$CMTV

COMMUNITY BANCORP /VT

CIK:0000718413|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Income (Unaudited) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Interest and fees on loans	$ 14,748,598	$ 13,691,705	$ 29,181,219	$ 26,906,737
Interest on taxable debt securities	741,821	948,048	1,546,571	1,807,276
Interest on tax-exempt debt securities	80,411	80,411	160,823	160,823
Dividends	47,363	58,595	99,321	106,485
Interest on federal funds sold and overnight deposits	424,413	71,857	1,081,511	393,806
Total interest income	16,042,606	14,850,616	32,069,445	29,375,127
Interest expense
Interest on deposits	4,009,541	3,972,008	8,186,172	8,157,915
Interest on borrowed funds	301,838	444,596	687,788	815,574
Interest on repurchase agreements	262,376	298,057	556,106	584,016
Interest on junior subordinated debentures	221,045	241,413	443,692	484,758
Total interest expense	4,794,800	4,956,074	9,873,758	10,042,263
Net interest income	11,247,806	9,894,542	22,195,687	19,332,864
Credit loss expense	720,967	407,046	1,112,473	732,100
Net interest income after credit loss expense	10,526,839	9,487,496	21,083,214	18,600,764
Non-interest income
Service fees	988,219	969,775	1,924,696	1,856,557
Income from sold loans	89,692	96,705	159,237	166,082
Other income from loans	537,043	331,759	887,238	601,927
Income from investment in CFS Partners	579,795	548,308	822,234	797,657
Other income	117,998	112,164	264,682	215,097
Total non-interest income	2,312,747	2,058,711	4,058,087	3,637,320
Non-interest expense
Salaries and wages	2,632,767	2,392,661	5,211,603	4,712,727
Employee benefits	1,102,841	1,056,273	2,214,118	2,074,245
Occupancy expenses, net	779,462	794,451	1,554,443	1,576,307
Other expenses	2,650,168	2,424,015	5,242,433	4,807,731
Total non-interest expense	7,165,238	6,667,400	14,222,597	13,171,010
Income before income taxes	5,674,348	4,878,807	10,918,704	9,067,074
Income tax expense	986,564	819,031	1,861,817	1,481,843
Net income	$ 4,687,784	$ 4,059,776	$ 9,056,887	$ 7,585,231
Earnings per common share	$ 0.84	$ 0.72	$ 1.62	$ 1.34
Weighted average number of common shares used in computing earnings per share	5,594,749	5,612,675	5,590,465	5,608,997
Dividends declared per common share	$ 0.25	$ 0.24	$ 0.50	$ 0.48

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 9,056,887	$ 7,585,231
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, bank premises and equipment	501,759	516,568
Credit loss expense	1,112,473	732,100
Deferred income tax benefit	(110,975)	(39,732)
Gain on sale of loans	(44,874)	(39,749)
(Gain) loss on sale of bank premises and equipment	(18,486)	7,839
Gain on sale of OREO	(37,318)	0
Income from CFS Partners	(822,234)	(797,658)
Amortization of bond premium, net	25,076	36,411
Proceeds from sales of loans held for sale	1,480,391	1,872,874
Originations of loans held for sale	(2,110,849)	(2,691,225)
Decrease in taxes payable	(125,074)	(87,161)
Decrease in interest receivable	102,936	29,856
Decrease in mortgage servicing rights	40,168	44,685
Decrease (increase) in right-of-use assets	112,190	(298,008)
(Decrease) increase in operating lease liabilities	(106,358)	323,243
Decrease (increase) in other assets	49,699	(263,660)
Increase in cash surrender value of BOLI	(37,518)	(40,441)
Amortization of limited partnerships	770,782	425,736
Change in net deferred loan fees and costs	(153,819)	(57,815)
Decrease in interest payable	(113,579)	(1,938,683)
Decrease in accrued expenses	(15,222)	(622,869)
Decrease in other liabilities	(192,158)	(104,836)
Net cash provided by operating activities	9,363,897	4,592,706
Investments - AFS
Maturities, calls, pay downs and sales	16,821,399	19,913,602
Purchases	0	(14,971,773)
Proceeds from redemption of restricted equity securities	1,167,201	1,316,700
Purchases of restricted equity securities	(153,100)	(2,107,700)
Decrease in limited partnership contributions payable	(1,182,994)	0
Investments in limited liability entities	(255,916)	0
Increase in loans, net	(5,328,232)	(13,933,241)
Capital expenditures net of proceeds from sales of bank premises and equipment	(653,753)	(386,502)
Proceeds from sales of OREO	356,337	0
Recoveries of loans charged off	105,448	36,874
Net cash provided by (used in) investing activities	10,876,390	(10,132,040)
Cash Flows from Financing Activities:
Net decrease in demand and interest-bearing transaction accounts	(35,189,697)	(40,105,058)
Net decrease in money market and savings accounts	(57,938,697)	(38,710,600)
Net increase in time deposits	4,114,589	10,136,759
Net decrease in repurchase agreements	(6,478,914)	(2,716,058)
Net decrease in short-term borrowings	0	(21,800,000)
(Repayment) proceeds from long-term borrowings	(25,000,000)	5,000,000
Decrease in finance lease obligations	(120,066)	(116,370)
Shares purchased through stock buyback program	(26,633)	(548,218)
Dividends paid on preferred stock	0	(56,250)
Dividends paid on common stock	(2,049,080)	(1,957,974)
Net cash used in financing activities	(122,688,498)	(90,873,769)
Net decrease in cash and cash equivalents	(102,448,211)	(96,413,103)
Cash and cash equivalents:
Beginning	128,061,761	110,940,202
Ending	25,613,550	14,527,099
Supplemental Schedule of Cash Paid During the Period:
Interest	9,987,337	11,980,946
Income taxes, net of refunds	1,583,000	1,183,000
Supplemental Schedule of Noncash Investing and Financing Activities:
Change in unrealized gain on securities AFS	300,545	4,163,265
Additions to operating lease liabilities	71,318	510,199
Investment in limited partnerships, not yet paid	3,173,006	4,356,000
Common Shares Dividends Paid:
Dividends declared	2,791,105	2,690,221
Increase in dividends payable attributable to dividends declared	(11,570)	(16,566)
Dividends reinvested	(730,455)	(715,681)
Total dividends paid	$ 2,049,080	$ 1,957,974

Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 19,772,554	$ 11,802,391
Federal funds sold and overnight deposits	5,840,996	116,259,370
Total cash and cash equivalents	25,613,550	128,061,761
Securities available-for-sale (amortized cost $139,848,277 and $156,694,754 at 06/30/26 and 12/31/25, respectively)	127,982,828	144,528,758
Restricted equity securities, at cost	1,918,950	2,933,050
Loans held-for-sale	813,332	138,000
Loans	970,535,252	965,285,662
Allowance for credit losses	(11,881,321)	(10,864,983)
Deferred net loan costs	940,423	786,604
Net loans	959,594,354	955,207,283
Bank premises and equipment, net	12,220,494	12,090,886
Accrued interest receivable	4,505,039	4,607,975
Bank owned life insurance	5,435,603	5,398,085
Goodwill	11,574,269	11,574,269
Other real estate owned	0	319,019
Other assets	23,090,295	22,699,860
Total assets	1,172,748,714	1,287,558,946
Deposits:
Demand, non-interest bearing	204,738,374	218,842,543
Interest-bearing transaction accounts	278,551,211	299,636,739
Money market funds	125,665,889	187,132,921
Savings	146,071,626	142,543,291
Time deposits, $250,000 and over	48,195,437	46,913,997
Other time deposits	178,431,659	175,598,510
Total deposits	981,654,196	1,070,668,001
Repurchase agreements	35,019,257	41,498,171
Borrowed funds	10,975,022	35,975,022
Junior subordinated debentures	12,887,000	12,887,000
Accrued interest and other liabilities	11,319,225	12,843,774
Total liabilities	1,051,854,700	1,173,871,968
Shareholders' Equity
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,902,267 shares issued at 06/30/26 and 5,882,266 shares issued at 12/31/25	14,755,668	14,705,665
Additional paid-in capital	40,757,013	40,076,561
Retained earnings	79,287,690	73,021,908
Accumulated other comprehensive loss	(9,373,705)	(9,611,137)
Less: treasury stock, at cost; 300,409 shares at 06/30/26 and 299,339 shares at 12/31/25	(4,532,652)	(4,506,019)
Total shareholders' equity	120,894,014	113,686,978
Total liabilities and shareholders' equity	$ 1,172,748,714	$ 1,287,558,946
Book value per common share outstanding	$ 21.58	$ 20.36