Company: CMTV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013041
Chunk: 116

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 116
---
 nine months ended September 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 nine months of 2025 decreased by $248 thousand compared to the same period last year, accounting for the decrease in income from sold loans between periods.     ·Decreases in commercial loan documentation fees amounting to $148 thousand primarily accounts for the decrease 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      Nine Months Ended       September 30,  Change  September 30,  Change   2025  2024  Expense  Percent  2025  2024  Expense  Percent                          Salaries and wages $2,432,661  $2,358,000  $74,661   3.17% $7,145,388  $7,104,000  $41,388   0.58%Employee benefits  959,918   986,804   (26,886)  -2.72%  3,034,163   2,840,194   193,969   6.83%Occupancy expenses, net  748,354   683,980   64,374   9.41%  2,324,661   2,100,714   223,947   10.66%Other expenses                                Directors fees  147,867   119,905   27,962   23.32%  457,153   413,201   43,952   10.64%Charged