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Community Bancorp Inc Vermont (CMTV+5.20%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $1.18 billion from $1.10 billion as of December 31, 2023. This growth was primarily driven by an increase in loans by $67.3 million and cash by $29.4 million.
Total deposits increased to $929.6 million from $897.0 million as of December 31, 2023. The increase was mainly due to a rise in time deposits, which grew by $50.7 million.
Net interest income for the quarter was $8,661,923, compared to $8,430,059 in the same quarter of the previous year. The increase was supported by higher interest income from loans.
Interest expense increased significantly by $1.6 million for the quarter due to higher rates and reliance on wholesale funding.
Non-interest income rose by $295,083 for the quarter, driven by increased service fees and income from CFS Partners.
Non-interest expense increased by $694,114, with notable rises in salaries, employee benefits, and FDIC insurance.
The company reported a net income of $3,114,251 for the quarter, down from $3,362,509 in the previous year, attributed to higher interest and non-interest expenses.
The allowance for credit losses was $9,540,452 as of September 30, 2024, reflecting adjustments for loan portfolio changes and economic conditions.
Community Bancorp's capital ratios remain above regulatory requirements, with a common equity tier 1 capital ratio of 11.86%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Community Bancorp Inc Vermont quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.