Exhibit 99.1
Community Bancorp.
June 30, 2005
Quarterly Report
| |||||||||
Consolidated Balance Sheets | |||||||||
June 30 | December 31 | June 30 | |||||||
2005 | 2004 | 2004 | |||||||
(Unaudited) | (Unaudited) | ||||||||
Assets | |||||||||
Cash and due from banks | $ | 8,626,094 | $ | 8,390,806 | $ | 12,529,172 | |||
Federal funds sold and overnight deposits | 74,085 | 0 | 3,518,537 | ||||||
Total cash and cash equivalents | 8,700,179 | 8,390,806 | 16,047,709 | ||||||
Securities held-to-maturity (fair value $18,387,000 at 06/30/05, | |||||||||
$31,587,658 at 12/31/04 and $21,522,492 at 06/30/04) | 18,325,736 | 31,579,178 | 21,452,759 | ||||||
Securities available-for-sale | 42,829,839 | 51,150,344 | 49,994,886 | ||||||
Restricted equity securities, at cost | 3,015,750 | 2,315,450 | 2,310,650 | ||||||
Loans held-for-sale | 868,597 | 1,833,397 | 1,509,863 | ||||||
Loans | 233,864,129 | 227,799,788 | 206,914,372 | ||||||
Allowance for loan losses | (2,170,363 | ) | (2,153,372 | ) | (2,254,308 | ) | |||
Unearned net loan fees | (695,466 | ) | (763,774 | ) | (774,697 | ) | |||
Net loans | 230,998,300 | 224,882,642 | 203,885,367 | ||||||
Bank premises and equipment, net | 9,422,202 | 8,057,120 | 7,763,600 | ||||||
Accrued interest receivable | 1,524,401 | 1,652,827 | 1,435,856 | ||||||
Other real estate owned, net | 0 | 82,800 | 82,800 | ||||||
Other assets | 4,765,294 | 4,891,930 | 4,135,774 | ||||||
Total assets | $ | 320,450,298 | $ | 334,836,494 | $ | 308,619,264 | |||
Liabilities and Shareholders' Equity | |||||||||
Liabilities | |||||||||
Deposits: | |||||||||
Demand, non-interest bearing | $ | 44,801,154 | $ | 42,725,604 | $ | 39,011,142 | |||
NOW and money market accounts | 68,872,277 | 94,502,798 | 67,205,425 | ||||||
Savings | 47,233,747 | 47,288,161 | 46,681,757 | ||||||
Time deposits, $100,000 and over | 22,651,208 | 21,804,521 | 21,968,820 | ||||||
Other time deposits | 75,985,336 | 76,284,787 | 77,944,749 | ||||||
Total deposits | 259,543,722 | 282,605,871 | 252,811,893 | ||||||
Federal funds purchased and other borrowed funds | 17,899,000 | 6,407,000 | 13,380,000 | ||||||
Repurchase agreements | 12,558,291 | 14,907,518 | 11,873,549 | ||||||
Accrued interest and other liabilities | 1,955,273 | 2,872,659 | 3,033,139 | ||||||
Total liabilities | 291,956,286 | 306,793,048 | 281,098,581 | ||||||
Shareholders' Equity | |||||||||
Common stock - $2.50 par value; 6,000,000 shares authorized | |||||||||
and 4,254,402 shares issued at 06/30/05, 4,037,548 shares | |||||||||
issued at 12/31/04 and 4,014,349 shares issued at 06/30/04 | 10,636,004 | 10,093,871 | 10,035,873 | ||||||
Additional paid-in capital | 20,967,782 | 17,778,605 | 17,459,952 | ||||||
Retained (deficit) earnings | (387,121 | ) | 2,776,011 | 2,260,788 | |||||
Accumulated other comprehensive loss | (283,453 | ) | (168,679 | ) | (1,544 | ) | |||
Less: treasury stock, at cost; 198,609 shares at 06/30/05, 198,444 | |||||||||
shares at 12/31/04, and 185,938 shares at 06/30/04 | (2,439,200 | ) | (2,436,362 | ) | (2,234,386 | ) | |||
Total shareholders' equity | 28,494,012 | 28,043,446 | 27,520,683 | ||||||
Total liabilities and shareholders' equity | $ | 320,450,298 | $ | 334,836,494 | $ | 308,619,264 | |||
COMMUNITY BANCORP. AND SUBSIDIARY | ||||||
Consolidated Statements of Income | ||||||
( Unaudited ) | ||||||
For The Second Quarter Ended June 30, | 2005 | 2004 | ||||
Interest income | ||||||
Interest and fees on loans | $ | 3,752,190 | $ | 3,369,169 | ||
Interest on debt securities | ||||||
Taxable | 376,879 | 521,559 | ||||
Tax-exempt | 259,420 | 269,598 | ||||
Dividends | 31,746 | 12,337 | ||||
Interest on federal funds sold and overnight deposits | 1,713 | 4,475 | ||||
Total interest income | 4,421,948 | 4,177,138 | ||||
Interest expense | ||||||
Interest on deposits | 1,122,531 | 1,117,351 | ||||
Interest on borrowed funds | 148,798 | 80,307 | ||||
Interest on repurchase agreements | 47,582 | 28,607 | ||||
Total interest expense | 1,318,911 | 1,226,265 | ||||
Net interest income | 3,103,037 | 2,950,873 | ||||
Provision for loan losses | 37,500 | 34,000 | ||||
Net interest income after provision | 3,065,537 | 2,916,873 | ||||
Non-interest income | ||||||
Service fees | 304,902 | 354,182 | ||||
Security gains | 0 | 18,631 | ||||
Other income | 491,401 | 511,339 | ||||
Total non-interest income | 796,303 | 884,152 | ||||
Non-interest expense | ||||||
Salaries and wages | 1,134,134 | 1,034,579 | ||||
Pension and other employee benefits | 408,644 | 340,161 | ||||
Occupancy expenses, net | 497,646 | 519,013 | ||||
Other expenses | 913,311 | 883,346 | ||||
Total non-interest expense | 2,953,735 | 2,777,099 | ||||
Income before income taxes | 908,105 | 1,023,926 | ||||
Applicable income taxes | 151,061 | 204,725 | ||||
Net Income | $ | 757,044 | $ | 819,201 | ||
Earnings per share on weighted average | $0.19 | $0.20 | ||||
Weighted average number of common shares | ||||||
used in computing earnings per share | 4,047,504 | 4,009,254 | ||||
Dividends declared per share | $0.17 | $0.16 | ||||
Book value per share on shares outstanding at June 30, | $7.03 | $6.85 | ||||
COMMUNITY BANCORP. AND SUBSIDIARY | ||||||
Consolidated Statements of Income | ||||||
( Unaudited ) | ||||||
For The Six Months Ended June 30, | 2005 | 2004 | ||||
Interest income | ||||||
Interest and fees on loans | $ | 7,445,551 | $ | 6,682,771 | ||
Interest on debt securities | ||||||
Taxable | 786,728 | 1,114,698 | ||||
Tax-exempt | 484,884 | 510,412 | ||||
Dividends | 57,947 | 20,953 | ||||
Interest on federal funds sold and overnight deposits | 4,001 | 9,405 | ||||
Total interest income | 8,779,111 | 8,338,239 | ||||
Interest expense | ||||||
Interest on deposits | 2,159,579 | 2,269,686 | ||||
Interest on borrowed funds | 257,802 | 153,637 | ||||
Interest on repurchase agreements | 81,416 | 58,762 | ||||
Total interest expense | 2,498,797 | 2,482,085 | ||||
Net interest income | 6,280,314 | 5,856,154 | ||||
Provision for loan losses | 75,000 | 85,000 | ||||
Net interest income after provision | 6,205,314 | 5,771,154 | ||||
Non-interest income | ||||||
Service fees | 590,456 | 601,148 | ||||
Security gains | 0 | 18,631 | ||||
Other income | 900,436 | 927,582 | ||||
Total non-interest income | 1,490,892 | 1,547,361 | ||||
Non-interest expense | ||||||
Salaries and wages | 2,272,605 | 2,065,336 | ||||
Pension and other employee benefits | 813,308 | 717,028 | ||||
Occupancy expenses, net | 1,011,553 | 1,013,433 | ||||
Other expenses | 1,808,084 | 1,721,741 | ||||
Total non-interest expense | 5,905,550 | 5,517,538 | ||||
Income before income taxes | 1,790,656 | 1,800,977 | ||||
Applicable income taxes | 303,471 | 217,934 | ||||
Net Income | $ | 1,487,185 | $ | 1,583,043 | ||
Earnings per share on weighted average | $0.37 | $0.40 | ||||
Weighted average number of common shares | ||||||
used in computing earnings per share | 4,041,566 | 3,999,987 | ||||
Dividends declared per share | $0.33 | $0.32 | ||||
Book value per share on shares outstanding at June 30, | $7.03 | $6.85 | ||||
Board of Directors
Community Bancorp. and Community National Bank
Thomas E. Adams, President, NPC Realty Co., Inc.
Jacques R. Couture, Dairy Farmer
Elwood G. Duckless, Past President, Newport Electric Co.
Michael H. Dunn, Book Dealer
Rosemary M. Lalime, Principal Broker and Owner, All Seasons Realty
Marcel M. Locke, Proprietor, Parkview Garage
Stephen P. Marsh, President and Chief Operating Officer, Community Bancorp. and Community National Bank
Anne T. Moore, Principal Broker, The Taylor Moore Agency
Dale Wells, President, Dale Wells Building Contractor, Inc.
Richard C. White, Chairman and Chief Executive Officer, Community Bancorp. and Community National Bank
Executive Officers
Community Bancorp. and Community National Bank
Richard C. White, Chairman and Chief Executive Officer, Community Bancorp. and Community National Bank
Stephen P. Marsh, President and Chief Operating Officer, Community Bancorp. and Community National Bank
Alan A. Wing, Vice President, Community Bancorp.; Executive Vice President, Community National Bank
Other Officers
Community National Bank
Kathryn M. Austin, Senior Vice President, Retail Banking
Patricia F. Blackmore, Internal Auditor
Jeanne L. Bonnell, Community Circle Director
Louise M. Bonvechio, Vice President and Cashier
Wanda J. Boomer, Vice President, Consumer Lending
Lorraine M. Brislin, Assistant Vice President and Central Vermont Offices Manager
Timothy B. Bronson, Vice President and Loan Officer
Christianne J. Bumps, Corporate Secretary, Community Bancorp. and Community National Bank
Theresa P. Carpenter, Loan Underwriting Officer
Jane P. Clark, Training Director
Hope K. Colburn, Vice President and Barton Office Manager
Bonnie J. Currier, Vice President and Residential Mortgage Loan Officer
R. Stephen Gurin, Jr., Regional Vice President, Central Vermont
Joanne M. Guyette, Loan Officer
Richard L. Isabelle, Regional Vice President, Caledonia County
Donna L. Kennison, Loan Officer and Troy Office Manager
Cindy L. LaGue, Assistant Vice President, Branch Administration
Rosemary M. Lalime, Vice President
France B. Lambert, Vice President, Information Technology Applications
Carmi M. Marsh, Vice President, Municipal Services
Terrie L. McQuillen, Senior Vice President, Loan Administration
Theresa B. Morin, Vice President, Security and Special Asset Administration
Candace A. Patenaude, Assistant Cashier
Kelly A. Paul, Compliance Officer
Kimico Perry, Assistant Human Resources Officer
Brandon M. Poginy, Loan Officer
Mary Jo Rigby, Loan Officer and Island Pond Office Manager
Tracy D. Roberts, Marketing Director
Thomas E. Robinson, Vice President and Loan Officer
Thomas R. Zuppe, Vice President, Information Technology
Advisory Boards
Island Pond Advisory Board
Theodore J. Firestine, Roy Frizzell, Craig Goulet, Dale R. Lamere
Barton Advisory Board
Rene Desmarais, Alicia Marcotte, Daniel Roy, John C. Ruggles, Fernand J. Tanguay
Troy Advisory Board
Roland Denton, Roland Laliberty, Gary R. Taylor, Nancy Warner
St. Johnsbury Advisory Board
Ernest Begin, Aminta K. Conant, Robert Ide, Richard Lawrence, Bernier Mayo, Peter Murphy, Paul Wheeler
Central Vermont Advisory Board
Jeff Blow, Andrew Brewer, Carol Ellison, Cornelius Hogan, Francis McFaun Dorothy Mitchell, Candy Moot, Gus Seelig
Community Bancorp.
4811 US Route 5, PO Box 259, Derby, Vermont 05829
(802) 334-7915
Community National Bank Office Locations
Derby
4811 US Route 5, Derby, VT 05829 (802) 334-7915
derby@communitynationalbank.com
Barre
316 North Main Street, Barre, VT 05641 (802) 476-6565
barre@communitynationalbank.com
Barton
103 Church Street, Barton, Vermont 05822 (802) 525-3524
barton@communitynationalbank.com
Derby Line
69 Main Street, Derby Line, VT 05830 (802) 873-3101
derbyline@communitynationalbank.com
Island Pond
23 US Route 105, Island Pond, Vermont 05846 (802) 723-4356
islandpond@communitynationalbank.com
Montpelier
95 State Street, Montpelier, Vermont 05601 (802) 223-0598
montpelier@communitynationalbank.com
Newport
100 Main Street, Newport, Vermont 05855 (802) 334-7915
newport@communitynationalbank.com
St. Johnsbury
Price Chopper Building, 857 Memorial Drive, St. Johnsbury,
Vermont 05819 (802) 748-3605 or 1-800-327-3605
stjohnsbury@communitynationalbank.com
Troy
4245 US Route 101, Troy, Vermont 05868 (802) 744-2287
troy@communitynationalbank.com
e-mail: cnb@communitynationalbank.com
www.communitynationalbank.com
ATM service available at all locations
