COMMUTY BANCORP VT - CMTV STOCK NEWS

Community Bancorp. (OTCQX:CMTV) reported Q2 2024 earnings of $2.7 million ($0.49 per share), down 14.65% from Q2 2023. Year-to-date earnings for 2024 are $5.6 million ($0.99 per share), a 15.06% decrease from the previous year. Total assets remained at $1.1 billion, with loan portfolio growth of 10.40% compared to Q2 2023.

The company's securities portfolio decreased by 6.53% to $174.4 million. Net interest income for Q2 2024 decreased by 2.03% to $8.1 million. The provision for credit losses increased to $331,582 in Q2 2024. Non-interest income decreased by 3.59% to $1.77 million, while non-interest expenses increased by 6.95%.

Community Bancorp. declared a quarterly cash dividend of $0.23 per share and approved a stock repurchase program for up to 5% of outstanding Common Stock (275,000 shares).

Community Bancorp recently held its Annual Shareholders' meeting, where shareholders re-elected five directors to three-year terms and ratified BerryDunn as the external auditor for 2024.

CEO Kathy Austin reported solid financial growth in 2023 and Q1 2024, highlighting a 7% year-over-year increase in total assets, reaching $1.11 billion by March 31, 2024.

The bank saw growth in its loan portfolio and deposit base, particularly time deposits, leading to a quarterly dividend raise in 2023. President Christopher Caldwell noted lending growth across all commercial loan segments despite higher interest rates.

The bank's strong market position allows for seizing opportunities emerging from industry consolidation. Executive VP and CFO Louise Bonvechio reviewed recent financial results, underscoring the bank's consistent performance and community banking principles.

Community Bancorp. reported first-quarter 2024 earnings, showing a decrease in net income compared to the same period in 2023. Total assets remained stable, with a slight increase in the loan portfolio but a decrease in deposit balances. The securities portfolio decreased, reflecting the interest rate environment. Net interest income slightly decreased, while the provision for credit losses increased. Non-interest income decreased due to lower commercial fees. Equity capital and book value per share saw a slight increase. The company's strategic focus on organic growth and risk management contributed to the results.

Community Bancorp. (CMTV) appoints Christopher L. Caldwell as President of Community National Bank, effective immediately, as part of the bank's leadership succession planning process in preparation for the planned retirement of Kathryn M. Austin, who will continue to serve as the Bank's Chief Executive Officer until her retirement at year-end 2024. Mr. Caldwell brings 30 years of community banking and leadership experience to his new position as Bank President, having joined the Bank in April 2021 as Senior Vice President and Senior Lender. The Company's officers remain unchanged, and Ms. Austin has been employed with the Bank for over 40 years, serving as chief executive of both the Bank and the Company since 2017.

Community Bancorp., ticker symbol CMTV, reported a decrease in earnings for the fourth quarter of 2023 compared to the same period in 2022, attributed to significantly higher interest rates affecting the Bank's operations. Full-year earnings for 2023 also declined slightly compared to the prior year. However, the total assets for the Company increased by 4.10% year over year, driven by an increase in loans offset by a decrease in cash. Total net interest income decreased for the fourth quarter but grew for the full year, reflecting an increase in interest and fees on loans offset by an increase in interest on deposits expense. The provision for credit losses increased year over year, primarily due to a previously disclosed write-down on a single non-performing loan. Total non-interest income and expenses also increased for both the fourth quarter and the full year compared to the same periods in 2022. Equity capital and book value per share increased as of December 31, 2023, reflecting the decrease of unrealized losses in the investment portfolio. The President and CEO commented on the Company's results, expressing optimism for maintaining momentum in 2024 despite the challenging economic environment with rising interest rates.

Community Bancorp. (CNB) announces the appointment of Christopher L. Caldwell to its Board of Directors, effective January 1, 2024. Caldwell brings over thirty years of experience in the banking and business consulting industries and will serve on the Corporate Governance and Risk Management committees.

Community Bancorp, the parent company of Community National Bank, reported earnings for Q3 2023 of $3.4 million or $0.61 per share, a decrease of 6.87% compared to the same period last year. Year-to-date earnings for 2023 were $9.9 million or $1.80 per share, an increase of 9.52% compared to the same period last year. Total assets for the company on September 30, 2023, were $1.08 billion, an increase from $1.06 billion at year-end 2022.

Community National Bank, a subsidiary of Community Bancorp., reported earnings for Q2 2023 of $3.2 million or $0.58 per share, a 5.80% increase compared to Q2 2022. Year-to-date earnings for 2023 are $6.5 million or $1.19 per share, a 20.43% increase compared to a year ago. Total assets as of June 30, 2023, were $1.03 billion, with a loan portfolio growth of $78.0 million or 11.10% compared to the previous year.