Community Bancorp (CMTV) 10-K 26 Mar 21 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 17, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	COMMUNITY BANCORP/VT
Entity Central Index Key	0000718413
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Entity Common Stock Shares Outstanding		5,316,160
Entity Public Float			$ 65,684,788
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-16435
Entity Incorporation State Country Code	VT
Entity Tax Identification Number	03-0284070
Entity Address Address Line 1	4811 US Route 5
Entity Address City Or Town	Derby
Entity Address State Or Province	VT
Entity Address Postal Zip Code	05829
City Area Code	334-7915
Local Phone Number	802
Security 12g Title	Common Stock - $2.50 par value per share
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and due from banks	$ 10,850,787	$ 10,263,535
Federal funds sold and overnight deposits	104,199,133	38,298,677
Total cash and cash equivalents	115,049,920	48,562,212
Securities available-for-sale	60,705,178	45,966,750
Restricted equity securities, at cost	1,446,550	1,431,850
Loans held-for-sale	130,400	0
Loans	709,355,330	606,988,937
Allowance for loan losses	(7,208,485)	(5,926,491)
Deferred net loan (fees) costs	(1,195,741)	362,415
Net loans	700,951,104	601,424,861
Bank premises and equipment, net	10,209,869	10,959,403
Accrued interest receivable	2,987,977	2,336,553
Bank owned life insurance	4,988,236	4,903,012
Goodwill	11,574,269	11,574,269
Other real estate owned	0	966,738
Other assets	10,189,781	9,829,671
Total assets	918,233,284	737,955,319
Deposits:
Demand, non-interest bearing	185,954,976	125,089,403
Interest-bearing transaction accounts	242,902,715	185,102,333
Money market funds	115,546,064	91,463,661
Savings	124,555,124	97,167,652
Time deposits, $250,000 and over	16,488,963	14,565,559
Other time deposits	96,842,998	101,632,760
Total deposits	782,290,840	615,021,368
Borrowed funds	2,800,000	2,650,000
Repurchase agreements	38,727,312	33,189,848
Junior subordinated debentures	12,887,000	12,887,000
Accrued interest and other liabilities	4,239,419	5,312,424
Total liabilities	840,944,571	669,060,640
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2020 and 2019 ($100,000 liquidation value, per share)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,527,380 and 5,449,857 shares issued at December 31, 2020 and 2019, respectively (including 18,128 and 16,267 shares issued February 1, 2021 and 2020, respectively)	13,818,450	13,624,643
Additional paid-in capital	34,309,646	33,464,381
Retained earnings	29,368,046	22,667,949
Accumulated other comprehensive income	915,348	260,483
Less: treasury stock, at cost; 210,101 shares at December 31, 2020 and 2019	(2,622,777)	(2,622,777)
Total shareholders' equity	77,288,713	68,894,679
Total liabilities and shareholders' equity	$ 918,233,284	$ 737,955,319
Book value per common share outstanding	$ 14.25	$ 12.86

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Feb. 01, 2021	Dec. 31, 2020	Feb. 01, 2020	Dec. 31, 2019
Shareholder's Equity
Preferred stock, shares authorized		1,000,000		1,000,000
Preferred stock, shares issued		15		15
Preferred stock, shares outstanding		15		15
Preferred stock, liquidation value		$ 100,000		$ 100,000
Common stock par value (in dollars per share)		$ 2.50		$ 2.5
Common stock, shares authorized (in shares)		15,000,000		15,000,000
Common stock, shares issued (in shares)	18,128	5,527,380	16,267	5,449,857
Treasury stock (in shares)		210,101		210,101

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Interest income
Interest and fees on loans	$ 31,609,216	$ 29,883,352
Interest on taxable debt securities	1,030,761	1,089,201
Dividends	81,942	100,609
Interest on federal funds sold and overnight deposits	340,375	685,646
Total interest income	33,062,294	31,758,808
Interest expense
Interest on deposits	4,095,985	5,124,651
Interest on borrowed funds	19,261	24,550
Interest on repurchase agreements	254,774	299,347
Interest on junior subordinated debentures	476,666	694,573
Total interest expense	4,846,686	6,143,121
Net interest income	28,215,608	25,615,687
Provision for loan losses	1,589,000	1,066,167
Net interest income after provision for loan losses	26,626,608	24,549,520
Non-interest income
Service fees	3,137,956	3,313,833
Income from sold loans	1,469,863	706,306
Other income from loans	1,054,562	904,156
Net realized gain (loss) on sale of securities AFS	39,086	(26,490)
Other income	1,070,257	1,048,261
Total non-interest income	6,771,724	5,946,066
Non-interest expense
Salaries and wages	7,597,745	7,271,722
Employee benefits	3,084,435	3,118,631
Occupancy expenses, net	2,672,720	2,605,995
Other expenses	7,036,841	6,884,932
Total non-interest expense	20,391,741	19,881,280
Income before income taxes	13,006,591	10,614,306
Income tax expense	2,248,089	1,789,860
Net income	$ 10,758,502	$ 8,824,446
Earnings per common share	$ 2.03	$ 1.68
Weighted average number of common shares used in computing earnings per share	5,274,785	5,204,768
Dividends declared per common share	$ 0.76	$ 0.76

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Income
Net income	$ 10,758,502	$ 8,824,446
Other comprehensive income, net of tax:
Unrealized holding gain on securities AFS arising during the period	868,030	1,122,961
Reclassification adjustment for (gain) loss realized in income	(39,086)	26,490
Unrealized gain during the period	828,944	1,149,451
Tax effect	(174,079)	(241,384)
Other comprehensive income, net of tax	654,865	908,067
Total comprehensive income	$ 11,413,367	$ 9,732,513

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Retained Earnings	Accumulated other comprehensive (loss) income	Treasury Stock
Balance, shares at Dec. 31, 2018		5,382,103	20
Balance, amount at Dec. 31, 2018	$ 62,603,711	$ 13,455,258	$ 2,000,000	$ 32,536,532	$ 17,882,282	$ (647,584)	$ (2,622,777)
Net income	8,824,446	0	0	0	8,824,446	0	0
Other comprehensive income	908,067	0	0	0	0	908,067	0
Total comprehensive income	9,732,513	0	0	0	0	0	0
Cash dividends declared - common stock	(3,951,279)	0	0	0	(3,951,279)	0	0
Cash dividends declared - preferred stock	(87,500)	$ 0	$ 0	0	(87,500)	0	0
Issuance of common stock, shares		67,754	0
Issuance of common stock, amount	1,097,234	$ 169,385	$ 0	927,849	0	0	0
Redemption of preferred stock, shares		0	(5)
Redemption of preferred stock, amount	(500,000)	$ 0	$ (500,000)	0	0	0	0
Balance, shares at Dec. 31, 2019		5,449,857	15
Balance, amount at Dec. 31, 2019	68,894,679	$ 13,624,643	$ 1,500,000	33,464,381	22,667,949	260,483	(2,622,777)
Net income	10,758,502	0	0	0	10,758,502	0	0
Other comprehensive income	654,865	0	0	0	0	654,865	0
Total comprehensive income	11,413,367	0	0	0	0	0	0
Cash dividends declared - common stock	(4,004,030)	0	0	0	(4,004,030)	0	0
Cash dividends declared - preferred stock	(54,375)	$ 0	$ 0	0	(54,375)	0	0
Issuance of common stock, shares		77,523	0
Issuance of common stock, amount	1,039,072	$ 193,807	$ 0	845,265	0	0	0
Balance, shares at Dec. 31, 2020		5,527,380	15
Balance, amount at Dec. 31, 2020	$ 77,288,713	$ 13,818,450	$ 1,500,000	$ 34,309,646	$ 29,368,046	$ 915,348	$ (2,622,777)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net income	$ 10,758,502	$ 8,824,446
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, bank premises and equipment	894,687	930,035
Provision for loan losses	1,589,000	1,066,167
Deferred income tax	(270,427)	96,236
Net realized (gain) loss on sale of securities AFS	(39,086)	26,490
Gain on sale of loans	(1,027,175)	(290,116)
Loss on sale of bank premises and equipment	174,470	30,797
(Gain) loss on sale of OREO	(55,602)	817
Income from CFS Partners	(684,891)	(588,696)
Amortization of bond premium, net	92,662	120,295
Write down of OREO	0	95,008
Proceeds from sales of loans held for sale	37,899,464	14,098,560
Originations of loans held for sale	(37,002,689)	(13,808,444)
Increase in taxes payable	61,285	522
Increase in interest receivable	(651,424)	(35,712)
Decrease in mortgage servicing rights	17,431	65,371
Decrease in right-of-use assets	132,778	236,395
Decrease in operating lease liabilities	(202,782)	(227,606)
Decrease in other assets	5,728	335,167
Increase in cash surrender value of BOLI	(85,224)	(88,913)
Amortization of limited partnerships	336,686	312,106
Change in net deferred loan fees and costs	1,558,156	1,199
(Decrease) increase in interest payable	(53,109)	26,204
Increase in accrued expenses	174,154	66,100
Decrease in other liabilities	(38,377)	(45,772)
Net cash provided by operating activities	13,584,217	11,246,656
Investments - AFS
Maturities, calls, pay downs and sales	22,804,241	19,998,076
Purchases	(36,767,300)	(25,595,329)
Proceeds from redemption of restricted equity securities	522,400	493,600
Purchases of restricted equity securities	(537,100)	(176,000)
(Decrease) increase in limited partnership contributions payable	(909,000)	184,000
Investments in limited liability entities	0	(811,000)
Increase in loans, net	(102,746,364)	(30,365,217)
Capital expenditures net of proceeds from sales of bank premises and equipment	(452,402)	(952,396)
Proceeds from sales of OREO	1,022,340	105,561
Recoveries of loans charged off	72,965	117,842
Net cash used in investing activities	(116,990,220)	(37,000,863)
Cash Flows from Financing Activities:
Net increase in demand and interest-bearing transaction accounts	118,665,955	9,945,514
Net increase in money market and savings accounts	51,469,875	10,239,753
Net decrease in time deposits	(2,866,358)	(13,980,464)
Net increase in repurchase agreements	5,537,464	2,668,283
Proceeds from long-term borrowings	150,000	1,100,000
Decrease in finance lease obligations	(61,665)	(166,924)
Redemption of preferred stock	0	(500,000)
Dividends paid on preferred stock	(54,375)	(87,500)
Dividends paid on common stock	(2,947,185)	(2,837,058)
Net cash provided by financing activities	169,893,711	6,381,604
Net increase (decrease) in cash and cash equivalents	66,487,708	(19,372,603)
Cash and cash equivalents:
Beginning	48,562,212	67,934,815
Ending	115,049,920	48,562,212
Supplemental Schedule of Cash Paid During the Period:
Interest	4,899,795	6,116,917
Income taxes, net of refunds	2,120,542	1,381,000
Supplemental Schedule of Noncash Investing and Financing Activities:
Change in unrealized gain on securities AFS	828,944	1,149,451
Loans transferred to OREO	0	966,738
Common Shares Dividends Paid:
Dividends declared	4,004,030	3,951,279
Increase in dividends payable attributable to dividends declared	(17,773)	(16,987)
Dividends reinvested	(1,039,072)	(1,097,234)
Total common shares dividend paid	$ 2,947,185	$ 2,837,058

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Significant Accounting Policies
Note 1. Significant Accounting Policies	Note 1. Significant Accounting Policies The accounting policies of Community Bancorp. and Subsidiary (the Company) are in conformity, in all material respects, with U.S. generally accepted accounting principles (US GAAP) and general practices within the banking industry. The following is a description of the Company’s significant accounting policies. Basis of presentation and consolidation In addition to the definitions provided elsewhere in this Annual Report, the definitions, acronyms and abbreviations identified below are used throughout this Annual Report, including these “Notes to Consolidated Financial Statements” and the section labeled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” immediately following. These definitions are intended to aid the reader and provide a reference page when reviewing this Annual Report. ABS: Asset backed security FHA: Federal Housing Administration ACBB: Atlantic Community Bankers Bank FHLBB: Federal Home Loan Bank of Boston ACBI: Atlantic Community Bancshares, Inc. FHLMC : Federal Home Loan Mortgage Corporation ACH: Automated Clearing House FICO: Financing Corporation AFS: Available-for-sale FLA: First Loss Account Agency MBS: MBS issued by a US government agency FOMC: Federal Open Market Committee or GSE FRB: Federal Reserve Board ALCO: Asset Liability Committee FRBB: Federal Reserve Bank of Boston ALL: Allowance for loan losses GAAP: Generally Accepted Accounting Principles AML: Anti-money laundering laws in the United States AOCI: Accumulated other comprehensive income GSE: Government sponsored enterprise ASC: Accounting Standards Codification HMDA: Home Mortgage Disclosure Act ASU: Accounting Standards Update HTM: Held-to-maturity ATMs: Automatic teller machines ICS: Insured Cash Sweeps of the Promontory ATS: Automatic transfer service Interfinancial Network Bancorp: Community Bancorp. IRS: Internal Revenue Service Bank: Community National Bank JNE: Jobs for New England BHG: Bankers Healthcare Group Jr: Junior BIC: Borrower-in-Custody LIBOR: London Interbank Offered Rate Board: Board of Directors LLC: Limited liability corporation BOLI: Bank owned life insurance MBS: Mortgage-backed security bp or bps: Basis point(s) MPF: Mortgage Partnership Finance BSA: Bank Secrecy Act MSAs Metropolitan Statistical Areas CBLR: Community Bank Leverage Ratio MSRs: Mortgage servicing rights CARES ACT: Coronavirus Aid Relief and Economic NII: Net interest income Security Act OAS: Other amortizing security CDARS: Certificate of Deposit Accounts Registry OCI: Other comprehensive income (loss) Service of the Promontory Interfinancial OFAC: Office of Foreign Asset Control Network OREO: Other real estate owned CDs: Certificates of deposit OTTI: Other-than-temporary impairment CDI: Core deposit intangible PMI: Private mortgage insurance CECL: Current Expected Credit Loss PPP: Paycheck Protection Program CEO: Credit Enhancement Obligation PPPLF: Paycheck Protection Program Liquidity CFPB: Consumer Financial Protection Bureau Facility CFSG: Community Financial Services Group, LLC QM(s): Qualified Mortgage(s) CFS Partners: Community Financial Services Partners, RD: USDA Rural Development LLC RESPA: Real Estate Settlement Procedures Act Company: Community Bancorp. and Subsidiary SBA: U.S. Small Business Administration COVID-19: Coronavirus Disease 2019 SEC: U.S. Securities and Exchange Commission CRA: Community Reinvestment Act SERP: Supplemental Employee Retirement Plan CRE: Commercial Real Estate SOX: Sarbanes-Oxley Act of 2002 DDA or DDAs: Demand Deposit Account(s) TDR: Troubled-debt restructuring DIF: Deposit Insurance Fund TILA: Truth in Lending Act DTC: Depository Trust Company USDA: U.S. Department of Agriculture DRIP: Dividend Reinvestment Plan VA: U.S. Veterans Administration Exchange Act: Securities Exchange Act of 1934 VIE: Variable interest entities FASB: Financial Accounting Standards Board 2017 Tax Act: Tax Cut and Jobs Act of 2017 FDIA: Federal Deposit Insurance Act 2018 Economic Growth, Regulatory Relief and FDIC: Federal Deposit Insurance Corporation Regulatory Consumer Protection Act of 2018 FDICIA: Federal Deposit Insurance Company Relief Act: Improvement Act of 1991 The consolidated financial statements include the accounts of the Bancorp. and its wholly-owned subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated. The Company is considered a “smaller reporting company” under the disclosure rules of the SEC. Accordingly, the Company has elected to provide its audited consolidated statements of income, comprehensive income, cash flows and changes in shareholders’ equity for a two year, rather than a three year, period, and intends to provide smaller reporting company scaled disclosures where management deems it appropriate. Beginning with its periodic reports filed in 2018, the Company was considered an accelerated filer under the financial reporting rules of the SEC. However, these reporting rules were amended in 2020, causing the Company to be considered a non-accelerated file beginning with this annual report. FASB ASC Topic 810, “Consolidation”, in part, addresses limited purpose trusts formed to issue trust preferred securities. It also establishes the criteria used to identify VIE, and to determine whether or not to consolidate a VIE. In general, ASC Topic 810 provides that the enterprise with the controlling financial interest, known as the primary beneficiary, consolidates the VIE. In 2007, the Company formed CMTV Statutory Trust I for the purposes of issuing trust preferred securities to unaffiliated parties and investing the proceeds from the issuance thereof and the common securities of the trust in junior subordinated debentures issued by the Company. The Company is not the primary beneficiary of CMTV Statutory Trust I; accordingly, the trust is not consolidated with the Company for financial reporting purposes. CMTV Statutory Trust I is considered an affiliate of the Company (see Note 13). Nature of operations The Company provides a variety of deposit and lending services to individuals, municipalities, and business customers through its branches, ATMs and telephone, mobile and internet banking capabilities in northern and central Vermont, which is primarily a small business and agricultural area. The Company’s primary deposit products are checking and savings accounts and certificates of deposit. Its primary lending products are commercial, real estate, municipal and consumer loans. Concentration of risk The Company’s operations are affected by various risk factors, including interest rate risk, credit risk, and risk from geographic concentration of its deposit taking and lending activities. Management attempts to manage interest rate risk through various asset/liability management techniques designed to match maturities and repricing of assets and liabilities. Loan policies and administration are designed to provide assurance that loans will only be granted to creditworthy borrowers, although credit losses are expected to occur because of subjective factors inherent in management’s estimate of credit risk and factors beyond the control of the Company. While the Company has a diversified loan portfolio by loan type, most of its lending activities are conducted within the geographic area where its banking offices are located. As a result, the Company and its borrowers may be especially vulnerable to the consequences of changes in the local economy in northern and central Vermont. In addition, a substantial portion of the Company’s loans are secured by real estate, which is susceptible to a decline in value, especially during times of adverse economic conditions. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions involve inherent uncertainties. Accordingly, actual results could differ from those estimates and those differences could be material. Material estimates that are particularly susceptible to significant change include those relating to the determination of the ALL and the valuation of OREO. In connection with evaluating loans for impairment or assigning the carrying value of OREO, management generally obtains independent evaluations or appraisals for significant properties. While the ALL and the carrying value of OREO are determined using management’s best estimate of probable loan and OREO losses, respectively, as of the balance sheet date, the ultimate collection of a substantial portion of the Company’s loan portfolio and the recovery of a substantial portion of the fair value of OREO are susceptible to uncertainties and changes in a number of factors, especially local real estate market conditions. The amount of the change that is reasonably possible cannot be estimated. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions or other relevant factors. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for losses on loans and the carrying value of OREO. Such agencies may require the Company to recognize additions to the allowance or write-downs of OREO based on their judgment about information available to them at the time of their examination. MSRs associated with loans originated and sold in the secondary market, where servicing is retained, are capitalized and included in Other assets in the consolidated balance sheets. MSRs are amortized against non-interest income in proportion to, and over the period of, estimated future net servicing income of the underlying loans. The value of capitalized servicing rights represents the present estimated value of the future servicing fees arising from the right to service loans for third parties. The carrying value of the MSRs is periodically reviewed for impairment based on management’s estimate of fair value as compared to amortized cost, and impairment, if any, is recognized through a valuation allowance and is recorded as a write down. Critical accounting policies for MSRs relate to the initial valuation and subsequent impairment tests. The methodology used to determine the valuation of MSRs requires the development and use of estimates, including anticipated principal amortization and prepayments. Events that may significantly affect the estimates used are changes in interest rates and the payment performance of the underlying loans. Management uses a third party consultant to assist in estimating the fair value of the Company’s MSRs. Management evaluates securities for OTTI on at least a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to various factors, including the length of time and the extent to which the fair value has been less than cost; the nature of the issuer and its financial condition and near-term prospects; and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The evaluation of these factors is a subjective process and involves estimates and assumptions about matters that are inherently uncertain. Should actual factors and conditions differ materially from those used by management, the actual realization of gains or losses on investment securities could differ materially from the amounts recorded in the financial statements. Accounting for a business combination that was completed prior to 2009 requires the application of the purchase method of accounting. Under the purchase method, the Company was required to record the assets and liabilities acquired through the LyndonBank merger in 2007 at fair market value, with the excess of the purchase price over the fair value of the net assets recorded as goodwill and evaluated annually for impairment. Management uses various assumptions in evaluating goodwill for impairment. Management utilizes numerous techniques to estimate the carrying value of various other assets held by the Company, including, but not limited to, bank premises and equipment and deferred taxes. The assumptions considered in making these estimates are based on historical experience and on various other factors that are believed by management to be reasonable under the circumstances. Management acknowledges that the use of different estimates or assumptions could produce different estimates of carrying values. Presentation of cash flows For purposes of presentation in the consolidated statements of cash flows, cash and cash equivalents includes cash on hand, amounts due from banks (including cash items in process of clearing), federal funds sold (generally purchased and sold for one day periods) and overnight deposits. Investment securities Debt securities the Company has purchased with the possible intent to sell before maturity are classified as AFS, and are carried at fair value, with unrealized gains and losses, net of tax and reclassification adjustments, reflected as a net amount in the shareholders’ equity section of the consolidated balance sheets and in the statements of changes in shareholders’ equity. Investment securities transactions are accounted for on a trade date basis. The specific identification method is used to determine realized gains and losses on sales of debt securities AFS. Premiums and discounts are recognized in interest income using the interest method over the period to maturity or call date. As of the balance sheet dates, the Company did not hold any securities purchased for the purpose of selling in the near term and classified as trading or any securities purchased with the positive intent and ability to hold to maturity and classified as HTM. For individual debt securities that the Company does not intend to sell and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary decline in the fair value of the debt security related to (1) credit loss is recognized in earnings and (2) other factors is recognized in other comprehensive income or loss. Credit loss is deemed to exist if the present value of expected future cash flows using the interest rates at acquisition is less than the amortized cost basis of the debt security. For individual debt securities where the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost, the OTTI is recognized in earnings equal to the entire difference between the security’s cost basis and its fair value at the balance sheet date. Other investments From time to time, the Company acquires partnership interests in limited partnerships for low income housing projects. New investments in limited partnerships are amortized using the proportional amortization method. All investments made before January 1, 2015 are amortized using the effective yield method. The Company has a one-third ownership interest in CFS Partners, which in turn owns 100% of CFSG, a non-depository trust company (see Note 10). The Company’s investment in CFS Partners is accounted for under the equity method of accounting. Restricted equity securities The Company holds certain restricted equity securities acquired for non-investment purposes, and required as a matter of law or as a condition to the receipt of certain financial products and services. These securities are carried at cost. As a member of the FRBB, the Company is required to invest in FRBB stock in an amount equal to 6% of the Bank’s capital stock and surplus. As a member of the FHLBB, the Company is required to invest in $100 par value stock of the FHLBB in an amount that approximates 1% of unpaid principal balances on qualifying loans, plus an additional amount to satisfy an activity based requirement. The stock is nonmarketable and redeemable at par value, subject to the FHLBB’s right to temporarily suspend such redemptions. Members are subject to capital calls in some circumstances to ensure compliance with the FHLBB’s capital plan. In order to access correspondent banking services from the ACBB,the Company is required to invest in a minimum of 20 shares of the common stock of ACBB’s parent company, ACBI. Loans held-for-sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Loans Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance, adjusted for any charge-offs, the ALL, loan premiums or discounts for acquired loans and any unearned fees or costs on originated loans. Loan interest income is accrued daily on the outstanding balances. For all loan segments, the accrual of interest is discontinued when a loan is specifically determined to be impaired or when the loan is delinquent 90 days and management believes, after considering collection efforts and other factors, that the borrower’s financial condition is such that collection of interest is doubtful. Any unpaid interest previously accrued on those loans is reversed from income. Interest income is generally not recognized on specific impaired loans unless the likelihood of further loss is considered by management to be remote. Interest payments received on non-accrual loans are generally applied as a reduction of the loan principal balance. Loans are returned to accrual status when principal and interest payments are brought current and the customer has demonstrated the intent and ability to make future payments on a timely basis. Loans are written down or charged off when collection of principal is considered doubtful. Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount is amortized as an adjustment of the related loan’s yield. The Company generally amortizes these amounts over the contractual life of the loans. Loan premiums and discounts on loans acquired in the merger with LyndonBank were amortized as an adjustment to yield on loans. At December 31, 2019, the remainder of these premiums and discounts were fully amortized. Allowance for loan losses The ALL is established through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes that future payments of a loan balance are unlikely. Subsequent recoveries, if any, are credited to the allowance. Unsecured loans, primarily consumer loans, are charged off when they become uncollectible and no later than 120 days past due. Unsecured loans to customers who subsequently file bankruptcy are charged off within 30 days of receipt of the notification of filing or by the end of the month in which the loans become 120 days past due, whichever occurs first. For secured loans, both residential and commercial, the potential loss on impaired loans is carried as a loan loss reserve specific allocation; the loss portion is charged off when collection of the full loan appears unlikely. The unsecured portion of a real estate loan is that portion of the loan exceeding the “fair value” of the collateral less the estimated cost to sell. Value of the collateral is determined in accordance with the Company’s appraisal policy. The unsecured portion of an impaired real estate secured loan is charged off by the end of the month in which the loan becomes 180 days past due. As described below, the allowance consists of general, specific and unallocated components. However, the entire allowance is available to absorb losses in the loan portfolio, regardless of specific, general and unallocated components considered in determining the amount of the allowance. General component The general component of the ALL is based on historical loss experience and various qualitative factors and is stratified by the following loan segments: commercial and industrial, CRE, municipal, residential real estate 1st lien, residential real estate Jr lien and consumer loans. The Company does not disaggregate its portfolio segments further into classes. Loss ratios are calculated by loan segment using appropriate look back periods. Management uses an average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment in the current economic climate. During periods of economic stability, a relatively longer period (e.g., five years) may be appropriate. During periods of significant expansion or contraction, the Company may appropriately shorten the historical time period. Due primarily to the effects of COVID-19, beginning in the second quarter of 2020, the Company shortened its look back period from five years to one year. Qualitative factors include the levels of and trends in delinquencies and non-performing loans, levels of and trends in loan risk groups, trends in volumes and terms of loans, effects of any changes in loan related policies, experience, ability and the depth of management, documentation and credit data exception levels, national and local economic trends, external factors such as competition and regulation and lastly, concentrations of credit risk in a variety of areas, including portfolio product mix, the level of loans to individual borrowers and their related interests, loans to industry segments, and the geographic distribution of CRE loans. This evaluation is inherently subjective as it requires estimates that are susceptible to revision as more information becomes available. The qualitative factors are determined based on the various risk characteristics of each loan segment. During the third quarter of 2020, the Company adjusted its ALL analysis to begin applying qualitative factors to municipal loans and certain purchased commercial loans, for which the Company does not have any historical loss data. Of the third quarter 2020 provision for loan losses of $362,499, $106,821was attributable to this change. The Company has policies, procedures and internal controls that management believes are commensurate with the risk profile of each of these segments. Major risk characteristics relevant to each portfolio segment are as follows: Commercial & Industrial - Commercial Real Estate - Municipal - Residential Real Estate - 1 st Residential Real Estate - Jr Lien - Consumer - Specific component The specific component of the ALL relates to loans that are impaired. Impaired loans are loans to a borrower that in the aggregate are greater than $100,000 and that are in non-accrual status or are TDRs regardless of amount. A specific allowance is established for an impaired loan when its estimated fair value or net present value of future cash flows is less than the carrying value of the loan. For all loan segments, except consumer loans, a loan is considered impaired when, based on current information and events, in management’s estimation it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant or temporary payment delays and payment shortfalls generally are not classified as impaired. Management evaluates the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and frequency of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis, by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Impaired loans also include troubled loans that are restructured. A TDR occurs when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that would otherwise not be granted. TDRs may include the transfer of assets to the Company in partial satisfaction of a troubled loan, a modification of a loan’s terms, or a combination of the two. As described in Note 3, under March 2020 guidance from the federal banking agencies and concurrence by the FASB, certain short-term loan accommodations made in good faith for borrowers experiencing financial difficulties due to the COVID-19 health emergency are not considered TDRs. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment evaluation, unless such loans are subject to a restructuring agreement. Unallocated component An unallocated component of the ALL is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component reflects management’s estimate of the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. Bank premises and equipment Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets. The cost of assets sold or otherwise disposed of, and the related accumulated depreciation, are eliminated from the accounts and the resulting gains or losses are reflected in the consolidated statements of income. Maintenance and repairs are charged to current expense as incurred and the cost of major renewals and betterments is capitalized. Other real estate owned Real estate properties acquired through or in lieu of loan foreclosure or properties no longer used for bank operations are initially recorded at fair value less estimated selling cost at the date of acquisition, foreclosure or transfer. Fair value is determined, as appropriate, either by obtaining a current appraisal or evaluation prepared by an independent, qualified appraiser, by obtaining a broker’s market value analysis, and finally, if the Company has limited exposure and limited risk of loss, by the opinion of management as supported by an inspection of the property and its most recent tax valuation. During periods of declining market values, the Company will generally obtain a new appraisal or evaluation. Any write-down based on the asset’s fair value at the date of acquisition or institution of foreclosure is charged to the ALL. After acquisition through or in lieu of foreclosure, these assets are carried at the lower of their new cost basis or fair value. Costs of significant property improvements are capitalized, whereas costs relating to holding the property are expensed as incurred. Appraisals by an independent, qualified appraiser are performed periodically on properties that management deems significant, or evaluations may be performed by management or a qualified third party on OREO properties in the portfolio that are deemed less significant or less vulnerable to market conditions. Subsequent write-downs are recorded as a charge to other expense. Gains or losses on the sale of such properties are included in income when the properties are sold. Intangible assets Intangible assets include the excess of the purchase price over the fair value of net assets acquired (goodwill) in the Company’s 2007 acquisition of LyndonBank. Goodwill is not amortizable and is reviewed for impairment annually, or more frequently as events or circumstances warrant. Income taxes The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are established for the temporary differences between the accounting bases and the tax bases of the Company’s assets and liabilities at enacted tax rates expected to be in effect when the amounts related to such temporary differences are realized or settled. Adjustments to the Company’s deferred tax assets are recognized as deferred income tax expense or benefit based on management’s judgments relating to the outcome of such asset. Mortgage servicing Servicing assets are recognized as separate assets when rights are acquired through purchase or retained upon the sale of loans. Capitalized servicing rights are reported in Other assets and initially recorded at fair value, and are amortized against non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are periodically evaluated for impairment, based upon the estimated fair value of the rights as compared to amortized cost. Impairment is determined by stratifying the rights by predominant characteristics, such as interest rates and terms. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance and is recorded as amortization of Other assets, to the extent that estimated fair value is less than the capitalized amount at the valuation date. Subsequent improvement, if any, in the estimated fair value of impaired MSRs is reflected in a positive valuation adjustment and is recognized in other income up to (but not in excess of) the amount of the prior impairment. Pension costs Pension costs are charged to salaries and employee benefits expense and accrued over the active service period. Advertising costs The Company expenses advertising costs as incurred. Comprehensive income US GAAP generally requires recognized revenue, expenses, gains and losses to be included in net income. Certain changes in assets and liabilities, such as the after-tax effect of unrealized gains and losses on available-for-sale securities, are not reflected in the consolidated statement of income, but the cumulative effect of such items from period-to-period is reflected as a separate component of the shareholders’ equity section of the consolidated balance sheet (accumulated other comprehensive income or loss). Other comprehensive income or loss, along with net income, comprises the Company’s total comprehensive income. Preferred stock In December, 2007 the Company issued25shares of fixed-to-floating rate non-cumulative perpetual preferred stock, without par value and having a liquidation preference of $100,000per share. There were 15 shares of preferred stock outstanding as of December 31, 2020 and 2019. Under the terms of the preferred stock, the Company pays non-cumulative cash dividends quarterly, when, as and if declared by the Board. Dividends are payable at a variable dividend rate equal to the Wall Street Journal Prime Rate in effect on the first business day of each quarterly dividend period. A variable rate of 5.50% was in effect for the dividend payments due in each of the first three quarters of 2019, followed by a decrease to a rate of 5.00% for the dividend payment in the fourth quarter of 2019. The rate decreased to 4.75% for the dividend paid in the first quarter of 2020, followed by two decreases with a rate of 3.25% in effect for the last three quarters of 2020, as well as the first quarter of 2021. Partial redemptions of the Company’s preferred stock began in 2018, and are at the discretion of management and voted on by the Board. The Company redeemed five shares of preferred stock on March 31, 2019 at a redemption price of $500,000plus accrued dividends. The Company chose to not redeem any additional preferred shares during 2020, but may consider further redemptions in future periods. Earnings per common share Earnings per common share amounts are computed based on net income, net of dividends to preferred shareholders, and on the weighted average nu

Risks and Uncertainties

Risks and Uncertainties	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties
Note 2. Risks and Uncertainties	Note 2. Risks and Uncertainties On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic, and on March 13, 2020 President Trump declared the pandemic to be a national emergency. The COVID-19 pandemic has adversely affected, and may continue to adversely affect, economic activity globally, nationally and locally. Government actions taken to help mitigate the spread of COVID-19 include restrictions on travel, quarantines in certain areas, and forced closures for certain types of public places and businesses. COVID-19 and actions taken to mitigate the spread of it have had and are expected to continue to have an adverse impact on financial markets and the economy, including the local economy in the Company’s Vermont and New Hampshire markets, with adverse effects on business and consumer confidence generally, and on the Company’s customers, and their employees, suppliers, vendors and processors. Forced closures of businesses have resulted in sharp increases in unemployment. In addition, due to the COVID-19 pandemic, market interest rates have declined significantly, with the 10-year Treasury bond falling below 1.00 percent on March 3, 2020 for the first time. On March 3, 2020, the FOMC reduced the targeted federal funds interest rate range by 50 bps to a range of 1.00% to 1.25%. This range was further reduced to a range of 0 percent to 0.25% on March 16, 2020. On April 29, 2020, the FOMC indicated that the federal funds target rate range will remain unchanged until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. The FOMC reiterated that position throughout the remainder of 2020. These reductions in interest rates and other effects of the COVID-19 pandemic adversely affect the Company’s business, financial condition and results of operations and may continue to do so in future periods. It is unknown how long the adverse economic conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to the Company. Due to the inherent economic and other uncertainties related to the COVID-19 pandemic, it is reasonably possible that estimates made in the Company’s consolidated financial statements could be materially and adversely impacted in the near term as a result of the pandemic, including expected credit losses on loan receivables.

Recent Accounting Developments

Recent Accounting Developments	12 Months Ended
	Dec. 31, 2020
Recent Accounting Developments
Note 3. Recent Accounting Developments	Note 3. Recent Accounting Developments In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU No. 2017-04, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement In March and April, 2020, federal banking regulators issued interagency guidance on accounting for loan modifications in light of the economic impact of the COVID-19 pandemic. The guidance interprets current accounting standards and indicates that a lender can conclude that a borrower is not experiencing financial difficulty if short-term (that is, six months or less) modifications are made in response to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant, provided that the loan is less than 30 days past due at the time a modification program is implemented. The banking agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs under ASC No. 310-40, Receivables - Troubled Debt Restructurings by Creditors

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2020
Investment Securities
Note 4. Investment Securities	Note 4. Investment Securities Debt securities AFS consist of the following: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2020 U.S. GSE debt securities $ 8,007,142 $ 165,934 $ 3,245 $ 8,169,831 Agency MBS 40,861,370 547,930 30,951 41,378,349 ABS and OAS 2,508,997 160,999 0 2,669,996 Other investments 8,169,000 318,002 0 8,487,002 Total $ 59,546,509 $ 1,192,865 $ 34,196 $ 60,705,178 December 31, 2019 U.S. GSE debt securities $ 18,002,549 $ 99,743 $ 40,672 $ 18,061,620 Agency MBS 16,169,819 86,874 51,318 16,205,375 ABS and OAS 2,799,657 55,418 2,166 2,852,909 Other investments 8,665,000 181,846 0 8,846,846 Total $ 45,637,025 $ 423,881 $ 94,156 $ 45,966,750 Investments pledged as collateral for larger dollar repurchase agreement accounts and for other purposes as required or permitted by law consisted of U.S. GSE debt securities, Agency MBS, ABS and OAS, and CDs. These repurchase agreements mature daily. These investments as of the balance sheet dates were as follows: Amortized Fair Cost Value December 31, 2020 $ 59,546,509 $ 60,705,178 December 31, 2019 45,637,025 45,966,750 Proceeds from sales of debt securities AFS were $884,137in 2020 and $6,553,118in 2019 with gains of $39,086and $1,570, respectively, and losses of $0 and $28,060, respectively. The carrying amount and estimated fair value of securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties, pursuant to contractual terms. Because the actual maturities of Agency MBS usually differ from their contractual maturities due to the right of borrowers to prepay the underlying mortgage loans, usually without penalty, those securities are not presented in the following table by contractual maturity date. The scheduled maturities of debt securities AFS at December 31, 2020 were as follows: Amortized Fair Cost Value Due in one year or less $ 2,227,000 $ 2,247,603 Due from one to five years 5,942,000 6,239,399 Due from five to ten years 9,511,476 9,801,921 Due after ten years 1,004,663 1,037,906 Agency MBS 40,861,370 41,378,349 Total $ 59,546,509 $ 60,705,178 Debt securities with unrealized losses as of the balance sheet dates are presented in the tables below. Less than 12 months 12 months or more Totals Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss December 31, 2020 U.S. GSE debt securities $ 1,999,234 $ 3,245 $ 0 $ 0 2 $ 1,999,234 $ 3,245 Agency MBS 2,076,167 19,845 520,546 11,106 6 2,596,713 30,951 ABS and OAS 0 0 0 0 0 0 0 Other investments 0 0 0 0 0 0 0 Total $ 4,075,401 $ 23,090 $ 520,546 $ 11,106 8 $ 4,595,947 $ 34,196 December 31, 2019 U.S. GSE debt securities $ 7,964,192 $ 40,672 $ 0 $ 0 7 $ 7,964,192 $ 40,672 Agency MBS 5,273,683 24,648 2,920,091 26,670 13 8,193,774 51,318 ABS and OAS 1,000,490 2,166 0 0 1 1,000,490 2,166 Other investments 0 0 0 0 0 0 0 Total $ 14,238,365 $ 67,486 $ 2,920,091 $ 26,670 21 $ 17,158,456 $ 94,156 Management evaluates securities for OTTI at least on a quarterly basis, and more frequently when economic or market conditions, or adverse developments relating to the issuer, warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As the Company has the ability to hold its debt securities until maturity, or for the foreseeable future if classified as AFS, and it is more likely than not that the Company will not have to sell such securities before recovery of their cost basis, no declines in such securities were deemed to be other-than-temporary as of the balance sheet dates presented. The Bank is a member of the FHLBB. The FHLBB is a cooperatively owned wholesale bank for housing and finance in the six New England States. Its mission is to support the residential mortgage and community-development lending activities of its members, which include over 450 financial institutions across New England. The Company obtains much of its wholesale funding from the FHLBB. As a requirement of membership in the FHLBB, the Bank must own a minimum required amount of FHLBB stock, calculated periodically based primarily on the Bank’s level of borrowings from the FHLBB. As a result of the Bank’s level of borrowings during 2020 and 2019, the Bank was required to purchase additional FHLBB stock in aggregate totaling $537,100 and $176,000, respectively. As a member of the FHLBB, the Company is also subject to future capital calls by the FHLBB in order to maintain compliance with its capital plan. During 2020 and 2019, FHLBB exercised capital call options with redemptions totaling $522,400and $493,600, respectively, on the Company’s portfolio of FHLBB stock. As of December 31, 2020 and 2019, the Company’s investment in FHLBB stock was $768,400and $753,700, respectively. The Company periodically evaluates its investment in FHLBB stock for impairment based on, among other factors, the capital adequacy of the FHLBB and its overall financial condition. No impairment losses have been recorded through December 31, 2020. The Company’s investment in FRBB Stock was $588,150at December 31, 2020 and 2019. In 2018, the Company purchased 20 shares of common stock in ACBI at a purchase price of $90,000, for the purpose of obtaining access to correspondent banking services from ABCI’s subsidiary, ACBB. These shares are subject to contractual resale restrictions and considered by management to be restricted and are recorded in the balance sheet at cost amounting to $90,000at December 31, 2020 and 2019.

Loans, Allowance for Loan Losse

Loans, Allowance for Loan Losses and Credit Quality	12 Months Ended
	Dec. 31, 2020
Loans, Allowance for Loan Losses and Credit Quality
Note 5. Loans, Allowance for Loan Losses and Credit Quality	Note 5. Loans, Allowance for Loan Losses and Credit Quality The composition of net loans as of the balance sheet dates was as follows: December 31, December 31, 2020 2019 Commercial & industrial $ 161,067,501 $ 98,930,831 Commercial real estate 280,544,550 246,282,726 Municipal 54,807,367 55,817,206 Residential real estate - 1st lien 170,507,263 158,337,296 Residential real estate - Jr lien 38,147,659 43,230,873 Consumer 4,280,990 4,390,005 Total loans 709,355,330 606,988,937 Deduct (add): ALL 7,208,485 5,926,491 Deferred net loan fees (costs) 1,195,741 (362,415 ) Net loans $ 700,951,104 $ 601,424,861 The following is an age analysis of loans (including non-accrual), as of the balance sheet dates, by portfolio segment: 90 Days Total Non- Accrual 90 Days or More and December 31, 2020 30-89 Days or More Past Due Current Total Loans Loans Accruing Commercial & industrial $ 119,413 $ 0 $ 119,413 $ 160,948,088 $ 161,067,501 $ 434,196 $ 0 Commercial real estate 127,343 567,957 695,300 279,849,250 280,544,550 1,875,942 0 Municipal 0 0 0 54,807,367 54,807,367 0 0 Residential real estate 1st lien 1,872,439 828,344 2,700,783 167,806,480 170,507,263 2,173,315 390,288 Jr lien 18,322 180,711 199,033 37,948,626 38,147,659 191,311 98,889 Consumer 14,388 0 14,388 4,266,602 4,280,990 0 0 Totals $ 2,151,905 $ 1,577,012 $ 3,728,917 $ 705,626,413 $ 709,355,330 $ 4,674,764 $ 489,177 90 Days Total Non- Accrual 90 Days or More and December 31, 2019 30-89 Days or More Past Due Current Total Loans Loans Accruing Commercial & industrial $ 68,532 $ 44,503 $ 113,035 $ 98,817,796 $ 98,930,831 $ 480,083 $ 0 Commercial real estate 1,690,307 151,723 1,842,030 244,440,696 246,282,726 1,600,827 0 Municipal 0 0 0 55,817,206 55,817,206 0 0 Residential real estate 1st lien 3,871,045 1,217,098 5,088,143 153,249,153 158,337,296 2,112,267 530,046 Jr lien 331,416 147,976 479,392 42,751,481 43,230,873 240,753 112,386 Consumer 49,607 0 49,607 4,340,398 4,390,005 0 0 Totals $ 6,010,907 $ 1,561,300 $ 7,572,207 $ 599,416,730 $ 606,988,937 $ 4,433,930 $ 642,432 For all loan segments, loans over 30 days past due are considered delinquent. As of the balance sheet dates presented, residential mortgage loans in process of foreclosure consisted of the following: Number of loans Balance December 31, 2020 6 $ 312,807 December 31, 2019 9 495,943 As of December 31, 2020, a foreclosure moratorium first decreed in April, 2020 by the State of Vermont due to the COVID-19 emergency remained in effect. The following summarizes changes in the ALL and select loan information, by portfolio segment: As of or for the year ended December 31, 2020 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Charge-offs (39,148 ) (34,200 ) 0 (203,623 ) (28,673 ) (74,327 ) 0 (379,971 ) Recoveries 1,087 20,000 0 12,856 5,809 33,213 0 72,965 Provision (credit) 43,842 686,707 82,211 537,507 (31,924 ) 49,782 220,875 1,589,000 ALL ending balance $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 108,474 $ 307 $ 0 $ 0 $ 108,781 Collectively 842,547 3,854,153 82,211 1,626,830 234,589 60,461 398,913 7,099,704 Total $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 Loans evaluated for impairment Individually $ 414,266 $ 1,943,723 $ 0 $ 4,657,050 $ 135,053 $ 0 $ 7,150,092 Collectively 160,653,235 278,600,827 54,807,367 165,850,213 38,012,606 4,280,990 702,205,238 Total $ 161,067,501 $ 280,544,550 $ 54,807,367 $ 170,507,263 $ 38,147,659 $ 4,280,990 $ 709,355,330 As of or for the year ended December 31, 2019 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 697,469 $ 3,019,868 $ 0 $ 1,421,494 $ 273,445 $ 56,787 $ 133,478 $ 5,602,541 Charge-offs (175,815 ) (116,186 ) 0 (242,244 ) (222,999 ) (102,815 ) 0 860,059 ) Recoveries 10,768 50,388 0 15,776 2,200 38,710 0 117,842 Provision 304,344 227,576 0 193,538 237,038 59,111 44,560 1,066,167 ALL ending balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 103,836 $ 712 $ 0 $ 0 $ 104,548 Collectively 836,766 3,181,646 0 1,284,728 288,972 51,793 178,038 5,821,943 Total $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Loans evaluated for impairment Individually $ 420,933 $ 1,699,238 $ 0 $ 4,471,902 $ 156,073 $ 0 $ 6,748,146 Collectively 98,509,898 244,583,488 55,817,206 153,865,394 43,074,800 4,390,005 600,240,791 Total $ 98,930,831 $ 246,282,726 $ 55,817,206 $ 158,337,296 $ 43,230,873 $ 4,390,005 $ 606,988,937 Impaired loans as of the balance sheet dates, by portfolio segment were as follows: As of December 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment(1)(2) Recognized(2) Related allowance recorded Residential real estate 1st lien $ 900,581 $ 950,063 $ 108,474 $ 889,262 $ 72,713 Jr lien 4,777 4,775 307 5,416 541 Total with related allowance 905,358 954,838 108,781 894,678 73,254 No related allowance recorded Commercial & industrial 414,266 471,405 397,136 6,396 Commercial real estate 1,944,013 2,394,284 1,746,430 14,139 Residential real estate 1st lien 3,788,965 4,607,848 3,878,829 230,838 Jr lien 130,279 169,720 163,750 4,524 Total with no related allowance 6,277,523 7,643,257 6,186,145 255,897 Total impaired loans $ 7,182,881 $ 8,598,095 $ 108,781 $ 7,080,823 $ 329,151 1) Recorded investment in impaired loans in the table above includes accrued interest receivable and deferred net loan costs of $32,789. 2) For the year ended December 31, 2020. As of December 31, 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment(1)(2) Recognized(2) Related allowance recorded Commercial & industrial $ 0 $ 0 $ 0 $ 32,466 $ 0 Commercial real estate 0 0 0 97,720 0 Residential real estate 1st lien 878,439 902,000 103,836 982,158 86,039 Jr lien 6,121 6,101 712 6,869 648 Total with related allowance 884,560 908,101 104,548 1,119,213 86,687 No related allowance recorded Commercial & industrial 420,933 445,509 307,208 6,396 Commercial real estate 1,699,772 2,031,764 1,812,836 21,591 Residential real estate 1st lien 3,614,960 4,273,884 3,778,822 212,883 Jr lien 149,972 157,754 224,938 4,524 Total with no related allowance 5,885,637 6,908,911 6,123,804 245,394 Total impaired loans $ 6,770,197 $ 7,817,012 $ 104,548 $ 7,243,017 $ 332,081 1) Recorded investment in impaired loans in the table above includes accrued interest receivable and deferred net loan costs of $22,051. 2) For the year ended December 31, 2019. Credit Quality Grouping In developing the ALL, management uses credit quality groupings to help evaluate trends in credit quality. The Company groups credit risk into Groups A, B and C. The manner the Company utilizes to assign risk grouping is driven by loan purpose. Commercial purpose loans are individually risk graded while the retail portion of the portfolio is generally grouped by delinquency pool. Group A loans - Acceptable Risk Group B loans - Management Involved Group C loans - Unacceptable Risk Commercial purpose loan ratings are assigned by the commercial account officer; for larger and more complex commercial loans, the credit rating is a collaborative assignment by the lender and the credit analyst. The credit risk rating is based on the borrower’s expected performance, i.e., the likelihood that the borrower will be able to service its obligations in accordance with the loan terms. Credit risk ratings are meant to measure risk versus simply record history. Assessment of expected future payment performance requires consideration of numerous factors. While past performance is part of the overall evaluation, expected performance is based on an analysis of the borrower’s financial strength, and historical and projected factors such as size and financing alternatives, capacity and cash flow, balance sheet and income statement trends, the quality and timeliness of financial reporting, and the quality of the borrower’s management. Other factors influencing the credit risk rating to a lesser degree include collateral coverage and control, guarantor strength and commitment, documentation, structure and covenants and industry conditions. There are uncertainties inherent in this process. Credit risk ratings are dynamic and require updating whenever relevant information is received. Risk ratings are assessed on an ongoing basis and at various points, including at delinquency or at the time of other adverse events. For larger, more complex or adversely rated loans, risk ratings are also assessed at the time of annual or periodic review. Lenders are required to make immediate disclosure to the Senior Credit Officer of any known increase in loan risk, even if considered temporary in nature. The risk ratings within the loan portfolio, by segment, as of the balance sheet dates were as follows: As of December 31, 2020 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 156,748,590 $ 261,932,833 $ 54,807,367 $ 167,478,918 $ 37,850,056 $ 4,280,990 $ 683,098,754 Group B 998,641 12,784,078 0 0 0 0 13,782,719 Group C 3,320,270 5,827,639 0 3,028,345 297,603 0 12,473,857 Total $ 161,067,501 $ 280,544,550 $ 54,807,367 $ 170,507,263 $ 38,147,659 $ 4,280,990 $ 709,355,330 As of December 31, 2019 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 93,774,871 $ 233,702,063 $ 55,817,206 $ 154,770,678 $ 42,725,543 $ 4,390,005 $ 585,180,366 Group B 3,295,223 4,517,811 0 0 0 0 7,813,034 Group C 1,860,737 8,062,852 0 3,566,618 505,330 0 13,995,537 Total $ 98,930,831 $ 246,282,726 $ 55,817,206 $ 158,337,296 $ 43,230,873 $ 4,390,005 $ 606,988,937 Modifications of Loans and TDRs A loan is classified as a TDR if, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. The Company is deemed to have granted such a concession if it has modified a troubled loan in any of the following ways: · Reduced accrued interest; · Reduced the original contractual interest rate to a rate that is below the current market rate for the borrower; · Converted a variable-rate loan to a fixed-rate loan; · Extended the term of the loan beyond an insignificant delay; · Deferred or forgiven principal in an amount greater than three months of payments; or · Performed a refinancing and deferred or forgiven principal on the original loan. · Capitalized protective advance to pay delinquent real estate taxes. · Capitalized delinquent accrued interest. An insignificant delay or insignificant shortfall in the amount of payments typically would not require the loan to be accounted for as a TDR. However, pursuant to regulatory guidance, any payment delay longer than three months is generally not considered insignificant. Management’s assessment of whether a concession has been granted also takes into account payments expected to be received from third parties, including third-party guarantors, provided that the third party has the ability to perform on the guarantee. The Company’s TDRs are principally a result of extending loan repayment terms to relieve cash flow difficulties. The Company has only, on a limited basis, reduced interest rates for borrowers below the current market rate for the borrower. The Company has not forgiven principal or reduced accrued interest within the terms of original restructurings, nor has it converted variable rate terms to fixed rate terms. However, the Company evaluates each TDR situation on its own merits and does not foreclose the granting of any particular type of concession. The Company has adopted the TDR guidance issued by the federal banking agencies in March and April 2020 regarding the treatment of certain short-term loan modifications relating to the COVID-19 pandemic (See Note 3). Under this guidance, qualifying concessions and modifications are not considered TDRs. As of December 31, 2020, the Company had granted short term loan concessions and/or modifications within the terms of this guidance to 514 borrowers, with respect to loans having an aggregate principal amount of $119.8 million. These loans may bear a higher risk of default in future periods. New TDRs, by portfolio segment, for the periods presented were as follows: Year ended December 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate 1st lien 6 $ 591,826 $ 687,751 Year ended December 31, 2019 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Commercial & industrial 6 $ 371,358 $ 372,259 Commercial real estate 1 19,266 21,628 Residential real estate 1st lien 6 755,476 798,800 Jr lien 1 55,557 57,415 14 $ 1,201,657 $ 1,250,102 The TDRs for which there was a payment default during the twelve month periods presented were as follows: Year ended December 31, 2020 Number of Recorded Contracts Investment Residential real estate - 1st lien 1 $ 165,168 Year ended December 31, 2019 Number of Recorded Contracts Investment Commercial & industrial 2 $ 27,818 Residential real estate - 1st lien 1 227,907 Residential real estate - Jr lien 1 55,010 4 $ 310,735 TDRs are treated as other impaired loans and carry individual specific reserves with respect to the calculation of the ALL. These loans are categorized as non-performing, may be past due, and are generally adversely risk rated. The TDRs that have defaulted under their restructured terms are generally in collection status and their reserve is typically calculated using the fair value of collateral method. The specific allowances related to TDRs as of the balance sheet dates presented were as follows: 2020 2019 Specific allowance $ 108,781 $ 104,548 As of the balance sheet dates, the Company evaluates whether it is contractually committed to lend additional funds to debtors with impaired, non-accrual or modified loans. The Company is contractually committed to lend under one SBA guaranteed line of credit to a borrower whose lending relationship was previously restructured.

Loan Servicing

Loan Servicing	12 Months Ended
	Dec. 31, 2020
Loan Servicing
Note 6. Loan Servicing	Note 6. Loan Servicing Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage loans serviced for others were $164,610,868 and $167,673,467 at December 31, 2020 and 2019, respectively. Net gain realized on the sale of loans was $1,027,175 and $290,116 for the years ended December 31, 2020 and 2019, respectively. The following table summarizes changes in MSRs for the years ended December 31, 2020 2019 Balance at beginning of year $ 939,577 $ 1,004,948 MSRs capitalized 292,654 114,580 MSRs amortized (256,435 ) (179,951 ) Change in valuation allowance (53,650 ) 0 Balance at end of year $ 922,146 $ 939,577

Bank Premises and Equipment

Bank Premises and Equipment	12 Months Ended
	Dec. 31, 2020
Bank Premises and Equipment
Note 7. Bank Premises and Equipment	Note 7. Bank Premises and Equipment The major classes of bank premises and equipment and accumulated depreciation and amortization at December 31 were as follows: 2020 2019 Buildings and improvements $ 10,421,580 $ 10,575,514 Land and land improvements 2,663,549 2,650,671 Furniture and equipment 5,307,533 6,848,263 Leasehold improvements 824,605 1,161,073 Finance lease 588,347 588,347 Operating leases 1,417,859 1,490,779 Other prepaid assets 181,627 159,914 21,405,100 23,474,561 Less accumulated depreciation and amortization (11,195,231 ) (12,515,158 ) Net bank premises and equipment $ 10,209,869 $ 10,959,403

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases
Note 8. Leases	Note 8. Leases The Company adopted ASU No. 2016-02 (Leases) on January 1, 2019 with no required adjustment to prior periods presented or cumulative-effect adjustment to retained earnings. The Company has operating and finance leases for some of its bank premises, with remaining lease terms of one year to seven years. Some of the operating leases have options to renew, which are reflected in the seven years. The Company’s operating lease right-of-use assets and finance lease assets are included in “Bank premises and equipment, net” in the consolidated balance sheet and operating lease liabilities and finance lease liabilities are included in other liabilities in the consolidated balance sheet. The components of lease expense for the periods presented were as follows: Years Ended December 31, 2020 2019 Operating lease cost $ 259,954 $ 255,475 Finance lease cost: Amortization of right-of-use assets $ 38,667 $ 70,667 Interest on lease liabilities 5,396 16,705 Variable rent expense 33,940 33,940 Total finance lease cost $ 78,003 $ 121,312 Total rental expense not associated with operating lease costs above amounted to $15,872 and $16,601 for the years ended December 31, 2020 and 2019, respectively. Supplemental information related to leases as of the balance sheet dates was as follows: December 31, 2020 2019 Operating Leases Operating lease right-of-use assets $ 1,048,686 $ 1,254,384 Operating lease liabilities $ 1,060,391 $ 1,263,173 Finance Leases Finance lease right-of-use assets $ 85,680 $ 124,347 Finance lease liabilities $ 38,159 $ 99,823 December 31, 2020 2019 Weighted Average Remaining Lease Term Operating Leases 4.0 Years 4.4 Years Finance Leases 0.5 Years 1.5 Years Weighted Average Discount Rate Operating Leases 1.28 % 1.28 % Finance Leases 7.50 % 7.50 % Operating lease obligations The Company is obligated under non-cancelable operating leases for bank premises expiring in various years through 2026, with options to renew. Minimum future rental payments for these leases with original terms in excess of one year as of December 31, 2020 for each of the next five years and in aggregate are: 2021 $ 210,350 2022 216,180 2023 223,432 2024 199,648 2025 154,659 Subsequent to 2025 99,165 Total $ 1,103,434 Finance lease obligations The following is a schedule by years of future minimum lease payments under capital leases, together with the present value of the net minimum lease payments as of December 31, 2020: 2021 $ 39,119 Less amount representing interest (960 ) Present value of net minimum lease payments $ 38,159 A reconciliation of the undiscounted cash flows in the maturity analysis above and the lease liability recognized in the consolidated balance sheet as of December 31, 2020, is shown below: Operating Leases Finance Leases Undiscounted cash flows $ 1,103,434 $ 39,119 Discount effect of cash flows (43,043 ) (960 ) Lease liabilities $ 1,060,391 $ 38,159

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2020
Goodwill
Note 9. Goodwill	Note 9. Goodwill As a result of the acquisition of LyndonBank on December 31, 2007, the Company recorded goodwill amounting to $11,574,269. The goodwill is not amortizable and is not deductible for tax purposes. Management evaluated goodwill for impairment at December 31, 2020 and 2019 and concluded that no impairment existed as of such dates.

Other Investments

Other Investments	12 Months Ended
	Dec. 31, 2020
Other Investments
Note 10. Other Investments	Note 10. Other Investments The Company purchases, from time to time, interests in various limited partnerships established to acquire, own and rent residential housing for low and moderate income residents of northeastern and central Vermont. The tax credits from these investments were $433,970 and $415,099 for the years ended December 31, 2020 and 2019, respectively. Expenses related to amortization of the investments in the limited partnerships are recognized as a component of income tax expense, and were $336,686 and $312,106 for 2020 and 2019, respectively. The carrying values of the limited partnership investments were $2,425,721 and $2,762,406 at December 31, 2020 and 2019, respectively, and are included in Other assets. The Bank has a one-third ownership interest in a non-depository trust company, CFSG, based in Newport, Vermont, which is held indirectly through CFS Partners, a Vermont LLC that owns 100% of the LLC equity interests of CFSG. The Bank accounts for its investment in CFS Partners under the equity method of accounting. The Company’s investment in CFS Partners, included in Other assets, amounted to $4,220,418 and $3,535,527 as of December 31, 2020 and 2019, respectively. The Company recognized income of $684,891 and $588,696 for 2020 and 2019, respectively, through CFS Partners from the operations of CFSG.

Deposits

Deposits	12 Months Ended
	Dec. 31, 2020
Deposits
Note 11. Deposits	Note 11. Deposits The following is a maturity distribution of time deposits at December 31, 2020: 2021 $ 74,922,873 2022 16,406,502 2023 7,116,526 2024 11,344,797 2025 3,541,263 Total $ 113,331,961 Total deposits in excess of the FDIC insurance level amounted to $268,444,165 as of December 31, 2020.

Borrowed Funds

Borrowed Funds	12 Months Ended
	Dec. 31, 2020
Borrowed Funds
Note 12. Borrowed Funds	Note 12. Borrowed Funds Outstanding advances for the Company as of the balance sheet dates presented were as follows: 2020 2019 Long-Term Advances(1) FHLBB term advance, 0.00%, due January 07, 2021 $ 150,000 $ 0 FHLBB term advance, 0.00%, due February 26, 2021 350,000 350,000 FHLBB term advance, 0.00%, due November 22, 2021 1,000,000 1,000,000 FHLBB term advance, 0.00%, due September 22, 2023 200,000 200,000 FHLBB term advance, 0.00%, due November 12, 2025 300,000 300,000 FHLBB term advance, 0.00%, due November 13, 2028 800,000 800,000 $ 2,800,000 $ 2,650,000 1) The FHLBB is providing a subsidy, funded by the FHLBB’s earnings, to write down interest rates to zero percent on JNE advances that finance qualifying loans to small businesses. JNE advances must support small business in New England that create and/or retain jobs, or otherwise contribute to overall economic development activities. Borrowings from the FHLBB are secured by a blanket lien on qualified collateral consisting primarily of loans with first mortgages secured by 1-4 family residential properties, as well as certain qualifying CRE loans. Qualified collateral for these borrowings totaled $132,667,958 and $135,672,471 as of December 31, 2020 and 2019, respectively, and the Company’s gross potential borrowing capacity under this arrangement was $93,052,713 and $97,358,249, respectively, before reduction for outstanding advances and collateral pledges. Under a separate agreement with the FHLBB, the Company has the authority to collateralize public unit deposits, up to its available borrowing capacity, with letters of credit issued by the FHLBB. At December 31, 2020, $23,475,000 in FHLBB letters of credit was utilized as collateral for these deposits compared to $14,425,000 at December 31, 2019. Total fees paid by the Company in connection with issuance of these letters of credit were $46,748 for 2020 and $41,069 for 2019. The Company also maintained a $500,000 IDEAL Way Line of Credit with the FHLBB at December 31, 2020 and 2019, with no outstanding advances under this line at either year-end date. Interest on these borrowings is at a rate determined daily by the FHLBB and payable monthly. The Company also has a line of credit with the FRBB, which is intended to be used as a contingency funding source. For this BIC arrangement, the Company pledged eligible commercial and industrial loans, CRE loans not pledged to FHLBB and home equity loans, resulting in an available line of $50,378,933 and $56,896,877 as of December 31, 2020 and 2019, respectively. Credit advances in the FRBB lending program are overnight advances with interest chargeable at the primary credit rate (generally referred to as the discount rate), which was 25 basis points as of December 31, 2020. As of December 31, 2020 and 2019, the Company had no outstanding advances against this line. The Company has unsecured lines of credit with three correspondent banks, with aggregate available borrowing capacity totaling $25,500,000 at December 31, 2020 and 2019. The Company had no outstanding advances against these lines for the periods presented.

Junior Subordinated Debentures

Junior Subordinated Debentures	12 Months Ended
	Dec. 31, 2020
Junior Subordinated Debentures
Note 13. Junior Subordinated Debentures	Note 13. Junior Subordinated Debentures As of December 31, 2020 and 2019, the Company had outstanding $12,887,000 principal amount of Junior Subordinated Debentures due in 2037 (the Debentures). The Debentures bear a floating rate equal to the 3-month LIBOR plus 2.85%. During 2020, the floating rate averaged 3.65% per quarter compared to an average rate of 5.33% per quarter for 2019. The Debentures mature on December 15, 2037 and are subordinated and junior in right of payment to all senior indebtedness of the Company, as defined in the Indenture dated as of October 31, 2007 between the Company and Wilmington Trust Company, as Trustee. The Debentures first became redeemable, in whole or in part, by the Company on December 15, 2012. Interest paid on the Debentures for 2020 and 2019 was $476,666 and $694,573, respectively, and is deductible for tax purposes. The Debentures were issued and sold to CMTV Statutory Trust I (the Trust). The Trust is a special purpose trust funded by a capital contribution of $387,000 from the Company, in exchange for 100% of the Trust’s common equity. The Trust was formed for the purpose of issuing corporation-obligated mandatorily redeemable Capital Securities (Capital Securities) in the principal amount of $12.5 million to third-party investors and using the proceeds from the sale of such Capital Securities and the Company’s initial capital contribution to purchase the Debentures. The Debentures are the sole asset of the Trust. Distributions on the Capital Securities issued by the Trust are payable quarterly at a rate per annum equal to the interest rate being earned by the Trust on the Debentures. The Capital Securities are subject to mandatory redemption, in whole or in part, upon repayment of the Debentures. The Company has entered into an agreement which, taken collectively, fully and unconditionally guarantees the payments on the Capital Securities, subject to the terms of the guarantee. The Debentures are currently includable in the Company’s Tier 1 capital up to 25% of core capital elements (see Note 23).

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2020
Repurchase Agreements
Note 14. Repurchase Agreements	Note 14. Repurchase Agreements Securities sold under agreements to repurchase mature daily and consisted of the following: As of or for the year ended December 31, 2020 2019 Period end balance $ 38,727,312 $ 33,189,848 Average balance 29,687,950 33,545,527 Highest month-end balance 38,727,312 38,868,833 Weighted average interest rate 0.86 % 0.89 % Pledged investment (1) Amortized cost 59,546,509 45,637,025 Fair value 60,705,178 45,966,750 1) U.S. GSE securities, Agency MBS, ABS and OAS, and CDs were pledged as collateral for the periods presented.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes
Note 15. Income Taxes	Note 15. Income Taxes The Company prepares its income tax return on a consolidated basis. Income taxes are allocated to members of the consolidated group based on taxable income. The components of the Provision for income taxes for the years ended December 31 were as follows: 2020 2019 Currently paid or payable $ 2,518,516 $ 1,693,624 Deferred (benefit) expense (270,427 ) 96,236 Total income tax expense (1) $ 2,248,089 $ 1,789,860 1) Due to an increase of loan activity in 2019 in the state of New Hampshire, the Company is now subject to sales tax nexus on the income generated from this loan activity. Estimated tax payments of $3,000 and $10,000 was made to the state of New Hampshire during 2020 and 2019, respectively, in anticipation of tax due for the respective tax years. Total income tax expense differed from the amounts computed at the statutory federal income tax rate of 21% primarily due to the following for the years ended December 31: 2020 2019 Computed expense at statutory rates $ 2,731,384 $ 2,236,904 Tax exempt interest and BOLI (309,102 ) (306,073 ) Disallowed interest 12,917 15,798 Partnership rehabilitation and tax credits (433,970 ) (415,099 ) Low income housing investment amortization expense 265,982 246,564 Other (19,122 ) 11,766 $ 2,248,089 $ 1,789,860 The deferred income tax (benefit) expense consisted of the following items for the years ended December 31: 2020 2019 Depreciation $ 10,368 $ 126,734 Mortgage servicing rights (3,661 ) (13,728 ) Deferred compensation 3,722 3,701 Bad debts (269,219 ) (68,029 ) Limited partnership amortization (39,430 ) 60,588 Investment in CFSG Partners 13,408 (3,323 ) Loan fair value 0 (6,171 ) Prepaid expenses 11,072 (10,741 ) Other 3,313 7,205 Change in deferred tax (benefit) expense $ (270,427) $ 96,236 Listed below are the significant components of the net deferred tax asset at December 31: 2020 2019 Components of the deferred tax asset: Bad debts $ 1,513,782 $ 1,244,563 Deferred compensation 9,176 12,898 Contingent liability - MPF program 17,838 17,838 Finance lease 7,101 11,930 Other 20,814 16,346 Total deferred tax asset 1,568,711 1,303,575 Components of the deferred tax liability: Depreciation 394,564 384,197 Limited partnerships 37,565 76,995 Mortgage servicing rights 193,650 197,311 Unrealized gain on debt securities AFS 243,321 69,242 Investment in CFS Partners 84,462 71,054 Operating lease 3,178 226 Prepaid expenses 79,810 68,738 Total deferred tax liability 1,036,550 867,763 Net deferred tax asset $ 532,161 $ 435,812 US GAAP provides for the recognition and measurement of deductible temporary differences (including general valuation allowances) to the extent that it is more likely than not that the deferred tax asset will be realized. The net deferred tax asset is included in Other assets in the consolidated balance sheets. ASC Topic 740, Income Taxes

401(k) and Profit-Sharing Plan

401(k) and Profit-Sharing Plan	12 Months Ended
	Dec. 31, 2020
401(k) and Profit-Sharing Plan
Note 16. 401(k) and Profit-Sharing Plan	Note 16. 401(k) and Profit-Sharing Plan The Company has a defined contribution plan covering all employees who meet certain age and service requirements. The pension expense was $648,405 and $624,000 for 2020 and 2019, respectively. These amounts represent discretionary matching contributions of a portion of the voluntary employee salary deferrals under the 401(k) plan and discretionary profit-sharing contributions under the plan.

Deferred Compensation and Suppl

Deferred Compensation and Supplemental Employee Retirement Plans	12 Months Ended
	Dec. 31, 2020
Deferred Compensation and Supplemental Employee Retirement Plans
Note 17. Deferred Compensation and Supplemental Employee Retirement Plans	Note 17. Deferred Compensation and Supplemental Employee Retirement Plans The Company maintains a directors’ deferred compensation plan and, prior to 2005, maintained a retirement plan for its directors. Participants are general unsecured creditors of the Company with respect to these benefits. The benefits accrued under these plans were $43,694 and $61,421 at December 31, 2020 and 2019, respectively. Expenses associated with these plans were $274 and $376 for the years ended December 31, 2020 and 2019, respectively.

Financial Instruments with Off-

Financial Instruments with Off-Balance-Sheet Risk	12 Months Ended
	Dec. 31, 2020
Financial Instruments with Off-Balance-Sheet Risk
Note 18. Financial Instruments with Off-Balance-Sheet Risk	Note 18. Financial Instruments with Off-Balance-Sheet Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees, commitments to sell loans and risk-sharing commitments on certain sold loans. Such instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The contract or notional amounts of those instruments reflect the maximum extent of involvement the Company has in particular classes of financial instruments. The Company’s maximum exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit and financial guarantees written is represented by the contractual notional amount of those instruments. The Company applies the same credit policies and underwriting criteria in making commitments and conditional obligations as it does for on-balance-sheet instruments. The Company generally requires collateral or other security to support financial instruments with credit risk. At December 31, the following off-balance-sheet financial instruments representing credit risk were outstanding: Contract or Notional Amount 2020 2019 Unused portions of home equity lines of credit $ 35,217,177 $ 32,784,105 Residential and commercial construction lines of credit 14,843,617 12,364,436 Commercial real estate commitments 32,888,666 24,377,588 Commercial and industrial commitments 57,848,075 47,659,341 Other commitments to extend credit 42,140,295 64,469,012 Standby letters of credit and commercial letters of credit 1,585,000 1,375,500 Recourse on sale of credit card portfolio 327,855 254,430 MPF credit enhancement obligation, net (See Note 19) 552,158 552,158 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future funding requirements. At December 31, 2020 and 2019, the Company had binding loan commitments to sell residential mortgages at fixed rates totaling $1,280,400 and $1,643,200, respectively. The recourse provision under the terms of the sale of the Company’s credit card portfolio in 2007 is based on total lines, not balances outstanding. Based on historical losses, the Company does not expect any significant losses from this commitment. The Company evaluates each customer’s credit-worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit, or a commitment to extend credit, is based on management’s credit evaluation of the counter-party. Collateral or other security held varies but may include real estate, accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties. Standby letters of credit and financial guarantees written are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support private borrowing arrangements. The credit risk involved in issuing letters of credit or providing reimbursement guarantees for the benefit of the Company’s commercial customers is essentially the same as that involved in extending loans to customers. The fair value of standby letters of credit and reimbursement guarantees on letters of credit has not been included in the balance sheets as the fair value is immaterial. In connection with its 2007 trust preferred securities financing, the Company guaranteed the payment obligations under the $12,500,000 of capital securities of its subsidiary, the Trust. The source of funds for payments by the Trust on its capital trust securities is payments made by the Company on its debentures issued to the Trust. The Company’s obligation under those debentures is fully reflected in the Company’s consolidated balance sheet, in the gross amount of $12,887,000 as of the dates presented, of which $12,500,000 represents external financing through the issuance to investors of capital securities by the Trust (see Note 13).

Contingent Liability

Contingent Liability	12 Months Ended
	Dec. 31, 2020
Contingent Liability
Note 19. Contingent Liability	Note 19. Contingent Liability The Company sells first lien 1-4 family residential mortgage loans under the MPF program with the FHLBB. Under this program the Company shares in the credit risk of each mortgage loan, while receiving fee income in return. The Company is responsible for a CEO based on the credit quality of these loans. FHLBB funds a FLA based on the Company’s outstanding MPF mortgage balances. This creates a laddered approach to sharing in any losses. In the event of default, homeowner’s equity and private mortgage insurance, if any, are the first sources of repayment; the FHLBB’s FLA funds are then utilized, followed by the participant’s CEO, with the balance of losses absorbed by FHLBB. These loans must meet specific underwriting standards of the FHLBB. As of December 31, 2020 and 2019, the Company had $28,137,890 and $33,990,463, respectively, in loans sold through the MPF program and on which the Company had a CEO. As of December 31, 2020 and 2019, the notional amount of the maximum CEO related to this program was $637,102, and the accrued contingent liability for this CEO was $84,944. The contingent liability is calculated by management based on the methodology used in calculating the ALL, adjusted to reflect the risk sharing arrangements with the FHLBB.

Legal Proceedings

Legal Proceedings	12 Months Ended
	Dec. 31, 2020
Legal Proceedings
Note 20. Legal Proceedings	Note 20. Legal Proceedings In the normal course of business, the Company is involved in various claims and legal proceedings. In the opinion of the Company’s management, any liabilities resulting from such proceedings are not expected to be material to the Company’s consolidated financial condition or results of operations.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2020
Transactions with Related Parties
Note 21. Transactions with Related Parties	Note 21. Transactions with Related Parties Aggregate loan transactions of the Company with directors, principal officers, their immediate families and affiliated companies in which they are principal owners (commonly referred to as related parties) as of December 31 were as follows: 2020 2019 Balance, beginning of year $ 9,127,542 $ 6,730,842 Loans - new Directors 9,769,951 0 New loans to existing Principal Officers/Directors 3,330,226 4,491,524 Repayment (5,453,184 ) (2,094,824 ) Balance, end of year $ 16,774,535 $ 9,127,542 Total funds of related parties on deposit with the Company were $14,251,646 and $8,942,886 at December 31, 2020 and 2019, respectively. The Company utilizes the services of CFSG as an investment advisor for the Company’s 401(k) plan. The Human Resources committee of the Board of Directors is the Trustee of the plan, and CFSG provides investment advice for the plan. CFSG also acts as custodian of the retirement funds and makes investments on behalf of the plan and its participants. The Company pays monthly management fees to CFSG for its services to the 401(k) plan amounting to $48,780 and $57,209, respectively, for the years ended December 31, 2020 and 2019.

Restrictions on Cash and Due Fr

Restrictions on Cash and Due From Banks	12 Months Ended
	Dec. 31, 2020
Restrictions on Cash and Due From Banks
Note 22. Restrictions on Cash and Due From Banks	Note 22. Restrictions on Cash and Due From Banks In the ordinary course of business, the Company may, from time to time, maintain amounts due from correspondent banks that exceed federally insured limits. However, no losses have occurred in these accounts and the Company believes it is not exposed to any significant risk with respect to such accounts. The Company was required to maintain contracted balances with a correspondent bank of $30,000 at December 31, 2020 and 2019.

Regulatory Capital Requirements

Regulatory Capital Requirements	12 Months Ended
	Dec. 31, 2020
Regulatory Capital Requirements
Note 23. Regulatory Capital Requirements	Note 23. Regulatory Capital Requirements The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory - and possibly additional discretionary - actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items, as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Additional prompt corrective action capital requirements are applicable to banks, but not to bank holding companies. Under current banking rules governing required regulatory capital, the Company and the Bank are required to maintain minimum amounts and ratios (set forth in the table on the following page) of Common equity tier 1, Tier 1 and Total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). The Company’s non-cumulative Series A preferred stock ($1.5 million liquidation preference in 2020 and 2019) is includable without limitation in its Common equity tier 1 and Tier 1 capital. The Company is allowed to include in Common equity tier 1 and Tier 1 capital an amount of trust preferred securities equal to no more than 25% of the sum of all core capital elements, which is generally defined as shareholders’ equity, less certain intangibles, including goodwill, net of any related deferred income tax liability, with the balance includable in Tier 2 capital. Management believes that, as of December 31, 2020, the Company and the Bank met all capital adequacy requirements to which they were subject. Under the 2018 Regulatory Relief Act, these capital requirements have been simplified for qualifying community banks and bank holding companies. In September 2019, the OCC and the other federal bank regulators approved a final joint rule that permits a qualifying community banking organization to opt in to a simplified regulatory capital framework. A qualifying institution that elects to utilize the simplified framework must maintain a CBLR in excess of 9%, and will thereby be deemed to have satisfied the generally applicable risk-based and other leverage capital requirements and (if applicable) the FDIC’s prompt corrective action framework. In order to utilize the CBLR framework, in addition to maintaining a CBLR of over 9%, a community banking organization must have less than $10 billion in total consolidated assets and must meet certain other criteria such as limitations on the amount of off-balance sheet exposures and on trading assets and liabilities. The CBLR is calculated by dividing tangible equity capital by average total consolidated assets. The final rule became effective on January 1, 2020 for capital calculations as of March 31, 2020 and thereafter. Beginning in 2016, an additional capital conservation buffer was added to the minimum requirements for capital adequacy purposes, subject to a three year phase-in period. The capital conservation buffer was fully phased-in on January 1, 2019 at 2.5% of risk-weighted assets. A banking organization with a conservation buffer of less than 2.5% is subject to limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. The Company and the Bank were fully compliant as of the periods presented in the table below. Pursuant to the CARES Act, the federal banking agencies adopted an interim rule temporarily lowering the CBLR benchmark to in excess of 8%, rather than 9%, with a phased increase of the CBLR back to the 9% level by the end of 2021. The Company and Bank continued to qualify to utilize the CBLR framework as of December 31, 2020, but have not elected to do so. As of December 31, 2020, the Bank was considered well capitalized under the regulatory capital framework for Prompt Corrective Action and the Company exceeded currently applicable consolidated regulatory guidelines for capital adequacy. While we believe that the Company has sufficient capital to withstand an extended economic downturn in the wake of the COVID-19 pandemic, our regulatory capital ratios could be adversely impacted by future credit losses and other operational impacts related to COVID-19. The following table shows the regulatory capital ratios for the Company and the Bank as of December 31: Minimum Minimum Minimum For Capital To Be Well For Capital Adequacy Purposes Capitalized Under Adequacy with Conservation Prompt Corrective Actual Purposes: Buffer(1): Action Provisions(2): Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2020 Common equity tier 1 capital (to risk-weighted assets) Company $ 77,594 14.15 % $ 24,680 4.50 % $ 38,391 7.00 % N/A N/A Bank $ 77,017 14.06 % $ 24,654 4.50 % $ 38,351 7.00 % $ 35,611 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 77,594 14.15 % $ 32,907 6.00 % $ 46,618 8.50 % N/A N/A Bank $ 77,017 14.06 % $ 32,872 6.00 % $ 46,569 8.50 % $ 43,829 8.00 % Total capital (to risk-weighted assets) Company $ 84,455 15.40 % $ 43,876 8.00 % $ 57,587 10.50 % N/A N/A Bank $ 83,871 15.31 % $ 43,829 8.00 % $ 57,526 10.50 % $ 54,787 10.00 % Tier 1 capital (to average assets) Company $ 77,594 8.80 % $ 35,273 4.00 % N/A N/A N/A N/A Bank $ 77,017 8.74 % $ 35,252 4.00 % N/A N/A $ 44,065 5.00 % December 31, 2019: Common equity tier 1 capital (to risk-weighted assets) Company $ 69,947 13.48 % $ 23,352 4.50 % $ 36,325 7.00 % N/A N/A Bank $ 69,330 13.38 % $ 23,325 4.50 % $ 36,283 7.00 % $ 33,691 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 69,947 13.48 % $ 31,135 6.00 % $ 44,108 8.50 % N/A N/A Bank $ 69,330 13.38 % $ 31,099 6.00 % $ 44,057 8.50 % $ 41,466 8.00 % Total capital (to risk-weighted assets) Company $ 75,943 14.63 % $ 41,514 8.00 % $ 54,487 10.50 % N/A N/A Bank $ 75,326 14.53 % $ 41,466 8.00 % $ 54,424 10.50 % $ 51,832 10.00 % Tier 1 capital (to average assets) Company $ 69,947 9.57 % $ 29,223 4.00 % N/A N/A N/A N/A Bank $ 69,330 9.50 % $ 29,201 4.00 % N/A N/A $ 36,501 5.00 % 1) Conservation Buffer is calculated based on risk-weighted assets and does not apply to calculations of average assets. 2) Applicable to banks, but not bank holding companies. The Company’s ability to pay dividends to its shareholders is largely dependent on the Bank’s ability to pay dividends to the Company. The Bank is restricted by law as to the amount of dividends that can be paid. Dividends declared by national banks that exceed net income for the current and preceding two years must be approved by the Bank’s primary banking regulator, the Office of the Comptroller of the Currency. Regardless of formal regulatory restrictions, the Bank may not pay dividends that would result in its capital levels being reduced below the minimum requirements shown above.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2020
Fair Value
Note 24. Fair Value	Note 24. Fair Value Certain assets and liabilities are recorded at fair value to provide additional insight into the Company’s quality of earnings. The fair values of some of these assets and liabilities are measured on a recurring basis while others are measured on a non-recurring basis, with the determination based upon applicable existing accounting pronouncements. For example, securities available-for-sale are recorded at fair value on a recurring basis. Other assets, such as MSRs, loans held-for-sale, impaired loans, and OREO are recorded at fair value on a non-recurring basis using the lower of cost or market methodology to determine impairment of individual assets. The Company groups assets and liabilities which are recorded at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with Level 1 considered highest and Level 3 considered lowest). A brief description of each level follows. Level 1 Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasury, other U.S. Government debt securities that are highly liquid and are actively traded in over-the-counter markets. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes MSRs, collateral-dependent impaired loans and OREO. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following methods and assumptions were used by the Company in estimating its fair value measurements: Debt Securities AFS: Impaired loans: Loans held-for-sale: MSRs: OREO: Assets Recorded at Fair Value on a Recurring Basis Assets measured at fair value on a recurring basis and reflected in the consolidated balance sheets at December 31, segregated by fair value hierarchy, are summarized below: Level 2 2020 2019 Assets: (market approach) U.S. GSE debt securities $ 8,169,831 $ 18,061,620 Agency MBS 41,378,349 16,205,375 ABS and OAS 2,669,996 2,852,909 Other investments 8,487,002 8,846,846 Total $ 60,705,178 $ 45,966,750 There were no Level 1 or Level 3 assets or liabilities measured on a recurring basis as of the balance sheet dates presented, nor were there any transfers of assets between Levels during either 2020 or 2019. Assets Recorded at Fair Value on a Non-Recurring Basis The following table includes assets measured at fair value on a non-recurring basis that have had a fair value adjustment since their initial recognition. Impaired loans measured at fair value only include impaired loans with a partial write-down or with a related specific ALL and are presented net of the specific allowances as disclosed in Note 5. Assets measured at fair value on a non-recurring basis and reflected in the consolidated balance sheets at December 31, segregated by fair value hierarchy, are summarized below: Level 2 2020 2019 Assets: (market approach) Impaired loans, net of related allowance $ 323,645 $ 0 Loans held-for-sale 130,400 0 MSRs (1) 922,146 939,577 OREO 0 966,738 1) Represents MSRs at lower of cost or fair value, including MSRs deemed to be impaired and for which a valuation allowance was established to carry at fair value at December 31, 2020 and 2019. There were no Level 1 or Level 3 assets or liabilities measured on a non-recurring basis as of the balance sheet dates presented, nor were there any transfers of assets between Levels during either 2020 or 2019. FASB ASC Topic 825, “Financial Instruments”, requires disclosures of fair value information about financial instruments, whether or not recognized in the balance sheet, if the fair values can be reasonably determined. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques using observable inputs when available. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The carrying amounts and estimated fair values of the Company’s financial instruments were as follows: December 31, 2020 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 115,050 $ 115,050 $ 0 $ 0 $ 115,050 Debt securities AFS 60,705 0 60,705 0 60,705 Restricted equity securities 1,447 0 1,447 0 1,447 Loans and loans held-for-sale, net of ALL Commercial & industrial 158,601 0 0 160,371 160,371 Commercial real estate 276,476 0 208 279,281 279,489 Municipal 54,694 0 0 55,601 55,601 Residential real estate - 1st lien 169,201 0 116 170,385 170,501 Residential real estate - Jr lien 37,892 0 0 37,991 37,991 Consumer 4,218 0 0 4,238 4,238 MSRs (1) 922 0 922 0 922 Accrued interest receivable 2,988 0 2,988 0 2,988 Financial liabilities: Deposits Other deposits 778,085 0 779,824 0 779,824 Brokered deposits 4,206 0 4,208 0 4,208 Long-term borrowings 2,800 0 2,724 0 2,724 Repurchase agreements 38,727 0 38,727 0 38,727 Operating lease obligations 1,060 0 1,060 0 1,060 Finance lease obligations 38 0 38 0 38 Subordinated debentures 12,887 0 12,876 0 12,876 Accrued interest payable 86 0 86 0 86 1) Reported fair value represents all MSRs for loans serviced by the Company at December 31, 2020, regardless of carrying amount. December 31, 2019 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 48,562 $ 48,562 $ 0 $ 0 $ 48,562 Debt securities AFS 45,967 0 45,967 0 45,967 Restricted equity securities 1,432 0 1,432 0 1,432 Loans and loans held-for-sale, net of ALL Commercial & industrial 98,062 0 0 97,356 97,356 Commercial real estate 243,022 0 0 242,735 242,735 Municipal 55,817 0 0 55,867 55,867 Residential real estate - 1st lien 156,897 0 0 156,520 156,520 Residential real estate - Jr lien 42,927 0 0 42,950 42,950 Consumer 4,337 0 0 4,306 4,306 MSRs (1) 940 0 1,250 0 1,250 Accrued interest receivable 2,337 0 2,337 0 2,337 Financial liabilities: Deposits Other deposits 603,872 0 604,267 0 604,267 Brokered deposits 11,149 0 11,153 0 11,153 Long-term borrowings 2,650 0 2,427 0 2,427 Repurchase agreements 33,190 0 33,190 0 33,190 Operating lease obligations 1,263 0 1,263 0 1,263 Finance lease obligations 100 0 100 0 100 Subordinated debentures 12,887 0 12,831 0 12,831 Accrued interest payable 139 0 139 0 139 1) Reported fair value represents all MSRs for loans serviced by the Company at December 31, 2019, regardless of carrying amount. The estimated fair values of commitments to extend credit, letters of credit and financial guarantees for the benefit of customers were immaterial at December 31, 2020 and 2019.

Condensed Financial Information

Condensed Financial Information Parent Company Only	12 Months Ended
	Dec. 31, 2020
Condensed Financial Information Parent Company Only
Note 25. Condensed Financial Information (Parent Company Only)	Note 25. Condensed Financial Information (Parent Company Only) The following condensed financial statements are for Community Bancorp. (Parent Company Only), and should be read in conjunction with the consolidated financial statements of the Company. Community Bancorp. (Parent Company Only) December 31, December 31, Balance Sheets 2020 2019 Assets Cash $ 750,371 $ 744,687 Investment in subsidiary - Community National Bank 89,598,666 81,164,447 Investment in Capital Trust 387,000 387,000 Income taxes receivable 184,973 213,071 Total assets $ 90,921,010 $ 82,509,205 Liabilities and Shareholders’ Equity Liabilities Junior subordinated debentures $ 12,887,000 $ 12,887,000 Dividends payable 745,297 727,526 Total liabilities 13,632,297 13,614,526 Shareholders’ Equity Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2020 and 2019 ($100,000 liquidation value, per share) 1,500,000 1,500,000 Common stock - $2.50 par value; 15,000,000 shares authorized, 5,527,380 and 5,449,857 shares issued at December 31, 2020 and 2019, respectively (including 18,128 and 16,267 shares issued February 1, 2021 and 2020, respectively) 13,818,450 13,624,643 Additional paid-in capital 34,309,646 33,464,381 Retained earnings 29,368,046 22,667,949 Accumulated other comprehensive income 915,348 260,483 Less: treasury stock, at cost; 210,101 shares at December 31, 2020 and 2019 (2,622,777 ) (2,622,777 ) Total shareholders’ equity 77,288,713 68,894,679 Total liabilities and shareholders’ equity $ 90,921,010 $ 82,509,205 The investment in the subsidiary bank is carried under the equity method of accounting. The investment and cash, which is on deposit with the Bank, have been eliminated in consolidation. Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Income 2020 2019 Income Bank subsidiary distributions $ 3,675,000 $ 4,256,000 Dividends on Capital Trust 14,314 20,858 Total income 3,689,314 4,276,858 Expense Interest on junior subordinated debentures 476,666 694,573 Administrative and other 418,474 340,904 Total expense 895,140 1,035,477 Income before applicable income tax benefit and equity in undistributed net income of subsidiary 2,794,174 3,241,381 Income tax benefit 184,973 213,071 Income before equity in undistributed net income of subsidiary 2,979,147 3,454,452 Equity in undistributed net income of subsidiary 7,779,355 5,369,994 Net income $ 10,758,502 $ 8,824,446 Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Cash Flows 2020 2019 Cash Flows from Operating Activities Net income $ 10,758,502 $ 8,824,446 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiary (7,779,355 ) (5,369,994 ) (Increase) decrease in income taxes receivable 28,097 (5,827 ) Net cash provided by operating activities 3,007,244 3,448,625 Cash Flows from Financing Activities Redemption of preferred stock 0 (500,000 ) Dividends paid on preferred stock (54,375 ) (87,500 ) Dividends paid on common stock (2,947,185 ) (2,837,058 ) Net cash used in financing activities (3,001,560 ) (3,424,558 ) Net increase in cash 5,684 24,067 Cash Beginning 744,687 720,620 Ending $ 750,371 $ 744,687 Cash Received for Income Taxes $ 213,071 $ 207,244 Cash Paid for Interest $ 476,666 $ 694,573 Dividends paid: Dividends declared $ 4,004,030 $ 3,951,279 Increase in dividends payable attributable to dividends declared (17,773 ) (16,987 ) Dividends reinvested (1,039,072 ) (1,097,234 ) $ 2,947,185 $ 2,837,058

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Data (Unaudited)
Note 26. Quarterly Financial Data (Unaudited)	Note 26. Quarterly Financial Data (Unaudited) A summary of financial data for the four quarters of 2020 and 2019 is presented below: 2020 March 31, June 30, September 30, December 31, Interest income $ 7,772,152 $ 8,191,442 $ 8,086,866 $ 9,011,834 Interest expense 1,476,393 1,206,909 1,050,780 1,112,604 Provision for loan losses 376,503 307,499 362,499 542,499 Non-interest income 1,353,707 1,762,102 1,941,295 1,714,620 Non-interest expense 5,093,219 4,987,453 5,104,717 5,206,352 Net income 1,861,239 2,842,311 2,880,443 3,174,509 Earnings per common share 0.35 0.54 0.54 0.60 2019 March 31, June 30, September 30, December 31, Interest income $ 7,698,368 $ 8,262,422 $ 7,906,454 $ 7,891,564 Interest expense 1,538,540 1,546,953 1,509,033 1,548,595 Provision for loan losses 212,503 141,666 412,499 299,499 Non-interest income 1,318,700 1,434,138 1,597,332 1,595,896 Non-interest expense 5,155,924 5,079,060 4,863,716 4,782,580 Net income 1,771,905 2,419,298 2,261,943 2,371,300 Earnings per common share 0.34 0.46 0.43 0.45

Other Income and Other Expenses

Other Income and Other Expenses	12 Months Ended
	Dec. 31, 2020
Other Income and Other Expenses
Note 27. Other Income and Other Expenses	Note 27. Other Income and Other Expenses The components of other income and other expenses which are in excess of one percent of total revenues in either of the two years disclosed are as follows: 2020 2019 Income Income from investment in CFS Partners $ 684,891 $ 588,696 Expenses Outsourcing expense $ 473,426 $ 428,668 Service contracts - administration 506,144 539,510 Marketing 425,000 450,533 State deposit tax 704,047 669,502 ATM fees 486,590 434,270

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events
Note 28. Subsequent Events	Note 28. Subsequent Events Declaration of Cash Dividend On December 9, 2020, the Company declared a cash dividend of $0.19 per share payable February 1, 2021 to shareholders of record as of January 15, 2021. On March 17, 2021, the Company declared a cash dividend of $0.22 per share payable May 1, 2021 to shareholders of record as of April 15, 2021. These dividends have been recorded as of each declaration date, including shares issuable under the DRIP. For purposes of accrual or disclosure in these financial statements, the Company has evaluated subsequent events through the date of issuance of these financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Significant Accounting Policies
Basis of presentation and consolidation	In addition to the definitions provided elsewhere in this Annual Report, the definitions, acronyms and abbreviations identified below are used throughout this Annual Report, including these “Notes to Consolidated Financial Statements” and the section labeled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” immediately following. These definitions are intended to aid the reader and provide a reference page when reviewing this Annual Report. ABS: Asset backed security FHA: Federal Housing Administration ACBB: Atlantic Community Bankers Bank FHLBB: Federal Home Loan Bank of Boston ACBI: Atlantic Community Bancshares, Inc. FHLMC : Federal Home Loan Mortgage Corporation ACH: Automated Clearing House FICO: Financing Corporation AFS: Available-for-sale FLA: First Loss Account Agency MBS: MBS issued by a US government agency FOMC: Federal Open Market Committee or GSE FRB: Federal Reserve Board ALCO: Asset Liability Committee FRBB: Federal Reserve Bank of Boston ALL: Allowance for loan losses GAAP: Generally Accepted Accounting Principles AML: Anti-money laundering laws in the United States AOCI: Accumulated other comprehensive income GSE: Government sponsored enterprise ASC: Accounting Standards Codification HMDA: Home Mortgage Disclosure Act ASU: Accounting Standards Update HTM: Held-to-maturity ATMs: Automatic teller machines ICS: Insured Cash Sweeps of the Promontory ATS: Automatic transfer service Interfinancial Network Bancorp: Community Bancorp. IRS: Internal Revenue Service Bank: Community National Bank JNE: Jobs for New England BHG: Bankers Healthcare Group Jr: Junior BIC: Borrower-in-Custody LIBOR: London Interbank Offered Rate Board: Board of Directors LLC: Limited liability corporation BOLI: Bank owned life insurance MBS: Mortgage-backed security bp or bps: Basis point(s) MPF: Mortgage Partnership Finance BSA: Bank Secrecy Act MSAs Metropolitan Statistical Areas CBLR: Community Bank Leverage Ratio MSRs: Mortgage servicing rights CARES ACT: Coronavirus Aid Relief and Economic NII: Net interest income Security Act OAS: Other amortizing security CDARS: Certificate of Deposit Accounts Registry OCI: Other comprehensive income (loss) Service of the Promontory Interfinancial OFAC: Office of Foreign Asset Control Network OREO: Other real estate owned CDs: Certificates of deposit OTTI: Other-than-temporary impairment CDI: Core deposit intangible PMI: Private mortgage insurance CECL: Current Expected Credit Loss PPP: Paycheck Protection Program CEO: Credit Enhancement Obligation PPPLF: Paycheck Protection Program Liquidity CFPB: Consumer Financial Protection Bureau Facility CFSG: Community Financial Services Group, LLC QM(s): Qualified Mortgage(s) CFS Partners: Community Financial Services Partners, RD: USDA Rural Development LLC RESPA: Real Estate Settlement Procedures Act Company: Community Bancorp. and Subsidiary SBA: U.S. Small Business Administration COVID-19: Coronavirus Disease 2019 SEC: U.S. Securities and Exchange Commission CRA: Community Reinvestment Act SERP: Supplemental Employee Retirement Plan CRE: Commercial Real Estate SOX: Sarbanes-Oxley Act of 2002 DDA or DDAs: Demand Deposit Account(s) TDR: Troubled-debt restructuring DIF: Deposit Insurance Fund TILA: Truth in Lending Act DTC: Depository Trust Company USDA: U.S. Department of Agriculture DRIP: Dividend Reinvestment Plan VA: U.S. Veterans Administration Exchange Act: Securities Exchange Act of 1934 VIE: Variable interest entities FASB: Financial Accounting Standards Board 2017 Tax Act: Tax Cut and Jobs Act of 2017 FDIA: Federal Deposit Insurance Act 2018 Economic Growth, Regulatory Relief and FDIC: Federal Deposit Insurance Corporation Regulatory Consumer Protection Act of 2018 FDICIA: Federal Deposit Insurance Company Relief Act: Improvement Act of 1991 The consolidated financial statements include the accounts of the Bancorp. and its wholly-owned subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated. The Company is considered a “smaller reporting company” under the disclosure rules of the SEC. Accordingly, the Company has elected to provide its audited consolidated statements of income, comprehensive income, cash flows and changes in shareholders’ equity for a two year, rather than a three year, period, and intends to provide smaller reporting company scaled disclosures where management deems it appropriate. Beginning with its periodic reports filed in 2018, the Company was considered an accelerated filer under the financial reporting rules of the SEC. However, these reporting rules were amended in 2020, causing the Company to be considered a non-accelerated file beginning with this annual report. FASB ASC Topic 810, “Consolidation”, in part, addresses limited purpose trusts formed to issue trust preferred securities. It also establishes the criteria used to identify VIE, and to determine whether or not to consolidate a VIE. In general, ASC Topic 810 provides that the enterprise with the controlling financial interest, known as the primary beneficiary, consolidates the VIE. In 2007, the Company formed CMTV Statutory Trust I for the purposes of issuing trust preferred securities to unaffiliated parties and investing the proceeds from the issuance thereof and the common securities of the trust in junior subordinated debentures issued by the Company. The Company is not the primary beneficiary of CMTV Statutory Trust I; accordingly, the trust is not consolidated with the Company for financial reporting purposes. CMTV Statutory Trust I is considered an affiliate of the Company (see Note 13).
Nature of operations	The Company provides a variety of deposit and lending services to individuals, municipalities, and business customers through its branches, ATMs and telephone, mobile and internet banking capabilities in northern and central Vermont, which is primarily a small business and agricultural area. The Company’s primary deposit products are checking and savings accounts and certificates of deposit. Its primary lending products are commercial, real estate, municipal and consumer loans.
Concentration of risk	The Company’s operations are affected by various risk factors, including interest rate risk, credit risk, and risk from geographic concentration of its deposit taking and lending activities. Management attempts to manage interest rate risk through various asset/liability management techniques designed to match maturities and repricing of assets and liabilities. Loan policies and administration are designed to provide assurance that loans will only be granted to creditworthy borrowers, although credit losses are expected to occur because of subjective factors inherent in management’s estimate of credit risk and factors beyond the control of the Company. While the Company has a diversified loan portfolio by loan type, most of its lending activities are conducted within the geographic area where its banking offices are located. As a result, the Company and its borrowers may be especially vulnerable to the consequences of changes in the local economy in northern and central Vermont. In addition, a substantial portion of the Company’s loans are secured by real estate, which is susceptible to a decline in value, especially during times of adverse economic conditions.
Use of estimates	The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions involve inherent uncertainties. Accordingly, actual results could differ from those estimates and those differences could be material. Material estimates that are particularly susceptible to significant change include those relating to the determination of the ALL and the valuation of OREO. In connection with evaluating loans for impairment or assigning the carrying value of OREO, management generally obtains independent evaluations or appraisals for significant properties. While the ALL and the carrying value of OREO are determined using management’s best estimate of probable loan and OREO losses, respectively, as of the balance sheet date, the ultimate collection of a substantial portion of the Company’s loan portfolio and the recovery of a substantial portion of the fair value of OREO are susceptible to uncertainties and changes in a number of factors, especially local real estate market conditions. The amount of the change that is reasonably possible cannot be estimated. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions or other relevant factors. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for losses on loans and the carrying value of OREO. Such agencies may require the Company to recognize additions to the allowance or write-downs of OREO based on their judgment about information available to them at the time of their examination. MSRs associated with loans originated and sold in the secondary market, where servicing is retained, are capitalized and included in Other assets in the consolidated balance sheets. MSRs are amortized against non-interest income in proportion to, and over the period of, estimated future net servicing income of the underlying loans. The value of capitalized servicing rights represents the present estimated value of the future servicing fees arising from the right to service loans for third parties. The carrying value of the MSRs is periodically reviewed for impairment based on management’s estimate of fair value as compared to amortized cost, and impairment, if any, is recognized through a valuation allowance and is recorded as a write down. Critical accounting policies for MSRs relate to the initial valuation and subsequent impairment tests. The methodology used to determine the valuation of MSRs requires the development and use of estimates, including anticipated principal amortization and prepayments. Events that may significantly affect the estimates used are changes in interest rates and the payment performance of the underlying loans. Management uses a third party consultant to assist in estimating the fair value of the Company’s MSRs. Management evaluates securities for OTTI on at least a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to various factors, including the length of time and the extent to which the fair value has been less than cost; the nature of the issuer and its financial condition and near-term prospects; and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The evaluation of these factors is a subjective process and involves estimates and assumptions about matters that are inherently uncertain. Should actual factors and conditions differ materially from those used by management, the actual realization of gains or losses on investment securities could differ materially from the amounts recorded in the financial statements. Accounting for a business combination that was completed prior to 2009 requires the application of the purchase method of accounting. Under the purchase method, the Company was required to record the assets and liabilities acquired through the LyndonBank merger in 2007 at fair market value, with the excess of the purchase price over the fair value of the net assets recorded as goodwill and evaluated annually for impairment. Management uses various assumptions in evaluating goodwill for impairment. Management utilizes numerous techniques to estimate the carrying value of various other assets held by the Company, including, but not limited to, bank premises and equipment and deferred taxes. The assumptions considered in making these estimates are based on historical experience and on various other factors that are believed by management to be reasonable under the circumstances. Management acknowledges that the use of different estimates or assumptions could produce different estimates of carrying values.
Presentation of cash flows	For purposes of presentation in the consolidated statements of cash flows, cash and cash equivalents includes cash on hand, amounts due from banks (including cash items in process of clearing), federal funds sold (generally purchased and sold for one day periods) and overnight deposits.
Investment securities	Debt securities the Company has purchased with the possible intent to sell before maturity are classified as AFS, and are carried at fair value, with unrealized gains and losses, net of tax and reclassification adjustments, reflected as a net amount in the shareholders’ equity section of the consolidated balance sheets and in the statements of changes in shareholders’ equity. Investment securities transactions are accounted for on a trade date basis. The specific identification method is used to determine realized gains and losses on sales of debt securities AFS. Premiums and discounts are recognized in interest income using the interest method over the period to maturity or call date. As of the balance sheet dates, the Company did not hold any securities purchased for the purpose of selling in the near term and classified as trading or any securities purchased with the positive intent and ability to hold to maturity and classified as HTM. For individual debt securities that the Company does not intend to sell and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary decline in the fair value of the debt security related to (1) credit loss is recognized in earnings and (2) other factors is recognized in other comprehensive income or loss. Credit loss is deemed to exist if the present value of expected future cash flows using the interest rates at acquisition is less than the amortized cost basis of the debt security. For individual debt securities where the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost, the OTTI is recognized in earnings equal to the entire difference between the security’s cost basis and its fair value at the balance sheet date.
Other investments	From time to time, the Company acquires partnership interests in limited partnerships for low income housing projects. New investments in limited partnerships are amortized using the proportional amortization method. All investments made before January 1, 2015 are amortized using the effective yield method. The Company has a one-third ownership interest in CFS Partners, which in turn owns 100% of CFSG, a non-depository trust company (see Note 10). The Company’s investment in CFS Partners is accounted for under the equity method of accounting.
Restricted equity securities	The Company holds certain restricted equity securities acquired for non-investment purposes, and required as a matter of law or as a condition to the receipt of certain financial products and services. These securities are carried at cost. As a member of the FRBB, the Company is required to invest in FRBB stock in an amount equal to 6% of the Bank’s capital stock and surplus. As a member of the FHLBB, the Company is required to invest in $100 par value stock of the FHLBB in an amount that approximates 1% of unpaid principal balances on qualifying loans, plus an additional amount to satisfy an activity based requirement. The stock is nonmarketable and redeemable at par value, subject to the FHLBB’s right to temporarily suspend such redemptions. Members are subject to capital calls in some circumstances to ensure compliance with the FHLBB’s capital plan. In order to access correspondent banking services from the ACBB,the Company is required to invest in a minimum of 20 shares of the common stock of ACBB’s parent company, ACBI.
Loans held-for-sale	Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income.
Loans	Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance, adjusted for any charge-offs, the ALL, loan premiums or discounts for acquired loans and any unearned fees or costs on originated loans. Loan interest income is accrued daily on the outstanding balances. For all loan segments, the accrual of interest is discontinued when a loan is specifically determined to be impaired or when the loan is delinquent 90 days and management believes, after considering collection efforts and other factors, that the borrower’s financial condition is such that collection of interest is doubtful. Any unpaid interest previously accrued on those loans is reversed from income. Interest income is generally not recognized on specific impaired loans unless the likelihood of further loss is considered by management to be remote. Interest payments received on non-accrual loans are generally applied as a reduction of the loan principal balance. Loans are returned to accrual status when principal and interest payments are brought current and the customer has demonstrated the intent and ability to make future payments on a timely basis. Loans are written down or charged off when collection of principal is considered doubtful. Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount is amortized as an adjustment of the related loan’s yield. The Company generally amortizes these amounts over the contractual life of the loans. Loan premiums and discounts on loans acquired in the merger with LyndonBank were amortized as an adjustment to yield on loans. At December 31, 2019, the remainder of these premiums and discounts were fully amortized. Allowance for loan losses The ALL is established through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes that future payments of a loan balance are unlikely. Subsequent recoveries, if any, are credited to the allowance. Unsecured loans, primarily consumer loans, are charged off when they become uncollectible and no later than 120 days past due. Unsecured loans to customers who subsequently file bankruptcy are charged off within 30 days of receipt of the notification of filing or by the end of the month in which the loans become 120 days past due, whichever occurs first. For secured loans, both residential and commercial, the potential loss on impaired loans is carried as a loan loss reserve specific allocation; the loss portion is charged off when collection of the full loan appears unlikely. The unsecured portion of a real estate loan is that portion of the loan exceeding the “fair value” of the collateral less the estimated cost to sell. Value of the collateral is determined in accordance with the Company’s appraisal policy. The unsecured portion of an impaired real estate secured loan is charged off by the end of the month in which the loan becomes 180 days past due. As described below, the allowance consists of general, specific and unallocated components. However, the entire allowance is available to absorb losses in the loan portfolio, regardless of specific, general and unallocated components considered in determining the amount of the allowance. General component The general component of the ALL is based on historical loss experience and various qualitative factors and is stratified by the following loan segments: commercial and industrial, CRE, municipal, residential real estate 1st lien, residential real estate Jr lien and consumer loans. The Company does not disaggregate its portfolio segments further into classes. Loss ratios are calculated by loan segment using appropriate look back periods. Management uses an average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment in the current economic climate. During periods of economic stability, a relatively longer period (e.g., five years) may be appropriate. During periods of significant expansion or contraction, the Company may appropriately shorten the historical time period. Due primarily to the effects of COVID-19, beginning in the second quarter of 2020, the Company shortened its look back period from five years to one year. Qualitative factors include the levels of and trends in delinquencies and non-performing loans, levels of and trends in loan risk groups, trends in volumes and terms of loans, effects of any changes in loan related policies, experience, ability and the depth of management, documentation and credit data exception levels, national and local economic trends, external factors such as competition and regulation and lastly, concentrations of credit risk in a variety of areas, including portfolio product mix, the level of loans to individual borrowers and their related interests, loans to industry segments, and the geographic distribution of CRE loans. This evaluation is inherently subjective as it requires estimates that are susceptible to revision as more information becomes available. The qualitative factors are determined based on the various risk characteristics of each loan segment. During the third quarter of 2020, the Company adjusted its ALL analysis to begin applying qualitative factors to municipal loans and certain purchased commercial loans, for which the Company does not have any historical loss data. Of the third quarter 2020 provision for loan losses of $362,499, $106,821was attributable to this change. The Company has policies, procedures and internal controls that management believes are commensurate with the risk profile of each of these segments. Major risk characteristics relevant to each portfolio segment are as follows: Commercial & Industrial - Commercial Real Estate - Municipal - Residential Real Estate - 1 st Residential Real Estate - Jr Lien - Consumer - Specific component The specific component of the ALL relates to loans that are impaired. Impaired loans are loans to a borrower that in the aggregate are greater than $100,000 and that are in non-accrual status or are TDRs regardless of amount. A specific allowance is established for an impaired loan when its estimated fair value or net present value of future cash flows is less than the carrying value of the loan. For all loan segments, except consumer loans, a loan is considered impaired when, based on current information and events, in management’s estimation it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant or temporary payment delays and payment shortfalls generally are not classified as impaired. Management evaluates the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and frequency of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis, by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Impaired loans also include troubled loans that are restructured. A TDR occurs when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that would otherwise not be granted. TDRs may include the transfer of assets to the Company in partial satisfaction of a troubled loan, a modification of a loan’s terms, or a combination of the two. As described in Note 3, under March 2020 guidance from the federal banking agencies and concurrence by the FASB, certain short-term loan accommodations made in good faith for borrowers experiencing financial difficulties due to the COVID-19 health emergency are not considered TDRs. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment evaluation, unless such loans are subject to a restructuring agreement. Unallocated component An unallocated component of the ALL is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component reflects management’s estimate of the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio.
Bank premises and equipment	Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets. The cost of assets sold or otherwise disposed of, and the related accumulated depreciation, are eliminated from the accounts and the resulting gains or losses are reflected in the consolidated statements of income. Maintenance and repairs are charged to current expense as incurred and the cost of major renewals and betterments is capitalized.
Other real estate owned	Real estate properties acquired through or in lieu of loan foreclosure or properties no longer used for bank operations are initially recorded at fair value less estimated selling cost at the date of acquisition, foreclosure or transfer. Fair value is determined, as appropriate, either by obtaining a current appraisal or evaluation prepared by an independent, qualified appraiser, by obtaining a broker’s market value analysis, and finally, if the Company has limited exposure and limited risk of loss, by the opinion of management as supported by an inspection of the property and its most recent tax valuation. During periods of declining market values, the Company will generally obtain a new appraisal or evaluation. Any write-down based on the asset’s fair value at the date of acquisition or institution of foreclosure is charged to the ALL. After acquisition through or in lieu of foreclosure, these assets are carried at the lower of their new cost basis or fair value. Costs of significant property improvements are capitalized, whereas costs relating to holding the property are expensed as incurred. Appraisals by an independent, qualified appraiser are performed periodically on properties that management deems significant, or evaluations may be performed by management or a qualified third party on OREO properties in the portfolio that are deemed less significant or less vulnerable to market conditions. Subsequent write-downs are recorded as a charge to other expense. Gains or losses on the sale of such properties are included in income when the properties are sold.
Intangible assets	Intangible assets include the excess of the purchase price over the fair value of net assets acquired (goodwill) in the Company’s 2007 acquisition of LyndonBank. Goodwill is not amortizable and is reviewed for impairment annually, or more frequently as events or circumstances warrant.
Income taxes	The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are established for the temporary differences between the accounting bases and the tax bases of the Company’s assets and liabilities at enacted tax rates expected to be in effect when the amounts related to such temporary differences are realized or settled. Adjustments to the Company’s deferred tax assets are recognized as deferred income tax expense or benefit based on management’s judgments relating to the outcome of such asset.
Mortgage servicing	Servicing assets are recognized as separate assets when rights are acquired through purchase or retained upon the sale of loans. Capitalized servicing rights are reported in Other assets and initially recorded at fair value, and are amortized against non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are periodically evaluated for impairment, based upon the estimated fair value of the rights as compared to amortized cost. Impairment is determined by stratifying the rights by predominant characteristics, such as interest rates and terms. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance and is recorded as amortization of Other assets, to the extent that estimated fair value is less than the capitalized amount at the valuation date. Subsequent improvement, if any, in the estimated fair value of impaired MSRs is reflected in a positive valuation adjustment and is recognized in other income up to (but not in excess of) the amount of the prior impairment.
Pension costs	Pension costs are charged to salaries and employee benefits expense and accrued over the active service period.
Advertising costs	The Company expenses advertising costs as incurred.
Comprehensive income	US GAAP generally requires recognized revenue, expenses, gains and losses to be included in net income. Certain changes in assets and liabilities, such as the after-tax effect of unrealized gains and losses on available-for-sale securities, are not reflected in the consolidated statement of income, but the cumulative effect of such items from period-to-period is reflected as a separate component of the shareholders’ equity section of the consolidated balance sheet (accumulated other comprehensive income or loss). Other comprehensive income or loss, along with net income, comprises the Company’s total comprehensive income.
Preferred stock	In December, 2007 the Company issued25shares of fixed-to-floating rate non-cumulative perpetual preferred stock, without par value and having a liquidation preference of $100,000per share. There were 15 shares of preferred stock outstanding as of December 31, 2020 and 2019. Under the terms of the preferred stock, the Company pays non-cumulative cash dividends quarterly, when, as and if declared by the Board. Dividends are payable at a variable dividend rate equal to the Wall Street Journal Prime Rate in effect on the first business day of each quarterly dividend period. A variable rate of 5.50% was in effect for the dividend payments due in each of the first three quarters of 2019, followed by a decrease to a rate of 5.00% for the dividend payment in the fourth quarter of 2019. The rate decreased to 4.75% for the dividend paid in the first quarter of 2020, followed by two decreases with a rate of 3.25% in effect for the last three quarters of 2020, as well as the first quarter of 2021. Partial redemptions of the Company’s preferred stock began in 2018, and are at the discretion of management and voted on by the Board. The Company redeemed five shares of preferred stock on March 31, 2019 at a redemption price of $500,000plus accrued dividends. The Company chose to not redeem any additional preferred shares during 2020, but may consider further redemptions in future periods.
Earnings per common share	Earnings per common share amounts are computed based on net income, net of dividends to preferred shareholders, and on the weighted average number of shares of common stock issued during the period, including DRIP shares issuable upon reinvestment of dividends (retroactively adjusted for stock splits and stock dividends, if any) and reduced for shares held in treasury. The following table illustrates the calculation of earnings per common share for the periods presented, as adjusted for the cash dividends declared on the preferred stock: Years Ended December 31, 2020 2019 Net income, as reported $ 10,758,502 $ 8,824,446 Less: dividends to preferred shareholders 54,375 87,500 Net income available to common shareholders $ 10,704,127 $ 8,736,946 Weighted average number of common shares used in calculating earnings per share 5,274,785 5,204,768 Earnings per common share $ 2.03 $ 1.68
Off-balance-sheet financial instruments	In the ordinary course of business, the Company is a party to off-balance-sheet financial instruments consisting of commitments to extend credit, commercial and municipal letters of credit, standby letters of credit, and risk-sharing commitments on residential mortgage loans sold through the FHLBB’s MPF program. Such financial instruments are recorded in the consolidated financial statements when they are funded (see Note 18).
Transfers of financial assets	Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Significant Accounting Policies
Schedule of Earnings per common share	Years Ended December 31, 2020 2019 Net income, as reported $ 10,758,502 $ 8,824,446 Less: dividends to preferred shareholders 54,375 87,500 Net income available to common shareholders $ 10,704,127 $ 8,736,946 Weighted average number of common shares used in calculating earnings per share 5,274,785 5,204,768 Earnings per common share $ 2.03 $ 1.68

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2020
Investment Securities
Schedule of available for debt securities	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2020 U.S. GSE debt securities $ 8,007,142 $ 165,934 $ 3,245 $ 8,169,831 Agency MBS 40,861,370 547,930 30,951 41,378,349 ABS and OAS 2,508,997 160,999 0 2,669,996 Other investments 8,169,000 318,002 0 8,487,002 Total $ 59,546,509 $ 1,192,865 $ 34,196 $ 60,705,178 December 31, 2019 U.S. GSE debt securities $ 18,002,549 $ 99,743 $ 40,672 $ 18,061,620 Agency MBS 16,169,819 86,874 51,318 16,205,375 ABS and OAS 2,799,657 55,418 2,166 2,852,909 Other investments 8,665,000 181,846 0 8,846,846 Total $ 45,637,025 $ 423,881 $ 94,156 $ 45,966,750
Schedule of investments pledged for collateral	Amortized Fair Cost Value December 31, 2020 $ 59,546,509 $ 60,705,178 December 31, 2019 45,637,025 45,966,750
Schedule of maturities of debt securities available for sale	Amortized Fair Cost Value Due in one year or less $ 2,227,000 $ 2,247,603 Due from one to five years 5,942,000 6,239,399 Due from five to ten years 9,511,476 9,801,921 Due after ten years 1,004,663 1,037,906 Agency MBS 40,861,370 41,378,349 Total $ 59,546,509 $ 60,705,178
Schedule of unrealized loss	Less than 12 months 12 months or more Totals Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss December 31, 2020 U.S. GSE debt securities $ 1,999,234 $ 3,245 $ 0 $ 0 2 $ 1,999,234 $ 3,245 Agency MBS 2,076,167 19,845 520,546 11,106 6 2,596,713 30,951 ABS and OAS 0 0 0 0 0 0 0 Other investments 0 0 0 0 0 0 0 Total $ 4,075,401 $ 23,090 $ 520,546 $ 11,106 8 $ 4,595,947 $ 34,196 December 31, 2019 U.S. GSE debt securities $ 7,964,192 $ 40,672 $ 0 $ 0 7 $ 7,964,192 $ 40,672 Agency MBS 5,273,683 24,648 2,920,091 26,670 13 8,193,774 51,318 ABS and OAS 1,000,490 2,166 0 0 1 1,000,490 2,166 Other investments 0 0 0 0 0 0 0 Total $ 14,238,365 $ 67,486 $ 2,920,091 $ 26,670 21 $ 17,158,456 $ 94,156

Loans Allowance for Loan Losses

Loans Allowance for Loan Losses and Credit Quality (Tables)	12 Months Ended
	Dec. 31, 2020
Loans, Allowance for Loan Losses and Credit Quality
Schedule of composition of net loans	December 31, December 31, 2020 2019 Commercial & industrial $ 161,067,501 $ 98,930,831 Commercial real estate 280,544,550 246,282,726 Municipal 54,807,367 55,817,206 Residential real estate - 1st lien 170,507,263 158,337,296 Residential real estate - Jr lien 38,147,659 43,230,873 Consumer 4,280,990 4,390,005 Total loans 709,355,330 606,988,937 Deduct (add): ALL 7,208,485 5,926,491 Deferred net loan fees (costs) 1,195,741 (362,415 ) Net loans $ 700,951,104 $ 601,424,861
Schedule of past due loans by segment	90 Days Total Non- Accrual 90 Days or More and December 31, 2020 30-89 Days or More Past Due Current Total Loans Loans Accruing Commercial & industrial $ 119,413 $ 0 $ 119,413 $ 160,948,088 $ 161,067,501 $ 434,196 $ 0 Commercial real estate 127,343 567,957 695,300 279,849,250 280,544,550 1,875,942 0 Municipal 0 0 0 54,807,367 54,807,367 0 0 Residential real estate 1st lien 1,872,439 828,344 2,700,783 167,806,480 170,507,263 2,173,315 390,288 Jr lien 18,322 180,711 199,033 37,948,626 38,147,659 191,311 98,889 Consumer 14,388 0 14,388 4,266,602 4,280,990 0 0 Totals $ 2,151,905 $ 1,577,012 $ 3,728,917 $ 705,626,413 $ 709,355,330 $ 4,674,764 $ 489,177 90 Days Total Non- Accrual 90 Days or More and December 31, 2019 30-89 Days or More Past Due Current Total Loans Loans Accruing Commercial & industrial $ 68,532 $ 44,503 $ 113,035 $ 98,817,796 $ 98,930,831 $ 480,083 $ 0 Commercial real estate 1,690,307 151,723 1,842,030 244,440,696 246,282,726 1,600,827 0 Municipal 0 0 0 55,817,206 55,817,206 0 0 Residential real estate 1st lien 3,871,045 1,217,098 5,088,143 153,249,153 158,337,296 2,112,267 530,046 Jr lien 331,416 147,976 479,392 42,751,481 43,230,873 240,753 112,386 Consumer 49,607 0 49,607 4,340,398 4,390,005 0 0 Totals $ 6,010,907 $ 1,561,300 $ 7,572,207 $ 599,416,730 $ 606,988,937 $ 4,433,930 $ 642,432
Residential mortgage loans in process of foreclosure	Number of loans Balance December 31, 2020 6 $ 312,807 December 31, 2019 9 495,943
Changes in the allowance for loan losses	Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Charge-offs (39,148 ) (34,200 ) 0 (203,623 ) (28,673 ) (74,327 ) 0 (379,971 ) Recoveries 1,087 20,000 0 12,856 5,809 33,213 0 72,965 Provision (credit) 43,842 686,707 82,211 537,507 (31,924 ) 49,782 220,875 1,589,000 ALL ending balance $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 108,474 $ 307 $ 0 $ 0 $ 108,781 Collectively 842,547 3,854,153 82,211 1,626,830 234,589 60,461 398,913 7,099,704 Total $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 Loans evaluated for impairment Individually $ 414,266 $ 1,943,723 $ 0 $ 4,657,050 $ 135,053 $ 0 $ 7,150,092 Collectively 160,653,235 278,600,827 54,807,367 165,850,213 38,012,606 4,280,990 702,205,238 Total $ 161,067,501 $ 280,544,550 $ 54,807,367 $ 170,507,263 $ 38,147,659 $ 4,280,990 $ 709,355,330 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 697,469 $ 3,019,868 $ 0 $ 1,421,494 $ 273,445 $ 56,787 $ 133,478 $ 5,602,541 Charge-offs (175,815 ) (116,186 ) 0 (242,244 ) (222,999 ) (102,815 ) 0 860,059 ) Recoveries 10,768 50,388 0 15,776 2,200 38,710 0 117,842 Provision 304,344 227,576 0 193,538 237,038 59,111 44,560 1,066,167 ALL ending balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 103,836 $ 712 $ 0 $ 0 $ 104,548 Collectively 836,766 3,181,646 0 1,284,728 288,972 51,793 178,038 5,821,943 Total $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Loans evaluated for impairment Individually $ 420,933 $ 1,699,238 $ 0 $ 4,471,902 $ 156,073 $ 0 $ 6,748,146 Collectively 98,509,898 244,583,488 55,817,206 153,865,394 43,074,800 4,390,005 600,240,791 Total $ 98,930,831 $ 246,282,726 $ 55,817,206 $ 158,337,296 $ 43,230,873 $ 4,390,005 $ 606,988,937
Impaired loans by segment	As of December 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment(1)(2) Recognized(2) Related allowance recorded Residential real estate 1st lien $ 900,581 $ 950,063 $ 108,474 $ 889,262 $ 72,713 Jr lien 4,777 4,775 307 5,416 541 Total with related allowance 905,358 954,838 108,781 894,678 73,254 No related allowance recorded Commercial & industrial 414,266 471,405 397,136 6,396 Commercial real estate 1,944,013 2,394,284 1,746,430 14,139 Residential real estate 1st lien 3,788,965 4,607,848 3,878,829 230,838 Jr lien 130,279 169,720 163,750 4,524 Total with no related allowance 6,277,523 7,643,257 6,186,145 255,897 Total impaired loans $ 7,182,881 $ 8,598,095 $ 108,781 $ 7,080,823 $ 329,151 As of December 31, 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment(1)(2) Recognized(2) Related allowance recorded Commercial & industrial $ 0 $ 0 $ 0 $ 32,466 $ 0 Commercial real estate 0 0 0 97,720 0 Residential real estate 1st lien 878,439 902,000 103,836 982,158 86,039 Jr lien 6,121 6,101 712 6,869 648 Total with related allowance 884,560 908,101 104,548 1,119,213 86,687 No related allowance recorded Commercial & industrial 420,933 445,509 307,208 6,396 Commercial real estate 1,699,772 2,031,764 1,812,836 21,591 Residential real estate 1st lien 3,614,960 4,273,884 3,778,822 212,883 Jr lien 149,972 157,754 224,938 4,524 Total with no related allowance 5,885,637 6,908,911 6,123,804 245,394 Total impaired loans $ 6,770,197 $ 7,817,012 $ 104,548 $ 7,243,017 $ 332,081
Risk ratings portfolio	Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 156,748,590 $ 261,932,833 $ 54,807,367 $ 167,478,918 $ 37,850,056 $ 4,280,990 $ 683,098,754 Group B 998,641 12,784,078 0 0 0 0 13,782,719 Group C 3,320,270 5,827,639 0 3,028,345 297,603 0 12,473,857 Total $ 161,067,501 $ 280,544,550 $ 54,807,367 $ 170,507,263 $ 38,147,659 $ 4,280,990 $ 709,355,330 As of December 31, 2019 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 93,774,871 $ 233,702,063 $ 55,817,206 $ 154,770,678 $ 42,725,543 $ 4,390,005 $ 585,180,366 Group B 3,295,223 4,517,811 0 0 0 0 7,813,034 Group C 1,860,737 8,062,852 0 3,566,618 505,330 0 13,995,537 Total $ 98,930,831 $ 246,282,726 $ 55,817,206 $ 158,337,296 $ 43,230,873 $ 4,390,005 $ 606,988,937
Loans modified as TDRs	Year ended December 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate 1st lien 6 $ 591,826 $ 687,751 Year ended December 31, 2019 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Commercial & industrial 6 $ 371,358 $ 372,259 Commercial real estate 1 19,266 21,628 Residential real estate 1st lien 6 755,476 798,800 Jr lien 1 55,557 57,415 14 $ 1,201,657 $ 1,250,102
TDRs payment default	Year ended December 31, 2020 Number of Recorded Contracts Investment Residential real estate - 1st lien 1 $ 165,168 Year ended December 31, 2019 Number of Recorded Contracts Investment Commercial & industrial 2 $ 27,818 Residential real estate - 1st lien 1 227,907 Residential real estate - Jr lien 1 55,010 4 $ 310,735
Specific allowances	2020 2019 Specific allowance $ 108,781 $ 104,548

Loan Servicing (Tables)

Loan Servicing (Tables)	12 Months Ended
	Dec. 31, 2020
Transactions with Related Parties
Schedule of mortgage servicing rights	2020 2019 Balance at beginning of year $ 939,577 $ 1,004,948 MSRs capitalized 292,654 114,580 MSRs amortized (256,435 ) (179,951 ) Change in valuation allowance (53,650 ) 0 Balance at end of year $ 922,146 $ 939,577

Bank Premises and Equipment (Ta

Bank Premises and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Bank Premises and Equipment
Schedule of bank premises and equipment and accumulated depreciation and amortization	2020 2019 Buildings and improvements $ 10,421,580 $ 10,575,514 Land and land improvements 2,663,549 2,650,671 Furniture and equipment 5,307,533 6,848,263 Leasehold improvements 824,605 1,161,073 Finance lease 588,347 588,347 Operating leases 1,417,859 1,490,779 Other prepaid assets 181,627 159,914 21,405,100 23,474,561 Less accumulated depreciation and amortization (11,195,231 ) (12,515,158 ) Net bank premises and equipment $ 10,209,869 $ 10,959,403

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases
Schedule of Operating lease cost	Years Ended December 31, 2020 2019 Operating lease cost $ 259,954 $ 255,475 Finance lease cost: Amortization of right-of-use assets $ 38,667 $ 70,667 Interest on lease liabilities 5,396 16,705 Variable rent expense 33,940 33,940 Total finance lease cost $ 78,003 $ 121,312
Schedule of Operating lease right-of-use assets	December 31, 2020 2019 Operating Leases Operating lease right-of-use assets $ 1,048,686 $ 1,254,384 Operating lease liabilities $ 1,060,391 $ 1,263,173 Finance Leases Finance lease right-of-use assets $ 85,680 $ 124,347 Finance lease liabilities $ 38,159 $ 99,823 December 31, 2020 2019 Weighted Average Remaining Lease Term Operating Leases 4.0 Years 4.4 Years Finance Leases 0.5 Years 1.5 Years Weighted Average Discount Rate Operating Leases 1.28 % 1.28 % Finance Leases 7.50 % 7.50 %
schedule of Operating lease obligations	2021 $ 210,350 2022 216,180 2023 223,432 2024 199,648 2025 154,659 Subsequent to 2025 99,165 Total $ 1,103,434
Schedule of Finance lease obligations	2021 $ 39,119 Less amount representing interest (960 ) Present value of net minimum lease payments $ 38,159
Schedule of undiscounted cash flows in the maturity analysis	Operating Leases Finance Leases Undiscounted cash flows $ 1,103,434 $ 39,119 Discount effect of cash flows (43,043 ) (960 ) Lease liabilities $ 1,060,391 $ 38,159

Deposits (Table)

Deposits (Table)	12 Months Ended
	Dec. 31, 2020
Deposits
Schedule of maturity distribution of time deposits	2021 $ 74,922,873 2022 16,406,502 2023 7,116,526 2024 11,344,797 2025 3,541,263 Total $ 113,331,961

Borrowed Funds (Tables)

Borrowed Funds (Tables)	12 Months Ended
	Dec. 31, 2020
Borrowed Funds
Schedule of Long-Term Advances	2020 2019 Long-Term Advances(1) FHLBB term advance, 0.00%, due January 07, 2021 $ 150,000 $ 0 FHLBB term advance, 0.00%, due February 26, 2021 350,000 350,000 FHLBB term advance, 0.00%, due November 22, 2021 1,000,000 1,000,000 FHLBB term advance, 0.00%, due September 22, 2023 200,000 200,000 FHLBB term advance, 0.00%, due November 12, 2025 300,000 300,000 FHLBB term advance, 0.00%, due November 13, 2028 800,000 800,000 $ 2,800,000 $ 2,650,000

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2020
Repurchase Agreements
schedule of Securities sold	December 31, 2020 2019 Period end balance $ 38,727,312 $ 33,189,848 Average balance 29,687,950 33,545,527 Highest month-end balance 38,727,312 38,868,833 Weighted average interest rate 0.86 % 0.89 % Pledged investment (1) Amortized cost 59,546,509 45,637,025 Fair value 60,705,178 45,966,750

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes
Schedule of Provision for income taxes	2020 2019 Currently paid or payable $ 2,518,516 $ 1,693,624 Deferred (benefit) expense (270,427 ) 96,236 Total income tax expense (1) $ 2,248,089 $ 1,789,860
Schedule of federal income tax	2020 2019 Computed expense at statutory rates $ 2,731,384 $ 2,236,904 Tax exempt interest and BOLI (309,102 ) (306,073 ) Disallowed interest 12,917 15,798 Partnership rehabilitation and tax credits (433,970 ) (415,099 ) Low income housing investment amortization expense 265,982 246,564 Other (19,122 ) 11,766 $ 2,248,089 $ 1,789,860
Schedule of deferred income tax (benefit) expense	2020 2019 Depreciation $ 10,368 $ 126,734 Mortgage servicing rights (3,661 ) (13,728 ) Deferred compensation 3,722 3,701 Bad debts (269,219 ) (68,029 ) Limited partnership amortization (39,430 ) 60,588 Investment in CFSG Partners 13,408 (3,323 ) Loan fair value 0 (6,171 ) Prepaid expenses 11,072 (10,741 ) Other 3,313 7,205 Change in deferred tax (benefit) expense $ (270,427) $ 96,236
Schedule of significant components of the net deferred tax asset	2020 2019 Components of the deferred tax asset: Bad debts $ 1,513,782 $ 1,244,563 Deferred compensation 9,176 12,898 Contingent liability - MPF program 17,838 17,838 Finance lease 7,101 11,930 Other 20,814 16,346 Total deferred tax asset 1,568,711 1,303,575 Components of the deferred tax liability: Depreciation 394,564 384,197 Limited partnerships 37,565 76,995 Mortgage servicing rights 193,650 197,311 Unrealized gain on debt securities AFS 243,321 69,242 Investment in CFS Partners 84,462 71,054 Operating lease 3,178 226 Prepaid expenses 79,810 68,738 Total deferred tax liability 1,036,550 867,763 Net deferred tax asset $ 532,161 $ 435,812

Financial Instruments with Of_2

Financial Instruments with Off-Balance-Sheet Risk (Table)	12 Months Ended
	Dec. 31, 2020
Financial Instruments with Off-Balance-Sheet Risk (Table)
Financial Instruments with Off-Balance-Sheet Risk	Contract or Notional Amount 2020 2019 Unused portions of home equity lines of credit $ 35,217,177 $ 32,784,105 Residential and commercial construction lines of credit 14,843,617 12,364,436 Commercial real estate commitments 32,888,666 24,377,588 Commercial and industrial commitments 57,848,075 47,659,341 Other commitments to extend credit 42,140,295 64,469,012 Standby letters of credit and commercial letters of credit 1,585,000 1,375,500 Recourse on sale of credit card portfolio 327,855 254,430 MPF credit enhancement obligation, net (See Note 19) 552,158 552,158

Transactions with Related Par_2

Transactions with Related Parties (Table)	12 Months Ended
	Dec. 31, 2020
Transactions with Related Parties
Schedule of Aggregate loan transactions	2020 2019 Balance, beginning of year $ 9,127,542 $ 6,730,842 Loans - new Directors 9,769,951 0 New loans to existing Principal Officers/Directors 3,330,226 4,491,524 Repayment (5,453,184 ) (2,094,824 ) Balance, end of year $ 16,774,535 $ 9,127,542

Regulatory Capital Requiremen_2

Regulatory Capital Requirements (Table)	12 Months Ended
	Dec. 31, 2020
Regulatory Capital Requirements
Schedule of regulatory capital ratios	Minimum Minimum Minimum For Capital To Be Well For Capital Adequacy Purposes Capitalized Under Adequacy with Conservation Prompt Corrective Actual Purposes: Buffer(1): Action Provisions(2): Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2020 Common equity tier 1 capital (to risk-weighted assets) Company $ 77,594 14.15 % $ 24,680 4.50 % $ 38,391 7.00 % N/A N/A Bank $ 77,017 14.06 % $ 24,654 4.50 % $ 38,351 7.00 % $ 35,611 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 77,594 14.15 % $ 32,907 6.00 % $ 46,618 8.50 % N/A N/A Bank $ 77,017 14.06 % $ 32,872 6.00 % $ 46,569 8.50 % $ 43,829 8.00 % Total capital (to risk-weighted assets) Company $ 84,455 15.40 % $ 43,876 8.00 % $ 57,587 10.50 % N/A N/A Bank $ 83,871 15.31 % $ 43,829 8.00 % $ 57,526 10.50 % $ 54,787 10.00 % Tier 1 capital (to average assets) Company $ 77,594 8.80 % $ 35,273 4.00 % N/A N/A N/A N/A Bank $ 77,017 8.74 % $ 35,252 4.00 % N/A N/A $ 44,065 5.00 % December 31, 2019: Common equity tier 1 capital (to risk-weighted assets) Company $ 69,947 13.48 % $ 23,352 4.50 % $ 36,325 7.00 % N/A N/A Bank $ 69,330 13.38 % $ 23,325 4.50 % $ 36,283 7.00 % $ 33,691 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 69,947 13.48 % $ 31,135 6.00 % $ 44,108 8.50 % N/A N/A Bank $ 69,330 13.38 % $ 31,099 6.00 % $ 44,057 8.50 % $ 41,466 8.00 % Total capital (to risk-weighted assets) Company $ 75,943 14.63 % $ 41,514 8.00 % $ 54,487 10.50 % N/A N/A Bank $ 75,326 14.53 % $ 41,466 8.00 % $ 54,424 10.50 % $ 51,832 10.00 % Tier 1 capital (to average assets) Company $ 69,947 9.57 % $ 29,223 4.00 % N/A N/A N/A N/A Bank $ 69,330 9.50 % $ 29,201 4.00 % N/A N/A $ 36,501 5.00 %

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value
Schedule of fair value assets and liabilities on recurring basis	Level 2 2020 2019 Assets: (market approach) U.S. GSE debt securities $ 8,169,831 $ 18,061,620 Agency MBS 41,378,349 16,205,375 ABS and OAS 2,669,996 2,852,909 Other investments 8,487,002 8,846,846 Total $ 60,705,178 $ 45,966,750
Schedule of fair value assets and liabilities non-recurring basis	Level 2 2020 2019 Assets: (market approach) Impaired loans, net of related allowance $ 323,645 $ 0 Loans held-for-sale 130,400 0 MSRs (1) 922,146 939,577 OREO 0 966,738
Schedule of estimated fair values of financial instruments	December 31, 2020 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 115,050 $ 115,050 $ 0 $ 0 $ 115,050 Debt securities AFS 60,705 0 60,705 0 60,705 Restricted equity securities 1,447 0 1,447 0 1,447 Loans and loans held-for-sale, net of ALL Commercial & industrial 158,601 0 0 160,371 160,371 Commercial real estate 276,476 0 208 279,281 279,489 Municipal 54,694 0 0 55,601 55,601 Residential real estate - 1st lien 169,201 0 116 170,385 170,501 Residential real estate - Jr lien 37,892 0 0 37,991 37,991 Consumer 4,218 0 0 4,238 4,238 MSRs (1) 922 0 922 0 922 Accrued interest receivable 2,988 0 2,988 0 2,988 Financial liabilities: Deposits Other deposits 778,085 0 779,824 0 779,824 Brokered deposits 4,206 0 4,208 0 4,208 Long-term borrowings 2,800 0 2,724 0 2,724 Repurchase agreements 38,727 0 38,727 0 38,727 Operating lease obligations 1,060 0 1,060 0 1,060 Finance lease obligations 38 0 38 0 38 Subordinated debentures 12,887 0 12,876 0 12,876 Accrued interest payable 86 0 86 0 86 December 31, 2019 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 48,562 $ 48,562 $ 0 $ 0 $ 48,562 Debt securities AFS 45,967 0 45,967 0 45,967 Restricted equity securities 1,432 0 1,432 0 1,432 Loans and loans held-for-sale, net of ALL Commercial & industrial 98,062 0 0 97,356 97,356 Commercial real estate 243,022 0 0 242,735 242,735 Municipal 55,817 0 0 55,867 55,867 Residential real estate - 1st lien 156,897 0 0 156,520 156,520 Residential real estate - Jr lien 42,927 0 0 42,950 42,950 Consumer 4,337 0 0 4,306 4,306 MSRs (1) 940 0 1,250 0 1,250 Accrued interest receivable 2,337 0 2,337 0 2,337 Financial liabilities: Deposits Other deposits 603,872 0 604,267 0 604,267 Brokered deposits 11,149 0 11,153 0 11,153 Long-term borrowings 2,650 0 2,427 0 2,427 Repurchase agreements 33,190 0 33,190 0 33,190 Operating lease obligations 1,263 0 1,263 0 1,263 Finance lease obligations 100 0 100 0 100 Subordinated debentures 12,887 0 12,831 0 12,831 Accrued interest payable 139 0 139 0 139

Condensed Financial Informati_2

Condensed Financial Information Parent Company Only (Tables)	12 Months Ended
	Dec. 31, 2020
Condensed Financial Information Parent Company Only
Schedule of Condensed Balance Sheets	Community Bancorp. (Parent Company Only) December 31, December 31, Balance Sheets 2020 2019 Assets Cash $ 750,371 $ 744,687 Investment in subsidiary - Community National Bank 89,598,666 81,164,447 Investment in Capital Trust 387,000 387,000 Income taxes receivable 184,973 213,071 Total assets $ 90,921,010 $ 82,509,205 Liabilities and Shareholders’ Equity Liabilities Junior subordinated debentures $ 12,887,000 $ 12,887,000 Dividends payable 745,297 727,526 Total liabilities 13,632,297 13,614,526 Shareholders’ Equity Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2020 and 2019 ($100,000 liquidation value, per share) 1,500,000 1,500,000 Common stock - $2.50 par value; 15,000,000 shares authorized, 5,527,380 and 5,449,857 shares issued at December 31, 2020 and 2019, respectively (including 18,128 and 16,267 shares issued February 1, 2021 and 2020, respectively) 13,818,450 13,624,643 Additional paid-in capital 34,309,646 33,464,381 Retained earnings 29,368,046 22,667,949 Accumulated other comprehensive income 915,348 260,483 Less: treasury stock, at cost; 210,101 shares at December 31, 2020 and 2019 (2,622,777 ) (2,622,777 ) Total shareholders’ equity 77,288,713 68,894,679 Total liabilities and shareholders’ equity $ 90,921,010 $ 82,509,205
Schedule of Condensed Statements of Income	Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Income 2020 2019 Income Bank subsidiary distributions $ 3,675,000 $ 4,256,000 Dividends on Capital Trust 14,314 20,858 Total income 3,689,314 4,276,858 Expense Interest on junior subordinated debentures 476,666 694,573 Administrative and other 418,474 340,904 Total expense 895,140 1,035,477 Income before applicable income tax benefit and equity in undistributed net income of subsidiary 2,794,174 3,241,381 Income tax benefit 184,973 213,071 Income before equity in undistributed net income of subsidiary 2,979,147 3,454,452 Equity in undistributed net income of subsidiary 7,779,355 5,369,994 Net income $ 10,758,502 $ 8,824,446
Schedule of Condensed Statements of Cash Flows	Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Cash Flows 2020 2019 Cash Flows from Operating Activities Net income $ 10,758,502 $ 8,824,446 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiary (7,779,355 ) (5,369,994 ) (Increase) decrease in income taxes receivable 28,097 (5,827 ) Net cash provided by operating activities 3,007,244 3,448,625 Cash Flows from Financing Activities Redemption of preferred stock 0 (500,000 ) Dividends paid on preferred stock (54,375 ) (87,500 ) Dividends paid on common stock (2,947,185 ) (2,837,058 ) Net cash used in financing activities (3,001,560 ) (3,424,558 ) Net increase in cash 5,684 24,067 Cash Beginning 744,687 720,620 Ending $ 750,371 $ 744,687 Cash Received for Income Taxes $ 213,071 $ 207,244 Cash Paid for Interest $ 476,666 $ 694,573 Dividends paid: Dividends declared $ 4,004,030 $ 3,951,279 Increase in dividends payable attributable to dividends declared (17,773 ) (16,987 ) Dividends reinvested (1,039,072 ) (1,097,234 ) $ 2,947,185 $ 2,837,058

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Data (Unaudited)
Schedule of summary of financial data	2020 March 31, June 30, September 30, December 31, Interest income $ 7,772,152 $ 8,191,442 $ 8,086,866 $ 9,011,834 Interest expense 1,476,393 1,206,909 1,050,780 1,112,604 Provision for loan losses 376,503 307,499 362,499 542,499 Non-interest income 1,353,707 1,762,102 1,941,295 1,714,620 Non-interest expense 5,093,219 4,987,453 5,104,717 5,206,352 Net income 1,861,239 2,842,311 2,880,443 3,174,509 Earnings per common share 0.35 0.54 0.54 0.60 2019 March 31, June 30, September 30, December 31, Interest income $ 7,698,368 $ 8,262,422 $ 7,906,454 $ 7,891,564 Interest expense 1,538,540 1,546,953 1,509,033 1,548,595 Provision for loan losses 212,503 141,666 412,499 299,499 Non-interest income 1,318,700 1,434,138 1,597,332 1,595,896 Non-interest expense 5,155,924 5,079,060 4,863,716 4,782,580 Net income 1,771,905 2,419,298 2,261,943 2,371,300 Earnings per common share 0.34 0.46 0.43 0.45

Other Income and Other Expens_2

Other Income and Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Other Income and Other Expenses
Schedule of other income and other expenses	2020 2019 Income Income from investment in CFS Partners $ 684,891 $ 588,696 Expenses Outsourcing expense $ 473,426 $ 428,668 Service contracts - administration 506,144 539,510 Marketing 425,000 450,533 State deposit tax 704,047 669,502 ATM fees 486,590 434,270

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies
Net income	$ 3,174,509	$ 2,880,443	$ 2,842,311	$ 1,861,239	$ 2,371,300	$ 2,261,943	$ 2,419,298	$ 1,771,905	$ 10,758,502	$ 8,824,446
Less: dividends to preferred shareholders									54,375	87,500
Net income available to common shareholders									$ 10,704,127	$ 8,736,946
Weighted average number of common shares used in computing earnings per share									5,274,785	5,204,768
Earnings per common share	$ 0.60	$ 0.54	$ 0.54	$ 0.35	$ 0.45	$ 0.43	$ 0.46	$ 0.34	$ 2.03	$ 1.68

Significant Accounting Polici_5

Significant Accounting Policies (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 31, 2007	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses description										Unsecured loans to customers who subsequently file bankruptcy are charged off within 30 days of receipt of the notification of filing or by the end of the month in which the loans become 120 days past due, whichever occurs first
Unsecured portion description										The unsecured portion of an impaired real estate secured loan is charged off by the end of the month in which the loan becomes 180 days past due
Impaired loans description										Impaired loans are loans to a borrower that in the aggregate are greater than $100,000 and that are in non-accrual status or are TDRs regardless of amount
Preferred stock, shares issued		15				15				15	15
Preferred stock, shares outstanding		15				15				15	15
Preferred stock, liquidation value		$ 100,000				$ 100,000				$ 100,000	$ 100,000
Perpetual preferred stock issued	25
Variable rate description										A variable rate of 5.50% was in effect for the dividend payments due in each of the first three quarters of 2019, followed by a decrease to a rate of 5.00% for the dividend payment in the fourth quarter of 2019. The rate decreased to 4.75% for the dividend paid in the first quarter of 2020, followed by two decreases with a rate of 3.25% in effect for the last three quarters of 2020, as well as the first quarter of 2021.
Accrued dividends										$ 500,000
Provision for loan losses		$ 542,499	$ 362,499	$ 307,499	$ 376,503	$ 299,499	$ 412,499	$ 141,666	$ 212,503	$ 1,589,000	$ 1,066,167
Stock par value		$ 2.50				$ 2.5				$ 2.50	$ 2.5
FHLBB [Member]
Stock par value		$ 100								$ 100
CFSG [Member]
Ownership interest		100.00%								100.00%
ACBB [Member]
Description of minimum invest										the Company is required to invest in a minimum of 20 shares of the common stock of ACBB’s parent company,
Loan Segment [Member]
Provision for loan losses										$ 362,499	$ 106,821

Investment Securities (Details)

Investment Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Amortized cost	$ 59,546,509	$ 45,637,025
Gross unrealized gains	1,192,865	423,881
Gross unrealized losses	34,196	94,156
Fair value	60,705,178	45,966,750
Other investments [Member]
Amortized cost	8,169,000	8,665,000
Gross unrealized gains	318,002	181,846
Gross unrealized losses	0	0
Fair value	8,487,002	8,846,846
Agency mortgage-backed securities (Agency MBS) [Member]
Amortized cost	40,861,370	16,169,819
Gross unrealized gains	547,930	86,874
Gross unrealized losses	30,951	51,318
Fair value	41,378,349	16,205,375
ABS and OAS [Member]
Amortized cost	2,508,997	2,799,657
Gross unrealized gains	160,999	55,418
Gross unrealized losses	0	2,166
Fair value	2,669,996	2,852,909
U.S. GSE debt securities [Member]
Amortized cost	8,007,142	18,002,549
Gross unrealized gains	165,934	99,743
Gross unrealized losses	3,245	40,672
Fair value	$ 8,169,831	$ 18,061,620

Investment Securities (Details

Investment Securities (Details 1) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Investment Securities (Details)
Amortized cost	$ 59,546,509	$ 45,637,025
Fair value	$ 60,705,178	$ 45,966,750

Investment Securities (Detail_2

Investment Securities (Details 2) - Available for sale Securities [Member]	Dec. 31, 2020USD ($)
Due in one year or less	$ 2,227,000
Due from one to five years	5,942,000
Due from five to ten years	9,511,476
Due after ten years	1,004,663
Agency MBS	40,861,370
Total	59,546,509
Due in one year or less, Fair value	2,247,603
Due from one to five years, Fair value	6,239,399
Due from five to ten years, Fair value	9,801,921
Due after ten years, Fair value	1,037,906
Agency MBS, Fair value	41,378,349
Total, fair value	$ 60,705,178

Investment Securities (Detail_3

Investment Securities (Details 3)	12 Months Ended
	Dec. 31, 2020USD ($)integer	Dec. 31, 2019USD ($)integer
Fair value less than 12 months	$ 4,075,401	$ 14,238,365
Unrealized loss less than 12 months	23,090	67,486
Unrealized loss 12 months or more	11,106	26,670
Fair value 12 months or more	$ 520,546	$ 2,920,091
Number of securities | integer	8	21
Fair value	$ 4,595,947	$ 17,158,456
Unrealized loss	34,196	94,156
Other investments [Member]
Fair value less than 12 months	0	0
Unrealized loss less than 12 months	0	0
Unrealized loss 12 months or more	0	0
Fair value 12 months or more	$ 0	$ 0
Number of securities | integer	0	0
Fair value	$ 0	$ 0
Unrealized loss	0	0
U.S. GSE debt securities [Member]
Fair value less than 12 months	1,999,234	7,964,192
Unrealized loss less than 12 months	3,245	40,672
Unrealized loss 12 months or more	0	0
Fair value 12 months or more	$ 0	$ 0
Number of securities | integer	2	7
Fair value	$ 1,999,234	$ 7,964,192
Unrealized loss	3,245	40,672
Agency mortgage-backed securities (Agency MBS) [Member]
Fair value less than 12 months	2,076,167	5,273,683
Unrealized loss less than 12 months	19,845	24,648
Unrealized loss 12 months or more	11,106	26,670
Fair value 12 months or more	$ 520,546	$ 2,920,091
Number of securities | integer	6	13
Fair value	$ 2,596,713	$ 8,193,774
Unrealized loss	30,951	51,318
ABS and OAS [Member]
Fair value less than 12 months	0	1,000,490
Unrealized loss less than 12 months	0	2,166
Unrealized loss 12 months or more	0	0
Fair value 12 months or more	$ 0	$ 0
Number of securities | integer	0	1
Fair value	$ 0	$ 1,000,490
Unrealized loss	$ 0	$ 2,166

Investment Securities (Detail_4

Investment Securities (Details Narrative)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)integer
Proceeds from sales of debt securities	$ 884,137	$ 6,553,118
Net realized gain on sale of securities	39,086	1,570
Purchases of restricted equity securities	(537,100)	(176,000)
Proceeds from redemption of restricted equity securities	522,400	493,600
Net realized loss on sale of securities AFS	0	28,060
Restricted equity securities, at cost	1,446,550	1,431,850
ACBB [Member]
Restricted equity securities, at cost	90,000	90,000
Numbers of shares purchased | integer			20
Purchase price of shares			$ 90,000
FHLBB [Member]
Purchases of restricted equity securities	(537,100)	(176,000)
Investment	768,400	753,700
FRBB [Member]
Investment	$ 588,150	$ 588,150

Loans Allowance for Loan Loss_2

Loans Allowance for Loan Losses and Credit Quality (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Loans, Allowance for Loan Losses and Credit Quality
Commercial & industrial	$ 161,067,501	$ 98,930,831
Commercial real estate	280,544,550	246,282,726
Municipal	54,807,367	55,817,206
Residential real estate - 1st lien	170,507,263	158,337,296
Residential real estate - Jr lien	38,147,659	43,230,873
Consumer	4,280,990	4,390,005
Total loans	709,355,330	606,988,937
Deduct (add):
ALL	7,208,485	5,926,491
Deferred net loan fees (costs)	1,195,741	(362,415)
Net loans	$ 700,951,104	$ 601,424,861

Loans Allowance for Loan Loss_3

Loans Allowance for Loan Losses and Credit Quality (Details 1) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
30-89 days	$ 2,151,905	$ 6,010,907
90 days or more	1,577,012	1,561,300
Total past due	3,728,917	7,572,207
Current	705,626,413	599,416,730
Total loans	709,355,330	606,988,937
Non-accrual loans	4,674,764	4,433,930
90 days or more and accruing	489,177	642,432
Commercial Real Estate [Member]
30-89 days	127,343	1,690,307
90 days or more	567,957	151,723
Total past due	695,300	1,842,030
Current	279,849,250	244,440,696
Total loans	280,544,550	246,282,726
Non-accrual loans	1,875,942	1,600,827
90 days or more and accruing	0	0
Residential real estate - 1st lien [Member]
30-89 days	1,872,439	3,871,045
90 days or more	828,344	1,217,098
Total past due	2,700,783	5,088,143
Current	167,806,480	153,249,153
Total loans	170,507,263	158,337,296
Non-accrual loans	2,173,315	2,112,267
90 days or more and accruing	390,288	530,046
Commercial and industrial [Member]
30-89 days	119,413	68,532
90 days or more	0	44,503
Total past due	119,413	113,035
Current	160,948,088	98,817,796
Total loans	161,067,501	98,930,831
Non-accrual loans	434,196	480,083
90 days or more and accruing	0	0
Municipal [Member]
30-89 days	0	0
90 days or more	0	0
Total past due	0	0
Current	54,807,367	55,817,206
Total loans	54,807,367	55,817,206
Non-accrual loans	0	0
90 days or more and accruing	0	0
Residential real estate - Jr lien [Member]
30-89 days	18,322	331,416
90 days or more	180,711	147,976
Total past due	199,033	479,392
Current	37,948,626	42,751,481
Total loans	38,147,659	43,230,873
Non-accrual loans	191,311	240,753
90 days or more and accruing	98,889	112,386
Consumer [Member]
30-89 days	14,388	49,607
90 days or more	0	0
Total past due	14,388	49,607
Current	4,266,602	4,340,398
Total loans	4,280,990	4,390,005
Non-accrual loans	0	0
90 days or more and accruing	$ 0	$ 0

Loans Allowance for Loan Loss_4

Loans Allowance for Loan Losses and Credit Quality (Details 2)	Dec. 31, 2020USD ($)integer	Dec. 31, 2019USD ($)integer
Loans, Allowance for Loan Losses and Credit Quality
Residential mortgage loans in process of foreclosure, number of loans | integer	6	9
Residential mortgage loans in process of foreclosure, current balance | $	$ 312,807	$ 495,943

Loans Allowance for Loan Loss_5

Loans Allowance for Loan Losses and Credit Quality (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses, beginning balance	$ 5,926,491	$ 5,602,541
Charge-offs	(379,971)	(860,059)
Recoveries	72,965	117,842
Provisions (credit)	1,589,000	1,066,167
Allowance for loan losses, ending balance	7,208,485	5,926,491
Allowance for loan losses evaluated for impairment, individually	108,781	104,548
Allowance for loan losses evaluated for impairment, collectively	7,099,704	5,821,943
Total ALL evaluted for impairment	7,208,485	5,926,491
Total, Loans evaluted for impairment	709,355,330	606,988,937
Loans evaluated for impairment, individually	7,150,092	6,748,146
Loans evaluated for impairment, collectively	702,205,238	600,240,791
Residential Real Estate Jr Lien
Allowance for loan losses, beginning balance	289,684	273,445
Charge-offs	(28,673)	(222,999)
Recoveries	5,809	2,200
Provisions (credit)	(31,924)	237,038
Allowance for loan losses, ending balance	234,896	289,684
Allowance for loan losses evaluated for impairment, individually	307	712
Allowance for loan losses evaluated for impairment, collectively	234,589	288,972
Total ALL evaluted for impairment	234,896	289,684
Total, Loans evaluted for impairment	38,147,659	43,230,873
Loans evaluated for impairment, individually	135,053	156,073
Loans evaluated for impairment, collectively	38,012,606	43,074,800
Municipal [Member]
Allowance for loan losses, beginning balance	0	0
Charge-offs	0	0
Recoveries	0	0
Provisions (credit)	82,211	0
Allowance for loan losses, ending balance	82,211	0
Allowance for loan losses evaluated for impairment, individually	0	0
Allowance for loan losses evaluated for impairment, collectively	82,211	0
Total ALL evaluted for impairment	82,211	0
Total, Loans evaluted for impairment	54,807,367	55,817,206
Loans evaluated for impairment, individually	0	0
Loans evaluated for impairment, collectively	54,807,367	55,817,206
Residential Real Estate - 1st Lien [Member]
Allowance for loan losses, beginning balance	1,388,564	1,421,494
Charge-offs	(203,623)	(242,244)
Recoveries	12,856	15,776
Provisions (credit)	537,507	193,538
Allowance for loan losses, ending balance	1,735,304	1,388,564
Allowance for loan losses evaluated for impairment, individually	108,474	103,836
Allowance for loan losses evaluated for impairment, collectively	1,626,830	1,284,728
Total ALL evaluted for impairment	1,735,304	1,388,564
Total, Loans evaluted for impairment	170,507,263	158,337,296
Loans evaluated for impairment, individually	4,657,050	4,471,902
Loans evaluated for impairment, collectively	165,850,213	153,865,394
Commercial and Industrial [Member]
Allowance for loan losses, beginning balance	836,766	697,469
Charge-offs	(39,148)	(175,815)
Recoveries	1,087	10,768
Provisions (credit)	43,842	304,344
Allowance for loan losses, ending balance	842,547	836,766
Allowance for loan losses evaluated for impairment, individually	0	0
Allowance for loan losses evaluated for impairment, collectively	842,547	836,766
Total ALL evaluted for impairment	842,547	836,766
Total, Loans evaluted for impairment	161,067,501	98,930,831
Loans evaluated for impairment, individually	414,266	420,933
Loans evaluated for impairment, collectively	160,653,235	98,509,898
Commercial Real Estate [Member]
Allowance for loan losses, beginning balance	3,181,646	3,019,868
Charge-offs	(34,200)	(116,186)
Recoveries	20,000	50,388
Provisions (credit)	686,707	227,576
Allowance for loan losses, ending balance	3,854,153	3,181,646
Allowance for loan losses evaluated for impairment, individually	0	0
Allowance for loan losses evaluated for impairment, collectively	3,854,153	3,181,646
Total ALL evaluted for impairment	3,854,153	3,181,646
Total, Loans evaluted for impairment	280,544,550	246,282,726
Loans evaluated for impairment, individually	1,943,723	1,699,238
Loans evaluated for impairment, collectively	278,600,827	244,583,488
Consumer [Member]
Allowance for loan losses, beginning balance	51,793	56,787
Charge-offs	(74,327)	(102,815)
Recoveries	33,213	38,710
Provisions (credit)	49,782	59,111
Allowance for loan losses, ending balance	60,461	51,793
Allowance for loan losses evaluated for impairment, individually	0	0
Allowance for loan losses evaluated for impairment, collectively	60,461	51,793
Total ALL evaluted for impairment	60,461	51,793
Total, Loans evaluted for impairment	4,280,990	4,390,005
Loans evaluated for impairment, individually	0	0
Loans evaluated for impairment, collectively	4,280,990	4,390,005
Unallocated [Member]
Allowance for loan losses, beginning balance	178,038	133,478
Charge-offs	0	0
Recoveries	0	0
Provisions (credit)	220,875	44,560
Allowance for loan losses, ending balance	398,913	178,038
Allowance for loan losses evaluated for impairment, individually	0	0
Allowance for loan losses evaluated for impairment, collectively	398,913	178,038
Total ALL evaluted for impairment	$ 398,913	$ 178,038

Loans Allowance for Loan Loss_6

Loans Allowance for Loan Losses and Credit Quality (Details 4) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Recorded investment allowance recorded	$ 7,182,881	$ 6,770,197
Unpaid principal balance allowance recorded	8,598,095	7,817,012
Related allowance with an allowance recorded	108,781	104,548
Interest income recognized	329,151	332,081
Average recorded investment allowance recorded	7,080,823	7,243,017
Total Related Allowance
Recorded investment with an allowance recorded	905,358	884,560
Unpaid principal balance with an allowance recorded	954,838	908,101
Related allowance with an allowance recorded	108,781	104,548
Average recorded investment with an allowance recorded	894,678	1,119,213
Interest income recognized with an allowance recorded	73,254	86,687
Total No Related Allowance
Recorded investment with no related allowance recorded	6,277,523	5,885,637
Unpaid principal balance with no related allowance recorded	7,643,257	6,908,911
Interest income recognized with no related allowance recorded	255,897	245,394
Average recorded investment with no related allowance recorded	6,186,145	6,123,804
Commercial and industrial [Member]
Recorded investment with an allowance recorded		0
Unpaid principal balance with an allowance recorded		0
Related allowance with an allowance recorded		0
Recorded investment with no related allowance recorded	414,266	420,933
Unpaid principal balance with no related allowance recorded	471,405	445,509
Average recorded investment with an allowance recorded		32,466
Interest income recognized with an allowance recorded		0
Interest income recognized with no related allowance recorded	6,396	6,396
Average recorded investment with no related allowance recorded	397,136	307,208
Residential real estate - Jr lien [Member]
Recorded investment with an allowance recorded	4,777	6,121
Unpaid principal balance with an allowance recorded	4,775	6,101
Related allowance with an allowance recorded	307	712
Recorded investment with no related allowance recorded	130,279	149,972
Unpaid principal balance with no related allowance recorded	169,720	157,754
Average recorded investment with an allowance recorded	5,416	6,869
Interest income recognized with an allowance recorded	541	648
Interest income recognized with no related allowance recorded	4,524	4,524
Average recorded investment with no related allowance recorded	163,750	224,938
Commercial Real Estate [Member]
Recorded investment with an allowance recorded		0
Unpaid principal balance with an allowance recorded		0
Related allowance with an allowance recorded		0
Recorded investment with no related allowance recorded	1,944,013	1,699,772
Unpaid principal balance with no related allowance recorded	2,394,284	2,031,764
Average recorded investment with an allowance recorded		97,720
Interest income recognized with an allowance recorded		0
Interest income recognized with no related allowance recorded	14,139	21,591
Average recorded investment with no related allowance recorded	1,746,430	1,812,836
Residential real estate - 1st lien [Member]
Recorded investment with an allowance recorded	900,581	878,439
Unpaid principal balance with an allowance recorded	950,063	902,000
Related allowance with an allowance recorded	108,474	103,836
Recorded investment with no related allowance recorded	3,788,965	3,614,960
Unpaid principal balance with no related allowance recorded	4,607,848	4,273,884
Average recorded investment with an allowance recorded	889,262	982,158
Interest income recognized with an allowance recorded	72,713	86,039
Interest income recognized with no related allowance recorded	230,838	212,883
Average recorded investment with no related allowance recorded	$ 3,878,829	$ 3,778,822

Loans Allowance for Loan Loss_7

Loans Allowance for Loan Losses and Credit Quality (Details 5) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Group B	$ 13,782,719	$ 7,813,034
Group A	683,098,754	585,180,366
Total loans	709,355,330	606,988,937
Group C	12,473,857	13,995,537
Commercial Real Estate [Member]
Group B	12,784,078	4,517,811
Group A	261,932,833	233,702,063
Total loans	280,544,550	246,282,726
Group C	5,827,639	8,062,852
Residential real estate - 1st lien [Member]
Group B	0	0
Group A	167,478,918	154,770,678
Total loans	170,507,263	158,337,296
Group C	3,028,345	3,566,618
Commercial and industrial [Member]
Group B	998,641	3,295,223
Group A	156,748,590	93,774,871
Total loans	161,067,501	98,930,831
Group C	3,320,270	1,860,737
Municipal [Member]
Group B	0	0
Group A	54,807,367	55,817,206
Total loans	54,807,367	55,817,206
Group C	0	0
Residential real estate - Jr lien [Member]
Group B	0	0
Group A	37,850,056	42,725,543
Total loans	38,147,659	43,230,873
Group C	297,603	505,330
Consumer [Member]
Group B	0	0
Group A	4,280,990	4,390,005
Total loans	4,280,990	4,390,005
Group C	$ 0	$ 0

Loans Allowance for Loan Loss_8

Loans Allowance for Loan Losses and Credit Quality (Details 6)	12 Months Ended
	Dec. 31, 2020USD ($)integer	Dec. 31, 2019USD ($)integer
Number of contracts modified as TDRs | integer	6	14
Pre-Modification outstanding recorded investment	$ 591,826	$ 1,201,657
Post-Modification outstanding recorded investment	$ 687,751	$ 1,250,102
Commercial and industrial [Member]
Number of contracts modified as TDRs | integer		6
Pre-Modification outstanding recorded investment		$ 371,358
Post-Modification outstanding recorded investment		$ 372,259
Residential real estate - Jr lien [Member]
Number of contracts modified as TDRs | integer		1
Pre-Modification outstanding recorded investment		$ 55,557
Post-Modification outstanding recorded investment		$ 57,415
Commercial Real Estate [Member]
Number of contracts modified as TDRs | integer		1
Pre-Modification outstanding recorded investment		$ 19,266
Post-Modification outstanding recorded investment		$ 21,628
Residential real estate - 1st lien [Member]
Number of contracts modified as TDRs | integer	6	6
Pre-Modification outstanding recorded investment	$ 591,826	$ 755,476
Post-Modification outstanding recorded investment	$ 687,751	$ 798,800

Loans Allowance for Loan Loss_9

Loans Allowance for Loan Losses and Credit Quality (Details 7)	12 Months Ended
	Sep. 30, 2020USD ($)integer	Dec. 31, 2019USD ($)integer
Number of contracts | integer	1	4
Recorded investment | $	$ 165,168	$ 310,735
Residential Real Estate Jr Lien
Number of contracts | integer		1
Recorded investment | $		$ 55,010
Commercial & industrial [Member]
Number of contracts | integer		2
Recorded investment | $		$ 27,818
Residential real estate - 1st lien [Member]
Number of contracts | integer	1	1
Recorded investment | $	$ 165,168	$ 227,907

Loans Allowance for Loan Los_10

Loans Allowance for Loan Losses and Credit Quality (Details 8) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Loans, Allowance for Loan Losses and Credit Quality
Specific allocation	$ 108,781	$ 104,548

Loans Allowance for Loan Los_11

Loans Allowance for Loan Losses and Credit Quality (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Loans, Allowance for Loan Losses and Credit Quality
Accrued interest receivable and deferred net loan costs	$ 32,789	$ 22,051
Modified loans related to covid-19	$ 119,800,000

Loan Servicing (Details)

Loan Servicing (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Loan Servicing
Balance at beginning of year	$ 939,577	$ 1,004,948
Mortgage servicing rights capitalized	292,654	114,580
Mortgage servicing rights amortized	(256,435)	(179,951)
Change in valuation allowance	(53,650)	0
Balance at end of period	$ 922,146	$ 939,577

Loan Servicing (Details Narrati

Loan Servicing (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Loan Servicing
Unpaid principal balances of mortgage loans serviced for others	$ 4,610,868	$ 167,673,467
Net gain realized on the sale of loans	$ 1,027,175	$ 290,116

Bank Premises and Equipment (De

Bank Premises and Equipment (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Bank Premises and Equipment
Buildings and improvements	$ 10,421,580	$ 10,575,514
Land and land improvements	2,663,549	2,650,671
Furniture and equipment	5,307,533	6,848,263
Leasehold improvements	824,605	1,161,073
Finance lease	588,347	588,347
Operating leases	1,417,859	1,490,779
Other prepaid assets	181,627	159,914
Bank premises and equipment, gross	21,405,100	23,474,561
Less accumulated depreciation and amortization	(11,195,231)	(12,515,158)
Bank premises and equipment, net	$ 10,209,869	$ 10,959,403

Leases (Details)

Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Operating lease cost	$ 259,954	$ 255,475
Amortization of right-of-use assets	38,667	70,667
Interest on lease liabilities	5,396	16,705
Variable rent expense	33,940	33,940
Finance lease cost	$ 78,003	$ 121,312

Leases (Details 1)

Leases (Details 1) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
Operating lease right-of-use assets	$ 1,048,686	$ 1,254,384
Operating lease liabilities	1,060,391	1,263,173
Finance Leases
Finance lease right-of-use assets	85,680	124,347
Finance lease liabilities	$ 38,159	$ 99,823

Leases (Details 2)

Leases (Details 2)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Weighted average remaining lease term - operating leases	4 years	4 years 4 months 24 days
Weighted average remaining lease term - finance leases	6 months	1 year 6 months
Weighted average discount rate - operating leases	1.28%	1.28%
Weighted average discount rate - finance leases	7.50%	7.50%

Leases (Details 3)

Leases (Details 3)	Dec. 31, 2020USD ($)
Operating Leases
2021	$ 210,350
2022	216,180
2023	223,432
2024	199,648
2025	154,659
Subsequent to 2025	99,165
Total	$ 1,103,434

Leases (Details 4)

Leases (Details 4) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Finance Leases
2020	$ 39,119
Less amount representing interest	(960)
Present value of net minimum lease payments	$ 38,159	$ 99,823

Leases (Details 5)

Leases (Details 5) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Leases
Operating lease undiscounted cash flows	$ 1,103,434
Operating lease discount effect of cash flows	(43,043)
Operating lease liabilities	1,060,391	$ 1,263,173
Finance lease undiscounted cash flows	39,119
Finance lease discount effect of cash flows	(960)
Finance lease liabilities	$ 38,159	$ 99,823

Leases (Details Narrative)

Leases (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Rent expense excluded operating lease cost	$ 15,872	$ 16,601

Goodwill (Details Narrative)

Goodwill (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Goodwill	$ 11,574,269	$ 11,574,269
LyndonBank [Member]
Goodwill			$ 11,574,269

Other Investments (Details Narr

Other Investments (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Amortization expense	$ 336,686	$ 2,106
Carrying Value Limited Partnerships Investment	2,425,721	2,762,406
LimitedPartnership
Tax Credits	433,970	415,099
CFS
Investment in other assets	4,220,418	3,535,527
Income	$ 684,891	$ 588,696

Deposits (Details)

Deposits (Details)	Dec. 31, 2020USD ($)
Deposits (Details)
2021	$ 74,922,873
2022	16,406,502
2023	7,116,526
2024	11,344,797
2025	3,541,263
Total	$ 113,331,961

Deposits (Details Narrative)

Deposits (Details Narrative)	Dec. 31, 2020USD ($)
Deposits (Details)
FDIC insurance amount	$ 268,444,165

Borrowed Funds (Details)

Borrowed Funds (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Long-term advances	$ 2,800,000	$ 2,650,000
FHLBB term advance One
Long-term advances	150,000	0
FHLBB term advance Two
Long-term advances	350,000	350,000
FHLBB term advance Three
Long-term advances	1,000,000	1,000,000
FHLBB term advance Four
Long-term advances	200,000	200,000
FHLBB term advance Five
Long-term advances	300,000	300,000
FHLBB term advance Six
Long-term advances	$ 800,000	$ 800,000

Borrowed Funds (Details Narrati

Borrowed Funds (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Line of credit with correspondent bank	$ 25,500,000	$ 25,500,000
FHLBB [Member]
Line of credit with correspondent bank	500,000	500,000
Qualified collateral borrowing	132,667,958	135,672,471
Potential borrowing capacity	93,052,713	97,358,249
Letters of credit collateral deposits	23,475,000	14,425,000
Fees paid for issuance of letters of credit	46,748	41,069
FRBB [Member]
Potential borrowing capacity	$ 50,378,933	$ 56,896,877

Junior Subordinated Debentures

Junior Subordinated Debentures (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Junior Subordinated Debentures
Junior subordinated debentures	$ 12,887,000	$ 12,887,000
Floating rate	3.65%	5.33%
Debt maturity date	Dec. 15, 2037
Interest paid on the debentures	$ 476,666	$ 694,573
Capital contributions	387,000
Capital securities, principal amount	$ 12,500,000

Repurchase Agreements (Details)

Repurchase Agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Repurchase Agreements (Details)
Period end balance	$ 38,727,312	$ 33,189,848
Average balance	29,687,950	33,545,527
Highest month-end balance	$ 38,727,312	$ 38,868,833
Weighted average interest rate	0.86%	0.89%
Amortized cost - Pledged investments	$ 59,546,509	$ 45,637,025
Fair Value - Pledged investments	$ 60,705,178	$ 45,966,750

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Currently paid or payable	$ 2,518,516	$ 1,693,624
Deferred (benefit) expense	(270,427)	96,236
Total income tax expense	$ 2,248,089	$ 1,789,860

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Computed expense at statutory rates	$ 2,731,384	$ 2,236,904
Tax exempt interest and BOLI	(309,102)	(306,073)
Disallowed interest	12,917	15,798
Partnership rehabilitation and tax credits	(433,970)	(415,099)
Low income housing investment amortization expense	265,982	246,564
Other	(19,122)	11,766
Income tax expense	$ 2,248,089	$ 1,789,860

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred tax (benefit) expense	$ (270,427)	$ 96,236
Deferred Income Tax Charges [Member]
Depreciation	10,368	126,734
Mortgage servicing rights	(3,661)	(13,728)
Deferred compensation	3,722	3,701
Bad debts	(269,219)	(68,029)
Limited partnership amortization	(39,430)	60,588
Investment in CFS Partners	13,408	(3,323)
Loan fair value	0	(6,171)
Prepaid expenses	11,072	(10,741)
Other	3,313	7,205
Deferred tax (benefit) expense	$ (270,427)	$ 96,236

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Components of the deferred tax asset:
Bad debts	$ 1,513,782	$ 1,244,563
Deferred compensation	9,176	12,898
Contingent liability - MPF program	17,838	17,838
Finance lease	7,101	11,930
Other	20,814	16,346
Total deferred tax asset	1,568,711	1,303,575
Components of the deferred tax liability:
Depreciation	394,564	384,197
Limited partnerships	37,565	76,995
Mortgage servicing rights	193,650	197,311
Unrealized gain on debt securities AFS	243,321	69,242
Investment in CFS Partners	84,462	71,054
Operating lease	3,178	226
Prepaid expenses	79,810	68,738
Total deferred tax liability	1,036,550	867,763
Net deferred tax asset	$ 532,161	$ 435,812

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Estimated tax payments	$ 3,000	$ 10,000

401(k) and ProfitSharing Plan (

401(k) and ProfitSharing Plan (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
401(k) and Profit-Sharing Plan
Pension expense	$ 648,405	$ 624,000

Deferred Compensation and Sup_2

Deferred Compensation and Supplemental Employee Retirement Plans (Details Narrative) - Directors Deferred Compensation Plan - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Benefits accrued with the plan	$ 43,694	$ 61,421
Expenses associated with the plan	$ 274	$ 376

Financial Instruments with Of_3

Financial Instruments with Off-Balance-Sheet Risk (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments with Off-Balance-Sheet Risk
Unused portions of home equity lines of credit	$ 35,217,177	$ 32,784,105
Residential and commercial construction lines of credit	14,843,617	12,364,436
Commercial real estate commitments	32,888,666	24,377,588
Commercial and industrial commitments	57,848,075	47,659,341
Other commitments to extend credit	42,140,295	64,469,012
Standby letters of credit and commercial letters of credit	1,585,000	1,375,500
Recourse on sale of credit card portfolio	327,855	254,430
MPF credit enhancement obligation, net (See Note 16)	$ 552,158	$ 552,158

Financial Instruments with Of_4

Financial Instruments with Off-Balance-Sheet Risk (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments with Off-Balance-Sheet Risk
Binding loan commitments total amount	$ 1,280,400	$ 1,643,200
Junior subordinated debentures	12,887,000	12,887,000
Payment obligations	12,500,000
External financing	$ 12,500,000	$ 12,500,000

Contingent Liability (Details N

Contingent Liability (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Contingent Liability
Loans sold through the MPF program	$ 28,137,890	$ 33,990,463
Notional amount of the maximum CEO	637,102	637,102
Accrued contingent liability	$ 84,944	$ 84,944

Transactions with Related Par_3

Transactions with Related Parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Transactions with Related Parties
Balance, beginning of year	$ 9,127,542	$ 6,730,842
Loans - New Directors	9,769,951	0
New loans to existing Principal Officers/Directors	3,330,226	4,491,524
Repayment	(5,453,184)	(2,094,824)
Balance, end of year	$ 16,774,535	$ 9,127,542

Transactions with Related Par_4

Transactions with Related Parties (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Transactions with Related Parties
Total deposits with related parties	$ 14,251,646	$ 8,942,886
Amount paid to CFSG	$ 48,780	$ 57,209

Restrictions on Cash and Due _2

Restrictions on Cash and Due From Banks (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Restrictions on Cash and Due From Banks
Contracted balances with other correspondent banks	$ 30,000	$ 30,000

Regulatory Capital Requiremen_3

Regulatory Capital Requirements (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Company [Member]
Common equity tier 1 capital to risk-weighted assets amount	$ 77,594,000	$ 69,947,000
Common equity tier 1 capital to risk-weighted assets ratio	14.15%	13.48%
Tier I capital to risk-weighted assets amount	$ 77,594,000	$ 69,947,000
Tier I capital to risk-weighted assets ratio	14.15%	13.48%
Total capital to risk-weighted assets amount	$ 84,455,000	$ 75,943,000
Total capital to risk-weighted assets ratio	15.40%	14.63%
Tier I capital to average assets amount	$ 77,594,000	$ 69,947,000
Tier I capital to average assets ratio	8.80%	9.57%
Common equity tier 1 capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 24,680,000	$ 23,352,000
Common equity tier 1 capital to risk-weighted assets Minimum for capital adequacy purposes ratio	4.50%	4.50%
Tier I capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 32,907,000	$ 31,135,000
Tier I capital to risk-weighted assets minimum for capital adequacy purposes ratio	6.00%	6.00%
Tier I capital to risk-weighted assets minimum to be well capitalized under prompt corrective action amount	$ 43,876,000	$ 41,514,000
Total capital to risk-weighted assets Minimum for capital adequacy purposes ratio	8.00%	8.00%
Tier I capital to average assets Minimum for capital adequacy purposes amount	$ 35,273,000	$ 29,223,000
Tier I capital to average assets minimum for capital adequacy purposes ratio	4.00%	4.00%
Common equity tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	0.00%	0.00%
Tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	0.00%	0.00%
Total capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	0.00%	0.00%
Tier I capital to average assets minimum to be well capitalized under prompt corrective action provisions ratio	0.00%	0.00%
Common equity tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 38,391,000	$ 36,325,000
Common equity tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer ratio	7.00%	7.00%
Tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 46,618,000	$ 44,108,000
Tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer ratio	8.50%	8.50%
Total capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 57,587,000	$ 54,487,000
Total capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer ratio	10.50%	10.50%
Tier 1 capital to average assets minimum for capital adequacy purposes with conservation buffer ratio	0.00%	0.00%
Bank [Member]
Common equity tier 1 capital to risk-weighted assets amount	$ 77,017,000	$ 69,330,000
Common equity tier 1 capital to risk-weighted assets ratio	14.06%	13.38%
Tier I capital to risk-weighted assets amount	$ 77,017,000	$ 69,330,000
Tier I capital to risk-weighted assets ratio	14.06%	13.38%
Total capital to risk-weighted assets amount	$ 83,871,000	$ 75,326,000
Total capital to risk-weighted assets ratio	15.31%	14.53%
Tier I capital to average assets amount	$ 77,017,000	$ 69,330,000
Tier I capital to average assets ratio	8.74%	9.50%
Common equity tier 1 capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 24,654,000	$ 23,325,000
Common equity tier 1 capital to risk-weighted assets Minimum for capital adequacy purposes ratio	4.50%	4.50%
Tier I capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 32,872,000	$ 31,099,000
Tier I capital to risk-weighted assets minimum for capital adequacy purposes ratio	6.00%	6.00%
Tier I capital to risk-weighted assets minimum to be well capitalized under prompt corrective action amount	$ 43,829,000	$ 41,466,000
Total capital to risk-weighted assets Minimum for capital adequacy purposes ratio	8.00%	8.00%
Tier I capital to average assets Minimum for capital adequacy purposes amount	$ 35,252,000	$ 29,201,000
Tier I capital to average assets minimum for capital adequacy purposes ratio	4.00%	4.00%
Common equity tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions amount	$ 35,611,000	$ 33,691,000
Common equity tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	6.50%	6.50%
Tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions amount	$ 43,829,000	$ 41,466,000
Tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	8.00%	8.00%
Total capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	10.00%	10.00%
Total capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions amount	$ 54,787,000	$ 51,832,000
Tier I capital to average assets minimum to be well capitalized under prompt corrective action provisions amount	$ 44,065,000	$ 36,501,000
Tier I capital to average assets minimum to be well capitalized under prompt corrective action provisions ratio	5.00%	5.00%
Common equity tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 38,351,000	$ 36,283,000
Common equity tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer ratio	7.00%	7.00%
Tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 46,569,000	$ 44,057,000
Tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer ratio	8.50%	8.50%
Total capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 57,526,000	$ 54,424,000
Total capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer ratio	10.50%	10.50%
Tier 1 capital to average assets minimum for capital adequacy purposes with conservation buffer amount	$ 0	$ 0
Tier 1 capital to average assets minimum for capital adequacy purposes with conservation buffer ratio	0.00%	0.00%

Regulatory Capital Requiremen_4

Regulatory Capital Requirements (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Consolidated assets, total	$ 10,000,000,000
Preferred securities ratio	25.00%
Conservation buffer	2.50%
Preferred stock, liquidation value	$ 100,000	$ 100,000
Bank [Member]
Conservation buffer	2.50%
Non-Cumulative Series A Preferred Stock [Member]
Preferred stock, liquidation value	$ 1,500,000	$ 1,500,000

Fair Value (Details)

Fair Value (Details) - Fair Value Level 2 - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 60,705,178	$ 45,966,750
Other investments [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	8,487,002	8,846,846
U.S. GSE debt securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	8,169,831	18,061,620
Agency MBS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	41,378,349	16,205,375
ABS and OAS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 2,669,996	$ 2,852,909

Fair Value (Details 1)

Fair Value (Details 1) - Fair Value Level 2 - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Assets: (market approach)
Impaired loans, net of related allowance	$ 323,645	$ 0
Loans held-for-sale	130,400	0
MSRs	922,146	939,577
OREO	$ 0	$ 966,738

Fair Value (Details 2)

Fair Value (Details 2) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Amount
Financial assets: (in thousands)
Cash and cash equivalents	$ 115,050	$ 48,562
Debt securities AFS	60,705	45,967
Restricted equity securities	1,447	1,432
Commercial & industrial	158,601	98,062
Commercial real estate	276,476	243,022
Municipal	54,694	55,817
Residential real estate - 1st lien	169,201	156,897
Residential real estate - Jr lien	37,892	42,927
Consumer	4,218	4,337
MSRs (1)	922	940
Accrued interest receivable	2,988	2,337
Other deposits	778,085	603,872
Brokered deposits	4,206	11,149
Long-term borrowings	2,800	2,650
Repurchase agreements	38,727	33,190
Operating lease obligations	1,060	1,263
Finance lease obligations	38	100
Subordinated debentures	12,887	12,887
Accrued interest payable	86	139
Fair Value
Financial assets: (in thousands)
Cash and cash equivalents	115,050	48,562
Debt securities AFS	60,705	45,967
Restricted equity securities	1,447	1,432
Commercial & industrial	160,371	97,356
Commercial real estate	279,489	242,735
Municipal	55,601	55,867
Residential real estate - 1st lien	170,501	156,520
Residential real estate - Jr lien	37,991	42,950
Consumer	4,238	4,306
MSRs (1)	922	1,250
Accrued interest receivable	2,988	2,337
Other deposits	779,824	604,267
Brokered deposits	4,208	11,153
Long-term borrowings	2,724	2,427
Repurchase agreements	38,727	33,190
Operating lease obligations	1,060	1,263
Finance lease obligations	38	100
Subordinated debentures	12,876	12,831
Accrued interest payable	86	139
Fair Value Level 2
Financial assets: (in thousands)
Cash and cash equivalents	0	0
Debt securities AFS	60,705	45,967
Restricted equity securities	1,447	1,432
Commercial & industrial	0	0
Commercial real estate	208	0
Municipal	0	0
Residential real estate - 1st lien	116	0
Residential real estate - Jr lien	0	0
Consumer	0	0
MSRs (1)	922	1,250
Accrued interest receivable	2,988	2,337
Other deposits	779,824	604,267
Brokered deposits	4,208	11,153
Long-term borrowings	2,724	2,427
Repurchase agreements	38,727	33,190
Operating lease obligations	1,060	1,263
Finance lease obligations	38	100
Subordinated debentures	12,876	12,831
Accrued interest payable	86	139
Fair Value Level 1
Financial assets: (in thousands)
Cash and cash equivalents	115,050	48,562
Debt securities AFS	0	0
Restricted equity securities	0	0
Commercial & industrial	0	0
Commercial real estate	0	0
Municipal	0	0
Residential real estate - 1st lien	0	0
Residential real estate - Jr lien	0	0
Consumer	0	0
MSRs (1)	0	0
Accrued interest receivable	0	0
Other deposits	0	0
Brokered deposits	0	0
Long-term borrowings	0	0
Repurchase agreements	0	0
Operating lease obligations	0	0
Finance lease obligations	0	0
Subordinated debentures	0	0
Accrued interest payable	0	0
Fair Value Level 3
Financial assets: (in thousands)
Cash and cash equivalents	0	0
Debt securities AFS	0	0
Restricted equity securities	0	0
Commercial & industrial	160,371	97,356
Commercial real estate	279,281	242,735
Municipal	55,601	55,867
Residential real estate - 1st lien	170,385	156,520
Residential real estate - Jr lien	37,991	42,950
Consumer	4,238	4,306
MSRs (1)	0	0
Accrued interest receivable	0	0
Other deposits	0	0
Brokered deposits	0	0
Long-term borrowings	0	0
Repurchase agreements	0	0
Operating lease obligations	0	0
Finance lease obligations	0	0
Subordinated debentures	0	0
Accrued interest payable	$ 0	$ 0

Condensed Financial Informati_3

Condensed Financial Information Parent Company Only (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Total assets	$ 918,233,284	$ 737,955,319
Liabilities
Junior subordinated debentures	12,887,000	12,887,000
Total liabilities	840,944,571	669,060,640
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2020 and 2019 ($100,000 liquidation value, per share)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,527,380 and 5,449,857 shares issued at December 31, 2020 and 2019, respectively (including 18,128 and 16,267 shares issued February 1, 2021 and 2020, respectively)	13,818,450	13,624,643
Additional paid-in capital	34,309,646	33,464,381
Retained earnings	29,368,046	22,667,949
Accumulated other comprehensive loss	915,348	260,483
Less: treasury stock, at cost; 210,101 shares at December 31, 2020 and 2019	2,622,777	2,622,777
Total shareholders' equity	77,288,713	68,894,679	$ 62,603,711
Total liabilities and shareholders' equity	918,233,284	737,955,319
Parent Company [Member]
Assets
Cash	750,371	744,687	$ 720,620
Investment in subsidiary - Community National Bank	89,598,666	81,164,447
Investment in Capital Trust	387,000	387,000
Income taxes receivable	184,973	213,071
Total assets	90,921,010	82,509,205
Liabilities
Junior subordinated debentures	12,887,000	12,887,000
Dividends payable	745,297	727,526
Total liabilities	13,632,297	13,614,526
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2020 and 2019 ($100,000 liquidation value, per share)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,527,380 and 5,449,857 shares issued at December 31, 2020 and 2019, respectively (including 18,128 and 16,267 shares issued February 1, 2021 and 2020, respectively)	13,818,450	13,624,643
Additional paid-in capital	34,309,646	33,464,381
Retained earnings	29,368,046	22,667,949
Accumulated other comprehensive loss	915,348	260,483
Less: treasury stock, at cost; 210,101 shares at December 31, 2020 and 2019	(2,622,777)	(2,622,777)
Total shareholders' equity	77,288,713	68,894,679
Total liabilities and shareholders' equity	$ 90,921,010	$ 82,509,205

Condensed Financial Informati_4

Condensed Financial Information Parent Company Only (Details 1) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Expense
Interest on junior subordinated debentures									$ 476,666	$ 694,573
Income tax expense									2,248,089	1,789,860
Net income	$ 3,174,509	$ 2,880,443	$ 2,842,311	$ 1,861,239	$ 2,371,300	$ 2,261,943	$ 2,419,298	$ 1,771,905	10,758,502	8,824,446
Parent Company [Member]
Income
Bank subsidiary distributions									3,675,000	4,256,000
Dividends on Capital Trust									14,314	20,858
Total income									3,689,314	4,276,858
Expense
Interest on junior subordinated debentures									476,666	694,573
Administrative and other									418,474	340,904
Total expense									895,140	1,035,477
Income before applicable income tax benefit and equity in undistributed net income of subsidiary									2,794,174	3,241,381
Income tax expense									184,973	213,071
Income before equity in undistributed net income of subsidiary									2,979,147	3,454,452
Equity in undistributed net income of subsidiary									7,779,355	5,369,994
Net income									$ 10,758,502	$ 8,824,446

Condensed Financial Informati_5

Condensed Financial Information Parent Company Only (Details 2) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities
Net income	$ 3,174,509	$ 2,880,443	$ 2,842,311	$ 1,861,239	$ 2,371,300	$ 2,261,943	$ 2,419,298	$ 1,771,905	$ 10,758,502	$ 8,824,446
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities									13,584,217	11,246,656
Cash Flows from Financing Activities
Redemption of preferred stock									0	(500,000)
Dividends paid on preferred stock									54,375	87,500
Dividends paid on common stock									2,947,185	2,837,058
Net cash provided by financing activities									169,893,711	6,381,604
Net (decrease) increase in cash and cash equivalents									66,487,708	(19,372,603)
Cash Paid for Interest									4,899,795	6,116,917
Dividends paid:
Dividends declared									4,004,030	3,951,279
Dividends reinvested									(1,039,072)	(1,097,234)
Parent Company [Member]
Cash Flows from Operating Activities
Net income									10,758,502	8,824,446
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed net income of subsidiary									(7,779,355)	(5,369,994)
(Increase) decrease in income taxes receivable									28,097	(5,827)
Net cash provided by operating activities									3,007,244	3,448,625
Cash Flows from Financing Activities
Redemption of preferred stock									0	(500,000)
Dividends paid on preferred stock									(54,375)	(87,500)
Dividends paid on common stock									(2,947,185)	(2,837,058)
Net cash provided by financing activities									(3,001,560)	(3,424,558)
Net (decrease) increase in cash and cash equivalents									5,684	24,067
Cash Beginning				$ 744,687				$ 720,620	744,687	720,620
Cash Ending	$ 750,371				$ 744,687				750,371	744,687
Cash Received for Income Taxes									213,071	207,244
Cash Paid for Interest									476,666	694,573
Dividends paid:
Dividends declared									4,004,030	3,951,279
Increase in dividends payable attributable to dividends declared									(17,773)	(16,987)
Dividends reinvested									(1,039,072)	(1,097,234)
Total common shares dividends paid									$ 2,947,185	$ 2,837,058

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Data (Unaudited)
Interest income	$ 9,011,834	$ 8,086,866	$ 8,191,442	$ 7,772,152	$ 7,891,564	$ 7,906,454	$ 8,262,422	$ 7,698,368	$ 33,062,294	$ 31,758,808
Interest expense	1,112,604	1,050,780	1,206,909	1,476,393	1,548,595	1,509,033	1,546,953	1,538,540	4,846,686	6,143,121
Provision for loan losses	542,499	362,499	307,499	376,503	299,499	412,499	141,666	212,503	1,589,000	1,066,167
Non-interest income	1,714,620	1,941,295	1,762,102	1,353,707	1,595,896	1,597,332	1,434,138	1,318,700	6,771,724	5,946,066
Non-interest expense	5,206,352	5,104,717	4,987,453	5,093,219	4,782,580	4,863,716	5,079,060	5,155,924	20,391,741	19,881,280
Net income	$ 3,174,509	$ 2,880,443	$ 2,842,311	$ 1,861,239	$ 2,371,300	$ 2,261,943	$ 2,419,298	$ 1,771,905	$ 10,758,502	$ 8,824,446
Earnings per common share	$ 0.60	$ 0.54	$ 0.54	$ 0.35	$ 0.45	$ 0.43	$ 0.46	$ 0.34	$ 2.03	$ 1.68

Other Income and Other Expens_3

Other Income and Other Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income
Income from investment in CFS Partners	$ 684,891	$ 588,696
Expenses
Outsourcing expense	473,426	428,668
Service contracts - administration	506,144	539,510
Marketing	425,000	450,533
State deposit tax	704,047	669,502
ATM fees	$ 486,590	$ 434,270

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - $ / shares	1 Months Ended		12 Months Ended
	Mar. 17, 2021	Dec. 09, 2020	Dec. 31, 2020	Dec. 31, 2019
Dividends declared per common share		$ 0.19	$ 0.76	$ 0.76
Subsequent Event [Member]
Dividends declared per common share	$ 0.22