Company: CMTV
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001654954-25-009542
Chunk: 67

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 for the three and six months ended June 30, 2025, compared to the same periods in 2024, with significant changes noted in the following:

 ·The volume of loans sold into the secondary market during the first six months of 2025 decreased by $171 thousand compared to the same period last year, accounting for the decrease in income from sold loans between periods.     ·Increases in Commercial LOC annual renewal fees and residential doc fees amounting to $50 thousand and $14 thousand, respectively, account for the moderate increase in other income from loans year over year.    ·Income from CFS Partners increased between periods due in part to a strong equity market and successful retention of managed accounts, as well as an increase, commencing March 1, 2025, in the Company’s share of CFSG’s net income from 33.3% to 50%. CFSG’s income is derived primarily from asset-based fees on managed accounts and in addition, CFS Partners has a small portion of its equity capital invested in the stock market, with performance generally reflecting stock market conditions.

 39Table of Contents

Non-interest Expense

The components of non-interest expense for the periods presented were as follows:

  Three Months Ended      Six Months Ended       June 30,  Change  June 30,  Change   2025  2024  Expense  Percent  2025  2024  Expense  Percent                          Salaries and wages $2,392,661  $2,288,000  $104,661   4.57% $4,712,727  $4,746,000  $(33,273)  -0.70%Employee benefits  1,056,273   954,154   102,119   10.70%  2,074,245   1,853,390   220,855   11.92%Occupancy expenses, net  794,451   694,230   100,221   14.44%  1,576,307   1,416,733   159,574   11.26%Other expenses                                Charged-off checks  563   5,471   (4,908)  -89.71%  (44,