Company: CMTV
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001654954-25-009542
Chunk: 70

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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612 and $174,612, for the second quarter of 2025 and 2024, and $499,224 and $349,224, respectively, for the first six months of 2025 and 2024.  The Company’s investment in a project during the last quarter of 2024 generated NMTC for that quarter and for the six months of 2025, accounting for the increase in tax credits between comparison periods.

Amortization expense related to the affordable housing investments and NMTC is included as a component of income tax expense and amounted to $148,890 and $149,202, for the second quarter of 2025 and 2024 and $297,780 and $298,404, respectively, for the first six months of 2025 and 2024.  These investments provide tax benefits, including tax credits, and are designed to provide a targeted effective annual yield between 5% and 7%.

CHANGES IN FINANCIAL CONDITION

The following table reflects the composition of the Company's major categories of assets and liabilities as a percentage of total assets or liabilities and shareholders’ equity, as of the balance sheet dates:

  June 30, 2025  December 31, 2024 Assets            Loans $941,762,995   80.73% $927,940,805   74.30%AFS securities  158,882,445   13.62%  159,697,420   12.79%                 Liabilities                Demand deposits  201,784,574   17.30%  197,697,470   15.83%Interest-bearing transaction accounts  260,019,923   22.29%  304,212,085   24.36%Money market funds  130,403,424   11.18%  169,533,067   13.57%Savings deposits  143,344,871   12.29%  142,925,828   11.44%Time deposits  197,413,067   16.92%  187,276,308   14.99%Overnight borrowings  19,700,000   1.69%  0   0.00%Long-term advances  36,100,000   3.09%