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About Community Bancorp Vermont (CMTV)
Community Bancorp Vermont (CMTV), operating through its subsidiary Community National Bank, is a Vermont-based independent bank with a rich history dating back to 1851. Headquartered in Derby, Vermont, the company embodies the principles of community banking, emphasizing personalized service, local decision-making, and a deep commitment to the communities it serves. With retail banking offices across Vermont and loan offices in New Hampshire, the bank offers a comprehensive range of financial solutions tailored to meet the needs of individuals, businesses, and municipalities.
Business Model and Revenue Streams
Community Bancorp generates revenue primarily through interest income on loans and non-interest income from fees and other banking services. Its diversified product portfolio includes retail banking services such as checking and savings accounts, commercial and residential loans, and wealth management solutions. The bank's focus on relationship-driven banking ensures a steady stream of income from long-term customer engagements while maintaining a strong foothold in its regional market.
Market Position and Industry Context
Operating within the highly competitive regional banking industry, Community Bancorp stands out for its unwavering commitment to community banking principles. Unlike larger national banks, it leverages its local expertise and decision-making capabilities to provide flexible and timely financial solutions. The company has successfully navigated industry challenges, including rising interest rates and economic uncertainties, by focusing on organic growth in its loan and deposit portfolios. Its strategic investments in technology and operations further bolster its ability to adapt to changing market dynamics.
Core Strengths and Differentiation
Community Bancorp's primary strength lies in its community-oriented approach. By fostering enduring relationships with customers and understanding the unique needs of its local markets, the bank delivers a level of service that larger institutions often cannot match. Its fast turnaround times, flexibility, and personalized attention make it a preferred choice for individuals and businesses seeking a reliable financial partner in Vermont and New Hampshire. Additionally, the bank's strong regional presence and long-standing history instill trust and confidence among its customers.
Challenges and Opportunities
While the company's regional concentration provides a competitive edge in understanding local markets, it also exposes it to localized economic risks. However, Community Bancorp's prudent management and sound banking practices mitigate these risks effectively. The ongoing consolidation in the financial services industry presents both challenges and opportunities. By capitalizing on its strong market position and experienced lending team, the bank is well-positioned to seize opportunities arising from industry shifts.
Commitment to Community and Sustainability
True to its roots, Community Bancorp places a strong emphasis on community stewardship. Its initiatives and investments are designed to support the economic development of the regions it serves. The bank's commitment to sustainability and responsible banking practices further underscores its role as a trusted financial partner for Vermonters and their businesses.
Conclusion
Community Bancorp Vermont (CMTV) exemplifies the essence of community banking, combining a rich heritage with modern financial solutions. Its focus on building lasting relationships, coupled with its adaptability to industry changes, positions it as a resilient and reliable player in the regional banking landscape. With a steadfast commitment to its customers and communities, the bank continues to thrive as a cornerstone of financial stability and growth in Vermont and New Hampshire.
Community Bancorp (OTCQX:CMTV) reported Q4 2024 earnings of $4.1 million ($0.73 per share), up 15.98% from Q4 2023's $3.5 million ($0.64 per share). Full-year 2024 earnings were $12.8 million ($2.28 per share), down 4.97% from 2023's $13.4 million ($2.43 per share).
Total assets reached $1.25 billion, a 13.61% increase from 2023, driven by loan growth of $82.5 million (9.8%) and increased cash equivalents of $90.5 million (442.9%). Net interest income for Q4 2024 was $9.5 million, up 5.83% year-over-year, while full-year net interest income grew 1.23% to $34.6 million.
The company declared a quarterly cash dividend of $0.24 per share, payable February 1, 2025. Book value per share increased to $17.24 as of December 31, 2024, compared to $15.87 in 2023.
Community Bancorp and Community National Bank announced leadership changes effective January 1, 2025. Christopher L. Caldwell, 59, will be promoted to President and CEO of both entities, succeeding Kathy Austin, who will retire as President and CEO on December 31, 2024, but remain on both boards.
Caldwell, who has served as Vice President of Community Bancorp and President of Community National Bank since January 2024, brings extensive banking experience. His previous roles include Executive Vice President and Chief Lending Officer at the Bank, and senior positions at Northwest Bank and MutualBank in Indiana.
Community National Bank, established in 1851, operates offices across Vermont and maintains Loan Production Offices in Burlington and Lebanon, NH.
Community Bancorp. (OTCQX:CMTV) reported Q3 2024 earnings of $3.1 million or $0.55 per share, down 7.38% from Q3 2023. Year-to-date earnings for 2024 are $8.7 million or $1.55 per share, a 12.45% decrease from 2023. Total assets reached $1.2 billion, up $78 million from year-end 2023. The loan portfolio grew by 8.84% year-over-year, while deposits increased by 3.15%. Net interest income for Q3 2024 rose 2.75% to $8.7 million. Non-interest income increased by 17.24% to $2 million in Q3 2024. The company declared a quarterly cash dividend of $0.24 per share, a 4.3% increase from the previous level.
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.
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