Community Bancorp (CMTV) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 05, 2020
Document And Entity Information
Entity Registrant Name	Community Bancorp /VT
Entity Central Index Key	0000718413
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
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 Common Stock, Shares Outstanding		5,257,359
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	VT
Entity File Number	03-0284070

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and due from banks	$ 8,957,754	$ 10,263,535
Federal funds sold and overnight deposits	29,672,723	38,298,677
Total cash and cash equivalents	38,630,477	48,562,212
Securities available-for-sale	41,870,209	45,966,750
Restricted equity securities, at cost	1,414,950	1,431,850
Loans held-for-sale	667,000	0
Loans	634,414,690	606,988,937
Allowance for loan losses	(6,186,764)	(5,926,491)
Deferred net loan costs	355,638	362,415
Net loans	628,583,564	601,424,861
Bank premises and equipment, net	10,789,719	10,959,403
Accrued interest receivable	2,890,552	2,336,553
Bank owned life insurance	4,924,090	4,903,012
Goodwill	11,574,269	11,574,269
Other real estate owned	781,238	966,738
Other assets	9,566,186	9,829,671
Total assets	751,692,254	737,955,319
Deposits:
Demand, non-interest bearing	124,080,117	125,089,403
Interest-bearing transaction accounts	184,978,145	185,102,333
Money market funds	96,907,876	91,463,661
Savings	101,646,285	97,167,652
Time deposits, $250,000 and over	17,007,994	14,565,559
Other time deposits	93,524,279	101,632,760
Total deposits	618,144,696	615,021,368
Borrowed funds	22,650,000	2,650,000
Repurchase agreements	22,910,735	33,189,848
Junior subordinated debentures	12,887,000	12,887,000
Accrued interest and other liabilities	4,516,331	5,312,424
Total liabilities	681,108,762	669,060,640
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at 03/31/20 and 12/31/19 ($100,000 liquidation value)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,466,043 shares issued at 03/31/20 and 5,449,857 shares issued at 12/31/19	13,665,108	13,624,643
Additional paid-in capital	33,678,193	33,464,381
Retained earnings	23,515,839	22,667,949
Accumulated other comprehensive income (loss)	847,129	260,483
Less: treasury stock, at cost; 210,101 shares at 03/31/20 and 12/31/19	(2,622,777)	(2,622,777)
Total shareholders' equity	70,583,492	68,894,679
Total liabilities and shareholders' equity	$ 751,692,254	$ 737,955,319
Book value per common share outstanding	$ 13.14	$ 12.86

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Shareholder's Equity
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	15	15
Preferred stock, shares outstanding (in shares)	15	15
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)	5,466,043	5,449,857
Treasury stock (in shares)	210,101	210,101

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest income
Interest and fees on loans	$ 7,365,961	$ 7,210,810
Interest on taxable debt securities	284,756	248,108
Dividends	24,425	25,959
Interest on federal funds sold and overnight deposits	97,010	213,491
Total interest income	7,772,152	7,698,368
Interest expense
Interest on deposits	1,249,537	1,282,960
Interest on borrowed funds	12,795	5,137
Interest on repurchase agreements	59,535	72,831
Interest on junior subordinated debentures	154,526	177,612
Total interest expense	1,476,393	1,538,540
Net interest income	6,295,759	6,159,828
Provision for loan losses	376,503	212,503
Net interest income after provision for loan losses	5,919,256	5,947,325
Non-interest income
Service fees	806,211	790,366
Income from sold loans	140,463	103,087
Other income from loans	220,467	138,744
Other income	186,566	286,503
Total non-interest income	1,353,707	1,318,700
Non-interest expense
Salaries and wages	1,886,316	1,842,930
Employee benefits	798,441	776,340
Occupancy expenses, net	683,235	690,829
Other expenses	1,725,227	1,845,825
Total non-interest expense	5,093,219	5,155,924
Income before income taxes	2,179,744	2,110,101
Income tax expense	318,505	338,196
Net income	$ 1,861,239	$ 1,771,905
Earnings per common share	$ 0.35	$ 0.34
Weighted average number of common shares used in computing earnings per share	5,245,216	5,180,334
Dividends declared per common share	$ 0.19	$ 0.19

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 1,861,239	$ 1,771,905
Other comprehensive income (loss), net of tax:
Unrealized holding gain (loss) on securities AFS arising during the period	742,589	571,759
Tax effect	(155,943)	(120,069)
Other comprehensive income (loss), net of tax	586,646	451,690
Total comprehensive income	$ 2,447,885	$ 2,223,595

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) Income	Treasury Stock	Total
Beginning Balance at Dec. 31, 2018	$ 13,455,258	$ 2,000,000	$ 32,536,532	$ 17,882,282	$ (647,584)	$ (2,622,777)	$ 62,603,711
Issuance of common stock	49,415		263,611				313,026
Cash dividends declared - common stock			(983,122)				(983,122)
Cash dividends declared - preferred stock			(27,500)				(27,500)
Redemption of preferred stock		(500,000)					(500,000)
Comprehensive income
Net income				1,771,905			1,771,905
Other comprehensive loss					451,690		451,690
Ending Balance at Mar. 31, 2019	13,504,673	1,500,000	32,800,143	18,643,565	(195,894)	(2,622,777)	63,629,710
Beginning Balance at Dec. 31, 2019	13,624,643	1,500,000	33,464,381	22,667,949	260,483	(2,622,777)	68,894,679
Issuance of common stock	40,465		213,812				254,277
Cash dividends declared - common stock				(995,936)			(995,936)
Cash dividends declared - preferred stock				(17,813)			(17,813)
Comprehensive income
Net income				1,861,239			1,861,239
Other comprehensive loss					586,646		586,646
Ending Balance at Mar. 31, 2020	$ 13,665,108	$ 1,500,000	$ 33,678,193	$ 23,515,839	$ 847,129	$ (2,622,777)	$ 70,583,492

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net income	$ 1,861,239	$ 1,771,905
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, bank premises and equipment	232,759	236,438
Provision for loan losses	376,503	212,503
Deferred income tax	(61,497)	(3,995)
Gain on sale of loans	(51,183)	(22,602)
Gain on sale of OREO	(7,799)	0
Income from CFS Partners	(91,909)	(177,420)
Amortization of bond premium, net	13,315	31,611
Proceeds from sales of loans held for sale	3,736,533	769,622
Originations of loans held for sale	(4,352,350)	(747,020)
Increase in taxes payable	295,831	264,164
Increase in interest receivable	(553,999)	(257,600)
Decrease in mortgage servicing rights	24,285	38,554
Decrease in right-of-use assets	60,825	57,216
Decrease in operating lease liabilities	(60,219)	(55,014)
(Increase) decrease in other assets	(143,340)	282,292
Increase in cash surrender value of BOLI	(21,078)	(21,635)
Amortization of limited partnerships	84,171	78,027
Decrease (increase) in unamortized loan costs	6,777	(1,537)
(Decrease) increase in interest payable	(6,398)	35,102
Decrease in accrued expenses	(411,204)	(444,039)
Decrease in other liabilities	(23,573)	(8,027)
Net cash provided by operating activities	907,689	2,038,545
Cash Flows from Investing Activities:
Investments - AFS - Maturities, calls, pay downs and sales	5,817,816	701,657
Investments - AFS - Purchases	(992,000)	(1,498,000)
Proceeds from redemption of restricted equity securities	361,600	383,500
Purchases of restricted equity securities	(344,700)	0
Decrease in limited partnership contributions payable	(288,000)	0
Increase in loans, net	(27,559,512)	(564,060)
Capital expenditures net of proceeds from sales of bank premises and equipment	(123,901)	(272,864)
Proceeds from sales of OREO	193,299	0
Recoveries of loans charged off	17,531	20,320
Net cash used in investing activities	(22,917,867)	(1,229,447)
Cash Flows from Financing Activities:
Net decrease in demand and interest-bearing transaction accounts	(1,133,474)	(26,180,086)
Net increase in money market and savings accounts	9,922,848	13,450,476
Net decrease in time deposits	(5,666,046)	(5,159,073)
Net (decrease) increase in repurchase agreements	(10,279,113)	2,313,304
Net increase in short-term borrowings	20,000,000	0
Decrease in finance lease obligations	(14,987)	(30,251)
Redemption of preferred stock	0	(500,000)
Dividends paid on preferred stock	(17,813)	(27,500)
Dividends paid on common stock	(732,972)	(688,701)
Net cash provided by (used in) financing activities	12,078,443	(16,821,831)
Net decrease in cash and cash equivalents	(9,931,735)	(16,012,733)
Cash and cash equivalents:
Beginning	48,562,212	67,934,815
Ending	38,630,477	51,922,082
Supplemental Schedule of Cash Paid During the Period:
Interest	1,482,791	1,503,438
Supplemental Schedule of Noncash Investing and Financing Activities:
Change in unrealized gain on securities AFS	742,589	571,759
Common Shares Dividends Paid:
Dividends declared	995,536	983,122
(Increase) decrease in dividends payable attributable to dividends declared	(8,287)	18,605
Dividends reinvested	(254,277)	(313,026)
Total	$ 732,972	$ 688,701

1. Basis of Presentation and Co

1. Basis of Presentation and Consolidation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Note 1. Basis of Presentation and Consolidation	Basis of Presentation and Consolidation. Certain amounts in the 2019 consolidated financial statements have been reclassified to conform to the 2020 presentation. Reclassifications had no effect on prior period net income or shareholders’ equity. 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 provides smaller reporting company scaled disclosures where management deems it appropriate. In addition to the definitions provided elsewhere in this quarterly report, the definitions, acronyms and abbreviations identified below are used throughout this report, including in Part I. “Financial Information” and Part II. “Other Information”, and are intended to aid the reader and provide a reference page when reviewing this report. ABS: Asset backed security FHLBB: Federal Home Loan Bank of Boston ACBB: Atlantic Community Bankers Bank FHLMC: Federal Home Loan Mortgage Corporation AFS: Available-for-sale FOMC: Federal Open Market Committee Agency MBS: MBS issued by a US government agency FRB: Federal Reserve Board or GSE FRBB: Federal Reserve Bank of Boston ALCO: Asset Liability Committee GAAP: Generally Accepted Accounting Principles ALL: Allowance for loan losses in the United States AOCI: Accumulated other comprehensive income GSE: Government sponsored enterprise ASC: Accounting Standards Codification HTM: Held-to-maturity ASU: Accounting Standards Update 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 MBS: Mortgage-backed security BOLI: Bank owned life insurance MPF: Mortgage Partnership Finance bp or bps: Basis point(s) MSRs: Mortgage servicing rights CARES ACT: Coronavirus Aid, Relief and Economic NII: Net interest income Security Act NMTC: New Market Tax Credits CBLR: Community Bank Leverage Ratio OAS: Other amortizing security CDARS: Certificate of Deposit Accounts Registry OCI: Other comprehensive income (loss) Service of the Promontory Interfinancial OREO: Other real estate owned Network OTTI: Other-than-temporary impairment CDs: Certificates of deposit PMI: Private mortgage insurance CDI: Core deposit intangible PPP: Paycheck Protection Program CECL: Current Expected Credit Loss PPPLF: PPP Liquidity Facility of the FRB CFSG: Community Financial Services Group, LLC RD: USDA Rural Development CFS Partners: Community Financial Services Partners, SBA: U.S. Small Business Administration LLC SEC: U.S. Securities and Exchange Commission Company: Community Bancorp. and Subsidiary SERP: Supplemental Employee Retirement Plan COVID-19: Coronavirus Disease 2019 TDR: Troubled-debt restructuring CRE: Commercial Real Estate USDA: U.S. Department of Agriculture DDA or DDAs: Demand Deposit Account(s) VA: U.S. Veterans Administration DTC: Depository Trust Company 2017 Tax Act: Tax Cut and Jobs Act of 2017 DRIP: Dividend Reinvestment Plan 2018 Economic Growth, Regulatory Relief and Exchange Act: Securities Exchange Act of 1934 Regulatory Consumer Protection Act of 2018 FASB: Financial Accounting Standards Board Relief Act: FDIC: Federal Deposit Insurance Corporation

2. Risks and Uncertainties

2. Risks and Uncertainties	3 Months Ended
	Mar. 31, 2020
Risks and Uncertainties [Abstract]
Note 2. Risks and Uncertainties	On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic, and on March 13, 2020 President Trump declared the pandemic to be a national emergency. The COVID-19 pandemic has adversely affected, and may continue to adversely affect, economic activity globally, nationally and locally. Government actions taken to help mitigate the spread of COVID-19 include restrictions on travel, quarantines in certain areas, and forced closures for certain types of public places and businesses. COVID-19 and actions taken to mitigate the spread of it have had and are expected to continue to have an adverse impact on financial markets and the economy, including the local economy in the Company’s Vermont markets, with adverse effects on business and consumer confidence generally, and on the Company’s customers, and their employees, suppliers, vendors and processors. Forced closures of businesses have resulted in sharp increases in unemployment. In addition, due to the COVID-19 pandemic, market interest rates have declined significantly, with the 10-year Treasury bond falling below 1.00 percent on March 3, 2020 for the first time. On March 3, 2020, the FOMC reduced the targeted federal funds interest rate range by 50 bps to 1.00% to 1.25%. This range was further reduced to 0 percent to 0.25% on March 16, 2020. On April 29, 2020, the FOMC indicated that the federal funds target rate range will remain unchanged until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. On March 27, 2020, the CARES Act was enacted to provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. These reductions in interest rates and other effects of the COVID-19 pandemic will adversely affect the Company's business, financial condition and results of operations in future periods. It is unknown how long the adverse economic conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to the Company. Due to the inherent economic and other uncertainties related to the COVID-19 pandemic, it is reasonably possible that estimates made in the Company’s consolidated financial statements could be materially and adversely impacted in the near term as a result of the pandemic, including expected credit losses on loan receivables.

3. Recent Accounting Developmen

3. Recent Accounting Developments	3 Months Ended
	Mar. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Note 3. Recent Accounting Developments	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, on October 16, 2019, the FASB approved an extended effective date for compliance with the ASU by smaller reporting companies, which are now required to comply with the ASU for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company qualifies for this extension and does not intend to early adopt the ASU at this time. Management will continue to evaluate the Company’s CECL compliance and implementation timetable in light of the extension. 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 On March 22, 2020, federal banking regulators issued an interagency statement providing guidance on accounting for loan modifications in light of the economic impact of the COVID-19 pandemic. The guidance interprets current accounting standards and indicates that a lender can conclude that a borrower is not experiencing financial difficulty if short-term (that is, six months or less) modifications are made in response to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant, provided that the loan is less than 30 days past due at the time a modification program is implemented. The banking agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs under ASC No. 310-40, Receivables – Troubled Debt Restructurings by Creditors

4. Earnings per Common Share

4. Earnings per Common Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Note 4. Earnings per Common Share	Earnings per common share amounts are computed based on the weighted average number of shares of common stock issued during the period (retroactively adjusted for stock splits and stock dividends, if any), including Dividend Reinvestment Plan shares issuable upon reinvestment of dividends declared, and reduced for shares held in treasury. The following tables illustrate the calculation of earnings per common share for the periods presented, as adjusted for the cash dividends declared on the preferred stock: Three Months Ended March 31, 2020 2019 Net income, as reported $ 1,861,239 $ 1,771,905 Less: dividends to preferred shareholders 17,813 27,500 Net income available to common shareholders $ 1,843,426 $ 1,744,405 Weighted average number of common shares used in calculating earnings per share 5,245,216 5,180,334 Earnings per common share $ 0.35 $ 0.34

5. Investment Securities

5. Investment Securities	3 Months Ended
	Mar. 31, 2020
Debt Securities, Available-for-sale [Abstract]
Note 5. Investment Securities	Debt securities as of the balance sheet dates consisted of the following: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2020 U.S. GSE debt securities $ 13,629,991 $ 243,435 $ 98 $ 13,873,328 Agency MBS 15,156,225 506,237 50,361 15,612,101 ABS and OAS 2,602,677 128,155 0 2,730,832 Other investments 9,409,000 244,948 0 9,653,948 Total $ 40,797,893 $ 1,122,775 $ 50,459 $ 41,870,209 December 31, 2019 U.S. GSE debt securities $ 18,002,549 $ 99,743 $ 40,672 $ 18,061,620 Agency MBS 16,169,819 86,874 51,318 16,205,375 ABS and OAS 2,799,657 55,418 2,166 2,852,909 Other investments 8,665,000 181,846 0 8,846,846 Total $ 45,637,025 $ 423,881 $ 94,156 $ 45,966,750 Investments pledged as collateral for repurchase agreements 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 March 31, 2020 $ 40,797,893 $ 41,870,209 December 31, 2019 45,637,025 45,966,750 The scheduled maturities of debt securities as of the balance sheet dates were as follows: Amortized Fair Cost Value March 31, 2020 Due in one year or less $ 3,747,350 $ 3,770,276 Due from one to five years 8,427,000 8,673,422 Due from five to ten years 12,460,639 12,783,926 Due after ten years 1,006,679 1,030,484 Agency MBS 15,156,225 15,612,101 Total $ 40,797,893 $ 41,870,209 December 31, 2019 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 Agency MBS are not due at a single maturity date and have not been allocated to maturity groupings for purposes of the maturity table. Debt securities with unrealized losses as of the balance sheet dates are presented in the table below. Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss March 31, 2020 U.S. GSE debt securities $ 615,286 $ 98 $ 0 $ 0 1 $ 615,286 $ 98 Agency MBS 970,720 19,703 894,000 30,658 6 1,864,720 50,361 Total $ 1,586,006 $ 19,801 $ 894,000 $ 30,658 7 $ 2,480,006 $ 50,459 December 31, 2019 U.S. GSE debt securities $ 7,964,192 $ 40,672 $ 0 $ 0 7 $ 7,964,192 $ 40,672 Agency MBS 5,273,683 24,648 2,920,091 26,670 13 8,193,774 51,318 ABS and OAS 1,000,490 2,166 0 0 1 1,000,490 2,166 Total $ 14,238,365 $ 67,486 $ 2,920,091 $ 26,670 21 $ 17,158,456 $ 94,156 The unrealized losses for all periods presented were principally attributable to changes in prevailing interest rates for similar types of securities and not deterioration in the creditworthiness of the issuer. Management evaluates its debt 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 the carrying value, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment 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 or other adverse developments in the status of the securities have occurred, and the results of reviews of the issuer's financial condition. As of March 31, 2020 and December 31, 2019, there were no declines in the fair value of any of the securities reflected in the table above that were deemed by management to be OTTI.

6. Loans, Allowance for Loan Lo

6. Loans, Allowance for Loan Losses and Credit Quality	3 Months Ended
	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Note 6. Loans, Allowance for Loan Losses and Credit Quality	The composition of net loans as of the balance sheet dates was as follows: March 31, December 31, 2020 2019 Commercial & industrial $ 108,458,404 $ 98,930,831 Commercial real estate 256,814,702 246,282,726 Municipal 59,649,823 55,817,206 Residential real estate - 1st lien 163,328,266 158,337,296 Residential real estate - Jr lien 42,030,798 43,230,873 Consumer 4,132,697 4,390,005 Total loans 634,414,690 606,988,937 Deduct (add): ALL 6,186,764 5,926,491 Deferred net loan costs (355,638 ) (362,415 ) Net loans $ 628,583,564 $ 601,424,861 The following is an age analysis of past due loans (including non-accrual) as of the balance sheet dates, by portfolio segment: 90 Days Non-Accrual 90 Days Or More March 31, 2020 30-89 Days or More Total Past Due Current Total Loans Loans And Accruing Commercial & industrial $ 3,131,271 $ 62,743 $ 3,194,014 $ 105,264,390 $ 108,458,404 $ 445,392 $ 9,537 Commercial real estate 1,142,631 373,818 1,516,449 255,298,253 256,814,702 1,556,536 0 Municipal 0 0 0 59,649,823 59,649,823 0 0 Residential real estate - 1st lien 3,000,591 1,466,837 4,467,428 158,860,838 163,328,266 2,305,917 872,541 - Jr lien 363,312 206,656 569,968 41,460,830 42,030,798 398,376 0 Consumer 29,376 0 29,376 4,103,321 4,132,697 0 0 Totals $ 7,667,181 $ 2,110,054 $ 9,777,235 $ 624,637,455 $ 634,414,690 $ 4,706,221 $ 882,078 90 Days Non-Accrual 90 Days Or More December 31, 2019 30-89 Days or More Total Past Due Current Total Loans Loans And Accruing Commercial & industrial $ 68,532 $ 44,503 $ 113,035 $ 98,817,796 $ 98,930,831 $ 480,083 $ 0 Commercial real estate 1,690,307 151,723 1,842,030 244,440,696 246,282,726 1,600,827 0 Municipal 0 0 0 55,817,206 55,817,206 0 0 Residential real estate - 1st lien 3,871,045 1,217,098 5,088,143 153,249,153 158,337,296 2,112,267 530,046 - Jr lien 331,416 147,976 479,392 42,751,481 43,230,873 240,753 112,386 Consumer 49,607 0 49,607 4,340,398 4,390,005 0 0 Totals $ 6,010,907 $ 1,561,300 $ 7,572,207 $ 599,416,730 $ 606,988,937 $ 4,433,930 $ 642,432 For all loan segments, loans over 30 days past due are considered delinquent. As of the balance sheet dates presented, residential mortgage loans in process of foreclosure consisted of the following: Number of loans Balance March 31, 2020 8 $ 394,086 December 31, 2019 9 495,943 Allowance for loan losses The ALL is established through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes that future payments of a loan balance are unlikely. Subsequent recoveries, if any, are credited to the allowance. Unsecured loans, primarily consumer loans, are charged off when they become uncollectible and no later than 120 days past due. Unsecured loans to customers who subsequently file bankruptcy are charged off within 30 days of receipt of the notification of filing or by the end of the month in which the loans become 120 days past due, whichever occurs first. For secured loans, both residential and commercial, the potential loss on impaired loans is carried as a loan loss reserve specific allocation; the loss portion is charged off when collection of the full loan appears unlikely. The unsecured portion of a real estate loan is that portion of the loan exceeding the "fair value" of the collateral less the estimated cost to sell. Value of the collateral is determined in accordance with the Company’s appraisal policy. The unsecured portion of an impaired real estate secured loan is charged off by the end of the month in which the loan becomes 180 days past due. As described below, the allowance consists of general, specific and unallocated components. However, the entire allowance is available to absorb losses in the loan portfolio, regardless of specific, general and unallocated components considered in determining the amount of the allowance. General component The general component of the ALL is based on historical loss experience and various qualitative factors and is stratified by the following loan segments: commercial and industrial, CRE, municipal, residential real estate 1st lien, residential real estate Jr lien and consumer loans. The Company does not disaggregate its portfolio segments further into classes. Loss ratios are calculated by loan segment 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 fair value or net present value of future cash flows is less than the carrying value of the loan. For all loan segments, except consumer loans, a loan is considered impaired when, based on current information and events, in management’s estimation it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant or temporary payment delays and payment shortfalls generally are not classified as impaired. Management evaluates the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and frequency of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis, by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Impaired loans also include troubled loans that are restructured. A TDR occurs when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that would otherwise not be granted. TDRs may include the transfer of assets to the Company in partial satisfaction of a troubled loan, a modification of a loan’s terms, or a combination of the two. As described above in Note 3, under March 2020 guidance from the federal banking agencies and concurrence by the FASB, certain short-term loan accommodations made in good faith for borrowers experiencing financial difficulties due to the COVID-19 health emergency will not be considered TDRs. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment evaluation, unless such loans are subject to a restructuring agreement. Unallocated component An unallocated component of the ALL is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component reflects management’s estimate of the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The tables below summarize changes in the ALL and select loan information, by portfolio segment, for the periods indicated. As of or for the three months ended March 31, 2020 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Charge-offs 0 0 0 (77,696 ) (28,673 ) (27,391 ) 0 (133,760 ) Recoveries 0 0 0 3,334 3,367 10,829 0 17,530 Provision (credit) 30,901 141,408 0 163,074 21,403 18,486 1,231 376,503 ALL ending balance $ 867,667 $ 3,323,054 $ 0 $ 1,477,276 $ 285,781 $ 53,717 $ 179,269 $ 6,186,764 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 119,355 $ 477 $ 0 $ 0 $ 119,832 Collectively 867,667 3,323,054 0 1,357,921 285,304 53,717 179,269 6,066,932 Total $ 867,667 $ 3,323,054 $ 0 $ 1,477,276 $ 285,781 $ 53,717 $ 179,269 $ 6,186,764 Loans evaluated for impairment Individually $ 392,187 $ 1,650,748 $ 0 $ 4,781,243 $ 314,521 $ 0 $ 7,138,699 Collectively 108,066,217 255,163,954 59,649,823 158,547,023 41,716,277 4,132,697 627,275,991 Total $ 108,458,404 $ 256,814,702 $ 59,649,823 $ 163,328,266 $ 42,030,798 $ 4,132,697 $ 634,414,690 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 three months ended March 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 0 0 0 (74,731 ) 0 (32,791 ) 0 (107,522 ) Recoveries 9,077 0 0 2,497 485 8,261 0 20,320 Provision (credit) (29,782 ) 133,288 0 57,872 (8,927 ) 17,458 42,594 212,503 ALL ending balance $ 676,764 $ 3,153,156 $ 0 $ 1,407,132 $ 265,003 $ 49,715 $ 176,072 $ 5,727,842 Impaired loans, by portfolio segment, were as follows: As of March 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment (1)(2) Recognized(2) Related allowance recorded Residential real estate - 1st lien $ 968,459 $ 991,113 $ 119,355 $ 923,449 $ 20,431 - Jr lien 5,686 5,683 477 5,904 144 Total with related allowance 974,145 996,796 119,832 929,353 20,575 No related allowance recorded Commercial & industrial 392,187 424,442 406,560 0 Commercial real estate 1,651,247 2,004,694 1,675,509 3,542 Residential real estate - 1st lien 3,834,253 4,609,223 3,724,607 51,612 - Jr lien 308,838 350,313 229,405 0 Total with no related allowance 6,186,525 7,388,672 6,036,081 55,154 Total impaired loans $ 7,160,670 $ 8,385,468 $ 119,832 $ 6,965,434 $ 75,729 (1) Recorded investment in impaired loans as of March 31, 2020 includes accrued interest receivable and deferred net loan costs of $21,971. (2) For the three months ended March 31, 2020 As of December 31, 2019 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment(1)(2) Recognized(2) Related allowance recorded Commercial & industrial $ 0 $ 0 $ 0 $ 32,466 $ 0 Commercial real estate 0 0 0 97,720 0 Residential real estate - 1st lien 878,439 902,000 103,836 982,158 86,039 - Jr lien 6,121 6,101 712 6,869 648 Total with related allowance 884,560 908,101 104,548 1,119,213 86,687 No related allowance recorded Commercial & industrial 420,933 445,509 307,208 6,396 Commercial real estate 1,699,772 2,031,764 1,812,836 21,591 Residential real estate - 1st lien 3,614,960 4,273,884 3,778,822 212,883 - Jr lien 149,972 157,754 224,938 4,524 Total with no related allowance 5,885,637 6,908,911 6,123,804 245,394 Total impaired loans $ 6,770,197 $ 7,817,012 $ 104,548 $ 7,243,017 $ 332,081 (1) Recorded investment in impaired loans as of December 31, 2019 includes accrued interest receivable and deferred net loan costs of $22,051. (2) For the year ended December 31, 2019 As of March 31, 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment(1)(2) Recognized(2) Related allowance recorded Commercial real estate $ 488,601 $ 499,540 $ 7,375 $ 244,300 $ 0 Residential real estate - 1st lien 911,245 929,119 115,494 926,805 17,944 - Jr lien 6,932 6,923 815 7,101 171 Total with related allowance 1,406,778 1,435,582 123,684 1,178,206 18,115 No related allowance recorded Commercial & industrial 39,587 63,477 50,216 0 Commercial real estate 1,713,077 1,971,060 1,730,700 5,067 Residential real estate - 1st lien 3,596,317 4,315,339 3,530,717 56,132 - Jr lien 296,080 338,447 304,076 0 Total with no related allowance 5,645,061 6,688,323 5,615,709 61,199 $ 7,051,839 $ 8,123,905 $ 123,684 $ 6,793,915 $ 79,314 (1) Recorded investment in impaired loans as of March 31, 2020 includes accrued interest receivable and deferred net loan costs of $16,325. (2) For the three months ended March 31, 2019 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 considered by management to be 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 impaired loans are generally applied as a reduction of the loan principal balance. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are considered by management to be reasonably assured. Credit Quality Grouping In developing the ALL, management uses credit quality groupings to help evaluate trends in credit quality. The Company groups credit risk into Groups A, B and C. The manner the Company utilizes to assign risk grouping is driven by loan purpose. Commercial purpose loans are individually risk graded while the retail portion of the portfolio is generally grouped by delinquency pool. Group A loans - Acceptable Risk Group B loans – Management Involved Group C loans – Unacceptable Risk Commercial purpose loan ratings are assigned by the commercial account officer; for larger and more complex commercial loans, the credit rating is a collaborative assignment by the lender and the credit analyst. The credit risk rating is based on the borrower's expected performance, i.e., the likelihood that the borrower will be able to service its obligations in accordance with the loan terms. Credit risk ratings are meant to measure risk versus simply record history. Assessment of expected future payment performance requires consideration of numerous factors. While past performance is part of the overall evaluation, expected performance is based on an analysis of the borrower's financial strength, and historical and projected factors such as size and financing alternatives, capacity and cash flow, balance sheet and income statement trends, the quality and timeliness of financial reporting, and the quality of the borrower’s management. Other factors influencing the credit risk rating to a lesser degree include collateral coverage and control, guarantor strength and commitment, documentation, structure and covenants and industry conditions. There are uncertainties inherent in this process. Credit risk ratings are dynamic and require updating whenever relevant information is received. Risk ratings are assessed on an ongoing basis and at various points, including at delinquency or at the time of other adverse events. For larger, more complex or adversely rated loans, risk ratings are also assessed at the time of annual or periodic review. Lenders are required to make immediate disclosure to the Chief 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 March 31, 2020 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 103,861,820 $ 245,271,475 $ 59,649,823 $ 159,824,138 $ 41,594,537 $ 4,132,697 $ 614,334,490 Group B 2,980,190 5,753,517 0 0 0 0 8,733,707 Group C 1,616,394 5,789,710 0 3,504,128 436,261 0 11,346,493 Total $ 108,458,404 $ 256,814,702 $ 59,649,823 $ 163,328,266 $ 42,030,798 $ 4,132,697 $ 634,414,690 As of December 31, 2019 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 93,774,871 $ 233,702,063 $ 55,817,206 $ 154,770,678 $ 42,725,543 $ 4,390,005 $ 585,180,366 Group B 3,295,223 4,517,811 0 0 0 0 7,813,034 Group C 1,860,737 8,062,852 0 3,566,618 505,330 0 13,995,537 Total $ 98,930,831 $ 246,282,726 $ 55,817,206 $ 158,337,296 $ 43,230,873 $ 4,390,005 $ 606,988,937 Modifications of Loans and TDRs A loan is classified as a TDR if, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. The Company is deemed to have granted such a concession if it has modified a troubled loan in any of the following ways: ● Reduced accrued interest; ● Reduced the original contractual interest rate to a rate that is below the current market rate for the borrower; ● Converted a variable-rate loan to a fixed-rate loan; ● Extended the term of the loan beyond an insignificant delay; ● Deferred or forgiven principal in an amount greater than three months of payments; or ● Performed a refinancing and deferred or forgiven principal on the original loan. An insignificant delay or insignificant shortfall in the amount of payments typically would not require the loan to be accounted for as a TDR. However, pursuant to regulatory guidance, any payment delay longer than three months is generally not considered insignificant. Management’s assessment of whether a concession has been granted also takes into account payments expected to be received from third parties, including third-party guarantors, provided that the third party has the ability to perform on the guarantee. The Company’s TDRs are principally a result of extending loan repayment terms to relieve cash flow difficulties. The Company has only, on a limited basis, reduced interest rates for borrowers below the current market rate for the borrower. The Company has not forgiven principal or reduced accrued interest within the terms of original restructurings, nor has it converted variable rate terms to fixed rate terms. However, the Company evaluates each TDR situation on its own merits and does not foreclose the granting of any particular type of concession. The Company has adopted the TDR guidance issued by the federal banking agencies in March 2020 regarding the treatment of certain short-term loan modifications relating to the COVID-19 pandemic (See Note 3). Under this guidance, qualifying concessions and modifications are not considered TDRs. As of March 31, 2020, the Company had granted short term loan concessions and/or modifications within the terms of this guidance as to 380 borrowers, with respect to loans having an aggregate principal amount of $86.6 million. These loans may bear a higher risk of default in future periods. New TDRs, by portfolio segment, during the periods presented were as follows: Three months ended March 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate - 1st lien 3 $ 168,109 $ 196,478 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 Three months ended March 31, 2019 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Commercial real estate 1 $ 19,265 $ 21,628 Residential real estate - 1st lien 1 95,899 96,369 2 $ 115,164 $ 117,997 The TDRs for which there was a payment default during the twelve month periods presented were as follows: For the twelve months ended March 31, 2020 Number of Recorded Contracts Investment Commercial real estate 1 $ 376,864 For the twelve months ended December 31, 2019 Number of Recorded Contracts Investment Commercial & industrial 2 $ 27,818 Residential real estate - 1st lien 1 227,907 - Jr lien 1 55,010 4 $ 310,735 For the twelve months ended March 31, 2019 Number of Recorded Contracts Investment Commercial real estate 1 $ 392,719 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 within the ALL related to TDRs as of the balance sheet dates are presented in the table below. March 31, December 31, 2020 2019 Specific Allocation $ 119,832 $ 104,548 As of the balance sheet dates, the Company evaluates whether it is contractually committed to lend additional funds to debtors with impaired, non-accrual or modified loans. The Company is contractually committed to lend on one SBA guaranteed line of credit to a borrower whose lending relationship was previously restructured.

7. Goodwill and Other Intangibl

7. Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Note 7. Goodwill and Other Intangible Assets	As a result of a merger with 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. As of December 31, 2019, the most recent evaluation, management concluded that no impairment existed. Management evaluates its goodwill intangible for impairment at least annually, or more frequently as circumstances warrant, including, as applicable, circumstances arising out of the COVID-19 pandemic, including the disruptions to the economy and increased volatility in the financial markets and related impacts on the Company’s business.

8. Fair Value

8. Fair Value	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Note 8. Fair Value	Certain assets and liabilities are recorded at fair value to provide additional insight into the Company’s quality of earnings and comprehensive income. 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, 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 and Liabilities 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 the dates presented, segregated by fair value hierarchy, are summarized below. 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 2020 or 2019. Level 2 March 31, 2020 December 31, 2019 Assets: (market approach) U.S. GSE debt securities $ 13,873,328 $ 18,061,620 Agency MBS 15,612,101 16,205,375 ABS and OAS 2,730,832 2,852,909 Other investments 9,653,948 8,846,846 Total $ 41,870,209 $ 45,966,750 Assets and Liabilities 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 collateral-dependent impaired loans with a related specific allocation with the ALL and are presented net of specific allowances as disclosed in Note 6. There were no fair value adjustments to such impaired loans for the periods presented in the table below. Assets measured at fair value on a non-recurring basis and reflected in the consolidated balance sheets at the dates presented, segregated by fair value hierarchy level, are summarized below. 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 2020 or 2019. Level 2 March 31, 2020 December 31, 2019 Assets: (market approach) Loans held-for-sale $ 667,000 $ 0 MSRs (1) 915,292 939,577 OREO 781,238 966,738 (1) Represents MSRs at lower of cost or fair value. 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 estimated fair values of commitments to extend credit and letters of credit were immaterial as of the dates presented in the tables below. The estimated fair values of the Company's financial instruments were as follows: March 31, 2020 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 38,630 $ 38,630 $ 0 $ 0 $ 38,630 Debt securities AFS 41,870 0 41,870 0 41,870 Restricted equity securities 1,415 0 1,415 0 1,415 Loans and loans held-for-sale, net of ALL Commercial & industrial 107,556 0 0 107,359 107,359 Commercial real estate 253,412 0 0 252,713 252,713 Municipal 59,650 0 0 60,089 60,089 Residential real estate - 1st lien 162,467 0 0 163,812 163,812 Residential real estate - Jr lien 41,732 0 0 41,762 41,762 Consumer 4,078 0 0 4,091 4,091 MSRs (1) 915 0 1,148 0 1,148 Accrued interest receivable 2,891 0 2,891 0 2,891 Financial liabilities: Deposits Other deposits 616,447 0 618,480 0 618,480 Brokered deposits 1,698 0 1,709 0 1,709 Short-term borrowings 20,000 0 20,000 0 20,000 Long-term borrowings 2,650 0 2,512 0 2,512 Repurchase agreements 22,911 0 22,911 0 22,911 Operating lease obligations 1,203 0 1,203 0 1,203 Finance lease obligations 85 0 85 0 85 Subordinated debentures 12,887 0 11,717 0 11,717 Accrued interest payable 133 0 133 0 133 (1) Reported fair value represents all MSRs for loans serviced by the Company at March 31, 2020, regardless of carrying amount. December 31, 2019 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 48,562 $ 48,562 $ 0 $ 0 $ 48,562 Debt securities AFS 45,967 0 45,967 0 45,967 Restricted equity securities 1,432 0 1,432 0 1,432 Loans and loans held-for-sale, net of ALL Commercial & industrial 98,062 0 0 97,356 97,356 Commercial real estate 243,022 0 0 242,735 242,735 Municipal 55,817 0 0 55,867 55,867 Residential real estate - 1st lien 156,897 0 0 156,520 156,520 Residential real estate - Jr lien 42,927 0 0 42,950 42,950 Consumer 4,337 0 0 4,306 4,306 MSRs (1) 940 0 1,250 0 1,250 Accrued interest receivable 2,337 0 2,337 0 2,337 Financial liabilities: Deposits Other deposits 603,872 0 604,267 0 604,267 Brokered deposits 11,149 0 11,153 0 11,153 Long-term borrowings 2,650 0 2,427 0 2,427 Repurchase agreements 33,190 0 33,190 0 33,190 Operating lease obligations 1,263 0 1,263 0 1,263 Finance lease obligations 100 0 100 0 100 Subordinated debentures 12,887 0 12,831 0 12,831 Accrued interest payable 139 0 139 0 139 (1) Reported fair value represents all MSRs for loans serviced by the Company at December 31, 2018, regardless of carrying amount.

9. Loan Servicing

9. Loan Servicing	3 Months Ended
	Mar. 31, 2020
Transfers and Servicing of Financial Assets [Abstract]
Note 9. Loan Servicing	The following table shows the changes in the carrying amount of the MSRs, included in other assets in the consolidated balance sheets, for the periods indicated: Three Months Ended Year Ended March 31, 2020 December 31, 2019 Balance at beginning of year $ 939,577 $ 1,004,948 MSRs capitalized 30,653 114,580 MSRs amortized (54,938 ) (179,951 ) Balance at end of period $ 915,292 $ 939,577 There was no valuation allowance recorded for MSRs for the periods presented.

10. Legal Proceedings

10. Legal Proceedings	3 Months Ended
	Mar. 31, 2020
Legal Proceedings
Note 10. Legal Proceedings	In the normal course of business, the Company is involved in litigation that is considered incidental to its business. Management does not expect that any such litigation will be material to the Company's consolidated financial condition or results of operations.

11. Subsequent Event

11. Subsequent Event	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Note 11. Subsequent Event	The Company has evaluated events and transactions through the date that the financial statements were issued for potential recognition or disclosure in these financial statements, as required by GAAP. On March 12, 2020, the Company’s Board declared a cash dividend of $0.19 per common share, payable May 1, 2020 to shareholders of record as of April 15, 2020. This dividend has been recorded in the Company’s consolidated financial statements as of the declaration date, including shares issuable under the DRIP. As of May 5, 2020, the Company had received approval from the SBA for approximately 700 applications for PPP loans under the CARES Act with respect to approximately $95 million in loans. In addition, in April, 2020, the Company qualified to obtain loan advances through the FRB’s PPPLF to fund its PPP lending activities, but had no outstanding balance under that facility as of May 5, 2020.

1. Basis of Presentation and _2

1. Basis of Presentation and Consolidation (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	The interim consolidated financial statements of Community Bancorp. and Subsidiary are unaudited. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments necessary for the fair presentation of the consolidated financial condition and results of operations of the Company and its subsidiary, Community National Bank (the Bank), contained herein have been made. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2019 contained in the Company's Annual Report on Form 10-K. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full annual period ending December 31, 2020, or for any other interim period. Certain amounts in the 2019 consolidated financial statements have been reclassified to conform to the 2020 presentation. Reclassifications had no effect on prior period net income or shareholders’ equity. 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 provides smaller reporting company scaled disclosures where management deems it appropriate. In addition to the definitions provided elsewhere in this quarterly report, the definitions, acronyms and abbreviations identified below are used throughout this report, including in Part I. “Financial Information” and Part II. “Other Information”, and are intended to aid the reader and provide a reference page when reviewing this report. ABS: Asset backed security FHLBB: Federal Home Loan Bank of Boston ACBB: Atlantic Community Bankers Bank FHLMC: Federal Home Loan Mortgage Corporation AFS: Available-for-sale FOMC: Federal Open Market Committee Agency MBS: MBS issued by a US government agency FRB: Federal Reserve Board or GSE FRBB: Federal Reserve Bank of Boston ALCO: Asset Liability Committee GAAP: Generally Accepted Accounting Principles ALL: Allowance for loan losses in the United States AOCI: Accumulated other comprehensive income GSE: Government sponsored enterprise ASC: Accounting Standards Codification HTM: Held-to-maturity ASU: Accounting Standards Update 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 MBS: Mortgage-backed security BOLI: Bank owned life insurance MPF: Mortgage Partnership Finance bp or bps: Basis point(s) MSRs: Mortgage servicing rights CARES ACT: Coronavirus Aid, Relief and Economic NII: Net interest income Security Act NMTC: New Market Tax Credits CBLR: Community Bank Leverage Ratio OAS: Other amortizing security CDARS: Certificate of Deposit Accounts Registry OCI: Other comprehensive income (loss) Service of the Promontory Interfinancial OREO: Other real estate owned Network OTTI: Other-than-temporary impairment CDs: Certificates of deposit PMI: Private mortgage insurance CDI: Core deposit intangible PPP: Paycheck Protection Program CECL: Current Expected Credit Loss PPPLF: PPP Liquidity Facility of the FRB CFSG: Community Financial Services Group, LLC RD: USDA Rural Development CFS Partners: Community Financial Services Partners, SBA: U.S. Small Business Administration LLC SEC: U.S. Securities and Exchange Commission Company: Community Bancorp. and Subsidiary SERP: Supplemental Employee Retirement Plan COVID-19: Coronavirus Disease 2019 TDR: Troubled-debt restructuring CRE: Commercial Real Estate USDA: U.S. Department of Agriculture DDA or DDAs: Demand Deposit Account(s) VA: U.S. Veterans Administration DTC: Depository Trust Company 2017 Tax Act: Tax Cut and Jobs Act of 2017 DRIP: Dividend Reinvestment Plan 2018 Economic Growth, Regulatory Relief and Exchange Act: Securities Exchange Act of 1934 Regulatory Consumer Protection Act of 2018 FASB: Financial Accounting Standards Board Relief Act: FDIC: Federal Deposit Insurance Corporation
Recent Accounting Developments	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, on October 16, 2019, the FASB approved an extended effective date for compliance with the ASU by smaller reporting companies, which are now required to comply with the ASU for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company qualifies for this extension and does not intend to early adopt the ASU at this time. Management will continue to evaluate the Company’s CECL compliance and implementation timetable in light of the extension. 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 On March 22, 2020, federal banking regulators issued an interagency statement providing guidance on accounting for loan modifications in light of the economic impact of the COVID-19 pandemic. The guidance interprets current accounting standards and indicates that a lender can conclude that a borrower is not experiencing financial difficulty if short-term (that is, six months or less) modifications are made in response to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant, provided that the loan is less than 30 days past due at the time a modification program is implemented. The banking agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs under ASC No. 310-40, Receivables – Troubled Debt Restructurings by Creditors

4. Earnings per Common Share (T

4. Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of earnings per share	Three Months Ended March 31, 2020 2019 Net income, as reported $ 1,861,239 $ 1,771,905 Less: dividends to preferred shareholders 17,813 27,500 Net income available to common shareholders $ 1,843,426 $ 1,744,405 Weighted average number of common shares used in calculating earnings per share 5,245,216 5,180,334 Earnings per common share $ 0.35 $ 0.34

5. Investment Securities (Table

5. Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Securities, Available-for-sale [Abstract]
Schedule of available for sale securities	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2020 U.S. GSE debt securities $ 13,629,991 $ 243,435 $ 98 $ 13,873,328 Agency MBS 15,156,225 506,237 50,361 15,612,101 ABS and OAS 2,602,677 128,155 0 2,730,832 Other investments 9,409,000 244,948 0 9,653,948 Total $ 40,797,893 $ 1,122,775 $ 50,459 $ 41,870,209 December 31, 2019 U.S. GSE debt securities $ 18,002,549 $ 99,743 $ 40,672 $ 18,061,620 Agency MBS 16,169,819 86,874 51,318 16,205,375 ABS and OAS 2,799,657 55,418 2,166 2,852,909 Other investments 8,665,000 181,846 0 8,846,846 Total $ 45,637,025 $ 423,881 $ 94,156 $ 45,966,750
Schedule of investments pledged for collateral	Amortized Fair Cost Value March 31, 2020 $ 40,797,893 $ 41,870,209 December 31, 2019 45,637,025 45,966,750
Schedule of maturities of debt securities available for sale	Amortized Fair Cost Value March 31, 2020 Due in one year or less $ 3,747,350 $ 3,770,276 Due from one to five years 8,427,000 8,673,422 Due from five to ten years 12,460,639 12,783,926 Due after ten years 1,006,679 1,030,484 Agency MBS 15,156,225 15,612,101 Total $ 40,797,893 $ 41,870,209 December 31, 2019 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 Total Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss March 31, 2020 U.S. GSE debt securities $ 615,286 $ 98 $ 0 $ 0 1 $ 615,286 $ 98 Agency MBS 970,720 19,703 894,000 30,658 6 1,864,720 50,361 Total $ 1,586,006 $ 19,801 $ 894,000 $ 30,658 7 $ 2,480,006 $ 50,459 December 31, 2019 U.S. GSE debt securities $ 7,964,192 $ 40,672 $ 0 $ 0 7 $ 7,964,192 $ 40,672 Agency MBS 5,273,683 24,648 2,920,091 26,670 13 8,193,774 51,318 ABS and OAS 1,000,490 2,166 0 0 1 1,000,490 2,166 Total $ 14,238,365 $ 67,486 $ 2,920,091 $ 26,670 21 $ 17,158,456 $ 94,156

6. Loans, Allowance for Loan _2

6. Loans, Allowance for Loan Losses and Credit Quality (Tables)	3 Months Ended
	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Composition of net loans	March 31, December 31, 2020 2019 Commercial & industrial $ 108,458,404 $ 98,930,831 Commercial real estate 256,814,702 246,282,726 Municipal 59,649,823 55,817,206 Residential real estate - 1st lien 163,328,266 158,337,296 Residential real estate - Jr lien 42,030,798 43,230,873 Consumer 4,132,697 4,390,005 Total loans 634,414,690 606,988,937 Deduct (add): ALL 6,186,764 5,926,491 Deferred net loan costs (355,638 ) (362,415 ) Net loans $ 628,583,564 $ 601,424,861
Past due loans by segment	The following is an age analysis of past due loans (including non-accrual) as of the balance sheet dates, by portfolio segment: 90 Days Non-Accrual 90 Days Or More March 31, 2020 30-89 Days or More Total Past Due Current Total Loans Loans And Accruing Commercial & industrial $ 3,131,271 $ 62,743 $ 3,194,014 $ 105,264,390 $ 108,458,404 $ 445,392 $ 9,537 Commercial real estate 1,142,631 373,818 1,516,449 255,298,253 256,814,702 1,556,536 0 Municipal 0 0 0 59,649,823 59,649,823 0 0 Residential real estate - 1st lien 3,000,591 1,466,837 4,467,428 158,860,838 163,328,266 2,305,917 872,541 - Jr lien 363,312 206,656 569,968 41,460,830 42,030,798 398,376 0 Consumer 29,376 0 29,376 4,103,321 4,132,697 0 0 Totals $ 7,667,181 $ 2,110,054 $ 9,777,235 $ 624,637,455 $ 634,414,690 $ 4,706,221 $ 882,078 90 Days Non-Accrual 90 Days Or More December 31, 2019 30-89 Days or More Total Past Due Current Total Loans Loans And Accruing Commercial & industrial $ 68,532 $ 44,503 $ 113,035 $ 98,817,796 $ 98,930,831 $ 480,083 $ 0 Commercial real estate 1,690,307 151,723 1,842,030 244,440,696 246,282,726 1,600,827 0 Municipal 0 0 0 55,817,206 55,817,206 0 0 Residential real estate - 1st lien 3,871,045 1,217,098 5,088,143 153,249,153 158,337,296 2,112,267 530,046 - Jr lien 331,416 147,976 479,392 42,751,481 43,230,873 240,753 112,386 Consumer 49,607 0 49,607 4,340,398 4,390,005 0 0 Totals $ 6,010,907 $ 1,561,300 $ 7,572,207 $ 599,416,730 $ 606,988,937 $ 4,433,930 $ 642,432
Residential mortgage loans in process of foreclosure	Number of loans Balance March 31, 2020 8 $ 394,086 December 31, 2019 9 495,943
Changes in the allowance for loan losses	Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Charge-offs 0 0 0 (77,696 ) (28,673 ) (27,391 ) 0 (133,760 ) Recoveries 0 0 0 3,334 3,367 10,829 0 17,530 Provision (credit) 30,901 141,408 0 163,074 21,403 18,486 1,231 376,503 ALL ending balance $ 867,667 $ 3,323,054 $ 0 $ 1,477,276 $ 285,781 $ 53,717 $ 179,269 $ 6,186,764 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 119,355 $ 477 $ 0 $ 0 $ 119,832 Collectively 867,667 3,323,054 0 1,357,921 285,304 53,717 179,269 6,066,932 Total $ 867,667 $ 3,323,054 $ 0 $ 1,477,276 $ 285,781 $ 53,717 $ 179,269 $ 6,186,764 Loans evaluated for impairment Individually $ 392,187 $ 1,650,748 $ 0 $ 4,781,243 $ 314,521 $ 0 $ 7,138,699 Collectively 108,066,217 255,163,954 59,649,823 158,547,023 41,716,277 4,132,697 627,275,991 Total $ 108,458,404 $ 256,814,702 $ 59,649,823 $ 163,328,266 $ 42,030,798 $ 4,132,697 $ 634,414,690 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 three months ended March 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 0 0 0 (74,731 ) 0 (32,791 ) 0 (107,522 ) Recoveries 9,077 0 0 2,497 485 8,261 0 20,320 Provision (credit) (29,782 ) 133,288 0 57,872 (8,927 ) 17,458 42,594 212,503 ALL ending balance $ 676,764 $ 3,153,156 $ 0 $ 1,407,132 $ 265,003 $ 49,715 $ 176,072 $ 5,727,842
Impaired loans by segment	As of March 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment (1)(2) Recognized(2) Related allowance recorded Residential real estate - 1st lien $ 968,459 $ 991,113 $ 119,355 $ 923,449 $ 20,431 - Jr lien 5,686 5,683 477 5,904 144 Total with related allowance 974,145 996,796 119,832 929,353 20,575 No related allowance recorded Commercial & industrial 392,187 424,442 406,560 0 Commercial real estate 1,651,247 2,004,694 1,675,509 3,542 Residential real estate - 1st lien 3,834,253 4,609,223 3,724,607 51,612 - Jr lien 308,838 350,313 229,405 0 Total with no related allowance 6,186,525 7,388,672 6,036,081 55,154 Total impaired loans $ 7,160,670 $ 8,385,468 $ 119,832 $ 6,965,434 $ 75,729 (1) Recorded investment in impaired loans as of March 31, 2020 includes accrued interest receivable and deferred net loan costs of $21,971. (2) For the three months ended March 31, 2020 As of December 31, 2019 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment(1)(2) Recognized(2) Related allowance recorded Commercial & industrial $ 0 $ 0 $ 0 $ 32,466 $ 0 Commercial real estate 0 0 0 97,720 0 Residential real estate - 1st lien 878,439 902,000 103,836 982,158 86,039 - Jr lien 6,121 6,101 712 6,869 648 Total with related allowance 884,560 908,101 104,548 1,119,213 86,687 No related allowance recorded Commercial & industrial 420,933 445,509 307,208 6,396 Commercial real estate 1,699,772 2,031,764 1,812,836 21,591 Residential real estate - 1st lien 3,614,960 4,273,884 3,778,822 212,883 - Jr lien 149,972 157,754 224,938 4,524 Total with no related allowance 5,885,637 6,908,911 6,123,804 245,394 Total impaired loans $ 6,770,197 $ 7,817,012 $ 104,548 $ 7,243,017 $ 332,081 (1) Recorded investment in impaired loans as of December 31, 2019 includes accrued interest receivable and deferred net loan costs of $22,051. (2) For the year ended December 31, 2019 As of March 31, 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment(1)(2) Recognized(2) Related allowance recorded Commercial real estate $ 488,601 $ 499,540 $ 7,375 $ 244,300 $ 0 Residential real estate - 1st lien 911,245 929,119 115,494 926,805 17,944 - Jr lien 6,932 6,923 815 7,101 171 Total with related allowance 1,406,778 1,435,582 123,684 1,178,206 18,115 No related allowance recorded Commercial & industrial 39,587 63,477 50,216 0 Commercial real estate 1,713,077 1,971,060 1,730,700 5,067 Residential real estate - 1st lien 3,596,317 4,315,339 3,530,717 56,132 - Jr lien 296,080 338,447 304,076 0 Total with no related allowance 5,645,061 6,688,323 5,615,709 61,199 $ 7,051,839 $ 8,123,905 $ 123,684 $ 6,793,915 $ 79,314 (1) Recorded investment in impaired loans as of March 31, 2020 includes accrued interest receivable and deferred net loan costs of $16,325. (2) For the three months ended March 31, 2019
Risk ratings	As of March 31, 2020 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 103,861,820 $ 245,271,475 $ 59,649,823 $ 159,824,138 $ 41,594,537 $ 4,132,697 $ 614,334,490 Group B 2,980,190 5,753,517 0 0 0 0 8,733,707 Group C 1,616,394 5,789,710 0 3,504,128 436,261 0 11,346,493 Total $ 108,458,404 $ 256,814,702 $ 59,649,823 $ 163,328,266 $ 42,030,798 $ 4,132,697 $ 634,414,690 As of December 31, 2019 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 93,774,871 $ 233,702,063 $ 55,817,206 $ 154,770,678 $ 42,725,543 $ 4,390,005 $ 585,180,366 Group B 3,295,223 4,517,811 0 0 0 0 7,813,034 Group C 1,860,737 8,062,852 0 3,566,618 505,330 0 13,995,537 Total $ 98,930,831 $ 246,282,726 $ 55,817,206 $ 158,337,296 $ 43,230,873 $ 4,390,005 $ 606,988,937
Loans modified as TDRs	Three months ended March 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate - 1st lien 3 $ 168,109 $ 196,478 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 Three months ended March 31, 2019 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Commercial real estate 1 $ 19,265 $ 21,628 Residential real estate - 1st lien 1 95,899 96,369 2 $ 115,164 $ 117,997
TDRs payment default	For the twelve months ended March 31, 2020 Number of Recorded Contracts Investment Commercial real estate 1 $ 376,864 For the twelve months ended December 31, 2019 Number of Recorded Contracts Investment Commercial & industrial 2 $ 27,818 Residential real estate - 1st lien 1 227,907 - Jr lien 1 55,010 4 $ 310,735 For the twelve months ended March 31, 2019 Number of Recorded Contracts Investment Commercial real estate 1 $ 392,719
Specific allowances	March 31, December 31, 2020 2019 Specific Allocation $ 119,832 $ 104,548

8. Fair Value (Tables)

8. Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of fair value assets and liabilities on recurring basis	Level 2 March 31, 2020 December 31, 2019 Assets: (market approach) U.S. GSE debt securities $ 13,873,328 $ 18,061,620 Agency MBS 15,612,101 16,205,375 ABS and OAS 2,730,832 2,852,909 Other investments 9,653,948 8,846,846 Total $ 41,870,209 $ 45,966,750
Schedule of fair value assets and liabilities non-recurring basis	Level 2 March 31, 2020 December 31, 2019 Assets: (market approach) Loans held-for-sale $ 667,000 $ 0 MSRs (1) 915,292 939,577 OREO 781,238 966,738
Schedule of estimated fair values of financial instruments	March 31, 2020 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 38,630 $ 38,630 $ 0 $ 0 $ 38,630 Debt securities AFS 41,870 0 41,870 0 41,870 Restricted equity securities 1,415 0 1,415 0 1,415 Loans and loans held-for-sale, net of ALL Commercial & industrial 107,556 0 0 107,359 107,359 Commercial real estate 253,412 0 0 252,713 252,713 Municipal 59,650 0 0 60,089 60,089 Residential real estate - 1st lien 162,467 0 0 163,812 163,812 Residential real estate - Jr lien 41,732 0 0 41,762 41,762 Consumer 4,078 0 0 4,091 4,091 MSRs (1) 915 0 1,148 0 1,148 Accrued interest receivable 2,891 0 2,891 0 2,891 Financial liabilities: Deposits Other deposits 616,447 0 618,480 0 618,480 Brokered deposits 1,698 0 1,709 0 1,709 Short-term borrowings 20,000 0 20,000 0 20,000 Long-term borrowings 2,650 0 2,512 0 2,512 Repurchase agreements 22,911 0 22,911 0 22,911 Operating lease obligations 1,203 0 1,203 0 1,203 Finance lease obligations 85 0 85 0 85 Subordinated debentures 12,887 0 11,717 0 11,717 Accrued interest payable 133 0 133 0 133 (1) Reported fair value represents all MSRs for loans serviced by the Company at March 31, 2020, regardless of carrying amount. December 31, 2019 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 48,562 $ 48,562 $ 0 $ 0 $ 48,562 Debt securities AFS 45,967 0 45,967 0 45,967 Restricted equity securities 1,432 0 1,432 0 1,432 Loans and loans held-for-sale, net of ALL Commercial & industrial 98,062 0 0 97,356 97,356 Commercial real estate 243,022 0 0 242,735 242,735 Municipal 55,817 0 0 55,867 55,867 Residential real estate - 1st lien 156,897 0 0 156,520 156,520 Residential real estate - Jr lien 42,927 0 0 42,950 42,950 Consumer 4,337 0 0 4,306 4,306 MSRs (1) 940 0 1,250 0 1,250 Accrued interest receivable 2,337 0 2,337 0 2,337 Financial liabilities: Deposits Other deposits 603,872 0 604,267 0 604,267 Brokered deposits 11,149 0 11,153 0 11,153 Long-term borrowings 2,650 0 2,427 0 2,427 Repurchase agreements 33,190 0 33,190 0 33,190 Operating lease obligations 1,263 0 1,263 0 1,263 Finance lease obligations 100 0 100 0 100 Subordinated debentures 12,887 0 12,831 0 12,831 Accrued interest payable 139 0 139 0 139 (1) Reported fair value represents all MSRs for loans serviced by the Company at December 31, 2018, regardless of carrying amount.

9. Loan Servicing (Tables)

9. Loan Servicing (Tables)	3 Months Ended
	Mar. 31, 2020
Transfers and Servicing of Financial Assets [Abstract]
Schedule of mortgage servicing rights	Three Months Ended Year Ended March 31, 2020 December 31, 2019 Balance at beginning of year $ 939,577 $ 1,004,948 MSRs capitalized 30,653 114,580 MSRs amortized (54,938 ) (179,951 ) Balance at end of period $ 915,292 $ 939,577

4. Earnings per Common Share (D

4. Earnings per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income, as reported	$ 1,861,239	$ 1,771,905
Less: dividends to preferred shareholders	17,813	27,500
Net income available to common shareholders	$ 1,843,426	$ 1,744,405
Weighted average number of common shares used in calculating earnings per share	5,245,216	5,180,334
Earnings per common share	$ 0.35	$ 0.34

5. Investment Securities (Detai

5. Investment Securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Amortized cost - available for sale securities	$ 40,797,893	$ 45,637,025
Gross unrealized gains - available for sale securities	1,122,775	423,881
Gross unrealized losses - available for sale securities	50,459	94,156
Fair value - available for sale securities	41,870,209	45,966,750
U.S. GSE debt securities
Amortized cost - available for sale securities	13,629,991	18,002,549
Gross unrealized gains - available for sale securities	243,435	99,743
Gross unrealized losses - available for sale securities	98	40,672
Fair value - available for sale securities	13,873,328	18,061,620
Agency mortgage-backed securities (Agency MBS)
Amortized cost - available for sale securities	15,156,225	16,169,819
Gross unrealized gains - available for sale securities	506,237	86,874
Gross unrealized losses - available for sale securities	50,361	51,318
Fair value - available for sale securities	15,612,101	16,205,375
ABS and OAS
Amortized cost - available for sale securities	2,602,677	2,799,657
Gross unrealized gains - available for sale securities	128,155	55,418
Gross unrealized losses - available for sale securities	0	2,166
Fair value - available for sale securities	2,730,832	2,852,909
Other investments
Amortized cost - available for sale securities	9,409,000	8,665,000
Gross unrealized gains - available for sale securities	244,948	181,846
Gross unrealized losses - available for sale securities	0	2,166
Fair value - available for sale securities	$ 9,653,948	$ 8,846,846

5. Investment Securities (Det_2

5. Investment Securities (Details 1) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Abstract]
Book value of available for sale securities, pledged as collateral for repurchase agreements	$ 40,797,893	$ 45,637,025
Fair value of available for sale securities, pledged as collateral for repurchase agreements	$ 41,870,209	$ 45,966,750

5. Investment Securities (Det_3

5. Investment Securities (Details 2) - Available for sale Securities - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Amortized Cost
Due in one year or less	$ 3,747,350	$ 2,760,515
Due from one to five years	8,427,000	9,674,948
Due from five to ten years	12,460,639	15,042,170
Due after ten years	1,006,679	1,989,573
Agency MBS	15,156,225	16,169,819
Total	40,797,893	45,637,025
Fair Value
Due in one year or less	3,770,276	2,766,254
Due from one to five years	8,673,422	9,862,450
Due from five to ten years	12,783,926	15,147,201
Due after ten years	1,030,484	1,985,470
Agency MBS	15,612,101	16,205,375
Total	$ 41,870,209	$ 45,966,750

5. Investment Securities (Det_4

5. Investment Securities (Details 3)	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)integer	Dec. 31, 2019USD ($)integer
Available for sale - fair value less than 12 months	$ 1,586,006	$ 14,238,365
Available for sale - unrealized loss less than 12 months	19,801	67,486
Available for sale - fair value 12 months or more	894,000	2,920,091
Available for sale - unrealized loss 12 months or more	$ 30,658	$ 26,670
Available for sale - number of securities | integer	7	21
Available for sale - fair value	$ 2,480,006	$ 17,158,456
Available for sale - unrealized loss	50,459	94,156
U.S. GSE debt securities
Available for sale - fair value less than 12 months	615,286	7,964,192
Available for sale - unrealized loss less than 12 months	98	40,672
Available for sale - fair value 12 months or more	0	0
Available for sale - unrealized loss 12 months or more	$ 0	$ 0
Available for sale - number of securities | integer	1	7
Available for sale - fair value	$ 615,286	$ 7,964,192
Available for sale - unrealized loss	98	40,672
Agency mortgage-backed securities (Agency MBS)
Available for sale - fair value less than 12 months	970,720	5,273,683
Available for sale - unrealized loss less than 12 months	19,703	24,648
Available for sale - fair value 12 months or more	894,000	2,920,091
Available for sale - unrealized loss 12 months or more	$ 30,658	$ 26,670
Available for sale - number of securities | integer	6	13
Available for sale - fair value	$ 1,864,720	$ 8,193,774
Available for sale - unrealized loss	50,361	51,318
ABS and OAS
Available for sale - fair value less than 12 months	0	1,000,490
Available for sale - unrealized loss less than 12 months	0	2,166
Available for sale - fair value 12 months or more	0	0
Available for sale - unrealized loss 12 months or more	$ 0	$ 0
Available for sale - number of securities | integer	0	1
Available for sale - fair value	$ 0	$ 1,000,490
Available for sale - unrealized loss	$ 0	$ 2,166

6. Loans, Allowance for Loan _3

6. Loans, Allowance for Loan Losses and Credit Quality (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Abstract]
Commercial & industrial	$ 108,458,404	$ 98,930,831
Commercial real estate	256,814,702	246,282,726
Municipal	59,649,823	55,817,206
Residential real estate - 1st lien	163,328,266	158,337,296
Residential real estate - Jr lien	42,030,798	43,230,873
Consumer	4,132,697	4,390,005
Gross loans	634,414,690	606,988,937
Deduct (add):
Allowance for loan losses	6,186,764	5,926,491	$ 5,727,842	$ 5,602,541
Deferred net loan costs	(355,638)	(362,415)
Net loans	$ 628,583,564	$ 601,424,861

6. Loans, Allowance for Loan _4

6. Loans, Allowance for Loan Losses and Credit Quality (Details 1) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
30-89 days	$ 7,667,181	$ 6,010,907
90 days or more	2,110,054	1,561,300
Total past due	9,777,235	7,572,207
Current	624,637,455	599,416,730
Total loans	634,414,690	606,988,937
Non-accrual loans	4,706,221	4,433,930
90 days or more and accruing	882,078	642,432
Commercial and industrial
30-89 days	3,131,271	68,532
90 days or more	62,743	44,503
Total past due	3,194,014	113,035
Current	105,264,390	98,817,796
Total loans	108,458,404	98,930,831
Non-accrual loans	445,392	480,083
90 days or more and accruing	9,537	0
Commercial Real Estate
30-89 days	1,142,631	1,690,307
90 days or more	373,818	151,723
Total past due	1,516,449	1,842,030
Current	255,298,253	244,440,696
Total loans	256,814,702	246,282,726
Non-accrual loans	1,556,536	1,600,827
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	59,649,823	55,817,206
Total loans	59,649,823	55,817,206
Non-accrual loans	0	0
90 days or more and accruing	0	0
Residential real estate - 1st lien
30-89 days	3,000,591	3,871,045
90 days or more	1,466,837	1,217,098
Total past due	4,467,428	5,088,143
Current	158,860,838	153,249,153
Total loans	163,328,266	158,337,296
Non-accrual loans	2,305,917	2,112,267
90 days or more and accruing	872,541	530,046
Residential real estate - Jr lien
30-89 days	363,312	331,416
90 days or more	206,656	147,976
Total past due	569,968	479,392
Current	41,460,830	42,751,481
Total loans	42,030,798	43,230,873
Non-accrual loans	398,376	240,753
90 days or more and accruing	0	112,386
Consumer
30-89 days	29,376	49,607
90 days or more	0	0
Total past due	29,376	49,607
Current	4,103,321	4,340,398
Total loans	4,132,697	4,390,005
Non-accrual loans	0	0
90 days or more and accruing	$ 0	$ 0

6. Loans, Allowance for Loan _5

6. Loans, Allowance for Loan Losses and Credit Quality (Details 2)	Mar. 31, 2020USD ($)integer	Dec. 31, 2019USD ($)integer
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Residential mortgage loans in process of foreclosure, number of loans | integer	8	9
Residential mortgage loans in process of foreclosure, current balance | $	$ 394,086	$ 495,943

6. Loans, Allowance for Loan _6

6. Loans, Allowance for Loan Losses and Credit Quality (Details 3) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Allowance for loan losses, beginning balance	$ 5,926,491	$ 5,602,541	$ 5,602,541
Charge-offs	(133,760)	(107,522)	(860,059)
Recoveries	17,530	20,320	117,842
Provisions (credit)	376,503	212,503	1,066,167
Allowance for loan losses, ending balance	6,186,764	5,727,842	5,926,491
Allowance for loan losses evaluated for impairment, individually	119,832		104,548
Allowance for loan losses evaluated for impairment, collectively	6,066,932		5,821,943
Allowance for loan losses	6,186,764		5,926,491
Loans evaluated for impairment, individually	7,138,699		6,748,146
Loans evaluated for impairment, collectively	627,275,991		600,240,791
Total loans	634,414,690		606,988,937
Commercial and industrial
Allowance for loan losses, beginning balance	836,766	697,469	697,469
Charge-offs	0	0	(175,815)
Recoveries	0	9,077	10,768
Provisions (credit)	30,901	(29,782)	304,344
Allowance for loan losses, ending balance	867,667	676,764	836,766
Allowance for loan losses evaluated for impairment, individually	0		0
Allowance for loan losses evaluated for impairment, collectively	867,667		836,766
Allowance for loan losses	867,667		836,766
Loans evaluated for impairment, individually	392,187		420,933
Loans evaluated for impairment, collectively	108,066,217		98,509,898
Total loans	108,458,404		98,930,831
Commercial Real Estate
Allowance for loan losses, beginning balance	3,181,646	3,019,868	3,019,868
Charge-offs	0	0	(116,186)
Recoveries	0	0	50,388
Provisions (credit)	141,408	133,288	227,576
Allowance for loan losses, ending balance	3,323,054	3,153,156	3,181,646
Allowance for loan losses evaluated for impairment, individually	0		0
Allowance for loan losses evaluated for impairment, collectively	3,323,054		3,181,646
Allowance for loan losses	3,323,054		3,181,646
Loans evaluated for impairment, individually	1,650,748		1,699,238
Loans evaluated for impairment, collectively	255,163,954		244,583,488
Total loans	256,814,702		246,282,726
Municipal
Allowance for loan losses, beginning balance	0	0	0
Charge-offs	0	0	0
Recoveries	0	0	0
Provisions (credit)	0	0	0
Allowance for loan losses, ending balance	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
Loans evaluated for impairment, individually	0		0
Loans evaluated for impairment, collectively	59,649,823		55,817,206
Total loans	59,649,823		55,817,206
Residential Real Estate - 1st Lien
Allowance for loan losses, beginning balance	1,388,564	1,421,494	1,421,494
Charge-offs	(77,696)	(74,731)	(242,244)
Recoveries	3,334	2,497	15,776
Provisions (credit)	163,074	57,872	193,538
Allowance for loan losses, ending balance	1,477,276	1,407,132	1,388,564
Allowance for loan losses evaluated for impairment, individually	119,355		103,836
Allowance for loan losses evaluated for impairment, collectively	1,357,921		1,284,728
Allowance for loan losses	1,477,276		1,388,564
Loans evaluated for impairment, individually	4,781,243		4,471,902
Loans evaluated for impairment, collectively	158,547,023		153,865,394
Total loans	163,328,266		158,337,296
Residential Real Estate Jr Lien
Allowance for loan losses, beginning balance	289,684	273,445	273,445
Charge-offs	(28,673)	0	(222,999)
Recoveries	3,367	485	2,200
Provisions (credit)	21,403	(8,927)	237,038
Allowance for loan losses, ending balance	285,781	265,003	289,684
Allowance for loan losses evaluated for impairment, individually	477		712
Allowance for loan losses evaluated for impairment, collectively	285,304		288,972
Allowance for loan losses	285,781		289,684
Loans evaluated for impairment, individually	314,521		156,073
Loans evaluated for impairment, collectively	41,716,277		43,074,800
Total loans	42,030,798		43,230,873
Consumer
Allowance for loan losses, beginning balance	51,793	56,787	56,787
Charge-offs	(27,391)	(32,791)	(102,815)
Recoveries	10,829	8,261	38,710
Provisions (credit)	18,486	17,458	59,111
Allowance for loan losses, ending balance	53,717	49,715	51,793
Allowance for loan losses evaluated for impairment, individually	0		0
Allowance for loan losses evaluated for impairment, collectively	53,717		51,793
Allowance for loan losses	53,717		51,793
Loans evaluated for impairment, individually	0		0
Loans evaluated for impairment, collectively	4,132,697		4,390,005
Total loans	4,132,697		4,390,005
Unallocated
Allowance for loan losses, beginning balance	178,038	133,478	133,478
Charge-offs	0	0	0
Recoveries	0	0	0
Provisions (credit)	1,231	42,594	44,560
Allowance for loan losses, ending balance	179,269	$ 176,072	178,038
Allowance for loan losses evaluated for impairment, individually	0		0
Allowance for loan losses evaluated for impairment, collectively	179,269		178,038
Allowance for loan losses	179,269		178,038
Loans evaluated for impairment, individually	0		0
Loans evaluated for impairment, collectively	0		0
Total loans	$ 0		$ 0

6. Loans, Allowance for Loan _7

6. Loans, Allowance for Loan Losses and Credit Quality (Details 4) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Recorded investment with an allowance recorded	$ 974,145	$ 1,406,778	$ 884,560
Unpaid principal balance with an allowance recorded	996,796	1,435,582	908,101
Related allowance with an allowance recorded	119,832	123,684	104,548
Average recorded investment with an allowance recorded	929,353	1,178,206	1,119,213
Interest income recognized with an allowance recorded	20,575	18,115	86,687
Recorded investment with no related allowance recorded	6,186,525	5,645,061	5,885,637
Unpaid principal balance with no related allowance recorded	7,388,672	6,688,323	6,908,911
Average recorded investment with no related allowance recorded	6,036,081	5,615,709	6,123,804
Interest income recognized with no related allowance recorded	55,154	61,199	245,394
Recorded investment allowance recorded	7,160,670	7,051,839	6,770,197
Unpaid principal balance allowance recorded	8,385,468	8,123,905	7,817,012
Average recorded investment allowance recorded	6,965,434	6,793,915	7,243,017
Interest income recognized	75,729	79,314	332,081
Commercial and industrial
Recorded investment with an allowance recorded	0	0	0
Unpaid principal balance with an allowance recorded	0	0	0
Related allowance with an allowance recorded	0	0	0
Average recorded investment with an allowance recorded	0	0	32,466
Interest income recognized with an allowance recorded	0	0	0
Recorded investment with no related allowance recorded	392,187	39,587	420,933
Unpaid principal balance with no related allowance recorded	424,442	63,477	445,509
Average recorded investment with no related allowance recorded	406,560	50,216	307,208
Interest income recognized with no related allowance recorded	0	0	6,396
Commercial Real Estate
Recorded investment with an allowance recorded	0	488,601	0
Unpaid principal balance with an allowance recorded	0	499,540	0
Related allowance with an allowance recorded	0	7,375	0
Average recorded investment with an allowance recorded	0	244,300	97,720
Interest income recognized with an allowance recorded	0	0	0
Recorded investment with no related allowance recorded	1,651,247	1,713,077	1,699,772
Unpaid principal balance with no related allowance recorded	2,004,694	1,971,060	2,031,764
Average recorded investment with no related allowance recorded	1,675,509	1,730,700	1,812,836
Interest income recognized with no related allowance recorded	3,542	5,067	21,591
Residential real estate - 1st lien
Recorded investment with an allowance recorded	968,459	911,245	878,439
Unpaid principal balance with an allowance recorded	991,113	929,119	902,000
Related allowance with an allowance recorded	119,355	115,494	103,836
Average recorded investment with an allowance recorded	923,449	926,805	982,158
Interest income recognized with an allowance recorded	20,431	17,944	86,039
Recorded investment with no related allowance recorded	3,834,253	3,596,317	3,614,960
Unpaid principal balance with no related allowance recorded	4,609,223	4,315,339	4,273,884
Average recorded investment with no related allowance recorded	3,724,607	3,530,717	3,778,822
Interest income recognized with no related allowance recorded	51,612	56,132	212,883
Residential real estate - Jr lien
Recorded investment with an allowance recorded	5,686	6,932	6,121
Unpaid principal balance with an allowance recorded	5,683	6,923	6,101
Related allowance with an allowance recorded	477	815	712
Average recorded investment with an allowance recorded	5,904	7,101	6,869
Interest income recognized with an allowance recorded	144	171	648
Recorded investment with no related allowance recorded	308,838	296,080	149,972
Unpaid principal balance with no related allowance recorded	350,313	338,447	157,754
Average recorded investment with no related allowance recorded	229,405	304,076	224,938
Interest income recognized with no related allowance recorded	$ 0	$ 0	$ 4,524

6. Loans, Allowance for Loan _8

6. Loans, Allowance for Loan Losses and Credit Quality (Details 5) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Group A	$ 614,334,490	$ 585,180,366
Group B	8,733,707	7,813,034
Group C	11,346,493	13,995,537
Total loans	634,414,690	606,988,937
Commercial and industrial
Group A	103,861,820	93,774,871
Group B	2,980,190	3,295,223
Group C	1,616,394	1,860,737
Total loans	108,458,404	98,930,831
Commercial Real Estate
Group A	245,271,475	233,702,063
Group B	5,753,517	4,517,811
Group C	5,789,710	8,062,852
Total loans	256,814,702	246,282,726
Municipal
Group A	59,649,823	55,817,206
Group B	0	0
Group C	0	0
Total loans	59,649,823	55,817,206
Residential real estate - 1st lien
Group A	159,824,138	154,770,678
Group B	0	0
Group C	3,504,128	3,566,618
Total loans	163,328,266	158,337,296
Residential real estate - Jr lien
Group A	41,594,537	42,725,543
Group B	0	0
Group C	436,261	505,330
Total loans	42,030,798	43,230,873
Consumer
Group A	4,132,697	4,390,005
Group B	0	0
Group C	0	0
Total loans	$ 4,132,697	$ 4,390,005

6. Loans, Allowance for Loan _9

6. Loans, Allowance for Loan Losses and Credit Quality (Details 6)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)integer	Mar. 31, 2019USD ($)integer	Dec. 31, 2019USD ($)integer
Number of contracts modified as TDRs | integer	3	2	14
Pre-Modification outstanding recorded investment	$ 168,109	$ 115,164	$ 1,201,657
Post-Modification outstanding recorded investment	$ 196,478	$ 117,997	$ 1,250,102
Commercial and industrial
Number of contracts modified as TDRs | integer	0	0	6
Pre-Modification outstanding recorded investment	$ 0	$ 0	$ 371,358
Post-Modification outstanding recorded investment	$ 0	$ 0	$ 372,259
Commercial Real Estate
Number of contracts modified as TDRs | integer	0	1	1
Pre-Modification outstanding recorded investment	$ 0	$ 19,265	$ 19,266
Post-Modification outstanding recorded investment	$ 0	$ 21,628	$ 21,628
Residential real estate - 1st lien
Number of contracts modified as TDRs | integer	3	1	6
Pre-Modification outstanding recorded investment	$ 168,109	$ 95,899	$ 755,476
Post-Modification outstanding recorded investment	$ 196,478	$ 96,369	$ 798,800
Residential real estate - Jr lien
Number of contracts modified as TDRs | integer			1
Pre-Modification outstanding recorded investment			$ 55,557
Post-Modification outstanding recorded investment			$ 57,415

6. Loans, Allowance for Loan_10

6. Loans, Allowance for Loan Losses and Credit Quality (Details 7)	12 Months Ended
	Mar. 31, 2020USD ($)integer	Dec. 31, 2019USD ($)integer	Mar. 31, 2019USD ($)integer
Number of contracts | integer	1	4	1
Recorded investment | $	$ 376,864	$ 310,735	$ 392,719
Commercial Real Estate
Number of contracts | integer	1	2	1
Recorded investment | $	$ 376,864	$ 27,818	$ 392,719
Residential Real Estate - 1st Lien
Number of contracts | integer	0	1	0
Recorded investment | $	$ 0	$ 227,907	$ 0
Residential Real Estate Jr Lien
Number of contracts | integer		1
Recorded investment | $		$ 55,010

6. Loans, Allowance for Loan_11

6. Loans, Allowance for Loan Losses and Credit Quality (Details 8) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Specific allocation	$ 119,832	$ 104,548

7. Goodwill and Other Intangi_2

7. Goodwill and Other Intangible Assets (Details Narrative) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 11,574,269	$ 11,574,269

8. Fair Value (Details)

8. Fair Value (Details) - Fair Value Level 2 - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Assets: (market approach)
U.S. GSE debt securities	$ 13,873,328	$ 18,061,620
Agency MBS	15,612,101	16,205,375
ABS and OAS	2,730,832	2,852,909
Other investments	9,653,948	8,846,846
Total	$ 41,870,209	$ 45,966,750

8. Fair Value (Details 1)

8. Fair Value (Details 1) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Assets: (market approach)
Loans held-for-sale	$ 667,000	$ 0
Fair Value Level 2
Assets: (market approach)
Loans held-for-sale	667,000	0
MSRs	915,292	939,577
OREO	$ 781,238	$ 966,738

8. Fair Value (Details 2)

8. Fair Value (Details 2) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Carrying Amount
Financial assets: (Dollars in Thousands)
Cash and cash equivalents	$ 38,630	$ 48,562
Debt securities AFS	41,870	45,967
Restricted equity securities	1,415	1,432
Commercial & industrial	107,556	98,062
Commercial real estate	253,412	243,022
Municipal	59,650	55,817
Residential real estate - 1st lien	162,467	156,897
Residential real estate - Jr. lien	41,732	42,927
Consumer	4,078	4,337
MSRs	915	940
Accrued interest receivable	2,891	2,337
Deposits
Deposits, other deposits	616,447	603,872
Deposits, brokered deposits	1,698	11,149
Short-term borrowings	20,000	0
Long-term borrowings	2,650	2,650
Repurchase agreements	22,911	33,190
Operating lease obligations	1,203	1,263
Finance lease obligations	85	100
Subordinated debentures	12,887	12,887
Accrued interest payable	133	139
Fair Value Level 1
Financial assets: (Dollars in Thousands)
Cash and cash equivalents	38,630	48,562
Debt securities AFS	0	0
Restricted equity securities	0	0
Commercial & industrial	0	0
Commercial real estate	0	0
Municipal	0	0
Residential real estate - 1st lien	0	0
Residential real estate - Jr. lien	0	0
Consumer	0	0
MSRs	0	0
Accrued interest receivable	0	0
Deposits
Deposits, other deposits	0	0
Deposits, brokered deposits	0	0
Short-term borrowings	0	0
Long-term borrowings	0	0
Repurchase agreements	0	0
Operating lease obligations	0	0
Finance lease obligations	0	0
Subordinated debentures	0	0
Accrued interest payable	0	0
Fair Value Level 2
Financial assets: (Dollars in Thousands)
Cash and cash equivalents	0	0
Debt securities AFS	41,870	45,967
Restricted equity securities	1,415	1,432
Commercial & industrial	0	0
Commercial real estate	0	0
Municipal	0	0
Residential real estate - 1st lien	0	0
Residential real estate - Jr. lien	0	0
Consumer	0	0
MSRs	1,148	1,250
Accrued interest receivable	2,891	2,337
Deposits
Deposits, other deposits	618,480	604,267
Deposits, brokered deposits	1,709	11,153
Short-term borrowings	20,000	0
Long-term borrowings	2,512	2,427
Repurchase agreements	22,911	33,190
Operating lease obligations	1,203	1,263
Finance lease obligations	85	100
Subordinated debentures	11,717	12,831
Accrued interest payable	133	139
Fair Value Level 3
Financial assets: (Dollars in Thousands)
Cash and cash equivalents	0	0
Debt securities AFS	0	0
Restricted equity securities	0	0
Commercial & industrial	107,359	97,356
Commercial real estate	252,713	242,735
Municipal	60,089	55,867
Residential real estate - 1st lien	163,812	156,520
Residential real estate - Jr. lien	41,762	42,950
Consumer	4,091	4,306
MSRs	0	0
Accrued interest receivable	0	0
Deposits
Deposits, other deposits	0	0
Deposits, brokered deposits	0	0
Short-term borrowings	0	0
Long-term borrowings	0	0
Repurchase agreements	0	0
Operating lease obligations	0	0
Finance lease obligations	0	0
Subordinated debentures	0	0
Accrued interest payable	0	0
Fair Value
Financial assets: (Dollars in Thousands)
Cash and cash equivalents	38,630	48,562
Debt securities AFS	41,870	45,967
Restricted equity securities	1,415	1,432
Commercial & industrial	107,359	97,356
Commercial real estate	252,713	242,735
Municipal	60,089	55,867
Residential real estate - 1st lien	163,812	156,520
Residential real estate - Jr. lien	41,762	42,950
Consumer	4,091	4,306
MSRs	1,148	1,250
Accrued interest receivable	2,891	2,337
Deposits
Deposits, other deposits	618,480	604,267
Deposits, brokered deposits	1,709	11,153
Short-term borrowings	20,000	0
Long-term borrowings	2,512	2,427
Repurchase agreements	22,911	33,190
Operating lease obligations	1,203	1,263
Finance lease obligations	85	100
Subordinated debentures	11,717	12,831
Accrued interest payable	$ 133	$ 139

9. Loan Servicing (Details)

9. Loan Servicing (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Transfers and Servicing of Financial Assets [Abstract]
Balance at beginning of year	$ 939,577	$ 1,004,948
Mortgage servicing rights capitalized	30,653	114,580
Mortgage servicing rights amortized	(54,938)	(179,951)
Balance at end of period	$ 915,292	$ 939,577