Community Bancorp (CMTV) 10-K 27 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 15, 2023	Jun. 30, 2022
Cover [Abstract]
Entity Registrant Name	Community Bancorp. /VT
Entity Central Index Key	0000718413
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		5,438,236
Entity Public Float			$ 98,144,152
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-16435
Entity Incorporation State Country Code	VT
Entity Tax Identification Number	03-0284070
Entity Address Address Line 1	4811 US Route 5
Entity Address City Or Town	Derby
Entity Address State Or Province	VT
Entity Address Postal Zip Code	05829
City Area Code	802
Icfr Auditor Attestation Flag	false
Auditor Location	Portland, Maine
Local Phone Number	334-7915
Security 12g Title	Common Stock - $2.50 par value per share
Entity Interactive Data Current	Yes
Auditor Name	Berry Dunn McNeil & Parker, LLC
Auditor Firm Id	136

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and due from banks	$ 12,302,771	$ 17,839,374
Federal funds sold and overnight deposits	58,837,557	92,519,552
Total cash and cash equivalents	71,140,328	110,358,926
Securities available-for-sale	192,918,109	182,342,459
Restricted equity securities, at cost	1,411,750	1,434,450
Loans held-for-sale	0	339,000
Loans	748,548,608	689,988,533
Allowance for loan losses	(8,709,225)	(7,710,256)
Deferred net loan costs (fees)	493,275	(37,972)
Net loans	740,332,658	682,240,305
Bank premises and equipment, net	13,042,468	13,767,328
Accrued interest receivable	3,214,332	2,400,560
Bank owned life insurance	5,153,387	5,073,228
Goodwill	11,574,269	11,574,269
Other assets	17,244,846	9,575,274
Total assets	1,056,032,147	1,019,105,799
Deposits:
Demand, non-interest bearing	216,093,534	209,465,151
Interest-bearing transaction accounts	294,050,079	265,513,937
Money market funds	140,117,086	129,728,954
Savings	171,072,921	168,390,905
Time deposits, $250,000 and over	15,632,058	17,463,871
Other time deposits	86,006,601	88,837,135
Total deposits	922,972,279	879,399,953
Borrowed funds	1,300,000	1,300,000
Repurchase agreements	33,077,829	32,609,875
Junior subordinated debentures	12,887,000	12,887,000
Accrued interest and other liabilities	10,618,676	8,148,703
Total liabilities	980,855,784	934,345,531
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2022 and 2021 ($100,000 liquidation value, per share)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,647,710 and 5,587,939 shares issued at December 31, 2022 and 2021, respectively (including 16,850 and 14,337 shares issued February 1, 2023 and 2022, respectively)	14,119,275	13,969,848
Additional paid-in capital	36,383,235	35,322,063
Retained earnings	46,464,447	37,758,105
Accumulated other comprehensive loss	(20,667,817)	(1,166,971)
Less: treasury stock, at cost; 210,101 shares at December 31, 2022 and 2021	(2,622,777)	(2,622,777)
Total shareholders' equity	75,176,363	84,760,268
Total liabilities and shareholders' equity	$ 1,056,032,147	$ 1,019,105,799
Book value per common share outstanding	$ 13.55	$ 15.48

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jan. 02, 2023	Dec. 31, 2022	Jan. 02, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Time deposits,		$ 250,000		$ 250,000
Shareholder's Equity
Preferred stock, shares authorized		1,000,000		1,000,000
Preferred stock, shares issued		15		15
Preferred stock, shares outstanding		15		15
Preferred stock, liquidation value		$ 100,000		$ 100,000
Common stock par value (in dollars per share)		$ 2.50		$ 2.50
Common stock, shares authorized (in shares)		15,000,000		15,000,000
Common stock, shares issued (in shares)	16,850	5,647,710	14,337	5,587,939
Treasury stock (in shares)		210,101		210,101

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Interest income
Interest and fees on loans	$ 32,558,005	$ 33,067,230
Interest on taxable debt securities	3,111,860	1,304,902
Interest on tax-exempt debt securities	203,358	273
Dividends	82,989	56,116
Interest on federal funds sold and overnight deposits	1,158,444	362,018
Total interest income	37,114,656	34,790,539
Interest expense
Interest on deposits	3,203,696	2,568,158
Interest on borrowed funds	86,054	71,375
Interest on repurchase agreements	166,746	88,861
Interest on junior subordinated debentures	573,603	393,105
Total interest expense	4,030,099	3,121,499
Net interest income	33,084,557	31,669,040
Provision for loan losses	978,000	624,165
Net interest income after provision for loan losses	32,106,557	31,044,875
Non-interest income
Service fees	3,676,875	3,441,607
Income from sold loans	605,848	949,212
Other income from loans	1,377,494	982,295
Other income	982,831	1,361,023
Total non-interest income	6,643,048	6,734,137
Non-interest expense
Salaries and wages	8,347,000	8,027,000
Employee benefits	2,743,210	3,124,554
Occupancy expenses, net	2,806,830	2,808,068
Other expenses	7,977,299	7,697,964
Total non-interest expense	21,874,339	21,657,586
Income before income taxes	16,875,266	16,121,426
Income tax expense	3,135,326	2,983,088
Net income	$ 13,739,940	$ 13,138,338
Earnings per common share	$ 2.53	$ 2.45
Weighted average number of common shares used in computing earnings per share	5,403,938	5,345,988
Dividends declared per common share	$ 0.92	$ 0.88

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive (Loss) Income
Net income	$ 13,739,940	$ 13,138,338
Other comprehensive loss, net of tax:
Unrealized holding loss on securities AFS arising during the period	(24,684,615)	(2,635,848)
Tax effect	5,183,769	553,529
Other comprehensive loss, net of tax	(19,500,846)	(2,082,319)
Total comprehensive (loss) income	$ (5,760,906)	$ 11,056,019

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Retained Earnings	Accumulated other comprehensive income (loss)	Treasury Stock
Balance, shares at Dec. 31, 2020		5,527,380	15
Balance, amount at Dec. 31, 2020	$ 77,288,713	$ 13,818,450	$ 1,500,000	$ 34,309,646	$ 29,368,046	$ 915,348	$ (2,622,777)
Net income	13,138,338	0	0	0	13,138,338	0	0
Other comprehensive loss	(2,082,319)	0	0	0	0	(2,082,319)	0
Total comprehensive income	11,056,019
Cash dividends declared - common stock	(4,699,529)	0	0	0	(4,699,529)	0	0
Cash dividends declared - preferred stock	(48,750)	$ 0	$ 0	0	(48,750)	0	0
Issuance of common stock, shares		60,559	0
Issuance of common stock, amount	1,163,815	$ 151,398	$ 0	1,012,417	0	0	0
Balance, shares at Dec. 31, 2021		5,587,939	15
Balance, amount at Dec. 31, 2021	84,760,268	$ 13,969,848	$ 1,500,000	35,322,063	37,758,105	(1,166,971)	(2,622,777)
Net income	13,739,940	0	0	0	13,739,940	0	0
Other comprehensive loss	(19,500,846)	0	0	0	0	(19,500,846)	0
Total comprehensive income	(5,760,906)
Cash dividends declared - common stock	4,967,035		0	0	(4,967,035)	0	0
Cash dividends declared - preferred stock	66,563	$ 0	0	0	(66,563)	0	0
Issuance of common stock, shares		59,771
Issuance of common stock, amount	1,210,599	$ 149,427	$ 0	1,061,172	0	0	0
Balance, shares at Dec. 31, 2022		5,647,710	15
Balance, amount at Dec. 31, 2022	$ 75,176,363	$ 14,119,275	$ 1,500,000	$ 36,383,235	$ 46,464,447	$ (20,667,817)	$ (2,622,777)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income	$ 13,739,940	$ 13,138,338
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, bank premises and equipment	1,141,727	1,104,918
Provision for loan losses	978,000	624,165
Deferred income tax	(118,587)	(76,374)
Gain on sale of loans	(237,881)	(540,540)
Gain on sale of bank premises and equipment	0	(7,559)
Capital loss on leases	0	63,125
Income from CFS Partners	(584,971)	(951,605)
Amortization of bond premium, net	609,535	531,081
Proceeds from sales of loans held for sale	12,865,842	18,103,002
Originations of loans held for sale	(12,288,961)	(17,771,062)
Increase (decrease) in taxes payable	499,525	(258,585)
(Increase) decrease in interest receivable	(813,772)	587,417
Decrease in mortgage servicing rights	35,127	24,426
Decrease in right-of-use assets	198,682	196,172
Decrease in operating lease liabilities	(205,165)	(196,825)
Decrease in other assets	15,389	67,126
Increase in cash surrender value of BOLI	(80,159)	(84,992)
Amortization of limited partnerships	268,714	363,048
Change in net deferred loan fees and costs	(531,247)	(1,157,769)
Increase (decrease) in interest payable	15,143	(27,348)
Increase in accrued expenses	267,655	310,996
(Decrease) increase in other liabilities	(39,291)	3,525
Net cash provided by operating activities	15,735,245	14,044,681
Investments - AFS
Maturities, calls, pay downs and sales	18,857,918	18,851,557
Purchases	(54,727,718)	(143,655,767)
Proceeds from redemption of restricted equity securities	43,500	141,500
Purchases of restricted equity securities	(20,800)	(129,400)
Increase (decrease) in limited partnership contributions payable	2,601,000	(150,000)
Investment in limited liability entities	(2,601,000)	0
Proceeds from distribution from CFS Partners	0	2,000,000
(Increase) decrease in loans, net	(59,368,049)	19,139,595
Capital expenditures net of proceeds from sales of bank
premises and equipment	(615,549)	(895,739)
Recoveries of loans charged off	828,943	104,808
Net cash used in investing activities	(95,001,755)	(104,593,446)
Cash Flows from Financing Activities:
Net increase in demand and interest-bearing transaction accounts	35,164,525	60,311,741
Net increase in money market and savings accounts	13,070,148	43,828,327
Net decrease in time deposits	(4,662,347)	(7,030,955)
Net increase (decrease) in repurchase agreements	467,954	(6,117,437)
Net decrease in short-term borrowings	0	(150,000)
Repayments on long-term borrowings	0	(1,350,000)
Decrease in finance lease obligations	(213,055)	(198,653)
Dividends paid on preferred stock	(66,563)	(48,750)
Dividends paid on common stock	(3,712,750)	(3,386,502)
Net cash provided by financing activities	40,047,912	85,857,771
Net decrease in cash and cash equivalents	(39,218,598)	(4,690,994)
Cash and cash equivalents:
Beginning	110,358,926	115,049,920
Ending	71,140,328	110,358,926
Supplemental Schedule of Cash Paid During the Period:
Interest	4,014,956	3,148,847
Income taxes, net of refunds	2,485,675	2,955,000
Supplemental Schedule of Noncash Investing and Financing Activities:
Change in unrealized loss on securities AFS	(24,684,615)	(2,635,848)
Additions to finance lease obligations	0	3,955,252
Common Shares Dividends Paid:
Dividends declared	4,967,035	4,699,529
Increase in dividends payable attributable to dividends declared	(43,686)	(149,212)
Dividends reinvested	(1,210,599)	(1,163,815)
Total dividends paid	$ 3,712,750	$ 3,386,502

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Significant Accounting Policies	Note 1. Significant Accounting Policies The accounting policies of Community Bancorp. and Subsidiary (the Company) are in conformity, in all material respects, with U.S. generally accepted accounting principles (U.S. GAAP) and general practices within the banking industry. The following is a description of the Company’s significant accounting policies. Basis of presentation and consolidation In addition to the definitions provided elsewhere in this Annual Report, the definitions, acronyms and abbreviations identified below are used throughout this Annual Report, including these “Notes to Consolidated Financial Statements” and the section labeled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” immediately following. These definitions are intended to aid the reader and provide a reference page when reviewing this Annual Report. ABS: Asset backed security FDICIA: Federal Deposit Insurance Company ACBI: Atlantic Community Bancshares, Inc. Improvement Act of 1991 ACH: Automated Clearing House FHA: Federal Housing Administration ACL: Allowance for credit losses FHLBB: Federal Home Loan Bank of Boston AFS: Available-for-sale FHLMC: Federal Home Loan Mortgage Corporation Agency MBS: MBS issued by a US government agency FLA: First Loss Account or GSE FOMC: Federal Open Market Committee ALCO: Asset Liability Committee FRB: Federal Reserve Board ALL: Allowance for loan losses FRBB: Federal Reserve Bank of Boston AML: Anti-money laundering laws GAAP: Generally Accepted Accounting Principles AOCI: Accumulated other comprehensive income in the United States ASC: Accounting Standards Codification GSE: Government sponsored enterprise ASU: Accounting Standards Update HMDA: Home Mortgage Disclosure Act ATMs: Automatic teller machines HTM: Held-to-maturity ATS: Automatic transfer service ICS: Insured Cash Sweeps of the InterFi Network Bancorp: Community Bancorp. IRS: Internal Revenue Service Bank: Community National Bank JNE: Jobs for New England BHG: Bankers Healthcare Group Jr: Junior BIC: Borrower-in-Custody LIBOR: London Interbank Offered Rate Board: Board of Directors LLC: Limited liability corporation BOLI: Bank owned life insurance MBS: Mortgage-backed security bp or bps: Basis point(s) MPF: Mortgage Partnership Finance BSA: Bank Secrecy Act MSAs Metropolitan Statistical Areas CBLR: Community Bank Leverage Ratio MSRs: Mortgage servicing rights CARES ACT: Coronavirus Aid Relief and Economic NII: Net interest income Security Act OAS: Other amortizing security CDARS: Certificate of Deposit Accounts Registry OCI: Other comprehensive income (loss) Service of the InterFi Network OFAC: Office of Foreign Asset Control CDs: Certificates of deposit OREO: Other real estate owned CDI: Core deposit intangible OTTI: Other-than-temporary impairment CECL: Current Expected Credit Loss PMI: Private mortgage insurance CEO: Credit Enhancement Obligation PPP: Paycheck Protection Program CFPB: Consumer Financial Protection Bureau QM(s): Qualified Mortgage(s) CFSG: Community Financial Services Group, LLC RD: USDA Rural Development CFS Partners: Community Financial Services Partners, LLC RESPA: Real Estate Settlement Procedures Act CMO: Collateralized Mortgage Obligations SBA: U.S. Small Business Administration Company: Community Bancorp. and Subsidiary SEC: U.S. Securities and Exchange Commission COVID-19: Coronavirus Disease 2019 SOFR: Secured Overnight Financing Rate CRA: Community Reinvestment Act SERP: Supplemental Employee Retirement Plan CRE: Commercial Real Estate SOX: Sarbanes-Oxley Act of 2002 DDA or DDAs: Demand Deposit Account(s) TDR: Troubled-debt restructuring DIF: Deposit Insurance Fund TILA: Truth in Lending Act DTC: Depository Trust Company USDA: U.S. Department of Agriculture DRIP: Dividend Reinvestment Plan VA: U.S. Veterans Administration Exchange Act: Securities Exchange Act of 1934 VIE: Variable interest entities FASB: Financial Accounting Standards Board 2017 Tax Act: Tax Cut and Jobs Act of 2017 FDIA: Federal Deposit Insurance Act 2018 Regulatory Economic Growth, Regulatory Relief and FDIC: Federal Deposit Insurance Corporation Relief Act: Consumer Protection Act of 2018 The consolidated financial statements include the accounts of the Bancorp. and its wholly-owned subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated. The Company is considered a “smaller reporting company” and a “non-accelerated filer” under the disclosure rules of the SEC. Accordingly, the Company has elected to provide its audited consolidated statements of income, comprehensive (loss) income, cash flows and changes in shareholders’ equity for a two year, rather than a three year, period, and to provide smaller reporting company scaled disclosures where management deems it appropriate. FASB ASC Topic 810, “Consolidation,” in part, addresses limited purpose trusts formed to issue trust preferred securities. It also establishes the criteria used to identify VIE, and to determine whether or not to consolidate a VIE. In general, ASC Topic 810 provides that the enterprise with the controlling financial interest, known as the primary beneficiary, consolidates the VIE. In 2007, the Company formed CMTV Statutory Trust I for the purposes of issuing trust preferred securities to unaffiliated parties and investing the proceeds from the issuance thereof and the common securities of the trust in junior subordinated debentures issued by the Company. The Company is not the primary beneficiary of CMTV Statutory Trust I; accordingly, the trust is not consolidated with the Company for financial reporting purposes. CMTV Statutory Trust I is considered an affiliate of the Company (see Note 12). Nature of operations The Company provides a variety of deposit and lending services to individuals, municipalities, and business customers through its branches, ATMs and telephone, mobile and internet banking capabilities in northern and central Vermont, which is primarily a small business and agricultural area. The Company also engages in lending activity outside the area of its branch network, through loan production offices in Burlington, Vermont and Lebanon, New Hampshire. The Company's primary deposit products are checking and savings accounts and certificates of deposit. Its primary lending products are commercial, real estate, municipal and consumer loans. Concentration of risk The Company's operations are affected by various risk factors, including interest rate risk, credit risk, and risk from geographic concentration of its deposit taking and lending activities. Management seeks to manage interest rate risk through various asset/liability management techniques designed to match maturities and repricing of assets and liabilities. Loan policies and administration are designed to provide assurance that loans will only be granted to creditworthy borrowers, although credit losses are expected to occur because of subjective factors inherent in management’s estimate of credit risk and factors beyond the control of the Company. While the Company has a diversified loan portfolio by loan type, most of its lending activities are conducted within the geographic area where its banking offices are located. As a result, the Company and its borrowers may be especially vulnerable to the consequences of changes in the local economy in northern and central Vermont or northern New England more generally. In addition, a substantial portion of the Company's loans are secured by real estate, which is susceptible to a decline in value, especially during times of adverse economic conditions and rising interest rates. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions involve inherent uncertainties. Accordingly, actual results could differ from those estimates and those differences could be material. Material estimates that are particularly susceptible to significant change include those relating to the determination of the ALL and the valuation of OREO. In connection with evaluating loans for impairment or assigning the carrying value of OREO, management generally obtains independent evaluations or appraisals for significant properties. While the ALL and the carrying value of OREO were determined using management's best estimate of probable loan and OREO losses, respectively, as of the balance sheet date, the ultimate collection of a substantial portion of the Company's loan portfolio and the recovery of a substantial portion of the fair value of OREO are susceptible to uncertainties and changes in a number of factors, especially local real estate market conditions. The amount of the change that is reasonably possible cannot be estimated. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions or other relevant factors. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for losses on loans and the carrying value of OREO. Such agencies may require the Company to recognize additions to the allowance or write-downs of OREO based on their judgment about information available to them at the time of their examination. MSRs associated with loans originated and sold in the secondary market, where servicing is retained, are capitalized and included in Other assets in the consolidated balance sheets. MSRs are amortized against non-interest income in proportion to, and over the period of, estimated future net servicing income of the underlying loans. The value of capitalized servicing rights represents the present estimated value of the future servicing fees arising from the right to service loans for third parties. The carrying value of the MSRs is periodically reviewed for impairment based on management’s estimate of fair value as compared to amortized cost, and impairment, if any, is recognized through a valuation allowance and is recorded as a write down. Critical accounting policies for MSRs relate to the initial valuation and subsequent impairment tests. The methodology used to determine the valuation of MSRs requires the development and use of estimates, including anticipated principal amortization and prepayments. Events that may significantly affect the estimates used are changes in interest rates and the payment performance of the underlying loans. Management uses a third party consultant to assist in estimating the fair value of the Company’s MSRs. Management evaluates securities for OTTI on at least a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to various factors, including the length of time and the extent to which the fair value has been less than cost; the nature of the issuer and its financial condition and near-term prospects; and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The evaluation of these factors is a subjective process and involves estimates and assumptions about matters that are inherently uncertain. Should actual factors and conditions differ materially from those used by management, the actual realization of gains or losses on investment securities could differ materially from the amounts recorded in the financial statements. Accounting for a business combination that was completed prior to 2009 requires the application of the purchase method of accounting. Under the purchase method, the Company was required to record the assets and liabilities acquired through the LyndonBank merger in 2007 at fair market value, with the excess of the purchase price over the fair value of the net assets recorded as goodwill and evaluated annually for impairment. Management uses various assumptions in evaluating goodwill for impairment. Management utilizes numerous techniques to estimate the carrying value of various other assets held by the Company, including, but not limited to, bank premises and equipment and deferred taxes. The assumptions considered in making these estimates are based on historical experience and on various other factors that are believed by management to be reasonable under the circumstances. Management acknowledges that the use of different estimates or assumptions could produce different estimates of carrying values. Presentation of cash flows For purposes of presentation in the consolidated statements of cash flows, cash and cash equivalents includes cash on hand, amounts due from banks (including cash items in process of clearing), federal funds sold (generally purchased and sold for one day periods) and overnight deposits. Investment securities Debt securities the Company has purchased with the possible intent to sell before maturity are classified as AFS, and are carried at fair value, with unrealized gains and losses, net of tax and reclassification adjustments, reflected as a net amount in the shareholders’ equity section of the consolidated balance sheets and in the statements of changes in shareholders’ equity. Investment securities transactions are accounted for on a trade date basis. The specific identification method is used to determine realized gains and losses on sales of debt securities AFS. Premiums and discounts are recognized in interest income using the interest method over the period to maturity or call date. As of the balance sheet dates, the Company did not hold any securities purchased for the purpose of selling in the near term and classified as trading or any securities purchased with the positive intent and ability to hold to maturity and classified as HTM. For individual debt securities that the Company does not intend to sell and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary decline in the fair value of the debt security related to (1) credit loss is recognized in earnings and (2) other factors is recognized in other comprehensive income or loss. Credit loss is deemed to exist if the present value of expected future cash flows using the interest rates at acquisition is less than the amortized cost basis of the debt security. For individual debt securities where the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost, the OTTI is recognized in earnings equal to the entire difference between the security’s cost basis and its fair value at the balance sheet date. Other investments From time to time, the Company acquires partnership interests in limited partnerships for low income housing projects. New investments in limited partnerships are amortized using the proportional amortization method. All investments made before January 1, 2015 are amortized using the effective yield method. The Company has a one-third ownership interest in CFS Partners, which in turn owns 100% of CFSG, a non-depository trust company (see Note 9). The Company's investment in CFS Partners is accounted for under the equity method of accounting. Restricted equity securities The Company holds certain restricted equity securities acquired for non-investment purposes, and required as a matter of law or as a condition to the receipt of certain financial products and services. These securities are carried at cost. As a member of the FRBB, the Company is required to invest in FRBB stock in an amount equal to 6% of the Bank's capital stock and surplus. As a member of the FHLBB, the Company is required to invest in $100 par value stock of the FHLBB in an amount that approximates 1% of unpaid principal balances on qualifying loans, plus an additional amount to satisfy an activity based requirement. The stock is nonmarketable and redeemable at par value, subject to the FHLBB’s right to temporarily suspend such redemptions. Members are subject to capital calls in some circumstances to ensure compliance with the FHLBB’s capital plan. In order to access correspondent banking services from the ACBB, the Company is required to invest in a minimum of 20 shares of the common stock of ACBB’s parent company, ACBI. Loans held-for-sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Loans Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance, adjusted for any charge-offs, the ALL, loan premiums or discounts for acquired loans and any unearned fees or costs on originated loans. Loan interest income is accrued daily on the outstanding balances. For all loan segments, the accrual of interest is discontinued when a loan is specifically determined to be impaired or when the loan is delinquent 90 days and management believes, after considering collection efforts and other factors, that the borrower's financial condition is such that collection of interest is doubtful. Any unpaid interest previously accrued on those loans is reversed from income. Interest income is generally not recognized on specific impaired loans unless the likelihood of further loss is considered by management to be remote. Interest payments received on non-accrual loans are generally applied as a reduction of the loan principal balance. Loans are returned to accrual status when principal and interest payments are brought current and the customer has demonstrated the intent and ability to make future payments on a timely basis. Loans are written down or charged off when collection of principal is considered doubtful. Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount is amortized as an adjustment of the related loan's yield. The Company generally amortizes these amounts over the contractual life of the loans. 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 reflected in the audited consolidated balance sheet 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, purchased loans, CRE, municipal, residential real estate 1st lien, residential real estate Jr lien and consumer loans. The Company does not disaggregate its portfolio segments further into classes. Loss ratios are calculated by loan segment using appropriate look back periods. Management uses an average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment in the current economic climate. During periods of economic stability, a relatively longer period (e.g., five years) may be appropriate. During periods of significant expansion or contraction, the Company may appropriately shorten the historical time period. Due primarily to the effects of COVID-19, during 2020, the Company shortened its look back period to one year, however; during 2022, the look back period was changed to 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 – Purchased Loans – Commercial Real Estate – Municipal – Residential Real Estate - 1 st Residential Real Estate – Jr Lien – Consumer – Specific component The specific component of the ALL relates to loans that are impaired. Impaired loans are loans to a borrower that in the aggregate are greater than $100,000 and that are in non-accrual status or are TDRs regardless of amount. A specific allowance is established for an impaired loan when its estimated fair value or net present value of future cash flows is less than the carrying value of the loan. For all loan segments, except consumer loans, a loan is considered impaired when, based on current information and events, in management’s estimation it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant or temporary payment delays and payment shortfalls generally are not classified as impaired. Management evaluates the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and frequency of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis, by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Impaired loans also include troubled loans that are restructured. A TDR occurs when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that would otherwise not be granted. TDRs may include the transfer of assets to the Company in partial satisfaction of a troubled loan, a modification of a loan’s terms, or a combination of the two. Under March 2020 guidance from the federal banking agencies and concurrence by the FASB, certain short-term loan accommodations made in good faith prior to January 1, 2022 for borrowers experiencing financial difficulties due to the COVID-19 health emergency are not considered TDRs. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment evaluation, unless such loans are subject to a restructuring agreement. Unallocated component An unallocated component of the ALL is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component reflects management’s estimate of the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. Bank premises and equipment Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets. The cost of assets sold or otherwise disposed of, and the related accumulated depreciation, are eliminated from the accounts and the resulting gains or losses are reflected in the consolidated statements of income. Maintenance and repairs are charged to current expense as incurred and the cost of major renewals and betterments is capitalized. Other real estate owned Real estate properties acquired through or in lieu of loan foreclosure or properties no longer used for bank operations are initially recorded at fair value less estimated selling cost at the date of acquisition, foreclosure or transfer. Fair value is determined, as appropriate, either by obtaining a current appraisal or evaluation prepared by an independent, qualified appraiser, by obtaining a broker’s market value analysis, and finally, if the Company has limited exposure and limited risk of loss, by the opinion of management as supported by an inspection of the property and its most recent tax valuation. During periods of declining market values, the Company will generally obtain a new appraisal or evaluation. Any write-down based on the asset's fair value at the date of acquisition or institution of foreclosure is charged to the ALL. After acquisition through or in lieu of foreclosure, these assets are carried at the lower of their new cost basis or fair value. Costs of significant property improvements are capitalized, whereas costs relating to holding the property are expensed as incurred. Appraisals by an independent, qualified appraiser are performed periodically on properties that management deems significant, or evaluations may be performed by management or a qualified third party on OREO properties in the portfolio that are deemed less significant or less vulnerable to market conditions. Subsequent write-downs are recorded as a charge to other expense. Gains or losses on the sale of such properties are included in income when the properties are sold. Intangible assets Intangible assets include the excess of the purchase price over the fair value of net assets acquired (goodwill) in the Company’s 2007 acquisition of LyndonBank. Goodwill is not amortizable and is reviewed for impairment annually, or more frequently as events or circumstances warrant. Income taxes The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are established for the temporary differences between the accounting bases and the tax bases of the Company's assets and liabilities at enacted tax rates expected to be in effect when the amounts related to such temporary differences are realized or settled. Adjustments to the Company's deferred tax assets are recognized as deferred income tax expense or benefit based on management's judgments relating to the outcome of such asset. Mortgage servicing Servicing assets are recognized as separate assets when rights are acquired through purchase or retained upon the sale of loans. Capitalized servicing rights are reported in Other assets and initially recorded at fair value, and are amortized against non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are periodically evaluated for impairment, based upon the estimated fair value of the rights as compared to amortized cost. Impairment is determined by stratifying the rights by predominant characteristics, such as interest rates and terms. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance and is recorded as amortization of Other assets, to the extent that estimated fair value is less than the capitalized amount at the valuation date. Subsequent improvement, if any, in the estimated fair value of impaired MSRs is reflected in a positive valuation adjustment and is recognized in other income up to (but not in excess of) the amount of the prior impairment. Pension costs Pension costs are charged to salaries and employee benefits expense and accrued over the active service period. Advertising costs The Company expenses advertising costs as incurred. Comprehensive income or loss U.S. GAAP generally requires recognized revenue, expenses, gains and losses to be included in net income. Certain changes in assets and liabilities, such as the after-tax effect of unrealized gains and losses on available-for-sale securities, are not reflected in the consolidated statement of income, but the cumulative effect of such items from period-to-period is reflected as a separate component of the shareholders’ equity section of the consolidated balance sheet (accumulated other comprehensive income or loss). Other comprehensive income or loss, along with net income, comprises the Company's total comprehensive income or loss. Preferred stock In December 2007, the Company issued 25 shares of fixed-to-floating rate non-cumulative perpetual preferred stock, without par value and having a liquidation preference of $100,000 per share. There were 15 shares of preferred stock outstanding as of December 31, 2022 and 2021. Under the terms of the preferred stock, the Company pays non-cumulative cash dividends quarterly, when, as and if declared by the Board. Dividends are payable at a variable dividend rate equal to the Wall Street Journal Prime Rate in effect on the first business day of each quarterly dividend period. A variable rate of 3.25% was in effect for the dividend payments due in the all four quarters of 2021, followed by several increases in 2022 with a rate of 6.25% in effect for the last quarter of 2022. Partial redemptions of the Company’s preferred stock began in 2018, and are at the discretion of management and voted on by the Board. Prior to 2020, the Company had redeemed 10 shares of preferred stock at an aggregate redemption price of $1,000,000 plus accrued dividends. The Company chose to not redeem any additional preferred shares during 2021 and 2022, but may consider further redemptions in future periods. Earnings per common share Earnings per common share amounts are computed based on net income, net of dividends to preferred shareholders, and on the weighted average number of shares of common stock issued during the period, including DRIP shares issuable upon reinvestment of dividends (retroactively adjusted for stock splits and stock dividends, if any) and reduced for shares held in treasury. The following table illustrates the calculation of earnings per common share for the periods presented, as adjusted for the cash dividends declared on the preferred stock: Years Ended December 31, 2022 2021 Net income, as reported $ 13,739,940 $ 13,138,338 Less: dividends to preferred shareholders 66,563 48,750 Net income available to common shareholders $ 13,673,377 $ 13,089,588 Weighted average number of common shares used in calculating earnings per share 5

Recent Accounting Developments

Recent Accounting Developments	12 Months Ended
	Dec. 31, 2022
Recent Accounting Developments
Recent Accounting Developments	Note 2. 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 In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2022
Investment Securities
Investment Securities	Note 3. Investment Securities Debt securities AFS consist of the following: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2022 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,624,709 $ 10,375,291 U.S. Government securities 41,368,624 0 3,137,035 38,231,589 Taxable Municipal securities 300,000 0 65,142 234,858 Tax-exempt Municipal securities 12,042,410 40,513 759,356 11,323,567 Agency MBS 135,193,097 69,447 20,030,945 115,231,599 ABS and OAS 2,929,740 0 236,134 2,693,606 CMO 12,278,033 581 342,689 11,935,925 Other investments 2,968,000 0 76,326 2,891,674 Total $ 219,079,904 $ 110,541 $ 26,272,336 $ 192,918,109 December 31, 2021 U.S. GSE debt securities $ 12,001,978 $ 36,024 $ 209,504 $ 11,828,498 U.S. Government securities 32,374,935 0 333,894 32,041,041 Taxable Municipal securities 300,000 0 1,267 298,733 Tax-exempt Municipal securities 830,279 1,167 67 831,379 Agency MBS 128,291,487 184,002 1,342,968 127,132,521 ABS and OAS 2,131,610 82,414 0 2,214,024 CMO 1,451,349 0 30,891 1,420,458 Other investments 6,438,000 142,199 4,394 6,575,805 Total $ 183,819,638 $ 445,806 $ 1,922,985 $ 182,342,459 There were no sales during 2022 or 2021 from the investment portfolio. Investments pledged as collateral for larger dollar repurchase agreement accounts and for other purposes as required or permitted by law consisted of U.S. GSE debt securities, Agency MBS, and ABS and OAS. These repurchase agreements mature daily. These investments as of the balance sheet dates were as follows: Amortized Fair Cost Value December 31, 2022 $ 55,899,113 $ 46,789,284 December 31, 2021 63,045,599 62,256,702 The carrying amount and estimated fair value of securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties, pursuant to contractual terms. Because the actual maturities of Agency MBS usually differ from their contractual maturities due to the right of borrowers to prepay the underlying mortgage loans, usually without penalty, those securities are not presented in the following table by contractual maturity date. The scheduled maturities of debt securities AFS at December 31, 2022 were as follows: Amortized Fair Cost Value December 31, 2022 Due in one year or less $ 1,976,000 $ 1,966,767 Due from one to five years 58,875,224 54,736,949 Due from five to ten years 8,631,626 7,591,761 Due after ten years 14,403,957 13,391,033 Agency MBS 135,193,097 115,231,599 Total $ 219,079,904 $ 192,918,109 Debt securities with unrealized losses as of the balance sheet dates are presented in the tables below. Less than 12 months 12 months or more Totals Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss December 31, 2022 U.S. GSE debt securities $ 2,723,388 $ 276,611 $ 7,651,903 $ 1,348,098 11 $ 10,375,291 $ 1,624,709 U.S. Government securities 4,837,891 169,501 33,393,698 2,967,534 54 38,231,589 3,137,035 Taxable Municipal securities 0 0 234,858 65,142 1 234,858 65,142 Tax-exempt Municipal securities 8,608,507 522,128 592,388 237,228 19 9,200,895 759,356 Agency MBS 14,541,901 810,356 97,718,436 19,220,589 120 112,260,337 20,030,945 ABS and OAS 2,693,606 236,134 0 0 4 2,693,606 236,134 CMO 8,954,323 232,398 1,014,910 110,291 9 9,969,233 342,689 Other investments 2,451,892 20,108 439,782 56,218 12 2,891,674 76,326 Total $ 44,811,508 $ 2,267,236 $ 141,045,975 $ 24,005,100 230 $ 185,857,483 $ 26,272,336 December 31, 2021 U.S. GSE debt securities $ 5,869,117 $ 130,883 $ 1,921,379 $ 78,621 7 $ 7,790,496 $ 209,504 U.S. Government securities 32,041,041 333,894 0 0 46 32,041,041 333,894 Taxable Municipal securities 298,733 1,267 0 0 1 298,733 1,267 Tax-exempt Municipal securities 330,212 67 0 0 1 330,212 67 Agency MBS 107,061,452 1,128,587 8,809,493 214,381 84 115,870,945 1,342,968 CMO 1,420,458 30,891 0 0 3 1,420,458 30,891 Other investments 491,606 4,394 0 0 2 491,606 4,394 Total $ 147,512,619 $ 1,629,983 $ 10,730,872 $ 293,002 144 $ 158,243,491 $ 1,922,985 Management evaluates securities for OTTI at least on a quarterly basis, and more frequently when economic or market conditions, or adverse developments relating to the issuer, warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer's financial condition. As the Company has the ability to hold its debt securities until maturity, or for the foreseeable future if classified as AFS, and it is more likely than not that the Company will not have to sell such securities before recovery of their cost basis, no declines in such securities were deemed to be other-than-temporary as of the balance sheet dates presented. The Bank is a member of the FHLBB. The FHLBB is a cooperatively owned wholesale bank for housing and finance in the six New England States. Its mission is to support the residential mortgage and community-development lending activities of its members, which include over 450 financial institutions across New England. The Company obtains much of its wholesale funding from the FHLBB. As a requirement of membership in the FHLBB, the Bank must own a minimum required amount of FHLBB stock, calculated periodically based primarily on the Bank’s level of borrowings from the FHLBB. As a result of the Bank’s level of borrowings during 2022 and 2021, the Bank was required to purchase additional FHLBB stock in aggregate totaling $20,800 and $129,400, respectively. As a member of the FHLBB, the Company is also subject to future capital calls by the FHLBB in order to maintain compliance with its capital plan. During 2022 and 2021, FHLBB exercised capital call options with redemptions totaling $43,500 and $141,500, respectively, on the Company’s portfolio of FHLBB stock. As of December 31, 2022 and 2021, the Company’s investment in FHLBB stock was $733,600 and $756,300, respectively. The Company periodically evaluates its investment in FHLBB stock for impairment based on, among other factors, the capital adequacy of the FHLBB and its overall financial condition. No impairment losses have been recorded through December 31, 2022. The Company’s investment in FRBB Stock was $588,150 at December 31, 2022 and 2021. In 2018, the Company purchased 20 shares of common stock in ACBI at a purchase price of $90,000, for the purpose of obtaining access to correspondent banking services from ABCI subsidiary, ACBB. These shares are subject to contractual resale restrictions and considered by management to be restricted and are recorded in the balance sheet at cost, amounting to $90,000 at December 31, 2022 and 2021.

Loans Allowance for Loan Losses

Loans Allowance for Loan Losses and Credit Quality	12 Months Ended
	Dec. 31, 2022
Loans Allowance for Loan Losses and Credit Quality
Loans, Allowance for Loan Losses and Credit Quality	Note 4. Loans, Allowance for Loan Losses and Credit Quality The composition of net loans as of the balance sheet dates was as follows: December 31, 2022 December 31, 2021 Commercial & industrial $ 112,951,873 15.09 % $ 111,125,622 16.10 % Purchased loans 7,530,458 1.00 % 9,807,848 1.42 % Commercial real estate 356,892,986 47.68 % 300,958,931 43.62 % Municipal 34,633,055 4.63 % 47,955,231 6.95 % Residential real estate - 1st lien 198,743,375 26.55 % 181,316,345 26.28 % Residential real estate - Jr lien 33,756,872 4.51 % 34,359,864 4.98 % Consumer 4,039,989 0.54 % 4,464,692 0.65 % Total loans 748,548,608 100.00 % 689,988,533 100.00 % ALL (8,709,225 ) (7,710,256 ) Deferred net loan costs (fees) 493,275 (37,972 ) Net loans $ 740,332,658 $ 682,240,305 The following is an age analysis of loans (including non-accrual), as of the balance sheet dates, by portfolio segment: Non- 90 Days or 90 Days Total Accrual More and December 31, 2022 30-89 Days or More Past Due Current Total Loans Loans Accruing Commercial & industrial $ 2,377,668 $ 879,802 $ 3,257,470 $ 109,694,403 $ 112,951,873 $ 3,442,124 $ 0 Purchased loans 0 0 0 7,530,458 7,530,458 0 0 Commercial real estate 1,395,444 353,842 1,749,286 355,143,700 356,892,986 3,180,478 324,927 Municipal 0 0 0 34,633,055 34,633,055 0 0 Residential real estate 1st lien 1,517,653 641,141 2,158,794 196,584,581 198,743,375 1,136,330 248,157 Jr lien 321,579 25,007 346,586 33,410,286 33,756,872 131,088 0 Consumer 18,745 0 18,745 4,021,244 4,039,989 0 0 Totals $ 5,631,089 $ 1,899,792 $ 7,530,881 $ 741,017,727 $ 748,548,608 $ 7,890,020 $ 573,084 Non- 90 Days or 90 Days Total Accrual More and December 31, 2021 30-89 Days or More Past Due Current Total Loans Loans Accruing Commercial & industrial $ 833,875 $ 0 $ 833,875 $ 110,291,747 $ 111,125,622 $ 98,661 $ 0 Purchased loans 0 0 0 9,807,848 9,807,848 0 0 Commercial real estate 49,450 2,400,514 2,449,964 298,508,967 300,958,931 4,517,839 0 Municipal 0 0 0 47,955,231 47,955,231 0 0 Residential real estate 1st lien 1,190,300 608,775 1,799,075 179,517,270 181,316,345 1,180,563 506,827 Jr lien 51,837 86,476 138,313 34,221,551 34,359,864 143,566 86,476 Consumer 9,741 0 9,741 4,454,951 4,464,692 0 0 Totals $ 2,135,203 $ 3,095,765 $ 5,230,968 $ 684,757,565 $ 689,988,533 $ 5,940,629 $ 593,303 For all loan segments, loans over 30 days past due are considered delinquent. As of the balance sheet dates presented, residential mortgage loans in process of foreclosure consisted of the following: Number of loans Balance December 31, 2022 1 $ 19,746 December 31, 2021 5 195,082 The following summarizes changes in the ALL and select loan information, by portfolio segment: As of or for the year ended December 31, 2022 Residential Residential Commercial Purchased Commercial Real Estate Real Estate & Industrial Loans Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 870,392 $ 68,655 $ 4,151,760 $ 76,728 $ 1,765,892 $ 182,014 $ 55,698 $ 539,117 $ 7,710,256 Charge-offs (76,875 ) 0 (667,474 ) 0 0 0 (63,625 ) 0 (807,974 ) Recoveries 14,112 0 667,474 0 111,763 5,089 30,505 0 828,943 Provision (credit) 308,693 (15,565 ) 910,053 (14,389 ) 124,181 54,847 47,108 (436,928 ) 978,000 ALL ending balance $ 1,116,322 $ 53,090 $ 5,061,813 $ 62,339 $ 2,001,836 $ 241,950 $ 69,686 $ 102,189 $ 8,709,225 ALL evaluated for impairment Individually $ 2,322 $ 0 $ 0 $ 0 $ 106,280 $ 0 $ 0 $ 0 $ 108,602 Collectively 1,114,000 53,090 5,061,813 62,339 1,895,556 241,950 69,686 102,189 8,600,623 Total $ 1,116,322 $ 53,090 $ 5,061,813 $ 62,339 $ 2,001,836 $ 241,950 $ 69,686 $ 102,189 $ 8,709,225 Loans evaluated for impairment Individually $ 3,442,124 $ 0 $ 3,176,835 $ 0 $ 3,816,012 $ 77,416 $ 0 $ 10,512,387 Collectively 109,509,749 7,530,458 353,716,151 34,633,055 194,927,363 33,679,456 4,039,989 738,036,221 Total $ 112,951,873 $ 7,530,458 $ 356,892,986 $ 34,633,055 $ 198,743,375 $ 33,756,872 $ 4,039,989 $ 748,548,608 As of or for the year ended December 31, 2021 Residential Residential Commercial Purchased Commercial Real Estate Real Estate & Industrial Loans Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 778,287 $ 64,260 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 Charge-offs (18,847 ) 0 (22,000 ) 0 (98,704 ) 0 (87,651 ) 0 (227,202 ) Recoveries 4,761 0 27,160 0 7,636 10,821 54,430 0 104,808 Provision (credit) 106,191 4,395 292,447 (5,483 ) 121,656 (63,703 ) 28,458 140,204 624,165 ALL ending balance $ 870,392 $ 68,655 $ 4,151,760 $ 76,728 $ 1,765,892 $ 182,014 $ 55,698 $ 539,117 $ 7,710,256 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 0 $ 79,978 $ 0 $ 0 $ 0 $ 79,978 Collectively 870,392 68,655 4,151,760 76,728 1,685,914 182,014 55,698 539,117 7,630,278 Total $ 870,392 $ 68,655 $ 4,151,760 $ 76,728 $ 1,765,892 $ 182,014 $ 55,698 $ 539,117 $ 7,710,256 Loans evaluated for impairment Individually $ 93,362 $ 0 $ 4,553,734 $ 0 $ 3,720,503 $ 88,563 $ 0 $ 8,456,162 Collectively 111,032,260 9,807,848 296,405,197 47,955,231 177,595,842 34,271,301 4,464,692 681,532,371 Total $ 111,125,622 $ 9,807,848 $ 300,958,931 $ 47,955,231 $ 181,316,345 $ 34,359,864 $ 4,464,692 $ 689,988,533 Impaired loans as of the balance sheet dates, by portfolio segment were as follows: As of December 31, 2022 Unpaid Recorded Principal Related Investment(1) Balance Allowance Related allowance recorded Commercial & industrial $ 452,963 $ 462,745 $ 2,322 Residential real estate – 1st lien 1,041,730 1,073,350 106,280 Total with related allowance 1,494,693 1,536,095 108,602 No related allowance recorded Commercial & industrial 2,989,161 3,078,769 Commercial real estate 3,176,962 3,671,196 Residential real estate - 1st lien 2,785,669 3,805,682 Residential real estate - Jr lien 77,419 126,250 Total with no related allowance 9,029,211 10,681,897 Total impaired loans $ 10,523,904 $ 12,217,992 $ 108,602 (1) Recorded investment in impaired loans in the table above includes accrued interest receivable and deferred net loan costs of $11,517. As of December 31, 2022 Year Ended Average Interest Recorded Income Investment Recognized Related allowance recorded Commercial & industrial $ 281,412 $ 0 Commercial real estate 49,942 0 Residential real estate - 1st lien 983,944 64,479 Residential real estate - Jr lien 506 0 Total with related allowance 1,315,804 64,479 No related allowance recorded Commercial & industrial 1,180,935 204 Commercial real estate 3,680,783 115,651 Residential real estate - 1st lien 2,808,989 177,892 Residential real estate - Jr lien 82,261 314 Total with no related allowance 7,752,968 294,061 Total impaired loans $ 9,068,772 $ 358,540 As of December 31, 2021 Unpaid Recorded Principal Related Investment(1) Balance Allowance Related allowance recorded Residential real estate - 1st lien $ 702,586 $ 716,118 $ 79,978 Total with related allowance 702,586 716,118 79,978 No related allowance recorded Commercial & industrial 93,362 115,414 Commercial real estate 4,554,074 5,108,557 Residential real estate - 1st lien 3,050,647 4,076,352 Residential real estate - Jr lien 88,570 132,802 Total with no related allowance 7,786,653 9,433,125 Total impaired loans $ 8,489,239 $ 10,149,243 $ 79,978 (1) Recorded investment in impaired loans in the table above includes accrued interest receivable and deferred net loan costs of $33,077. As of December 31, 2021 Year Ended Average Interest Recorded Income Investment Recognized Related allowance recorded Residential real estate - 1st lien $ 858,124 $ 60,769 Residential real estate - Jr lien 3,452 243 Total with related allowance 861,576 61,012 No related allowance recorded Commercial & industrial 290,181 204 Commercial real estate 2,747,193 120,996 Residential real estate - 1st lien 3,331,971 205,514 Residential real estate - Jr lien 124,803 186 Total with no related allowance 6,494,148 326,900 Total impaired loans $ 7,355,724 $ 387,912 Credit Quality Grouping In developing the ALL, management uses credit quality groupings to help evaluate trends in credit quality. The Company groups credit risk into Groups A, B and C. The manner the Company utilizes to assign risk grouping is driven by loan purpose. Commercial purpose loans are individually risk graded while the retail portion of the portfolio is generally grouped by delinquency pool. Group A loans - Acceptable Risk Group B loans – Management Involved Group C loans – Unacceptable Risk Commercial purpose loan ratings are assigned by the commercial account officer; for larger and more complex commercial loans, the credit rating is a collaborative assignment by the lender and the credit analyst. The credit risk rating is based on the borrower's expected performance, i.e., the likelihood that the borrower will be able to service its obligations in accordance with the loan terms. Credit risk ratings are meant to measure risk versus simply record history. Assessment of expected future payment performance requires consideration of numerous factors. While past performance is part of the overall evaluation, expected performance is based on an analysis of the borrower's financial strength, and historical and projected factors such as size and financing alternatives, capacity and cash flow, balance sheet and income statement trends, the quality and timeliness of financial reporting, and the quality of the borrower’s management. Other factors influencing the credit risk rating to a lesser degree include collateral coverage and control, guarantor strength and commitment, documentation, structure and covenants and industry conditions. There are uncertainties inherent in this process. Credit risk ratings are dynamic and require updating whenever relevant information is received. Risk ratings are assessed on an ongoing basis and at various points, including at delinquency or at the time of other adverse events. For larger, more complex or adversely rated loans, risk ratings are also assessed at the time of annual or periodic review. Lenders are required to make immediate disclosure to the Senior Credit Officer of any known increase in loan risk, even if considered temporary in nature. The risk ratings within the loan portfolio, by segment, as of the balance sheet dates were as follows: As of December 31, 2022 Residential Residential Commercial Purchased Commercial Real Estate Real Estate & Industrial Loans Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 104,697,047 $ 7,530,458 $ 347,732,935 $ 34,633,055 $ 195,269,893 $ 33,538,767 $ 4,039,989 $ 727,442,144 Group B 6,296,411 0 2,754,649 0 0 0 0 9,051,060 Group C 1,958,415 0 6,405,402 0 3,473,482 218,105 0 12,055,404 Total $ 112,951,873 $ 7,530,458 $ 356,892,986 $ 34,633,055 $ 198,743,375 $ 33,756,872 $ 4,039,989 $ 748,548,608 As of December 31, 2021 Residential Residential Commercial Purchased Commercial Real Estate Real Estate & Industrial Loans Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 107,799,925 $ 9,807,848 $ 285,732,365 $ 47,955,231 $ 177,456,149 $ 34,166,076 $ 4,464,692 $ 667,382,286 Group B 693,084 0 6,550,335 0 0 0 0 7,243,419 Group C 2,632,613 0 8,676,231 0 3,860,196 193,788 0 15,362,828 Total $ 111,125,622 $ 9,807,848 $ 300,958,931 $ 47,955,231 $ 181,316,345 $ 34,359,864 $ 4,464,692 $ 689,988,533 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; · Performed a refinancing and deferred or forgiven principal on the original loan; · Capitalized protective advance to pay delinquent real estate taxes; or · Capitalized delinquent accrued interest. An insignificant delay or insignificant shortfall in the amount of payments typically would not require the loan to be accounted for as a TDR. However, pursuant to regulatory guidance, any payment delay longer than three months is generally not considered insignificant. Management’s assessment of whether a concession has been granted also takes into account payments expected to be received from third parties, including third-party guarantors, provided that the third party has the ability to perform on the guarantee. The Company’s TDRs are principally a result of extending loan repayment terms to relieve cash flow difficulties. The Company has only, on a limited basis, reduced interest rates for borrowers below the current market rate for the borrower. The Company has not forgiven principal or reduced accrued interest within the terms of original restructurings, nor has it converted variable rate terms to fixed rate terms. However, the Company evaluates each TDR situation on its own merits and does not foreclose the granting of any particular type of concession. The Company adopted the TDR guidance issued by the federal banking agencies in March and April 2020 regarding the treatment of certain short-term loan modifications relating to the COVID-19 pandemic. Under this guidance, qualifying concessions and modifications are not considered TDRs. In total, throughout the pandemic, the Company granted short term loan concessions and/or modifications within the terms of this guidance to 595 borrowers. Of those loans, 302 remained on the books with an aggregate principal balance of $84.5 million as of December 31, 2022. None of these loans were in a deferral status as of December 31, 2022; however, these loans may bear a higher risk of default in future periods. New TDRs, by portfolio segment, for the periods presented were as follows: Year ended December 31, 2022 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate -1st lien 2 $ 562,592 $ 562,592 Year ended December 31, 2021 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Commercial & industrial 1 $ 41,751 $ 41,751 Commercial real estate 2 3,153,402 3,153,402 Residential real estate 1st lien 1 67,007 67,007 4 $ 3,262,160 $ 3,262,160 There were no TDRs for which there was a payment default during the twelve month period ended December 31, 2022. The TDRs for which there was a payment default during the twelve month periods presented were as follows: Year ended December 31, 2021 Number of Recorded Contracts Investment Commercial & industrial 1 $ 38,001 Commercial real estate 2 3,081,810 3 $ 3,119,811 TDRs are treated as other impaired loans and carry individual specific reserves with respect to the calculation of the ALL. These loans are categorized as non-performing, may be past due, and are generally adversely risk rated. The TDRs that have defaulted under their restructured terms are generally in collection status and their reserve is typically calculated using the fair value of collateral method. The specific allowances related to TDRs as of the balance sheet dates presented were as follows: 2022 2021 Specific Allocation $ 106,280 $ 79,978 As of the balance sheet dates, the Company evaluates whether it is contractually committed to lend additional funds to debtors with impaired, non-accrual or modified loans. The Company is contractually committed to lend under one SBA guaranteed line of credit to a borrower whose lending relationship was previously restructured.

Loan Servicing

Loan Servicing	12 Months Ended
	Dec. 31, 2022
Loan Servicing
Loan Servicing	Note 5. Loan Servicing Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage loans serviced for others were $142,567,853 and $151,198,760 at December 31, 2022 and 2021, respectively. Proceeds on loan sales of $12,865,842 and $18,103,002 were realized for December 31, 2022 and 2021, with net gains of $237,881 and $540,540 for the respective periods. Most loan sales are with servicing rights retained. The following table summarizes changes in MSRs for the years ended December 31, Year Ended Year Ended December 31, 2022 December 31, 2021 Balance at beginning of year $ 897,720 $ 922,146 MSRs capitalized 120,629 147,328 MSRs amortized (155,756 ) (225,404 ) Change in valuation allowance 0 53,650 Balance at end of year $ 862,593 $ 897,720

Bank Premises and Equipment

Bank Premises and Equipment	12 Months Ended
	Dec. 31, 2022
Bank Premises and Equipment
Bank Premises and Equipment	Note 6. Bank Premises and Equipment The major classes of bank premises and equipment and accumulated depreciation and amortization at December 31 were as follows: 2022 2021 Buildings and improvements $ 10,674,714 $ 10,503,322 Land and land improvements 2,856,017 2,663,549 Furniture and equipment 6,262,893 6,067,181 Leasehold improvements 875,797 824,605 Finance lease 4,018,377 4,018,377 Operating leases 1,417,859 1,417,859 Other prepaid assets 5,820 102,365 26,111,477 25,597,258 Less accumulated depreciation and amortization (13,069,009 ) (11,829,930 ) Net bank premises and equipment $ 13,042,468 $ 13,767,328

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	Note 7. Leases The Company has operating and finance leases for some of its bank premises, with remaining lease terms of one year to 18 years. Some of the operating leases have options to renew, which are reflected in the four years. The Company’s operating lease right-of-use assets and finance lease assets are included in “Bank premises and equipment, net” in the consolidated balance sheet and operating lease liabilities and finance lease liabilities are included in Accrued interest and other liabilities in the consolidated balance sheet. The components of lease expense for the periods presented were as follows: Years Ended December 31, 2022 2021 Operating lease cost $ 209,697 $ 209,667 Finance lease cost: Amortization of right-of-use assets $ 227,279 $ 188,327 Interest on lease liabilities 86,028 71,337 Variable rent expense 0 19,798 Total finance lease cost $ 313,307 $ 279,462 Total rental expense not associated with operating lease costs above amounted to $14,142 and $22,498 for the years ended December 31, 2022 and 2021, respectively. Supplemental information related to leases as of the balance sheet dates was as follows: December 31, 2022 2021 Operating Leases Operating lease right-of-use assets $ 653,832 $ 852,514 Operating lease liabilities $ 658,401 $ 863,566 Finance Leases Finance lease right-of-use assets $ 3,625,326 $ 3,852,605 Finance lease liabilities $ 3,644,828 $ 3,857,883 December 31, 2022 2021 Weighted Average Remaining Lease Term (in Years) Operating Leases 2.7 3.7 Finance Leases 15.7 16.7 Weighted Average Discount Rate Operating Leases 1.28 % 1.28 % Finance Leases 2.29 % 2.29 % Operating lease obligations The Company is obligated under non-cancelable operating leases for bank premises expiring in various years through 2026, with options to renew. Minimum future rental payments for these leases with original terms in excess of one year as of December 31, 2022 for each of the next four years and in aggregate are: 2023 $ 223,432 2024 199,648 2025 154,659 2026 99,165 Total $ 676,904 Finance lease obligations The following is a schedule by years of future minimum lease payments under capital leases, together with the present value of the net minimum lease payments as of December 31, 2022: 2023 $ 300,928 2024 302,819 2025 304,758 2026 311,451 2027 320,076 Subsequent to 2027 2,761,314 Total minimum lease payments 4,301,346 Less amount representing interest (656,518 ) Present value of net minimum lease payments $ 3,644,828 A reconciliation of the undiscounted cash flows in the maturity analysis above and the lease liability recognized in the consolidated balance sheet as of December 31, 2022, is shown below: Operating Leases Finance Leases Undiscounted cash flows $ 676,904 $ 4,301,346 Discount effect of cash flows (18,503 ) (656,518 ) Lease liabilities $ 658,401 $ 3,644,828

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2022
Goodwill
Goodwill	Note 8. Goodwill As a result of the acquisition of LyndonBank on December 31, 2007, the Company recorded goodwill amounting to $11,574,269. The goodwill is not amortizable and is not deductible for tax purposes. Management evaluated goodwill for impairment at December 31, 2022 and 2021 and concluded that no impairment existed as of such dates.

Other Investments

Other Investments	12 Months Ended
	Dec. 31, 2022
Other Investments
Other Investments	Note 9. Other Investments The Company purchases, from time to time, interests in various limited partnerships established to acquire, own and rent residential housing for low and moderate income residents of northeastern and central Vermont. The tax credits from these investments were $389,911 and $468,054 for the years ended December 31, 2022 and 2021, respectively. Expenses related to amortization of the investments in the limited partnerships are recognized as a component of income tax expense, and were $268,714 and $363,048 for 2022 and 2021, respectively. The carrying values of the limited partnership investments were $4,394,959 and $2,062,673 at December 31, 2022 and 2021, respectively, and are included in Other assets. The Bank has a one-third ownership interest in a non-depository trust company, CFSG, based in Newport, Vermont, which is held indirectly through CFS Partners, a Vermont LLC that owns 100% of the LLC equity interests of CFSG. The Bank accounts for its investment in CFS Partners under the equity method of accounting. The Company's investment in CFS Partners, included in Other assets, amounted to $3,756,994 and $3,172,023 as of December 31, 2022 and 2021, respectively. The Company recognized income of $584,971 and $951,605 for 2022 and 2021, respectively, through CFS Partners from the operations of CFSG.

Deposits

Deposits	12 Months Ended
	Dec. 31, 2022
Deposits
Deposits	Note 10. Deposits The following is a maturity distribution of time deposits at December 31, 2022: 2023 $ 65,651,974 2024 15,657,066 2025 4,605,036 2026 10,603,273 2027 5,121,310 Total time deposits $ 101,638,659 Total deposits in excess of the FDIC insurance level amounted to $331,530,619 as of December 31, 2022.

Borrowed Funds

Borrowed Funds	12 Months Ended
	Dec. 31, 2022
Borrowed Funds
Borrowed Funds	Note 11. Borrowed Funds Outstanding advances for the Company as of the balance sheet dates presented were as follows: 2022 2021 Long-Term Advances(1) FHLBB term advance, 0.00%, due September 22, 2023 $ 200,000 $ 200,000 FHLBB term advance, 0.00%, due November 12, 2025 300,000 300,000 FHLBB term advance, 0.00%, due November 13, 2028 800,000 800,000 $ 1,300,000 $ 1,300,000 (1) The FHLBB is providing a subsidy, funded by the FHLBB’s earnings, to write down interest rates to 0% on JNE advances that finance qualifying loans to small businesses. JNE advances must support small business in New England that create and/or retain jobs, or otherwise contribute to overall economic development activities. Borrowings from the FHLBB are secured by a blanket lien on qualified collateral consisting primarily of loans with first mortgages secured by 1-4 family residential properties, as well as certain qualifying CRE loans. Qualified collateral for these borrowings totaled $160,543,731 and $134,211,623 as of December 31, 2022 and 2021, respectively, and the Company's gross potential borrowing capacity under this arrangement was $112,339,573 and $100,230,091, respectively, before reduction for outstanding advances and collateral pledges. Under a separate agreement with the FHLBB, the Company has the authority to collateralize public unit deposits, up to its available borrowing capacity, with letters of credit issued by the FHLBB. At December 31, 2022, $52,400,000 in FHLBB letters of credit was utilized as collateral for these deposits compared to $59,875,000 at December 31, 2021. Total fees paid by the Company in connection with issuance of these letters of credit were $58,824 for 2022 and $60,606 for 2021. The Company also maintained a $500,000 IDEAL Way Line of Credit with the FHLBB at December 31, 2022 and 2021, with no outstanding advances under this line at either year-end date. Interest on these borrowings is at a rate determined daily by the FHLBB and payable monthly. The Company also has a line of credit with the FRBB, which is intended to be used as a contingency funding source. For this BIC arrangement, the Company pledged eligible commercial and industrial loans, CRE loans not pledged to FHLBB and home equity loans, resulting in an available line of $56,070,032 and $52,260,374 as of December 31, 2022 and 2021, respectively. Credit advances in the FRBB lending program are overnight advances with interest chargeable at the primary credit rate (generally referred to as the discount rate), which was 450 basis points as of December 31, 2022. As of December 31, 2022 and 2021, the Company had no outstanding advances against this line. The Company has unsecured lines of credit with two correspondent banks at December 31, 2022 and 2021 with aggregate available borrowing capacity totaling $20,500,000. The Company had no outstanding advances against either of these lines for the periods presented.

Junior Subordinated Debentures

Junior Subordinated Debentures	12 Months Ended
	Dec. 31, 2022
Junior Subordinated Debentures
Junior Subordinated Debentures	Note 12. Junior Subordinated Debentures As of December 31, 2022 and 2021, the Company had outstanding $12,887,000 principal amount of Junior Subordinated Debentures due in 2037 (the Debentures). The Debentures bear a floating rate equal to the 3-month LIBOR plus 2.85%. During 2022, the floating rate averaged 4.39% per quarter compared to an average rate of 3.01% per quarter for 2021. The Debentures mature on December 15, 2037 and are subordinated and junior in right of payment to all senior indebtedness of the Company, as defined in the Indenture dated as of October 31, 2007 between the Company and Wilmington Trust Company, as Trustee. The Debentures first became redeemable, in whole or in part, by the Company on December 15, 2012. Interest paid on the Debentures for 2022 and 2021 was $573,603 and $393,105, respectively, and is deductible for tax purposes. In accordance with applicable provisions of the federal Adjustable Interest Rate (LIBOR) Act of 2022 and the implementing regulations of the FRB, effective on the first London banking day after June 30, 2023 (the last date upon which LIBOR will be quoted), the Debentures will bear a floating rate equal to 3-month CME Term SOFR, as adjusted by a spread adjustment factor of 0.26161, plus 2.85%. The Debentures were issued and sold to CMTV Statutory Trust I (the Trust). The Trust is a special purpose trust funded by a capital contribution of $387,000 from the Company, in exchange for 100% of the Trust’s common equity. The Trust was formed for the purpose of issuing corporation-obligated mandatorily redeemable Capital Securities (Capital Securities) in the principal amount of $12.5 million to third-party investors and using the proceeds from the sale of such Capital Securities and the Company’s initial capital contribution to purchase the Debentures. The Debentures are the sole asset of the Trust. Distributions on the Capital Securities issued by the Trust are payable quarterly at a rate per annum equal to the interest rate being earned by the Trust on the Debentures. The Capital Securities are subject to mandatory redemption, in whole or in part, upon repayment of the Debentures. The Company has entered into an agreement which, taken collectively, fully and unconditionally guarantees the payments on the Capital Securities, subject to the terms of the guarantee. The Debentures are currently includable in the Company’s Tier 1 capital up to 25% of core capital elements (see Note 22).

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2022
Repurchase Agreements
Repurchase Agreements	Note 13. Repurchase Agreements Securities sold under agreements to repurchase mature daily and consisted of the following: As of or for the year ended December 31, 2022 2021 Current balance $ 33,077,829 $ 32,609,875 Average balance 31,285,927 28,349,896 Highest month-end balance 34,974,510 39,288,875 Weighted average interest rate 0.53 % 0.31 % Pledged investment (1) Amortized cost 55,899,113 63,045,599 Fair value 46,789,284 62,256,702 (1) U.S. GSE debt securities, Agency MBS, ABS and OAS, were pledged as collateral for the periods presented.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	Note 14. Income Taxes The Company prepares its income tax return on a consolidated basis. Income taxes are allocated to members of the consolidated group based on taxable income. The components of the Provision for income taxes for the years ended December 31 were as follows: 2022 2021 Currently paid or payable $ 3,253,913 $ 3,059,462 Deferred benefit (118,587 ) (76,374 ) Total income tax expense $ 3,135,326 $ 2,983,088 Total income tax expense differed from the amounts computed at the statutory federal income tax rate of 21% primarily due to the following for the years ended December 31: 2022 2021 Computed expense at statutory rates $ 3,543,806 $ 3,385,499 Tax exempt interest and BOLI (243,121 ) (228,773 ) Disallowed interest 6,205 6,290 Partnership rehabilitation and tax credits (389,911 ) (468,054 ) Low income housing investment amortization expense 212,284 286,808 Other 6,063 1,318 Total income tax expense $ 3,135,326 $ 2,983,088 The deferred income tax benefit consisted of the following items for the years ended December 31: 2022 2021 Depreciation $ 22,316 $ 66,603 Mortgage servicing rights (7,377 ) (5,129 ) Deferred compensation 0 2,246 Bad debts (209,783 ) (105,372 ) Limited partnership amortization 61,442 57,387 Investment in CFS Partners (90,527 ) 35,651 Deferred SBA PPP fees 102,702 (108,668 ) Prepaid expenses 34,467 (5,384 ) Other (31,827 ) (13,708 ) Change in deferred tax benefit $ (118,587 ) $ (76,374 ) Listed below are the significant components of the net deferred tax asset at December 31: 2022 2021 Components of the deferred tax asset: Bad debts $ 1,828,937 $ 1,619,154 Deferred compensation 6,930 6,930 Contingent liability - MPF program 17,838 17,838 Finance lease 47,305 19,044 Operating lease 959 0 Deferred SBA PPP fees 5,966 108,668 Unrealized loss on debt securities AFS 5,493,977 310,208 Other 22,008 22,716 Total deferred tax asset $ 7,423,920 $ 2,104,558 Components of the deferred tax liability: Depreciation $ 483,484 $ 461,168 Limited partnerships 156,394 94,952 Mortgage servicing rights 181,144 188,521 Investment in CFS Partners 29,586 120,113 Operating lease 0 3,315 Prepaid expenses 108,893 74,426 Total deferred tax liability 959,501 942,495 Net deferred tax asset $ 6,464,419 $ 1,162,063 U.S. GAAP provides for the recognition and measurement of deductible temporary differences (including general valuation allowances) to the extent that it is more likely than not that the deferred tax asset will be realized. The net deferred tax asset is included in Other assets in the consolidated balance sheets. ASC Topic 740, Income Taxes

401(k) and ProfitSharing Plan

401(k) and ProfitSharing Plan	12 Months Ended
	Dec. 31, 2022
401(k) and ProfitSharing Plan
401(k) and Profit-Sharing Plan	Note 15. 401(k) and Profit-Sharing Plan The Company has a defined contribution plan covering all employees who meet certain age and service requirements. The pension expense was $698,000 and $692,804 for 2022 and 2021, respectively. These amounts represent discretionary matching contributions of a portion of the voluntary employee salary deferrals under the 401(k) plan and discretionary profit-sharing contributions under the plan.

Deferred Compensation Plan for

Deferred Compensation Plan for Certain Directors	12 Months Ended
	Dec. 31, 2022
Deferred Compensation Plan for Certain Directors
Deferred Compensation Plan for Certain Directors	Note 16. Deferred Compensation Plan for Certain Directors The Company maintains a directors’ deferred compensation plan. Participants are general unsecured creditors of the Company with respect to these benefits. The benefits accrued under this plan were $33,000 at December 31, 2022 and 2021 and consist of funds for three directors. These funds do not accrue interest, and will be paid out upon retirement from the Board.

Financial Instruments with Off-

Financial Instruments with Off-Balance-Sheet Risk	12 Months Ended
	Dec. 31, 2022
Financial Instruments with Off-Balance-Sheet Risk
Financial Instruments with Off-Balance-Sheet Risk	Note 17. Financial Instruments with Off-Balance-Sheet Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees, commitments to sell loans and risk-sharing commitments on certain sold loans. Such instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The contract or notional amounts of those instruments reflect the maximum extent of involvement the Company has in particular classes of financial instruments. The Company's maximum exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit and financial guarantees written is represented by the contractual notional amount of those instruments. The Company applies the same credit policies and underwriting criteria in making commitments and conditional obligations as it does for on-balance-sheet instruments. The Company generally requires collateral or other security to support financial instruments with credit risk. At December 31, the following off-balance-sheet financial instruments representing credit risk were outstanding: Contract or Notional Amount 2022 2021 Unused portions of home equity lines of credit $ 37,621,050 $ 36,281,001 Residential and commercial construction lines of credit 21,388,121 6,731,575 Commercial real estate commitments 63,719,882 47,804,534 Commercial and industrial commitments 64,482,470 56,382,838 Other commitments to extend credit 45,724,309 43,227,424 Standby letters of credit and commercial letters of credit 5,343,050 2,108,050 Recourse on sale of credit card portfolio 310,805 305,305 MPF credit enhancement obligation, net (See Note 18) 267,408 552,158 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future funding requirements. At December 31, 2022 and 2021, the Company had binding loan commitments to sell residential mortgages at fixed rates totaling $629,550 and $1,906,200, respectively. The recourse provision under the terms of the sale of the Company’s credit card portfolio in 2007 is based on total lines, not balances outstanding. Based on historical losses, the Company does not expect any significant losses from this commitment. The Company evaluates each customer's credit-worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit, or a commitment to extend credit, is based on management's credit evaluation of the counter-party. Collateral or other security held varies but may include real estate, accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties. Standby letters of credit and financial guarantees written are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support private borrowing arrangements. The credit risk involved in issuing letters of credit or providing reimbursement guarantees for the benefit of the Company’s commercial customers is essentially the same as that involved in extending loans to customers. The fair value of standby letters of credit and reimbursement guarantees on letters of credit has not been included in the balance sheets as the fair value is immaterial. In connection with its 2007 trust preferred securities financing, the Company guaranteed the payment obligations under the $12,500,000 of capital securities of its affiliate, the CMTV Statutory Trust I (the Trust). The source of funds for payments by the Trust on its capital trust securities is payments made by the Company on its debentures issued to the Trust. The Company's obligation under those debentures is fully reflected in the Company's consolidated balance sheet, in the gross amount of $12,887,000 as of the dates presented, of which $12,500,000 represents external financing through the issuance to investors of capital securities by the Trust (see Note 12).

Contingent Liability

Contingent Liability	12 Months Ended
	Dec. 31, 2022
Contingent Liability
Contingent Liability	Note 18. Contingent Liability The Company sells first lien 1-4 family residential mortgage loans under the MPF program with the FHLBB. Under this program the Company shares in the credit risk of each mortgage loan, while receiving fee income in return. The Company is responsible for a CEO based on the credit quality of these loans. FHLBB funds a FLA based on the Company's outstanding MPF mortgage balances. This creates a laddered approach to sharing in any losses. In the event of default, homeowner's equity and private mortgage insurance, if any, are the first sources of repayment; the FHLBB's FLA funds are then utilized, followed by the participant’s CEO, with the balance of losses absorbed by FHLBB. These loans must meet specific underwriting standards of the FHLBB. As of December 31, 2022 and 2021, the Company had $19,961,469 and $22,916,680, respectively, in loans sold through the MPF program and on which the Company had a CEO. As of December 31, 2022 and 2021, the notional amount of the maximum CEO related to this program was $352,352 and $637,102, respectively, and the accrued contingent liability for this CEO was $84,944 for 2022 and 2021. The contingent liability is calculated by management based on the methodology used in calculating the ALL, adjusted to reflect the risk sharing arrangements with the FHLBB.

Legal Proceedings

Legal Proceedings	12 Months Ended
	Dec. 31, 2022
Legal Proceedings
Legal Proceedings	Note 19. Legal Proceedings In the normal course of business, the Company is involved in various claims and legal proceedings. In the opinion of the Company's management, any liabilities resulting from such proceedings are not expected to be material to the Company's consolidated financial condition or results of operations.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2022
Transactions with Related Parties
Transactions with Related Parties	Note 20. Transactions with Related Parties Aggregate loan transactions of the Company with directors, principal officers, their immediate families and affiliated companies in which they are principal owners (commonly referred to as related parties) as of December 31 were as follows: 2022 2021 Balance, beginning of year $ 16,072,431 $ 16,774,535 Loans - new Directors 2,274,378 0 New loans to existing Principal Officers/Directors 5,091,531 1,902,000 Repayment* (7,720,758 ) (2,604,104 ) Balance, end of year $ 15,717,582 $ 16,072,431 *Includes loans sold to the secondary market Total funds of related parties on deposit with the Company were $17,015,285 and $9,220,641 at December 31, 2022 and 2021, respectively. The Company utilizes the services of CFSG as an investment advisor for the Company’s 401(k) plan. The Human Resources committee of the Board of Directors is the Trustee of the plan, and CFSG provides investment advice for the plan. CFSG also acts as custodian of the retirement funds and makes investments on behalf of the plan and its participants. The Company pays monthly management fees to CFSG for its services to the 401(k) plan amounting to $53,231 and $65,550, respectively, for the years ended December 31, 2022 and 2021.

Restrictions on Cash and Due Fr

Restrictions on Cash and Due From Banks	12 Months Ended
	Dec. 31, 2022
Restrictions on Cash and Due From Banks
Restrictions on Cash and Due From Banks	Note 21. Restrictions on Cash and Due From Banks In the ordinary course of business, the Company may, from time to time, maintain amounts due from correspondent banks that exceed federally insured limits. However, no losses have occurred in these accounts and the Company believes it is not exposed to any significant risk with respect to such accounts. The Company was required to maintain a targeted balance with a correspondent bank of $500,000 and $9.0 million at December 31, 2022 and 2021, respectively.

Regulatory Capital Requirements

Regulatory Capital Requirements	12 Months Ended
	Dec. 31, 2022
Regulatory Capital Requirements
Regulatory Capital Requirements	Note 22. Regulatory Capital Requirements The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory - and possibly additional discretionary - actions by regulators that, if undertaken, could have a direct material effect on the Company's and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items, as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Additional prompt corrective action capital requirements are applicable to banks, but not to bank holding companies. Under current banking rules governing required regulatory capital, the Company and the Bank are required to maintain minimum amounts and ratios (set forth in the table on the following page) of Common equity tier 1, Tier 1 and Total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). The Company’s non-cumulative Series A preferred stock ($1.5 million liquidation preference in 2022 and 2021) is includable without limitation in its Common equity tier 1 and Tier 1 capital. The Company is allowed to include in Common equity tier 1 and Tier 1 capital an amount of trust preferred securities equal to no more than 25% of the sum of all core capital elements, which is generally defined as shareholders’ equity, less certain intangibles, including goodwill, net of any related deferred income tax liability or asset, with the balance includable in Tier 2 capital. Management believes that, as of December 31, 2022, the Company and the Bank met all capital adequacy requirements to which they were subject. Under the 2018 Regulatory Relief Act, these capital requirements have been simplified for qualifying community banks and bank holding companies. In September 2019, the OCC and the other federal bank regulators approved a final joint rule that permits a qualifying community banking organization to opt in to a simplified regulatory capital framework. A qualifying institution that elects to utilize the simplified framework must maintain a CBLR in excess of 9%, and will thereby be deemed to have satisfied the generally applicable risk-based and other leverage capital requirements and (if applicable) the FDIC’s prompt corrective action framework. In order to utilize the CBLR framework, in addition to maintaining a CBLR of over 9%, a community banking organization must have less than $10 billion in total consolidated assets and must meet certain other criteria such as limitations on the amount of off-balance sheet exposures and on trading assets and liabilities. The CBLR is calculated by dividing tangible equity capital by average total consolidated assets. The final rule became effective on January 1, 2020 for capital calculations as of March 31, 2020 and thereafter. Beginning in 2016, an additional capital conservation buffer was added to the minimum requirements for capital adequacy purposes, subject to a three year phase-in period. The capital conservation buffer was fully phased-in on January 1, 2019 at 2.5% of risk-weighted assets. A banking organization with a conservation buffer of less than 2.5% is subject to limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. As of December 31, 2022 and 2021, the Company and the Bank were fully compliant, with capital conservation buffers of 7.03% and 7.50%, respectively, for the Company and 6.89% and 7.42%, respectively, for the Bank. Pursuant to the CARES Act, the federal banking agencies adopted an interim rule temporarily lowering the CBLR benchmark to in excess of 8%, rather than 9%, with a phased increase of the CBLR back to the 9% level by the end of 2021. The Company and Bank qualified to utilize the CBLR framework, but did not elect to do so. As of December 31, 2022, the Bank was considered well capitalized under the regulatory capital framework for Prompt Corrective Action and the Company exceeded currently applicable consolidated regulatory guidelines for capital adequacy. The following table shows the regulatory capital ratios for the Company and the Bank as of December 31: Minimum Minimum Minimum For Capital To Be Well For Capital Adequacy Purposes Capitalized Under Adequacy with Conservation Prompt Corrective Actual Purposes Buffer(1) Action Provisions(2) Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2022 Common equity tier 1 capital (to risk-weighted assets) Company $ 82,770 11.74 % $ 31,731 4.50 % $ 49,359 7.00 % N/A N/A Bank $ 96,112 13.64 % $ 31,703 4.50 % $ 49,315 7.00 % $ 45,793 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 97,157 13.78 % $ 42,308 6.00 % $ 59,936 8.50 % N/A N/A Bank $ 96,112 13.64 % $ 42,270 6.00 % $ 59,883 8.50 % $ 56,361 8.00 % Total capital (to risk-weighted assets) Company $ 105,971 15.03 % $ 56,410 8.00 % $ 74,038 10.50 % N/A N/A Bank $ 104,918 14.89 % $ 56,361 8.00 % $ 73,973 10.50 % $ 70,451 10.00 % Tier 1 capital (to average assets) Company $ 97,157 9.24 % $ 42,047 4.00 % N/A N/A N/A N/A Bank $ 96,112 9.15 % $ 42,025 4.00 % N/A N/A $ 52,531 5.00 % December 31, 2021: Common equity tier 1 capital (to risk-weighted assets) Company(3) $ 72,853 11.90 % $ 27,548 4.50 % $ 42,853 7.00 % N/A N/A Bank $ 86,654 14.17 % $ 27,522 4.50 % $ 42,812 7.00 % $ 39,754 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 87,240 14.25 % $ 36,731 6.00 % $ 52,036 8.50 % N/A N/A Bank $ 86,654 14.17 % $ 36,696 6.00 % $ 51,986 8.50 % $ 48,928 8.00 % Total capital (to risk-weighted assets) Company $ 94,894 15.50 % $ 48,975 8.00 % $ 64,279 10.50 % N/A N/A Bank $ 94,301 15.42 % $ 48,928 8.00 % $ 64,218 10.50 % $ 61,160 10.00 % Tier 1 capital (to average assets) Company $ 87,240 8.79 % $ 39,719 4.00 % N/A N/A N/A N/A Bank $ 86,654 8.73 % $ 39,698 4.00 % N/A N/A $ 49,622 5.00 % (1) Conservation Buffer is calculated based on risk-weighted assets and does not apply to calculations of average assets. (2) Applicable to banks, but not bank holding companies. (3) Reflects recalculation of the Company’s previously reported common equity tier I capital ratio. The previously reported calculation for December 31, 2021 and prior annual and interim periods incorrectly included the Company’s outstanding preferred stock and trust preferred securities in the equity component of the calculation. The Company's ability to pay dividends to its shareholders is largely dependent on the Bank's ability to pay dividends to the Company. In general, a national bank may not pay dividends that exceed net income for the current and preceding two years. Regardless of statutory restrictions, as a matter of regulatory policy, banks and bank holding companies should pay dividends only out of current earnings and only if, after paying such dividends, they remain adequately capitalized.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2022
Fair Value
Fair Value	Note 23. Fair Value Certain assets and liabilities are recorded at fair value to provide additional insight into the Company’s quality of earnings. The fair values of some of these assets and liabilities are measured on a recurring basis while others are measured on a non-recurring basis, with the determination based upon applicable existing accounting pronouncements. For example, securities available-for-sale are recorded at fair value on a recurring basis. Other assets, such as MSRs, loans held-for-sale, impaired loans, and OREO are recorded at fair value on a non-recurring basis using the lower of cost or market methodology to determine impairment of individual assets. The Company groups assets and liabilities which are recorded at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with Level 1 considered highest and Level 3 considered lowest). A brief description of each level follows. Level 1 Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasury, other U.S. Government debt securities that are highly liquid and are actively traded in over-the-counter markets. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes MSRs, collateral-dependent impaired loans and OREO. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following methods and assumptions were used by the Company in estimating its fair value measurements: Debt Securities AFS: Impaired loans: Loans held-for-sale: MSRs: OREO: Assets Recorded at Fair Value on a Recurring Basis Assets measured at fair value on a recurring basis and reflected in the consolidated balance sheets at December 31, segregated by fair value hierarchy, are summarized below: December 31, December 31, Assets: (market approach) 2022 2021 Level 1 U.S. Government securities $ 38,231,589 $ 32,041,041 Level 2 U.S. GSE debt securities $ 10,375,291 $ 11,828,498 Taxable Municipal securities 234,858 298,733 Tax-exempt Municipal securities 11,323,567 831,379 Agency MBS 115,231,599 127,132,521 ABS and OAS 2,693,606 2,214,024 CMO 11,935,925 1,420,458 Other investments 2,891,674 6,575,805 Level 2 Total $ 154,686,520 $ 150,301,418 Grand Total $ 192,918,109 $ 182,342,459 There were no 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 the periods presented. Assets Recorded at Fair Value on a Non-Recurring Basis The following table includes assets measured at fair value on a non-recurring basis that have had a fair value adjustment since their initial recognition. Impaired loans measured at fair value only include impaired loans with a partial write-down or with a related specific ALL and are presented net of the specific allowances as disclosed in Note 4. Assets measured at fair value on a non-recurring basis and reflected in the consolidated balance sheets at December 31, segregated by fair value hierarchy, are summarized below: December 31, December 31, Level 2 2022 2021 Assets: (market approach) Impaired loans, net of related allowance $ 94,458 $ 177,523 Loans held-for-sale 0 339,000 MSRs (1) 862,593 897,720 (1) Represents MSRs at lower of cost or fair value, including MSRs deemed to be impaired and for which a valuation allowance was established to carry at fair value at December 31, 2022 and 2021. 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 the periods presented. FASB ASC Topic 825, “Financial Instruments”, requires disclosures of fair value information about financial instruments, whether or not recognized in the balance sheet, if the fair values can be reasonably determined. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques using observable inputs when available. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The carrying amounts and estimated fair values of the Company's financial instruments as of the balance sheet dates were as follows: December 31, 2022 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 $ 71,140 $ 71,140 $ 0 $ 0 $ 71,140 Debt securities AFS 192,918 38,232 154,686 0 192,918 Restricted equity securities 1,412 0 1,412 0 1,412 Loans and loans held-for-sale, net of ALL Commercial & industrial 111,792 0 0 109,534 109,534 Purchased loans 7,476 0 0 7,119 7,119 Commercial real estate 351,738 0 29 340,254 340,283 Municipal 34,566 0 0 34,558 34,558 Residential real estate - 1st lien 197,281 0 65 180,879 180,944 Residential real estate - Jr lien 33,510 0 0 33,218 33,218 Consumer 3,970 0 0 3,949 3,949 MSRs (1) 863 0 1,287 0 1,287 Accrued interest receivable 3,214 0 3,214 0 3,214 Financial liabilities: Deposits Other deposits 922,723 0 918,882 0 918,882 Brokered deposits 249 0 225 0 225 Long-term borrowings 1,300 0 1,025 0 1,025 Repurchase agreements 33,078 0 33,078 0 33,078 Operating lease obligations 658 0 658 0 658 Finance lease obligations 3,645 0 3,645 0 3,645 Subordinated debentures 12,887 0 12,740 0 12,740 Accrued interest payable 74 0 74 0 74 (1) Reported fair value represents all MSRs for loans serviced by the Company at December 31, 2022, regardless of carrying amount. December 31, 2021 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 $ 110,359 $ 110,359 $ 0 $ 0 $ 110,359 Debt securities AFS 182,342 32,041 150,301 0 182,342 Restricted equity securities 1,434 0 1,434 0 1,434 Loans and loans held-for-sale, net of ALL Commercial & industrial 109,574 0 0 110,284 110,284 Purchased loans 9,808 0 0 9,862 9,862 Commercial real estate 296,528 0 29 297,339 297,368 Municipal 47,841 0 0 49,419 49,419 Residential real estate - 1st lien 180,271 0 149 180,302 180,451 Residential real estate - Jr lien 34,151 0 0 34,189 34,189 Consumer 4,406 0 0 4,436 4,436 MSRs (1) 898 0 995 0 995 Accrued interest receivable 2,401 0 2,401 0 2,401 Financial liabilities: Deposits Other deposits 879,151 0 879,545 0 879,545 Brokered deposits 249 0 246 0 246 Long-term borrowings 1,300 0 1,179 0 1,179 Repurchase agreements 32,610 0 32,610 0 32,610 Operating lease obligations 864 0 864 0 864 Finance lease obligations 3,858 0 3,858 0 3,858 Subordinated debentures 12,887 0 12,868 0 12,868 Accrued interest payable 59 0 59 0 59 (1) Reported fair value represents all MSRs for loans serviced by the Company at December 31, 2021, regardless of carrying amount. The estimated fair values of commitments to extend credit, letters of credit and financial guarantees for the benefit of customers were immaterial at December 31, 2022 and 2021.

Condensed Financial Information

Condensed Financial Information Parent Company Only	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Parent Company Only
Condensed Financial Information (Parent Company Only)	Note 24. Condensed Financial Information (Parent Company Only) The following condensed financial statements are for Community Bancorp. (Parent Company Only), and should be read in conjunction with the consolidated financial statements of the Company. Community Bancorp. (Parent Company Only) December 31, December 31, Balance Sheets 2022 2021 Assets Cash $ 1,372,381 $ 908,042 Investment in subsidiary - Community National Bank 87,018,360 97,061,296 Investment in Capital Trust 387,000 387,000 Income taxes receivable 223,816 185,439 Total assets $ 89,001,557 $ 98,541,777 Liabilities and Shareholders' Equity Liabilities Junior subordinated debentures $ 12,887,000 $ 12,887,000 Dividends payable 938,194 894,509 Total liabilities 13,825,194 13,781,509 Shareholders' Equity Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2022 and 2021 ($100,000 liquidation value, per share) 1,500,000 1,500,000 Common stock - $2.50 par value; 15,000,000 shares authorized, 5,647,710 and 5,587,939 shares issued at December 31, 2022 and 2021, respectively (including 16,850 and 14,337 shares issued February 1, 2023 and 2022, respectively) 14,119,275 13,969,848 Additional paid-in capital 36,383,235 35,322,063 Retained earnings 46,464,447 37,758,105 Accumulated other comprehensive loss (20,667,817 ) (1,166,971 ) Less: treasury stock, at cost; 210,101 shares at December 31, 2022 and 2021 (2,622,777 ) (2,622,777 ) Total shareholders' equity 75,176,363 84,760,268 Total liabilities and shareholders' equity $ 89,001,557 $ 98,541,777 The investment in the subsidiary bank is carried under the equity method of accounting. The investment and cash on deposit with the Bank have been eliminated in consolidation. Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Income 2022 2021 Income Bank subsidiary distributions $ 5,124,000 $ 4,291,000 Dividends on Capital Trust 17,225 11,805 Total income 5,141,225 4,302,805 Expense Interest on junior subordinated debentures 573,603 393,105 Administrative and other 509,409 501,749 Total expense 1,083,012 894,854 Income before applicable income tax benefit and equity in undistributed net income of subsidiary 4,058,213 3,407,951 Income tax benefit 223,816 185,439 Income before equity in undistributed net income of subsidiary 4,282,029 3,593,390 Equity in undistributed net income of subsidiary 9,457,911 9,544,948 Net income $ 13,739,940 $ 13,138,338 Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Cash Flows 2022 2021 Cash Flows from Operating Activities Net income $ 13,739,940 $ 13,138,338 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiary (9,457,911 ) (9,544,948 ) Increase in income taxes receivable (38,377 ) (467 ) Net cash provided by operating activities 4,243,652 3,592,923 Cash Flows from Financing Activities Dividends paid on preferred stock (66,563 ) (48,750 ) Dividends paid on common stock (3,712,750 ) (3,386,502 ) Net cash used in financing activities (3,779,313 ) (3,435,252 ) Net increase in cash 464,339 157,671 Cash Beginning 908,042 750,371 Ending $ 1,372,381 $ 908,042 Cash Received for Income Taxes $ 185,439 $ 184,973 Cash Paid for Interest $ 573,603 $ 393,105 Dividends paid: Dividends declared $ 4,967,035 $ 4,699,529 Increase in dividends payable attributable to dividends declared (43,686 ) (149,212 ) Dividends reinvested (1,210,599 ) (1,163,815 ) $ 3,712,750 $ 3,386,502

Other Income and Other Expenses

Other Income and Other Expenses	12 Months Ended
	Dec. 31, 2022
Other Income and Other Expenses
Other Income and Other Expenses	Note 25. Other Income and Other Expenses The components of other income and other expenses which are in excess of one percent of total revenues in either of the two years disclosed are as follows: 2022 2021 Income Income from investment in CFS Partners $ 584,971 $ 951,605 Expenses Outsourcing expense $ 539,123 $ 506,563 Service contracts - administration 579,956 520,310 Marketing 499,000 470,000 State deposit tax 992,333 884,492 ATM fees 616,900 562,779

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events
Subsequent Events	Note 26. Subsequent Events Declaration of Cash Dividend On December 22, 2022, the Company declared a cash dividend of $0.23 per share payable February 1, 2023 to shareholders of record as of January 15, 2023. On March 15, 2023, the Company declared a cash dividend of $0.23 per share payable May 1, 2023 to shareholders of record as of April 15, 2023. These dividends have been recorded as of each declaration date, including shares issuable under the DRIP. For purposes of accrual or disclosure in these financial statements, the Company has evaluated subsequent events through the date of issuance of these financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Basis of presentation and consolidation	In addition to the definitions provided elsewhere in this Annual Report, the definitions, acronyms and abbreviations identified below are used throughout this Annual Report, including these “Notes to Consolidated Financial Statements” and the section labeled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” immediately following. These definitions are intended to aid the reader and provide a reference page when reviewing this Annual Report. ABS: Asset backed security FDICIA: Federal Deposit Insurance Company ACBI: Atlantic Community Bancshares, Inc. Improvement Act of 1991 ACH: Automated Clearing House FHA: Federal Housing Administration ACL: Allowance for credit losses FHLBB: Federal Home Loan Bank of Boston AFS: Available-for-sale FHLMC: Federal Home Loan Mortgage Corporation Agency MBS: MBS issued by a US government agency FLA: First Loss Account or GSE FOMC: Federal Open Market Committee ALCO: Asset Liability Committee FRB: Federal Reserve Board ALL: Allowance for loan losses FRBB: Federal Reserve Bank of Boston AML: Anti-money laundering laws GAAP: Generally Accepted Accounting Principles AOCI: Accumulated other comprehensive income in the United States ASC: Accounting Standards Codification GSE: Government sponsored enterprise ASU: Accounting Standards Update HMDA: Home Mortgage Disclosure Act ATMs: Automatic teller machines HTM: Held-to-maturity ATS: Automatic transfer service ICS: Insured Cash Sweeps of the InterFi Network Bancorp: Community Bancorp. IRS: Internal Revenue Service Bank: Community National Bank JNE: Jobs for New England BHG: Bankers Healthcare Group Jr: Junior BIC: Borrower-in-Custody LIBOR: London Interbank Offered Rate Board: Board of Directors LLC: Limited liability corporation BOLI: Bank owned life insurance MBS: Mortgage-backed security bp or bps: Basis point(s) MPF: Mortgage Partnership Finance BSA: Bank Secrecy Act MSAs Metropolitan Statistical Areas CBLR: Community Bank Leverage Ratio MSRs: Mortgage servicing rights CARES ACT: Coronavirus Aid Relief and Economic NII: Net interest income Security Act OAS: Other amortizing security CDARS: Certificate of Deposit Accounts Registry OCI: Other comprehensive income (loss) Service of the InterFi Network OFAC: Office of Foreign Asset Control CDs: Certificates of deposit OREO: Other real estate owned CDI: Core deposit intangible OTTI: Other-than-temporary impairment CECL: Current Expected Credit Loss PMI: Private mortgage insurance CEO: Credit Enhancement Obligation PPP: Paycheck Protection Program CFPB: Consumer Financial Protection Bureau QM(s): Qualified Mortgage(s) CFSG: Community Financial Services Group, LLC RD: USDA Rural Development CFS Partners: Community Financial Services Partners, LLC RESPA: Real Estate Settlement Procedures Act CMO: Collateralized Mortgage Obligations SBA: U.S. Small Business Administration Company: Community Bancorp. and Subsidiary SEC: U.S. Securities and Exchange Commission COVID-19: Coronavirus Disease 2019 SOFR: Secured Overnight Financing Rate CRA: Community Reinvestment Act SERP: Supplemental Employee Retirement Plan CRE: Commercial Real Estate SOX: Sarbanes-Oxley Act of 2002 DDA or DDAs: Demand Deposit Account(s) TDR: Troubled-debt restructuring DIF: Deposit Insurance Fund TILA: Truth in Lending Act DTC: Depository Trust Company USDA: U.S. Department of Agriculture DRIP: Dividend Reinvestment Plan VA: U.S. Veterans Administration Exchange Act: Securities Exchange Act of 1934 VIE: Variable interest entities FASB: Financial Accounting Standards Board 2017 Tax Act: Tax Cut and Jobs Act of 2017 FDIA: Federal Deposit Insurance Act 2018 Regulatory Economic Growth, Regulatory Relief and FDIC: Federal Deposit Insurance Corporation Relief Act: Consumer Protection Act of 2018 The consolidated financial statements include the accounts of the Bancorp. and its wholly-owned subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated. The Company is considered a “smaller reporting company” and a “non-accelerated filer” under the disclosure rules of the SEC. Accordingly, the Company has elected to provide its audited consolidated statements of income, comprehensive (loss) income, cash flows and changes in shareholders’ equity for a two year, rather than a three year, period, and to provide smaller reporting company scaled disclosures where management deems it appropriate. FASB ASC Topic 810, “Consolidation,” in part, addresses limited purpose trusts formed to issue trust preferred securities. It also establishes the criteria used to identify VIE, and to determine whether or not to consolidate a VIE. In general, ASC Topic 810 provides that the enterprise with the controlling financial interest, known as the primary beneficiary, consolidates the VIE. In 2007, the Company formed CMTV Statutory Trust I for the purposes of issuing trust preferred securities to unaffiliated parties and investing the proceeds from the issuance thereof and the common securities of the trust in junior subordinated debentures issued by the Company. The Company is not the primary beneficiary of CMTV Statutory Trust I; accordingly, the trust is not consolidated with the Company for financial reporting purposes. CMTV Statutory Trust I is considered an affiliate of the Company (see Note 12).
Nature of operations	The Company provides a variety of deposit and lending services to individuals, municipalities, and business customers through its branches, ATMs and telephone, mobile and internet banking capabilities in northern and central Vermont, which is primarily a small business and agricultural area. The Company also engages in lending activity outside the area of its branch network, through loan production offices in Burlington, Vermont and Lebanon, New Hampshire. The Company's primary deposit products are checking and savings accounts and certificates of deposit. Its primary lending products are commercial, real estate, municipal and consumer loans.
Concentration of risk	The Company's operations are affected by various risk factors, including interest rate risk, credit risk, and risk from geographic concentration of its deposit taking and lending activities. Management seeks to manage interest rate risk through various asset/liability management techniques designed to match maturities and repricing of assets and liabilities. Loan policies and administration are designed to provide assurance that loans will only be granted to creditworthy borrowers, although credit losses are expected to occur because of subjective factors inherent in management’s estimate of credit risk and factors beyond the control of the Company. While the Company has a diversified loan portfolio by loan type, most of its lending activities are conducted within the geographic area where its banking offices are located. As a result, the Company and its borrowers may be especially vulnerable to the consequences of changes in the local economy in northern and central Vermont or northern New England more generally. In addition, a substantial portion of the Company's loans are secured by real estate, which is susceptible to a decline in value, especially during times of adverse economic conditions and rising interest rates.
Use of estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions involve inherent uncertainties. Accordingly, actual results could differ from those estimates and those differences could be material. Material estimates that are particularly susceptible to significant change include those relating to the determination of the ALL and the valuation of OREO. In connection with evaluating loans for impairment or assigning the carrying value of OREO, management generally obtains independent evaluations or appraisals for significant properties. While the ALL and the carrying value of OREO were determined using management's best estimate of probable loan and OREO losses, respectively, as of the balance sheet date, the ultimate collection of a substantial portion of the Company's loan portfolio and the recovery of a substantial portion of the fair value of OREO are susceptible to uncertainties and changes in a number of factors, especially local real estate market conditions. The amount of the change that is reasonably possible cannot be estimated. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions or other relevant factors. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for losses on loans and the carrying value of OREO. Such agencies may require the Company to recognize additions to the allowance or write-downs of OREO based on their judgment about information available to them at the time of their examination. MSRs associated with loans originated and sold in the secondary market, where servicing is retained, are capitalized and included in Other assets in the consolidated balance sheets. MSRs are amortized against non-interest income in proportion to, and over the period of, estimated future net servicing income of the underlying loans. The value of capitalized servicing rights represents the present estimated value of the future servicing fees arising from the right to service loans for third parties. The carrying value of the MSRs is periodically reviewed for impairment based on management’s estimate of fair value as compared to amortized cost, and impairment, if any, is recognized through a valuation allowance and is recorded as a write down. Critical accounting policies for MSRs relate to the initial valuation and subsequent impairment tests. The methodology used to determine the valuation of MSRs requires the development and use of estimates, including anticipated principal amortization and prepayments. Events that may significantly affect the estimates used are changes in interest rates and the payment performance of the underlying loans. Management uses a third party consultant to assist in estimating the fair value of the Company’s MSRs. Management evaluates securities for OTTI on at least a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to various factors, including the length of time and the extent to which the fair value has been less than cost; the nature of the issuer and its financial condition and near-term prospects; and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The evaluation of these factors is a subjective process and involves estimates and assumptions about matters that are inherently uncertain. Should actual factors and conditions differ materially from those used by management, the actual realization of gains or losses on investment securities could differ materially from the amounts recorded in the financial statements. Accounting for a business combination that was completed prior to 2009 requires the application of the purchase method of accounting. Under the purchase method, the Company was required to record the assets and liabilities acquired through the LyndonBank merger in 2007 at fair market value, with the excess of the purchase price over the fair value of the net assets recorded as goodwill and evaluated annually for impairment. Management uses various assumptions in evaluating goodwill for impairment. Management utilizes numerous techniques to estimate the carrying value of various other assets held by the Company, including, but not limited to, bank premises and equipment and deferred taxes. The assumptions considered in making these estimates are based on historical experience and on various other factors that are believed by management to be reasonable under the circumstances. Management acknowledges that the use of different estimates or assumptions could produce different estimates of carrying values.
Presentation of cash flows	For purposes of presentation in the consolidated statements of cash flows, cash and cash equivalents includes cash on hand, amounts due from banks (including cash items in process of clearing), federal funds sold (generally purchased and sold for one day periods) and overnight deposits.
Investment securities	Debt securities the Company has purchased with the possible intent to sell before maturity are classified as AFS, and are carried at fair value, with unrealized gains and losses, net of tax and reclassification adjustments, reflected as a net amount in the shareholders’ equity section of the consolidated balance sheets and in the statements of changes in shareholders’ equity. Investment securities transactions are accounted for on a trade date basis. The specific identification method is used to determine realized gains and losses on sales of debt securities AFS. Premiums and discounts are recognized in interest income using the interest method over the period to maturity or call date. As of the balance sheet dates, the Company did not hold any securities purchased for the purpose of selling in the near term and classified as trading or any securities purchased with the positive intent and ability to hold to maturity and classified as HTM. For individual debt securities that the Company does not intend to sell and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary decline in the fair value of the debt security related to (1) credit loss is recognized in earnings and (2) other factors is recognized in other comprehensive income or loss. Credit loss is deemed to exist if the present value of expected future cash flows using the interest rates at acquisition is less than the amortized cost basis of the debt security. For individual debt securities where the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost, the OTTI is recognized in earnings equal to the entire difference between the security’s cost basis and its fair value at the balance sheet date.
Other investments	From time to time, the Company acquires partnership interests in limited partnerships for low income housing projects. New investments in limited partnerships are amortized using the proportional amortization method. All investments made before January 1, 2015 are amortized using the effective yield method. The Company has a one-third ownership interest in CFS Partners, which in turn owns 100% of CFSG, a non-depository trust company (see Note 9). The Company's investment in CFS Partners is accounted for under the equity method of accounting.
Restricted equity securities	The Company holds certain restricted equity securities acquired for non-investment purposes, and required as a matter of law or as a condition to the receipt of certain financial products and services. These securities are carried at cost. As a member of the FRBB, the Company is required to invest in FRBB stock in an amount equal to 6% of the Bank's capital stock and surplus. As a member of the FHLBB, the Company is required to invest in $100 par value stock of the FHLBB in an amount that approximates 1% of unpaid principal balances on qualifying loans, plus an additional amount to satisfy an activity based requirement. The stock is nonmarketable and redeemable at par value, subject to the FHLBB’s right to temporarily suspend such redemptions. Members are subject to capital calls in some circumstances to ensure compliance with the FHLBB’s capital plan. In order to access correspondent banking services from the ACBB, the Company is required to invest in a minimum of 20 shares of the common stock of ACBB’s parent company, ACBI.
Loans held-for-sale	Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income.
Loans	Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance, adjusted for any charge-offs, the ALL, loan premiums or discounts for acquired loans and any unearned fees or costs on originated loans. Loan interest income is accrued daily on the outstanding balances. For all loan segments, the accrual of interest is discontinued when a loan is specifically determined to be impaired or when the loan is delinquent 90 days and management believes, after considering collection efforts and other factors, that the borrower's financial condition is such that collection of interest is doubtful. Any unpaid interest previously accrued on those loans is reversed from income. Interest income is generally not recognized on specific impaired loans unless the likelihood of further loss is considered by management to be remote. Interest payments received on non-accrual loans are generally applied as a reduction of the loan principal balance. Loans are returned to accrual status when principal and interest payments are brought current and the customer has demonstrated the intent and ability to make future payments on a timely basis. Loans are written down or charged off when collection of principal is considered doubtful. Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount is amortized as an adjustment of the related loan's yield. The Company generally amortizes these amounts over the contractual life of the loans. 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 reflected in the audited consolidated balance sheet 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, purchased loans, CRE, municipal, residential real estate 1st lien, residential real estate Jr lien and consumer loans. The Company does not disaggregate its portfolio segments further into classes. Loss ratios are calculated by loan segment using appropriate look back periods. Management uses an average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment in the current economic climate. During periods of economic stability, a relatively longer period (e.g., five years) may be appropriate. During periods of significant expansion or contraction, the Company may appropriately shorten the historical time period. Due primarily to the effects of COVID-19, during 2020, the Company shortened its look back period to one year, however; during 2022, the look back period was changed to 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 – Purchased Loans – Commercial Real Estate – Municipal – Residential Real Estate - 1 st Residential Real Estate – Jr Lien – Consumer – Specific component The specific component of the ALL relates to loans that are impaired. Impaired loans are loans to a borrower that in the aggregate are greater than $100,000 and that are in non-accrual status or are TDRs regardless of amount. A specific allowance is established for an impaired loan when its estimated fair value or net present value of future cash flows is less than the carrying value of the loan. For all loan segments, except consumer loans, a loan is considered impaired when, based on current information and events, in management’s estimation it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant or temporary payment delays and payment shortfalls generally are not classified as impaired. Management evaluates the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and frequency of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis, by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Impaired loans also include troubled loans that are restructured. A TDR occurs when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that would otherwise not be granted. TDRs may include the transfer of assets to the Company in partial satisfaction of a troubled loan, a modification of a loan’s terms, or a combination of the two. Under March 2020 guidance from the federal banking agencies and concurrence by the FASB, certain short-term loan accommodations made in good faith prior to January 1, 2022 for borrowers experiencing financial difficulties due to the COVID-19 health emergency are not considered TDRs. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment evaluation, unless such loans are subject to a restructuring agreement. Unallocated component An unallocated component of the ALL is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component reflects management’s estimate of the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio.
Bank premises and equipment	Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets. The cost of assets sold or otherwise disposed of, and the related accumulated depreciation, are eliminated from the accounts and the resulting gains or losses are reflected in the consolidated statements of income. Maintenance and repairs are charged to current expense as incurred and the cost of major renewals and betterments is capitalized.
Other real estate owned	Real estate properties acquired through or in lieu of loan foreclosure or properties no longer used for bank operations are initially recorded at fair value less estimated selling cost at the date of acquisition, foreclosure or transfer. Fair value is determined, as appropriate, either by obtaining a current appraisal or evaluation prepared by an independent, qualified appraiser, by obtaining a broker’s market value analysis, and finally, if the Company has limited exposure and limited risk of loss, by the opinion of management as supported by an inspection of the property and its most recent tax valuation. During periods of declining market values, the Company will generally obtain a new appraisal or evaluation. Any write-down based on the asset's fair value at the date of acquisition or institution of foreclosure is charged to the ALL. After acquisition through or in lieu of foreclosure, these assets are carried at the lower of their new cost basis or fair value. Costs of significant property improvements are capitalized, whereas costs relating to holding the property are expensed as incurred. Appraisals by an independent, qualified appraiser are performed periodically on properties that management deems significant, or evaluations may be performed by management or a qualified third party on OREO properties in the portfolio that are deemed less significant or less vulnerable to market conditions. Subsequent write-downs are recorded as a charge to other expense. Gains or losses on the sale of such properties are included in income when the properties are sold.
Intangible assets	Intangible assets include the excess of the purchase price over the fair value of net assets acquired (goodwill) in the Company’s 2007 acquisition of LyndonBank. Goodwill is not amortizable and is reviewed for impairment annually, or more frequently as events or circumstances warrant.
Income taxes	The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are established for the temporary differences between the accounting bases and the tax bases of the Company's assets and liabilities at enacted tax rates expected to be in effect when the amounts related to such temporary differences are realized or settled. Adjustments to the Company's deferred tax assets are recognized as deferred income tax expense or benefit based on management's judgments relating to the outcome of such asset.
Mortgage servicing	Servicing assets are recognized as separate assets when rights are acquired through purchase or retained upon the sale of loans. Capitalized servicing rights are reported in Other assets and initially recorded at fair value, and are amortized against non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are periodically evaluated for impairment, based upon the estimated fair value of the rights as compared to amortized cost. Impairment is determined by stratifying the rights by predominant characteristics, such as interest rates and terms. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance and is recorded as amortization of Other assets, to the extent that estimated fair value is less than the capitalized amount at the valuation date. Subsequent improvement, if any, in the estimated fair value of impaired MSRs is reflected in a positive valuation adjustment and is recognized in other income up to (but not in excess of) the amount of the prior impairment.
Pension costs	Pension costs are charged to salaries and employee benefits expense and accrued over the active service period.
Advertising costs	The Company expenses advertising costs as incurred.
Comprehensive income or loss	U.S. GAAP generally requires recognized revenue, expenses, gains and losses to be included in net income. Certain changes in assets and liabilities, such as the after-tax effect of unrealized gains and losses on available-for-sale securities, are not reflected in the consolidated statement of income, but the cumulative effect of such items from period-to-period is reflected as a separate component of the shareholders’ equity section of the consolidated balance sheet (accumulated other comprehensive income or loss). Other comprehensive income or loss, along with net income, comprises the Company's total comprehensive income or loss.
Preferred stock	In December 2007, the Company issued 25 shares of fixed-to-floating rate non-cumulative perpetual preferred stock, without par value and having a liquidation preference of $100,000 per share. There were 15 shares of preferred stock outstanding as of December 31, 2022 and 2021. Under the terms of the preferred stock, the Company pays non-cumulative cash dividends quarterly, when, as and if declared by the Board. Dividends are payable at a variable dividend rate equal to the Wall Street Journal Prime Rate in effect on the first business day of each quarterly dividend period. A variable rate of 3.25% was in effect for the dividend payments due in the all four quarters of 2021, followed by several increases in 2022 with a rate of 6.25% in effect for the last quarter of 2022. Partial redemptions of the Company’s preferred stock began in 2018, and are at the discretion of management and voted on by the Board. Prior to 2020, the Company had redeemed 10 shares of preferred stock at an aggregate redemption price of $1,000,000 plus accrued dividends. The Company chose to not redeem any additional preferred shares during 2021 and 2022, but may consider further redemptions in future periods.
Earnings per common share	Earnings per common share amounts are computed based on net income, net of dividends to preferred shareholders, and on the weighted average number of shares of common stock issued during the period, including DRIP shares issuable upon reinvestment of dividends (retroactively adjusted for stock splits and stock dividends, if any) and reduced for shares held in treasury. The following table illustrates the calculation of earnings per common share for the periods presented, as adjusted for the cash dividends declared on the preferred stock: Years Ended December 31, 2022 2021 Net income, as reported $ 13,739,940 $ 13,138,338 Less: dividends to preferred shareholders 66,563 48,750 Net income available to common shareholders $ 13,673,377 $ 13,089,588 Weighted average number of common shares used in calculating earnings per share 5,403,938 5,345,988 Earnings per common share $ 2.53 $ 2.45
Off-balance-sheet financial instruments	In the ordinary course of business, the Company is a party to off-balance-sheet financial instruments consisting of commitments to extend credit, commercial and municipal letters of credit, standby letters of credit, and risk-sharing commitments on residential mortgage loans sold through the FHLBB’s MPF program. Such financial instruments are recorded in the consolidated financial statements when they are funded (see Note 17).
Transfers of financial assets	Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Schedule of Earnings per common share	Years Ended December 31, 2022 2021 Net income, as reported $ 13,739,940 $ 13,138,338 Less: dividends to preferred shareholders 66,563 48,750 Net income available to common shareholders $ 13,673,377 $ 13,089,588 Weighted average number of common shares used in calculating earnings per share 5,403,938 5,345,988 Earnings per common share $ 2.53 $ 2.45

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2022
Investment Securities
Schedule of available for sale debt securities	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2022 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,624,709 $ 10,375,291 U.S. Government securities 41,368,624 0 3,137,035 38,231,589 Taxable Municipal securities 300,000 0 65,142 234,858 Tax-exempt Municipal securities 12,042,410 40,513 759,356 11,323,567 Agency MBS 135,193,097 69,447 20,030,945 115,231,599 ABS and OAS 2,929,740 0 236,134 2,693,606 CMO 12,278,033 581 342,689 11,935,925 Other investments 2,968,000 0 76,326 2,891,674 Total $ 219,079,904 $ 110,541 $ 26,272,336 $ 192,918,109 December 31, 2021 U.S. GSE debt securities $ 12,001,978 $ 36,024 $ 209,504 $ 11,828,498 U.S. Government securities 32,374,935 0 333,894 32,041,041 Taxable Municipal securities 300,000 0 1,267 298,733 Tax-exempt Municipal securities 830,279 1,167 67 831,379 Agency MBS 128,291,487 184,002 1,342,968 127,132,521 ABS and OAS 2,131,610 82,414 0 2,214,024 CMO 1,451,349 0 30,891 1,420,458 Other investments 6,438,000 142,199 4,394 6,575,805 Total $ 183,819,638 $ 445,806 $ 1,922,985 $ 182,342,459
Schedule of investments pledged for collateral	Amortized Fair Cost Value December 31, 2022 $ 55,899,113 $ 46,789,284 December 31, 2021 63,045,599 62,256,702
Schedule of maturities of debt securities available for sale	Amortized Fair Cost Value December 31, 2022 Due in one year or less $ 1,976,000 $ 1,966,767 Due from one to five years 58,875,224 54,736,949 Due from five to ten years 8,631,626 7,591,761 Due after ten years 14,403,957 13,391,033 Agency MBS 135,193,097 115,231,599 Total $ 219,079,904 $ 192,918,109
Schedule of unrealized loss	Less than 12 months 12 months or more Totals Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss December 31, 2022 U.S. GSE debt securities $ 2,723,388 $ 276,611 $ 7,651,903 $ 1,348,098 11 $ 10,375,291 $ 1,624,709 U.S. Government securities 4,837,891 169,501 33,393,698 2,967,534 54 38,231,589 3,137,035 Taxable Municipal securities 0 0 234,858 65,142 1 234,858 65,142 Tax-exempt Municipal securities 8,608,507 522,128 592,388 237,228 19 9,200,895 759,356 Agency MBS 14,541,901 810,356 97,718,436 19,220,589 120 112,260,337 20,030,945 ABS and OAS 2,693,606 236,134 0 0 4 2,693,606 236,134 CMO 8,954,323 232,398 1,014,910 110,291 9 9,969,233 342,689 Other investments 2,451,892 20,108 439,782 56,218 12 2,891,674 76,326 Total $ 44,811,508 $ 2,267,236 $ 141,045,975 $ 24,005,100 230 $ 185,857,483 $ 26,272,336 December 31, 2021 U.S. GSE debt securities $ 5,869,117 $ 130,883 $ 1,921,379 $ 78,621 7 $ 7,790,496 $ 209,504 U.S. Government securities 32,041,041 333,894 0 0 46 32,041,041 333,894 Taxable Municipal securities 298,733 1,267 0 0 1 298,733 1,267 Tax-exempt Municipal securities 330,212 67 0 0 1 330,212 67 Agency MBS 107,061,452 1,128,587 8,809,493 214,381 84 115,870,945 1,342,968 CMO 1,420,458 30,891 0 0 3 1,420,458 30,891 Other investments 491,606 4,394 0 0 2 491,606 4,394 Total $ 147,512,619 $ 1,629,983 $ 10,730,872 $ 293,002 144 $ 158,243,491 $ 1,922,985

Loans Allowance for Loan Loss_2

Loans Allowance for Loan Losses and Credit Quality (Tables)	12 Months Ended
	Dec. 31, 2022
Loans Allowance for Loan Losses and Credit Quality
Schedule of composition of net loans	December 31, 2022 December 31, 2021 Commercial & industrial $ 112,951,873 15.09 % $ 111,125,622 16.10 % Purchased loans 7,530,458 1.00 % 9,807,848 1.42 % Commercial real estate 356,892,986 47.68 % 300,958,931 43.62 % Municipal 34,633,055 4.63 % 47,955,231 6.95 % Residential real estate - 1st lien 198,743,375 26.55 % 181,316,345 26.28 % Residential real estate - Jr lien 33,756,872 4.51 % 34,359,864 4.98 % Consumer 4,039,989 0.54 % 4,464,692 0.65 % Total loans 748,548,608 100.00 % 689,988,533 100.00 % ALL (8,709,225 ) (7,710,256 ) Deferred net loan costs (fees) 493,275 (37,972 ) Net loans $ 740,332,658 $ 682,240,305
Schedule of age analysis of loans by portfolio segment	Non- 90 Days or 90 Days Total Accrual More and December 31, 2022 30-89 Days or More Past Due Current Total Loans Loans Accruing Commercial & industrial $ 2,377,668 $ 879,802 $ 3,257,470 $ 109,694,403 $ 112,951,873 $ 3,442,124 $ 0 Purchased loans 0 0 0 7,530,458 7,530,458 0 0 Commercial real estate 1,395,444 353,842 1,749,286 355,143,700 356,892,986 3,180,478 324,927 Municipal 0 0 0 34,633,055 34,633,055 0 0 Residential real estate 1st lien 1,517,653 641,141 2,158,794 196,584,581 198,743,375 1,136,330 248,157 Jr lien 321,579 25,007 346,586 33,410,286 33,756,872 131,088 0 Consumer 18,745 0 18,745 4,021,244 4,039,989 0 0 Totals $ 5,631,089 $ 1,899,792 $ 7,530,881 $ 741,017,727 $ 748,548,608 $ 7,890,020 $ 573,084 Non- 90 Days or 90 Days Total Accrual More and December 31, 2021 30-89 Days or More Past Due Current Total Loans Loans Accruing Commercial & industrial $ 833,875 $ 0 $ 833,875 $ 110,291,747 $ 111,125,622 $ 98,661 $ 0 Purchased loans 0 0 0 9,807,848 9,807,848 0 0 Commercial real estate 49,450 2,400,514 2,449,964 298,508,967 300,958,931 4,517,839 0 Municipal 0 0 0 47,955,231 47,955,231 0 0 Residential real estate 1st lien 1,190,300 608,775 1,799,075 179,517,270 181,316,345 1,180,563 506,827 Jr lien 51,837 86,476 138,313 34,221,551 34,359,864 143,566 86,476 Consumer 9,741 0 9,741 4,454,951 4,464,692 0 0 Totals $ 2,135,203 $ 3,095,765 $ 5,230,968 $ 684,757,565 $ 689,988,533 $ 5,940,629 $ 593,303
Residential mortgage loans in process of foreclosure	Number of loans Balance December 31, 2022 1 $ 19,746 December 31, 2021 5 195,082
Changes in the allowance for loan losses	Residential Residential Commercial Purchased Commercial Real Estate Real Estate & Industrial Loans Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 870,392 $ 68,655 $ 4,151,760 $ 76,728 $ 1,765,892 $ 182,014 $ 55,698 $ 539,117 $ 7,710,256 Charge-offs (76,875 ) 0 (667,474 ) 0 0 0 (63,625 ) 0 (807,974 ) Recoveries 14,112 0 667,474 0 111,763 5,089 30,505 0 828,943 Provision (credit) 308,693 (15,565 ) 910,053 (14,389 ) 124,181 54,847 47,108 (436,928 ) 978,000 ALL ending balance $ 1,116,322 $ 53,090 $ 5,061,813 $ 62,339 $ 2,001,836 $ 241,950 $ 69,686 $ 102,189 $ 8,709,225 ALL evaluated for impairment Individually $ 2,322 $ 0 $ 0 $ 0 $ 106,280 $ 0 $ 0 $ 0 $ 108,602 Collectively 1,114,000 53,090 5,061,813 62,339 1,895,556 241,950 69,686 102,189 8,600,623 Total $ 1,116,322 $ 53,090 $ 5,061,813 $ 62,339 $ 2,001,836 $ 241,950 $ 69,686 $ 102,189 $ 8,709,225 Loans evaluated for impairment Individually $ 3,442,124 $ 0 $ 3,176,835 $ 0 $ 3,816,012 $ 77,416 $ 0 $ 10,512,387 Collectively 109,509,749 7,530,458 353,716,151 34,633,055 194,927,363 33,679,456 4,039,989 738,036,221 Total $ 112,951,873 $ 7,530,458 $ 356,892,986 $ 34,633,055 $ 198,743,375 $ 33,756,872 $ 4,039,989 $ 748,548,608 Residential Residential Commercial Purchased Commercial Real Estate Real Estate & Industrial Loans Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 778,287 $ 64,260 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 Charge-offs (18,847 ) 0 (22,000 ) 0 (98,704 ) 0 (87,651 ) 0 (227,202 ) Recoveries 4,761 0 27,160 0 7,636 10,821 54,430 0 104,808 Provision (credit) 106,191 4,395 292,447 (5,483 ) 121,656 (63,703 ) 28,458 140,204 624,165 ALL ending balance $ 870,392 $ 68,655 $ 4,151,760 $ 76,728 $ 1,765,892 $ 182,014 $ 55,698 $ 539,117 $ 7,710,256 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 0 $ 79,978 $ 0 $ 0 $ 0 $ 79,978 Collectively 870,392 68,655 4,151,760 76,728 1,685,914 182,014 55,698 539,117 7,630,278 Total $ 870,392 $ 68,655 $ 4,151,760 $ 76,728 $ 1,765,892 $ 182,014 $ 55,698 $ 539,117 $ 7,710,256 Loans evaluated for impairment Individually $ 93,362 $ 0 $ 4,553,734 $ 0 $ 3,720,503 $ 88,563 $ 0 $ 8,456,162 Collectively 111,032,260 9,807,848 296,405,197 47,955,231 177,595,842 34,271,301 4,464,692 681,532,371 Total $ 111,125,622 $ 9,807,848 $ 300,958,931 $ 47,955,231 $ 181,316,345 $ 34,359,864 $ 4,464,692 $ 689,988,533
Impaired loans by segment	As of December 31, 2022 Unpaid Recorded Principal Related Investment(1) Balance Allowance Related allowance recorded Commercial & industrial $ 452,963 $ 462,745 $ 2,322 Residential real estate – 1st lien 1,041,730 1,073,350 106,280 Total with related allowance 1,494,693 1,536,095 108,602 No related allowance recorded Commercial & industrial 2,989,161 3,078,769 Commercial real estate 3,176,962 3,671,196 Residential real estate - 1st lien 2,785,669 3,805,682 Residential real estate - Jr lien 77,419 126,250 Total with no related allowance 9,029,211 10,681,897 Total impaired loans $ 10,523,904 $ 12,217,992 $ 108,602 As of December 31, 2022 Year Ended Average Interest Recorded Income Investment Recognized Related allowance recorded Commercial & industrial $ 281,412 $ 0 Commercial real estate 49,942 0 Residential real estate - 1st lien 983,944 64,479 Residential real estate - Jr lien 506 0 Total with related allowance 1,315,804 64,479 No related allowance recorded Commercial & industrial 1,180,935 204 Commercial real estate 3,680,783 115,651 Residential real estate - 1st lien 2,808,989 177,892 Residential real estate - Jr lien 82,261 314 Total with no related allowance 7,752,968 294,061 Total impaired loans $ 9,068,772 $ 358,540 As of December 31, 2021 Unpaid Recorded Principal Related Investment(1) Balance Allowance Related allowance recorded Residential real estate - 1st lien $ 702,586 $ 716,118 $ 79,978 Total with related allowance 702,586 716,118 79,978 No related allowance recorded Commercial & industrial 93,362 115,414 Commercial real estate 4,554,074 5,108,557 Residential real estate - 1st lien 3,050,647 4,076,352 Residential real estate - Jr lien 88,570 132,802 Total with no related allowance 7,786,653 9,433,125 Total impaired loans $ 8,489,239 $ 10,149,243 $ 79,978 As of December 31, 2021 Year Ended Average Interest Recorded Income Investment Recognized Related allowance recorded Residential real estate - 1st lien $ 858,124 $ 60,769 Residential real estate - Jr lien 3,452 243 Total with related allowance 861,576 61,012 No related allowance recorded Commercial & industrial 290,181 204 Commercial real estate 2,747,193 120,996 Residential real estate - 1st lien 3,331,971 205,514 Residential real estate - Jr lien 124,803 186 Total with no related allowance 6,494,148 326,900 Total impaired loans $ 7,355,724 $ 387,912
Risk ratings portfolio	Residential Residential Commercial Purchased Commercial Real Estate Real Estate & Industrial Loans Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 104,697,047 $ 7,530,458 $ 347,732,935 $ 34,633,055 $ 195,269,893 $ 33,538,767 $ 4,039,989 $ 727,442,144 Group B 6,296,411 0 2,754,649 0 0 0 0 9,051,060 Group C 1,958,415 0 6,405,402 0 3,473,482 218,105 0 12,055,404 Total $ 112,951,873 $ 7,530,458 $ 356,892,986 $ 34,633,055 $ 198,743,375 $ 33,756,872 $ 4,039,989 $ 748,548,608 Residential Residential Commercial Purchased Commercial Real Estate Real Estate & Industrial Loans Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 107,799,925 $ 9,807,848 $ 285,732,365 $ 47,955,231 $ 177,456,149 $ 34,166,076 $ 4,464,692 $ 667,382,286 Group B 693,084 0 6,550,335 0 0 0 0 7,243,419 Group C 2,632,613 0 8,676,231 0 3,860,196 193,788 0 15,362,828 Total $ 111,125,622 $ 9,807,848 $ 300,958,931 $ 47,955,231 $ 181,316,345 $ 34,359,864 $ 4,464,692 $ 689,988,533
Loans modified as TDRs	Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate -1st lien 2 $ 562,592 $ 562,592 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Commercial & industrial 1 $ 41,751 $ 41,751 Commercial real estate 2 3,153,402 3,153,402 Residential real estate 1st lien 1 67,007 67,007 4 $ 3,262,160 $ 3,262,160
TDRs payment default	Number of Recorded Contracts Investment Commercial & industrial 1 $ 38,001 Commercial real estate 2 3,081,810 3 $ 3,119,811
Specific allowances	2022 2021 Specific Allocation $ 106,280 $ 79,978

Loan Servicing (Tables)

Loan Servicing (Tables)	12 Months Ended
	Dec. 31, 2022
Loan Servicing
Schedule of mortgage servicing rights	Year Ended Year Ended December 31, 2022 December 31, 2021 Balance at beginning of year $ 897,720 $ 922,146 MSRs capitalized 120,629 147,328 MSRs amortized (155,756 ) (225,404 ) Change in valuation allowance 0 53,650 Balance at end of year $ 862,593 $ 897,720

Bank Premises and Equipment (Ta

Bank Premises and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Bank Premises and Equipment
Schedule of bank premises and equipment and accumulated depreciation and amortization	2022 2021 Buildings and improvements $ 10,674,714 $ 10,503,322 Land and land improvements 2,856,017 2,663,549 Furniture and equipment 6,262,893 6,067,181 Leasehold improvements 875,797 824,605 Finance lease 4,018,377 4,018,377 Operating leases 1,417,859 1,417,859 Other prepaid assets 5,820 102,365 26,111,477 25,597,258 Less accumulated depreciation and amortization (13,069,009 ) (11,829,930 ) Net bank premises and equipment $ 13,042,468 $ 13,767,328

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Schedule of lease cost	Years Ended December 31, 2022 2021 Operating lease cost $ 209,697 $ 209,667 Finance lease cost: Amortization of right-of-use assets $ 227,279 $ 188,327 Interest on lease liabilities 86,028 71,337 Variable rent expense 0 19,798 Total finance lease cost $ 313,307 $ 279,462
Schedule of supplemental information related to leases	December 31, 2022 2021 Operating Leases Operating lease right-of-use assets $ 653,832 $ 852,514 Operating lease liabilities $ 658,401 $ 863,566 Finance Leases Finance lease right-of-use assets $ 3,625,326 $ 3,852,605 Finance lease liabilities $ 3,644,828 $ 3,857,883 December 31, 2022 2021 Weighted Average Remaining Lease Term (in Years) Operating Leases 2.7 3.7 Finance Leases 15.7 16.7 Weighted Average Discount Rate Operating Leases 1.28 % 1.28 % Finance Leases 2.29 % 2.29 %
schedule of Operating lease obligations	2023 $ 223,432 2024 199,648 2025 154,659 2026 99,165 Total $ 676,904
Schedule of Finance lease obligations	2023 $ 300,928 2024 302,819 2025 304,758 2026 311,451 2027 320,076 Subsequent to 2027 2,761,314 Total minimum lease payments 4,301,346 Less amount representing interest (656,518 ) Present value of net minimum lease payments $ 3,644,828
Schedule of undiscounted cash flows in the maturity analysis	Operating Leases Finance Leases Undiscounted cash flows $ 676,904 $ 4,301,346 Discount effect of cash flows (18,503 ) (656,518 ) Lease liabilities $ 658,401 $ 3,644,828

Deposits (Table)

Deposits (Table)	12 Months Ended
	Dec. 31, 2022
Deposits
Schedule of maturity distribution of time deposits	2023 $ 65,651,974 2024 15,657,066 2025 4,605,036 2026 10,603,273 2027 5,121,310 Total time deposits $ 101,638,659

Borrowed Funds (Tables)

Borrowed Funds (Tables)	12 Months Ended
	Dec. 31, 2022
Borrowed Funds
Schedule of Long-Term Advances	2022 2021 Long-Term Advances(1) FHLBB term advance, 0.00%, due September 22, 2023 $ 200,000 $ 200,000 FHLBB term advance, 0.00%, due November 12, 2025 300,000 300,000 FHLBB term advance, 0.00%, due November 13, 2028 800,000 800,000 $ 1,300,000 $ 1,300,000

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2022
Repurchase Agreements
schedule of Securities sold	2022 2021 Current balance $ 33,077,829 $ 32,609,875 Average balance 31,285,927 28,349,896 Highest month-end balance 34,974,510 39,288,875 Weighted average interest rate 0.53 % 0.31 % Pledged investment (1) Amortized cost 55,899,113 63,045,599 Fair value 46,789,284 62,256,702

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of Provision for income taxes	2022 2021 Currently paid or payable $ 3,253,913 $ 3,059,462 Deferred benefit (118,587 ) (76,374 ) Total income tax expense $ 3,135,326 $ 2,983,088
Schedule of federal income tax	2022 2021 Computed expense at statutory rates $ 3,543,806 $ 3,385,499 Tax exempt interest and BOLI (243,121 ) (228,773 ) Disallowed interest 6,205 6,290 Partnership rehabilitation and tax credits (389,911 ) (468,054 ) Low income housing investment amortization expense 212,284 286,808 Other 6,063 1,318 Total income tax expense $ 3,135,326 $ 2,983,088
Schedule of deferred income tax (benefit) expense	2022 2021 Depreciation $ 22,316 $ 66,603 Mortgage servicing rights (7,377 ) (5,129 ) Deferred compensation 0 2,246 Bad debts (209,783 ) (105,372 ) Limited partnership amortization 61,442 57,387 Investment in CFS Partners (90,527 ) 35,651 Deferred SBA PPP fees 102,702 (108,668 ) Prepaid expenses 34,467 (5,384 ) Other (31,827 ) (13,708 ) Change in deferred tax benefit $ (118,587 ) $ (76,374 )
Schedule of significant components of the net deferred tax asset	2022 2021 Components of the deferred tax asset: Bad debts $ 1,828,937 $ 1,619,154 Deferred compensation 6,930 6,930 Contingent liability - MPF program 17,838 17,838 Finance lease 47,305 19,044 Operating lease 959 0 Deferred SBA PPP fees 5,966 108,668 Unrealized loss on debt securities AFS 5,493,977 310,208 Other 22,008 22,716 Total deferred tax asset $ 7,423,920 $ 2,104,558 Components of the deferred tax liability: Depreciation $ 483,484 $ 461,168 Limited partnerships 156,394 94,952 Mortgage servicing rights 181,144 188,521 Investment in CFS Partners 29,586 120,113 Operating lease 0 3,315 Prepaid expenses 108,893 74,426 Total deferred tax liability 959,501 942,495 Net deferred tax asset $ 6,464,419 $ 1,162,063

Financial Instruments with Of_2

Financial Instruments with Off-Balance-Sheet Risk (Table)	12 Months Ended
	Dec. 31, 2022
Financial Instruments with Off-Balance-Sheet Risk
Financial Instruments with Off-Balance-Sheet Risk	Contract or Notional Amount 2022 2021 Unused portions of home equity lines of credit $ 37,621,050 $ 36,281,001 Residential and commercial construction lines of credit 21,388,121 6,731,575 Commercial real estate commitments 63,719,882 47,804,534 Commercial and industrial commitments 64,482,470 56,382,838 Other commitments to extend credit 45,724,309 43,227,424 Standby letters of credit and commercial letters of credit 5,343,050 2,108,050 Recourse on sale of credit card portfolio 310,805 305,305 MPF credit enhancement obligation, net (See Note 18) 267,408 552,158

Transactions with Related Par_2

Transactions with Related Parties (Table)	12 Months Ended
	Dec. 31, 2022
Transactions with Related Parties
Schedule of Aggregate loan transactions	2022 2021 Balance, beginning of year $ 16,072,431 $ 16,774,535 Loans - new Directors 2,274,378 0 New loans to existing Principal Officers/Directors 5,091,531 1,902,000 Repayment* (7,720,758 ) (2,604,104 ) Balance, end of year $ 15,717,582 $ 16,072,431

Regulatory Capital Requiremen_2

Regulatory Capital Requirements (Table)	12 Months Ended
	Dec. 31, 2022
Regulatory Capital Requirements
Schedule of regulatory capital ratios	Minimum Minimum Minimum For Capital To Be Well For Capital Adequacy Purposes Capitalized Under Adequacy with Conservation Prompt Corrective Actual Purposes Buffer(1) Action Provisions(2) Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2022 Common equity tier 1 capital (to risk-weighted assets) Company $ 82,770 11.74 % $ 31,731 4.50 % $ 49,359 7.00 % N/A N/A Bank $ 96,112 13.64 % $ 31,703 4.50 % $ 49,315 7.00 % $ 45,793 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 97,157 13.78 % $ 42,308 6.00 % $ 59,936 8.50 % N/A N/A Bank $ 96,112 13.64 % $ 42,270 6.00 % $ 59,883 8.50 % $ 56,361 8.00 % Total capital (to risk-weighted assets) Company $ 105,971 15.03 % $ 56,410 8.00 % $ 74,038 10.50 % N/A N/A Bank $ 104,918 14.89 % $ 56,361 8.00 % $ 73,973 10.50 % $ 70,451 10.00 % Tier 1 capital (to average assets) Company $ 97,157 9.24 % $ 42,047 4.00 % N/A N/A N/A N/A Bank $ 96,112 9.15 % $ 42,025 4.00 % N/A N/A $ 52,531 5.00 % December 31, 2021: Common equity tier 1 capital (to risk-weighted assets) Company(3) $ 72,853 11.90 % $ 27,548 4.50 % $ 42,853 7.00 % N/A N/A Bank $ 86,654 14.17 % $ 27,522 4.50 % $ 42,812 7.00 % $ 39,754 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 87,240 14.25 % $ 36,731 6.00 % $ 52,036 8.50 % N/A N/A Bank $ 86,654 14.17 % $ 36,696 6.00 % $ 51,986 8.50 % $ 48,928 8.00 % Total capital (to risk-weighted assets) Company $ 94,894 15.50 % $ 48,975 8.00 % $ 64,279 10.50 % N/A N/A Bank $ 94,301 15.42 % $ 48,928 8.00 % $ 64,218 10.50 % $ 61,160 10.00 % Tier 1 capital (to average assets) Company $ 87,240 8.79 % $ 39,719 4.00 % N/A N/A N/A N/A Bank $ 86,654 8.73 % $ 39,698 4.00 % N/A N/A $ 49,622 5.00 %

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value
Schedule of fair value assets measured on a recurring basis	December 31, December 31, Assets: (market approach) 2022 2021 Level 1 U.S. Government securities $ 38,231,589 $ 32,041,041 Level 2 U.S. GSE debt securities $ 10,375,291 $ 11,828,498 Taxable Municipal securities 234,858 298,733 Tax-exempt Municipal securities 11,323,567 831,379 Agency MBS 115,231,599 127,132,521 ABS and OAS 2,693,606 2,214,024 CMO 11,935,925 1,420,458 Other investments 2,891,674 6,575,805 Level 2 Total $ 154,686,520 $ 150,301,418 Grand Total $ 192,918,109 $ 182,342,459
Schedule of fair value assets measured on a non-recurring basis	December 31, December 31, Level 2 2022 2021 Assets: (market approach) Impaired loans, net of related allowance $ 94,458 $ 177,523 Loans held-for-sale 0 339,000 MSRs (1) 862,593 897,720
Schedule of estimated fair values of financial instruments	December 31, 2022 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 $ 71,140 $ 71,140 $ 0 $ 0 $ 71,140 Debt securities AFS 192,918 38,232 154,686 0 192,918 Restricted equity securities 1,412 0 1,412 0 1,412 Loans and loans held-for-sale, net of ALL Commercial & industrial 111,792 0 0 109,534 109,534 Purchased loans 7,476 0 0 7,119 7,119 Commercial real estate 351,738 0 29 340,254 340,283 Municipal 34,566 0 0 34,558 34,558 Residential real estate - 1st lien 197,281 0 65 180,879 180,944 Residential real estate - Jr lien 33,510 0 0 33,218 33,218 Consumer 3,970 0 0 3,949 3,949 MSRs (1) 863 0 1,287 0 1,287 Accrued interest receivable 3,214 0 3,214 0 3,214 Financial liabilities: Deposits Other deposits 922,723 0 918,882 0 918,882 Brokered deposits 249 0 225 0 225 Long-term borrowings 1,300 0 1,025 0 1,025 Repurchase agreements 33,078 0 33,078 0 33,078 Operating lease obligations 658 0 658 0 658 Finance lease obligations 3,645 0 3,645 0 3,645 Subordinated debentures 12,887 0 12,740 0 12,740 Accrued interest payable 74 0 74 0 74 December 31, 2021 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 $ 110,359 $ 110,359 $ 0 $ 0 $ 110,359 Debt securities AFS 182,342 32,041 150,301 0 182,342 Restricted equity securities 1,434 0 1,434 0 1,434 Loans and loans held-for-sale, net of ALL Commercial & industrial 109,574 0 0 110,284 110,284 Purchased loans 9,808 0 0 9,862 9,862 Commercial real estate 296,528 0 29 297,339 297,368 Municipal 47,841 0 0 49,419 49,419 Residential real estate - 1st lien 180,271 0 149 180,302 180,451 Residential real estate - Jr lien 34,151 0 0 34,189 34,189 Consumer 4,406 0 0 4,436 4,436 MSRs (1) 898 0 995 0 995 Accrued interest receivable 2,401 0 2,401 0 2,401 Financial liabilities: Deposits Other deposits 879,151 0 879,545 0 879,545 Brokered deposits 249 0 246 0 246 Long-term borrowings 1,300 0 1,179 0 1,179 Repurchase agreements 32,610 0 32,610 0 32,610 Operating lease obligations 864 0 864 0 864 Finance lease obligations 3,858 0 3,858 0 3,858 Subordinated debentures 12,887 0 12,868 0 12,868 Accrued interest payable 59 0 59 0 59

Condensed Financial Informati_2

Condensed Financial Information Parent Company Only (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Parent Company Only
Schedule of Condensed Balance Sheets	Community Bancorp. (Parent Company Only) December 31, December 31, Balance Sheets 2022 2021 Assets Cash $ 1,372,381 $ 908,042 Investment in subsidiary - Community National Bank 87,018,360 97,061,296 Investment in Capital Trust 387,000 387,000 Income taxes receivable 223,816 185,439 Total assets $ 89,001,557 $ 98,541,777 Liabilities and Shareholders' Equity Liabilities Junior subordinated debentures $ 12,887,000 $ 12,887,000 Dividends payable 938,194 894,509 Total liabilities 13,825,194 13,781,509 Shareholders' Equity Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2022 and 2021 ($100,000 liquidation value, per share) 1,500,000 1,500,000 Common stock - $2.50 par value; 15,000,000 shares authorized, 5,647,710 and 5,587,939 shares issued at December 31, 2022 and 2021, respectively (including 16,850 and 14,337 shares issued February 1, 2023 and 2022, respectively) 14,119,275 13,969,848 Additional paid-in capital 36,383,235 35,322,063 Retained earnings 46,464,447 37,758,105 Accumulated other comprehensive loss (20,667,817 ) (1,166,971 ) Less: treasury stock, at cost; 210,101 shares at December 31, 2022 and 2021 (2,622,777 ) (2,622,777 ) Total shareholders' equity 75,176,363 84,760,268 Total liabilities and shareholders' equity $ 89,001,557 $ 98,541,777
Schedule of Condensed Statements of Income	Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Income 2022 2021 Income Bank subsidiary distributions $ 5,124,000 $ 4,291,000 Dividends on Capital Trust 17,225 11,805 Total income 5,141,225 4,302,805 Expense Interest on junior subordinated debentures 573,603 393,105 Administrative and other 509,409 501,749 Total expense 1,083,012 894,854 Income before applicable income tax benefit and equity in undistributed net income of subsidiary 4,058,213 3,407,951 Income tax benefit 223,816 185,439 Income before equity in undistributed net income of subsidiary 4,282,029 3,593,390 Equity in undistributed net income of subsidiary 9,457,911 9,544,948 Net income $ 13,739,940 $ 13,138,338
Schedule of Condensed Statements of Cash Flows	Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Cash Flows 2022 2021 Cash Flows from Operating Activities Net income $ 13,739,940 $ 13,138,338 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiary (9,457,911 ) (9,544,948 ) Increase in income taxes receivable (38,377 ) (467 ) Net cash provided by operating activities 4,243,652 3,592,923 Cash Flows from Financing Activities Dividends paid on preferred stock (66,563 ) (48,750 ) Dividends paid on common stock (3,712,750 ) (3,386,502 ) Net cash used in financing activities (3,779,313 ) (3,435,252 ) Net increase in cash 464,339 157,671 Cash Beginning 908,042 750,371 Ending $ 1,372,381 $ 908,042 Cash Received for Income Taxes $ 185,439 $ 184,973 Cash Paid for Interest $ 573,603 $ 393,105 Dividends paid: Dividends declared $ 4,967,035 $ 4,699,529 Increase in dividends payable attributable to dividends declared (43,686 ) (149,212 ) Dividends reinvested (1,210,599 ) (1,163,815 ) $ 3,712,750 $ 3,386,502

Other Income and Other Expens_2

Other Income and Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2022
Other Income and Other Expenses
Schedule of other income and other expenses	2022 2021 Income Income from investment in CFS Partners $ 584,971 $ 951,605 Expenses Outsourcing expense $ 539,123 $ 506,563 Service contracts - administration 579,956 520,310 Marketing 499,000 470,000 State deposit tax 992,333 884,492 ATM fees 616,900 562,779

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies
Net income	$ 13,739,940	$ 13,138,338
Less: dividends to preferred shareholders	66,563	48,750
Net income available to common shareholders	$ 13,673,377	$ 13,089,588
Weighted average number of common shares used in computing earnings per share	5,403,938	5,345,988
Earnings per common share	$ 2.53	$ 2.45

Significant Accounting Polici_5

Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2007
Stock par value	$ 2.50	$ 2.50
Perpetual preferred stock issued				25
Perpetual preferred stock, liquidation value				$ 100,000
Preferred stock, shares outstanding	15	15
Variable rate description	A variable rate of 3.25% was in effect for the dividend payments due in the all four quarters of 2021, followed by several increases in 2022 with a rate of 6.25% in effect for the last quarter of 2022.
Preferred stock, redemption, amount			$ 1,000,000
Preferred stock, redemption, shares			10
FHLBB [Member]
Stock par value	$ 100
ACBB [Member]
Description of minimum invest	Company is required to invest in a minimum of 20 shares of the common stock of ACBB’s parent company, ACBI.
CFSG [Member]
Ownership interest	100%

Investment Securities (Details)

Investment Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost	$ 219,079,904	$ 183,819,638
Gross Unrealized Gains	110,541	445,806
Gross Unrealized Losses	26,272,336	1,922,985
Fair Value	192,918,109	182,342,459
Other investments [Member]
Amortized Cost	2,968,000	6,438,000
Gross Unrealized Gains	0	142,199
Gross Unrealized Losses	76,326	4,394
Fair Value	2,891,674	6,575,805
ABS and OAS [Member]
Amortized Cost	2,929,740	2,131,610
Gross Unrealized Gains	0	82,414
Gross Unrealized Losses	236,134	0
Fair Value	2,693,606	2,214,024
Agency mortgage-backed securities (Agency MBS) [Member]
Amortized Cost	135,193,097	128,291,487
Gross Unrealized Gains	69,447	184,002
Gross Unrealized Losses	20,030,945	1,342,968
Fair Value	115,231,599	127,132,521
CMO [Member]
Amortized Cost	12,278,033	1,451,349
Gross Unrealized Gains	581	0
Gross Unrealized Losses	342,689	30,891
Fair Value	11,935,925	1,420,458
Taxable municipal securities
Amortized Cost	300,000	300,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	65,142	1,267
Fair Value	234,858	298,733
Tax-exempt municipal securities
Amortized Cost	12,042,410	830,279
Gross Unrealized Gains	40,513	1,167
Gross Unrealized Losses	759,356	67
Fair Value	11,323,567	831,379
U.S. GSE debt securities [Member]
Amortized Cost	12,000,000	12,001,978
Gross Unrealized Gains	0	36,024
Gross Unrealized Losses	1,624,709	209,504
Fair Value	10,375,291	11,828,498
U.S. Government securities [Member]
Amortized Cost	41,368,624	32,374,935
Gross Unrealized Gains	0	0
Gross Unrealized Losses	3,137,035	333,894
Fair Value	$ 38,231,589	$ 32,041,041

Investment Securities (Details

Investment Securities (Details 1) - U.S. GSE debt securities, Agency MBS, ABS and OAS, CMO and CDs [Member] - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost	$ 55,899,113	$ 63,045,599
Fair Value	$ 46,789,284	$ 62,256,702

Investment Securities (Detail_2

Investment Securities (Details 2) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Total, Fair Value	$ 192,918,109	$ 182,342,459
Available for sale Securities [Member]
Due In One Year Or Less, Amortized Cost	1,976,000
Due From One To Five Years, Amortized Cost	58,875,224
Due From Five To Ten Years, Amortized Cost	8,631,626
Due After Ten Years, Amortized Cost	14,403,957
Agency Mbs, Amortized Cost	135,193,097
Total, Amortized Cost	219,079,904
Due In One Year Or Less, Fair Value	1,966,767
Due From One To Five Years, Fair Value	54,736,949
Due From Five To Ten Years, Fair Value	7,591,761
Due After Ten Years, Fair Value	13,391,033
Agency Mbs, Fair Value	115,231,599
Total, Fair Value	$ 192,918,109

Investment Securities (Detail_3

Investment Securities (Details 3)	Dec. 31, 2022 USD ($) integer	Dec. 31, 2021 USD ($) integer
Fair Value Less Than 12 Months	$ 44,811,508	$ 147,512,619
Unrealized Loss Less Than 12 Months	2,267,236	1,629,983
Fair Value 12 Months Or More	141,045,975	10,730,872
Unrealized Loss 12 Months Or More	$ 24,005,100	$ 293,002
Number Of Securities | integer	230	144
Fair Value	$ 185,857,483	$ 158,243,491
Unrealized Loss	26,272,336	1,922,985
Other investments [Member]
Fair Value Less Than 12 Months	2,451,892	491,606
Unrealized Loss Less Than 12 Months	20,108	4,394
Fair Value 12 Months Or More	439,782	0
Unrealized Loss 12 Months Or More	$ 56,218	$ 0
Number Of Securities | integer	12	2
Fair Value	$ 2,891,674	$ 491,606
Unrealized Loss	76,326	4,394
ABS and OAS [Member]
Fair Value Less Than 12 Months	2,693,606
Unrealized Loss Less Than 12 Months	236,134
Fair Value 12 Months Or More	0
Unrealized Loss 12 Months Or More	$ 0
Number Of Securities | integer	4
Fair Value	$ 2,693,606
Unrealized Loss	236,134
U.S. GSE debt securities [Member]
Fair Value Less Than 12 Months	2,723,388	5,869,117
Unrealized Loss Less Than 12 Months	276,611	130,883
Fair Value 12 Months Or More	7,651,903	1,921,379
Unrealized Loss 12 Months Or More	$ 1,348,098	$ 78,621
Number Of Securities | integer	11	7
Fair Value	$ 10,375,291	$ 7,790,496
Unrealized Loss	1,624,709	209,504
Agency mortgage-backed securities (Agency MBS) [Member]
Fair Value Less Than 12 Months	14,541,901	107,061,452
Unrealized Loss Less Than 12 Months	810,356	1,128,587
Fair Value 12 Months Or More	97,718,436	8,809,493
Unrealized Loss 12 Months Or More	$ 19,220,589	$ 214,381
Number Of Securities | integer	120	84
Fair Value	$ 112,260,337	$ 115,870,945
Unrealized Loss	20,030,945	1,342,968
CMO [Member]
Fair Value Less Than 12 Months	8,954,323	1,420,458
Unrealized Loss Less Than 12 Months	232,398	30,891
Fair Value 12 Months Or More	1,014,910	0
Unrealized Loss 12 Months Or More	$ 110,291	$ 0
Number Of Securities | integer	9	3
Fair Value	$ 9,969,233	$ 1,420,458
Unrealized Loss	342,689	30,891
U.S. Government securities
Fair Value Less Than 12 Months	4,837,891	32,041,041
Unrealized Loss Less Than 12 Months	169,501	333,894
Fair Value 12 Months Or More	33,393,698	0
Unrealized Loss 12 Months Or More	$ 2,967,534	$ 0
Number Of Securities | integer	54	46
Fair Value	$ 38,231,589	$ 32,041,041
Unrealized Loss	3,137,035	333,894
Taxable municipal securities
Fair Value Less Than 12 Months	0	298,733
Unrealized Loss Less Than 12 Months	0	1,267
Fair Value 12 Months Or More	234,858	0
Unrealized Loss 12 Months Or More	$ 65,142	$ 0
Number Of Securities | integer	1	1
Fair Value	$ 234,858	$ 298,733
Unrealized Loss	65,142	1,267
Tax-exempt municipal securities
Fair Value Less Than 12 Months	8,608,507	330,212
Unrealized Loss Less Than 12 Months	522,128	67
Fair Value 12 Months Or More	592,388	0
Unrealized Loss 12 Months Or More	$ 237,228	$ 0
Number Of Securities | integer	19	1
Fair Value	$ 9,200,895	$ 330,212
Unrealized Loss	$ 759,356	$ 67

Investment Securities (Detail_4

Investment Securities (Details Narrative)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2018 USD ($) integer
Proceeds from redemption of restricted equity securities	$ 43,500	$ 141,500
Investment	733,600	756,300
Investment	20,800	129,400
Restricted equity securities, at cost	1,411,750	1,434,450
FRBB [Member]
Investment	588,150	588,150
FHLBB [Member]
Investment	20,800	129,400
ACBB [Member]
Restricted equity securities, at cost	$ 90,000	$ 90,000
Numbers of shares purchased | integer			20
Purchase price of shares			$ 90,000

Loans Allowance for Loan Loss_3

Loans Allowance for Loan Losses and Credit Quality (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Loans Allowance for Loan Losses and Credit Quality
Commercial & Industrial	$ 112,951,873	$ 111,125,622
Purchased loans	7,530,458	9,807,848
Commercial Real Estate	356,892,986	300,958,931
Municipal	34,633,055	47,955,231
Residential Real Estate - 1st Lien	198,743,375	181,316,345
Residential Real Estate - Jr Lien	33,756,872	34,359,864
Consumer	4,039,989	4,464,692
Total Loans	$ 748,548,608	$ 689,988,533
Composition of Commercial & Industrial loan	15.09%	16.10%
Composition of Purchased loans	1%	1.42%
Composition of commercial Real Estate	47.68%	43.62%
Composition of municipal	4.63%	6.95%
Composition of residential Real Estate - 1st Lien	26.55%	26.28%
Composition of residential Real Estate - Jr Lien	4.51%	4.98%
Composition of consumer	0.54%	0.65%
Total Loan percentage	100%	100%
Deduct (add):
Allowance for loan losses	$ (8,709,225)	$ (7,710,256)
Deferred net loan costs (fees)	493,275	(37,972)
Net Loans	$ 740,332,658	$ 682,240,305

Loans Allowance for Loan Loss_4

Loans Allowance for Loan Losses and Credit Quality (Details 1) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
30-89 Days	$ 5,631,089	$ 2,135,203
90 Days Or More	1,899,792	3,095,765
Total Past Due	7,530,881	5,230,968
Current	741,017,727	684,757,565
Total Loans	748,548,608	689,988,533
Non-accrual Loans	7,890,020	5,940,629
90 Days Or More And Accruing	573,084	593,303
Commercial Real Estates [Member]
30-89 Days	1,395,444	49,450
90 Days Or More	353,842	2,400,514
Total Past Due	1,749,286	2,449,964
Current	355,143,700	298,508,967
Total Loans	356,892,986	300,958,931
Non-accrual Loans	3,180,478	4,517,839
90 Days Or More And Accruing	324,927	0
Residential real estate - 1st lien [Member]
30-89 Days	1,517,653	1,190,300
90 Days Or More	641,141	608,775
Total Past Due	2,158,794	1,799,075
Current	196,584,581	179,517,270
Total Loans	198,743,375	181,316,345
Non-accrual Loans	1,136,330	1,180,563
90 Days Or More And Accruing	248,157	506,827
Commercial & industrial [Member]
30-89 Days	2,377,668	833,875
90 Days Or More	879,802	0
Total Past Due	3,257,470	833,875
Current	109,694,403	110,291,747
Total Loans	112,951,873	111,125,622
Non-accrual Loans	3,442,124	98,661
90 Days Or More And Accruing	0	0
Purchased Loan [Member]
30-89 Days	0	0
90 Days Or More	0	0
Total Past Due	0	0
Current	7,530,458	9,807,848
Total Loans	7,530,458	9,807,848
Non-accrual Loans	0	0
90 Days Or More And Accruing	0	0
Municipal [Member]
30-89 Days	0	0
90 Days Or More	0	0
Total Past Due	0	0
Current	34,633,055	47,955,231
Total Loans	34,633,055	47,955,231
Non-accrual Loans	0	0
90 Days Or More And Accruing	0	0
Residential real estate - Jr lien [Member]
30-89 Days	321,579	51,837
90 Days Or More	25,007	86,476
Total Past Due	346,586	138,313
Current	33,410,286	34,221,551
Total Loans	33,756,872	34,359,864
Non-accrual Loans	131,088	143,566
90 Days Or More And Accruing	0	86,476
Consumer [Member]
30-89 Days	18,745	9,741
90 Days Or More	0	0
Total Past Due	18,745	9,741
Current	4,021,244	4,454,951
Total Loans	4,039,989	4,464,692
Non-accrual Loans	0	0
90 Days Or More And Accruing	$ 0	$ 0

Loans Allowance for Loan Loss_5

Loans Allowance for Loan Losses and Credit Quality (Details 2)	Dec. 31, 2022 USD ($) integer	Dec. 31, 2021 USD ($) integer
Loans Allowance for Loan Losses and Credit Quality
Residential Mortgage Loans In Process Of Foreclosure, Number Of Loans | integer	1	5
Residential Mortgage Loans In Process Of Foreclosure, Current Balance | $	$ 19,746	$ 195,082

Loans Allowance for Loan Loss_6

Loans Allowance for Loan Losses and Credit Quality (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Allowance For Loan Losses, Beginning Balance	$ 7,710,256	$ 7,208,485
Charge-offs	(807,974)	(227,202)
Recoveries	828,943	104,808
Provision For Loan Losses	978,000	624,165
Allowance For Loan Losses, Ending balance	8,709,225	7,710,256
Allowance For Loan Losses, Evaluated For Impairment, Individually	108,602	79,978
Allowance For Loan Losses Evaluated For Impairment, Collectively	8,600,623	7,630,278
Total All Evaluted For Impairment	8,709,225	7,710,256
Total All Evaluted Value For Impairment	102,189	539,117
Loans Evaluated For Impairment, Individually	10,512,387	8,456,162
Loans Evaluated For Impairment Collectively	738,036,221	681,532,371
Total, Loans Evaluted For Impairment	748,548,608	689,988,533
Unallocated [Member]
Allowance For Loan Losses, Beginning Balance	539,117	398,913
Charge-offs	0	0
Recoveries	0	0
Provision For Loan Losses	(436,928)	140,204
Allowance For Loan Losses, Ending balance	102,189	539,117
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	102,189	539,117
Commercial Real Estates [Member]
Allowance For Loan Losses, Beginning Balance	4,151,760	3,854,153
Charge-offs	(667,474)	(22,000)
Recoveries	667,474	27,160
Provision For Loan Losses	910,053	292,447
Allowance For Loan Losses, Ending balance	5,061,813	4,151,760
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	5,061,813	4,151,760
Total All Evaluted For Impairment	5,061,813	4,151,760
Loans Evaluated For Impairment, Individually	3,176,835	4,553,734
Loans Evaluated For Impairment Collectively	353,716,151	296,405,197
Total, Loans Evaluted For Impairment	356,892,986	300,958,931
Residential real estate - 1st lien [Member]
Allowance For Loan Losses, Beginning Balance	1,765,892	1,735,304
Charge-offs	0	(98,704)
Recoveries	111,763	7,636
Provision For Loan Losses	124,181	121,656
Allowance For Loan Losses, Ending balance	2,001,836	1,765,892
Allowance For Loan Losses, Evaluated For Impairment, Individually	106,280	79,978
Allowance For Loan Losses Evaluated For Impairment, Collectively	1,895,556	1,685,914
Total All Evaluted For Impairment	2,001,836	1,765,892
Loans Evaluated For Impairment, Individually	3,816,012	3,720,503
Loans Evaluated For Impairment Collectively	194,927,363	177,595,842
Total, Loans Evaluted For Impairment	198,743,375	181,316,345
Commercial & industrial [Member]
Allowance For Loan Losses, Beginning Balance	870,392	778,287
Charge-offs	(76,875)	(18,847)
Recoveries	14,112	4,761
Provision For Loan Losses	308,693	106,191
Allowance For Loan Losses, Ending balance	1,116,322	870,392
Allowance For Loan Losses, Evaluated For Impairment, Individually	2,322	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	1,114,000	870,392
Total All Evaluted For Impairment	1,116,322	870,392
Loans Evaluated For Impairment, Individually	3,442,124	93,362
Loans Evaluated For Impairment Collectively	109,509,749	111,032,260
Total, Loans Evaluted For Impairment	112,951,873	111,125,622
Purchased Loan [Member]
Allowance For Loan Losses, Beginning Balance	68,655	64,260
Charge-offs	0	0
Recoveries	0	0
Provision For Loan Losses	(15,565)	4,395
Allowance For Loan Losses, Ending balance	53,090	68,655
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	53,090	68,655
Total All Evaluted For Impairment	53,090	68,655
Loans Evaluated For Impairment, Individually	0	0
Loans Evaluated For Impairment Collectively	7,530,458	9,807,848
Total, Loans Evaluted For Impairment	7,530,458	9,807,848
Municipal [Member]
Allowance For Loan Losses, Beginning Balance	76,728	82,211
Charge-offs	0	0
Recoveries	0	0
Provision For Loan Losses	(14,389)	(5,483)
Allowance For Loan Losses, Ending balance	62,339	76,728
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	62,339	76,728
Total All Evaluted For Impairment	62,339	76,728
Loans Evaluated For Impairment, Individually	0	0
Loans Evaluated For Impairment Collectively	34,633,055	47,955,231
Total, Loans Evaluted For Impairment	34,633,055	47,955,231
Residential real estate - Jr lien [Member]
Allowance For Loan Losses, Beginning Balance	182,014	234,896
Charge-offs	0	0
Recoveries	5,089	10,821
Provision For Loan Losses	54,847	(63,703)
Allowance For Loan Losses, Ending balance	241,950	182,014
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	241,950	182,014
Total All Evaluted For Impairment	241,950	182,014
Loans Evaluated For Impairment, Individually	77,416	88,563
Loans Evaluated For Impairment Collectively	33,679,456	34,271,301
Total, Loans Evaluted For Impairment	33,756,872	34,359,864
Consumer [Member]
Allowance For Loan Losses, Beginning Balance	55,698	60,461
Charge-offs	(63,625)	(87,651)
Recoveries	30,505	54,430
Provision For Loan Losses	47,108	28,458
Allowance For Loan Losses, Ending balance	69,686	55,698
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	69,686	55,698
Total All Evaluted For Impairment	69,686	55,698
Loans Evaluated For Impairment, Individually	0	0
Loans Evaluated For Impairment Collectively	4,039,989	4,464,692
Total, Loans Evaluted For Impairment	$ 4,039,989	$ 4,464,692

Loans Allowance for Loan Loss_7

Loans Allowance for Loan Losses and Credit Quality (Details 4) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Recorded Investment Allowance Recorded	$ 10,523,904	$ 8,489,239
Unpaid Principal Balance Allowance Recorded	12,217,992	10,149,243
Related Allowance With An Allowance Recorded	108,602	79,978
Interest Income Recognized	358,540	387,912
Average Recorded Investment Allowance Recorded	9,068,772	7,355,724
Total Related Allowance
Related Allowance With An Allowance Recorded	108,602	79,978
Recorded Investment With An Allowance Recorded	1,494,693	702,586
Unpaid Principal Balance With An Allowance Recorded	1,536,095	716,118
Average Recorded Investment With An Allowance Recorded	1,315,804	861,576
Interest Income Recognized With An Allowance Recorded	64,479	61,012
Total No Related Allowance
Recorded Investment With No Related Allowance Recorded	9,029,211	7,786,653
Unpaid Principal Balance With No Related Allowance Recorded	10,681,897	9,433,125
Interest Income Recognized With No Related Allowance Recorded	294,061	326,900
Average Recorded Investment With No Related Allowance Recorded	7,752,968	6,494,148
Commercial Real Estates [Member]
Recorded Investment With No Related Allowance Recorded	3,176,962	4,554,074
Unpaid Principal Balance With No Related Allowance Recorded	3,671,196	5,108,557
Average Recorded Investment With An Allowance Recorded	49,942
Interest Income Recognized With An Allowance Recorded	0
Interest Income Recognized With No Related Allowance Recorded	115,651	120,996
Average Recorded Investment With No Related Allowance Recorded	3,680,783	2,747,193
Residential real estate - 1st lien [Member]
Related Allowance With An Allowance Recorded	106,280	79,978
Recorded Investment With An Allowance Recorded	1,041,730	702,586
Unpaid Principal Balance With An Allowance Recorded	1,073,350	716,118
Recorded Investment With No Related Allowance Recorded	2,785,669	3,050,647
Unpaid Principal Balance With No Related Allowance Recorded	3,805,682	4,076,352
Average Recorded Investment With An Allowance Recorded	983,944	858,124
Interest Income Recognized With An Allowance Recorded	64,479	60,769
Interest Income Recognized With No Related Allowance Recorded	177,892	205,514
Average Recorded Investment With No Related Allowance Recorded	2,808,989	3,331,971
Commercial & industrial [Member]
Related Allowance With An Allowance Recorded	2,322
Recorded Investment With An Allowance Recorded	452,963
Unpaid Principal Balance With An Allowance Recorded	462,745
Recorded Investment With No Related Allowance Recorded	2,989,161	93,362
Unpaid Principal Balance With No Related Allowance Recorded	3,078,769	115,414
Average Recorded Investment With An Allowance Recorded	281,412
Interest Income Recognized With An Allowance Recorded	0
Interest Income Recognized With No Related Allowance Recorded	204	204
Average Recorded Investment With No Related Allowance Recorded	1,180,935	290,181
Residential real estate - Jr lien [Member]
Recorded Investment With No Related Allowance Recorded	77,419	88,570
Unpaid Principal Balance With No Related Allowance Recorded	126,250	132,802
Average Recorded Investment With An Allowance Recorded	506	3,452
Interest Income Recognized With An Allowance Recorded	0	243
Interest Income Recognized With No Related Allowance Recorded	314	186
Average Recorded Investment With No Related Allowance Recorded	$ 82,261	$ 124,803

Loans Allowance for Loan Loss_8

Loans Allowance for Loan Losses and Credit Quality (Details 5) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Group A	$ 727,442,144	$ 667,382,286
Group B	9,051,060	7,243,419
Group C	12,055,404	15,362,828
Total Loans	748,548,608	689,988,533
Commercial Real Estates [Member]
Group A	347,732,935	285,732,365
Group B	2,754,649	6,550,335
Group C	6,405,402	8,676,231
Total Loans	356,892,986	300,958,931
Residential real estate - 1st lien [Member]
Group A	195,269,893	177,456,149
Group B	0	0
Group C	3,473,482	3,860,196
Total Loans	198,743,375	181,316,345
Commercial & industrial [Member]
Group A	104,697,047	107,799,925
Group B	6,296,411	693,084
Group C	1,958,415	2,632,613
Total Loans	112,951,873	111,125,622
Purchased Loan [Member]
Group A	7,530,458	9,807,848
Group B	0	0
Group C	0	0
Total Loans	7,530,458	9,807,848
Municipal [Member]
Group A	34,633,055	47,955,231
Group B	0	0
Group C	0	0
Total Loans	34,633,055	47,955,231
Residential real estate - Jr lien [Member]
Group A	33,538,767	34,166,076
Group B	0	0
Group C	218,105	193,788
Total Loans	33,756,872	34,359,864
Consumer [Member]
Group A	4,039,989	4,464,692
Group B	0	0
Group C	0	0
Total Loans	$ 4,039,989	$ 4,464,692

Loans Allowance for Loan Loss_9

Loans Allowance for Loan Losses and Credit Quality (Details 6)	12 Months Ended
	Dec. 31, 2022 USD ($) integer	Dec. 31, 2021 USD ($) integer
Number Of Contracts Modified As Tdrs | integer		4
Pre-modification Outstanding Recorded Investment		$ 3,262,160
Post-modification Outstanding Recorded Investment		$ 3,262,160
Commercial Loan [Member]
Number Of Contracts Modified As Tdrs | integer		1
Pre-modification Outstanding Recorded Investment		$ 41,751
Post-modification Outstanding Recorded Investment		$ 41,751
Commercial Real Estates [Member]
Number Of Contracts Modified As Tdrs | integer		2
Pre-modification Outstanding Recorded Investment		$ 3,153,402
Post-modification Outstanding Recorded Investment		$ 3,153,402
Residential real estate - 1st lien [Member]
Number Of Contracts Modified As Tdrs | integer	2	1
Pre-modification Outstanding Recorded Investment	$ 562,592	$ 67,007
Post-modification Outstanding Recorded Investment	$ 562,592	$ 67,007

Loans Allowance for Loan Los_10

Loans Allowance for Loan Losses and Credit Quality (Details 7)	12 Months Ended
	Dec. 31, 2021 USD ($) integer
Total Contracts | integer	3
Total Recorded Investment | $	$ 3,119,811
Commercial & industrial [Member]
Number Of Contracts | integer	1
Recorded Investment | $	$ 38,001
Commercial Real Estate [Member]
Number Of Contracts | integer	2
Recorded Investment | $	$ 3,081,810

Loans Allowance for Loan Los_11

Loans Allowance for Loan Losses and Credit Quality (Details 8) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Loans Allowance for Loan Losses and Credit Quality
Specific Allocation	$ 106,280	$ 79,978

Loans Allowance for Loan Los_12

Loans Allowance for Loan Losses and Credit Quality (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Loans Allowance for Loan Losses and Credit Quality
Modified loans related to covid-19	$ 84,500,000
Accrued Interest Receivable And Deferred Net Loan Costs	$ 11,517	$ 33,077

Loan Servicing (Details)

Loan Servicing (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loan Servicing
Balance at beginning of year	$ 897,720	$ 922,146
MSRs capitalized	120,629	147,328
MSRs amortized	(155,756)	(225,404)
Change in valuation allowance	0	53,650
Balance at end of year	$ 862,593	$ 897,720

Loan Servicing (Details Narrati

Loan Servicing (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loan Servicing
Unpaid principal balances of mortgage loans serviced for others	$ 142,567,853	$ 151,198,760
Net gain realized on the sale of loans	237,881	540,540
Proceeds on loan sales	$ 12,865,842	$ 18,103,002

Bank Premises and Equipment (De

Bank Premises and Equipment (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Bank Premises and Equipment
Buildings and improvements	$ 10,674,714	$ 10,503,322
Land and land improvements	2,856,017	2,663,549
Furniture and equipment	6,262,893	6,067,181
Leasehold improvements	875,797	824,605
Finance lease	4,018,377	4,018,377
Operating leases	1,417,859	1,417,859
Other prepaid assets	5,820	102,365
Bank premises and equipment, gross	26,111,477	25,597,258
Less accumulated depreciation and amortization	(13,069,009)	(11,829,930)
Bank premises and equipment, net	$ 13,042,468	$ 13,767,328

Leases (Details)

Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease cost	$ 209,697	$ 209,667
Amortization of right-of-use assets	227,279	188,327
Interest on lease liabilities	86,028	71,337
Variable rent expense	0	19,798
Total finance lease cost	$ 313,307	$ 279,462

Leases (Details 1)

Leases (Details 1) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
Operating lease right-of-use assets	$ 653,832	$ 852,514
Operating lease liabilities	658,401	863,566
Finance Leases
Finance lease right-of-use assets	3,625,326	3,852,605
Finance lease liabilities	$ 3,644,828	$ 3,857,883

Leases (Details 2)

Leases (Details 2)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Weighted average remaining lease term - operating leases	2 years 8 months 12 days	3 years 8 months 12 days
Weighted average remaining lease term - finance leases	15 years 8 months 12 days	16 years 8 months 12 days
Weighted average discount rate - operating leases	1.28%	1.28%
Weighted average discount rate - finance leases	2.29%	2.29%

Leases (Details 3)

Leases (Details 3)	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 223,432
2024	199,648
2025	154,659
2026	99,165
Total	$ 676,904

Leases (Details 4)

Leases (Details 4)	Dec. 31, 2022 USD ($)
Finance Leases
2023	$ 300,928
2024	302,819
2025	304,758
2026	311,451
2027	320,076
Subsequent to 2027	2,761,314
Total	4,301,346
Less amount representing interest	(656,518)
Present value of net minimum lease payments	$ 3,644,828

Leases (Details 5)

Leases (Details 5) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Leases
Undiscounted cash flows, Operating Lease	$ 676,904
Undiscounted cash flows, Finance Leases	4,301,346
Discount effect of cash flows, Operating Leases	(18,503)
Discount effect of cash flows, Finance Leases	(656,518)
Lease liabilities, Operating Leases	658,401
Recognized income tax, Finance Leases	$ 3,644,828	$ 3,857,883

Leases (Details Narrative)

Leases (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Rent expense excluded operating lease cost	$ 14,142	$ 22,498
Lease term	18 years

Goodwill (Details Narrative)

Goodwill (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2007
Goodwill	$ 11,574,269	$ 11,574,269
LyndonBank [Member]
Goodwill			$ 11,574,269

Other Investments (Details Narr

Other Investments (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Amortization expense	$ 268,714	$ 363,048
Carrying Value Limited Partnerships Investment	4,394,959	2,062,673
LimitedPartnership
Tax Credits	389,911	468,054
CFS
Investment in other assets	3,756,994	3,172,023
Income	$ 584,971	$ 951,605

Deposits (Details)

Deposits (Details)	Dec. 31, 2022 USD ($)
Deposits
2023	$ 65,651,974
2024	15,657,066
2025	4,605,036
2026	10,603,273
2027	5,121,310
Total	$ 101,638,659

Deposits (Details Narrative)

Deposits (Details Narrative)	Dec. 31, 2022 USD ($)
Deposits
FDIC insurance amount	$ 331,530,619

Borrowed Funds (Details)

Borrowed Funds (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Long-term advances	$ 1,300,000	$ 1,300,000
FHLBB term advance One
Long-term advances	200,000	200,000
FHLBB term advance Two
Long-term advances	300,000	300,000
FHLBB term advance Three
Long-term advances	$ 800,000	$ 800,000

Borrowed Funds (Details Narrati

Borrowed Funds (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Line of credit with correspondent bank	$ 20,500,000	$ 20,500,000
FRBB [Member]
Potential borrowing capacity	56,070,032	52,260,374
FHLBB [Member]
Line of credit with correspondent bank	500,000	500,000
Qualified collateral borrowing	160,543,731	134,211,623
Potential borrowing capacity	112,339,573	100,230,091
Letters of credit collateral deposits	52,400,000	59,875,000
Fees paid for issuance of letters of credit	$ 58,824	$ 60,606

Junior Subordinated Debentures

Junior Subordinated Debentures (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Junior Subordinated Debentures
Junior subordinated debentures	$ 12,887,000	$ 12,887,000
Floating rate	4.39%	3.01%
Debt maturity date		December 15, 2037
Interest paid on the debentures	$ 573,603	$ 393,105
Capital contributions	387,000	387,000
Capital securities, principal amount	$ 12,500,000	$ 12,500,000

Repurchase Agreements (Details)

Repurchase Agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Repurchase Agreements
Period end balance	$ 33,077,829	$ 32,609,875
Average balance	31,285,927	28,349,896
Highest month-end balance	$ 34,974,510	$ 39,288,875
Weighted average interest rate	0.53%	0.31%
Amortized cost - Pledged investments	$ 55,899,113	$ 63,045,599
Fair Value - Pledged investments	$ 46,789,284	$ 62,256,702

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Currently paid or payable	$ 3,253,913	$ 3,059,462
Deferred (benefit) expense	(118,587)	(76,374)
Total income tax expense	$ 3,135,326	$ 2,983,088

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Computed expense at statutory rates	$ 3,543,806	$ 3,385,499
Tax exempt interest and BOLI	(243,121)	(228,773)
Disallowed interest	6,205	6,290
Partnership rehabilitation and tax credits	(389,911)	(468,054)
Low income housing investment amortization expense	212,284	286,808
Other	6,063	1,318
Income tax expense	$ 3,135,326	$ 2,983,088

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred tax (benefit) expense	$ (118,587)	$ (76,374)
Deferred Income Tax Charges [Member]
Depreciation	22,316	66,603
Mortgage servicing rights	(7,377)	(5,129)
Deferred compensation	0	2,246
Bad debts	(209,783)	(105,372)
Limited partnership amortization	61,442	57,387
Investment in CFS Partners	(90,527)	35,651
Deferred SBA PPP fees	102,702	(108,668)
Prepaid expenses	34,467	(5,384)
Other	(31,827)	(13,708)
Deferred tax (benefit) expense	$ (118,587)	$ (76,374)

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Components of the deferred tax asset:
Bad debts	$ 1,828,937	$ 1,619,154
Deferred compensation	6,930	6,930
Contingent liability - MPF program	17,838	17,838
Finance lease	47,305	19,044
Operating lease	959	0
Deferred SBA PPP fees	5,966	108,668
Unrealized loss on debt securities AFS	5,493,977	310,208
Other	22,008	22,716
Total deferred tax asset	7,423,920	2,104,558
Components of the deferred tax liability:
Depreciation	483,484	461,168
Limited partnerships	156,394	94,952
Mortgage servicing rights	181,144	188,521
Investment in CFS Partners	29,586	120,113
Operating lease	0	3,315
Prepaid expenses	108,893	74,426
Total deferred tax liability	959,501	942,495
Net deferred tax asset	$ 6,464,419	$ 1,162,063

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income tax rate	21%

401(k) and ProfitSharing Plan (

401(k) and ProfitSharing Plan (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
401(k) and ProfitSharing Plan
Pension expense	$ 698,000	$ 692,804

Deferred Compensation Plan fo_2

Deferred Compensation Plan for Certain Directors (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Directors Deferred Compensation Plan
Benefits accrued with the plan	$ 33,000	$ 33,000

Financial Instruments with Of_3

Financial Instruments with Off-Balance-Sheet Risk (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments with Off-Balance-Sheet Risk
Unused portions of home equity lines of credit	$ 37,621,050	$ 36,281,001
Residential and commercial construction lines of credit	21,388,121	6,731,575
Commercial real estate commitments	63,719,882	47,804,534
Commercial and industrial commitments	64,482,470	56,382,838
Other commitments to extend credit	45,724,309	43,227,424
Standby letters of credit and commercial letters of credit	5,343,050	2,108,050
Recourse on sale of credit card portfolio	310,805	305,305
MPF credit enhancement obligation, net (See Note 16)	$ 267,408	$ 552,158

Financial Instruments with Of_4

Financial Instruments with Off-Balance-Sheet Risk (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments with Off-Balance-Sheet Risk
Binding loan commitments total amount	$ 629,550	$ 1,906,200
Junior subordinated debentures	12,887,000	12,887,000
Payment obligations	12,500,000
External financing	$ 12,500,000	$ 12,500,000

Contingent Liability (Details N

Contingent Liability (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Contingent Liability
Loans sold through the MPF program	$ 19,961,469	$ 22,916,680
Notional amount of the maximum CEO	352,352	637,102
Accrued contingent liability	$ 84,944	$ 84,944

Transactions with Related Par_3

Transactions with Related Parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Transactions with Related Parties
Balance, beginning of year	$ 16,072,431	$ 16,774,535
Loans - New Directors	2,274,378	0
New loans to existing Principal Officers/Directors	5,091,531	1,902,000
Repayment	(7,720,758)	(2,604,104)
Balance, end of year	$ 15,717,582	$ 16,072,431

Transactions with Related Par_4

Transactions with Related Parties (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Transactions with Related Parties
Total deposits with related parties	$ 17,015,285	$ 9,220,641
Amount paid to CFSG	$ 53,231	$ 65,550

Restrictions on Cash and Due _2

Restrictions on Cash and Due From Banks (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Restrictions on Cash and Due From Banks
Contracted balances with other correspondent banks	$ 500,000	$ 9,000,000

Regulatory Capital Requiremen_3

Regulatory Capital Requirements (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Company [Member]
Common equity tier 1 capital to risk-weighted assets amount	$ 82,770,000	$ 72,853,000
Common equity tier 1 capital to risk-weighted assets ratio	11.74	11.90
Tier I capital to risk-weighted assets amount	$ 97,157,000	$ 87,240,000
Tier I capital to risk-weighted assets ratio	13.78	14.25
Total capital to risk-weighted assets amount	$ 105,971,000	$ 94,894,000
Total capital to risk-weighted assets ratio	15.03	15.50
Tier I capital to average assets amount	$ 97,157,000	$ 87,240,000
Tier I capital to average assets ratio	9.24	8.79
Common equity tier 1 capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 31,731,000	$ 27,548,000
Common equity tier 1 capital to risk-weighted assets Minimum for capital adequacy purposes ratio	4.50	4.50
Tier I capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 42,308,000	$ 36,731,000
Tier I capital to risk-weighted assets minimum for capital adequacy purposes ratio	6	6
Total capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 56,410,000	$ 48,975,000
Total capital to risk-weighted assets Minimum for capital adequacy purposes ratio	8	8
Tier I capital to average assets Minimum for capital adequacy purposes amount	$ 42,047,000	$ 39,719,000
Tier I capital to average assets minimum for capital adequacy purposes ratio	4	4
Common equity tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	0	0
Tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	0%	0%
Total capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	0	0
Tier I capital to average assets minimum to be well capitalized under prompt corrective action provisions ratio	0	0
Common equity tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 49,359,000	$ 42,853,000
Common equity tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer ratio	7%	7%
Tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 59,936,000	$ 52,036,000
Tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer ratio	8.50%	8.50%
Total capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 74,038,000	$ 64,279,000
Total capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer ratio	10.50%	10.50%
Tier 1 capital to average assets minimum for capital adequacy purposes with conservation buffer ratio	0%	0%
Bank [Member]
Common equity tier 1 capital to risk-weighted assets amount	$ 96,112,000	$ 86,654,000
Common equity tier 1 capital to risk-weighted assets ratio	13.64	14.17
Tier I capital to risk-weighted assets amount	$ 96,112,000	$ 86,654,000
Tier I capital to risk-weighted assets ratio	13.64	14.17
Total capital to risk-weighted assets amount	$ 104,918,000	$ 94,301,000
Total capital to risk-weighted assets ratio	14.89	15.42
Tier I capital to average assets amount	$ 96,112,000	$ 86,654,000
Tier I capital to average assets ratio	9.15	8.73
Common equity tier 1 capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 31,703,000	$ 27,522,000
Common equity tier 1 capital to risk-weighted assets Minimum for capital adequacy purposes ratio	4.50	4.50
Tier I capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 42,270,000	$ 36,696,000
Tier I capital to risk-weighted assets minimum for capital adequacy purposes ratio	6	6
Total capital to risk-weighted assets Minimum for capital adequacy purposes ratio	8	8
Tier I capital to average assets Minimum for capital adequacy purposes amount	$ 42,025,000	$ 39,698,000
Tier I capital to average assets minimum for capital adequacy purposes ratio	4	4
Common equity tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	6.50	6.50
Tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	8%	8%
Total capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	10	10
Tier I capital to average assets minimum to be well capitalized under prompt corrective action provisions ratio	5	5
Common equity tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 49,315,000	$ 42,812,000
Common equity tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer ratio	7%	7%
Tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 59,883,000	$ 51,986,000
Tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer ratio	8.50%	8.50%
Total capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 73,973,000	$ 64,218,000
Total capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer ratio	10.50%	10.50%
Tier 1 capital to average assets minimum for capital adequacy purposes with conservation buffer ratio	0%	0%
Total capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 56,361,000	$ 48,928,000
Common equity tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions amount	45,793,000	39,754,000
Tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions amount	56,361,000	48,928,000
Total capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions amount	70,451,000	61,160,000
Tier I capital to average assets minimum to be well capitalized under prompt corrective action provisions amount	52,531,000	49,622,000
Tier 1 capital to average assets minimum for capital adequacy purposes with conservation buffer amount	$ 0	$ 0

Regulatory Capital Requiremen_4

Regulatory Capital Requirements (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Consolidated assets, total		$ 10,000,000,000
Preferred securities ratio		25%
Conservation buffer	2.50%	2.50%
Capital conservation buffers for company	7.03%	7.50%
Capital conservation buffers for bank	6.89%	7.42%
Preferred stock, liquidation value	$ 100,000	$ 100,000
Non-Cumulative Series A Preferred Stock [Member]
Preferred stock, liquidation value	$ 1,500,000	$ 1,500,000
Bank [Member]
Conservation buffer	2.50%	2.50%

Fair Value (Details)

Fair Value (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 192,918,109	$ 182,342,459
Fair Value Level 1 | U.S. Government securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	38,231,589	32,041,041
Fair Value Level 2
Assets: (market approach)
Assets recorded at fair value on a recurring basis	154,686,520	150,301,418
Fair Value Level 2 | Other investments
Assets: (market approach)
Assets recorded at fair value on a recurring basis	2,891,674	6,575,805
Fair Value Level 2 | Taxable municipal securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	234,858	298,733
Fair Value Level 2 | Tax-exempt municipal securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	11,323,567	831,379
Fair Value Level 2 | U.S. GSE debt securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	10,375,291	11,828,498
Fair Value Level 2 | Agency MBS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	115,231,599	127,132,521
Fair Value Level 2 | ABS and OAS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	2,693,606	2,214,024
Fair Value Level 2 | CMO [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 11,935,925	$ 1,420,458

Fair Value (Details 1)

Fair Value (Details 1) - Fair Value Level 2 - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Impaired loans, net of related allowance	$ 94,458	$ 177,523
Loans held-for-sale	0	339,000
MSRs	$ 862,593	$ 897,720

Fair Value (Details 2)

Fair Value (Details 2) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Purchased loans	$ 7,530,458	$ 9,807,848
Carrying Amount
Cash and cash equivalents	71,140,000	110,359,000
Debt securities AFS	192,918,000	182,342,000
Restricted equity securities	1,412,000	1,434,000
Commercial & industrial	111,792,000	109,574,000
Purchased loans	7,476,000	9,808,000
Commercial real estate	351,738,000	296,528,000
Municipal	34,566,000	47,841,000
Residential real estate - 1st lien	197,281,000	180,271,000
Residential real estate - Jr lien	33,510,000	34,151,000
Consumer	3,970,000	4,406,000
MSRs (1)	863,000	898,000
Accrued interest receivable	3,214,000	2,401,000
Other deposits	922,723,000	879,151,000
Brokered deposits	249,000	249,000
Long-term borrowings	1,300,000	1,300,000
Repurchase agreements	33,078,000	32,610,000
Operating lease obligations	658,000	864,000
Finance lease obligations	3,645,000	3,858,000
Subordinated debentures	12,887,000	12,887,000
Accrued interest payable	74,000	59,000
Fair Value
Cash and cash equivalents	71,140,000	110,359,000
Debt securities AFS	192,918,000	182,342,000
Restricted equity securities	1,412,000	1,434,000
Commercial & industrial	109,534,000	110,284,000
Purchased loans	7,119,000	9,862,000
Commercial real estate	340,283,000	297,368,000
Municipal	34,558,000	49,419,000
Residential real estate - 1st lien	180,944,000	180,451,000
Residential real estate - Jr lien	33,218,000	34,189,000
Consumer	3,949,000	4,436,000
MSRs (1)	1,287,000	995,000
Accrued interest receivable	3,214,000	2,401,000
Other deposits	918,882,000	879,545,000
Brokered deposits	225,000	246,000
Long-term borrowings	1,025,000	1,179,000
Repurchase agreements	33,078,000	32,610,000
Operating lease obligations	658,000	864,000
Finance lease obligations	3,645,000	3,858,000
Subordinated debentures	12,740,000	12,868,000
Accrued interest payable	74,000	59,000
Fair Value Level 2
Cash and cash equivalents	0	0
Debt securities AFS	154,686,000	150,301,000
Restricted equity securities	1,412,000	1,434,000
Commercial & industrial	0	0
Purchased loans	0	0
Commercial real estate	29,000	29,000
Municipal	0	0
Residential real estate - 1st lien	65,000	149,000
Residential real estate - Jr lien	0	0
Consumer	0	0
MSRs (1)	1,287,000	995,000
Accrued interest receivable	3,214,000	2,401,000
Other deposits	918,882,000	879,545,000
Brokered deposits	225,000	246,000
Long-term borrowings	1,025,000	1,179,000
Repurchase agreements	33,078,000	32,610,000
Operating lease obligations	658,000	864,000
Finance lease obligations	3,645,000	3,858,000
Subordinated debentures	12,740,000	12,868,000
Accrued interest payable	74,000	59,000
Fair Value Level 1
Cash and cash equivalents	71,140,000	110,359,000
Debt securities AFS	38,232,000	32,041,000
Restricted equity securities	0	0
Commercial & industrial	0	0
Purchased loans	0	0
Commercial real estate	0	0
Municipal	0	0
Residential real estate - 1st lien	0	0
Residential real estate - Jr lien	0	0
Consumer	0	0
MSRs (1)	0	0
Accrued interest receivable	0	0
Other deposits	0	0
Brokered deposits	0	0
Long-term borrowings	0	0
Repurchase agreements	0	0
Operating lease obligations	0	0
Finance lease obligations	0	0
Subordinated debentures	0	0
Accrued interest payable	0	0
Fair Value Level 3
Cash and cash equivalents	0	0
Debt securities AFS	0	0
Restricted equity securities	0	0
Commercial & industrial	109,534,000	110,284,000
Purchased loans	7,119,000	9,862,000
Commercial real estate	340,254,000	297,339,000
Municipal	34,558,000	49,419,000
Residential real estate - 1st lien	180,879,000	180,302,000
Residential real estate - Jr lien	33,218,000	34,189,000
Consumer	3,949,000	4,436,000
MSRs (1)	0	0
Accrued interest receivable	0	0
Other deposits	0	0
Brokered deposits	0	0
Long-term borrowings	0	0
Repurchase agreements	0	0
Operating lease obligations	0	0
Finance lease obligations	0	0
Subordinated debentures	0	0
Accrued interest payable	$ 0	$ 0

Condensed Financial Informati_3

Condensed Financial Information Parent Company Only (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total assets	$ 1,056,032,147	$ 1,019,105,799
Junior subordinated debentures	12,887,000	12,887,000
Total liabilities	980,855,784	934,345,531
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2021 and 2020 ($100,000 liquidation value, per share)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,587,939 and 5,527,380 shares issued at December 31, 2021 and 2020, respectively (including 14,337 and 18,128 shares issued February 1, 2022 and 2021, respectively)	14,119,275	13,969,848
Additional paid-in capital	36,383,235	35,322,063
Retained earnings	46,464,447	37,758,105
Accumulated other comprehensive loss	(20,667,817)	(1,166,971)
Less: treasury stock, at cost; 210,101 shares at December 31, 2022 and 2021	(2,622,777)	(2,622,777)
Total shareholders' equity	75,176,363	84,760,268	$ 77,288,713
Total liabilities and shareholders' equity	1,056,032,147	1,019,105,799
Parent Company [Member]
Cash	1,372,381	908,042	$ 750,371
Investment in subsidiary - Community National Bank	87,018,360	97,061,296
Investment in Capital Trust	387,000	387,000
Income taxes receivable	223,816	185,439
Total assets	89,001,557	98,541,777
Junior subordinated debentures	12,887,000	12,887,000
Dividends payable	938,194	894,509
Total liabilities	13,825,194	13,781,509
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2021 and 2020 ($100,000 liquidation value, per share)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,587,939 and 5,527,380 shares issued at December 31, 2021 and 2020, respectively (including 14,337 and 18,128 shares issued February 1, 2022 and 2021, respectively)	14,119,275	13,969,848
Additional paid-in capital	36,383,235	35,322,063
Retained earnings	46,464,447	37,758,105
Accumulated other comprehensive loss	(20,667,817)	(1,166,971)
Less: treasury stock, at cost; 210,101 shares at December 31, 2022 and 2021	(2,622,777)	(2,622,777)
Total shareholders' equity	75,176,363	84,760,268
Total liabilities and shareholders' equity	$ 89,001,557	$ 98,541,777

Condensed Financial Informati_4

Condensed Financial Information Parent Company Only (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Interest on junior subordinated debentures	$ 573,603	$ 393,105
Income tax expense	3,135,326	2,983,088
Net income	13,739,940	13,138,338
Parent Company [Member]
Bank subsidiary distributions	5,124,000	4,291,000
Dividends on Capital Trust	17,225	11,805
Total income	5,141,225	4,302,805
Interest on junior subordinated debentures	573,603	393,105
Administrative and other	509,409	501,749
Total expense	1,083,012	894,854
Income before applicable income tax benefit and equity in undistributed net income of subsidiary	4,058,213	3,407,951
Income before equity in undistributed net income of subsidiary	4,282,029	3,593,390
Equity in undistributed net income of subsidiary	9,457,911	9,544,948
Income tax expense	223,816	185,439
Net income	$ 13,739,940	$ 13,138,338

Condensed Financial Informati_5

Condensed Financial Information Parent Company Only (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 13,739,940	$ 13,138,338
Net cash provided by operating activities	15,735,245	14,044,681
Dividends paid on preferred stock	(66,563)	(48,750)
Dividends paid on common stock	(3,712,750)	(3,386,502)
Net cash provided by financing activities	40,047,912	85,857,771
Cash Paid for Interest	4,014,956	3,148,847
Dividends declared	4,967,035	4,699,529
Dividends reinvested	1,210,599	1,163,815
Parent Company [Member]
Net income	13,739,940	13,138,338
Equity in undistributed net income of subsidiary	(9,457,911)	(9,544,948)
(Increase) decrease in income taxes receivable	(38,377)	(467)
Net cash provided by operating activities	4,243,652	3,592,923
Dividends paid on preferred stock	(66,563)	(48,750)
Dividends paid on common stock	(3,712,750)	(3,386,502)
Net cash provided by financing activities	(3,779,313)	(3,435,252)
Net increase in cash	464,339	157,671
Cash Beginning	908,042	750,371
Cash Ending	1,372,381	908,042
Cash Received for Income Taxes	185,439	184,973
Cash Paid for Interest	573,603	393,105
Dividends declared	4,967,035	4,699,529
Increase in dividends payable attributable to dividends declared	(43,686)	(149,212)
Dividends reinvested	1,210,599	1,163,815
Total common shares dividends paid	$ 3,712,750	$ 3,386,502

Other Income and Other Expens_3

Other Income and Other Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income
Income from investment in CFS Partners	$ 584,971	$ 951,605
Expenses
Outsourcing expense	539,123	506,563
Service contracts - administration	579,956	520,310
Marketing	499,000	470,000
State deposit tax	992,333	884,492
ATM fees	$ 616,900	$ 562,779

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - $ / shares		1 Months Ended	12 Months Ended
	Mar. 15, 2023	Dec. 22, 2022	Dec. 31, 2022	Dec. 31, 2021
Dividends declared per common share		$ 0.23	$ 0.92	$ 0.88
Subsequent Event [Member]
Dividends declared per common share	$ 0.23