Company: CMTV
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001654954-25-005620
Chunk: 97

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 97
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 its equity capital invested in the stock market, and as a result is sensitive to general stock market conditions. 

 36Table of Contents

Non-interest Expense

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

  Three Months Ended         March 31,  Change   2025  2024  Expense  Percent              Salaries and wages $2,320,066  $2,458,000  $(137,934)   -5.61%Employee benefits  1,017,974   899,236   118,738   13.20%Occupancy expenses, net  781,856   722,503   59,353   8.21%Other expenses                Charged-off checks  (45,513)  34,056   (79,569)  -233.64%Outsourcing expense  116,629   140,386   (23,757)  -16.92%Service contracts - administrative  222,071   182,764   39,307   21.51%Consultant services  91,749   59,709   32,040   53.66%FDIC insurance  197,960   156,106   41,854   26.81%Collection & non-accruing loan expense  2,000   48,000   (46,000)  -95.83%ATM & debit card expense  181,408   164,606   16,802   10.21%Other miscellaneous expenses  1,617,412   1,434,778   182,634   12.73%Total non-interest expense $6,503,612  $6,300,144  $203,468   3.23%

Total non-interest expense increased $203,468, or 3.2% for the three months ended March 31, 2025, compared to the same period in 2024, with significant changes noted in the following:

 ·The decrease in salaries and wages during the first quarter of 2025 reflects changes in senior leadership as well as unfilled positions during the quarter.    ·The increase in employee benefits is attributable to an increase in health insurance claims