Community Bancorp. Reports Fourth Quarter and Full Year Financial Results

Community Bancorp./VT, a banking institution based in Vermont, has recently released its financial results for the fourth quarter and full year of 2024. According to the report filed with the Securities and Exchange Commission (SEC) on January 22, 2025, the company announced earnings of $4.1 million or $0.73 per share for the fourth quarter of 2024, representing an increase of $565 thousand or 15.98% compared to the same period in 2023.

For the full year of 2024, Community Bancorp. reported earnings of $12.8 million or $2.28 per share, showing a decrease of $667 thousand or 4.97% compared to the prior year. Despite the yearly decline, earnings per share for the fourth quarter rose by 14% to $0.73 per share compared to the previous year.

The company’s total assets as of December 31, 2024, amounted to $1.25 billion, indicating a notable increase of 13.61% compared to the previous year. This growth was primarily driven by a rise in loans of $82.5 million, or 9.8%, and an increase in cash and cash equivalents of $90.5 million or 442.9%, partially offset by a decrease in investment securities.

Moreover, Community Bancorp. reported a total net interest income of $9.5 million for the fourth quarter of 2024, reflecting an increase of $524 thousand or 5.83% compared to the same period in 2023. The company’s provision for credit losses decreased significantly, with $28 thousand for the fourth quarter of 2024 compared to $672 thousand for the same period in 2023.

Total non-interest expenses increased by $378 thousand or 6.28% in the fourth quarter of 2024 compared to the previous year. President and CEO Christopher Caldwell expressed satisfaction with the company’s performance, noting the record total assets achieved and the continued growth in the loan portfolio despite economic challenges.

Looking ahead, Community Bancorp. declared a quarterly cash dividend of $0.24 per share payable on February 1, 2025, to shareholders of record as of January 15, 2025. The company remains optimistic about its outlook for the future, aiming to maintain momentum amidst economic uncertainties and changing market conditions.

Community Bancorp. is committed to providing financial products and services to its customers in Vermont and New Hampshire. For further information, investors can contact the company’s Investor Relations at [email protected].

Please note that forward-looking statements in this press release are subject to various factors that may cause actual results to differ from the projections. These factors include economic conditions, regulatory changes, interest rate fluctuations, and competitive pressures in the financial industry. The company disclaims any obligation to update forward-looking statements beyond the release date of this report.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Community Bancorp’s 8K filing here.

About Community Bancorp

Community Bancorp. operates as the bank holding company for Community National Bank that provides financial services to individuals, businesses, nonprofit organizations, and municipalities in northern and central Vermont. It offers financing for commercial business properties, equipment, inventories, and accounts receivable, as well as standby letters of credit; and business checking and other deposit accounts, cash management services, repurchase agreements, ACH and wire transfer services, card processing, and remote deposit capture.