Company: CMTV
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001654954-25-005620
Chunk: 9

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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:Secured Overnight Financing RateDRIP:Dividend Reinvestment PlanUSDA:U.S. Department of AgricultureExchange Act:Securities Exchange Act of 1934VA:U.S. Veterans Administration

 9Table of Contents

Note 2. Recent Accounting Developments In December 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires disclosure in the notes to financial statements of specified information about certain costs and expenses. Public business entities must disclose the amount of employee compensation, depreciation, and intangible asset amortization. A qualitative description of the amounts remaining in relevant expense captions must be disclosed if not disaggregated quantitatively. The ASU is effective for annual periods beginning after December 15, 2026. Management is reviewing the ASU but does not expect that it will have a material effect on the Company’s consolidated financial statements.

Note 3. Earnings per Common Share Earnings per common share amounts are computed based on the weighted average number of shares of common stock issued during the period (retroactively adjusted for stock splits and stock dividends, if any), including Dividend Reinvestment Plan shares issuable upon reinvestment of dividends declared, and reduced for shares held in treasury. The following tables illustrate the calculation of earnings per common share for the periods presented, as adjusted for the cash dividends declared on the preferred stock: Three Months Ended March 31, 2025  2024        Net income, as reported $3,525,455  $2,822,901 Less: dividends to preferred shareholders  28,125   31,875 Net income available to common shareholders $3,497,330  $2,791,026 Weighted average number of common shares used in calculating earnings per share  5,605,278   5,521,509 Earnings per common share $0.62  $0.51 

Note 4. Investment Securities Debt securities AFS as of the balance sheet dates consisted of the following:      Gross  Gross      Amortized  Unrealized  Unrealized  Fair   Cost  Gains  Losses  Value March 31, 2025