Company: CMTV
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001654954-25-009542
Chunk: 83

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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 at either period end.  In addition, two-way (reciprocal) CDARS deposits, as well as reciprocal ICS money market and demand deposits, enhance the Company’s ability to retain larger deposit balances by allowing the Company to provide FDIC deposit insurance to its customers in excess of account coverage limits through the exchange of deposits with other participating FDIC-insured financial institutions.  As of June 30, 2025 and December 31, 2024, the Company reported $2.4 million and $2.5 million, respectively, in reciprocal CDARS deposits.  The balance in ICS reciprocal money market deposits was $7.5 million as of June 30, 2025, compared to $44.4 million as of December 31, 2024, and the balance in ICS reciprocal demand deposits as of those dates was $92.1 million and $109.5 million, respectively.

Additionally, the Company had brokered deposits from another source totaling approximately $19.5 million as of June 30, 2025 and $13.8 million as of December 31, 2024.  This relationship has provided convenient and timely access to short-term funding that is easily accessible without any detrimental effect on the pricing of the core deposit base.  

As of June 30, 2025 and December 31, 2024, borrowing capacity of $108.7 million for both periods was available through the FHLBB, secured by the Company's qualifying loan portfolio (generally, residential mortgage and commercial loans), reduced by outstanding advances of $55.8 million and $31.1 million, respectively. 

The following table reflects the Company’s outstanding advances with FHLBB as of the dates indicated:

  June 30,  December 31,   2025  2024        FHLBB Long-Term Advances      FHLBB term advance, 0.00%, due November 12, 2025 (1) $300,000  $300,000 FHLBB term advance, 0.00%, due November 13, 2028 (1)  800,000   800,000 FHLBB option advance, 4.54%, due May 15, 2026  10,000,000   10,000,000 FHLBB option advance, 4.74%, due May 26, 2026