Community Bancorp (CMTV) 10-K 16 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 11, 2020	Jun. 30, 2019
Document And Entity Information
Entity Registrant Name	Community Bancorp /VT
Entity Central Index Key	0000718413
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Public Float			$ 78,876,887
Entity Common Stock, Shares Outstanding		5,239,675
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	VT
Entity File Number	000-16435

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and due from banks	$ 10,263,535	$ 14,906,529
Federal funds sold and overnight deposits	38,298,677	53,028,286
Total cash and cash equivalents	48,562,212	67,934,815
Securities available-for-sale	45,966,750	39,366,831
Restricted equity securities, at cost	1,431,850	1,749,450
Loans	606,988,937	578,450,517
Allowance for loan losses	(5,926,491)	(5,602,541)
Deferred net loan costs	362,415	363,614
Net loans	601,424,861	573,211,590
Bank premises and equipment, net	10,959,403	9,713,455
Accrued interest receivable	2,336,553	2,300,841
Bank owned life insurance	4,903,012	4,814,099
Goodwill	11,574,269	11,574,269
Other real estate owned	966,738	201,386
Other assets	9,829,671	9,480,762
Total assets	737,955,319	720,347,498
Deposits:
Demand, non-interest bearing	125,089,403	122,430,805
Interest-bearing transaction accounts	185,102,333	177,815,417
Money market funds	91,463,661	85,261,685
Savings	97,167,652	93,129,875
Time deposits, $250,000 and over	14,565,559	14,395,291
Other time deposits	101,632,760	115,783,492
Total deposits	615,021,368	608,816,565
Borrowed funds	2,650,000	1,550,000
Repurchase agreements	33,189,848	30,521,565
Junior subordinated debentures	12,887,000	12,887,000
Accrued interest and other liabilities	5,312,424	3,968,657
Total liabilities	669,060,640	657,743,787
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 and 20 shares issued and outstanding in 2019 and 2018, respectively ($100,000 liquidation value)	1,500,000	2,000,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,449,857 and 5,382,103 shares issued at December 31, 2019 and 2018, respectively (including 16,267 and 17,442 shares issued February 1, 2020 and 2019, respectively)	13,624,643	13,455,258
Additional paid-in capital	33,464,381	32,536,532
Retained earnings	22,667,949	17,882,282
Accumulated other comprehensive loss	260,483	(647,584)
Less: treasury stock, at cost; 210,101 shares at December 31, 2019 and 2018	(2,622,777)	(2,622,777)
Total shareholders' equity	68,894,679	62,603,711
Total liabilities and shareholders' equity	$ 737,955,319	$ 720,347,498
Book value per common share outstanding	$ 12.86	$ 11.72

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Shareholder's Equity
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	15	20
Preferred stock, shares outstanding (in shares)	15	20
Preferred stock liquidation value	$ 100,000	$ 100,000
Common stock par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares issued (in shares)	5,449,857	5,382,103
Treasury stock (in shares)	210,101	210,101

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Interest income
Interest and fees on loans	$ 29,883,352	$ 27,609,505
Interest on debt securities
Taxable	1,089,201	895,165
Dividends	100,609	125,973
Interest on federal funds sold and overnight deposits	685,646	483,960
Total interest income	31,758,808	29,114,603
Interest expense
Interest on deposits	5,124,651	3,547,798
Interest on borrowed funds	24,550	95,936
Interest on repurchase agreements	299,347	190,993
Interest on junior subordinated debentures	694,573	650,361
Total interest expense	6,143,121	4,485,088
Net interest income	25,615,687	24,629,515
Provision for loan losses	1,066,167	780,000
Net interest income after provision for loan losses	24,549,520	23,849,515
Non-interest income
Service fees	3,313,833	3,238,954
Income from sold loans	706,306	780,622
Other income from loans	904,156	879,887
Net realized loss on sale of securities AFS	(26,490)	(32,718)
Other income	1,048,261	1,314,563
Total non-interest income	5,946,066	6,181,308
Non-interest expense
Salaries and wages	7,271,722	7,203,001
Employee benefits	3,118,631	2,880,048
Occupancy expenses, net	2,605,995	2,545,959
Other expenses	6,884,932	7,266,018
Total non-interest expense	19,881,280	19,895,026
Income before income taxes	10,614,306	10,135,797
Income tax expense	1,789,860	1,738,265
Net income	$ 8,824,446	$ 8,397,532
Earnings per common share	$ 1.68	$ 1.61
Weighted average number of common shares used in computing earnings per share	5,204,768	5,139,297
Dividends declared per common share	$ 0.76	$ 0.74

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 8,824,446	$ 8,397,532
Other comprehensive loss, net of tax:
Unrealized holding loss on securities AFS arising during the period	1,122,961	(505,487)
Reclassification adjustment for loss (gain) realized in income	26,490	32,718
Unrealized gain (loss) during the year	1,149,451	(472,769)
Tax effect	(241,384)	99,282
Other comprehensive loss, net of tax	908,067	(373,487)
Total comprehensive income	$ 9,732,513	$ 8,024,045

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Common Stock	Preferred Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
Beginning balance, shares at Dec. 31, 2017	5,322,320	25
Beginning balance, amount at Dec. 31, 2017	$ 13,305,800	$ 2,500,000	$ 31,639,189	$ 13,387,739	$ (274,097)	$ (2,622,777)	$ 57,935,854
Comprehensive income
Net income	0	0	0	8,397,532	0	0	8,397,532
Other comprehensive loss	0	0	0	0	(373,487)	0	(373,487)
Total comprehensive income							8,024,045
Cash dividends declared - common stock	0	0	0	(3,799,864)	0	0	(3,799,864)
Cash dividends declared - preferred stock	$ 0	$ 0	0	(103,125)	0	0	(103,125)
Issuance of common stock, shares	59,783	0
Issuance of common stock, amount	$ 149,458	$ 0	897,343	0	0	0	1,046,801
Redemption of preferred stock, shares	0	(5)
Redemption of preferred stock, amount	$ 0	$ (500,000)	0	0	0	0	(500,000)
Ending balance, shares at Dec. 31, 2018	5,382,103	20
Ending balance, amount at Dec. 31, 2018	$ 13,455,258	$ 2,000,000	32,536,532	17,882,282	(647,584)	(2,622,777)	62,603,711
Comprehensive income
Net income				8,824,446			8,824,446
Other comprehensive loss					908,067		908,067
Total comprehensive income							9,732,513
Cash dividends declared - common stock				(3,951,279)			(3,951,279)
Cash dividends declared - preferred stock				(87,500)			(87,500)
Issuance of common stock, shares	67,754
Issuance of common stock, amount	$ 169,385		927,849				1,097,234
Redemption of preferred stock, shares		(5)
Redemption of preferred stock, amount		$ (500,000)					(500,000)
Ending balance, shares at Dec. 31, 2019	5,449,857	15
Ending balance, amount at Dec. 31, 2019	$ 13,624,643	$ 1,500,000	$ 33,464,381	$ 22,667,949	$ 260,483	$ (2,622,777)	$ 68,894,679

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities:
Net income	$ 8,824,446	$ 8,397,532
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, bank premises and equipment	930,035	981,691
Provision for loan losses	1,066,167	780,000
Deferred income tax	96,236	(11,359)
Net realized loss on sale of securities AFS	26,490	32,718
Gain on sale of loans	(290,116)	(345,780)
Loss (gain) on sale of bank premises and equipment	30,797	(260,013)
Loss (gain) on sale of OREO	817	2,397
Income from CFS Partners	(588,696)	(514,485)
Amortization of bond premium, net	120,295	128,469
Write down of OREO	95,008	78,447
Proceeds from sales of loans held for sale	14,098,560	14,793,920
Originations of loans held for sale	(13,808,444)	(13,410,853)
Increase (decrease) in taxes payable	522	(23,758)
Increase in interest receivable	(35,712)	(248,923)
Decrease in mortgage servicing rights	65,371	78,338
Decrease in right-of-use assets	236,395	0
Decrease in operating lease liabilities	(227,606)	0
Decrease (increase) in other assets	335,167	(790,320)
Increase in cash surrender value of BOLI	(88,913)	(92,317)
Amortization of limited partnerships	312,106	411,061
Decrease (increase) in unamortized loan costs	1,199	(44,963)
Increase in interest payable	26,204	12,524
Increase in accrued expenses	66,100	149,648
(Decrease) increase in other liabilities	(45,772)	62,805
Net cash provided by operating activities	11,246,656	10,166,779
Investments - AFS
Maturities, calls, pay downs and sales	19,998,076	8,543,078
Purchases	(25,595,329)	(10,093,214)
Proceeds from redemption of restricted equity securities	493,600	1,147,500
Purchases of restricted equity securities	(176,000)	(1,193,300)
Increase in limited partnership contributions payable	184,000	388,750
Investments in limited liability entities	(811,000)	(877,000)
Increase in loans, net	(30,365,217)	(27,835,972)
Capital expenditures net of proceeds from sales of bank premises and equipment	(952,396)	(90,957)
Proceeds from sales of OREO	105,561	335,056
Recoveries of loans charged off	117,842	126,462
Net cash used in investing activities	(37,000,863)	(29,549,597)
Cash Flows from Financing Activities:
Net increase in demand and interest-bearing transaction accounts	9,945,514	50,367,124
Net increase (decrease) in money market and savings accounts	10,239,753	(12,516,729)
Net (decrease) increase in time deposits	(13,980,464)	10,331,190
Net increase in repurchase agreements	2,668,283	1,873,717
Proceeds from long-term borrowings	1,100,000	0
Repayments on long-term borrowings	0	(2,000,000)
Decrease in finance lease obligations	(166,924)	(115,060)
Redemption of preferred stock	(500,000)	(500,000)
Dividends paid on preferred stock	(87,500)	(103,125)
Dividends paid on common stock	(2,837,058)	(2,672,985)
Net cash provided by financing activities	6,381,604	44,664,132
Net (decrease) increase in cash and cash equivalents	(19,372,603)	25,281,314
Cash and cash equivalents:
Beginning	67,934,815	42,653,501
Ending	48,562,212	67,934,815
Supplemental Schedule of Cash Paid During the Period:
Interest	6,116,917	4,472,564
Income taxes, net of refunds	1,381,000	1,365,000
Supplemental Schedule of Noncash Investing and Financing Activities:
Change in unrealized gain (loss) on securities AFS	1,149,451	(472,769)
Loans transferred to OREO	966,738	333,051
Common Shares Dividends Paid:
Dividends declared	3,951,279	3,799,864
Increase in dividends payable attributable to dividends declared	(16,987)	(80,078)
Dividends reinvested	(1,097,234)	(1,046,801)
Total	$ 2,837,058	$ 2,672,985

1. Significant Accounting Polic

1. Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
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 and OAS: Asset backed or other amortizing 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 Bancorp: Community Bancorp. Interfinancial Network Bank: Community National Bank IRS: Internal Revenue Service BHG Bankers Healthcare Group JNE: Jobs for New England BIC: Borrower-in-Custody Jr: Junior Board: Board of Directors LIBOR: London Interbank Offered Rate BOLI: Bank owned life insurance LLC: Limited liability corporation bp or bps: Basis point(s) MBS: Mortgage-backed security BSA: Bank Secrecy Act MPF: Mortgage Partnership Finance CBLR: Community Bank Leverage Ratio MSAs Metropolitan Statistical Areas CDARS: Certificate of Deposit Accounts Registry MSRs: Mortgage servicing rights Service of the Promontory Interfinancial NII: Net interest income Network NMTC: New Market Tax Credits CDs: Certificates of deposit OCI: Other comprehensive income (loss) CDI: Core deposit intangible OFAC: Office of Foreign Asset Control CECL: Current Expected Credit Loss OREO: Other real estate owned CEO: Credit Enhancement Obligation OTTI: Other-than-temporary impairment CFPB: Consumer Financial Protection Bureau PMI: Private mortgage insurance 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 CRA: Community Reinvestment Act SEC: U.S. Securities and Exchange Commission CRE: Commercial Real Estate SERP: Supplemental Employee Retirement Plan DDA or DDAs: Demand Deposit Account(s) SOX: Sarbanes-Oxley Act of 2002 DIF: Deposit Insurance Fund TDR: Troubled-debt restructuring DTC: Depository Trust Company TILA: Truth in Lending Act DRIP: Dividend Reinvestment Plan USDA: U.S. Department of Agriculture Exchange Act: Securities Exchange Act of 1934 VA: U.S. Veterans Administration FASB: Financial Accounting Standards Board VIE: Variable interest entities FDIA: Federal Deposit Insurance Act 2017 Tax Act: Tax Cut and Jobs Act of 2017 FDIC: Federal Deposit Insurance Corporation 2018 Economic Growth, Regulatory Relief and FDICIA: Federal Deposit Insurance Company Regulatory Consumer Protection Act of 2018 Improvement Act of 1991 Relief Act: 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, as amended in 2018. 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 is considered an accelerated filer under the financial reporting rules of the SEC. 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 11). During the years 2011 through 2018, the Company was the sole owner of a LLC formed to facilitate the Company’s purchase of federal NMTC under an investment structure designed by a local community development entity. The NMTC financing matured in the fourth quarter of 2018 and the Company exited the investment and terminated its interest in the LLC. Management evaluated the Company’s interest in the LLC under the ASC guidance relating to VIEs in light of the overall structure and purpose of the NMTC financing transaction and concluded that the LLC should not be consolidated in the Company’s financial statements for financial reporting purposes, as the Company was not the primary beneficiary of the NMTC structure, did not exercise control within the overall structure and was not obligated to absorb a majority of any losses of the NMTC structure (see Note 8). 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 relate 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 Change in Accounting Principle Prior to 2019, the entire balance of the Company’s HTM investment portfolio consisted of Municipal notes. Effective January 1, 2019, and in accordance with ASC 250 (Accounting Changes and Error Corrections), the Company chose to reclassify these debt instruments from the investment portfolio into the loan portfolio. This change represents a voluntary reclassification of municipal debt instruments from classification as investment securities under ASC 320 (Investments – Debt and Equity Securities) to classification as loans under ASC 310 (Receivables). All periods presented have been restated to conform to this change. Accordingly, for all periods presented below, the Company’s investment portfolio consists entirely of AFS investments and municipal debt obligations are reported as a component of the Company’s loan portfolio (See Note 3). The reclassification of the municipal debt instruments in this portfolio did not have a material impact on the Company’s consolidated financial statements or results of operations. 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 and equity securities. Premiums and discounts are recognized in interest income using the interest method over the period to maturity or call date. The Company does not hold any securities purchased for the purpose of selling in the near term and classified as trading. As a result of the reclassification noted in the first paragraph of this section, the Company does not hold 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 In December 2011, the Company made an equity investment in a NMTC financing structure, which was fully amortized in 2017 (see Note 8). The Company’s investment in the NMTC financing structure was amortized using the effective yield method. 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 8). 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 As disclosed earlier in Note 1 under the heading “Investment Securities”, effective January 1, 2019 and in accordance with ASC 250 (Accounting Changes and Error Corrections), the Company chose to reclassify its municipal debt instruments from the investment portfolio into the loan portfolio. This change represents a voluntary reclassification of municipal debt instruments by management from classification as investment securities under ASC 320 (Investments – Debt and Equity Securities) to classification as loans under ASC 310 (Receivables). As stated earlier in this section, the reclassification of this portfolio did not have a material impact on the Company’s consolidated financial statements or results of operations. 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, 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 for one year, two year, three year, four year and five year 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. The Company is currently using an extended look back period of five years. 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. 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 - 1st Lien – Residential Real Estate – Jr Lien – Consumer – Specific component The specific component of the ALL relates to loans that are impaired. Impaired loans are loan(s) 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 impaired basis 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. 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 stateme

2. Investment Securities

2. Investment Securities	12 Months Ended
	Dec. 31, 2019
Investment Securities
Note 2. Investment Securities	Change in Accounting Principle Prior to 2019, the entire balance of the Company’s HTM investment portfolio consisted of Municipal notes. Effective January 1, 2019, and in accordance with ASC 250 (Accounting Changes and Error Corrections), the Company chose to reclassify these debt instruments from the investment portfolio into the loan portfolio. This change represents a voluntary reclassification of municipal debt instruments from classification as investment securities under ASC 320 (Investments – Debt and Equity Securities) to classification as loans under ASC 310 (Receivables). All periods presented have been restated to conform to this change. Accordingly, for all periods presented below, the Company’s investment portfolio consists entirely of AFS investments and municipal debt obligations are reported as a component of the Company’s loan portfolio (See Note 3). The reclassification of the municipal debt instruments in this portfolio did not have a material impact on the Company’s consolidated financial statements or results of operations. Debt securities AFS consist of the following: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 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 December 31, 2018 U.S. GSE debt securities $ 14,010,100 $ 394 $ 259,391 $ 13,751,103 Agency MBS 16,020,892 2,701 449,068 15,574,525 ABS and OAS 1,988,565 3,806 6,242 1,986,129 Other investments 8,167,000 8,472 120,398 8,055,074 Total $ 40,186,557 $ 15,373 $ 835,099 $ 39,366,831 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, 2019 $ 45,637,025 $ 45,966,750 December 31, 2018 40,186,557 39,366,831 Proceeds from sales of debt securities AFS were $6,553,118 in 2019 and $5,715,525 in 2018 with gains of $1,570 and $0, respectively, and losses of $28,060 and $32,718, 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, 2019 were as follows: Amortized Fair Cost Value Due in one year or less $ 2,760,515 $ 2,766,254 Due from one to five years 9,674,948 9,862,450 Due from five to ten years 15,042,170 15,147,201 Due after ten years 1,989,573 1,985,470 Agency MBS 16,169,819 16,205,375 Total $ 45,637,025 $ 45,966,750 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, 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 Other investments 1,000,490 2,166 0 0 1 1,000,490 2,166 Total $ 14,238,365 $ 67,486 $ 2,920,091 $ 26,670 21 $ 17,158,456 $ 94,156 December 31, 2018 U.S. GSE debt securities $ 1,465,947 $ 6,752 $ 11,284,761 $ 252,639 11 $ 12,750,708 $ 259,391 Agency MBS 2,317,838 22,029 12,223,386 427,039 24 14,541,224 449,068 ABS and OAS 976,226 6,242 0 0 1 976,226 6,242 Other investments 1,956,914 20,086 4,113,688 100,312 25 6,070,602 120,398 Total $ 6,716,925 $ 55,109 $ 27,621,835 $ 779,990 61 $ 34,338,760 $ 835,099 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 2019 and 2018, the Bank was required to purchase additional FHLBB stock in aggregate totaling $176,000 and $1,103,300, 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 2019 and 2018, FHLBB exercised capital call options with redemptions totaling $493,600 and $1,147,500, respectively, on the Company’s portfolio of FHLBB stock. As of December 31, 2019 and 2018, the Company’s investment in FHLBB stock was $753,700 and $1,071,300, 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, 2019. The Company’s investment in FRBB Stock was $588,150 at December 31, 2019 and 2018. 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 $90,000 at December 31, 2019 and 2018.

3. Loans, Allowance for Loan Lo

3. Loans, Allowance for Loan Losses and Credit Quality	12 Months Ended
	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Note 3. Loans, Allowance for Loan Losses and Credit Quality	Change in Accounting Principle As disclosed in Note 2 (Investment Securities), effective January 1, 2019 and in accordance with ASC 250 (Accounting Changes and Error Corrections), the Company chose to reclassify its municipal debt instruments from the investment portfolio into the loan portfolio. This change represents a voluntary reclassification of municipal debt instruments by management from classification as investment securities under ASC 320 (Investments – Debt and Equity Securities) to classification as loans under ASC 310 (Receivables). As stated in Note 2, the reclassification of this portfolio did not have a material impact on the Company’s consolidated financial statements or results of operations. The composition of net loans as of the balance sheet dates was as follows: December 31, 2019 2018 Commercial & industrial $ 98,930,831 $ 80,766,693 Commercial real estate 246,282,726 235,318,148 Municipal 55,817,206 47,067,023 Residential real estate - 1st lien 158,337,296 165,665,175 Residential real estate - Jr lien 43,230,873 44,544,987 Consumer 4,390,005 5,088,491 Total loans 606,988,937 578,450,517 Deduct (add): ALL 5,926,491 5,602,541 Deferred net loan costs (362,415 ) (363,614 ) Net loans $ 601,424,861 $ 573,211,590 The following is an age analysis of loans (including non-accrual), as of the balance sheet dates, by portfolio segment: 90 Days or More and December 31, 2019 30-89 Days 90 Days or More Total Past Due Current Total Loans Non-Accrual 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 90 Days or More and December 31, 2018 30-89 Days 90 Days or More Total Past Due Current Total Loans Non-Accrual Loans Accruing Commercial & industrial $ 217,385 $ 0 $ 217,385 $ 80,549,308 $ 80,766,693 $ 84,814 $ 0 Commercial real estate 1,509,839 190,789 1,700,628 233,617,520 235,318,148 1,742,993 0 Municipal 0 0 0 47,067,023 47,067,023 0 0 Residential real estate - 1st lien 4,108,319 1,371,061 5,479,380 160,185,795 165,665,175 2,026,939 622,486 - Jr lien 484,855 353,914 838,769 43,706,218 44,544,987 408,540 104,959 Consumer 43,277 1,661 44,938 5,043,553 5,088,491 0 1,661 Totals $ 6,363,675 $ 1,917,425 $ 8,281,100 $ 570,169,417 $ 578,450,517 $ 4,263,286 $ 729,106 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, 2019 9 $ 495,943 December 31, 2018 12 961,709 The following summarizes changes in the ALL and select loan information, by portfolio segment: 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 As of or for the year ended December 31, 2018 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 675,687 $ 2,674,029 $ 0 $ 1,460,547 $ 316,982 $ 43,303 $ 267,551 $ 5,438,099 Charge-offs (152,860 ) (124,645 ) 0 (251,654 ) (69,173 ) (143,688 ) 0 (742,020 ) Recoveries 60,192 0 0 26,832 1,420 38,018 0 126,462 Provision (credit) 114,450 470,484 0 185,769 24,216 119,154 (134,073 ) 780,000 ALL ending balance $ 697,469 $ 3,019,868 $ 0 $ 1,421,494 $ 273,445 $ 56,787 $ 133,478 $ 5,602,541 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 112,969 $ 1,757 $ 0 $ 0 $ 114,726 Collectively 697,469 3,019,868 0 1,308,525 271,688 56,787 133,478 5,487,815 Total $ 697,469 $ 3,019,868 $ 0 $ 1,421,494 $ 273,445 $ 56,787 $ 133,478 $ 5,602,541 Loans evaluated for impairment Individually $ 60,846 $ 1,746,894 $ 0 $ 4,392,060 $ 319,321 $ 0 $ 6,519,121 Collectively 80,705,847 233,571,254 47,067,023 161,273,115 44,225,666 5,088,491 571,931,396 Total $ 80,766,693 $ 235,318,148 $ 47,067,023 $ 165,665,175 $ 44,544,987 $ 5,088,491 $ 578,450,517 Impaired loans as of the balance sheet dates, by portfolio segment were as follows: As of December 31, 2019 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized 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 In the table above, recorded investment in impaired loans as of December 31, 2019 includes accrued interest receivable and deferred net loan costs of $22,051. As of December 31, 2018 2018 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Related allowance recorded Commercial real estate $ 0 $ 0 $ 0 $ 57,658 $ 0 Residential real estate - 1st lien 942,365 963,367 112,969 836,326 45,139 - Jr lien 7,271 7,248 1,757 77,555 351 949,636 970,615 114,726 971,539 45,490 No related allowance recorded Commercial & industrial 60,846 80,894 120,924 0 Commercial real estate 1,748,323 1,975,831 1,663,794 13,131 Residential real estate - 1st lien 3,465,117 4,082,637 3,497,772 94,313 - Jr lien 312,072 351,139 235,970 0 5,586,358 6,490,501 5,518,460 107,444 $ 6,535,994 $ 7,461,116 $ 114,726 $ 6,489,999 $ 152,934 In the table above, recorded investment in impaired loans as of December 31, 2018 includes accrued interest receivable and deferred net loan costs of $16,873. Credit Quality Grouping In developing the ALL, management uses credit quality grouping 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, 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 As of December 31, 2018 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 78,585,348 $ 226,785,919 $ 47,067,023 $ 161,293,233 $ 43,817,872 $ 5,086,830 $ 562,636,225 Group B 90,763 246,357 0 224,992 0 0 562,112 Group C 2,090,582 8,285,872 0 4,146,950 727,115 1,661 15,252,180 Total $ 80,766,693 $ 235,318,148 $ 47,067,023 $ 165,665,175 $ 44,544,987 $ 5,088,491 $ 578,450,517 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. 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. New TDRs, by portfolio segment, for the periods presented were as follows: 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 Year ended December 31, 2018 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Commercial real estate 1 $ 406,920 $ 406,920 Residential real estate - 1st lien 10 1,031,330 1,142,089 11 $ 1,438,250 $ 1,549,009 The TDRs for which there was a payment default during the twelve month periods presented were as follows: 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 Year ended December 31, 2018 Number of Recorded Contracts Investment Commercial real estate 1 $ 400,646 Residential real estate - 1st lien 3 518,212 4 $ 918,858 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: 2019 2018 Specific Allowance $ 104,548 $ 114,726 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.

4. Loan Servicing

4. Loan Servicing	12 Months Ended
	Dec. 31, 2019
Transfers and Servicing of Financial Assets [Abstract]
Note 4. 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 $167,673,467 and $176,083,984 at December 31, 2019 and 2018, respectively. Net gain realized on the sale of loans was $290,116 and $345,780 for the years ended December 31, 2019 and 2018, respectively. The following table summarizes changes in MSRs for the years ended December 31, 2019 2018 Balance at beginning of year $ 1,004,948 $ 1,083,286 MSRs capitalized 114,580 110,209 MSRs amortized (179,951 ) (188,547 ) Balance at end of year $ 939,577 $ 1,004,948 There was no valuation allowance in the periods presented.

5. Bank Premises and Equipment

5. Bank Premises and Equipment	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Note 5. Bank Premises and Equipment	The major classes of bank premises and equipment and accumulated depreciation and amortization at December 31 were as follows: 2019 2018 Buildings and improvements $ 10,575,514 $ 10,555,868 Land and land improvements 2,650,671 2,586,373 Furniture and equipment 6,848,263 6,460,625 Leasehold improvements 1,161,073 1,155,284 Finance lease 588,347 991,014 Operating leases 1,490,779 0 Other prepaid assets 159,914 55,406 23,474,561 21,804,570 Less accumulated depreciation and amortization (12,515,158 ) (12,091,115 ) Net bank premises and equipment $ 10,959,403 $ 9,713,455

6. Leases

6. Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Note 6. 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, 2019 2018 Operating lease cost $ 255,475 $ 230,888 Finance lease cost: Amortization of right-of-use assets $ 70,667 $ 70,667 Interest on lease liabilities 16,705 26,399 Variable rent expense 33,940 33,940 Total finance lease cost $ 121,312 $ 131,006 Total rental expense not associated with operating lease costs above amounted to $16,601 and $16,924 for the years ended December 31, 2019 and 2018, respectively. Supplemental cash flow information related to right-of-use assets and for lease obligations recorded upon adoption of ASU No. 2016-02 (Note 1) was as follows: Year Ended December 31, 2019 Operating Leases $ 1,455,829 Supplemental balance sheet information related to leases was as follows: December 31, 2019 2018 Operating Leases Operating lease right-of-use assets $ 1,254,384 $ 0 Operating lease liabilities $ 1,263,173 $ 0 Finance Leases Finance lease right-of-use assets $ 124,347 $ 213,679 Finance lease liabilities $ 99,823 $ 266,747 December 31, 2019 2018 Weighted Average Remaining Lease Term Operating Leases 4.4 Years 5.9 Years Finance Leases 1.5 Years 2.0 Years Weighted Average Discount Rate Operating Leases 1.28 % N/A Finance Leases 7.50 % 7.86 % 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, 2019 for each of the next five years and in aggregate are: 2020 $ 257,039 2021 210,350 2022 207,380 2023 210,232 2024 186,448 Subsequent to 2024 249,424 Total $ 1,320,873 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, 2019: 2020 $ 67,060 2021 39,119 Total minimum lease payments 106,179 Less amount representing interest (6,356 ) Present value of net minimum lease payments $ 99,823 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, 2019, is shown below: Operating Leases Finance Leases Undiscounted cash flows $ 1,320,873 $ 106,179 Discount effect of cash flows (57,700 ) (6,356 ) Lease liabilities $ 1,263,173 $ 99,823

7. Goodwill and Other Intangibl

7. Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Note 7. Goodwill and Other Intangible Assets	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, 2019 and 2018 and concluded that no impairment existed as of such dates.

8. Other Investments

8. Other Investments	12 Months Ended
	Dec. 31, 2019
Other Investments [Abstract]
Note 8. Other Investments	In 2011, the Company established a single-member LLC to facilitate the purchase of federal NMTC through an investment structure designed by a local community development entity. The equity investment was fully amortized at December 31, 2017, and the Company exited the equity investment, including termination of its interest in the LLC, during the last quarter of 2018.The LLC did not conduct any business apart from its role in the NMTC financing structure. 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 $415,099 and $437,229 for the years ended December 31, 2019 and 2018, respectively. Expenses related to amortization of the investments in the limited partnerships are recognized as a component of income tax expense, and were $312,106 and $410,061 for 2019 and 2018, respectively. The carrying values of the limited partnership investments were $2,762,406 and $2,263,512 at December 31, 2019 and 2018, 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 $3,535,527 and $2,946,831 as of December 31, 2019 and 2018, respectively. The Company recognized income of $588,696 and $514,485 for 2019 and 2018, respectively, through CFS Partners from the operations of CFSG.

9. Deposits

9. Deposits	12 Months Ended
	Dec. 31, 2019
Maturities of Time Deposits [Abstract]
Note 9. Deposits	The following is a maturity distribution of time deposits at December 31, 2019: 2020 $ 55,256,906 2021 31,341,156 2022 12,249,473 2023 7,319,609 2024 10,031,175 Total CDs $ 116,198,319 Total deposits in excess of the FDIC insurance level amounted to $178,997,035 as of December 31, 2019.

10. Borrowed Funds

10. Borrowed Funds	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Note 10. Borrowed Funds	Outstanding advances for the Company as of the balance sheet dates presented were as follows: 2019 2018 Long-Term Advances(1) 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 0 FHLBB term advance, 0.00%, due November 13, 2028 800,000 0 $ 2,650,000 $ 1,550,000 (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 $135,672,471 and $148,323,822 as of December 31, 2019 and 2018, respectively, and the Company's gross potential borrowing capacity under this arrangement was $97,358,249 and $108,736,234, 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, 2019, $14,425,000 in FHLBB letters of credit was utilized as collateral for these deposits compared to $2,625,000 at December 31, 2018. Total fees paid by the Company in connection with issuance of these letters of credit were $41,069 for 2019 and $46,620 for 2018. The Company also maintained a $500,000 IDEAL Way Line of Credit with the FHLBB at December 31, 2019 and 2018, 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 $56,896,877 and $50,913,351 as of December 31, 2019 and 2018, 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 225 basis points as of December 31, 2019. As of December 31, 2019 and 2018, 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 $12,500,000 at December 31, 2019 and 2018. The Company had no outstanding advances against these lines for the periods presented.

11. Junior Subordinated Debentu

11. Junior Subordinated Debentures	12 Months Ended
	Dec. 31, 2019
Junior Subordinated Notes [Abstract]
Note 11. Junior Subordinated Debentures	As of December 31, 2019 and 2018, 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 London Interbank Offered Rate plus 2.85%. During 2019, the floating rate averaged 5.33% per quarter compared to an average rate of 4.95% per quarter for 2018. 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 2019 and 2018 was $694,573 and $650,361, 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 21).

12. Repurchase Agreements

12. Repurchase Agreements	12 Months Ended
	Dec. 31, 2019
Securities Sold under Agreements to Repurchase [Abstract]
Note 12. Repurchase Agreements	Securities sold under agreements to repurchase mature daily and consisted of the following as of the balance sheet dates: December 31, 2019 2018 Current balance $ 33,189,848 $ 30,521,565 Average balance 33,545,527 30,554,953 Highest month-end balance 38,868,833 32,938,807 Weighted average interest rate 0.89 % 0.63 % Pledged Investment (1) Amortized Cost 45,637,025 40,186,557 Fair Value 45,966,750 39,366,831 (1) U.S. GSE securities, Agency MBS, ABS and OAS, and CDs were pledged as collateral for the periods presented.

13. Income Taxes

13. Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Note 13. 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: 2019 2018 Currently paid or payable $ 1,693,624 $ 1,749,624 Deferred expense (benefit) 96,236 (11,359 ) Total income tax expense(1) $ 1,789,860 $ 1,738,265 (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. An estimated tax payment of $10,000 was made to the state of New Hampshire during the fourth quarter of 2019 in anticipation of tax due for the 2019 tax year. 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: 2019 2018 Computed expense at statutory rates $ 2,236,904 $ 2,128,517 Tax exempt interest and BOLI (306,073 ) (291,550 ) Disallowed interest 15,798 11,631 Partnership rehabilitation and tax credits (415,099 ) (437,229 ) Low income housing investment amortization expense 246,564 323,948 Other 11,766 2,948 $ 1,789,860 $ 1,738,265 The deferred income tax expense (benefit) consisted of the following items for the years ended December 31: 2019 2018 Depreciation $ 126,734 $ 25,782 MSRs (13,728 ) (16,451 ) Deferred compensation 3,701 3,681 Bad debts (68,029 ) (34,533 ) Limited partnership amortization 60,588 (20,129 ) Investment in CFS Partners (3,323 ) (1,014 ) Loan fair value (6,171 ) (2,228 ) OREO write down 0 13,860 Prepaid expenses (10,741 ) (846 ) Other 7,205 20,519 Change in deferred tax expense (benefit) $ 96,236 $ (11,359 ) Listed below are the significant components of the net deferred tax asset at December 31: 2019 2018 Components of the deferred tax asset: Bad debts $ 1,244,563 $ 1,176,534 Deferred compensation 12,898 16,599 Contingent liability - MPF program 17,838 17,838 Finance lease 11,930 23,287 Unrealized loss on debt securities AFS 0 172,143 Other 16,346 11,968 Total deferred tax asset 1,303,575 1,418,369 Components of the deferred tax liability: Depreciation 384,197 257,463 Limited partnerships 76,995 16,407 MSRs 197,311 211,039 Unrealized gain on debt securities AFS 69,242 0 Investment in CFS Partners 71,054 74,377 Operating lease 226 0 Prepaid expenses 68,738 79,479 Fair value adjustment on acquired loans 0 6,171 Total deferred tax liability 867,763 644,936 Net deferred tax asset $ 435,812 $ 773,433 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

14. 401(k) and Profit-Sharing P

14. 401(k) and Profit-Sharing Plan	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Note 14. 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 $624,000 and $617,800 for 2019 and 2018, 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.

15. Deferred Compensation and S

15. Deferred Compensation and Supplemental Employee Retirement Plans	12 Months Ended
	Dec. 31, 2019
Compensation Related Costs [Abstract]
Note 15. 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 $61,421 and $79,045 at December 31, 2019 and 2018, respectively. Expenses associated with these plans were $376 and $474 for the years ended December 31, 2019 and 2018, respectively.

16. Financial Instruments with

16. Financial Instruments with Off-Balance-Sheet Risk	12 Months Ended
	Dec. 31, 2019
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Note 16. 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 2019 2018 Unused portions of home equity lines of credit $ 32,784,105 $ 31,328,881 Residential and commercial construction lines of credit 12,364,436 7,251,560 Commercial real estate commitments 24,377,588 26,588,950 Commercial and industrial commitments 47,659,341 45,135,452 Other commitments to extend credit 64,469,012 53,586,720 Standby letters of credit and commercial letters of credit 1,375,500 2,408,581 Recourse on sale of credit card portfolio 254,430 284,680 MPF credit enhancement obligation, net (See Note 17) 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, 2019 and 2018, the Company had binding loan commitments to sell residential mortgages at fixed rates totaling $1,643,200 and $391,840, respectively (see Note 17). 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 11).

17. Contingent Liability

17. Contingent Liability	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Note 17. 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, 2019 and 2018, the Company had $33,990,463 and $38,935,411, respectively, in loans sold through the MPF program and on which the Company had a CEO. As of December 31, 2019 and 2018, 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.

18. Legal Proceedings

18. Legal Proceedings	12 Months Ended
	Dec. 31, 2019
Legal Proceedings
Note 18. 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.

19. Transactions with Related P

19. Transactions with Related Parties	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Note 19. 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: 2019 2018 Balance, beginning of year $ 6,730,842 $ 7,356,906 Loans - New Directors 0 936,445 New loans to existing Principal Officers/Directors 4,491,524 5,582,052 Repayment (2,094,824 ) (7,144,561 ) Balance, end of year $ 9,127,542 $ 6,730,842 Total funds of related parties on deposit with the Company were $8,942,886 and $6,179,453 at December 31, 2019 and 2018, respectively. Prior to May 2018, the Company leased 2,253 square feet of condominium space in the state office building on Main Street in Newport, Vermont to its trust company affiliate, CFSG, for its principal offices. In May 2018, CFSG purchased the condominium space from the Company. CFSG also leases offices in the Company’s Barre and Lyndonville branches. The amount of rental income received from CFSG for the years ended December 31, 2019 and 2018 was $9,821 and $30,365, 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. In addition, prior to liquidation of the SERP assets, CFSG served as investment advisor and custodian of funds under the Company’s SERP. The Company pays monthly management fees to CFSG for its services to the 401(k) plan amounting to $57,209 and $47,676, respectively, for the years ended December 31, 2019 and 2018.

20. Restrictions on Cash and Du

20. Restrictions on Cash and Due From Banks	12 Months Ended
	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Note 20. 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, 2019 and 2018.

21. Regulatory Capital Requirem

21. Regulatory Capital Requirements	12 Months Ended
	Dec. 31, 2019
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Note 21. 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 2019 and $2.0 million in 2018) 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, 2019, 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 will be calculated by dividing tangible equity capital by average total consolidated assets. The final rule became effective on January 1, 2020. Management believes that the Company and Bank would qualify to utilize the CBLR framework on a pro forma basis as of December 31, 2019 had it been in effect on that date. 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 with a capital conservation buffer of 6.63% and 6.53%, respectively, in effect at December 31, 2019, and 6.08% and 5.97%, respectively, in effect at December 31, 2018. As of December 31, 2019, the Bank was considered well capitalized under the regulatory capital framework for Prompt Corrective Action and the Company exceeded applicable consolidated regulatory guidelines for capital adequacy. The following table shows the regulatory capital ratios for the Company and the Bank as of December 31: Minimum Minimum To Be Well For Capital Capitalized Under Adequacy Prompt Corrective Actual Purposes: Action Provisions(1): Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2019 Common equity tier 1 capital (to risk-weighted assets) Company $ 69,947 13.48 % $ 23,352 4.50 % N/A N/A Bank $ 69,330 13.38 % $ 23,325 4.50 % $ 33,691 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 69,947 13.48 % $ 31,135 6.00 % N/A N/A Bank $ 69,330 13.38 % $ 31,099 6.00 % $ 41,466 8.00 % Total capital (to risk-weighted assets) Company $ 75,943 14.63 % $ 41,514 8.00 % N/A N/A Bank $ 75,326 14.53 % $ 41,466 8.00 % $ 51,832 10.00 % Tier 1 capital (to average assets) Company $ 69,947 9.57 % $ 29,223 4.00 % N/A N/A Bank $ 69,330 9.50 % $ 29,201 4.00 % $ 36,501 5.00 % December 31, 2018: Common equity tier 1 capital (to risk-weighted assets) Company $ 64,564 12.94 % $ 22,446 4.50 % N/A N/A Bank $ 63,960 12.84 % $ 22,419 4.50 % $ 32,384 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 64,564 12.94 % $ 29,928 6.00 % N/A N/A Bank $ 63,960 12.84 % $ 29,893 6.00 % $ 39,857 8.00 % Total capital (to risk-weighted assets) Company $ 70,210 14.08 % $ 39,904 8.00 % N/A N/A Bank $ 69,606 13.97 % $ 39,857 8.00 % $ 49,821 10.00 % Tier 1 capital (to average assets) Company $ 64,564 9.26 % $ 27,890 4.00 % N/A N/A Bank $ 63,960 9.18 % $ 27,867 4.00 % $ 34,834 5.00 % (1) 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.

22. Fair Value

22. Fair Value	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Note 22. 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 2019 2018 Assets: (market approach) U.S. GSE debt securities $ 18,061,620 $ 13,751,103 Agency MBS 16,205,375 15,574,525 ABS and OAS 2,852,909 1,986,129 Other investments 8,846,846 8,055,074 $ 45,966,750 $ 39,366,831 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 2019 or 2018. 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 related specific ALL and are presented net of specific allowances as disclosed in Note 3, there were none for 2019 and 2018. 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 2019 2018 Assets: (market approach) MSRs (1) $ 939,577 $ 1,004,948 OREO 966,738 201,386 (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, 2019 and 2018. 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 2019 or 2018. 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, 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 (1) 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 (2) 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) Prior to reclassification to the loan portfolio effective January 1, 2019, all loans in this category were reported as HTM securities as a component of Investment Securities. All prior periods have been restated to conform to the reclassification. (2) Reported fair value represents all MSRs for loans serviced by the Company at December 31, 2019, regardless of carrying amount. December 31, 2018 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 $ 67,935 $ 67,935 $ 0 $ 0 $ 67,935 Debt securities AFS 39,367 0 39,367 0 39,367 Restricted equity securities 1,749 0 1,749 0 1,749 Loans and loans held-for-sale, net of ALL Commercial & industrial 80,049 0 0 79,773 79,773 Commercial real estate 232,239 0 0 230,532 230,532 Municipal (1) 47,067 0 0 47,228 47,228 Residential real estate - 1st lien 164,202 0 0 161,068 161,068 Residential real estate - Jr lien 44,260 0 0 44,127 44,127 Consumer 5,031 0 0 5,063 5,063 MSRs (2) 1,005 0 1,481 0 1,481 Accrued interest receivable 2,301 0 2,301 0 2,301 Financial liabilities: Deposits Other deposits 573,525 0 571,952 0 571,952 Brokered deposits 35,292 0 35,247 0 35,247 Long-term borrowings 1,550 0 1,425 0 1,425 Repurchase agreements 30,522 0 30,522 0 30,522 Capital lease obligations 267 0 267 0 267 Subordinated debentures 12,887 0 12,807 0 12,807 Accrued interest payable 113 0 113 0 113 (1) Prior to reclassification to the loan portfolio effective January 1, 2019, all loans in this category were reported as HTM securities as a component of Investment Securities. All prior periods have been restated to conform to the reclassification. (2) Reported fair value represents all MSRs for loans serviced by the Company at December 31, 2018, 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, 2019 and 2018.

23. Condensed Financial Informa

23. Condensed Financial Information (Parent Company Only)	12 Months Ended
	Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Note 23. 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 2019 2018 Assets Cash $ 744,687 $ 720,620 Investment in subsidiary - Community National Bank 81,164,447 74,886,386 Investment in Capital Trust 387,000 387,000 Income taxes receivable 213,071 207,244 Total assets $ 82,509,205 $ 76,201,250 Liabilities and Shareholders' Equity Liabilities Junior subordinated debentures $ 12,887,000 $ 12,887,000 Dividends payable 727,526 710,539 Total liabilities 13,614,526 13,597,539 Shareholders' Equity Preferred stock, 1,000,000 shares authorized, 15 and 20 shares issued and outstanding at December 31, 2019 and 2018, respectively ($100,000 liquidation value, per share) 1,500,000 2,000,000 Common stock - $2.50 par value; 15,000,000 shares authorized, 5,449,857 and 5,382,103 shares issued at December 31, 2019 and 2018, respectively (including 16,267 and 17,442 shares issued February 1, 2020 and 2019, respectively) 13,624,643 13,455,258 Additional paid-in capital 33,464,381 32,536,532 Retained earnings 22,667,949 17,882,282 Accumulated other comprehensive income (loss) 260,483 (647,584 ) Less: treasury stock, at cost; 210,101 shares at December 31, 2019 and 2018 (2,622,777 ) (2,622,777 ) Total shareholders' equity 68,894,679 62,603,711 Total liabilities and shareholders' equity $ 82,509,205 $ 76,201,250 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 2019 2018 Income Bank subsidiary distributions $ 4,256,000 $ 4,137,000 Dividends on Capital Trust 20,858 19,530 Total income 4,276,858 4,156,530 Expense Interest on junior subordinated debentures 694,573 650,361 Administrative and other 340,904 356,055 Total expense 1,035,477 1,006,416 Income before applicable income tax benefit and equity in undistributed net income of subsidiary 3,241,381 3,150,114 Income tax benefit 213,071 207,244 Income before equity in undistributed net income of subsidiary 3,454,452 3,357,358 Equity in undistributed net income of subsidiary 5,369,994 5,040,174 Net income $ 8,824,446 $ 8,397,532 Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Cash Flows 2019 2018 Cash Flows from Operating Activities Net income $ 8,824,446 $ 8,397,532 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed net income of subsidiary (5,369,994 ) (5,040,174 ) (Increase) decrease in income taxes receivable (5,827 ) 82,980 Net cash provided by operating activities 3,448,625 3,440,338 Cash Flows from Financing Activities Redemption of preferred stock (500,000 ) (500,000 ) Dividends paid on preferred stock (87,500 ) (103,125 ) Dividends paid on common stock (2,837,058 ) (2,672,985 ) Net cash used in financing activities (3,424,558 ) (3,276,110 ) Net increase in cash 24,067 164,228 Cash Beginning 720,620 556,392 Ending $ 744,687 $ 720,620 Cash Received for Income Taxes $ 207,244 $ 290,224 Cash Paid for Interest $ 694,573 $ 650,361 Dividends paid: Dividends declared $ 3,951,279 $ 3,799,864 Increase in dividends payable attributable to dividends declared (16,987 ) (80,078 ) Dividends reinvested (1,097,234 ) (1,046,801 ) $ 2,837,058 $ 2,672,985

24. Quarterly Financial Data (U

24. Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Note 24. Quarterly Financial Data (Unaudited)	A summary of financial data for the four quarters of 2019 and 2018 is presented below: 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 2018 March 31, June 30, September 30, December 31, Interest income $ 6,776,838 $ 7,028,859 $ 7,517,022 $ 7,791,884 Interest expense 868,749 938,499 1,220,145 1,457,695 Provision for loan losses 180,000 180,000 210,000 210,000 Non-interest income 1,395,670 1,690,161 1,542,793 1,552,684 Non-interest expense 4,731,116 5,103,975 4,874,332 5,185,603 Net income 1,982,543 2,002,654 2,269,732 2,142,603 Earnings per common share 0.38 0.39 0.44 0.40

25. Other Income and Other Expe

25. Other Income and Other Expenses	12 Months Ended
	Dec. 31, 2019
Other Income and Expenses [Abstract]
Note 25. 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: 2019 2018 Income Income from investment in CFS Partners $ 588,696 $ 514,485 Expenses Outsourcing expense $ 428,668 $ 480,563 Service contracts - administration 539,510 512,902 Marketing 450,533 552,617 State deposit tax 669,502 633,185 ATM fees 434,270 412,813

26. Subsequent Events

26. Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Note 26. Subsequent Events	Declaration of Cash Dividend and Preferred Stock Redemption On December 16, 2019, the Company declared a cash dividend of $0.19 per share payable February 1, 2020 to shareholders of record as of January 15, 2020. On March 11, 2020, the Company declared a cash dividend of $0.19 per share payable May 1, 2020 to shareholders of record as of April 15, 2020. 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.

1. Significant Accounting Pol_2

1. Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
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 and OAS: Asset backed or other amortizing 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 Bancorp: Community Bancorp. Interfinancial Network Bank: Community National Bank IRS: Internal Revenue Service BHG Bankers Healthcare Group JNE: Jobs for New England BIC: Borrower-in-Custody Jr: Junior Board: Board of Directors LIBOR: London Interbank Offered Rate BOLI: Bank owned life insurance LLC: Limited liability corporation bp or bps: Basis point(s) MBS: Mortgage-backed security BSA: Bank Secrecy Act MPF: Mortgage Partnership Finance CBLR: Community Bank Leverage Ratio MSAs Metropolitan Statistical Areas CDARS: Certificate of Deposit Accounts Registry MSRs: Mortgage servicing rights Service of the Promontory Interfinancial NII: Net interest income Network NMTC: New Market Tax Credits CDs: Certificates of deposit OCI: Other comprehensive income (loss) CDI: Core deposit intangible OFAC: Office of Foreign Asset Control CECL: Current Expected Credit Loss OREO: Other real estate owned CEO: Credit Enhancement Obligation OTTI: Other-than-temporary impairment CFPB: Consumer Financial Protection Bureau PMI: Private mortgage insurance 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 CRA: Community Reinvestment Act SEC: U.S. Securities and Exchange Commission CRE: Commercial Real Estate SERP: Supplemental Employee Retirement Plan DDA or DDAs: Demand Deposit Account(s) SOX: Sarbanes-Oxley Act of 2002 DIF: Deposit Insurance Fund TDR: Troubled-debt restructuring DTC: Depository Trust Company TILA: Truth in Lending Act DRIP: Dividend Reinvestment Plan USDA: U.S. Department of Agriculture Exchange Act: Securities Exchange Act of 1934 VA: U.S. Veterans Administration FASB: Financial Accounting Standards Board VIE: Variable interest entities FDIA: Federal Deposit Insurance Act 2017 Tax Act: Tax Cut and Jobs Act of 2017 FDIC: Federal Deposit Insurance Corporation 2018 Economic Growth, Regulatory Relief and FDICIA: Federal Deposit Insurance Company Regulatory Consumer Protection Act of 2018 Improvement Act of 1991 Relief Act: 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, as amended in 2018. 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 is considered an accelerated filer under the financial reporting rules of the SEC. 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 11). During the years 2011 through 2018, the Company was the sole owner of a LLC formed to facilitate the Company’s purchase of federal NMTC under an investment structure designed by a local community development entity. The NMTC financing matured in the fourth quarter of 2018 and the Company exited the investment and terminated its interest in the LLC. Management evaluated the Company’s interest in the LLC under the ASC guidance relating to VIEs in light of the overall structure and purpose of the NMTC financing transaction and concluded that the LLC should not be consolidated in the Company’s financial statements for financial reporting purposes, as the Company was not the primary beneficiary of the NMTC structure, did not exercise control within the overall structure and was not obligated to absorb a majority of any losses of the NMTC structure (see Note 8).
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 relate 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	Change in Accounting Principle Prior to 2019, the entire balance of the Company’s HTM investment portfolio consisted of Municipal notes. Effective January 1, 2019, and in accordance with ASC 250 (Accounting Changes and Error Corrections), the Company chose to reclassify these debt instruments from the investment portfolio into the loan portfolio. This change represents a voluntary reclassification of municipal debt instruments from classification as investment securities under ASC 320 (Investments – Debt and Equity Securities) to classification as loans under ASC 310 (Receivables). All periods presented have been restated to conform to this change. Accordingly, for all periods presented below, the Company’s investment portfolio consists entirely of AFS investments and municipal debt obligations are reported as a component of the Company’s loan portfolio (See Note 3). The reclassification of the municipal debt instruments in this portfolio did not have a material impact on the Company’s consolidated financial statements or results of operations. 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 and equity securities. Premiums and discounts are recognized in interest income using the interest method over the period to maturity or call date. The Company does not hold any securities purchased for the purpose of selling in the near term and classified as trading. As a result of the reclassification noted in the first paragraph of this section, the Company does not hold 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	In December 2011, the Company made an equity investment in a NMTC financing structure, which was fully amortized in 2017 (see Note 8). The Company’s investment in the NMTC financing structure was amortized using the effective yield method. 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 8). 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	As disclosed earlier in Note 1 under the heading “Investment Securities”, effective January 1, 2019 and in accordance with ASC 250 (Accounting Changes and Error Corrections), the Company chose to reclassify its municipal debt instruments from the investment portfolio into the loan portfolio. This change represents a voluntary reclassification of municipal debt instruments by management from classification as investment securities under ASC 320 (Investments – Debt and Equity Securities) to classification as loans under ASC 310 (Receivables). As stated earlier in this section, the reclassification of this portfolio did not have a material impact on the Company’s consolidated financial statements or results of operations. 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, 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 for one year, two year, three year, four year and five year 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. The Company is currently using an extended look back period of five years. 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. 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 - 1st Lien – Residential Real Estate – Jr Lien – Consumer – Specific component The specific component of the ALL relates to loans that are impaired. Impaired loans are loan(s) 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 impaired basis 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. 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 issued 25 shares of fixed-to-floating rate non-cumulative perpetual preferred stock, without par value and having a liquidation preference of $100,000 per share. There were 15 shares and 20 shares of preferred stock outstanding as of December 31, 2019 and 2018, respectively. 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 4.50% was in effect for the first quarter of 2018, with increases during 2018 on a quarterly basis, to a rate of 5.25% for the fourth quarter of 2018. The variable rate increased to 5.50% 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 that will be in effect for the first quarter of 2020 is 4.75%. The Company redeemed five shares of preferred stock on March 31, 2019 and 2018, at a redemption price of $500,000 for each such partial redemption, plus accrued dividends.
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, 2019 2018 Net income, as reported $ 8,824,446 $ 8,397,532 Less: dividends to preferred shareholders 87,500 103,125 Net income available to common shareholders $ 8,736,946 $ 8,294,407 Weighted average number of common shares used in calculating earnings per share 5,204,768 5,139,297 Earnings per common share $ 1.68 $ 1.61
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.
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.
Impact of recently issued accounting standards	In February 2016, the FASB issued ASU No. 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments A modified version of these requirements also applies to debt securities classified as available for sale, which will require that credit losses on those securities be recorded through an allowance for credit losses rather than a write-down. evaluate the impact h e ASU was to be effec ti ve for fisca l years be g inn i n g aft er De c ember 15, 2019, in c lu d ing in teri m p e rio ds w i t hin t ho se fiscal years, with early adoption permitted for fiscal years beginning after December 15, 2018, including interim periods within such years. However, in November 2019, the FASB issued ASU No. 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). In January 2017, the FASB issued ASU No. 2017-04, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The Company has goodwill from its acquisition of LyndonBank in 2007 and performs an impairment test annually or more frequently if circumstances warrant (see Note 7). 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

1. Significant Accounting Pol_3

1. Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Schedule of earnings per share	Years Ended December 31, 2019 2018 Net income, as reported $ 8,824,446 $ 8,397,532 Less: dividends to preferred shareholders 87,500 103,125 Net income available to common shareholders $ 8,736,946 $ 8,294,407 Weighted average number of common shares used in calculating earnings per share 5,204,768 5,139,297 Earnings per common share $ 1.68 $ 1.61

2. Investment Securities (Table

2. Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2019
Investments [Abstract]
Schedule of available for sale securities	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 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 December 31, 2018 U.S. GSE debt securities $ 14,010,100 $ 394 $ 259,391 $ 13,751,103 Agency MBS 16,020,892 2,701 449,068 15,574,525 ABS and OAS 1,988,565 3,806 6,242 1,986,129 Other investments 8,167,000 8,472 120,398 8,055,074 Total $ 40,186,557 $ 15,373 $ 835,099 $ 39,366,831
Schedule of investments pledged as collateral	Amortized Fair Cost Value December 31, 2019 $ 45,637,025 $ 45,966,750 December 31, 2018 40,186,557 39,366,831
Schedule of maturities of debt securities available for sale	Amortized Fair Cost Value Due in one year or less $ 2,760,515 $ 2,766,254 Due from one to five years 9,674,948 9,862,450 Due from five to ten years 15,042,170 15,147,201 Due after ten years 1,989,573 1,985,470 Agency MBS 16,169,819 16,205,375 Total $ 45,637,025 $ 45,966,750
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, 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 Other investments 1,000,490 2,166 0 0 1 1,000,490 2,166 Total $ 14,238,365 $ 67,486 $ 2,920,091 $ 26,670 21 $ 17,158,456 $ 94,156 December 31, 2018 U.S. GSE debt securities $ 1,465,947 $ 6,752 $ 11,284,761 $ 252,639 11 $ 12,750,708 $ 259,391 Agency MBS 2,317,838 22,029 12,223,386 427,039 24 14,541,224 449,068 ABS and OAS 976,226 6,242 0 0 1 976,226 6,242 Other investments 1,956,914 20,086 4,113,688 100,312 25 6,070,602 120,398 Total $ 6,716,925 $ 55,109 $ 27,621,835 $ 779,990 61 $ 34,338,760 $ 835,099

3. Loans, Allowance for Loan _2

3. Loans, Allowance for Loan Losses and Credit Quality (Tables)	12 Months Ended
	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Composition of net loans	December 31, 2019 2018 Commercial & industrial $ 98,930,831 $ 80,766,693 Commercial real estate 246,282,726 235,318,148 Municipal 55,817,206 47,067,023 Residential real estate - 1st lien 158,337,296 165,665,175 Residential real estate - Jr lien 43,230,873 44,544,987 Consumer 4,390,005 5,088,491 Total loans 606,988,937 578,450,517 Deduct (add): ALL 5,926,491 5,602,541 Deferred net loan costs (362,415 ) (363,614 ) Net loans $ 601,424,861 $ 573,211,590
Past due loans by segment	90 Days or More and December 31, 2019 30-89 Days 90 Days or More Total Past Due Current Total Loans Non-Accrual 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 90 Days or More and December 31, 2018 30-89 Days 90 Days or More Total Past Due Current Total Loans Non-Accrual Loans Accruing Commercial & industrial $ 217,385 $ 0 $ 217,385 $ 80,549,308 $ 80,766,693 $ 84,814 $ 0 Commercial real estate 1,509,839 190,789 1,700,628 233,617,520 235,318,148 1,742,993 0 Municipal 0 0 0 47,067,023 47,067,023 0 0 Residential real estate - 1st lien 4,108,319 1,371,061 5,479,380 160,185,795 165,665,175 2,026,939 622,486 - Jr lien 484,855 353,914 838,769 43,706,218 44,544,987 408,540 104,959 Consumer 43,277 1,661 44,938 5,043,553 5,088,491 0 1,661 Totals $ 6,363,675 $ 1,917,425 $ 8,281,100 $ 570,169,417 $ 578,450,517 $ 4,263,286 $ 729,106
Residential mortgage loans in process of foreclosure	Number of loans Balance December 31, 2019 9 $ 495,943 December 31, 2018 12 961,709
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 $ 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 As of or for the year ended December 31, 2018 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 675,687 $ 2,674,029 $ 0 $ 1,460,547 $ 316,982 $ 43,303 $ 267,551 $ 5,438,099 Charge-offs (152,860 ) (124,645 ) 0 (251,654 ) (69,173 ) (143,688 ) 0 (742,020 ) Recoveries 60,192 0 0 26,832 1,420 38,018 0 126,462 Provision (credit) 114,450 470,484 0 185,769 24,216 119,154 (134,073 ) 780,000 ALL ending balance $ 697,469 $ 3,019,868 $ 0 $ 1,421,494 $ 273,445 $ 56,787 $ 133,478 $ 5,602,541 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 112,969 $ 1,757 $ 0 $ 0 $ 114,726 Collectively 697,469 3,019,868 0 1,308,525 271,688 56,787 133,478 5,487,815 Total $ 697,469 $ 3,019,868 $ 0 $ 1,421,494 $ 273,445 $ 56,787 $ 133,478 $ 5,602,541 Loans evaluated for impairment Individually $ 60,846 $ 1,746,894 $ 0 $ 4,392,060 $ 319,321 $ 0 $ 6,519,121 Collectively 80,705,847 233,571,254 47,067,023 161,273,115 44,225,666 5,088,491 571,931,396 Total $ 80,766,693 $ 235,318,148 $ 47,067,023 $ 165,665,175 $ 44,544,987 $ 5,088,491 $ 578,450,517
Impaired loans by segment	As of December 31, 2019 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized 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 In the table above, recorded investment in impaired loans as of December 31, 2019 includes accrued interest receivable and deferred net loan costs of $22,051. As of December 31, 2018 2018 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Related allowance recorded Commercial real estate $ 0 $ 0 $ 0 $ 57,658 $ 0 Residential real estate - 1st lien 942,365 963,367 112,969 836,326 45,139 - Jr lien 7,271 7,248 1,757 77,555 351 949,636 970,615 114,726 971,539 45,490 No related allowance recorded Commercial & industrial 60,846 80,894 120,924 0 Commercial real estate 1,748,323 1,975,831 1,663,794 13,131 Residential real estate - 1st lien 3,465,117 4,082,637 3,497,772 94,313 - Jr lien 312,072 351,139 235,970 0 5,586,358 6,490,501 5,518,460 107,444 $ 6,535,994 $ 7,461,116 $ 114,726 $ 6,489,999 $ 152,934 In the table above, recorded investment in impaired loans as of December 31, 2018 includes accrued interest receivable and deferred net loan costs of $16,873.
Risk ratings	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 As of December 31, 2018 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 78,585,348 $ 226,785,919 $ 47,067,023 $ 161,293,233 $ 43,817,872 $ 5,086,830 $ 562,636,225 Group B 90,763 246,357 0 224,992 0 0 562,112 Group C 2,090,582 8,285,872 0 4,146,950 727,115 1,661 15,252,180 Total $ 80,766,693 $ 235,318,148 $ 47,067,023 $ 165,665,175 $ 44,544,987 $ 5,088,491 $ 578,450,517
Loans modified as TDRs	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 Year ended December 31, 2018 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Commercial real estate 1 $ 406,920 $ 406,920 Residential real estate - 1st lien 10 1,031,330 1,142,089 11 $ 1,438,250 $ 1,549,009
TDRs payment default	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 Year ended December 31, 2018 Number of Recorded Contracts Investment Commercial real estate 1 $ 400,646 Residential real estate - 1st lien 3 518,212 4 $ 918,858
Specific allowances	2019 2018 Specific Allowance $ 104,548 $ 114,726

4. Loan Servicing (Tables)

4. Loan Servicing (Tables)	12 Months Ended
	Dec. 31, 2019
Transfers and Servicing of Financial Assets [Abstract]
Schedule of mortgage servicing rights	2019 2018 Balance at beginning of year $ 1,004,948 $ 1,083,286 MSRs capitalized 114,580 110,209 MSRs amortized (179,951 ) (188,547 ) Balance at end of year $ 939,577 $ 1,004,948

5. Bank Premises and Equipment

5. Bank Premises and Equipment (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Major classes of bank premises and equipment	2019 2018 Buildings and improvements $ 10,575,514 $ 10,555,868 Land and land improvements 2,650,671 2,586,373 Furniture and equipment 6,848,263 6,460,625 Leasehold improvements 1,161,073 1,155,284 Finance lease 588,347 991,014 Operating leases 1,490,779 0 Other prepaid assets 159,914 55,406 23,474,561 21,804,570 Less accumulated depreciation and amortization (12,515,158 ) (12,091,115 ) Net bank premises and equipment $ 10,959,403 $ 9,713,455

6. Leases (Tables)

6. Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Components of lease expense	Years Ended December 31, 2019 2018 Operating lease cost $ 255,475 $ 230,888 Finance lease cost: Amortization of right-of-use assets $ 70,667 $ 70,667 Interest on lease liabilities 16,705 26,399 Variable rent expense 33,940 33,940 Total finance lease cost $ 121,312 $ 131,006
Supplemental lease information	Year Ended December 31, 2019 Operating Leases $ 1,455,829 Supplemental balance sheet information related to leases was as follows: December 31, 2019 2018 Operating Leases Operating lease right-of-use assets $ 1,254,384 $ 0 Operating lease liabilities $ 1,263,173 $ 0 Finance Leases Finance lease right-of-use assets $ 124,347 $ 213,679 Finance lease liabilities $ 99,823 $ 266,747 December 31, 2019 2018 Weighted Average Remaining Lease Term Operating Leases 4.4 Years 5.9 Years Finance Leases 1.5 Years 2.0 Years Weighted Average Discount Rate Operating Leases 1.28 % N/A Finance Leases 7.50 % 7.86 %
Maturities of operating lease liabilities	2020 $ 257,039 2021 210,350 2022 207,380 2023 210,232 2024 186,448 Subsequent to 2024 249,424 Total $ 1,320,873
Maturities of finance lease liabilities	2020 $ 67,060 2021 39,119 Total minimum lease payments 106,179 Less amount representing interest (6,356 ) Present value of net minimum lease payments $ 99,823
Reconciliation of the undiscounted cash flows in the maturity analysis	Operating Leases Finance Leases Undiscounted cash flows $ 1,320,873 $ 106,179 Discount effect of cash flows (57,700 ) (6,356 ) Lease liabilities $ 1,263,173 $ 99,823

9. Deposits (Tables)

9. Deposits (Tables)	12 Months Ended
	Dec. 31, 2019
Maturities of Time Deposits [Abstract]
Maturity distribution of time deposits	2020 $ 55,256,906 2021 31,341,156 2022 12,249,473 2023 7,319,609 2024 10,031,175 Total CDs $ 116,198,319

10. Borrowed Funds (Tables)

10. Borrowed Funds (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Outstanding advances	2019 2018 Long-Term Advances(1) 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 0 FHLBB term advance, 0.00%, due November 13, 2028 800,000 0 $ 2,650,000 $ 1,550,000

12. Repurchase Agreements (Tabl

12. Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2019
Securities Sold under Agreements to Repurchase [Abstract]
Securities sold under repurchase agreements	December 31, 2019 2018 Current balance $ 33,189,848 $ 30,521,565 Average balance 33,545,527 30,554,953 Highest month-end balance 38,868,833 32,938,807 Weighted average interest rate 0.89 % 0.63 % Pledged Investment (1) Amortized Cost 45,637,025 40,186,557 Fair Value 45,966,750 39,366,831

13. Income Taxes (Tables)

13. Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of components of income tax expense (benefit)	2019 2018 Currently paid or payable $ 1,693,624 $ 1,749,624 Deferred expense (benefit) 96,236 (11,359 ) Total income tax expense(1) $ 1,789,860 $ 1,738,265
Schedule of effective income tax rate reconciliation	2019 2018 Computed expense at statutory rates $ 2,236,904 $ 2,128,517 Tax exempt interest and BOLI (306,073 ) (291,550 ) Disallowed interest 15,798 11,631 Partnership rehabilitation and tax credits (415,099 ) (437,229 ) Low income housing investment amortization expense 246,564 323,948 Other 11,766 2,948 $ 1,789,860 $ 1,738,265
Deferred income tax expense (benefit)	2019 2018 Depreciation $ 126,734 $ 25,782 MSRs (13,728 ) (16,451 ) Deferred compensation 3,701 3,681 Bad debts (68,029 ) (34,533 ) Limited partnership amortization 60,588 (20,129 ) Investment in CFS Partners (3,323 ) (1,014 ) Loan fair value (6,171 ) (2,228 ) OREO write down 0 13,860 Prepaid expenses (10,741 ) (846 ) Other 7,205 20,519 Change in deferred tax expense (benefit) $ 96,236 $ (11,359 )
Components of the net deferred tax asset	2019 2018 Components of the deferred tax asset: Bad debts $ 1,244,563 $ 1,176,534 Deferred compensation 12,898 16,599 Contingent liability - MPF program 17,838 17,838 Finance lease 11,930 23,287 Unrealized loss on debt securities AFS 0 172,143 Other 16,346 11,968 Total deferred tax asset 1,303,575 1,418,369 Components of the deferred tax liability: Depreciation 384,197 257,463 Limited partnerships 76,995 16,407 MSRs 197,311 211,039 Unrealized gain on debt securities AFS 69,242 0 Investment in CFS Partners 71,054 74,377 Operating lease 226 0 Prepaid expenses 68,738 79,479 Fair value adjustment on acquired loans 0 6,171 Total deferred tax liability 867,763 644,936 Net deferred tax asset $ 435,812 $ 773,433

16. Financial Instruments wit_2

16. Financial Instruments with Off-Balance-Sheet Risk (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off balance sheet financial instruments risk	Contract or Notional Amount 2019 2018 Unused portions of home equity lines of credit $ 32,784,105 $ 31,328,881 Residential and commercial construction lines of credit 12,364,436 7,251,560 Commercial real estate commitments 24,377,588 26,588,950 Commercial and industrial commitments 47,659,341 45,135,452 Other commitments to extend credit 64,469,012 53,586,720 Standby letters of credit and commercial letters of credit 1,375,500 2,408,581 Recourse on sale of credit card portfolio 254,430 284,680 MPF credit enhancement obligation, net (See Note 17) 552,158 552,158

19. Transactions with Related_2

19. Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of related party transactions	2019 2018 Balance, beginning of year $ 6,730,842 $ 7,356,906 Loans - New Directors 0 936,445 New loans to existing Principal Officers/Directors 4,491,524 5,582,052 Repayment (2,094,824 ) (7,144,561 ) Balance, end of year $ 9,127,542 $ 6,730,842

21. Regulatory Capital Requir_2

21. Regulatory Capital Requirements (Tables)	12 Months Ended
	Dec. 31, 2019
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory capital ratios	Minimum Minimum To Be Well For Capital Capitalized Under Adequacy Prompt Corrective Actual Purposes: Action Provisions(1): Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2019 Common equity tier 1 capital (to risk-weighted assets) Company $ 69,947 13.48 % $ 23,352 4.50 % N/A N/A Bank $ 69,330 13.38 % $ 23,325 4.50 % $ 33,691 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 69,947 13.48 % $ 31,135 6.00 % N/A N/A Bank $ 69,330 13.38 % $ 31,099 6.00 % $ 41,466 8.00 % Total capital (to risk-weighted assets) Company $ 75,943 14.63 % $ 41,514 8.00 % N/A N/A Bank $ 75,326 14.53 % $ 41,466 8.00 % $ 51,832 10.00 % Tier 1 capital (to average assets) Company $ 69,947 9.57 % $ 29,223 4.00 % N/A N/A Bank $ 69,330 9.50 % $ 29,201 4.00 % $ 36,501 5.00 % December 31, 2018: Common equity tier 1 capital (to risk-weighted assets) Company $ 64,564 12.94 % $ 22,446 4.50 % N/A N/A Bank $ 63,960 12.84 % $ 22,419 4.50 % $ 32,384 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 64,564 12.94 % $ 29,928 6.00 % N/A N/A Bank $ 63,960 12.84 % $ 29,893 6.00 % $ 39,857 8.00 % Total capital (to risk-weighted assets) Company $ 70,210 14.08 % $ 39,904 8.00 % N/A N/A Bank $ 69,606 13.97 % $ 39,857 8.00 % $ 49,821 10.00 % Tier 1 capital (to average assets) Company $ 64,564 9.26 % $ 27,890 4.00 % N/A N/A Bank $ 63,960 9.18 % $ 27,867 4.00 % $ 34,834 5.00 %

22. Fair Value (Tables)

22. Fair Value (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of fair value assets on recurring basis	Level 2 2019 2018 Assets: (market approach) U.S. GSE debt securities $ 18,061,620 $ 13,751,103 Agency MBS 16,205,375 15,574,525 ABS and OAS 2,852,909 1,986,129 Other investments 8,846,846 8,055,074 $ 45,966,750 $ 39,366,831
Schedule of fair value assets nonrecurring basis	Level 2 2019 2018 Assets: (market approach) MSRs (1) $ 939,577 $ 1,004,948 OREO 966,738 201,386
Schedule of estimated fair values of financial instruments	The carrying amounts and estimated fair values of the Company's financial instruments were as follows: 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 (1) 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 (2) 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) Prior to reclassification to the loan portfolio effective January 1, 2019, all loans in this category were reported as HTM securities as a component of Investment Securities. All prior periods have been restated to conform to the reclassification. (2) Reported fair value represents all MSRs for loans serviced by the Company at December 31, 2019, regardless of carrying amount. December 31, 2018 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 $ 67,935 $ 67,935 $ 0 $ 0 $ 67,935 Debt securities AFS 39,367 0 39,367 0 39,367 Restricted equity securities 1,749 0 1,749 0 1,749 Loans and loans held-for-sale, net of ALL Commercial & industrial 80,049 0 0 79,773 79,773 Commercial real estate 232,239 0 0 230,532 230,532 Municipal (1) 47,067 0 0 47,228 47,228 Residential real estate - 1st lien 164,202 0 0 161,068 161,068 Residential real estate - Jr lien 44,260 0 0 44,127 44,127 Consumer 5,031 0 0 5,063 5,063 MSRs (2) 1,005 0 1,481 0 1,481 Accrued interest receivable 2,301 0 2,301 0 2,301 Financial liabilities: Deposits Other deposits 573,525 0 571,952 0 571,952 Brokered deposits 35,292 0 35,247 0 35,247 Long-term borrowings 1,550 0 1,425 0 1,425 Repurchase agreements 30,522 0 30,522 0 30,522 Capital lease obligations 267 0 267 0 267 Subordinated debentures 12,887 0 12,807 0 12,807 Accrued interest payable 113 0 113 0 113 (1) Prior to reclassification to the loan portfolio effective January 1, 2019, all loans in this category were reported as HTM securities as a component of Investment Securities. All prior periods have been restated to conform to the reclassification. (2) Reported fair value represents all MSRs for loans serviced by the Company at December 31, 2018, regardless of carrying amount.

23. Condensed Financial Infor_2

23. Condensed Financial Information (Parent Company Only) (Tables)	12 Months Ended
	Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Balance Sheets	Community Bancorp. (Parent Company Only) December 31, December 31, Balance Sheets 2019 2018 Assets Cash $ 744,687 $ 720,620 Investment in subsidiary - Community National Bank 81,164,447 74,886,386 Investment in Capital Trust 387,000 387,000 Income taxes receivable 213,071 207,244 Total assets $ 82,509,205 $ 76,201,250 Liabilities and Shareholders' Equity Liabilities Junior subordinated debentures $ 12,887,000 $ 12,887,000 Dividends payable 727,526 710,539 Total liabilities 13,614,526 13,597,539 Shareholders' Equity Preferred stock, 1,000,000 shares authorized, 15 and 20 shares issued and outstanding at December 31, 2019 and 2018, respectively ($100,000 liquidation value, per share) 1,500,000 2,000,000 Common stock - $2.50 par value; 15,000,000 shares authorized, 5,449,857 and 5,382,103 shares issued at December 31, 2019 and 2018, respectively (including 16,267 and 17,442 shares issued February 1, 2020 and 2019, respectively) 13,624,643 13,455,258 Additional paid-in capital 33,464,381 32,536,532 Retained earnings 22,667,949 17,882,282 Accumulated other comprehensive income (loss) 260,483 (647,584 ) Less: treasury stock, at cost; 210,101 shares at December 31, 2019 and 2018 (2,622,777 ) (2,622,777 ) Total shareholders' equity 68,894,679 62,603,711 Total liabilities and shareholders' equity $ 82,509,205 $ 76,201,250
Condensed Statements of Income	Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Income 2019 2018 Income Bank subsidiary distributions $ 4,256,000 $ 4,137,000 Dividends on Capital Trust 20,858 19,530 Total income 4,276,858 4,156,530 Expense Interest on junior subordinated debentures 694,573 650,361 Administrative and other 340,904 356,055 Total expense 1,035,477 1,006,416 Income before applicable income tax benefit and equity in undistributed net income of subsidiary 3,241,381 3,150,114 Income tax benefit 213,071 207,244 Income before equity in undistributed net income of subsidiary 3,454,452 3,357,358 Equity in undistributed net income of subsidiary 5,369,994 5,040,174 Net income $ 8,824,446 $ 8,397,532
Condensed Statements of Cash Flows	Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Cash Flows 2019 2018 Cash Flows from Operating Activities Net income $ 8,824,446 $ 8,397,532 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed net income of subsidiary (5,369,994 ) (5,040,174 ) (Increase) decrease in income taxes receivable (5,827 ) 82,980 Net cash provided by operating activities 3,448,625 3,440,338 Cash Flows from Financing Activities Redemption of preferred stock (500,000 ) (500,000 ) Dividends paid on preferred stock (87,500 ) (103,125 ) Dividends paid on common stock (2,837,058 ) (2,672,985 ) Net cash used in financing activities (3,424,558 ) (3,276,110 ) Net increase in cash 24,067 164,228 Cash Beginning 720,620 556,392 Ending $ 744,687 $ 720,620 Cash Received for Income Taxes $ 207,244 $ 290,224 Cash Paid for Interest $ 694,573 $ 650,361 Dividends paid: Dividends declared $ 3,951,279 $ 3,799,864 Increase in dividends payable attributable to dividends declared (16,987 ) (80,078 ) Dividends reinvested (1,097,234 ) (1,046,801 ) $ 2,837,058 $ 2,672,985

24. Quarterly Financial Data (T

24. Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial information	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 2018 March 31, June 30, September 30, December 31, Interest income $ 6,776,838 $ 7,028,859 $ 7,517,022 $ 7,791,884 Interest expense 868,749 938,499 1,220,145 1,457,695 Provision for loan losses 180,000 180,000 210,000 210,000 Non-interest income 1,395,670 1,690,161 1,542,793 1,552,684 Non-interest expense 4,731,116 5,103,975 4,874,332 5,185,603 Net income 1,982,543 2,002,654 2,269,732 2,142,603 Earnings per common share 0.38 0.39 0.44 0.40

25. Other Income and Other Ex_2

25. Other Income and Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Other Income and Expenses [Abstract]
Components of other income and other expenses	2019 2018 Income Income from investment in CFS Partners $ 588,696 $ 514,485 Expenses Outsourcing expense $ 428,668 $ 480,563 Service contracts - administration 539,510 512,902 Marketing 450,533 552,617 State deposit tax 669,502 633,185 ATM fees 434,270 412,813

1. Significant Accounting Pol_4

1. Significant Accounting Policies (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income, as reported	$ 2,371,300	$ 2,261,943	$ 2,419,298	$ 1,771,905	$ 2,142,603	$ 2,269,732	$ 2,002,654	$ 1,982,543	$ 8,824,446	$ 8,397,532
Less: dividends to preferred shareholders									87,500	103,125
Net income available to common shareholders									$ 8,736,946	$ 8,294,407
Weighted average number of common shares used in calculating earnings per share									5,204,768	5,139,297
Earnings per common share	$ 0.45	$ 0.43	$ 0.46	$ 0.34	$ 0.40	$ 0.44	$ 0.39	$ 0.38	$ 1.68	$ 1.61

2. Investment Securities (Detai

2. Investment Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Available for sale Securities
Amortized Cost - Available for sale Securities	$ 45,637,025	$ 40,186,557
Gross Unrealized Gains - Available for sale Securities	423,881	15,373
Gross Unrealized Losses - Available for sale Securities	94,156	835,099
Fair Value - Available for sale Securities	45,966,750	39,366,831
U.S. GSE debt securities
Available for sale Securities
Amortized Cost - Available for sale Securities	18,002,549	14,010,100
Gross Unrealized Gains - Available for sale Securities	99,743	394
Gross Unrealized Losses - Available for sale Securities	40,672	259,391
Fair Value - Available for sale Securities	18,061,620	13,751,103
Agency mortgage-backed securities (Agency MBS)
Available for sale Securities
Amortized Cost - Available for sale Securities	16,169,819	16,020,892
Gross Unrealized Gains - Available for sale Securities	86,874	2,701
Gross Unrealized Losses - Available for sale Securities	51,318	449,068
Fair Value - Available for sale Securities	16,205,375	15,574,525
ABS and OAS
Available for sale Securities
Amortized Cost - Available for sale Securities	2,799,657	1,988,565
Gross Unrealized Gains - Available for sale Securities	55,418	3,806
Gross Unrealized Losses - Available for sale Securities	2,166	6,242
Fair Value - Available for sale Securities	2,852,909	1,986,129
Other investments
Available for sale Securities
Amortized Cost - Available for sale Securities	8,665,000	8,167,000
Gross Unrealized Gains - Available for sale Securities	181,846	8,472
Gross Unrealized Losses - Available for sale Securities	0	120,398
Fair Value - Available for sale Securities	$ 8,846,846	$ 8,055,074

2. Investment Securities (Det_2

2. Investment Securities (Details 1) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Investments [Abstract]
Book value of available for sale securities, pledged as collateral for repurchase agreements	$ 45,637,025	$ 40,186,557
Fair value of available for sale securities, pledged as collateral for repurchase agreements	$ 40,186,557	$ 39,366,831

2. Investment Securities (Det_3

2. Investment Securities (Details 2) - Available for sale Securities	Dec. 31, 2019USD ($)
Amortized Cost
Due in one year or less, amortized cost	$ 2,760,515
Due from one to five years, amortized cost	9,674,948
Due from five to ten years	15,042,170
Due after ten years	1,989,573
Mortgage-backed securities	16,169,819
Amortization cost of debt	45,637,025
Fair Value
Due in one year or less, fair value	2,766,254
Due from one to five years, fair value	9,862,450
Due from five to ten years	15,147,201
Due after ten years, fair value	1,985,470
Mortgage-backed securities	16,205,375
Fair value of debt	$ 45,966,750

2. Investment Securities (Det_4

2. Investment Securities (Details 3)	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Less than 12 months	$ 14,238,365	$ 6,716,925
Unrealized Loss Less than 12 months	67,486	55,109
Fair Value 12 months or more	2,920,091	27,621,835
Unrealized Loss 12 months or more	$ 26,670	$ 779,990
Number of securities	21	61
Fair Value	$ 17,158,456	$ 34,338,760
Unrealized Loss	94,156	835,099
U.S. GSE debt securities
Fair Value Less than 12 months	7,964,192	1,465,947
Unrealized Loss Less than 12 months	40,672	6,752
Fair Value 12 months or more	0	11,284,761
Unrealized Loss 12 months or more	$ 0	$ 252,639
Number of securities	7	11
Fair Value	$ 7,964,192	$ 12,750,708
Unrealized Loss	40,672	259,391
Agency MBS
Fair Value Less than 12 months	5,273,683	2,317,838
Unrealized Loss Less than 12 months	24,648	22,029
Fair Value 12 months or more	2,920,091	12,223,386
Unrealized Loss 12 months or more	$ 26,670	$ 427,039
Number of securities	13	24
Fair Value	$ 8,193,774	$ 14,541,224
Unrealized Loss	51,318	449,068
ABS and OAS
Fair Value Less than 12 months		976,226
Unrealized Loss Less than 12 months		6,242
Fair Value 12 months or more		0
Unrealized Loss 12 months or more		$ 0
Number of securities		1
Fair Value		$ 976,226
Unrealized Loss		6,242
Other investments
Fair Value Less than 12 months	1,000,490	1,956,914
Unrealized Loss Less than 12 months	2,166	20,086
Fair Value 12 months or more	0	4,113,688
Unrealized Loss 12 months or more	$ 0	$ 100,312
Number of securities	1	25
Fair Value	$ 1,000,490	$ 6,070,602
Unrealized Loss	$ 2,166	$ 120,398

2. Investment Securities (Det_5

2. Investment Securities (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Investments [Abstract]
Proceeds from sales of securities	$ 6,553,118	$ 5,715,525
Gains from sales of securities	1,570	0
Loss from sales of securities	28,060	32,718
Investment in FHLBB stock	753,700	1,071,300
Investment in FRBB stock	$ 588,150	$ 588,150

3. Loans, Allowance for Loan _3

3. Loans, Allowance for Loan Losses and Credit Quality (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Gross Loans	$ 606,988,937	$ 578,450,517
Allowance for loan losses	5,926,491	5,602,541	$ 5,438,099
Deferred net loan costs	(362,415)	(363,614)
Net loans	601,424,861	573,211,590
Commercial and industrial
Gross Loans	98,930,831	80,766,693
Commercial Real Estate
Gross Loans	246,282,726	235,318,148
Municipal
Gross Loans	55,817,206	47,067,023
Residential Real Estate 1st Lien
Gross Loans	158,337,296	165,665,175
Residential Real Estate Jr Lien
Gross Loans	43,230,873	44,544,987
Consumer
Gross Loans	$ 4,390,005	$ 5,088,491

3. Loans, Allowance for Loan _4

3. Loans, Allowance for Loan Losses and Credit Quality (Details 1) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
30-89 Days	$ 6,010,907	$ 6,363,675
90 Days or more	1,561,300	1,917,425
Total Past Due	7,572,207	8,281,100
Current	599,416,730	570,169,417
Total Loans	606,988,937	578,450,517
Non-Accrual Loans	4,433,930	4,263,286
90 Days or More and Accruing	642,432	729,106
Commercial and industrial
30-89 Days	68,532	217,385
90 Days or more	44,503	0
Total Past Due	113,035	217,385
Current	98,817,796	80,549,308
Total Loans	98,930,831	80,766,693
Non-Accrual Loans	480,083	84,814
90 Days or More and Accruing	0	0
Commercial Real Estate
30-89 Days	1,690,307	1,509,839
90 Days or more	151,723	190,789
Total Past Due	1,842,030	1,700,628
Current	244,440,696	233,617,520
Total Loans	246,282,726	235,318,148
Non-Accrual Loans	1,600,827	1,742,993
90 Days or More and Accruing	0	0
Municipal
30-89 Days	0	0
90 Days or more	0	0
Total Past Due	0	0
Current	55,817,206	47,067,023
Total Loans	55,817,206	47,067,023
Non-Accrual Loans	0	0
90 Days or More and Accruing	0	0
Residential real estate - 1st lien
30-89 Days	3,871,045	4,108,319
90 Days or more	1,217,098	1,371,061
Total Past Due	5,088,143	5,479,380
Current	153,249,153	160,185,795
Total Loans	158,337,296	165,665,175
Non-Accrual Loans	2,112,267	2,026,939
90 Days or More and Accruing	530,046	622,486
Residential real estate - Jr lien
30-89 Days	331,416	484,855
90 Days or more	147,976	353,914
Total Past Due	479,392	838,769
Current	42,751,481	43,706,218
Total Loans	43,230,873	44,544,987
Non-Accrual Loans	240,753	408,540
90 Days or More and Accruing	112,386	104,959
Consumer
30-89 Days	49,607	43,277
90 Days or more	0	1,661
Total Past Due	49,607	44,938
Current	4,340,398	5,043,553
Total Loans	4,390,005	5,088,491
Non-Accrual Loans	0	0
90 Days or More and Accruing	$ 0	$ 1,661

3. Loans, Allowance for Loan _5

3. Loans, Allowance for Loan Losses and Credit Quality (Details 2)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Loans Allowance For Loan Losses And Credit Quality
Residential mortgage loans in process of foreclosure, number of loans	9	12
Residential mortgage loans in process of foreclosure, current balance	$ 495,943	$ 961,709

3. Loans, Allowance for Loan _6

3. Loans, Allowance for Loan Losses and Credit Quality (Details 3) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Allowance for loan losses, Beginning balance				$ 5,602,541				$ 5,438,099	$ 5,602,541	$ 5,438,099
Charge-offs									(860,059)	(742,020)
Recoveries									117,842	126,462
Provision (credit)	$ 299,499	$ 412,499	$ 141,666	212,503	$ 210,000	$ 210,000	$ 180,000	180,000	1,066,167	780,000
Allowance for loan losses, Ending balance	5,926,491				5,602,541				5,926,491	5,602,541
Allowance for loan losses evaluated for impairment, Individually											$ 104,548	$ 114,726
Allowance for loan losses evaluated for impairment, Collectively											5,821,943	5,487,815
Allowance for loan losses	5,926,491			5,602,541	5,602,541			5,438,099	5,602,541	5,438,099	5,926,491	5,602,541
Loans evaluated for impairment, Individually											6,748,146	6,519,121
Loans evaluated for impairment, Collectively											600,240,791	524,864,373
Total Loans											606,988,937	578,450,517
Commercial and industrial
Allowance for loan losses, Beginning balance				697,469				675,687	697,469	675,687
Charge-offs									(175,815)	(152,860)
Recoveries									10,768	60,192
Provision (credit)									304,344	114,450
Allowance for loan losses, Ending balance	836,766				697,469				836,766	697,469
Allowance for loan losses evaluated for impairment, Individually											0	0
Allowance for loan losses evaluated for impairment, Collectively											836,766	697,469
Allowance for loan losses	836,766			697,469	697,469			675,687	697,469	697,469	836,766	697,469
Loans evaluated for impairment, Individually											420,933	60,846
Loans evaluated for impairment, Collectively											98,509,898	80,705,847
Total Loans											98,930,831	80,766,693
Commercial Real Estate
Allowance for loan losses, Beginning balance				3,019,868				2,674,029	3,019,868	2,674,029
Charge-offs									(116,186)	(124,645)
Recoveries									50,388	0
Provision (credit)									227,576	470,484
Allowance for loan losses, Ending balance	3,181,646				3,019,868				3,181,646	3,019,868
Allowance for loan losses evaluated for impairment, Individually											0	0
Allowance for loan losses evaluated for impairment, Collectively											3,181,646	3,019,868
Allowance for loan losses	3,181,646			3,019,868	3,019,868			2,674,029	3,019,868	3,019,868	3,181,646	3,019,868
Loans evaluated for impairment, Individually											1,699,238	1,746,894
Loans evaluated for impairment, Collectively											244,583,488	233,571,254
Total Loans											246,282,726	235,318,148
Municipal
Allowance for loan losses, Beginning balance				0				0	0	0
Charge-offs									0	0
Recoveries									0	0
Provision (credit)									0	0
Allowance for loan losses, Ending balance	0				0				0	0
Allowance for loan losses evaluated for impairment, Individually											0	0
Allowance for loan losses evaluated for impairment, Collectively											0	0
Allowance for loan losses	0			0	0			0	0	0	0	0
Loans evaluated for impairment, Individually											0	0
Loans evaluated for impairment, Collectively											55,817,206	47,067,023
Total Loans											55,817,206	47,067,023
Residential Real Estate 1st Lien
Allowance for loan losses, Beginning balance				1,421,494				1,460,547	1,421,494	1,460,547
Charge-offs									(242,244)	(251,654)
Recoveries									15,776	26,832
Provision (credit)									193,538	185,769
Allowance for loan losses, Ending balance	1,388,564				1,421,494				1,388,564	1,421,494
Allowance for loan losses evaluated for impairment, Individually											103,836	112,969
Allowance for loan losses evaluated for impairment, Collectively											1,284,728	1,308,525
Allowance for loan losses	1,388,564			1,421,494	1,421,494			1,460,547	1,421,494	1,421,494	1,388,564	1,421,494
Loans evaluated for impairment, Individually											4,471,902	4,392,060
Loans evaluated for impairment, Collectively											153,865,394	161,273,115
Total Loans											158,337,296	165,665,175
Residential Real Estate Jr Lien
Allowance for loan losses, Beginning balance				273,445				316,982	273,445	316,982
Charge-offs									(222,999)	(69,173)
Recoveries									2,200	1,420
Provision (credit)									237,038	24,216
Allowance for loan losses, Ending balance	289,684				273,445				289,684	273,445
Allowance for loan losses evaluated for impairment, Individually											712	1,757
Allowance for loan losses evaluated for impairment, Collectively											288,972	271,688
Allowance for loan losses	289,684			273,445	273,445			316,982	273,445	273,445	289,684	273,445
Loans evaluated for impairment, Individually											156,073	319,321
Loans evaluated for impairment, Collectively											43,074,800	44,225,666
Total Loans											43,230,873	44,544,987
Consumer
Allowance for loan losses, Beginning balance				56,787				43,303	56,787	43,303
Charge-offs									(102,815)	(143,688)
Recoveries									38,710	38,018
Provision (credit)									59,111	119,154
Allowance for loan losses, Ending balance	51,793				56,787				51,793	56,787
Allowance for loan losses evaluated for impairment, Individually											0	0
Allowance for loan losses evaluated for impairment, Collectively											51,793	56,787
Allowance for loan losses	51,793			56,787	56,787			43,303	56,787	56,787	51,793	56,787
Loans evaluated for impairment, Individually											0	0
Loans evaluated for impairment, Collectively											4,390,005	5,088,491
Total Loans											4,390,005	5,088,491
Unallocated
Allowance for loan losses, Beginning balance				133,478				267,551	133,478	267,551
Charge-offs									0	0
Recoveries									0	0
Provision (credit)									44,560	(134,073)
Allowance for loan losses, Ending balance	178,038				133,478				178,038	133,478
Allowance for loan losses evaluated for impairment, Individually											0	0
Allowance for loan losses evaluated for impairment, Collectively											178,038	133,478
Allowance for loan losses	$ 178,038			$ 133,478	$ 133,478			$ 267,551	$ 133,478	$ 133,478	$ 178,038	$ 133,478

3. Loans, Allowance for Loan _7

3. Loans, Allowance for Loan Losses and Credit Quality (Details 4) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Recorded Investment With no related allowance recorded	$ 6,770,197	$ 5,586,358
Unpaid Principal Balance With no related allowance recorded	7,817,012	6,490,501
Average Recorded Investment With no related allowance recorded	7,243,017	5,518,460
Interest income recognized With no related allowance recorded	332,081	107,444
Recorded Investment With an allowance recorded		949,636
Unpaid Principal Balance With an allowance recorded		970,615
Related Allowance With an allowance recorded		114,726
Average Recorded Investment With an allowance recorded		971,539
Interest income recognized With an allowance recorded		45,490
Recorded Investment allowance recorded		6,535,994
Unpaid Principal Balance allowance recorded		7,461,116
Related Allowance recorded		114,726
Average Recorded Investment Allowance recorded		6,489,999
Interest income recognized		152,934
Commercial and industrial
Recorded Investment With no related allowance recorded	420,933	60,846
Unpaid Principal Balance With no related allowance recorded	445,509	80,894
Average Recorded Investment With no related allowance recorded	307,208	120,924
Interest income recognized With no related allowance recorded	6,396	0
Recorded Investment With an allowance recorded	0
Unpaid Principal Balance With an allowance recorded	0
Related Allowance With an allowance recorded	0
Average Recorded Investment With an allowance recorded	32,466
Interest income recognized With an allowance recorded	0
Related Allowance recorded	0
Commercial Real Estate
Recorded Investment With no related allowance recorded	1,699,772	1,748,323
Unpaid Principal Balance With no related allowance recorded	2,031,764	1,975,831
Average Recorded Investment With no related allowance recorded	1,812,836	1,663,794
Interest income recognized With no related allowance recorded	21,591	13,131
Recorded Investment With an allowance recorded	0	0
Unpaid Principal Balance With an allowance recorded	0	0
Related Allowance With an allowance recorded	0	0
Average Recorded Investment With an allowance recorded	97,720	57,658
Interest income recognized With an allowance recorded	0	0
Related Allowance recorded	0	0
Residential real estate - 1st lien
Recorded Investment With no related allowance recorded	3,614,960	3,465,117
Unpaid Principal Balance With no related allowance recorded	4,273,884	4,082,637
Average Recorded Investment With no related allowance recorded	3,778,822	3,497,772
Interest income recognized With no related allowance recorded	212,883	94,313
Recorded Investment With an allowance recorded	878,439	942,365
Unpaid Principal Balance With an allowance recorded	902,000	963,367
Related Allowance With an allowance recorded	103,836	112,969
Average Recorded Investment With an allowance recorded	982,158	836,326
Interest income recognized With an allowance recorded	86,039	45,139
Related Allowance recorded	103,836	112,969
Residential real estate - Jr lien
Recorded Investment With no related allowance recorded	149,972	312,072
Unpaid Principal Balance With no related allowance recorded	157,754	351,139
Average Recorded Investment With no related allowance recorded	224,938	235,970
Interest income recognized With no related allowance recorded	4,524	0
Recorded Investment With an allowance recorded	6,121	7,271
Unpaid Principal Balance With an allowance recorded	6,101	7,248
Related Allowance With an allowance recorded	712	1,757
Average Recorded Investment With an allowance recorded	6,869	77,555
Interest income recognized With an allowance recorded	648	351
Related Allowance recorded	712	$ 1,757
Total with no related allowance
Recorded Investment With no related allowance recorded	5,885,637
Unpaid Principal Balance With no related allowance recorded	6,908,911
Average Recorded Investment With no related allowance recorded	6,123,804
Interest income recognized With no related allowance recorded	245,394
Recorded Investment With an allowance recorded	884,560
Unpaid Principal Balance With an allowance recorded	908,101
Related Allowance With an allowance recorded	104,548
Average Recorded Investment With an allowance recorded	1,119,213
Interest income recognized With an allowance recorded	86,687
Related Allowance recorded	$ 104,548

3. Loans, Allowance for Loan _8

3. Loans, Allowance for Loan Losses and Credit Quality (Details 5) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Group A	$ 585,180,366	$ 562,636,225
Group B	7,813,034	562,112
Group C	13,995,537	15,252,180
Total Loans	606,988,937	578,450,517
Commercial and industrial
Group A	93,774,871	78,585,348
Group B	3,295,223	90,763
Group C	1,860,737	2,090,582
Total Loans	98,930,831	80,766,693
Commercial Real Estate
Group A	233,702,063	226,785,919
Group B	4,517,811	246,357
Group C	8,062,852	8,285,872
Total Loans	246,282,726	235,318,148
Municipals
Group A	55,817,206
Group B	0
Group C	0
Total Loans	55,817,206
Residential real estate - 1st lien
Group A	154,770,678	161,293,233
Group B	0	224,992
Group C	3,566,618	4,146,950
Total Loans	158,337,296	165,665,175
Residential real estate - Jr lien
Group A	42,725,543	43,817,872
Group B	0	0
Group C	505,330	727,115
Total Loans	43,230,873	44,544,987
Consumer
Group A	4,390,005	5,086,830
Group B	0	0
Group C	0	1,661
Total Loans	$ 4,390,005	5,088,491
Municipal
Group A		47,067,023
Group B		0
Group C		0
Total Loans		$ 47,067,023

3. Loans, Allowance for Loan _9

3. Loans, Allowance for Loan Losses and Credit Quality (Details 6)	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Number of Contracts modified as TDRs	14	11
Pre-Modification Outstanding Recorded Investment	$ 1,201,657	$ 1,438,250
Post- Modification Outstanding Recorded Investment	$ 1,250,102	$ 1,549,009
Commercial and industrial
Number of Contracts modified as TDRs	6
Pre-Modification Outstanding Recorded Investment	$ 371,358
Post- Modification Outstanding Recorded Investment	$ 372,259
Commercial Real Estate
Number of Contracts modified as TDRs	1	1
Pre-Modification Outstanding Recorded Investment	$ 19,266	$ 406,920
Post- Modification Outstanding Recorded Investment	$ 21,628	$ 406,920
Residential real estate - 1st lien
Number of Contracts modified as TDRs	6	10
Pre-Modification Outstanding Recorded Investment	$ 755,476	$ 1,031,330
Post- Modification Outstanding Recorded Investment	$ 798,800	$ 1,142,089
Residential Real Estate Jr Lien
Number of Contracts modified as TDRs	1
Pre-Modification Outstanding Recorded Investment	$ 55,557
Post- Modification Outstanding Recorded Investment	$ 57,415

3. Loans, Allowance for Loan_10

3. Loans, Allowance for Loan Losses and Credit Quality (Details 7)	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Number of contracts	4	4
Recorded Investment	$ 310,735	$ 918,858
Commercial and industrial
Number of contracts	2
Recorded Investment	$ 27,818
Residential real estate - 1st lien
Number of contracts	1	3
Recorded Investment	$ 227,907	$ 518,212
Residential real estate - Jr lien
Number of contracts	1
Recorded Investment	$ 55,010
Commercial Real Estate
Number of contracts		1
Recorded Investment		$ 400,646

3. Loans, Allowance for Loan_11

3. Loans, Allowance for Loan Losses and Credit Quality (Details 8) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Allowance related to TDRs	$ 104,548	$ 114,726

4. Loan Servicing (Details)

4. Loan Servicing (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Transfers and Servicing of Financial Assets [Abstract]
Balance at beginning of year	$ 1,004,948	$ 1,083,286
Mortgage servicing rights capitalized	114,580	110,209
Mortgage servicing rights amortized	(179,951)	(188,547)
Balance at end of year	$ 939,577	$ 1,004,948

4. Loan Servicing (Details Narr

4. Loan Servicing (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Loan Servicing
Unpaid principal balances of mortgage loans serviced for others	$ 167,673,467	$ 176,083,984
Net gain realized on the sale of loans	$ 290,116	$ 345,780

5. Bank Premises and Equipmen_2

5. Bank Premises and Equipment (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Buildings and improvements	$ 10,575,514	$ 10,555,868
Land and land improvements	2,650,671	2,586,373
Furniture and equipment	6,848,263	6,460,625
Leasehold improvements	1,161,073	1,155,284
Finance lease	588,347	991,014
Operating lease	1,490,779	0
Other prepaid assets	159,914	55,406
Bank premises and equipment, gross	23,474,561	21,804,570
Less accumulated depreciation and amortization	(12,515,158)	(12,091,115)
Bank premises and equipment, net	$ 10,959,403	$ 9,713,455

6. Leases (Details)

6. Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease cost	$ 255,475	$ 230,888
Amortization of right-of-use assets	70,667	70,667
Interest on lease liabilities	16,705	26,399
Variable rent expense	33,940	33,940
Finance lease cost	$ 121,312	$ 131,006

6. Leases (Details 1)

6. Leases (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating leases	$ 1,455,829
Operating Leases
Operating lease right-of-use assets	1,254,384	$ 0
Operating lease liabilities	1,263,173	0
Finance Leases
Finance lease right-of-use assets	124,347	213,679
Finance lease liabilities	$ 99,823	$ 266,747

6. Leases (Details 2)

6. Leases (Details 2)	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Weighted average remaining lease term - operating leases	4 years 4 months 24 days	5 years 10 months 24 days
Weighted average remaining lease term - finance leases	1 year 6 months	2 years
Weighted average discount rate - operating leases	1.28%	0.00%
Weighted average discount rate - finance leases	7.50%	7.86%

6. Leases (Details 3)

6. Leases (Details 3)	Dec. 31, 2019USD ($)
Operating Leases
2020	$ 257,039
2021	210,350
2022	207,380
2023	210,232
2024	186,448
Subsequent to 2024	249,424
Total	$ 1,320,873

6. Leases (Details 4)

6. Leases (Details 4) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Finance Leases
2020	$ 67,060
2021	39,119
Total minimum lease payments	106,179
Less amount representing interest	(6,356)
Present value of net minimum lease payments	$ 99,823	$ 266,747

6. Leases (Details 5)

6. Leases (Details 5) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease undiscounted cash flows	$ 1,320,873
Operating lease discount effect of cash flows	(57,700)
Operating lease liabilities	1,263,173	$ 0
Finance lease undiscounted cash flows	106,179
Finance lease discount effect of cash flows	(6,356)
Finance lease liabilities	$ 99,823	$ 266,747

6. Leases (Details Narrative)

6. Leases (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Rent expense not associated with operating lease costs	$ 16,601	$ 16,924

7. Goodwill and Other Intangi_2

7. Goodwill and Other Intangible Assets (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 11,574,269	$ 11,574,269

8. Other Investments (Details N

8. Other Investments (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Amortization expense	$ 312,106	$ 410,061
Carrying Value Limited Partnerships Investment	2,762,406	2,263,512
LimitedPartnership
Tax Credits	415,099	437,229
CFS
Investment in partner, included in other asset	3,535,527	2,946,831
Income	$ 588,696	$ 514,485

9. Deposits (Details)

9. Deposits (Details)	Dec. 31, 2019USD ($)
Time Deposits [Line Items]
2020	$ 55,256,906
2021	31,341,156
2022	12,249,473
2023	7,319,609
2024	10,031,175
Total time certificates of deposit	$ 116,198,319

9. Deposits (Details Narrative)

9. Deposits (Details Narrative)	Dec. 31, 2019USD ($)
Time Deposits [Line Items]
Total deposits in excess of the FDIC insurance	$ 178,997,035

10. Borrowed Funds (Details)

10. Borrowed Funds (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Long-term advances	$ 2,650,000	$ 1,550,000
FHLBB term advance One
Long-term advances	350,000	350,000
FHLBB term advance Two
Long-term advances	1,000,000	1,000,000
FHLBB term advance Three
Long-term advances	200,000	200,000
FHLBB term advance Four
Long-term advances	300,000	0
FHLBB term advance Five
Long-term advances	$ 800,000	$ 0

10. Borrowed Funds (Details Nar

10. Borrowed Funds (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Line of credit with correspondent bank	$ 12,500,000	$ 12,500,000
FHLBB
Qualified collateral borrowing	135,672,471	148,323,822
Potential borrowing capacity	97,358,249	108,736,234
Letters of credit collateral deposits	14,425,000	2,625,000
Fees paid for issuance of letters of credit	41,069	46,620
Line of credit with correspondent bank	500,000	500,000
FRBB
Potential borrowing capacity	$ 56,896,877	$ 50,913,351

11. Junior Subordinated Deben_2

11. Junior Subordinated Debentures (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Junior Subordinated Notes [Abstract]
Junior subordinated debentures	$ 12,887,000	$ 12,887,000
Floating rate	5.33%	4.95%
Interest paid on the debentures	$ 694,573	$ 650,361

12. Repurchase Agreements (Deta

12. Repurchase Agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Repurchase Agreements [Abstract]
Current balance	$ 33,189,848	$ 30,521,565
Average balance	33,545,527	30,554,953
Highest month-end balance	38,868,833	32,938,807
Book Value - Pledged investments	45,637,025	40,186,557
Fair Value - Pledged investments	$ 45,966,750	$ 39,366,831
Weighted average interest rate	0.89%	0.63%

13. Income Taxes (Details)

13. Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Currently paid or payable	$ 1,693,624	$ 1,749,624
Deferred (benefit) expense	96,236	(11,359)
Total income tax expense	$ 1,789,860	$ 1,738,265

13. Income Taxes (Details 1)

13. Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Computed expense at statutory rates	$ 2,236,904	$ 2,128,517
Tax exempt interest & BOLI	(306,073)	(291,550)
Disallowed interest	15,798	11,631
Partnership rehabilitation and tax credits	(415,099)	(437,229)
Low income housing investment amortization expense	246,564	323,948
Other	11,766	2,948
Income tax expense	$ 1,789,860	$ 1,738,265

13. Income Taxes (Details 2)

13. Income Taxes (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Deferred tax (benefit) expense	$ 96,236	$ (11,359)
Deferred Income Tax Charges [Member]
Depreciation	126,734	25,782
Mortgage servicing rights	(13,728)	(16,451)
Deferred compensation	3,701	3,681
Bad debts	(68,029)	(34,533)
Limited partnership amortization	60,588	(20,129)
Investment in CFS Partners	(3,323)	(1,014)
Loan fair value	(6,171)	(2,228)
OREO write down	0	13,860
Prepaid expenses	(10,741)	(846)
Other	7,205	20,519
Deferred tax (benefit) expense	$ 96,236	$ (11,359)

13. Income Taxes (Details 3)

13. Income Taxes (Details 3) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Components of the deferred tax asset:
Bad debts	$ 1,244,563	$ 1,176,534
Deferred compensation	12,898	16,599
Contingent liability - MPF program	17,838	17,838
Capital lease	11,930	23,287
Unrealized loss on securities AFS	0	172,143
Other	16,346	11,968
Total deferred tax asset	1,303,575	1,418,369
Components of the deferred tax liability:
Depreciation	384,197	257,463
Limited partnerships	76,995	16,407
Mortgage servicing rights	197,311	211,039
Unrealized gain on debt securities AFS	69,242	0
Investment in CFS Partners	71,054	74,377
Operating lease	226	0
Prepaid expenses	68,738	79,479
Fair value adjustment on acquired loans	0	6,171
Total deferred tax liability	867,763	644,936
Net deferred tax asset	$ 435,812	$ 773,433

14. 401(k) and Profit-Sharing_2

14. 401(k) and Profit-Sharing Plan (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Pension expense	$ 624,000	$ 617,800

15. Deferred Compensation and_2

15. Deferred Compensation and Supplemental Employee Retirement Plans (Details Narrative) - Directors Deferred Compensation Plan - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Benefits accrued with the plan	$ 61,421	$ 79,045
Expenses associated with the plan	$ 376	$ 474

16. Financial Instruments wit_3

16. Financial Instruments with Off-Balance-Sheet Risk (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Unused portions of home equity lines of credit	$ 32,784,105	$ 31,328,881
Residential and commercial construction lines of credit	12,364,436	7,251,560
Commercial real estate commitments	24,377,588	26,588,950
Commercial and industrial commitments	47,659,341	45,135,452
Other commitments to extend credit	64,469,012	53,586,720
Standby letters of credit and commercial letters of credit	1,375,500	2,408,581
Recourse on sale of credit card portfolio	254,430	284,680
MPF credit enhancement obligation, net (See Note 16)	$ 552,158	$ 552,158

16. Financial Instruments wit_4

16. Financial Instruments with Off-Balance-Sheet Risk (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Binding loan commitments to sell residential mortgages	$ 1,643,200	$ 391,840
Junior subordinated debentures	12,887,000	12,887,000
External financing	$ 12,500,000	$ 12,500,000

17. Contingent Liability (Detai

17. Contingent Liability (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Loans sold through the MPF program	$ 33,990,463	$ 38,935,411
Notional amount of the maximum CEO	637,102	637,102
Accrued contingent liability	$ 84,944	$ 84,944

19. Transactions with Related_3

19. Transactions with Related Parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Balance, beginning of year	$ 6,730,842	$ 7,356,906
Loans - New Directors	0	936,445
New loans to existing Principal Officers/Directors	4,491,524	5,582,052
Repayment	(2,094,824)	(7,144,561)
Balance, end of year	$ 9,127,542	$ 6,730,842

19. Transactions with Related_4

19. Transactions with Related Parties (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Total deposits with related parties	$ 8,942,886	$ 6,179,453
Amount of rental income received	9,821	30,365
Amount paid to CFSG	$ 57,209	$ 47,676

20. Restrictions on Cash and _2

20. Restrictions on Cash and Due From Banks (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Contracted balances with other correspondent banks	$ 30,000	$ 30,000

21. Regulatory Capital Requir_3

21. Regulatory Capital Requirements (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Company
Common equity tier 1 capital to risk-weighted assets amount	$ 69,947	$ 64,564
Common equity tier 1 capital to risk-weighted assets ratio	13.48%	12.94%
Tier I capital to risk-weighted assets amount	$ 69,947	$ 64,564
Tier I capital to risk-weighted assets ratio	13.48%	12.94%
Total capital to risk-weighted assets amount	$ 75,943	$ 70,210
Total capital to risk-weighted assets ratio	14.63%	14.08%
Tier I capital to average assets amount	$ 69,947	$ 64,564
Tier I capital to average assets ratio	9.57%	9.26%
Common equity tier 1 capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 23,352	$ 22,446
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	$ 31,135	$ 29,928
Tier I capital to risk-weighted assets minimum for capital adequacy purposes ratio	6.00%	6.00%
Total capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 41,514	$ 39,904
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	$ 29,223	$ 27,890
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
Common equity tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio
Tier I capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions amount
Tier I capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio
Total capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions amount
Total capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio
Tier I capital to average assets minimum to be well capitalized under prompt corrective action provisions amount
Tier I capital to average assets minimum to be well capitalized under prompt corrective action provisions ratio
Bank
Common equity tier 1 capital to risk-weighted assets amount	$ 69,330	$ 63,960
Common equity tier 1 capital to risk-weighted assets ratio	13.38%	12.84%
Tier I capital to risk-weighted assets amount	$ 69,330	$ 63,960
Tier I capital to risk-weighted assets ratio	13.38%	12.84%
Total capital to risk-weighted assets amount	$ 75,326	$ 69,606
Total capital to risk-weighted assets ratio	14.53%	13.97%
Tier I capital to average assets amount	$ 69,330	$ 63,960
Tier I capital to average assets ratio	9.50%	9.18%
Common equity tier 1 capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 23,325	$ 22,419
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	$ 31,099	$ 29,893
Tier I capital to risk-weighted assets minimum for capital adequacy purposes ratio	6.00%	6.00%
Total capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 41,466	$ 39,857
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	$ 29,201	$ 27,867
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	$ 33,691	$ 32,384
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 I capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions amount	$ 41,466	$ 39,857
Tier I 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 amount	$ 51,832	$ 49,821
Total capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	10.00%	10.00%
Tier I capital to average assets minimum to be well capitalized under prompt corrective action provisions amount	$ 36,501	$ 34,834
Tier I capital to average assets minimum to be well capitalized under prompt corrective action provisions ratio	5.00%	5.00%

21. Regulatory Capital Requir_4

21. Regulatory Capital Requirements (Details Narrative)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Conservation buffer	6.63%	6.08%
Bank
Conservation buffer	6.53%	5.97%

22. Fair Value (Details)

22. Fair Value (Details) - Fair Value Level 2 - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 45,966,750	$ 39,366,831
U.S. GSE debt securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	18,061,620	13,751,103
Agency MBS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	16,205,375	15,574,525
ABS and OAS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	2,852,909	1,986,129
Other investments
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 8,846,846	$ 8,055,074

22. Fair Value (Details 1)

22. Fair Value (Details 1) - Fair Value Level 2 - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Assets: (market approach)
MSRs	$ 939,577	$ 1,004,948
OREO	$ 966,738	$ 201,386

22. Fair Value (Details 2)

22. Fair Value (Details 2) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Financial liabilities:
Operating lease obligations	$ 1,263,173	$ 0
Finance lease obligations	99,823	266,747
Carrying Amount
Financial assets: (in thousands)
Cash and cash equivalents	48,562	67,935
Debt securities AFS	45,967	39,367
Restricted equity securities	1,432	1,749
Loans and loans held-for-sale, net of ALL
Commercial & industrial	98,062	80,049
Commercial real estate	243,022	232,239
Municipal	55,817	47,067
Residential real estate - 1st lien	156,897	164,202
Residential real estate - Jr. lien	42,927	44,260
Consumer	4,337	5,031
Mortgage servicing rights	940	1,005
Accrued interest receivable	2,337	2,301
Financial liabilities:
Other deposits	603,872	573,525
Brokered deposits	11,149	35,292
Long-term borrowings	2,650	1,550
Repurchase agreements	33,190	30,522
Capital lease obligations	0	267
Operating lease obligations	1,263	0
Finance lease obligations	100	0
Subordinated debentures	12,887	12,887
Accrued interest payable	139	113
Fair Value Level 1
Financial assets: (in thousands)
Cash and cash equivalents	48,562	67,935
Debt securities AFS	0	0
Restricted equity securities	0	0
Loans and loans held-for-sale, net of ALL
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
Mortgage servicing rights	0	0
Accrued interest receivable	0	0
Financial liabilities:
Other deposits	0	0
Brokered deposits	0	0
Long-term borrowings	0	0
Repurchase agreements	0	0
Capital lease obligations	0	0
Operating lease obligations	0	0
Finance lease obligations	0	0
Subordinated debentures	0	0
Accrued interest payable	0	0
Fair Value Level 2
Financial assets: (in thousands)
Cash and cash equivalents	0	0
Debt securities AFS	45,967	39,367
Restricted equity securities	1,432	1,749
Loans and loans held-for-sale, net of ALL
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
Mortgage servicing rights	1,250	1,481
Accrued interest receivable	2,337	2,301
Financial liabilities:
Other deposits	604,267	571,952
Brokered deposits	11,153	35,247
Long-term borrowings	2,427	1,425
Repurchase agreements	33,190	30,522
Capital lease obligations	0	267
Operating lease obligations	1,263	0
Finance lease obligations	100	0
Subordinated debentures	12,831	12,807
Accrued interest payable	139	113
Fair Value Level 3
Financial assets: (in thousands)
Cash and cash equivalents	0	0
Debt securities AFS	0	0
Restricted equity securities	0	0
Loans and loans held-for-sale, net of ALL
Commercial & industrial	97,356	79,773
Commercial real estate	242,735	230,532
Municipal	55,867	47,228
Residential real estate - 1st lien	156,520	161,068
Residential real estate - Jr. lien	42,950	44,127
Consumer	4,306	5,063
Mortgage servicing rights	0	0
Accrued interest receivable	0	0
Financial liabilities:
Other deposits	0	0
Brokered deposits	0	0
Long-term borrowings	0	0
Repurchase agreements	0	0
Capital lease obligations	0	0
Operating lease obligations	0	0
Finance lease obligations	0	0
Subordinated debentures	0	0
Accrued interest payable	0	0
Fair Value
Financial assets: (in thousands)
Cash and cash equivalents	48,562	67,935
Debt securities AFS	45,967	39,367
Restricted equity securities	1,432	1,749
Loans and loans held-for-sale, net of ALL
Commercial & industrial	97,356	79,773
Commercial real estate	242,735	230,532
Municipal	55,867	47,228
Residential real estate - 1st lien	156,520	161,068
Residential real estate - Jr. lien	42,950	44,127
Consumer	4,306	5,063
Mortgage servicing rights	1,250	1,481
Accrued interest receivable	2,337	2,301
Financial liabilities:
Other deposits	604,267	571,952
Brokered deposits	11,153	35,247
Long-term borrowings	2,427	1,425
Repurchase agreements	33,190	30,522
Capital lease obligations	0	267
Operating lease obligations	1,263	0
Finance lease obligations	100	0
Subordinated debentures	12,831	12,807
Accrued interest payable	$ 139	$ 113

23. Condensed Financial Infor_3

23. Condensed Financial Information (Parent Company Only) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Total assets	$ 737,955,319	$ 720,347,498
Liabilities
Junior subordinated debentures	12,887,000	12,887,000
Total liabilities	669,060,640	657,743,787
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 and 20 shares issued and outstanding at December 31, 2019 and 2018, respectively ($100,000 liquidation value)	1,500,000	2,000,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,449,857 and 5,382,103 shares issued at December 31, 2019 and 2018, respectively (including 16,267 and 17,442 shares issued February 1, 2020 and 2019, respectively)	13,624,643	13,455,258
Additional paid-in capital	33,464,381	32,536,532
Retained earnings	22,667,949	17,882,282
Accumulated other comprehensive loss	260,483	(647,584)
Less: treasury stock, at cost; 210,101 shares at December 31, 2019 and 2018	(2,622,777)	(2,622,777)
Total shareholders' equity	68,894,679	62,603,711	$ 57,935,854
Total liabilities and shareholders' equity	737,955,319	720,347,498
Parent Company [Member]
Assets
Cash	744,687	720,620	$ 556,392
Investment in subsidiary - Community National Bank	81,164,447	74,886,386
Investment in Capital Trust	387,000	387,000
Income taxes receivable	213,071	207,244
Total assets	82,509,205	76,201,250
Liabilities
Junior subordinated debentures	12,887,000	12,887,000
Dividends payable	727,526	710,539
Total liabilities	13,614,526	13,597,539
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 and 20 shares issued and outstanding at December 31, 2019 and 2018, respectively ($100,000 liquidation value)	1,500,000	2,000,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,449,857 and 5,382,103 shares issued at December 31, 2019 and 2018, respectively (including 16,267 and 17,442 shares issued February 1, 2020 and 2019, respectively)	13,624,643	13,455,258
Additional paid-in capital	33,464,381	32,536,532
Retained earnings	22,667,949	17,882,282
Accumulated other comprehensive loss	260,483	(647,584)
Less: treasury stock, at cost; 210,101 shares at December 31, 2019 and 2018	(2,622,777)	(2,622,777)
Total shareholders' equity	68,894,679	62,603,711
Total liabilities and shareholders' equity	$ 82,509,205	$ 76,201,250

23. Condensed Financial Infor_4

23. Condensed Financial Information (Parent Company Only) (Details 1) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Expense
Interest on junior subordinated debentures									$ 694,573	$ 650,361
Income tax expense/benefit									1,789,860	1,738,265
Net income	$ 2,371,300	$ 2,261,943	$ 2,419,298	$ 1,771,905	$ 2,142,603	$ 2,269,732	$ 2,002,654	$ 1,982,543	8,824,446	8,397,532
Parent Company [Member]
Income
Bank subsidiary distributions									4,256,000	4,137,000
Dividends on Capital Trust									20,858	19,530
Total income									4,276,858	4,156,530
Expense
Interest on junior subordinated debentures									694,573	650,361
Administrative and other									340,904	356,055
Total expense									1,035,477	1,006,416
Income before applicable income tax benefit and equity in undistributed net income of subsidiary									3,241,381	3,150,114
Income tax expense/benefit									213,071	207,244
Income before equity in undistributed net income of subsidiary									3,454,452	3,357,358
Equity in undistributed net income of subsidiary									5,369,994	5,040,174
Net income									$ 8,824,446	$ 8,397,532

23. Condensed Financial Infor_5

23. Condensed Financial Information (Parent Company Only) (Details 2) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities
Net income	$ 2,371,300	$ 2,261,943	$ 2,419,298	$ 1,771,905	$ 2,142,603	$ 2,269,732	$ 2,002,654	$ 1,982,543	$ 8,824,446	$ 8,397,532
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities									11,246,656	10,166,779
Cash Flows from Financing Activities
Redemption of preferred stock									500,000	500,000
Dividends paid on preferred stock									(87,500)	(103,125)
Dividends paid on common stock									(2,837,058)	(2,672,985)
Net cash used in financing activities									6,381,604	44,664,132
Net (decrease) increase in cash									(19,372,603)	25,281,314
Cash Paid for Interest									6,116,917	4,472,564
Dividends paid:
Dividends declared									3,951,279	3,799,864
Increase in dividends payable attributable to dividends declared									(16,987)	(80,078)
Dividends reinvested									1,097,234	1,046,801
Parent Company [Member]
Cash Flows from Operating Activities
Net income									8,824,446	8,397,532
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed net income of subsidiary									(5,369,994)	(5,040,174)
(Increase) decrease in income taxes receivable									(5,827)	82,980
Net cash provided by operating activities									3,448,625	3,440,338
Cash Flows from Financing Activities
Redemption of preferred stock									(500,000)	(500,000)
Dividends paid on preferred stock									(87,500)	(103,125)
Dividends paid on common stock									(2,837,058)	(2,672,985)
Net cash used in financing activities									(3,424,558)	(3,276,110)
Net (decrease) increase in cash									24,067	164,228
Cash Beginning				$ 720,620				$ 556,392	720,620	556,392
Cash Ending	$ 744,687				$ 720,620				744,687	720,620
Cash Received for Income Taxes									207,244	290,224
Cash Paid for Interest									694,573	650,361
Dividends paid:
Dividends declared									3,951,279	3,799,864
Increase in dividends payable attributable to dividends declared									(16,987)	(80,078)
Dividends reinvested									(1,097,234)	(1,046,801)
Total common shares dividends paid									$ 2,837,058	$ 2,672,985

23. Condensed Financial Infor_6

23. Condensed Financial Information (Parent Company Only) (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	15	20
Preferred stock, shares outstanding (in shares)	15	20
Preferred stock liquidation value	$ 100,000	$ 100,000
Common stock par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares issued (in shares)	5,449,857	5,382,103
Treasury stock (in shares)	210,101	210,101
Parent Company [Member]
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	15	20
Preferred stock, shares outstanding (in shares)	15	20
Preferred stock liquidation value	$ 100,000	$ 100,000
Common stock par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares issued (in shares)	5,449,857	5,382,103
Treasury stock (in shares)	210,101	210,101

24. Quarterly Financial Data _2

24. Quarterly Financial Data (Unaudited) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Interest income	$ 7,891,564	$ 7,906,454	$ 8,262,422	$ 7,698,368	$ 7,791,884	$ 7,517,022	$ 7,028,859	$ 6,776,838	$ 31,758,808	$ 29,114,603
Interest expense	1,548,595	1,509,033	1,546,953	1,538,540	1,457,695	1,220,145	938,499	868,749	6,143,121	4,485,088
Provision for loan losses	299,499	412,499	141,666	212,503	210,000	210,000	180,000	180,000	1,066,167	780,000
Non-interest income	1,595,896	1,597,332	1,434,138	1,318,700	1,552,684	1,542,793	1,690,161	1,395,670	5,946,066	6,181,308
Non-interest expense	4,782,580	4,863,716	5,079,060	5,155,924	5,185,603	4,874,332	5,103,975	4,731,116	19,881,280	19,895,026
Net income	$ 2,371,300	$ 2,261,943	$ 2,419,298	$ 1,771,905	$ 2,142,603	$ 2,269,732	$ 2,002,654	$ 1,982,543	$ 8,824,446	$ 8,397,532
Earnings per common share	$ 0.45	$ 0.43	$ 0.46	$ 0.34	$ 0.40	$ 0.44	$ 0.39	$ 0.38	$ 1.68	$ 1.61

25. Other Income and Other Ex_3

25. Other Income and Other Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income
Income from investment in CFS Partners	$ 588,696	$ 514,485
Expenses
Outsourcing expense	428,668	480,563
Service contracts - administration	539,510	512,902
Marketing	450,533	552,617
State deposit tax	669,502	633,185
ATM fees	$ 434,270	$ 412,813