Company: CMTV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013041
Chunk: 118

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 118
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658  $84,840   1.30% $19,764,509  $19,080,374  $684,135   3.59%

Total non-interest expense increased $84,840, or 1.3%, and $684,135 or 3.6%, for the three and nine months ended September 30, 2025, compared to the same periods in 2024, with significant changes noted in the following:

 ·The increases in salaries and wages during the three- and nine- month periods of 2025 reflect normal salary increases and remain in line with budget.    ·The decrease in employee benefits in the three-month period is attributable to a decrease in health insurance claims anticipated as well as run out of claims with the prior health insurance plan. An increase for the nine-month period is due to a change in the Company’s self-insured health insurance plan and the associated termination fees attributed to the change.    ·The increase in occupancy expense year over year is primarily due to normal increases in contracted services, including increased expenses for plowing and sanding during the winter months as well as increases in maintenance on buildings.    ·The increase in directors fees in both periods is attributable to a new director in 2025 as well as an increase in the amount paid to directors compared to 2024.    ·The Company received a recovery for a $53 thousand fraudulent check during the first quarter of 2025 that was charged off in 2024, accounting for most of the decrease in charged-off checks year over year.    ·The decrease in outsourcing expense is attributable to a renegotiated contract from the Company’s core processing provider.    ·The year over year increase in service contracts - administrative is due to a combination of new contracts, an increase in transaction-based pricing for certain contracts, and contractual inflationary adjustment factors that are higher than historical increase adjustments. The quarter over quarter decrease is due to the timing of credits from a vendor to correct prior year invoices.    ·The increase in audit fees is attributable to an increase in the scope of audits performed in 2025 which was anticipated and budgeted accordingly.    ·The increase in FDIC insurance year over year is attributable to an increase in the assessment multiplier.

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 ·The increase in consultant services is attributable to an increased utilization of these services for branch network and technology projects during 2025.    ·Collection & non-acc