.43 per share, compared to $13.7 million or $2.53 per share for the prior year period, a decrease of $308 thousand or 2.24%. On a per share basis, earnings declined 25.58% in the 2023 fourth quarter compared to the prior year period; on an annual basis, earnings per share decreased slightly,3.95% year over year, reflecting the impact of strong balance sheet management.
Total assets for the Company at December 31, 2023 were $1.10 billion, an increase of 4.10% compared to $1.06 billion at year-end 2022. The year over year balance sheet growth in 2023 was driven by an increase in loans of $96.9 million, or 12.94%, offset by a decrease in cash of $50.7 million or 71.28%.
Total net interest income for the fourth quarter ended December 31, 2023, of $9 million decreased $328 thousand, or 3.53% compared to the prior year quarter, but grew $1.1 million, or 3.40% to $34.2 million for the full year. The year over year improvement reflects an increase of $9.3 million, or 28.46%, in the interest and fees on loans due to higher interest rates, offset by an increase in interest on deposits expense of $6.1 million or 191.60%
The provision for credit losses for the fourth quarter ended December 31, 2023, was $672 thousand, compared to a negative $347 thousand for the same period in 2022. For the year ended December 31, 2023, the provision for credit losses was $1.48 million, compared to $978 thousand in the full year 2022, with the $502 thousand year over year increase driven primarily by the previously disclosed write-down on a single non-performing loan, which was paid off and partially recovered in December 2022.
Total non-interest income for the fourth quarter ended December 31, 2023, increased $75 thousand, or 4.22%, compared to the same period in 2022, and rose $532 thousand, or 8.01%, for the full-year 2023 compared to 2022. Total non-interest expenses increased $373 thousand, or 6.61%, from the fourth quarter of 2022, and grew $1.7 million, or 7.78%, for the full-year 2023 compared to 2022.
Equity capital increased to $89 million, with a book value per share of $15.87 as of December 31, 2023, compared to $75.2 million and a book value of $13.55 as of December 31, 2022. The growth reflects the decrease of unrealized losses in the investment portfolio, consistent with declining bond rates, which caused an increase in fair market value of the investment portfolio.
President and CEO Kathryn Austin commented on the Company’s results: “We finished 2023 with exceptionally strong results, demonstrating continued year over year growth in assets and loans, despite a challenging economic environment with rising interest rates. Our loan growth, particularly, contrasts with overall sector declines and demonstrates our enduring relationships with customers, and we look forward to maintaining this momentum in 2024. These results also reflect the continued strength of our team and the sustained demand for the financial products and services we provide in our markets throughout Vermont and New Hampshire. We are grateful for our committed employees and their dedication to our growing customer base.”
As previously announced, the Company declared a quarterly cash dividend of $0.23 per share payable February 1, 2024 to shareholders of record as of January 15, 2024.
About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with retail banking offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls as well as loan offices located in Burlington, Vermont and Lebanon, New Hampshire
This press release contains forward-looking statements, including, without limitation, statements about the Company’s financial condition, capital status, dividend payment practices, business outlook and affairs. Although these statements are based on management’s current expectations and estimates, actual conditions, results, and events may differ materially from those contemplated by such forward-looking statements, as they could be influenced by numerous factors which are unpredictable and outside the Company’s control. Factors that may cause actual results to differ materially from such statemen
Oct 23, 2023
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Community Bancorp. Reports Third Quarter 2023 Earnings;
Higher Earnings Reflect Continued Strong Growth in Loans
For immediate release
Derby, VT: October 23, 2023 --- Community Bancorp., (OTCQX:CMTV) the parent company of Community National Bank reported earnings for the third quarter ended September 30, 2023, of $3.4 million or $0.61 per share, a decrease of $247,997 or 6.87% compared to $3.6 million or $0.66 per share for the third quarter of 2022. Year to date earnings for 2023 were $9.9 million or $1.80 per share, an increase of $860,408 or 9.52% compared to $9.0 million or $1.67 per share for the same period a year ago.
Total assets for the Company on September 30, 2023 were $1.08 billion, compared to $1.06 billion at year-end 2022, and $1.03 billion as of September 30, 2022. The year-over-year asset growth was driven by continued growth in the Company's loan portfolio of $114.4 million, or 15.79%, from the September 30, 2022 period. The asset growth was offset by a decrease in cash and overnight deposits during the same period of $56.4 million, or 76.28%, reflecting the use of cash to fund the loan growth. Borrowed funds for the third quarter ended September 30, 2023 increased $48.0 million compared to a year ago, to supplement funding of loan growth.
Total net interest income for the third quarter ended September 30, 2023 increased $56,493, or 0.67%, to $8.43 million, compared to $8.37 million for the same quarter in 2022. The year over year improvement reflects an increase of $2,737,121 or 33.45%, in interest and fees on loans due to loan growth and higher interest rates, offset by an increase in interest on deposits expense of $1,663,260, or 198.48%, due to higher interest rates paid on deposits. Net interest income for the nine months ended September 30, 2023 increased $1,453,307, or 6.11%, to $25.2 million, compared to $23.8 million for the same period in 2022, reflecting the same trends.
The provision for credit losses for the third quarter ended September 30, 2023 was $240,889, compared to $125,000 for the same period in 2022. The year-to-date provision for credit losses was $808,557, compared to $1,325,000 for the same period in 2022. The $516,443 year over year decrease was driven primarily by a write-down on a single non-performing loan totaling $667,474 in March 2022.
Total non-interest income for the third quarter ended September 30, 2023 of $1.7 million increased $179,988, or 11.75%, compared to $1.5 million for the same period in 2022. Total non-interest income for the nine months ended September 30, 2023 grew to $5.3 million, compared to $4.8 million for the nine months ended September 30, 2022, an increase of $456,471, or 9.41% year over year. Total non-interest expenses increased $473,635, or 8.87% for the third quarter comparison period, and increased $1,329,210, or 8.19%, on a year over year basis.
Equity capital increased to $78.8 million, with a book value per share of $14.08 as of September 30, 2023, compared to equity capital of $75.2 million and a book value of $13.55 as of December 31, 2022.
President and CEO Kathryn Austin commented on the Company’s results: “We are pleased with our operational progress thus far in 2023, as we generated yet another quarter of strong results, including year over year growth in assets and earnings. Despite the challenging interest rate environment, we achieved excellent loan growth. We remain focused on serving our customers effectively for their financial service needs, and we continue to be successful in achieving this goal across our lines of business. The vitality, adversity and diversity of our communities, despite significant challenges these past months, contribute to the bank’s and our collective success. As always, we are grateful for our committed employees and their dedication to our growing customer base, and the continuing support of our customers and communities.”
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As previously announced, the Company declared a quarterly cash dividend of $0.23 per share payable November 1, 2023, to shareholders of record as of October 15, 2023.
About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with retail banking offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls as well as loan offices located in Burlington, Vermont and Lebanon, New Hampshire
This press release contains forward-looking statements, including, without limitation, statements about the Company’s financial condition, capital status, dividend payment practices, business outlook and affairs. Although these statements are based on management’s current expectations and estimates, actual conditions, results, and events may differ materially from those contemplated by such forward-looking statements, as they c
Jul 24, 2023
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Community Bancorp. Reports Second Quarter 2023 Earnings;
Higher Earnings Reflect Continued Strong Growth in Loans
For immediate release
Derby, VT: July 24, 2023 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the second quarter ended June 30, 2023, of $3.2 million or $0.58 per share, an increase of $175,187 or 5.80% compared to $3.0 million or $0.56 per share for the second quarter of 2022. Year to date earnings for 2023 are $6.5 million or $1.19 per share, an increase of $1.1 million or 20.43% compared to $5.4 million or $1.00 per share a year ago.
Total assets for the Company on June 30, 2023 were $1.03 billion, compared to $1.06 billion at year-end 2022, and $1.00 billion as of June 30, 2022. The year-over-year asset growth was driven by continued growth in the Company's loan portfolio of $78.0 million, or 11.10%, compared to the 2022 period. The asset growth was offset by a decrease in cash and overnight deposits of $47.7 million, or 71.16%. Borrowed funds for the second quarter ended June 30, 2023 increased $40 million, to offset the loan growth as well as a decrease in deposit balances of $20.7 million, or 2.38%, compared to June 30, 2022.
Total net interest income for the second quarter ended June 30, 2023 increased $431,678, or 5.51%, to $8.2 million, compared to $7.8 million for the same quarter in 2022. The year over year improvement reflects an increase of $2,384,258 or 31.25%, in interest and fees on loans due to loan growth and higher interest rates, offset by an increase in interest on deposits expense of $1,638,926, or 279.94%, due to higher interest rates. Net interest income for the six months ended June 30, 2023 increased $1,396,815, or 9.07%, to $16.8 million compared to $15.4 million for the same period in 2022, reflecting the same trends.
The provision for credit losses for the second quarter ended June 30, 2023 was $281,142, compared to $337,500 for the same period in 2022. The year-to-date provision for credit losses was also lower, at $567,668, compared to $1,200,000 for the same period in 2022. The $632,332 year over year decrease was driven primarily by a write-down on a single non-performing loan totaling $667,474 in March 2022.
Total non-interest income for the second quarter ended June 30, 2023 of $1.8 million increased $204,135, or 12.49%, compared to $1.6 million for the same period in 2022. Total non-interest income for the six months ended June 30, 2023 was $3.6 million compared to $3.3 million for the six months ended June 30, 2022, an increase of $276,483, or 8.33% year over year. Total non-interest expenses increased $429,459, or 7.90% for the second quarter comparison period, and $855,574, or 7.86%, year over year.
Equity capital increased to $80.5 million, with a book value per share of $14.44 as of June 30, 2023, compared to equity capital of $75.2 million and a book value of $13.55 as of December 31, 2022. This improvement reflects a decrease of $1.2 million in unrealized losses in the investment portfolio, caused by changing bond rates, which increased the fair market value of the investment portfolio. The unrealized loss position is considered temporary and does not impact the Company’s regulatory capital ratios.
President and CEO Kathryn Austin commented on the Company’s results: “We are very pleased with our continued success in the first half of 2023, with another quarter of strong results, including year over year growth in assets and excellent loan growth despite a higher rate environment. Our focus on serving our customers effectively and within our established risk management framework is illustrated by the continued growth in the Bank’s earnings. These results also underscore the sustained vitality of our northern New England economy despite macroeconomic challenges. We remain highly responsive to our customers’ needs for important consumer and commercial financial services, which remain in high demand in the communities we serve throughout Vermont and New Hampshire. As always, we are grateful for our committed employees and their dedication to our growing customer base.”
As previously announced, the Company declared a quarterly cash dividend of $0.23 per share payable August 1, 2023 to shareholders of record as of July 15, 2023.
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About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with retail banking offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls as well as loan offices located in Burlington, Vermont and Lebanon, New Hampshire
This press release contains forward-looking statements, including, without limitation, statements about the Company’s financial condition, capital status, dividend payment practices, business outlook and affairs.
Apr 21, 2023
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Community Bancorp. Reports First Quarter 2023 Earnings;
Higher Earnings Reflect Continued Strong Growth in Assets, Deposits and Loans
For immediate release
Derby, VT: April 21, 2023 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the first quarter ended March 31, 2023, of $3.3 million or $0.61 per share, an increase of $933,219 or 38.79% compared to $2.4 million or $0.44 per share for the first quarter of 2022.
Total assets for the Company at March 31, 2023 were $1.03 billion, compared to $1.06 billion at year-end 2022, and $1.01 billion as of March 31, 2022. The year over year asset growth was driven by continued growth in the Company's loan portfolio of $62.3 million, or 8.95%, compared to the 2022 period. Deposit balances increased $11.2 million, or 1.28%, compared to the same period in 2022, and contributed to year over year asset growth by funding the loan growth and a $6.9 million increase in Company’s investment portfolio compared to March 31, 2022. The asset growth was offset by a decrease in cash and overnight deposits of $46.8 million, or 55.42%, reflecting a strategic diminishment of these assets.
The Company’s securities portfolio totaled $193 million as of March 31, 2023, a 3.8% increase compared to $186 million as of March 31, 2022. The portfolio is classified as available-for-sale and is required to be reported at fair market value with the unrealized loss, net of a deferred tax adjustment, reported as an adjustment to total equity. Such unrealized losses reflect the interest rate environment as current rates remain above the coupon rates on the securities, resulting in a fair market value less than current book values. As of March 31, 2023 the adjustment to equity was $18 million, and has remained consistent, compared to $21 million on December 31, 2022 and $10 million as of March 31, 2022.
Total net interest income for the first quarter ended March 31, 2023 increased $965,135, or 12.77%, to $8.5 million, compared to $7.6 million for the same quarter in 2022. The year over year increase reflects an increase of $1,888,825, or 25.23%, in interest and fees on loans due to loan growth and higher interest rates, offset by an increase in interest on deposits expense of $1,292,788, or 234.22%.
The provision for credit losses for the first quarter ended March 31, 2023 was $207,540, compared to $862,500 for the same period in 2022. The $654,960 year over year decrease was driven primarily by a write-down on a single non-performing loan totaling $667,474 during March 2022. The provision for credit losses for the first quarter ended March 31, 2023 was determined under Accounting Standard No. 2016-13, Measurement of Credit Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses, or CECL, which the Company adopted effective January 1, 2023.
Total non-interest income for the first quarter ended March 31, 2023 of $1.8 million increased $72,348, or 4.29%, compared to $1.7 million for the same period in 2022. The increase is partially due to higher commercial loan volume, which generates loan document fees.
Equity capital increased to $79.7 million, with a book value per share of $14.33 as of March 31, 2023, compared to equity capital of $75.2 million and a book value of $13.55 as of December 31, 2022. This change reflects a decrease of $2.7 million in unrealized losses in the investment portfolio, caused by changing bond rates, which increased the fair market value of the investment portfolio. The unrealized loss position is considered temporary and does not impact the Company’s regulatory capital ratios. Equity capital was also impacted by the adoption of CECL with a net decrease to total equity of $549,000.
President and CEO Kathryn Austin commented on the Company’s results: “We are very pleased to have begun 2023 with another quarter of strong results, and continued year over year growth in assets, deposits and loans. Our results are especially meaningful during a period of continually rising interest rates and a more challenging overall economy as well as increased scrutiny on bank capital. We believe these results reflect the strength of our team and our strategic decision to focus on organic loan and deposit growth, within our well-established risk management framework. We continue to benefit from the demand for our consumer and commercial offerings in the communities we serve throughout Vermont and New Hampshire. As always, we are grateful for our committed employees and their dedication to our growing customer base.”
As previously announced, the Company declared a quarterly cash dividend of $0.23 per share payable May 1, 2023 to shareholders of record as of April 15, 2023.
About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with retail banking offices located in Derby, Der
Jan 23, 2023
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Community Bancorp. Reports Fourth Quarter and Full Year 2022 Financial Results
Generates Continued Strong Growth in Assets, Deposits and Loans
For immediate release
Derby, VT: January 23, 2023 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the fourth quarter ended December 31, 2022, of $4.7 million or $0.86 per share, an increase of $1,335,712 or 39.67% compared to $3.4 million or $0.62 per share for the fourth quarter of 2021. Full year earnings for 2022 were $13.7 million or $2.53 per share, compared to $13.1 million or $2.45 per share for the prior year period, an increase of $601,602 or 4.58%. On a per share basis, earnings increased 38% in the 2022 fourth quarter compared to the prior year period; on an annual basis, earnings per share increased 3.3% year over year.
Total assets for the Company at December 31, 2022 were $1.06 billion, compared to $1.02 billion at year-end 2021, an increase of 3.62%. The year over year balance sheet growth in 2022 was driven by an increase in loans of $58.6 million, or 8.50%, and an increase in deposits of 43.6 million, or 4.95%, compared to 2021. The year over year loan growth is net of the forgiveness and receipt of payment from the U.S. Small Business Administration (SBA) for PPP loans in the amount of $11.9 million during the comparison period. Net of the decrease in PPP loans, the Company grew its loan portfolio by $71.1 million, year over year, due to continuing commercial loan demand. The asset growth was partially offset by a decrease in cash as it continues to be used to fund the growth in the Bank’s investment portfolio.
Total net interest income for the fourth quarter ended December 31, 2022 of $9.3 million increased $1,402,270, or 17.72%, and $1,415,517, or $4.47% for the full year. The year over year increase reflects an increase of $2,010,043, or 154.0%, in the interest on debt securities within the investment portfolio due to higher interest rates, offset by an increase in interest on deposits expense of $635,538 or 24.75%
The provision for loan losses for the fourth quarter ended December 31, 2022 was a negative $347,000, compared to no provision for the same period in 2021. For the year ended December 31, 2022, the provision for loan losses was $978,000 compared to $624,165 in the full year 2021. The $353,835 year over year increase was driven primarily by the previously-disclosed write-down on a single non-performing loan, which paid off and was partially recovered in December 2022.
Total non-interest income for the fourth quarter ended December 31, 2022 increased $97,934, or 5.80%, compared to the same period in 2021, and decreased $91,089, or 1.35%, for the full-year 2022 compared to 2021. Total non-interest expenses increased $154,097, or 2.81%, from the fourth quarter of 2021, and $216,753, or 1.00%, for the full-year 2022 compared to 2021.
Equity capital decreased to $75.2 million, with a book value per share of $13.55 as of December 31, 2022, compared to $84.8 million and a book value of $15.48 as of December 31, 2021. This change reflects the increase of unrealized losses in the investment portfolio, reflecting rising bond rates, which caused a decline in fair market value of the investment portfolio. This position is considered temporary and does not impact the Company’s regulatory capital ratios.
President and CEO Kathryn Austin commented on the Company’s results: “We finished 2022 with exceptionally strong results, demonstrating continued year over year growth in assets, deposits and loans, even in the face of continually rising interest rates and a more challenging overall economy. These results reflect the continued strength of our team and the demand for the financial products and services we provide, including needed retail and commercial offerings, in the communities we serve throughout Vermont and New Hampshire. We are grateful for our committed employees and their dedication to our growing customer base.”
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As previously announced, the Company declared a quarterly cash dividend of $0.23 per share payable February 1, 2023 to shareholders of record as of January 15, 2023.
About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with retail banking offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls as well as loan offices located in Burlington, Vermont and Lebanon, New Hampshire
This press release contains forward-looking statements, including, without limitation, statements about the Company’s financial condition, capital status, dividend payment practices, business outlook and affairs. Although these statements are based on management’s current expectations and estimates, actual conditions, results, and events may dif
Oct 20, 2022
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Community Bancorp. Reports Third Quarter 2022 Earnings;
Continued Year over Year Growth in Assets, Deposits and Loans
For immediate release
Derby, VT: October 20, 2022 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the third quarter ended September 30, 2022, of $3.6 million or $0.66 per share, a decrease of $88,696 or 2.4% compared to $3.7 million or $0.69 per share for the third quarter of 2021. Year to date earnings for 2022 are $9.0 million or $1.67 per share compared to $9.8 million or $1.82 per share a year ago.
Total assets for the Company at September 30, 2022 were $1.03 billion, compared to $1.02 billion at year-end 2021, and $968.6 million as of September 30, 2021. The year over year asset increase was driven by continued growth in deposit balances of $63.0 million, or 7.5%, compared to the 2021 period. The cash from that deposit growth continues to fund the increase in the available for sale investment portfolio of $76.6 million or 69.2%. Loans as of September 30, 2022 increased $31.6 million, or 4.6%, to $724.2 million, compared to $692.6 million for the same period in 2021. The year over year loan growth partially reflects the forgiveness and receipt of payment from the U.S. Small Business Administration (SBA) for PPP loans in the amount of $34.6 million during the comparison period. Net of the decrease in PPP loans, the Company grew its loan portfolio by $68.0 million, year over year, due to continuing commercial loan demand. The year to date loan balances represent loan growth of $46.0 million net of PPP loan balance decreases. The asset growth was partially offset by a decrease in cash as it continues to be used to fund the growth in the investment portfolio.
Total net interest income for the third quarter ended September 30, 2022 of $8.4 million decreased $108,503, or 1.3%, compared to $8.5 million for the same quarter in 2021. The year over year decrease primarily reflects a decrease of $595,964, or 6.8%, in the interest and fees associated with PPP loans that are fully recognized as the loans are paid off, largely offset by an increase of $474,854, or 146.1%, in interest on debt securities attributable, primarily, to the significant growth in the investment portfolio. Net interest income for the nine months ended September 30, 2022 increased $13,249, or 0.1%, to $23.8 million, compared to $23.8 million for the same period in 2021
The provision for loan losses for the third quarter ended September 30, 2022 was $125,000, compared to $89,167 for the same period in 2021. Current year to date provision for loan losses was $1.3 million compared to $624,165 for the same period in 2021. The $700,835 year over year increase was driven primarily by the previously-disclosed write-down on a single non-performing loan, which is in foreclosure, totaling $667,474 in March 2022.
Total non-interest income for the third quarter ended September 30, 2022 of $1.5 million decreased $168,983, or 9.9%, compared to $1.7 million for the same period in 2021. Total non-interest income for the nine months ended September 30, 2022 was $4.9 million compared to $5.0 million for the nine months ended September 30, 2021, a decrease of $189,023, or 3.8%. Total non-interest expenses decreased $190,948, or 3.4%, for the third quarter comparison period, and increased $62,657, or 0.4%, year over year.
Equity capital decreased to $69.5 million, with a book value per share of $12.56 as of September 30, 2022, compared to $84.8 million and a book value of $15.48 as of December 31, 2021. This change reflects the increase of unrealized losses in the investment portfolio, reflecting rising bond rates, which caused a decline in fair market value of the investment portfolio. This position is considered temporary and does not impact the Company’s regulatory capital ratios.
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President and CEO Kathryn Austin commented on the Company’s results: “Our operating results for the first nine months of 2022 continue to be very strong, with year over year growth in assets, deposits and loans, even in the face of rising interest rates. Our results underscore the continued strength of our team and the appeal of the financial products and services we provide, including retail and commercial offerings, in the communities we serve.”
As previously announced, the Company declared a quarterly cash dividend of $0.23 per share payable November 1, 2022 to shareholders of record as of October 15, 2022.
About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls.
This press release contains forward-looking statements, including, without limitation, statements about the Company’s financial
Jul 22, 2022
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Community Bancorp. Reports Second Quarter 2022 Earnings;
Continues to Demonstrate Year over Year Growth in Deposits and Assets
For immediate release
Derby, VT: July 22, 2022 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the second quarter ended June 30, 2022, of $3,021,152 or $0.56 per share, a slight decrease of $25,254 or 0.83% compared to $3,046,406 or $0.57 per share for the second quarter of 2021. Year to date earnings for 2022 are $5,426,694 or $1.00 per share compared to $6,072,107 or $1.13 per share a year ago.
Total assets for the Company at June 30, 2022 were $999,442,578 compared to $1,019,105,799 at year-end 2021, and $925,498,638 as of June 30, 2021. The year over year asset increase was driven by continued growth in deposit balances of $72.0 million or 9.0% compared to the 2021 period. The cash from that deposit growth has funded the increase in the available for sale investment portfolio of $97.2 million or 106.2%. Loans as of June 30, 2022 were $702,928,547, similar to $689,988,533 at year-end 2021, and $704,201,276 as of June 30, 2021. The year over year slight decrease reflects the forgiveness and receipt of payment from the U.S. Small Business Administration (SBA) for PPP loans in the amount of $70 million during the comparison period. Net of the decrease in PPP loans, the Company grew its loan portfolio by $68 million, year over year, due to continuing commercial loan demand. The year to date loan balances were also impacted by a decrease in loans of $16.5 million due primarily to the maturing of municipal loans at the end of the annual municipal finance cycle for school districts in Vermont. The asset growth was partially offset by a decrease in cash and due from banks as additional cash was used to fund the growth in the investment portfolio.
Total net interest income for the second quarter ended June 30, 2022 increased $326,011, or 4.3%, to $7.8 million, compared to $7.5 million for the same quarter in 2021. The year over year increase primarily reflects an increase of $478,113 or 154.7% in interest on debt securities attributable primarily to the significant growth in the investment portfolio, offset by a decrease of $257,713 or 3.3%, in interest and fees on loans, attributable to fees associated with PPP loans that are fully recognized as the loans are paid off. Net interest income for the six months ended June 30, 2022 increased $121,752, or 0.8%, to $15.4 million, compared to $15.3 million for the same period in 2021
The provision for loan losses for the second quarter ended June 30, 2022 was $337,500, compared to $267,501 for the same period in 2021. Current year to date provision for loan losses was $1,200,000 compared to $534,998 for the same period in 2021. The $665,002 year over year increase was driven primarily by the previously-disclosed write-down on a single non-performing loan, which is in foreclosure, totaling $667,474. in March 2022.
Total non-interest income for the second quarter ended June 30, 2022 of $1,634,296 decreased $134,239, or 7.6%, compared to $1,768,535 for the same period in 2021. Total non-interest income for the six months ended June 30, 2022 was $3,320,726 compared to $3,340,766 for the six months ended June 30, 2021, a decrease of $20,040, or 0.6% year over year. Total non-interest expenses increased $165,068, or 3.1%, for the second quarter comparison period, and $253,605, or 2.4%, year over year
Equity capital decreased to $74.0 million, with a book value per share of $13.41 as of June 30, 2022, compared to equity capital of $84.8 million and a book value of $15.48 as of December 31, 2021. This change reflects the increase of unrealized losses in the investment portfolio, reflecting rising bond rates, which cause a decline in fair market value of the investment portfolio. This position is considered temporary and does not impact the Company’s regulatory capital ratios.
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President and CEO Kathryn Austin commented on the Company’s results: “I am very pleased with our operating results in the first half of 2022, especially considering the more challenging economic conditions we face, particularly regarding inflation. We continue to provide a range of valued financial services to both residents and businesses in the expanding communities we serve. Despite headwinds in the financial markets including higher interest rates, and the pay-offs and forgiveness of PPP loans as expected, our core banking business, including our deposit base and our organic lending activities, continue to grow reflecting strong demand in our markets.”
As previously announced, the Company declared a quarterly cash dividend of $0.23 per share payable August 1, 2022 to shareholders of record as of July 15, 2022.
About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with offices located in D
Apr 26, 2022
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Community Bancorp. Reports First Quarter 2022 Earnings;
Year over Year Growth in Deposits and Assets Continues
For immediate release
Derby, VT: April 25, 2022 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the first quarter ended March 31, 2022, of $2.4 million or $0.44 per share, a decrease of $620,159 or 20.5% compared to $3.02 million or $0.57 per share for the first quarter of 2021.
Total assets for the Company at March 31, 2022 were $1.01 billion compared to $1.02 billion at year-end 2021, and $937.5 million as of March 31, 2021. The year over year asset growth was driven by continued growth in deposit balances of $71.3 million or 8.9% compared to the 2021 period. The cash from that deposit growth has funded the increase in the available for sale investment portfolio of $103.8 million or 126.7%. The asset growth was partially offset by a decrease in loans of $33.2 million or 4.6% due to continued forgiveness and payoff of Paycheck Protection Program (PPP) loans. Net of PPP loans, the total loan portfolio as of March 31, 2022, increased $50.1 million or 7.8% compared to March 31, 2021.
Total net interest income for the first quarter ended March 31, 2022 decreased $204,258, or 2.6%, to $7.6 million, compared to $7.8 million for the same quarter in 2021. The year over year decrease primarily reflects a decrease of $766,096 or 9.3% in interest and fees on loans, offset by an increase of $402,114 or 151.7%, in interest on debt securities attributable primarily to the significant growth in the investment portfolio. The decrease in fees on loans was attributable to the fees associated with PPP loans that are fully recognized as the loans are paid off, which totaled $295,769 for the quarter ended March 31, 2022 compared to $1.2 million for the same period in 2021.
The provision for loan losses for the first quarter ended March 31, 2022 was $862,887, compared to $267,497 for the same period in 2021. The $595,003 year over year increase was driven primarily by a write-down on a single non-performing loan, which is in foreclosure, totaling $667,474 during March 2022.
Total non-interest income for the first quarter ended March 31, 2022 of $1.7 million increased $114,198, or 7.3%, compared to $1.6 million for the same period in 2021. The increase is partially due to higher commercial loan document fees and points and premiums on sold loans.
Equity capital decreased to $77.4 million, with a book value per share of $14.08 as of March 31, 2022, compared to equity capital of $84.8 million and a book value of $15.48 as of December 31, 2021. This decrease is directly related to the increase of unrealized losses in the investment portfolio, reflecting rising bond rates, which cause a decline in fair market value of the investment portfolio. This position is considered temporary and does not impact the Company’s regulatory capital ratios.
President and CEO Kathryn Austin commented on the Company’s results: “Our bank is off to a great start in 2022 as we continue to expand our presence in the communities we serve. Despite significant changes in the financial markets including higher interest rates, and the pay-offs and forgiveness of PPP loans as expected, we continue to show growth in our core banking business including building our deposit base and growing our organic lending activities.”
As previously announced, the Company declared a quarterly cash dividend of $0.23 per share payable May 1, 2022 to shareholders of record as of April 15, 2022.
About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls.
This press release contains forward-looking statements, including, without limitation, statements about the Company’s financial condition, capital status, dividend payment practices, business outlook and affairs. Although these statements are based on management’s current expectations and estimates, actual conditions, results, and events may differ materially from those contemplated by such forward-looking statements, as they could be influenced by numerous factors which are unpredictable and outside the Company’s control. Factors that may cause actual results to differ materially from such statements include, among others, the following: (1) general economic or monetary conditions, either nationally or regionally, continue to decline, resulting in a deterioration in credit quality or diminished demand for the Company’s products and services; (2) changes in laws or government rules, or the way in which courts interpret those laws or rules, adversely affect the financial industry generally or the Company’s business in particular, or may impose additional co
Jan 25, 2022
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cmtv_ex991.htm
Community Bancorp. Reports Record Fourth Quarter and Full Year 2021 Financial Results
Continued Strong Growth in Deposits, Earnings and Assets
For immediate release
Derby, VT: January 25, 2022 --- Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the fourth quarter ended December 31, 2021, of $3.37 million or $0.62 per share, an increase of $192,518 or 6% compared to $3.74 million or $0.60 per share for the fourth quarter of 2020. Full year earnings for 2021 were $13.14 million or $2.45 per share, compared to $10.76 million or $2.03 per share for the prior year period.
Total assets for the Company at December 31, 2021 were $1,019.10 million compared to $918.23 million at year-end 2020, an increase of 11.0%. The year over year balance sheet growth in 2021 was driven by an increase in total deposit balances of $97.0 million or 12.4%, compared to 2020. The cash from deposit growth largely funded the increase in the available-for-sale investment portfolio of $121.6 million. This asset growth is partially offset by a decrease in loans of $19.4 million due primarily to the forgiveness and payoff of Paycheck Protection Program ("PPP") loans. Net of the PPP loans, total loans increased by 5.1%, in 2021 compared to 2020.
Total net interest income for the fourth quarter ended December 31, 2021 increased $14,077, or 0.2%, and $3.45 million, or 12.2% for the full year. The year over year increase was mostly due to an increase of $1.46 million or 4.6% in interest and fees on loans, and a decrease of $1.53 million or 37.3% in interest paid on deposits. The increase in fees on loans was attributable to the fees associated with PPP loans that are fully recognized as the loans are paid off which totaled $4.73 million for the year ended December 31, 2021 compared to $2.15 million for the year ended December 31, 2020.
The Company recorded no provision for loan losses for the fourth quarter of 2021 compared to a provision of $542,499 for the same period in 2020. For the year ended December 31, 2021, the provision for loan losses was $624,165 compared to $1.6 million in the full year 2020. The $964.8 million decrease primarily reflects negligible net charge off activity during 2021 and declining historical loan losses, compared to higher loan charge off activity in 2020.
Total non-interest income for the fourth quarter ended December 31, 2021 decreased $21,835, or 1.3%, compared to the same period in 2020, and decreased $37,587, or 0.6%, for full-year 2021 compared to 2020. Total non-interest expenses increased $284,930, or 5.5%, from the fourth quarter of 2020, and $1.27 million, or 6.2%, for full-year 2021 compared to 2020. These increases primarily reflect a one-time bonus paid to all employees, except the executive officers, effective September 2021, as well as an adjustment to the Company’s salary ranges at the same time to accommodate new minimum wage levels as wage pressure and a tight labor market continued to be a challenge. Other increases in non-interest expense were correlated to the overall increase in asset size and increases in deposit balances, such as OCC assessments, FDIC insurance premiums and state deposit tax.
Equity capital grew to $84.8 million, with a book value per share of $15.48 as of December 31, 2021, compared to equity capital of $77.3 million and a book value of $14.25 as of December 31, 2020.
President and CEO Kathryn Austin commented on the Company’s results: “We delivered record annual net income for 2021 as we continued to maintain a strong capital base and a disciplined focus on credit quality. With our outstanding team and our knowledge and commitment to community banking, we are well positioned to continue our focus on profitable growth.”
As previously announced, the Company declared a quarterly cash dividend of $0.22 per share payable February 1, 2022 to shareholders of record as of January 15, 2022.
About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls.
This press release contains forward-looking statements, including, without limitation, statements about the Company’s financial condition, capital status, dividend payment practices, business outlook and affairs. Although these statements are based on management’s current expectations and estimates, actual conditions, results, and events may differ materially from those contemplated by such forward-looking statements, as they could be influenced by numerous factors which are unpredictable and outside the Company’s control. Factors that may cause actual results to differ materially from such statements include, among others, the following: (1) general economic or monetary co
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