Company: CMTV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013041
Chunk: 87

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 87
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During the third quarter of 2024, the Company adopted a stock repurchase program authorizing the repurchase of up to 275,000 shares of the Company’s common stock, representing approximately 5% of the outstanding common shares.  Purchases under the program may be on such terms, including price, as market conditions warrant, and may be made through open market purchases or in privately negotiated transactions, as Management deems appropriate.  The repurchase authorization expires in July, 2029 unless extended, or earlier terminated, by the Board.  Notwithstanding the program’s five-year term, the Board reviews and re-evaluates the program annually in light of the Company’s then current capital needs, the number and cost of shares repurchased, the number of shares remaining for repurchase under the authorization, and other relevant factors. In addition, management will confer with the FRBB regarding the program, as appropriate in the circumstances. As of September 30, 2025, 37,453 shares had been repurchased since the inception of the program, for an aggregate purchase price of $701,454.

The following table illustrates the changes in shareholders' equity from December 31, 2024, to September 30, 2025:

Balance as of December 31, 2024 (book value $17.24 per common share) $98,048,205 Net income  12,332,018 Issuance of common stock through the DRIP  1,068,890 Dividends declared on common stock  (4,027,225)Dividends declared on preferred stock  (84,375)Repurchase of shares through the stock buyback program  (701,470)Change in AOCI on AFS securities, net of tax  5,244,299 Balance as of September 30, 2025 (book value $19.64 per common share) $111,880,342 

Following consultation with the FRBB, the Board has approved for repurchase the remaining 15 shares of the Company's Series A Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock.  The shares were redeemed at par ($100,000 per share), plus the accrued quarterly dividend through the redemption date.  The redemption was completed during the fourth quarter of 2025.

 49Table of Contents

As described in more detail in Note 22 to the audited consolidated financial statements contained in