Community Bancorp (CMTV) 10-K 29 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 20, 2024	Jun. 30, 2023
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, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		5,514,432
Entity Public Float			$ 91,696,733
Document Annual Report	true
Document Transition Report	false
Document Fin Stmt Error Correction Flag	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 Name	Berry Dunn McNeil & Parker, LLC
Auditor Location	Manchester, New Hampshire
Auditor Firm Id	136
Local Phone Number	334-7915
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 15,001,122	$ 12,302,771
Federal funds sold and overnight deposits	5,433,391	58,837,557
Total cash and cash equivalents	20,434,513	71,140,328
Securities available-for-sale	190,706,019	192,918,109
Restricted equity securities, at cost	1,642,350	1,411,750
Loans	845,429,854	748,548,608
Allowance for credit losses	(9,842,725)	(8,709,225)
Deferred net loan costs	573,169	493,275
Net loans	836,160,298	740,332,658
Bank premises and equipment, net	12,371,371	13,042,468
Accrued interest receivable	4,246,798	3,214,332
Bank owned life insurance	5,232,703	5,153,387
Goodwill	11,574,269	11,574,269
Other assets	16,976,613	17,244,846
Total assets	1,099,344,934	1,056,032,147
Deposits:
Demand, non-interest bearing	202,969,957	216,093,534
Interest-bearing transaction accounts	297,030,893	294,050,079
Money market funds	121,375,419	140,117,086
Savings	151,570,686	171,072,921
Time deposits, $250,000 and over	24,676,853	15,632,058
Other time deposits	99,343,974	86,006,601
Total deposits	896,967,782	922,972,279
Borrowed funds	54,600,000	1,300,000
Repurchase agreements	36,255,920	33,077,829
Junior subordinated debentures	12,887,000	12,887,000
Accrued interest and other liabilities	9,605,418	10,618,676
Total liabilities	1,010,316,120	980,855,784
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2023 and 2022 ($100,000 liquidation value, per share)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,724,151 and 5,647,710 shares issued at December 31, 2023 and 2022, respectively (including 20,774 and 16,850 shares issued February 1, 2024 and 2023, respectively)	14,310,378	14,119,275
Additional paid-in capital	37,574,578	36,383,235
Retained earnings	54,198,230	46,464,447
Accumulated other comprehensive loss	(15,931,595)	(20,667,817)
Less: treasury stock, at cost; 210,101 shares at December 31, 2023 and 2022	(2,622,777)	(2,622,777)
Total shareholders' equity	89,028,814	75,176,363
Total liabilities and shareholders' equity	$ 1,099,344,934	$ 1,056,032,147
Book value per common share outstanding	$ 15.87	$ 13.55

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Feb. 01, 2024	Dec. 31, 2023	Feb. 01, 2023	Dec. 31, 2022
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)	20,774	5,724,151	16,850	5,647,710
Treasury stock (in shares)		210,101		210,101

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest income
Interest and fees on loans	$ 41,824,692	$ 32,558,005
Interest on taxable debt securities	3,807,650	3,111,860
Interest on tax-exempt debt securities	361,268	203,358
Dividends	138,682	82,989
Interest on federal funds sold and overnight deposits	769,849	1,158,444
Total interest income	46,902,141	37,114,656
Interest expense
Interest on deposits	9,341,928	3,203,696
Interest on borrowed funds	1,550,048	86,054
Interest on repurchase agreements	747,091	166,746
Interest on junior subordinated debentures	1,053,873	573,603
Total interest expense	12,692,940	4,030,099
Net interest income	34,209,201	33,084,557
Credit loss expense	1,480,549	978,000
Net interest income after provision for credit losses	32,728,652	32,106,557
Non-interest income
Service fees	3,689,047	3,676,875
Income from sold loans	463,444	605,848
Other income from loans	1,405,435	1,377,494
Net realized gain on sale of securities AFS	36,707	0
Other income	1,580,443	982,831
Total non-interest income	7,175,076	6,643,048
Non-interest expense
Salaries and wages	8,988,040	8,347,000
Employee benefits	3,238,939	2,743,210
Occupancy expenses, net	2,813,523	2,806,830
Other expenses	8,536,280	7,977,299
Total non-interest expense	23,576,782	21,874,339
Income before income taxes	16,326,946	16,875,266
Income tax expense	2,895,091	3,135,326
Net income	$ 13,431,855	$ 13,739,940
Earnings per common share	$ 2.43	$ 2.53
Weighted average number of common shares used in computing earnings per share	5,471,457	5,403,938
Dividends declared per common share	$ 0.92	$ 0.92

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Comprehensive Income (Loss)
Net income	$ 13,431,855	$ 13,739,940
Other comprehensive income (loss), net of tax:
Unrealized holding gain (loss) on securities AFS arising during the period	6,031,923	(24,684,615)
Reclassification adjustment for gain realized in income	(36,707)	0
Unrealized gain (loss) during the period	5,995,216	(24,684,615)
Tax effect	(1,258,994)	5,183,769
Other comprehensive income (loss), net of tax	4,736,222	(19,500,846)
Total comprehensive income (loss)	$ 18,168,077	$ (5,760,906)

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, 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				13,739,940
Other comprehensive loss	(19,500,846)					(19,500,846)
Total comprehensive loss	(5,760,906)
Cash dividends declared - common stock	(4,967,035)				(4,967,035)
Cash dividends declared - preferred stock	(66,563)				(66,563)
Issuance of common stock, shares		59,771
Issuance of common stock, amount	1,210,599	$ 149,427		1,061,172
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)
Net income	13,431,855				13,431,855
Other comprehensive loss	4,736,222					4,736,222
Total comprehensive loss	18,168,077
Cash dividends declared - common stock	(5,028,021)				(5,028,021)
Cash dividends declared - preferred stock	(120,938)				(120,938)
Issuance of common stock, shares		76,441
Issuance of common stock, amount	1,382,446	$ 191,103		1,191,343
Cumulative change in accounting principle (Note 2)	(549,113)				(549,113)
Adjusted change in accounting principal, amount	74,627,250				45,915,334
Balance, shares at Dec. 31, 2023		5,724,151	15
Balance, amount at Dec. 31, 2023	$ 89,028,814	$ 14,310,378	$ 1,500,000	$ 37,574,578	$ 54,198,230	$ (15,931,595)	$ (2,622,777)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities:
Net income	$ 13,431,855	$ 13,739,940
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, bank premises and equipment	1,070,035	1,141,727
Credit loss expense	1,480,549	978,000
Deferred income tax	(373,105)	(118,587)
Net realized gain on sale of securities AFS	(36,707)	0
Gain on sale of loans	153,491	237,881
Loss on sale of bank premises and equipment	33,228	0
Income from CFS Partners	1,033,499	584,971
Amortization of bond premium, net	256,999	609,535
Proceeds from sales of loans held for sale	8,034,329	12,865,842
Originations of loans held for sale	(7,880,838)	(12,288,961)
(Decrease) increase in taxes payable	(339,199)	499,525
Increase in interest receivable	1,032,466	813,772
Decrease in mortgage servicing rights	75,580	35,127
Decrease in right-of-use assets	201,296	198,682
Decrease in operating lease liabilities	(215,031)	(205,165)
(Increase) decrease in other assets	(377,001)	15,389
Increase in cash surrender value of BOLI	79,316	80,159
Amortization of limited partnerships	596,429	268,714
Change in net deferred loan fees and costs	79,894	531,247
Increase in interest payable	1,008,140	15,143
Increase in accrued expenses	14,230	267,655
Increase (decrease) in other liabilities	328,394	(39,291)
Net cash provided by operating activities	14,930,517	15,735,245
Investments - AFS
Maturities, calls, pay downs and sales	16,705,912	18,857,918
Purchases	(8,718,898)	(54,727,718)
Proceeds from redemption of restricted equity securities	3,985,100	43,500
Purchases of restricted equity securities	(4,215,700)	(20,800)
(Decrease) increase in limited partnership contributions payable	(2,601,000)	2,601,000
Investments in limited liability entities	394,000	2,601,000
Proceeds from distribution from CFS Partners	1,000,000	0
Increase in loans, net	97,400,781	59,368,049
Capital expenditures net of proceeds from sales of bank premises and equipment	(633,462)	(615,549)
Recoveries of loans charged off	178,780	828,943
Net cash used in investing activities	(92,094,049)	(95,001,755)
Cash Flows from Financing Activities:
Net (decrease) increase in demand and interest-bearing transaction accounts	(10,142,763)	35,164,525
Net (decrease) increase in money market and savings accounts	(38,243,902)	13,070,148
Net increase (decrease) in time deposits	22,382,168	(4,662,347)
Net increase in repurchase agreements	3,178,091	467,954
Net increase in short-term borrowings	53,500,000	0
Repayments on long-term borrowings	(200,000)	0
Decrease in finance lease obligations	(219,857)	(213,055)
Dividends paid on preferred stock	(120,938)	(66,563)
Dividends paid on common stock	3,675,082	3,712,750
Net cash provided by financing activities	26,457,717	40,047,912
Net decrease in cash and cash equivalents	(50,705,815)	(39,218,598)
Cash and cash equivalents:
Beginning	71,140,328	110,358,926
Ending	20,434,513	71,140,328
Supplemental Schedule of Cash Paid During the Period:
Interest	11,684,800	4,014,956
Income taxes, net of refunds	2,865,000	2,485,675
Supplemental Schedule of Noncash Investing and Financing Activities:
Change in unrealized gain (loss) on securities AFS	5,995,216	(24,684,615)
Common Shares Dividends Paid:
Dividends declared	5,028,021	4,967,035
Decrease (increase) in dividends payable attributable to dividends declared	29,507	(43,686)
Dividends reinvested	(1,382,446)	(1,210,599)
Total dividends paid	$ 3,675,082	$ 3,712,750

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
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 FDIC: Federal Deposit Insurance Corporation ACBB: Atlantic Community Bankers Bank FDICIA: Federal Deposit Insurance Corporation 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 FRB: Federal Reserve Board ALCO: Asset Liability Committee FRBB: Federal Reserve Bank of Boston ALL: Allowance for Loan Losses GAAP: Generally Accepted Accounting Principles AML: Anti-money laundering laws in the United States AOCI: Accumulated other comprehensive income GSE: Government sponsored enterprise ASC: Accounting Standards Codification HMDA: Home Mortgage Disclosure Act ASU: Accounting Standards Update HTM: Held-to-maturity ATMs: Automatic teller machines ICS: Insured Cash Sweeps of the IntraFi Network ATS: Automatic transfer service IRS: Internal Revenue Service Bancorp: Community Bancorp. JNE: Jobs for New England Bank: Community National Bank Jr: Junior BHG: Bankers Healthcare Group, LLC LIBOR: London Interbank Offered Rate BIC: Borrower-in-Custody LLC: Limited liability corporation Board: Board of Directors MBS: Mortgage-backed security BOLI: Bank owned life insurance MPF: Mortgage Partnership Finance bp or bps: Basis point(s) MSAs Metropolitan Statistical Areas BSA: Bank Secrecy Act MSRs: Mortgage servicing rights BTFP: Bank Term Funding Program NII: Net interest income CBLR: Community Bank Leverage Ratio OAS: Other amortizing security CARES ACT: Coronavirus Aid Relief and Economic OBS: Off-balance sheet Security Act OCI: Other comprehensive income (loss) CDARS: Certificate of Deposit Accounts Registry OFAC: Office of Foreign Asset Control Service of the IntraFi Network OREO: Other real estate owned CDs: Certificates of deposit OTTI: Other-than-temporary impairment CDI: Core deposit intangible PMI: Private mortgage insurance CECL: Current Expected Credit Loss PPP: Paycheck Protection Program CEO: Credit Enhancement Obligation QM(s): Qualified Mortgage(s) CFPB: Consumer Financial Protection Bureau RD: USDA Rural Development CFSG: Community Financial Services Group, LLC RESPA: Real Estate Settlement Procedures Act CFS Partners: Community Financial Services Partners, LLC SBA: U.S. Small Business Administration CMO: Collateralized Mortgage Obligations SEC: U.S. Securities and Exchange Commission Company: Community Bancorp. and Subsidiary SOFR: Secured Overnight Financing Rate COVID-19: Coronavirus Disease 2019 SERP: Supplemental Employee Retirement Plan CRA: Community Reinvestment Act SOX: Sarbanes-Oxley Act of 2002 CRE: Commercial Real Estate TDR: Troubled-debt restructuring DCF: Discounted cash flow TILA: Truth in Lending Act DDA or DDAs: Demand Deposit Account(s) USDA: U.S. Department of Agriculture DIF: Deposit Insurance Fund VA: U.S. Veterans Administration DTC: Depository Trust Company VIE: Variable interest entities DRIP: Dividend Reinvestment Plan 2017 Tax Act: Tax Cut and Jobs Act of 2017 Exchange Act: Securities Exchange Act of 1934 2018 Regulatory Economic Growth, Regulatory Relief and FASB: Financial Accounting Standards Board Relief Act: Consumer Protection Act of 2018 FDIA: Federal Deposit Insurance Act The consolidated financial statements include the accounts of the Bancorp. and its wholly-owned subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated. The Company is considered a “smaller reporting company” and a “non-accelerated filer” under the disclosure rules of the SEC. Accordingly, the Company has elected to provide smaller reporting company scaled disclosures where management deems it appropriate, and to provide its audited consolidated statements of income, comprehensive income (loss), cash flows and changes in shareholders’ equity for a two year, rather than a three year, period. 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 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 ACL 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 ACL 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 several 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. On a quarterly basis, management uses a third-party consultant to assist in estimating the fair value of the Company’s MSRs. 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. Allowance for Credit Losses – AFS Debt Securities: For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. Changes in the ACL are recorded as credit loss expense (or reversal). Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on AFS debt securities which totaled $606,237 on December 31, 2023, was reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses. 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 ACL, loan premiums or discounts for acquired loans and any unearned fees or costs on originated loans. Accrued interest receivable on loans totaled $3.6 million on December 31, 2023, and was reported in accrued interest receivable on the consolidated balance sheets, and is excluded from the estimate of credit losses. 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 (prior to adoption of CECL) 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 remain unchanged following the adoption of CECL and are presented in the next section under the heading General component. Allowance for credit losses under CECL Effective January 1, 2023, with the adoption of CECL, the Company established the ACL through a provision for credit losses charged to earnings. Credit 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 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. The value of the collateral is determined in accordance with the Company’s appraisal policy. The unsecured portion of an impaired real estate secured loan is charged off by the end of the month in which the loan becomes 180 days past due. As described below, the allowance consists of general and specific components. However, the entire allowance is available to absorb losses in the loan portfolio, regardless of general or specific components considered in determining the amount of the allowance. General component The general component of the ACL is based on methodologies, inputs, and assumptions utilized to estimate lifetime credit losses when applied to 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. The Company utilizes a discounted cash flow (DCF) approach to calculate the expected loss for each portfolio segment. Within the DCF model, probability of default (PD) and loss given default (LGD) assumptions are applied to calculate the expected loss for each segment. PD is management’s estimate of the probability the asset will default within a given timeframe and LGD is management’s estimate of the percentage of assets not expected to be collected due to default. The Company’s PD and LGD assumptions may be derived from internal historical default and loss experience or from external data where there are not statistically meaningful loss events for a loan segment, or it does not have default and loss data that covers a full economic cycle. As of December 31, 2023, the primary macroeconomic drivers used within the DCF model included forecasts of civilian unemployment and changes in national gross domestic product (GDP). Management monitors and assesses its macroeconomic drivers at least annually (generally in the fourth quarter, or more frequently as circumstances warrant) to determine whether they continue to be the most predictive indicator of losses within the Company’s loan portfolio, and these macroeconomic drivers may change from time to time. To determine its reasonable and supportable forecast, management may leverage macroeconomic forecasts obtained from various reputable sources, which may include, but are not limited to, the FOMC forecast and other publicly available forecasts from well recognized, leading economists or firms. The Company’s reasonable and supportable forecast period generally ranges from one to three years, depending on the facts and circumstances of the current state of the economy, portfolio segment, and management’s judgment of what can be reasonably supported. The model reversion period generally ranges from one to six years, and it also depends on the current state of the economy and management’s judgments of such. Management monitors and assesses the forecast and reversion period at least annually, or more frequently as circumstances warrant. The Company used a one-year forecast and reversion period to calculate the ACL on loans as of December 31, 2023. When the DCF method is used to determine the ACL, management does not adjust the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Expected credit losses are estimated over the contractual term of the loans. For term loans, the contractual life is calculated based on the maturity date. For commercial revolving loans with no stated maturity date, the contractual life is calculated based on the internal review date. For all other revolving loans, the contractual life is based on either the estimated maturity date or a default date. The contractual term excludes expected extensions, renewals, and modifications. In calculating the ACL on loans, the contractual life of a loan must be adjusted for prepayments in order to arrive at expected cash flows. The Company models term loans using an annualized prepayment. When the Company has a specific expectation of differing payment behavior for a given loan, the loan may be evaluated individually. For revolving loans that do not have a principal payment schedule, a curtailment rate is factored into the expected cash flow. Management has elected to use loss rate methodologies appropriate for each loan segment. The DCF method was chosen for the commercial and industrial, CRE, residential real estate 1 st Qualitative factors are also applied to 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. During the third quarter of 2023, the qualitative factor for collateral in the CRE loan segment was adjusted to reflect the stable values of real estate in the commercial sector. 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 – Commercial Real Estate – Municipal – Residential Real Estate - 1 st Residential Real Estate – Jr Lien – Consumer – Specific component Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are also not included in the collective evaluation. In general, loans individually evaluated for estimated credit losses include those (i) greater than $100,000 with a nonaccrual status or (ii) have other unique characteristics differing from the portfolio segment. Specific reserves are established when appropriate for such loans based on the present value of expected future cash flows of the loan. However, when management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. 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 ACL. 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 d

Recent Accounting Developments

Recent Accounting Developments	12 Months Ended
	Dec. 31, 2023
Recent Accounting Developments
Recent Accounting Developments	Note 2. Recent Accounting Developments In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 In March 2023, the FASB issued ASU No. 2023-02, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures. Accounting Standards Adopted in 2023 The Company adopted the following accounting standards effective January 1, 2023, and applied them to the Company’s interim unaudited consolidated financial statements beginning with the quarter ended March 31, 2023. Prior periods have not been restated as a result of adoption of these accounting standards. ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2023
Investment Securities
Investment Securities	Note 3. Investment Securities Debt securities AFS as of the balance sheet dates consisted of the following: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2023 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,172,426 $ 10,827,574 U.S. Government securities 41,207,049 0 1,943,800 39,263,249 Taxable Municipal securities 300,000 0 53,035 246,965 Tax-exempt Municipal securities 10,832,494 158,982 517,691 10,473,785 Agency MBS 132,043,238 321,880 16,502,319 115,862,799 ABS and OAS 2,533,872 0 186,251 2,347,621 CMO 10,963,942 0 226,346 10,737,596 Other investments 992,000 0 45,570 946,430 Total $ 210,872,595 $ 480,862 $ 20,647,438 $ 190,706,019 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 Proceeds from sales of investment securities amounted to $1,183,078, with realized gains of $36,707 for 2023. There were no sales during 2022 from the investment portfolio. There was no ACL on AFS debt securities as of December 31, 2023. Investment securities 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 pledged securities as of the balance sheet dates were as follows: Amortized Fair Cost Value December 31, 2023 $ 59,300,089 $ 52,107,148 December 31, 2022 55,899,113 46,789,284 Investment securities pledged as collateral for BTFP borrowings consisted of U.S. Government securities and U.S. GSE debt securities with an aggregate amortized cost of $49,232,069 and fair value of $43,795,542 at December 30, 2023. This program, which was established in March 2023 to provide banks with an additional source of liquidity, will end as scheduled, in March, 2024. See Note 11 for more information on these borrowings. 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, 2023 were as follows: Amortized Fair Cost Value December 31, 2023 Due in one year or less $ 17,366,548 $ 17,061,882 Due from one to five years 43,976,469 41,245,991 Due from five to ten years 4,485,724 4,141,301 Due after ten years 13,000,616 12,394,046 Agency MBS 132,043,238 115,862,799 Total $ 210,872,595 $ 190,706,019 Debt securities with unrealized losses for which an ACL has not been recorded 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, 2023 U.S. GSE debt securities $ 0 $ 0 $ 10,827,574 $ 1,172,426 11 $ 10,827,574 $ 1,172,426 U.S. Government securities 0 0 39,263,249 1,943,800 54 39,263,249 1,943,800 Taxable Municipal securities 0 0 246,965 53,035 1 246,965 53,035 Tax-exempt Municipal securities 529,571 9,468 4,058,155 508,223 10 4,587,726 517,691 Agency MBS 1,328,433 9,218 103,000,706 16,493,101 119 104,329,139 16,502,319 ABS and OAS 0 0 2,347,621 186,251 4 2,347,621 186,251 CMO 3,309,165 18,554 7,428,431 207,792 10 10,737,596 226,346 Other investments 0 0 946,430 45,570 4 946,430 45,570 Total $ 5,167,169 $ 37,240 $ 168,119,131 $ 20,610,198 213 $ 173,286,300 $ 20,647,438 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 The Company adopted ASU No. 2016-13 effective January 1, 2023, which requires credit losses on debt securities AFS to be recorded in an allowance for credit losses and eliminates the concept of OTTI for debt securities AFS. Under the ASU, if the Company intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, then the credit loss is recorded through an allowance rather than as a write-down of the security. As of December 31, 2023, the Company did not have the intent to sell, nor was it more likely than not that we would be required to sell any of the debt securities AFS in an unrealized loss position prior to recovery; accordingly, the Company determined that no individual debt securities in an unrealized loss position as of such date represented credit losses that would require an allowance for credit losses. The Company concluded that the unrealized losses were primarily attributed to increases in market interest rates since these securities were purchased under other market conditions. As of December 31, 2022, in management’s view the unrealized losses on securities AFS were due to market conditions rather than reduced estimated cash flows or deterioration in the creditworthiness of the issuer. At December 31, 2022, the Company did not intend to sell these securities, did not anticipate that these securities would be required to be sold before anticipated recovery, and expected full principal and interest to be collected. Therefore, under the accounting principles pertaining to OTTI analysis then in effect, the Company did not consider the declines in the fair value of these securities to be OTTI as of December 31, 2022. 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 2023 and 2022, the Bank was required to purchase additional FHLBB stock in aggregate totaling $4,215,700 and $20,800, respectively. As a member of the FHLBB, the Company is also subject to future capital calls by the FHLBB to maintain compliance with its capital plan. During 2023 and 2022, FHLBB exercised capital call options with redemptions totaling $3,985,100 and $43,500, respectively, on the Company’s portfolio of FHLBB stock. As of December 31, 2023 and 2022, the Company’s investment in FHLBB stock was $964,200 and $733,600, 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, 2023. The Company’s investment in FRBB Stock was $588,150 at December 31, 2023 and 2022. 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, 2023 and 2022.

Loans Allowance for Loan Losses

Loans Allowance for Loan Losses and Credit Quality	12 Months Ended
	Dec. 31, 2023
Loans Allowance for Loan Losses and Credit Quality
Loans Allowance For Loan Losses And Credit Quality	Note 4. Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures The composition of net loans as of the balance sheet dates was as follows: December 31, 2023 2022 Commercial & industrial $ 121,705,707 14.40 % $ 112,951,873 15.09 % Purchased (1) 10,568,922 1.25 % 7,530,458 1.00 % Commercial real estate 414,880,621 49.07 % 356,892,986 47.68 % Municipal 54,466,988 6.44 % 34,633,055 4.63 % Residential real estate - 1st lien 208,824,888 24.70 % 198,743,375 26.55 % Residential real estate - Jr lien 31,668,811 3.75 % 33,756,872 4.51 % Consumer 3,313,917 0.39 % 4,039,989 0.54 % Total loans 845,429,854 100.00 % 748,548,608 100.00 % ACL (9,842,725 ) (8,709,225 ) Deferred net loan costs 573,169 493,275 Net loans $ 836,160,298 $ 740,332,658 (1) At December 31, 2023, Purchased loans consisted of $4,863,263 in commercial loans and $5,705,659 in consumer loans, compared to $7,530,458 and $0, respectively, at December 31, 2022. The following is an age analysis of loans (including non-accrual), as of the balance sheet dates, by portfolio segment: 90 Days Total December 31, 2023 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 253,974 $ 3,068,578 $ 3,322,552 $ 118,383,155 $ 121,705,707 Purchased 0 0 0 10,568,922 10,568,922 Commercial real estate 178,083 944,669 1,122,752 413,757,869 414,880,621 Municipal 0 0 0 54,466,988 54,466,988 Residential real estate - 1st lien 1,856,944 646,980 2,503,924 206,320,964 208,824,888 Residential real estate - Jr lien 245,856 25,007 270,863 31,397,948 31,668,811 Consumer 14,728 0 14,728 3,299,189 3,313,917 Totals $ 2,549,585 $ 4,685,234 $ 7,234,819 $ 838,195,035 $ 845,429,854 90 Days Total December 31, 2022 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 2,377,668 $ 879,802 $ 3,257,470 $ 109,694,403 $ 112,951,873 Purchased 0 0 0 7,530,458 7,530,458 Commercial real estate 1,395,444 353,842 1,749,286 355,143,700 356,892,986 Municipal 0 0 0 34,633,055 34,633,055 Residential real estate - 1st lien 1,517,653 641,141 2,158,794 196,584,581 198,743,375 Residential real estate - Jr lien 321,579 25,007 346,586 33,410,286 33,756,872 Consumer 18,745 0 18,745 4,021,244 4,039,989 Totals $ 5,631,089 $ 1,899,792 $ 7,530,881 $ 741,017,727 $ 748,548,608 For all loan segments, loans over 30 days past due are considered delinquent. The following tables present the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more and still accruing as of the dates presented. There were no nonaccrual loans with an ACL at December 31, 2023. 90 Days or Nonaccrual More and December 31, 2023 with No ACL Accruing Commercial & industrial $ 3,632,659 $ 0 Commercial real estate 2,818,283 38,779 Residential real estate - 1st lien 415,074 446,395 Residential real estate - Jr lien 89,030 0 Totals $ 6,955,046 $ 485,174 90 Days or Nonaccrual Nonaccrual Total More and December 31, 2022 with an ALL with No ALL Nonaccrual Accruing Commercial & industrial $ 452,963 $ 2,989,161 $ 3,442,124 $ 0 Commercial real estate 0 3,180,478 3,180,478 324,927 Residential real estate - 1st lien 278,026 858,304 1,136,330 248,157 Residential real estate - Jr lien 0 131,088 131,088 0 Totals $ 730,989 $ 7,159,031 $ 7,890,020 $ 573,084 There were no residential mortgage loans in process of foreclosure at December 31, 2023 compared to one loan with a balance of $19,746 at December 31, 2022. Credit Loss Expense Credit loss expense was made up of the following components for the periods indicated: Year Ended December 31, 2023 2022 Credit loss expense - loans $ 1,230,879 $ 978,000 Credit loss expense - OBS credit exposures 249,670 0 Credit loss expense $ 1,480,549 $ 978,000 The following table presents the activity in the ACL on loans following adoption of ASU 2016-13 (CECL) on January 1, 2023 by portfolio segment for the period. As of or for the year ended December 31, 2023 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ACL beginning balance $ 1,116,322 $ 53,090 $ 5,061,813 $ 62,339 $ 2,001,836 $ 241,950 $ 69,686 $ 102,189 $ 8,709,225 Impact of adopting CECL (164,115 ) (29,196 ) (22,467 ) 24,243 273,167 297,746 (33,813 ) (102,189 ) 243,376 Charge-offs (386,578 ) 0 0 0 (1,625 ) 0 (131,332 ) 0 (519,535 ) Recoveries 10,237 0 22,058 0 72,588 29,240 44,657 0 178,780 Credit loss expense (reversal) 524,822 13,171 460,678 49,585 244,960 (137,929 ) 75,592 0 1,230,879 ACL ending balance $ 1,100,688 $ 37,065 $ 5,522,082 $ 136,167 $ 2,590,926 $ 431,007 $ 24,790 $ 0 $ 9,842,725 The following table presents activity in the ALL and select loan information on impairment evaluation, by portfolio segment, under the incurred loss methodology, for the period indicated: As of or for the year ended December 31, 2022 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased 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 Impaired loans, by portfolio segment, prior to adoption of ASU 2022-02 (Troubled Debt Restructurings and Vintage Disclosures), 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. For the Year Ended December 31, 2022 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 Credit Quality Grouping In developing the ACL, 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 - Pass Group B loans – Special Mention Group C loans – Substandard/Doubtful Commercial purpose loan ratings are assigned by the commercial account officer; for larger and more complex commercial loans, the credit rating is a collaborative assignment by the lender and the credit analyst. The credit risk rating is based on the borrower’s expected performance, i.e., the likelihood that the borrower will be able to service its obligations in accordance with the loan terms. Credit risk ratings are meant to measure risk versus simply record history. Assessment of expected future payment performance requires consideration of numerous factors. While past performance is part of the overall evaluation, expected performance is based on an analysis of the borrower’s financial strength, and historical and projected factors such as size and financing alternatives, capacity and cash flow, balance sheet and income statement trends, the quality and timeliness of financial reporting, and the quality of the borrower’s management. Other factors influencing the credit risk rating to a lesser degree include collateral coverage and control, guarantor strength and commitment, documentation, structure and covenants and industry conditions. There are uncertainties inherent in this process. Credit risk ratings are dynamic and require updating whenever relevant information is received. Risk ratings are assessed on an ongoing basis and at various points, including at delinquency or at the time of other adverse events. For larger, more complex or adversely rated loans, risk ratings are also assessed at the time of annual or periodic review. Lenders are required to make immediate disclosure to the Chief Credit Officer of any known increase in loan risk, even if considered temporary in nature. The risk ratings within the loan portfolio and current period gross charge-offs, by loan segment and origination year were as follows: As of or for the year ended, Revolving Revolving December 31, 2023 Loans Loans Term Loans Amortized Cost Basis by Origination Year Amortized Converted (In thousands) 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Commercial & Industrial: Pass $ 15,876 $ 18,645 $ 12,964 $ 2,776 $ 3,744 $ 3,957 $ 46,645 $ 0 $ 104,607 Special mention 310 887 750 0 10 560 9,285 0 11,802 Substandard/Doubtful 0 419 167 453 258 1,548 2,451 0 5,296 Total commercial $ 16,186 $ 19,951 $ 13,881 $ 3,229 $ 4,012 $ 6,065 $ 58,381 $ 0 $ 121,705 Current period gross charge-offs $ 0 $ 150 $ 25 $ 0 $ 0 $ 212 $ 0 $ 0 $ 387 Purchased: Pass $ 5,186 $ 94 $ 1,581 $ 1,464 $ 2,244 $ 0 $ 0 $ 0 $ 10,569 Total purchased $ 5,186 $ 94 $ 1,581 $ 1,464 $ 2,244 $ 0 $ 0 $ 0 $ 10,569 Commercial real estate: Pass $ 70,549 $ 83,453 $ 38,942 $ 43,405 $ 34,725 $ 85,688 $ 49,721 $ 0 $ 406,483 Special mention 0 373 1,471 0 0 0 0 0 1,844 Substandard/Doubtful 356 0 0 3,318 1,361 1,519 0 0 6,554 Total commercial real estate $ 70,905 $ 83,826 $ 40,413 $ 46,723 $ 36,086 $ 87,207 $ 49,721 $ 0 $ 414,881 Municipal: Pass $ 29,055 $ 695 $ 3,263 $ 4,571 $ 527 $ 10,180 $ 6,176 $ 0 $ 54,467 Total municipal $ 29,055 $ 695 $ 3,263 $ 4,571 $ 527 $ 10,180 $ 6,176 $ 0 $ 54,467 Residential real estate - 1st lien: Pass $ 30,378 $ 39,540 $ 41,214 $ 32,966 $ 10,018 $ 50,585 $ 1,440 $ 0 $ 206,141 Special mention 164 299 129 0 0 0 0 0 592 Substandard/Doubtful 0 0 0 1,831 36 225 0 0 2,092 Total residential real estate - 1st lien $ 30,542 $ 39,839 $ 41,343 $ 34,797 $ 10,054 $ 50,810 $ 1,440 $ 0 $ 208,825 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 2 $ 0 $ 0 $ 2 Residential real estate - Jr lien: Pass $ 2,239 $ 1,940 $ 350 $ 596 $ 489 $ 1,069 $ 23,298 $ 1,659 $ 31,640 Substandard/Doubtful 0 0 0 0 0 29 0 0 29 Total residential real estate - Jr lien $ 2,239 $ 1,940 $ 350 $ 596 $ 489 $ 1,098 $ 23,298 $ 1,659 $ 31,669 Consumer Pass $ 1,685 $ 829 $ 405 $ 211 $ 97 $ 87 $ 0 $ 0 $ 3,314 Total consumer $ 1,685 $ 829 $ 405 $ 211 $ 97 $ 87 $ 0 $ 0 $ 3,314 Current period gross charge-offs $ 33 $ 32 $ 1 $ 0 $ 4 $ 61 $ 0 $ 0 $ 131 Total Loans $ 155,798 $ 147,174 $ 101,236 $ 91,591 $ 53,509 $ 155,447 $ 139,016 $ 1,659 $ 845,430 Total current period gross charge-offs $ 33 $ 182 $ 26 $ 0 $ 4 $ 275 $ 0 $ 0 $ 520 As of or for the year ended, December 31, 2023, there were (i) no current period gross charge-offs within the Purchased, CRE, Municipal and Residential real estate Jr lien loan segments, (ii) no Special mention loans within the Residential real estate Jr line loan segment and (iii) no Special mention or Substandard/Doubtful loans within the Purchased, Municipal and Consumer loan segments. Before the adoption of ASC 326 (CECL), the risk ratings within the loan portfolio, by segment, as of December 31, 2022 were as follows: Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased 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 The following table presents the amortized cost basis of collateral-dependent loans as of December 31, 2023, by collateral type: Business Assets (1) Real Estate Total Commercial $ 1,298,717 $ 0 $ 1,298,717 Commercial real estate 0 1,263,495 1,263,495 Residential real estate - 1st lien 0 167,363 167,363 $ 1,298,717 $ 1,430,858 $ 2,729,575 (1) Including, but not limited to, inventory, equipment, and accounts receivable, but excluding real estate. Modifications of Loans A loan is considered modified 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 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 number of payments typically would not require the loan to be accounted for as modified. However, pursuant to regulatory guidance, any payment delays longer than three months is generally not considered insignificant. Management’s assessment of whether a concession has been granted also takes into consideration payments expected to be received from third parties, including third-party guarantors, provided the third party can perform on the guarantee. The Company’s modified loans are principally a result of extending loan repayment terms to relieve cash flow difficulties. The Company has only, on a limited basis, reduced accrued interest or reduced interest rates for borrowers below the current market rate for the borrower. The Company has not generally forgiven principal within the terms of original restructurings, nor converted variable rate terms to fixed rate terms. However, the Company evaluates each potential loan modification on its own merits and does not foreclose the granting of any concession. In connection with modifications, the Company considers applicable regulatory guidance, including a 2023 interagency Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts. There were no loan modifications during 2023. Prior to adoption of ASU 2022-02, 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 There were no TDRs for which there was a payment default during the twelve-month period ended December 31, 2022. Prior to adoption of ASU 2022-02, TDRs were treated as other impaired loans and carried individual specific reserves with respect to the calculation of the ALL. These loans were categorized as non-performing, may have been past due, and were generally adversely risk rated. The TDRs that had defaulted under their restructured terms were generally in collection status and their ALL reserve was typically calculated using the fair value of collateral method. Prior to adoption of ASU 2022-02, the specific allowances within the ALL related to TDRs as of December 31, 2022 totaled $106,280. As of the balance sheet dates, the Company evaluates whether it is contractually committed to lend additional funds to debtors with impaired, non-accrual or modified loans. The Company is contractually committed to lend on one SBA guaranteed line of credit to a borrower whose lending relationship was previously modified.

Loan Servicing

Loan Servicing	12 Months Ended
	Dec. 31, 2023
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 $136,695,808 and $142,567,853 at December 31, 2023 and 2022, respectively. Proceeds on loan sales of $8,034,329 and $12,865,842 were realized for December 31, 2023 and 2022, with net gains of $153,491 and $237,881 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, 2023 2022 Balance at beginning of year $ 862,593 $ 897,720 MSRs capitalized 68,297 120,629 MSRs amortized (143,877 ) (155,756 ) Balance at end of period $ 787,013 $ 862,593

Bank Premises and Equipment

Bank Premises and Equipment	12 Months Ended
	Dec. 31, 2023
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: 2023 2022 Buildings and improvements $ 10,712,053 $ 10,674,714 Land and land improvements 3,026,281 2,856,017 Furniture and equipment 6,360,991 6,262,893 Leasehold improvements 869,473 875,797 Finance lease 4,018,377 4,018,377 Operating leases 1,417,859 1,417,859 Other prepaid assets 160,881 5,820 26,565,915 26,111,477 Less accumulated depreciation and amortization (14,194,544 ) (13,069,009 ) Net bank premises and equipment $ 12,371,371 $ 13,042,468

Leases

Leases	12 Months Ended
	Dec. 31, 2023
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 years disclosed. 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, 2023 2022 Operating lease cost $ 209,697 $ 209,697 Finance lease cost: Amortization of right-of-use assets $ 227,279 $ 227,279 Interest on lease liabilities 81,072 86,028 Total finance lease cost $ 308,351 $ 313,307 Total rental expense not associated with operating lease costs above amounted to $13,691 and $14,142 for the years ended December 31, 2023 and 2022, respectively. Supplemental information related to leases as of the balance sheet dates was as follows: December 31, 2023 2022 Operating Leases Operating lease right-of-use assets $ 452,536 $ 653,832 Operating lease liabilities $ 443,370 $ 658,401 Finance Leases Finance lease right-of-use assets $ 3,398,047 $ 3,625,326 Finance lease liabilities $ 3,424,971 $ 3,644,828 December 31, 2023 2022 Weighted Average Remaining Lease Term (in Years) Operating Leases 1.7 2.7 Finance Leases 14.7 15.7 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, 2023 for each of the next three years and in aggregate are: 2024 $ 199,648 2025 154,659 2026 99,165 Total $ 453,472 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, 2023: 2024 $ 302,819 2025 304,758 2026 311,451 2027 320,076 2028 322,163 Subsequent to 2028 2,439,150 Total minimum lease payments 4,000,417 Less amount representing interest (575,446 ) Present value of net minimum lease payments $ 3,424,971 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, 2023, is shown below: Operating Leases Finance Leases Undiscounted cash flows $ 453,472 $ 4,000,417 Discount effect of cash flows (10,102 ) (575,446 ) Lease liabilities $ 443,370 $ 3,424,971

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 and concluded that no impairment existed as of such dates.

Other Investments

Other Investments	12 Months Ended
	Dec. 31, 2023
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 $698,450 and $389,911 for the years ended December 31, 2023 and 2022, respectively. Expenses related to amortization of the investments in the limited partnerships are recognized as a component of income tax expense, and were $596,429 and $268,714 for 2023 and 2022, respectively. The carrying values of the limited partnership investments were $4,192,530 and $4,394,959 at December 31, 2023 and 2022, 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 $3,790,493 and $3,756,994 as of December 31, 2023 and 2022, respectively. The Company recognized income of $1,033,499 and $584,971 for 2023 and 2022, respectively, through CFS Partners from the operations of CFSG. A cash distribution of $1,000,000 was paid from CFS Partners to each owner of CFSG during December 2023, accounting for the minimal increase in the Company’s investment in CFS Partners.

Deposits

Deposits	12 Months Ended
	Dec. 31, 2023
Deposits
Deposits	Note 10. Deposits The following is a maturity distribution of time deposits at December 31, 2023: 2024 $ 107,054,436 2025 5,185,979 2026 6,441,015 2027 3,649,598 2028 1,689,799 Total time deposits $ 124,020,827 Total deposits in excess of the FDIC insurance level amounted to $320,016,734 as of December 31, 2023.

Borrowed Funds

Borrowed Funds	12 Months Ended
	Dec. 31, 2023
Borrowed Funds
Borrowed Funds	Note 11. Borrowed Funds The following table reflects the Company’s outstanding advances with FHLBB as of the balance sheet dates presented: 2023 2022 FHLBB JNE Advances (1) FHLBB term advance, 0.00%, due September 22, 2023 $ 0 $ 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 Total FHLBB JNE Advances 1,100,000 1,300,000 Overnight Borrowings Correspondent Banks, 5.56% 9,000,000 0 Total FHLBB Advances $ 10,100,000 $ 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 $156,633,552 and $160,543,731 as of December 31, 2023 and 2022, respectively, and the Company’s gross potential borrowing capacity under this arrangement was $109,444,670 and $112,339,573, 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, 2023, $45,250,000 in FHLBB letters of credit was utilized as collateral for these deposits compared to $52,400,000 at December 31, 2022. Total fees paid by the Company in connection with issuance of these letters of credit were $61,029 for 2023 and $58,824 for 2022. The Company also maintained a $500,000 IDEAL Way Line of Credit with the FHLBB at December 31, 2023 and 2022, 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 BIC arrangement with the FRBB, which is intended to be used as a contingency funding source and is secured by eligible commercial & industrial loans and CRE loans not pledged to FHLBB and home equity loans, with an available line of $42,181,375 and $56,070,032 as of December 31, 2023 and 2022, 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 550 basis points as of December 31, 2023. As of December 31, 2023 and 2022, the Company had no outstanding advances against this line. As of December 31, 2023, the Company had additional potential borrowing capacity, subject to pledging of required collateral consisting of eligible U.S. Agency and U.S. Government Securities, under the FRB’s BTFP which was established in March 2023 to provide banks with an additional source of liquidity. This funding source will expire in March, 2024 with outstanding advances set to expire, unless renegotiated, as follows: FRBB Advances FRB BTFP term advance, 4.92%, due April 26, 2024 $ 10,000,000 FRB BTFP term advance, 4.71%, due May 13, 2024 10,000,000 FRB BTFP term advance, 4.91%, due May 17, 2024 6,500,000 FRB BTFP term advance, 4.93%, due December 16, 2024 18,000.000 Total BTFP Advances $ 44,500,000 At December 31, 2023, the Company had an unsecured lines of credit with one correspondent bank totaling $12.5 million compared to unsecured lines of credit with two correspondent banks with aggregate available borrowing capacity totaling $20.5 million at December 31, 2022. The Company had no outstanding advances against these lines as of the balance sheet dates presented.

Junior Subordinated Debentures

Junior Subordinated Debentures	12 Months Ended
	Dec. 31, 2023
Junior Subordinated Debentures
Junior Subordinated Debentures	Note 12. Junior Subordinated Debentures As of December 31, 2023 and 2022, the Company had outstanding $12,887,000 principal amount of floating rate Junior Subordinated Debentures due in 2037 (the Debentures). During 2023, the floating rate averaged 8.06% per quarter compared to an average rate of 4.39% per quarter for 2022. 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 2023 and 2022 was $1,053,873 and $573,603, respectively, and is deductible for tax purposes. In accordance with the federal Adjustable Interest Rate (LIBOR) Act enacted in March 2022 (the “LIBOR Act”), the interest rate provisions under the Company’s debenture documents were replaced as a matter of law, as of the first London banking day after June 30, 2023 (the “LIBOR Replacement Date”) with a benchmark interest rate identified in regulations promulgated by the FRB. Prior to the change, interest accrued at a floating rate equal to the 3 month LIBOR plus 2.85%, adjusted quarterly. As required under the LIBOR Act, the Federal Reserve-identified benchmark rates specified in the final regulations for various tenors of LIBOR are based on the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York and each includes an appropriate “tenor spread adjustment” to reflect historical spreads between LIBOR and SOFR. In accordance with the LIBOR Act and its implementing regulations, as of the LIBOR Replacement Date, the Company’s Junior Subordinated Debentures bear interest at a quarterly floating rate equal to 3-month CME 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, 2023
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, 2023 2022 Current balance $ 36,255,920 $ 33,077,829 Average balance 35,419,450 31,285,927 Highest month-end balance 38,058,036 34,974,510 Weighted average interest rate 2.11 % 0.53 % Pledged investment (1) Amortized cost 59,300,089 55,899,113 Fair value 52,107,148 46,789,284 (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, 2023
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: 2023 2022 Currently paid or payable $ 3,268,196 $ 3,253,913 Deferred benefit (373,105 ) (118,587 ) Total income tax expense $ 2,895,091 $ 3,135,326 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: 2023 2022 Computed expense at statutory rates $ 3,428,659 $ 3,543,806 Tax exempt interest and BOLI (380,952 ) (243,121 ) Disallowed interest 37,416 6,205 Partnership rehabilitation and tax credits (698,450 ) (389,911 ) Low-income housing investment amortization expense 498,896 212,284 Other 9,522 6,063 Total income tax expense $ 2,895,091 $ 3,135,326 The deferred income tax benefit consisted of the following items for the years ended December 31: 2023 2022 Depreciation $ (16,267 ) $ 22,316 Mortgage servicing rights (15,872 ) (7,377 ) Bad debts (238,035 ) (209,783 ) Limited partnership amortization 177,184 61,442 Investment in CFS Partners (127,863 ) (90,527 ) Deferred SBA PPP fees 2,761 102,702 Prepaid expenses 17,652 34,467 Other (172,665 ) (31,827 ) Change in deferred tax benefit $ (373,105 ) $ (118,587 ) Listed below are the significant components of the net deferred tax asset at December 31: 2023 2022 Components of the deferred tax asset: Bad debts $ 2,066,972 $ 1,828,937 Deferred compensation 6,930 6,930 Investment in CFS Partners 98,277 0 Contingent liability - MPF program 17,838 17,838 Finance lease 75,566 47,305 Operating lease 0 959 Deferred SBA PPP fees 3,205 5,966 Unrealized loss on debt securities AFS 4,234,981 5,493,977 Other 169,296 22,008 Total deferred tax asset $ 6,673,065 $ 7,423,920 2023 2022 Components of the deferred tax liability: Depreciation $ 467,217 $ 483,484 Limited partnerships 333,578 156,394 Mortgage servicing rights 165,272 181,144 Investment in CFS Partners 0 29,586 Operating lease 1,925 0 Prepaid expenses 126,545 108,893 Total deferred tax liability 1,094,537 959,501 Net deferred tax asset $ 5,578,528 $ 6,464,419 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, 2023
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 $764,796 and $698,000 for 2023 and 2022, 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, 2023
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, 2023 and 2022 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, 2023
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 OBS 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 more than 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. With the adoption of ASU 2016-13 (CECL), the Company is required to establish an allowance for expected credit losses on OBS credit exposures. Expected credit losses are estimated by management over the contractual period during which the Company is exposed to credit risk under a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over the estimated lives of such commitments. Upon adoption of ASU 2016-13, the Company recorded an adjustment to retained earnings of $451,704 to reflect an allowance for credit losses for unfunded commitments. The allowance for credit losses for OBS credit exposures is presented in the “Accrued interest and other liabilities” line of the consolidated balance sheets. The allowance for credit losses for OBS credit exposures at December 31, 2023 was $806,172. 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 2023 2022 Unused portions of home equity lines of credit $ 37,922,748 $ 37,621,050 Residential and commercial construction lines of credit 42,437,837 21,388,121 Commercial real estate commitments 26,616,600 63,719,882 Commercial and industrial commitments 62,607,413 64,482,470 Other commitments to extend credit 49,931,055 45,724,309 Standby letters of credit and commercial letters of credit 1,683,050 5,343,050 Recourse on sale of credit card portfolio 192,500 310,805 MPF credit enhancement obligation, net (See Note 18) 241,799 267,408 Commitments to extend credit are agreements to lend to a customer if 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, 2023 and 2022, the Company had binding loan commitments to sell residential mortgages at fixed rates totaling $280,000 and $629,550, 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 creditworthiness 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 counterparty. 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, 2023
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, 2023 and 2022, the Company had $18,149,174 and $19,961,469, respectively, in outstanding loans sold through the MPF program and on which the Company had a CEO. As of December 31, 2023 and 2022, the notional amount of the maximum CEO related to this program was $326,743 and $352,352, respectively, and the accrued contingent liability for this CEO was $84,944 for 2023 and 2022. The contingent liability is calculated by management based on the methodology used in calculating the ACL, adjusted to reflect the risk sharing arrangements with the FHLBB.

Legal Proceedings

Legal Proceedings	12 Months Ended
	Dec. 31, 2023
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, 2023
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: 2023 2022 Balance, beginning of year $ 15,717,582 $ 16,072,431 Loans – new Directors 0 2,274,378 New loans to existing Principal Officers/Directors 3,218,327 5,091,531 Repayment* (1,686,381 ) (7,720,758 ) Balance, end of year $ 17,249,528 $ 15,717,582 *Includes loans sold to the secondary market Total funds of related parties on deposit with the Company were $13,914,079 and $17,015,285 at December 31, 2023 and 2022, 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 $62,436 and $53,231, respectively, for the years ended December 31, 2023 and 2022.

Restrictions on Cash and Due Fr

Restrictions on Cash and Due From Banks	12 Months Ended
	Dec. 31, 2023
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 $100,000 and $500,000 at December 31, 2023 and 2022, respectively.

Regulatory Capital Requirements

Regulatory Capital Requirements	12 Months Ended
	Dec. 31, 2023
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 2023 and 2022) 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, 2023, the Company and the Bank met all capital adequacy requirements to which they were subject. As of December 31, 2023, 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, 2023 Common equity tier 1 capital (to risk-weighted assets) Company $ 91,886 11.89 % $ 34,770 4.50 % $ 54,086 7.00 % N/A N/A Bank $ 105,390 13.65 % $ 34,737 4.50 % $ 54,036 7.00 % $ 50,176 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 106,273 13.75 % $ 46,360 6.00 % $ 65,676 8.50 % N/A N/A Bank $ 105,390 13.65 % $ 46,317 6.00 % $ 65,615 8.50 % $ 61,755 8.00 % Total capital (to risk-weighted assets) Company $ 115,944 15.01 % $ 61,813 8.00 % $ 81,130 10.50 % N/A N/A Bank $ 115,051 14.90 % $ 61,755 8.00 % $ 81,054 10.50 % $ 77,194 10.00 % Tier 1 capital (to average assets) Company $ 106,273 9.57 % $ 44,401 4.00 % N/A N/A N/A N/A Bank $ 105,390 9.50 % $ 44,376 4.00 % N/A N/A $ 55,470 5.00 % 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 % (1) Conservation Buffer is calculated based on risk-weighted assets and does not apply to calculations of average assets. (2) Applicable to banks, but not bank holding companies. The Company’s ability to pay dividends to its shareholders is largely dependent on the Bank’s ability to pay dividends to the Company. 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, 2023
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 and comprehensive income. The fair values of some of these assets and liabilities are measured on a recurring basis while others are measured on a non-recurring basis, with the determination based upon applicable existing accounting pronouncements. For example, securities available-for-sale are recorded at fair value on a recurring basis. Other assets, such as MSRs, loans held-for-sale, impaired loans, and OREO are recorded at fair value on a non-recurring basis using the lower of cost or market methodology to determine impairment of individual assets. The Company groups assets and liabilities which are recorded at fair value in three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with Level 1 considered highest and Level 3 considered lowest). A brief description of each level follows. Level 1 Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasury and 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: Individually analyzed loans: Loans held-for-sale: MSRs: 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: Assets: (market approach) 2023 2022 Level 1 U.S. Government securities $ 39,263,249 $ 38,231,589 Level 2 U.S. GSE debt securities $ 10,827,574 $ 10,375,291 Taxable Municipal securities 246,965 234,858 Tax-exempt Municipal securities 10,473,785 11,323,567 Agency MBS 115,862,799 115,231,599 ABS and OAS 2,347,621 2,693,606 CMO 10,737,596 11,935,925 Other investments 946,430 2,891,674 Level 2 Total $ 151,442,770 $ 154,686,520 Grand Total $ 190,706,019 $ 192,918,109 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. Individually analyzed loans measured at fair value only include those loans with a partial write-down or with a related specific ACL 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 the dates presented, segregated by fair value hierarchy level, are summarized below. 2023 2022 Level 2 Assets: (market approach) Individually analyzed loans, net of related allowance $ 709,487 $ 94,458 MSRs (1) 787,013 862,593 (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, 2023 and 2022. 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, 2023 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 $ 20,435 $ 20,435 $ 0 $ 0 $ 20,435 Debt securities AFS 190,706 39,263 151,443 0 190,706 Restricted equity securities 1,642 0 1,642 0 1,642 Loans and loans held-for-sale, net of ACL Commercial & industrial 120,589 0 709 116,287 116,996 Purchased 10,532 0 0 10,055 10,055 Commercial real estate 409,332 0 0 382,045 382,045 Municipal 54,331 0 0 51,791 51,791 Residential real estate – 1 st 206,849 0 0 188,650 188,650 Residential real estate – Jr lien 31,238 0 0 30,745 30,745 Consumer 3,289 0 0 3,295 3,295 MSRs (1) 787 0 1,262 0 1,262 Accrued interest receivable 4,247 0 4,247 0 4,247 Financial liabilities: Deposits Other deposits 896,968 0 894,823 0 894,823 Short-term borrowings 9,000 0 9,000 0 9,000 Long-term borrowings 45,600 0 45,415 0 45,415 Repurchase agreements 36,256 0 36,256 0 36,256 Operating lease obligations 443 0 443 0 443 Finance lease obligations 3,425 0 3,425 0 3,425 Subordinated debentures 12,887 0 12,719 0 12,719 Accrued interest payable 1,082 0 1,082 0 1,082 (1) Reported fair value represents all MSRs for loans serviced by the Company at December 31, 2023, regardless of carrying amount. 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 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 – 1 st 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.

Condensed Financial Information

Condensed Financial Information Parent Company Only	12 Months Ended
	Dec. 31, 2023
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 2023 2022 Assets Cash $ 1,081,158 $ 1,372,381 Investment in subsidiary – Community National Bank 101,032,517 87,018,360 Investment in Capital Trust 387,000 387,000 Income taxes receivable 323,825 223,816 Total assets $ 102,824,500 $ 89,001,557 Liabilities and Shareholders’ Equity Liabilities Junior subordinated debentures $ 12,887,000 $ 12,887,000 Dividends payable 908,686 938,194 Total liabilities 13,795,686 13,825,194 Shareholders’ Equity Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2023 and 2022 ($100,000 liquidation value, per share) 1,500,000 1,500,000 Common stock - $2.50 par value; 15,000,000 shares authorized, 5,724,151 and 5,647,710 shares issued at December 31, 2023 and 2022, respectively (including 20,774 and 16,850 shares issued February 1, 2024 and 2023, respectively) 14,310,378 14,119,275 Additional paid-in capital 37,574,578 36,383,235 Retained earnings 54,198,230 46,464,447 Accumulated other comprehensive loss (15,931,595 ) (20,667,817 ) Less: treasury stock, at cost; 210,101 shares at December 31, 2023 and 2022 (2,622,777 ) (2,622,777 ) Total shareholders’ equity 89,028,814 75,176,363 Total liabilities and shareholders’ equity $ 102,824,500 $ 89,001,557 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 2023 2022 Income Bank subsidiary distributions $ 4,823,000 $ 5,124,000 Dividends on Capital Trust 31,648 17,225 Total income 4,854,648 5,141,225 Expense Interest on junior subordinated debentures 1,053,873 573,603 Administrative and other 519,793 509,409 Total expense 1,573,666 1,083,012 Income before applicable income tax benefit and equity in undistributed net income of subsidiary 3,280,982 4,058,213 Income tax benefit 323,825 223,816 Income before equity in undistributed net income of subsidiary 3,604,807 4,282,029 Equity in undistributed net income of subsidiary 9,827,048 9,457,911 Net income $ 13,431,855 $ 13,739,940 Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Cash Flows 2023 2022 Cash Flows from Operating Activities Net income $ 13,431,855 $ 13,739,940 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiary (9,827,048 ) (9,457,911 ) Increase in income taxes receivable (100,010 ) (38,377 ) Net cash provided by operating activities 3,504,797 4,243,652 Cash Flows from Financing Activities Dividends paid on preferred stock (120,938 ) (66,563 ) Dividends paid on common stock (3,675,082 ) (3,712,750 ) Net cash used in financing activities (3,796,020 ) (3,779,313 ) Net (decrease) increase in cash (291,223 ) 464,339 Cash Beginning 1,372,381 908,042 Ending $ 1,081,158 $ 1,372,381 Cash Received for Income Taxes $ 223,816 $ 185,439 Cash Paid for Interest $ 1,053,873 $ 573,603 Dividends paid: Dividends declared $ 5,028,021 $ 4,967,035 Decrease (increase) in dividends payable attributable to dividends declared 29,507 (43,686 ) Dividends reinvested (1,382,446 ) (1,210,599 ) $ 3,675,082 $ 3,712,750

Other Income and Other Expenses

Other Income and Other Expenses	12 Months Ended
	Dec. 31, 2023
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 more than one percent of total revenues in either of the two annual periods presented were as follows: 2023 2022 Income Income from investment in CFS Partners $ 1,033,499 $ 584,971 Expenses Outsourcing expense $ 577,260 $ 539,123 Service contracts - administration 638,630 579,956 Marketing 472,008 499,000 State deposit tax 1,025,988 992,333 ATM fees 645,745 616,900

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events
Subsequent Events	Note 26. Subsequent Events Declaration of Cash Dividend On December 21, 2023, the Company declared a cash dividend of $0.23 per share payable February 1, 2024 to shareholders of record as of January 15, 2024. On March 20, 2024, the Company declared a cash dividend of $0.23 per share payable May 1, 2024 to shareholders of record as of April 15, 2024. 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, 2023
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 FDIC: Federal Deposit Insurance Corporation ACBB: Atlantic Community Bankers Bank FDICIA: Federal Deposit Insurance Corporation 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 FRB: Federal Reserve Board ALCO: Asset Liability Committee FRBB: Federal Reserve Bank of Boston ALL: Allowance for Loan Losses GAAP: Generally Accepted Accounting Principles AML: Anti-money laundering laws in the United States AOCI: Accumulated other comprehensive income GSE: Government sponsored enterprise ASC: Accounting Standards Codification HMDA: Home Mortgage Disclosure Act ASU: Accounting Standards Update HTM: Held-to-maturity ATMs: Automatic teller machines ICS: Insured Cash Sweeps of the IntraFi Network ATS: Automatic transfer service IRS: Internal Revenue Service Bancorp: Community Bancorp. JNE: Jobs for New England Bank: Community National Bank Jr: Junior BHG: Bankers Healthcare Group, LLC LIBOR: London Interbank Offered Rate BIC: Borrower-in-Custody LLC: Limited liability corporation Board: Board of Directors MBS: Mortgage-backed security BOLI: Bank owned life insurance MPF: Mortgage Partnership Finance bp or bps: Basis point(s) MSAs Metropolitan Statistical Areas BSA: Bank Secrecy Act MSRs: Mortgage servicing rights BTFP: Bank Term Funding Program NII: Net interest income CBLR: Community Bank Leverage Ratio OAS: Other amortizing security CARES ACT: Coronavirus Aid Relief and Economic OBS: Off-balance sheet Security Act OCI: Other comprehensive income (loss) CDARS: Certificate of Deposit Accounts Registry OFAC: Office of Foreign Asset Control Service of the IntraFi Network OREO: Other real estate owned CDs: Certificates of deposit OTTI: Other-than-temporary impairment CDI: Core deposit intangible PMI: Private mortgage insurance CECL: Current Expected Credit Loss PPP: Paycheck Protection Program CEO: Credit Enhancement Obligation QM(s): Qualified Mortgage(s) CFPB: Consumer Financial Protection Bureau RD: USDA Rural Development CFSG: Community Financial Services Group, LLC RESPA: Real Estate Settlement Procedures Act CFS Partners: Community Financial Services Partners, LLC SBA: U.S. Small Business Administration CMO: Collateralized Mortgage Obligations SEC: U.S. Securities and Exchange Commission Company: Community Bancorp. and Subsidiary SOFR: Secured Overnight Financing Rate COVID-19: Coronavirus Disease 2019 SERP: Supplemental Employee Retirement Plan CRA: Community Reinvestment Act SOX: Sarbanes-Oxley Act of 2002 CRE: Commercial Real Estate TDR: Troubled-debt restructuring DCF: Discounted cash flow TILA: Truth in Lending Act DDA or DDAs: Demand Deposit Account(s) USDA: U.S. Department of Agriculture DIF: Deposit Insurance Fund VA: U.S. Veterans Administration DTC: Depository Trust Company VIE: Variable interest entities DRIP: Dividend Reinvestment Plan 2017 Tax Act: Tax Cut and Jobs Act of 2017 Exchange Act: Securities Exchange Act of 1934 2018 Regulatory Economic Growth, Regulatory Relief and FASB: Financial Accounting Standards Board Relief Act: Consumer Protection Act of 2018 FDIA: Federal Deposit Insurance Act The consolidated financial statements include the accounts of the Bancorp. and its wholly-owned subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated. The Company is considered a “smaller reporting company” and a “non-accelerated filer” under the disclosure rules of the SEC. Accordingly, the Company has elected to provide smaller reporting company scaled disclosures where management deems it appropriate, and to provide its audited consolidated statements of income, comprehensive income (loss), cash flows and changes in shareholders’ equity for a two year, rather than a three year, period. 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 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 ACL 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 ACL 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 several 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. On a quarterly basis, management uses a third-party consultant to assist in estimating the fair value of the Company’s MSRs. 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.
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 ACL, loan premiums or discounts for acquired loans and any unearned fees or costs on originated loans. Accrued interest receivable on loans totaled $3.6 million on December 31, 2023, and was reported in accrued interest receivable on the consolidated balance sheets, and is excluded from the estimate of credit losses. 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 (prior to adoption of CECL) 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 remain unchanged following the adoption of CECL and are presented in the next section under the heading General component. Allowance for credit losses under CECL Effective January 1, 2023, with the adoption of CECL, the Company established the ACL through a provision for credit losses charged to earnings. Credit 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 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. The value of the collateral is determined in accordance with the Company’s appraisal policy. The unsecured portion of an impaired real estate secured loan is charged off by the end of the month in which the loan becomes 180 days past due. As described below, the allowance consists of general and specific components. However, the entire allowance is available to absorb losses in the loan portfolio, regardless of general or specific components considered in determining the amount of the allowance. General component The general component of the ACL is based on methodologies, inputs, and assumptions utilized to estimate lifetime credit losses when applied to 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. The Company utilizes a discounted cash flow (DCF) approach to calculate the expected loss for each portfolio segment. Within the DCF model, probability of default (PD) and loss given default (LGD) assumptions are applied to calculate the expected loss for each segment. PD is management’s estimate of the probability the asset will default within a given timeframe and LGD is management’s estimate of the percentage of assets not expected to be collected due to default. The Company’s PD and LGD assumptions may be derived from internal historical default and loss experience or from external data where there are not statistically meaningful loss events for a loan segment, or it does not have default and loss data that covers a full economic cycle. As of December 31, 2023, the primary macroeconomic drivers used within the DCF model included forecasts of civilian unemployment and changes in national gross domestic product (GDP). Management monitors and assesses its macroeconomic drivers at least annually (generally in the fourth quarter, or more frequently as circumstances warrant) to determine whether they continue to be the most predictive indicator of losses within the Company’s loan portfolio, and these macroeconomic drivers may change from time to time. To determine its reasonable and supportable forecast, management may leverage macroeconomic forecasts obtained from various reputable sources, which may include, but are not limited to, the FOMC forecast and other publicly available forecasts from well recognized, leading economists or firms. The Company’s reasonable and supportable forecast period generally ranges from one to three years, depending on the facts and circumstances of the current state of the economy, portfolio segment, and management’s judgment of what can be reasonably supported. The model reversion period generally ranges from one to six years, and it also depends on the current state of the economy and management’s judgments of such. Management monitors and assesses the forecast and reversion period at least annually, or more frequently as circumstances warrant. The Company used a one-year forecast and reversion period to calculate the ACL on loans as of December 31, 2023. When the DCF method is used to determine the ACL, management does not adjust the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Expected credit losses are estimated over the contractual term of the loans. For term loans, the contractual life is calculated based on the maturity date. For commercial revolving loans with no stated maturity date, the contractual life is calculated based on the internal review date. For all other revolving loans, the contractual life is based on either the estimated maturity date or a default date. The contractual term excludes expected extensions, renewals, and modifications. In calculating the ACL on loans, the contractual life of a loan must be adjusted for prepayments in order to arrive at expected cash flows. The Company models term loans using an annualized prepayment. When the Company has a specific expectation of differing payment behavior for a given loan, the loan may be evaluated individually. For revolving loans that do not have a principal payment schedule, a curtailment rate is factored into the expected cash flow. Management has elected to use loss rate methodologies appropriate for each loan segment. The DCF method was chosen for the commercial and industrial, CRE, residential real estate 1 st Qualitative factors are also applied to 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. During the third quarter of 2023, the qualitative factor for collateral in the CRE loan segment was adjusted to reflect the stable values of real estate in the commercial sector. 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 – Commercial Real Estate – Municipal – Residential Real Estate - 1 st Residential Real Estate – Jr Lien – Consumer – Specific component Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are also not included in the collective evaluation. In general, loans individually evaluated for estimated credit losses include those (i) greater than $100,000 with a nonaccrual status or (ii) have other unique characteristics differing from the portfolio segment. Specific reserves are established when appropriate for such loans based on the present value of expected future cash flows of the loan. However, when management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.
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 ACL. 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 more than) 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, 2023 and 2022. 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 first quarter dividend payment in 2022, followed by several increases during 2022 with a rate of 6.25% in effect for the last quarter of 2022, followed by more increases in 2023 with a rate of 7.50% in effect for the first quarter of 2023 and a rate of 8.50% in effect for the last quarter of 2023. 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 2022 and 2023 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, 2023 2022 Net income, as reported $ 13,431,855 $ 13,739,940 Less: dividends to preferred shareholders 120,938 66,563 Net income available to common shareholders $ 13,310,917 $ 13,673,377 Weighted average number of common shares used in calculating earnings per share 5,471,457 5,403,938 Earnings per common share $ 2.43 $ 2.53
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.
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. Allowance for Credit Losses – AFS Debt Securities: For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. Changes in the ACL are recorded as credit loss expense (or reversal). Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on AFS debt securities which totaled $606,237 on December 31, 2023, was reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses.
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.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Significant Accounting Policies
Schedule of the definitions, acronyms and abbreviations identified	ABS: Asset backed security FDIC: Federal Deposit Insurance Corporation ACBB: Atlantic Community Bankers Bank FDICIA: Federal Deposit Insurance Corporation 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 FRB: Federal Reserve Board ALCO: Asset Liability Committee FRBB: Federal Reserve Bank of Boston ALL: Allowance for Loan Losses GAAP: Generally Accepted Accounting Principles AML: Anti-money laundering laws in the United States AOCI: Accumulated other comprehensive income GSE: Government sponsored enterprise ASC: Accounting Standards Codification HMDA: Home Mortgage Disclosure Act ASU: Accounting Standards Update HTM: Held-to-maturity ATMs: Automatic teller machines ICS: Insured Cash Sweeps of the IntraFi Network ATS: Automatic transfer service IRS: Internal Revenue Service Bancorp: Community Bancorp. JNE: Jobs for New England Bank: Community National Bank Jr: Junior BHG: Bankers Healthcare Group, LLC LIBOR: London Interbank Offered Rate BIC: Borrower-in-Custody LLC: Limited liability corporation Board: Board of Directors MBS: Mortgage-backed security BOLI: Bank owned life insurance MPF: Mortgage Partnership Finance bp or bps: Basis point(s) MSAs Metropolitan Statistical Areas BSA: Bank Secrecy Act MSRs: Mortgage servicing rights BTFP: Bank Term Funding Program NII: Net interest income CBLR: Community Bank Leverage Ratio OAS: Other amortizing security CARES ACT: Coronavirus Aid Relief and Economic OBS: Off-balance sheet Security Act OCI: Other comprehensive income (loss) CDARS: Certificate of Deposit Accounts Registry OFAC: Office of Foreign Asset Control Service of the IntraFi Network OREO: Other real estate owned CDs: Certificates of deposit OTTI: Other-than-temporary impairment CDI: Core deposit intangible PMI: Private mortgage insurance CECL: Current Expected Credit Loss PPP: Paycheck Protection Program CEO: Credit Enhancement Obligation QM(s): Qualified Mortgage(s) CFPB: Consumer Financial Protection Bureau RD: USDA Rural Development CFSG: Community Financial Services Group, LLC RESPA: Real Estate Settlement Procedures Act CFS Partners: Community Financial Services Partners, LLC SBA: U.S. Small Business Administration CMO: Collateralized Mortgage Obligations SEC: U.S. Securities and Exchange Commission Company: Community Bancorp. and Subsidiary SOFR: Secured Overnight Financing Rate COVID-19: Coronavirus Disease 2019 SERP: Supplemental Employee Retirement Plan CRA: Community Reinvestment Act SOX: Sarbanes-Oxley Act of 2002 CRE: Commercial Real Estate TDR: Troubled-debt restructuring DCF: Discounted cash flow TILA: Truth in Lending Act DDA or DDAs: Demand Deposit Account(s) USDA: U.S. Department of Agriculture DIF: Deposit Insurance Fund VA: U.S. Veterans Administration DTC: Depository Trust Company VIE: Variable interest entities DRIP: Dividend Reinvestment Plan 2017 Tax Act: Tax Cut and Jobs Act of 2017 Exchange Act: Securities Exchange Act of 1934 2018 Regulatory Economic Growth, Regulatory Relief and FASB: Financial Accounting Standards Board Relief Act: Consumer Protection Act of 2018 FDIA: Federal Deposit Insurance Act
Schedule of Earnings per common share	Years Ended December 31, 2023 2022 Net income, as reported $ 13,431,855 $ 13,739,940 Less: dividends to preferred shareholders 120,938 66,563 Net income available to common shareholders $ 13,310,917 $ 13,673,377 Weighted average number of common shares used in calculating earnings per share 5,471,457 5,403,938 Earnings per common share $ 2.43 $ 2.53

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2023
Investment Securities
Schedule of available for sale debt securities	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2023 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,172,426 $ 10,827,574 U.S. Government securities 41,207,049 0 1,943,800 39,263,249 Taxable Municipal securities 300,000 0 53,035 246,965 Tax-exempt Municipal securities 10,832,494 158,982 517,691 10,473,785 Agency MBS 132,043,238 321,880 16,502,319 115,862,799 ABS and OAS 2,533,872 0 186,251 2,347,621 CMO 10,963,942 0 226,346 10,737,596 Other investments 992,000 0 45,570 946,430 Total $ 210,872,595 $ 480,862 $ 20,647,438 $ 190,706,019 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 Amortized Fair Cost Value December 31, 2023 Due in one year or less $ 17,366,548 $ 17,061,882 Due from one to five years 43,976,469 41,245,991 Due from five to ten years 4,485,724 4,141,301 Due after ten years 13,000,616 12,394,046 Agency MBS 132,043,238 115,862,799 Total $ 210,872,595 $ 190,706,019
Schedule of investments pledged for collateral	Amortized Fair Cost Value December 31, 2023 $ 59,300,089 $ 52,107,148 December 31, 2022 55,899,113 46,789,284
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, 2023 U.S. GSE debt securities $ 0 $ 0 $ 10,827,574 $ 1,172,426 11 $ 10,827,574 $ 1,172,426 U.S. Government securities 0 0 39,263,249 1,943,800 54 39,263,249 1,943,800 Taxable Municipal securities 0 0 246,965 53,035 1 246,965 53,035 Tax-exempt Municipal securities 529,571 9,468 4,058,155 508,223 10 4,587,726 517,691 Agency MBS 1,328,433 9,218 103,000,706 16,493,101 119 104,329,139 16,502,319 ABS and OAS 0 0 2,347,621 186,251 4 2,347,621 186,251 CMO 3,309,165 18,554 7,428,431 207,792 10 10,737,596 226,346 Other investments 0 0 946,430 45,570 4 946,430 45,570 Total $ 5,167,169 $ 37,240 $ 168,119,131 $ 20,610,198 213 $ 173,286,300 $ 20,647,438 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

Loans Allowance for Loan Loss_2

Loans Allowance for Loan Losses and Credit Quality (Tables)	12 Months Ended
	Dec. 31, 2023
Loans Allowance for Loan Losses and Credit Quality
Schedule of composition of net loans	December 31, 2023 2022 Commercial & industrial $ 121,705,707 14.40 % $ 112,951,873 15.09 % Purchased (1) 10,568,922 1.25 % 7,530,458 1.00 % Commercial real estate 414,880,621 49.07 % 356,892,986 47.68 % Municipal 54,466,988 6.44 % 34,633,055 4.63 % Residential real estate - 1st lien 208,824,888 24.70 % 198,743,375 26.55 % Residential real estate - Jr lien 31,668,811 3.75 % 33,756,872 4.51 % Consumer 3,313,917 0.39 % 4,039,989 0.54 % Total loans 845,429,854 100.00 % 748,548,608 100.00 % ACL (9,842,725 ) (8,709,225 ) Deferred net loan costs 573,169 493,275 Net loans $ 836,160,298 $ 740,332,658
Schedule of age analysis of loans by portfolio segment	90 Days Total December 31, 2023 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 253,974 $ 3,068,578 $ 3,322,552 $ 118,383,155 $ 121,705,707 Purchased 0 0 0 10,568,922 10,568,922 Commercial real estate 178,083 944,669 1,122,752 413,757,869 414,880,621 Municipal 0 0 0 54,466,988 54,466,988 Residential real estate - 1st lien 1,856,944 646,980 2,503,924 206,320,964 208,824,888 Residential real estate - Jr lien 245,856 25,007 270,863 31,397,948 31,668,811 Consumer 14,728 0 14,728 3,299,189 3,313,917 Totals $ 2,549,585 $ 4,685,234 $ 7,234,819 $ 838,195,035 $ 845,429,854 90 Days Total December 31, 2022 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 2,377,668 $ 879,802 $ 3,257,470 $ 109,694,403 $ 112,951,873 Purchased 0 0 0 7,530,458 7,530,458 Commercial real estate 1,395,444 353,842 1,749,286 355,143,700 356,892,986 Municipal 0 0 0 34,633,055 34,633,055 Residential real estate - 1st lien 1,517,653 641,141 2,158,794 196,584,581 198,743,375 Residential real estate - Jr lien 321,579 25,007 346,586 33,410,286 33,756,872 Consumer 18,745 0 18,745 4,021,244 4,039,989 Totals $ 5,631,089 $ 1,899,792 $ 7,530,881 $ 741,017,727 $ 748,548,608
TDRs payment default	Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate -1st lien 2 $ 562,592 $ 562,592
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 For the Year Ended December 31, 2022 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
Changes in the allowance for loan losses	Year Ended December 31, 2023 2022 Credit loss expense - loans $ 1,230,879 $ 978,000 Credit loss expense - OBS credit exposures 249,670 0 Credit loss expense $ 1,480,549 $ 978,000 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ACL beginning balance $ 1,116,322 $ 53,090 $ 5,061,813 $ 62,339 $ 2,001,836 $ 241,950 $ 69,686 $ 102,189 $ 8,709,225 Impact of adopting CECL (164,115 ) (29,196 ) (22,467 ) 24,243 273,167 297,746 (33,813 ) (102,189 ) 243,376 Charge-offs (386,578 ) 0 0 0 (1,625 ) 0 (131,332 ) 0 (519,535 ) Recoveries 10,237 0 22,058 0 72,588 29,240 44,657 0 178,780 Credit loss expense (reversal) 524,822 13,171 460,678 49,585 244,960 (137,929 ) 75,592 0 1,230,879 ACL ending balance $ 1,100,688 $ 37,065 $ 5,522,082 $ 136,167 $ 2,590,926 $ 431,007 $ 24,790 $ 0 $ 9,842,725 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased 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
Risk ratings portfolio	As of or for the year ended, Revolving Revolving December 31, 2023 Loans Loans Term Loans Amortized Cost Basis by Origination Year Amortized Converted (In thousands) 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Commercial & Industrial: Pass $ 15,876 $ 18,645 $ 12,964 $ 2,776 $ 3,744 $ 3,957 $ 46,645 $ 0 $ 104,607 Special mention 310 887 750 0 10 560 9,285 0 11,802 Substandard/Doubtful 0 419 167 453 258 1,548 2,451 0 5,296 Total commercial $ 16,186 $ 19,951 $ 13,881 $ 3,229 $ 4,012 $ 6,065 $ 58,381 $ 0 $ 121,705 Current period gross charge-offs $ 0 $ 150 $ 25 $ 0 $ 0 $ 212 $ 0 $ 0 $ 387 Purchased: Pass $ 5,186 $ 94 $ 1,581 $ 1,464 $ 2,244 $ 0 $ 0 $ 0 $ 10,569 Total purchased $ 5,186 $ 94 $ 1,581 $ 1,464 $ 2,244 $ 0 $ 0 $ 0 $ 10,569 Commercial real estate: Pass $ 70,549 $ 83,453 $ 38,942 $ 43,405 $ 34,725 $ 85,688 $ 49,721 $ 0 $ 406,483 Special mention 0 373 1,471 0 0 0 0 0 1,844 Substandard/Doubtful 356 0 0 3,318 1,361 1,519 0 0 6,554 Total commercial real estate $ 70,905 $ 83,826 $ 40,413 $ 46,723 $ 36,086 $ 87,207 $ 49,721 $ 0 $ 414,881 Municipal: Pass $ 29,055 $ 695 $ 3,263 $ 4,571 $ 527 $ 10,180 $ 6,176 $ 0 $ 54,467 Total municipal $ 29,055 $ 695 $ 3,263 $ 4,571 $ 527 $ 10,180 $ 6,176 $ 0 $ 54,467 Residential real estate - 1st lien: Pass $ 30,378 $ 39,540 $ 41,214 $ 32,966 $ 10,018 $ 50,585 $ 1,440 $ 0 $ 206,141 Special mention 164 299 129 0 0 0 0 0 592 Substandard/Doubtful 0 0 0 1,831 36 225 0 0 2,092 Total residential real estate - 1st lien $ 30,542 $ 39,839 $ 41,343 $ 34,797 $ 10,054 $ 50,810 $ 1,440 $ 0 $ 208,825 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 2 $ 0 $ 0 $ 2 Residential real estate - Jr lien: Pass $ 2,239 $ 1,940 $ 350 $ 596 $ 489 $ 1,069 $ 23,298 $ 1,659 $ 31,640 Substandard/Doubtful 0 0 0 0 0 29 0 0 29 Total residential real estate - Jr lien $ 2,239 $ 1,940 $ 350 $ 596 $ 489 $ 1,098 $ 23,298 $ 1,659 $ 31,669 Consumer Pass $ 1,685 $ 829 $ 405 $ 211 $ 97 $ 87 $ 0 $ 0 $ 3,314 Total consumer $ 1,685 $ 829 $ 405 $ 211 $ 97 $ 87 $ 0 $ 0 $ 3,314 Current period gross charge-offs $ 33 $ 32 $ 1 $ 0 $ 4 $ 61 $ 0 $ 0 $ 131 Total Loans $ 155,798 $ 147,174 $ 101,236 $ 91,591 $ 53,509 $ 155,447 $ 139,016 $ 1,659 $ 845,430 Total current period gross charge-offs $ 33 $ 182 $ 26 $ 0 $ 4 $ 275 $ 0 $ 0 $ 520 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased 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
Loans modified as TDRs	Business Assets (1) Real Estate Total Commercial $ 1,298,717 $ 0 $ 1,298,717 Commercial real estate 0 1,263,495 1,263,495 Residential real estate - 1st lien 0 167,363 167,363 $ 1,298,717 $ 1,430,858 $ 2,729,575

Loan Servicing (Tables)

Loan Servicing (Tables)	12 Months Ended
	Dec. 31, 2023
Loan Servicing
Schedule of mortgage servicing rights	2023 2022 Balance at beginning of year $ 862,593 $ 897,720 MSRs capitalized 68,297 120,629 MSRs amortized (143,877 ) (155,756 ) Balance at end of period $ 787,013 $ 862,593

Bank Premises and Equipment (Ta

Bank Premises and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Bank Premises and Equipment
Schedule of bank premises and equipment and accumulated depreciation and amortization	2023 2022 Buildings and improvements $ 10,712,053 $ 10,674,714 Land and land improvements 3,026,281 2,856,017 Furniture and equipment 6,360,991 6,262,893 Leasehold improvements 869,473 875,797 Finance lease 4,018,377 4,018,377 Operating leases 1,417,859 1,417,859 Other prepaid assets 160,881 5,820 26,565,915 26,111,477 Less accumulated depreciation and amortization (14,194,544 ) (13,069,009 ) Net bank premises and equipment $ 12,371,371 $ 13,042,468

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases
Schedule of lease cost	Years Ended December 31, 2023 2022 Operating lease cost $ 209,697 $ 209,697 Finance lease cost: Amortization of right-of-use assets $ 227,279 $ 227,279 Interest on lease liabilities 81,072 86,028 Total finance lease cost $ 308,351 $ 313,307
Schedule of supplemental information related to leases	December 31, 2023 2022 Operating Leases Operating lease right-of-use assets $ 452,536 $ 653,832 Operating lease liabilities $ 443,370 $ 658,401 Finance Leases Finance lease right-of-use assets $ 3,398,047 $ 3,625,326 Finance lease liabilities $ 3,424,971 $ 3,644,828 December 31, 2023 2022 Weighted Average Remaining Lease Term (in Years) Operating Leases 1.7 2.7 Finance Leases 14.7 15.7 Weighted Average Discount Rate Operating Leases 1.28 % 1.28 % Finance Leases 2.29 % 2.29 %
schedule of Operating lease obligations	2024 $ 199,648 2025 154,659 2026 99,165 Total $ 453,472
Schedule of Finance lease obligations	2024 $ 302,819 2025 304,758 2026 311,451 2027 320,076 2028 322,163 Subsequent to 2028 2,439,150 Total minimum lease payments 4,000,417 Less amount representing interest (575,446 ) Present value of net minimum lease payments $ 3,424,971
Schedule of undiscounted cash flows in the maturity analysis	Operating Leases Finance Leases Undiscounted cash flows $ 453,472 $ 4,000,417 Discount effect of cash flows (10,102 ) (575,446 ) Lease liabilities $ 443,370 $ 3,424,971

Deposits (Table)

Deposits (Table)	12 Months Ended
	Dec. 31, 2023
Deposits
Schedule of maturity distribution of time deposits	2024 $ 107,054,436 2025 5,185,979 2026 6,441,015 2027 3,649,598 2028 1,689,799 Total time deposits $ 124,020,827

Borrowed Funds (Tables)

Borrowed Funds (Tables)	12 Months Ended
	Dec. 31, 2023
Borrowed Funds
Schedule of Long-Term Advances	2023 2022 FHLBB JNE Advances (1) FHLBB term advance, 0.00%, due September 22, 2023 $ 0 $ 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 Total FHLBB JNE Advances 1,100,000 1,300,000 Overnight Borrowings Correspondent Banks, 5.56% 9,000,000 0 Total FHLBB Advances $ 10,100,000 $ 1,300,000 FRBB Advances FRB BTFP term advance, 4.92%, due April 26, 2024 $ 10,000,000 FRB BTFP term advance, 4.71%, due May 13, 2024 10,000,000 FRB BTFP term advance, 4.91%, due May 17, 2024 6,500,000 FRB BTFP term advance, 4.93%, due December 16, 2024 18,000.000 Total BTFP Advances $ 44,500,000

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2023
Repurchase Agreements
schedule of Securities sold	2023 2022 Current balance $ 36,255,920 $ 33,077,829 Average balance 35,419,450 31,285,927 Highest month-end balance 38,058,036 34,974,510 Weighted average interest rate 2.11 % 0.53 % Pledged investment (1) Amortized cost 59,300,089 55,899,113 Fair value 52,107,148 46,789,284

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes
Schedule of Provision for income taxes	2023 2022 Currently paid or payable $ 3,268,196 $ 3,253,913 Deferred benefit (373,105 ) (118,587 ) Total income tax expense $ 2,895,091 $ 3,135,326
Schedule of federal income tax	2023 2022 Computed expense at statutory rates $ 3,428,659 $ 3,543,806 Tax exempt interest and BOLI (380,952 ) (243,121 ) Disallowed interest 37,416 6,205 Partnership rehabilitation and tax credits (698,450 ) (389,911 ) Low-income housing investment amortization expense 498,896 212,284 Other 9,522 6,063 Total income tax expense $ 2,895,091 $ 3,135,326
Schedule of deferred income tax (benefit) expense	2023 2022 Depreciation $ (16,267 ) $ 22,316 Mortgage servicing rights (15,872 ) (7,377 ) Bad debts (238,035 ) (209,783 ) Limited partnership amortization 177,184 61,442 Investment in CFS Partners (127,863 ) (90,527 ) Deferred SBA PPP fees 2,761 102,702 Prepaid expenses 17,652 34,467 Other (172,665 ) (31,827 ) Change in deferred tax benefit $ (373,105 ) $ (118,587 )
Schedule of significant components of the net deferred tax asset	2023 2022 Components of the deferred tax asset: Bad debts $ 2,066,972 $ 1,828,937 Deferred compensation 6,930 6,930 Investment in CFS Partners 98,277 0 Contingent liability - MPF program 17,838 17,838 Finance lease 75,566 47,305 Operating lease 0 959 Deferred SBA PPP fees 3,205 5,966 Unrealized loss on debt securities AFS 4,234,981 5,493,977 Other 169,296 22,008 Total deferred tax asset $ 6,673,065 $ 7,423,920 2023 2022 Components of the deferred tax liability: Depreciation $ 467,217 $ 483,484 Limited partnerships 333,578 156,394 Mortgage servicing rights 165,272 181,144 Investment in CFS Partners 0 29,586 Operating lease 1,925 0 Prepaid expenses 126,545 108,893 Total deferred tax liability 1,094,537 959,501 Net deferred tax asset $ 5,578,528 $ 6,464,419

Financial Instruments with Of_2

Financial Instruments with Off-Balance-Sheet Risk (Table)	12 Months Ended
	Dec. 31, 2023
Financial Instruments with Off-Balance-Sheet Risk
Financial Instruments with Off-Balance-Sheet Risk	Contract or Notional Amount 2023 2022 Unused portions of home equity lines of credit $ 37,922,748 $ 37,621,050 Residential and commercial construction lines of credit 42,437,837 21,388,121 Commercial real estate commitments 26,616,600 63,719,882 Commercial and industrial commitments 62,607,413 64,482,470 Other commitments to extend credit 49,931,055 45,724,309 Standby letters of credit and commercial letters of credit 1,683,050 5,343,050 Recourse on sale of credit card portfolio 192,500 310,805 MPF credit enhancement obligation, net (See Note 18) 241,799 267,408

Transactions with Related Par_2

Transactions with Related Parties (Table)	12 Months Ended
	Dec. 31, 2023
Transactions with Related Parties
Schedule of Aggregate loan transactions	2023 2022 Balance, beginning of year $ 15,717,582 $ 16,072,431 Loans – new Directors 0 2,274,378 New loans to existing Principal Officers/Directors 3,218,327 5,091,531 Repayment* (1,686,381 ) (7,720,758 ) Balance, end of year $ 17,249,528 $ 15,717,582

Regulatory Capital Requiremen_2

Regulatory Capital Requirements (Table)	12 Months Ended
	Dec. 31, 2023
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, 2023 Common equity tier 1 capital (to risk-weighted assets) Company $ 91,886 11.89 % $ 34,770 4.50 % $ 54,086 7.00 % N/A N/A Bank $ 105,390 13.65 % $ 34,737 4.50 % $ 54,036 7.00 % $ 50,176 6.50 % Tier 1 capital (to risk-weighted assets) Company $ 106,273 13.75 % $ 46,360 6.00 % $ 65,676 8.50 % N/A N/A Bank $ 105,390 13.65 % $ 46,317 6.00 % $ 65,615 8.50 % $ 61,755 8.00 % Total capital (to risk-weighted assets) Company $ 115,944 15.01 % $ 61,813 8.00 % $ 81,130 10.50 % N/A N/A Bank $ 115,051 14.90 % $ 61,755 8.00 % $ 81,054 10.50 % $ 77,194 10.00 % Tier 1 capital (to average assets) Company $ 106,273 9.57 % $ 44,401 4.00 % N/A N/A N/A N/A Bank $ 105,390 9.50 % $ 44,376 4.00 % N/A N/A $ 55,470 5.00 % 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 %

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value
Schedule of fair value assets measured on a recurring basis	Assets: (market approach) 2023 2022 Level 1 U.S. Government securities $ 39,263,249 $ 38,231,589 Level 2 U.S. GSE debt securities $ 10,827,574 $ 10,375,291 Taxable Municipal securities 246,965 234,858 Tax-exempt Municipal securities 10,473,785 11,323,567 Agency MBS 115,862,799 115,231,599 ABS and OAS 2,347,621 2,693,606 CMO 10,737,596 11,935,925 Other investments 946,430 2,891,674 Level 2 Total $ 151,442,770 $ 154,686,520 Grand Total $ 190,706,019 $ 192,918,109
Schedule of fair value assets measured on a non-recurring basis	2023 2022 Level 2 Assets: (market approach) Individually analyzed loans, net of related allowance $ 709,487 $ 94,458 MSRs (1) 787,013 862,593
Schedule of estimated fair values of financial instruments	December 31, 2023 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 $ 20,435 $ 20,435 $ 0 $ 0 $ 20,435 Debt securities AFS 190,706 39,263 151,443 0 190,706 Restricted equity securities 1,642 0 1,642 0 1,642 Loans and loans held-for-sale, net of ACL Commercial & industrial 120,589 0 709 116,287 116,996 Purchased 10,532 0 0 10,055 10,055 Commercial real estate 409,332 0 0 382,045 382,045 Municipal 54,331 0 0 51,791 51,791 Residential real estate – 1 st 206,849 0 0 188,650 188,650 Residential real estate – Jr lien 31,238 0 0 30,745 30,745 Consumer 3,289 0 0 3,295 3,295 MSRs (1) 787 0 1,262 0 1,262 Accrued interest receivable 4,247 0 4,247 0 4,247 Financial liabilities: Deposits Other deposits 896,968 0 894,823 0 894,823 Short-term borrowings 9,000 0 9,000 0 9,000 Long-term borrowings 45,600 0 45,415 0 45,415 Repurchase agreements 36,256 0 36,256 0 36,256 Operating lease obligations 443 0 443 0 443 Finance lease obligations 3,425 0 3,425 0 3,425 Subordinated debentures 12,887 0 12,719 0 12,719 Accrued interest payable 1,082 0 1,082 0 1,082 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 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 – 1 st 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

Condensed Financial Informati_2

Condensed Financial Information Parent Company Only (Tables)	12 Months Ended
	Dec. 31, 2023
Condensed Financial Information Parent Company Only
Schedule of Condensed Balance Sheets	Community Bancorp. (Parent Company Only) December 31, December 31, Balance Sheets 2023 2022 Assets Cash $ 1,081,158 $ 1,372,381 Investment in subsidiary – Community National Bank 101,032,517 87,018,360 Investment in Capital Trust 387,000 387,000 Income taxes receivable 323,825 223,816 Total assets $ 102,824,500 $ 89,001,557 Liabilities and Shareholders’ Equity Liabilities Junior subordinated debentures $ 12,887,000 $ 12,887,000 Dividends payable 908,686 938,194 Total liabilities 13,795,686 13,825,194 Shareholders’ Equity Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2023 and 2022 ($100,000 liquidation value, per share) 1,500,000 1,500,000 Common stock - $2.50 par value; 15,000,000 shares authorized, 5,724,151 and 5,647,710 shares issued at December 31, 2023 and 2022, respectively (including 20,774 and 16,850 shares issued February 1, 2024 and 2023, respectively) 14,310,378 14,119,275 Additional paid-in capital 37,574,578 36,383,235 Retained earnings 54,198,230 46,464,447 Accumulated other comprehensive loss (15,931,595 ) (20,667,817 ) Less: treasury stock, at cost; 210,101 shares at December 31, 2023 and 2022 (2,622,777 ) (2,622,777 ) Total shareholders’ equity 89,028,814 75,176,363 Total liabilities and shareholders’ equity $ 102,824,500 $ 89,001,557
Schedule of Condensed Statements of Income	Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Income 2023 2022 Income Bank subsidiary distributions $ 4,823,000 $ 5,124,000 Dividends on Capital Trust 31,648 17,225 Total income 4,854,648 5,141,225 Expense Interest on junior subordinated debentures 1,053,873 573,603 Administrative and other 519,793 509,409 Total expense 1,573,666 1,083,012 Income before applicable income tax benefit and equity in undistributed net income of subsidiary 3,280,982 4,058,213 Income tax benefit 323,825 223,816 Income before equity in undistributed net income of subsidiary 3,604,807 4,282,029 Equity in undistributed net income of subsidiary 9,827,048 9,457,911 Net income $ 13,431,855 $ 13,739,940
Schedule of Condensed Statements of Cash Flows	Community Bancorp. (Parent Company Only) Years Ended December 31, Condensed Statements of Cash Flows 2023 2022 Cash Flows from Operating Activities Net income $ 13,431,855 $ 13,739,940 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiary (9,827,048 ) (9,457,911 ) Increase in income taxes receivable (100,010 ) (38,377 ) Net cash provided by operating activities 3,504,797 4,243,652 Cash Flows from Financing Activities Dividends paid on preferred stock (120,938 ) (66,563 ) Dividends paid on common stock (3,675,082 ) (3,712,750 ) Net cash used in financing activities (3,796,020 ) (3,779,313 ) Net (decrease) increase in cash (291,223 ) 464,339 Cash Beginning 1,372,381 908,042 Ending $ 1,081,158 $ 1,372,381 Cash Received for Income Taxes $ 223,816 $ 185,439 Cash Paid for Interest $ 1,053,873 $ 573,603 Dividends paid: Dividends declared $ 5,028,021 $ 4,967,035 Decrease (increase) in dividends payable attributable to dividends declared 29,507 (43,686 ) Dividends reinvested (1,382,446 ) (1,210,599 ) $ 3,675,082 $ 3,712,750

Other Income and Other Expens_2

Other Income and Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Other Income and Other Expenses
Schedule of other income and other expenses	2023 2022 Income Income from investment in CFS Partners $ 1,033,499 $ 584,971 Expenses Outsourcing expense $ 577,260 $ 539,123 Service contracts - administration 638,630 579,956 Marketing 472,008 499,000 State deposit tax 1,025,988 992,333 ATM fees 645,745 616,900

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Policies
Net income	$ 13,431,855	$ 13,739,940
Less: dividends to preferred shareholders	120,938	66,563
Net income available to common shareholders	$ 13,310,917	$ 13,673,377
Weighted average number of common shares used in computing earnings per share	5,471,457	5,403,938
Earnings per common share	$ 2.43	$ 2.53

Significant Accounting Polici_5

Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019	Dec. 31, 2007
Accrued interest	$ 606,237
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 first quarter dividend payment in 2022, followed by several increases during 2022 with a rate of 6.25% in effect for the last quarter of 2022, followed by more increases in 2023 with a rate of 7.50% in effect for the first quarter of 2023 and a rate of 8.50% in effect for the last quarter of 2023
Preferred stock, redemption, amount			$ 1,000,000
Preferred stock, redemption, shares			10
Loans [Member]
Accrued interest	$ 3,600,000
CFSG [Member]
Ownership interest	100%
ACBB [Member]
Description of minimum invest	the Company is required to invest in a minimum of 20 shares of the common stock of ACBB’s parent company, ACBI
FHLBB [Member]
Stock par value	$ 100

Recent Accounting Developments

Recent Accounting Developments (Details Narrative) - USD ($)	Dec. 31, 2023	Jan. 01, 2023
Recent Accounting Developments
Reduction to retained earnings		$ 549,113
Corresponding adjustment on loans		243,376
Other liabilities allowance for credit losses	$ 451,704	451,704
Deferred tax assets		$ 145,967

Investment Securities (Details)

Investment Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost	$ 210,872,595	$ 219,079,904
Gross Unrealized Gains	480,862	110,541
Gross Unrealized Losses	20,647,438	26,272,336
Fair Value	190,706,019	192,918,109
U.S. GSE Debt Securities
Amortized Cost	12,000,000	12,000,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	1,172,426	1,624,709
Fair Value	10,827,574	10,375,291
Taxable municipal securities
Amortized Cost	300,000	300,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	53,035	65,142
Fair Value	246,965	234,858
Tax-exempt municipal securities
Amortized Cost	10,832,494	12,042,410
Gross Unrealized Gains	158,982	40,513
Gross Unrealized Losses	517,691	759,356
Fair Value	10,473,785	11,323,567
U.S. Government securities
Amortized Cost	41,207,049	41,368,624
Gross Unrealized Gains	0	0
Gross Unrealized Losses	1,943,800	3,137,035
Fair Value	39,263,249	38,231,589
Agency mortgage-backed securities (Agency MBS) [Member]
Amortized Cost	132,043,238	135,193,097
Gross Unrealized Gains	321,880	69,447
Gross Unrealized Losses	16,502,319	20,030,945
Fair Value	115,862,799	115,231,599
ABS and OAS [Member]
Amortized Cost	2,533,872	2,929,740
Gross Unrealized Gains	0	0
Gross Unrealized Losses	186,251	236,134
Fair Value	2,347,621	2,693,606
CMO [Member]
Amortized Cost	10,963,942	12,278,033
Gross Unrealized Gains	0	581
Gross Unrealized Losses	226,346	342,689
Fair Value	10,737,596	11,935,925
Other investment [Member]
Amortized Cost	992,000	2,968,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	45,570	76,326
Fair Value	$ 946,430	$ 2,891,674

Investment Securities (Details

Investment Securities (Details 1) - U.S. GSE debt securities, Agency MBS, ABS and OAS, CMO and CDs [Member] - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost	$ 59,300,089	$ 55,899,113
Fair Value	$ 52,107,148	$ 46,789,284

Investment Securities (Detail_2

Investment Securities (Details 2) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Total, Amortized Cost	$ 210,872,595	$ 219,079,904
Total, Fair Value	190,706,019	$ 192,918,109
Available for sale Securities [Member]
Due In One Year Or Less, Amortized Cost	17,366,548
Due From One To Five Years, Amortized Cost	43,976,469
Due From Five To Ten Years, Amortized Cost	4,485,724
Due After Ten Years, Amortized Cost	13,000,616
Agency Mbs, Amortized Cost	132,043,238
Total, Amortized Cost	210,872,595
Due In One Year Or Less, Fair Value	17,061,882
Due From One To Five Years, Fair Value	41,245,991
Due From Five To Ten Years, Fair Value	4,141,301
Due After Ten Years, Fair Value	12,394,046
Agency Mbs, Fair Value	115,862,799
Total, Fair Value	$ 190,706,019

Investment Securities (Detail_3

Investment Securities (Details 3)	Dec. 31, 2023 USD ($) integer	Dec. 31, 2022 USD ($) integer
Fair Value Less Than 12 Months	$ 5,167,169	$ 44,811,508
Unrealized Loss Less Than 12 Months	37,240	2,267,236
Fair Value 12 Months Or More	168,119,131	141,045,975
Unrealized Loss 12 Months Or More	$ 20,610,198	$ 24,005,100
Number Of Securities | integer	213	230
Fair Value	$ 173,286,300	$ 185,857,483
Unrealized Loss	20,647,438	26,272,336
U.S. GSE Debt Securities
Fair Value Less Than 12 Months	0	2,723,388
Unrealized Loss Less Than 12 Months	0	276,611
Fair Value 12 Months Or More	10,827,574	7,651,903
Unrealized Loss 12 Months Or More	$ 1,172,426	$ 1,348,098
Number Of Securities | integer	11	11
Fair Value	$ 10,827,574	$ 10,375,291
Unrealized Loss	1,172,426	1,624,709
Other investments [Member]
Fair Value Less Than 12 Months	0	2,451,892
Unrealized Loss Less Than 12 Months	0	20,108
Fair Value 12 Months Or More	946,430	439,782
Unrealized Loss 12 Months Or More	$ 45,570	$ 56,218
Number Of Securities | integer	4	12
Fair Value	$ 946,430	$ 2,891,674
Unrealized Loss	45,570	76,326
Taxable municipal securities
Fair Value Less Than 12 Months	0	0
Unrealized Loss Less Than 12 Months	0	0
Fair Value 12 Months Or More	246,965	234,858
Unrealized Loss 12 Months Or More	$ 53,035	$ 65,142
Number Of Securities | integer	1	1
Fair Value	$ 246,965	$ 234,858
Unrealized Loss	53,035	65,142
Tax-exempt municipal securities
Fair Value Less Than 12 Months	529,571	8,608,507
Unrealized Loss Less Than 12 Months	9,468	522,128
Fair Value 12 Months Or More	4,058,155	592,388
Unrealized Loss 12 Months Or More	$ 508,223	$ 237,228
Number Of Securities | integer	10	19
Fair Value	$ 4,587,726	$ 9,200,895
Unrealized Loss	517,691	759,356
U.S. Government securities
Fair Value Less Than 12 Months	0	4,837,891
Unrealized Loss Less Than 12 Months	0	169,501
Fair Value 12 Months Or More	39,263,249	33,393,698
Unrealized Loss 12 Months Or More	$ 1,943,800	$ 2,967,534
Number Of Securities | integer	54	54
Fair Value	$ 39,263,249	$ 38,231,589
Unrealized Loss	1,943,800	3,137,035
Agency mortgage-backed securities (Agency MBS) [Member]
Fair Value Less Than 12 Months	1,328,433	14,541,901
Unrealized Loss Less Than 12 Months	9,218	810,356
Fair Value 12 Months Or More	103,000,706	97,718,436
Unrealized Loss 12 Months Or More	$ 16,493,101	$ 19,220,589
Number Of Securities | integer	119	120
Fair Value	$ 104,329,139	$ 112,260,337
Unrealized Loss	16,502,319	20,030,945
ABS and OAS [Member]
Fair Value Less Than 12 Months	0	2,693,606
Unrealized Loss Less Than 12 Months	0	236,134
Fair Value 12 Months Or More	2,347,621	0
Unrealized Loss 12 Months Or More	$ 186,251	$ 0
Number Of Securities | integer	4	4
Fair Value	$ 2,347,621	$ 2,693,606
Unrealized Loss	186,251	236,134
CMO [Member]
Fair Value Less Than 12 Months	3,309,165	8,954,323
Unrealized Loss Less Than 12 Months	18,554	232,398
Fair Value 12 Months Or More	7,428,431	1,014,910
Unrealized Loss 12 Months Or More	$ 207,792	$ 110,291
Number Of Securities | integer	10	9
Fair Value	$ 10,737,596	$ 9,969,233
Unrealized Loss	$ 226,346	$ 342,689

Investment Securities (Detail_4

Investment Securities (Details Narrative)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2018 USD ($) integer
Proceeds from sales of investment securities	$ 1,183,078
Net realized gain on sale of securities AFS	36,707
Amortized Cost	210,872,595	$ 219,079,904
Purchase additional FHLBB stock	4,215,700	20,800
Proceeds from redemption of restricted equity securities	3,985,100	43,500
Total, Fair Value	190,706,019	192,918,109
Restricted equity securities, at cost	1,642,350	1,411,750
FRBB [Member]
Investment	588,150	588,150
U.S. Government securities and U.S. GSE debt securities [Member] | Investment securities pledged as collateral [Member]
Amortized Cost	49,232,069
Total, Fair Value	43,795,542
FHLBB [Member]
Purchase additional FHLBB stock	4,215,700	20,800
Investment	$ 964,200	733,600
ACBB [Member]
Restricted equity securities, at cost		$ 90,000
Numbers of shares purchased | integer			20
Purchase price of shares			$ 90,000

Loans, Allowance for Credit Los

Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Loans Allowance for Loan Losses and Credit Quality
Commercial & Industrial	$ 121,705,707	$ 112,951,873
Purchased loans	10,568,922	7,530,458
Commercial Real Estate	414,880,621	356,892,986
Municipal	54,466,988	34,633,055
Residential Real Estate - 1st Lien	208,824,888	198,743,375
Residential Real Estate - Jr Lien	31,668,811	33,756,872
Consumer	3,313,917	4,039,989
Total Loans	$ 845,429,854	$ 748,548,608
Composition of Commercial & Industrial loan	14.40%	15.09%
Composition of Purchased loans	1.25%	1%
Composition of commercial Real Estate	49.07%	47.68%
Composition of municipal	6.44%	4.63%
Composition of residential Real Estate - 1st Lien	24.70%	26.55%
Composition of residential Real Estate - Jr Lien	3.75%	4.51%
Composition of consumer	0.39%	0.54%
Total Loan percentage	100%	100%
Deduct (add):
Allowance for loan losses	$ (9,842,725)	$ (8,709,225)
Deferred net loan costs (fees)	573,169	493,275
Net Loans	$ 836,160,298	$ 740,332,658

Loans, Allowance for Credit L_2

Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures (Details 1) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
30-89 Days	$ 2,549,585	$ 5,631,089
90 Days Or More	4,685,234	1,899,792
Total Past Due	7,234,819	7,530,881
Current	838,195,035	741,017,727
Total Loans	845,429,854	748,548,608
Commercial Real Estates [Member]
30-89 Days	178,083	1,395,444
90 Days Or More	944,669	353,842
Total Past Due	1,122,752	1,749,286
Current	413,757,869	355,143,700
Total Loans	414,880,621	356,892,986
Residential real estate - 1st lien [Member]
30-89 Days	1,856,944	1,517,653
90 Days Or More	646,980	641,141
Total Past Due	2,503,924	2,158,794
Current	206,320,964	196,584,581
Total Loans	208,824,888	198,743,375
Commercial & industrial [Member]
30-89 Days	253,974	2,377,668
90 Days Or More	3,068,578	879,802
Total Past Due	3,322,552	3,257,470
Current	118,383,155	109,694,403
Total Loans	121,705,707	112,951,873
Purchased Loan [Member]
30-89 Days	0	0
90 Days Or More	0	0
Total Past Due	0	0
Current	10,568,922	7,530,458
Total Loans	10,568,922	7,530,458
Municipal [Member]
30-89 Days	0	0
90 Days Or More	0	0
Total Past Due	0	0
Current	54,466,988	34,633,055
Total Loans	54,466,988	34,633,055
Residential real estate - Jr lien [Member]
30-89 Days	245,856	321,579
90 Days Or More	25,007	25,007
Total Past Due	270,863	346,586
Current	31,397,948	33,410,286
Total Loans	31,668,811	33,756,872
Consumer [Member]
30-89 Days	14,728	18,745
90 Days Or More	0	0
Total Past Due	14,728	18,745
Current	3,299,189	4,021,244
Total Loans	$ 3,313,917	$ 4,039,989

Loans, Allowance for Credit L_3

Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures (Details 2) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Nonaccrual with NO ACL	$ 6,955,046
90 Days Or More And Accruing	485,174	$ 573,084
Nonaccrual with an ALL		730,989
Non-accrual with no ALL		7,159,031
Non-accrual Loans		7,890,020
Commercial Real Estates [Member]
Nonaccrual with NO ACL	2,818,283
90 Days Or More And Accruing	38,779	324,927
Nonaccrual with an ALL		0
Non-accrual with no ALL		3,180,478
Non-accrual Loans		3,180,478
Residential real estate - 1st lien [Member]
Nonaccrual with NO ACL	415,074
90 Days Or More And Accruing	446,395	248,157
Nonaccrual with an ALL		278,026
Non-accrual with no ALL		858,304
Non-accrual Loans		1,136,330
Commercial & industrial [Member]
Nonaccrual with NO ACL	3,632,659
90 Days Or More And Accruing	0	0
Nonaccrual with an ALL		452,963
Non-accrual with no ALL		2,989,161
Non-accrual Loans		3,442,124
Residential real estate - Jr lien [Member]
Nonaccrual with NO ACL	89,030
90 Days Or More And Accruing	$ 0	0
Nonaccrual with an ALL		0
Non-accrual with no ALL		131,088
Non-accrual Loans		$ 131,088

Loans, Allowance for Credit L_4

Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loans Allowance for Loan Losses and Credit Quality
Credit loss expense - loans	$ 1,230,879	$ 978,000
Credit loss expense - OBS credit exposures	249,670	0
Credit loss expense	$ 1,480,549	$ 978,000

Loans, Allowance for Credit L_5

Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures (Details 4) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
ACL beginning balance	$ 8,709,225	$ 7,710,256
Impact of adopting CECL	243,376
Charge-offs	(519,535)	(807,974)
Recoveries	178,780	828,943
Credit loss expense (reversal)	1,230,879	978,000
ACL ending balance	9,842,725	8,709,225
Allowance For Loan Losses, Evaluated For Impairment, Individually		108,602
Allowance For Loan Losses Evaluated For Impairment, Collectively		8,600,623
Total All Evaluted For Impairment		8,709,225
Loans Evaluated For Impairment, Individually		10,512,387
Loans Evaluated For Impairment Collectively		738,036,221
Total, Loans Evaluted For Impairment		748,548,608
Unallocated [Member]
ACL beginning balance	102,189	539,117
Impact of adopting CECL	(102,189)
Charge-offs	0	0
Recoveries	0	0
Credit loss expense (reversal)	0	(436,928)
ACL ending balance	0	102,189
Allowance For Loan Losses, Evaluated For Impairment, Individually		0
Allowance For Loan Losses Evaluated For Impairment, Collectively		102,189
Total All Evaluted For Impairment		102,189
Commercial Real Estates [Member]
ACL beginning balance	5,061,813	4,151,760
Impact of adopting CECL	(22,467)
Charge-offs	0	(667,474)
Recoveries	22,058	667,474
Credit loss expense (reversal)	460,678	910,053
ACL ending balance	5,522,082	5,061,813
Allowance For Loan Losses, Evaluated For Impairment, Individually		0
Allowance For Loan Losses Evaluated For Impairment, Collectively		5,061,813
Total All Evaluted For Impairment		5,061,813
Loans Evaluated For Impairment, Individually		3,176,835
Loans Evaluated For Impairment Collectively		353,716,151
Total, Loans Evaluted For Impairment		356,892,986
Residential real estate - 1st lien [Member]
ACL beginning balance	2,001,836	1,765,892
Impact of adopting CECL	273,167
Charge-offs	(1,625)	0
Recoveries	72,588	111,763
Credit loss expense (reversal)	244,960	124,181
ACL ending balance	2,590,926	2,001,836
Allowance For Loan Losses, Evaluated For Impairment, Individually		106,280
Allowance For Loan Losses Evaluated For Impairment, Collectively		1,895,556
Total All Evaluted For Impairment		2,001,836
Loans Evaluated For Impairment, Individually		3,816,012
Loans Evaluated For Impairment Collectively		194,927,363
Total, Loans Evaluted For Impairment		198,743,375
Commercial & industrial [Member]
ACL beginning balance	1,116,322	870,392
Impact of adopting CECL	(164,115)
Charge-offs	(386,578)	(76,875)
Recoveries	10,237	14,112
Credit loss expense (reversal)	524,822	308,693
ACL ending balance	1,100,688	1,116,322
Allowance For Loan Losses, Evaluated For Impairment, Individually		2,322
Allowance For Loan Losses Evaluated For Impairment, Collectively		1,114,000
Total All Evaluted For Impairment		1,116,322
Loans Evaluated For Impairment, Individually		3,442,124
Loans Evaluated For Impairment Collectively		109,509,749
Total, Loans Evaluted For Impairment		112,951,873
Purchased Loan [Member]
ACL beginning balance	53,090	68,655
Impact of adopting CECL	(29,196)
Charge-offs	0	0
Recoveries	0	0
Credit loss expense (reversal)	13,171	(15,565)
ACL ending balance	37,065	53,090
Allowance For Loan Losses, Evaluated For Impairment, Individually		0
Allowance For Loan Losses Evaluated For Impairment, Collectively		53,090
Total All Evaluted For Impairment		53,090
Loans Evaluated For Impairment, Individually		0
Loans Evaluated For Impairment Collectively		7,530,458
Total, Loans Evaluted For Impairment		7,530,458
Municipal [Member]
ACL beginning balance	62,339	76,728
Impact of adopting CECL	24,243
Charge-offs	0	0
Recoveries	0	0
Credit loss expense (reversal)	49,585	(14,389)
ACL ending balance	136,167	62,339
Allowance For Loan Losses, Evaluated For Impairment, Individually		0
Allowance For Loan Losses Evaluated For Impairment, Collectively		62,339
Total All Evaluted For Impairment		62,339
Loans Evaluated For Impairment, Individually		0
Loans Evaluated For Impairment Collectively		34,633,055
Total, Loans Evaluted For Impairment		34,633,055
Residential real estate - Jr lien [Member]
ACL beginning balance	241,950	182,014
Impact of adopting CECL	297,746
Charge-offs	0	0
Recoveries	29,240	5,089
Credit loss expense (reversal)	(137,929)	54,847
ACL ending balance	431,007	241,950
Allowance For Loan Losses, Evaluated For Impairment, Individually		0
Allowance For Loan Losses Evaluated For Impairment, Collectively		241,950
Total All Evaluted For Impairment		241,950
Loans Evaluated For Impairment, Individually		77,416
Loans Evaluated For Impairment Collectively		33,679,456
Total, Loans Evaluted For Impairment		33,756,872
Consumer [Member]
ACL beginning balance	69,686	55,698
Impact of adopting CECL	(33,813)
Charge-offs	(131,332)	(63,625)
Recoveries	44,657	30,505
Credit loss expense (reversal)	75,592	47,108
ACL ending balance	$ 24,790	69,686
Allowance For Loan Losses, Evaluated For Impairment, Individually		0
Allowance For Loan Losses Evaluated For Impairment, Collectively		69,686
Total All Evaluted For Impairment		69,686
Loans Evaluated For Impairment, Individually		0
Loans Evaluated For Impairment Collectively		4,039,989
Total, Loans Evaluted For Impairment		$ 4,039,989

Loans, Allowance for Credit L_6

Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures (Details 5)	12 Months Ended
	Dec. 31, 2022 USD ($)
Recorded Investment Allowance Recorded	$ 10,523,904
Unpaid Principal Balance Allowance Recorded	12,217,992
Related Allowance With An Allowance Recorded	108,602
Interest Income Recognized	358,540
Average Recorded Investment Allowance Recorded	9,068,772
Total Related Allowance
Related Allowance With An Allowance Recorded	108,602
Recorded Investment With An Allowance Recorded	1,494,693
Unpaid Principal Balance With An Allowance Recorded	1,536,095
Average Recorded Investment With An Allowance Recorded	1,315,804
Interest Income Recognized With An Allowance Recorded	64,479
Total No Related Allowance
Recorded Investment With No Related Allowance Recorded	9,029,211
Unpaid Principal Balance With No Related Allowance Recorded	10,681,897
Interest Income Recognized With No Related Allowance Recorded	294,061
Average Recorded Investment With No Related Allowance Recorded	7,752,968
Commercial Real Estates [Member]
Recorded Investment With No Related Allowance Recorded	3,176,962
Unpaid Principal Balance With No Related Allowance Recorded	3,671,196
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
Average Recorded Investment With No Related Allowance Recorded	3,680,783
Residential real estate - 1st lien [Member]
Related Allowance With An Allowance Recorded	106,280
Recorded Investment With An Allowance Recorded	1,041,730
Unpaid Principal Balance With An Allowance Recorded	1,073,350
Recorded Investment With No Related Allowance Recorded	2,785,669
Unpaid Principal Balance With No Related Allowance Recorded	3,805,682
Average Recorded Investment With An Allowance Recorded	983,944
Interest Income Recognized With An Allowance Recorded	64,479
Interest Income Recognized With No Related Allowance Recorded	177,892
Average Recorded Investment With No Related Allowance Recorded	2,808,989
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
Unpaid Principal Balance With No Related Allowance Recorded	3,078,769
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
Average Recorded Investment With No Related Allowance Recorded	1,180,935
Residential real estate - Jr lien [Member]
Recorded Investment With No Related Allowance Recorded	77,419
Unpaid Principal Balance With No Related Allowance Recorded	126,250
Average Recorded Investment With An Allowance Recorded	506
Interest Income Recognized With An Allowance Recorded	0
Interest Income Recognized With No Related Allowance Recorded	314
Average Recorded Investment With No Related Allowance Recorded	$ 82,261

Loans, Allowance for Credit L_7

Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures (Details 6) $ in Thousands	Dec. 31, 2023 USD ($)
Municipal [Member]
2023	$ 29,055
2022	695
2021	3,263
2020	4,571
2019	527
Revolving loan amortized cost basis	6,176
Revolving loan converted to term	0
Total loan	54,467
Prior	10,180
Residential real estate - Jr lien [Member]
2023	2,239
2022	1,940
2021	350
2020	596
2019	489
Revolving loan amortized cost basis	23,298
Revolving loan converted to term	1,659
Total loan	31,669
Prior	1,098
Consumer [Member]
2023	1,685
2022	829
2021	405
2020	211
2019	97
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	3,314
Prior	87
Commercial [Member]
2023	16,186
2022	19,951
2021	13,881
2020	3,229
2019	4,012
Revolving loan amortized cost basis	58,381
Revolving loan converted to term	0
Total loan	121,705
Prior	6,065
Current period gross charge-offs [Member]
2023	0
2022	150
2021	25
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	387
Prior	212
Purchased [Member]
2023	5,186
2022	94
2021	1,581
2020	1,464
2019	2,244
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	10,569
Prior	0
Commercial Real Estate [Member]
2023	70,905
2022	83,826
2021	40,413
2020	46,723
2019	36,086
Revolving loan amortized cost basis	49,721
Revolving loan converted to term	0
Total loan	414,881
Prior	87,207
Total Loans Amount [Member]
2023	155,798
2022	147,174
2021	101,236
2020	91,591
2019	53,509
Revolving loan amortized cost basis	139,016
Revolving loan converted to term	1,659
Total loan	845,430
Prior	155,447
Total current period gross charge-offs [Member]
2023	33
2022	182
2021	26
2020	0
2019	4
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	520
Prior	275
Current period gross charge-offs Two [Member] | Consumer [Member]
2023	33
2022	32
2021	1
2020	0
2019	4
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	131
Prior	61
Residential real estate - 1st lien [Member]
2023	30,542
2022	39,839
2021	41,343
2020	34,797
2019	10,054
Revolving loan amortized cost basis	1,440
Revolving loan converted to term	0
Total loan	208,825
Prior	50,810
Residential real estate - 1st lien [Member] | Current period gross charge-offs one [Member]
2023	0
2022	0
2021	0
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	2
Prior	2
Special mention [Member] | Commercial [Member]
2023	310
2022	887
2021	750
2020	0
2019	10
Revolving loan amortized cost basis	9,285
Revolving loan converted to term	0
Total loan	11,802
Prior	560
Special mention [Member] | Commercial Real Estate [Member]
2023	0
2022	373
2021	1,471
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	1,844
Prior	0
Special mention [Member] | Residential real estate - 1st lien [Member]
2023	164
2022	299
2021	129
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	592
Prior	0
Substandard Doubtful [Member] | Residential real estate - Jr lien [Member]
2023	0
2022	0
2021	0
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	29
Prior	29
Substandard Doubtful [Member] | Commercial [Member]
2023	0
2022	419
2021	167
2020	453
2019	258
Revolving loan amortized cost basis	2,451
Revolving loan converted to term	0
Total loan	5,296
Prior	1,548
Substandard Doubtful [Member] | Commercial Real Estate [Member]
2023	356
2022	0
2021	0
2020	3,318
2019	1,361
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	6,554
Prior	1,519
Substandard Doubtful [Member] | Residential real estate - 1st lien [Member]
2023	0
2022	0
2021	0
2020	1,831
2019	36
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	2,092
Prior	225
Pass [Member] | Municipal [Member]
2023	29,055
2022	695
2021	3,263
2020	4,571
2019	527
Revolving loan amortized cost basis	6,176
Revolving loan converted to term	0
Total loan	54,467
Prior	10,180
Pass [Member] | Residential real estate - Jr lien [Member]
2023	2,239
2022	1,940
2021	350
2020	596
2019	489
Revolving loan amortized cost basis	23,298
Revolving loan converted to term	1,659
Total loan	31,640
Prior	1,069
Pass [Member] | Consumer [Member]
2023	1,685
2022	829
2021	405
2020	211
2019	97
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	3,314
Prior	87
Pass [Member] | Commercial [Member]
2023	15,876
2022	18,645
2021	12,964
2020	2,776
2019	3,744
Revolving loan amortized cost basis	46,645
Revolving loan converted to term	0
Total loan	104,607
Prior	3,957
Pass [Member] | Purchased [Member]
2023	5,186
2022	94
2021	1,581
2020	1,464
2019	2,244
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	10,569
Prior	0
Pass [Member] | Commercial Real Estate [Member]
2023	70,549
2022	83,453
2021	38,942
2020	43,405
2019	34,725
Revolving loan amortized cost basis	49,721
Revolving loan converted to term	0
Total loan	406,483
Prior	85,688
Pass [Member] | Residential real estate - 1st lien [Member]
2023	30,378
2022	39,540
2021	41,214
2020	32,966
2019	10,018
Revolving loan amortized cost basis	1,440
Revolving loan converted to term	0
Total loan	206,141
Prior	$ 50,585

Loans, Allowance for Credit L_8

Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures (Details 7)	Dec. 31, 2022 USD ($)
Group A	$ 727,442,144
Group B	9,051,060
Group C	12,055,404
Total Loans	748,548,608
Commercial Real Estates [Member]
Group A	347,732,935
Group B	2,754,649
Group C	6,405,402
Total Loans	356,892,986
Residential real estate - 1st lien [Member]
Group A	195,269,893
Group B	0
Group C	3,473,482
Total Loans	198,743,375
Commercial & industrial [Member]
Group A	104,697,047
Group B	6,296,411
Group C	1,958,415
Total Loans	112,951,873
Purchased Loan [Member]
Group A	7,530,458
Group B	0
Group C	0
Total Loans	7,530,458
Municipal [Member]
Group A	34,633,055
Group B	0
Group C	0
Total Loans	34,633,055
Residential real estate - Jr lien [Member]
Group A	33,538,767
Group B	0
Group C	218,105
Total Loans	33,756,872
Consumer [Member]
Group A	4,039,989
Group B	0
Group C	0
Total Loans	$ 4,039,989

Loans, Allowance for Credit L_9

Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures (Details 8)	Dec. 31, 2023 USD ($)
Business Assets	$ 1,298,717
Real Estate	1,430,858
Total	2,729,575
Commercial [Member]
Business Assets	1,298,717
Real Estate	0
Total	1,298,717
Commercial Real Estate [Member]
Business Assets	0
Real Estate	1,263,495
Total	1,263,495
Residential real estate - 1st lien [Member]
Business Assets	0
Real Estate	167,363
Total	$ 167,363

Loans, Allowance for Credit _10

Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures (Details 9) - Residential real estate - 1st lien [Member]	12 Months Ended
	Dec. 31, 2022 USD ($) integer
Number Of Contracts Modified As Tdrs | integer	2
Pre-modification Outstanding Recorded Investment	$ 562,592
Post-modification Outstanding Recorded Investment	$ 562,592

Loans, Allowance for Credit _11

Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loans Allowance for Loan Losses and Credit Quality
Commercial loans	$ 5,705,659
Consumer loans	$ 7,530,458	$ 0
Compared loan description	There were no residential mortgage loans in process of foreclosure at December 31, 2023 compared to one loan with a balance of $19,746
Purchased loans	$ 4,863,263
Specific allowances		$ 106,280
Accrued Interest Receivable And Deferred Net Loan Costs	$ 11,517

Loan Servicing (Details)

Loan Servicing (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loan Servicing
Balance At Beginning Of Year	$ 862,593	$ 897,720
Msrs Capitalized	68,297	120,629
Msrs Amortized	(143,877)	(155,756)
Balance At end Of Year	$ 787,013	$ 862,593

Loan Servicing (Details Narrati

Loan Servicing (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loan Servicing
Unpaid principal balances of mortgage loans serviced for others	$ 136,695,808	$ 142,567,853
Net gain realized on the sale of loans	153,491	237,881
Proceeds on loan sales	$ 8,034,329	$ 12,865,842

Bank Premises and Equipment (De

Bank Premises and Equipment (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Bank Premises and Equipment
Buildings and improvements	$ 10,712,053	$ 10,674,714
Land and land improvements	3,026,281	2,856,017
Furniture and equipment	6,360,991	6,262,893
Leasehold improvements	869,473	875,797
Finance lease	4,018,377	4,018,377
Operating leases	1,417,859	1,417,859
Other prepaid assets	160,881	5,820
Bank premises and equipment, gross	26,565,915	26,111,477
Less accumulated depreciation and amortization	(14,194,544)	(13,069,009)
Bank premises and equipment, net	$ 12,371,371	$ 13,042,468

Leases (Details)

Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating lease cost	$ 209,697	$ 209,697
Amortization of right-of-use assets	227,279	227,279
Interest on lease liabilities	81,072	86,028
Total finance lease cost	$ 308,351	$ 313,307

Leases (Details 1)

Leases (Details 1) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Operating lease right-of-use assets	$ 452,536	$ 653,832
Operating lease liabilities	443,370	658,401
Finance Leases
Finance lease right-of-use assets	3,398,047	3,625,326
Finance lease liabilities	$ 3,424,971	$ 3,644,828

Leases (Details 2)

Leases (Details 2)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Weighted average remaining lease term - operating leases	1 year 8 months 12 days	2 years 8 months 12 days
Weighted average remaining lease term - finance leases	14 years 8 months 12 days	15 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, 2023 USD ($)
Operating Leases
2024	$ 199,648
2025	154,659
2026	99,165
Total	$ 453,472

Leases (Details 4)

Leases (Details 4)	Dec. 31, 2023 USD ($)
Finance Leases
2024	$ 302,819
2025	304,758
2026	311,451
2027	320,076
2028	322,163
Subsequent to 2028	2,439,150
Total	4,000,417
Less amount representing interest	(575,446)
Present value of net minimum lease payments	$ 3,424,971

Leases (Details 5)

Leases (Details 5)	Dec. 31, 2023 USD ($)
Leases
Undiscounted cash flows, Operating Lease	$ 453,472
Undiscounted cash flows, Finance Leases	4,000,417
Discount effect of cash flows, Operating Leases	(10,102)
Discount effect of cash flows, Finance Leases	(575,446)
Lease liabilities, Operating Leases	443,370
Lease liabilities, Finance Leases	$ 3,424,971

Leases (Details Narrative)

Leases (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Rent expense excluded operating lease cost	$ 13,691	$ 14,142
Lease term	18 years

Goodwill (Details Narrative)

Goodwill (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	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, 2023	Dec. 31, 2022
Amortization expense	$ 596,429	$ 268,714
Carrying Value Limited Partnerships Investment	4,192,530	4,394,959
LimitedPartnership
Tax Credits	698,450	389,911
CFS
Investment in other assets	3,790,493	3,756,994
Income	1,033,499	$ 584,971
Cash distribution, paid	$ 1,000,000

Deposits (Details)

Deposits (Details)	Dec. 31, 2023 USD ($)
Deposits
2024	$ 107,054,436
2025	5,185,979
2026	6,441,015
2027	3,649,598
2028	1,689,799
Total time deposits	$ 124,020,827

Deposits (Details Narrative)

Deposits (Details Narrative)	Dec. 31, 2023 USD ($)
Deposits
FDIC insurance amount	$ 320,016,734

Borrowed Funds (Details)

Borrowed Funds (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Long-term advances	$ 1,100,000	$ 1,300,000
Overnight Borrowings	9,000,000	0
Total FHLBB Advances	10,100,000	1,300,000
FHLBB term advance One
Long-term advances	0	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 1)

Borrowed Funds (Details 1)	Dec. 31, 2023 USD ($)
Total BTFP Advances	$ 44,500,000
April 26, 2024 [Member]
Total BTFP Advances	10,000,000
May 13, 2024 [Member]
Total BTFP Advances	10,000,000
May 17, 2024 [Member]
Total BTFP Advances	6,500,000
December 16, 2024 [Member]
Total BTFP Advances	$ 18,000

Borrowed Funds (Details Narrati

Borrowed Funds (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Line of credit with correspondent bank	$ 45,250,000
Unsecured lines of credit	12,500,000	$ 20,500,000
FRBB [Member]
Potential borrowing capacity	42,181,375	56,070,032
FHLBB [Member]
Line of credit with correspondent bank		52,400,000
Line of credit with correspondent bank	500,000	500,000
Qualified collateral borrowing	156,633,552	160,543,731
Potential borrowing capacity	109,444,670	112,339,573
Fees paid for issuance of letters of credit	$ 61,029	$ 58,824

Junior Subordinated Debentures

Junior Subordinated Debentures (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Junior Subordinated Debentures
Junior subordinated debentures		$ 12,887,000	$ 12,887,000
Floating rate	2.85%	8.06%	4.39%
Debt maturity date			December 15, 2037
Interest paid on the debentures		$ 1,053,873	$ 573,603
Capital contributions		387,000
Capital securities, principal amount		$ 12,500,000
Description of debentures		The Debentures are currently includable in the Company’s Tier 1 capital up to 25% of core capital elements

Repurchase Agreements (Details)

Repurchase Agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Repurchase Agreements
Current balance	$ 36,255,920	$ 33,077,829
Average balance	35,419,450	31,285,927
Highest month-end balance	$ 38,058,036	$ 34,974,510
Weighted average interest rate	2.11%	0.53%
Amortized cost - Pledged investments	$ 59,300,089	$ 55,899,113
Fair Value - Pledged investments	$ 52,107,148	$ 46,789,284

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Currently paid or payable	$ 3,268,196	$ 3,253,913
Deferred (benefit) expense	(373,105)	(118,587)
Total income tax expense	$ 2,895,091	$ 3,135,326

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Computed expense at statutory rates	$ 3,428,659	$ 3,543,806
Tax exempt interest and BOLI	(380,952)	(243,121)
Disallowed interest	37,416	6,205
Partnership rehabilitation and tax credits	(698,450)	(389,911)
Low income housing investment amortization expense	498,896	212,284
Other	9,522	6,063
Income tax expense	$ 2,895,091	$ 3,135,326

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred tax (benefit) expense	$ (373,105)	$ (118,587)
Deferred Income Tax Charges [Member]
Depreciation	(16,267)	22,316
Mortgage servicing rights	(15,872)	(7,377)
Bad debts	(238,035)	(209,783)
Limited partnership amortization	177,184	61,442
Investment in CFS Partners	(127,863)	(90,527)
Deferred SBA PPP fees	2,761	102,702
Prepaid expenses	17,652	34,467
Other	(172,665)	(31,827)
Deferred tax (benefit) expense	$ (373,105)	$ (118,587)

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Components of the deferred tax asset:
Bad debts	$ 2,066,972	$ 1,828,937
Deferred compensation	6,930	6,930
Contingent liability - MPF program	17,838	17,838
Investment in CFS Partners	98,277	0
Finance lease	75,566	47,305
Operating lease	0	959
Deferred SBA PPP fees	3,205	5,966
Unrealized loss on debt securities AFS	4,234,981	5,493,977
Other	169,296	22,008
Total deferred tax asset	6,673,065	7,423,920
Components of the deferred tax liability:
Depreciation	467,217	483,484
Limited partnerships	333,578	156,394
Mortgage servicing rights	165,272	181,144
Investment in CFS Partners	0	29,586
Operating lease	1,925	0
Prepaid expenses	126,545	108,893
Total deferred tax liability	1,094,537	959,501
Net deferred tax asset	$ 5,578,528	$ 6,464,419

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Income tax rate	21%	21%

401(k) and ProfitSharing Plan (

401(k) and ProfitSharing Plan (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
401(k) and ProfitSharing Plan
Pension expense	$ 764,796	$ 698,000

Deferred Compensation Plan fo_2

Deferred Compensation Plan for Certain Directors (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
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, 2023	Dec. 31, 2022
Financial Instruments with Off-Balance-Sheet Risk
Unused portions of home equity lines of credit	$ 37,922,748	$ 37,621,050
Residential and commercial construction lines of credit	42,437,837	21,388,121
Commercial real estate commitments	26,616,600	63,719,882
Commercial and industrial commitments	62,607,413	64,482,470
Other commitments to extend credit	49,931,055	45,724,309
Standby letters of credit and commercial letters of credit	1,683,050	5,343,050
Recourse on sale of credit card portfolio	192,500	310,805
MPF credit enhancement obligation, net (See Note 16)	$ 241,799	$ 267,408

Financial Instruments with Of_4

Financial Instruments with Off-Balance Sheet Risk (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Financial Instruments with Off-Balance-Sheet Risk
Binding loan commitments total amount	$ 280,000		$ 629,550
Other liabilities allowance for credit losses	451,704	$ 451,704
Junior subordinated debentures	12,887,000		$ 12,887,000
Allowance for credit losses for OBS credit exposures	806,172
Payment obligations	12,500,000
External financing	$ 12,500,000

Contingent Liability (Details N

Contingent Liability (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Contingent Liability
Loans sold through the MPF program	$ 18,149,174	$ 19,961,469
Notional amount of the maximum CEO	326,743	352,352
Accrued contingent liability	$ 84,944	$ 84,944

Transactions with Related Par_3

Transactions with Related Parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Transactions with Related Parties
Balance, beginning of year	$ 15,717,582	$ 16,072,431
Loans - New Directors	0	2,274,378
New loans to existing Principal Officers/Directors	3,218,327	5,091,531
Repayment	(1,686,381)	(7,720,758)
Balance, end of year	$ 17,249,528	$ 15,717,582

Transactions with Related Par_4

Transactions with Related Parties (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Transactions with Related Parties
Total deposits with related parties	$ 13,914,079	$ 17,015,285
Amount paid to CFSG	$ 62,436	$ 53,231

Restrictions on Cash and Due _2

Restrictions on Cash and Due From Banks (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Restrictions on Cash and Due From Banks
Contracted balances with other correspondent banks	$ 100,000	$ 500,000

Regulatory Capital Requiremen_3

Regulatory Capital Requirements (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Company [Member]
Common equity tier 1 capital to risk-weighted assets amount	$ 91,886,000	$ 82,770,000
Common equity tier 1 capital to risk-weighted assets ratio	11.89	11.74
Tier I capital to risk-weighted assets amount	$ 106,273,000	$ 97,157,000
Tier I capital to risk-weighted assets ratio	13.75	13.78
Total capital to risk-weighted assets amount	$ 115,944,000	$ 105,971,000
Total capital to risk-weighted assets ratio	15.01	15.03
Tier I capital to average assets amount	$ 106,273,000	$ 97,157,000
Tier I capital to average assets ratio	9.57	9.24
Common equity tier 1 capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 34,770,000	$ 31,731,000
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	$ 46,360,000	$ 42,308,000
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	$ 61,813,000	$ 56,410,000
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	$ 44,401,000	$ 42,047,000
Tier I capital to average assets minimum for capital adequacy purposes ratio	4	4
Common equity tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 54,086,000	$ 49,359,000
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	$ 65,676,000	$ 59,936,000
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	$ 81,130,000	$ 74,038,000
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	$ 105,390,000	$ 96,112,000
Common equity tier 1 capital to risk-weighted assets ratio	13.65	13.64
Tier I capital to risk-weighted assets amount	$ 105,390,000	$ 96,112,000
Tier I capital to risk-weighted assets ratio	13.65	13.64
Total capital to risk-weighted assets amount	$ 115,051,000	$ 104,918,000
Total capital to risk-weighted assets ratio	14.90	14.89
Tier I capital to average assets amount	$ 105,390,000	$ 96,112,000
Tier I capital to average assets ratio	9.50	9.15
Common equity tier 1 capital to risk-weighted assets Minimum for capital adequacy purposes amount	$ 34,737,000	$ 31,703,000
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	$ 46,317,000	$ 42,270,000
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	$ 44,376,000	$ 42,025,000
Tier I capital to average assets minimum for capital adequacy purposes ratio	4	4
Common equity tier 1 capital to risk-weighted assets minimum for capital adequacy purposes with conservation buffer amount	$ 54,036,000	$ 49,315,000
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	$ 65,615,000	$ 59,883,000
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	$ 81,054,000	$ 73,973,000
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	$ 61,755,000	$ 56,361,000
Common equity tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions amount	$ 50,176,000	$ 45,793,000
Common equity tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions ratio	6.50	6.50
Tier 1 capital to risk-weighted assets minimum to be well capitalized under prompt corrective action provisions amount	$ 61,755,000	$ 56,361,000
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 amount	$ 77,194,000	$ 70,451,000
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 amount	$ 55,470,000	$ 52,531,000
Tier I capital to average assets minimum to be well capitalized under prompt corrective action provisions ratio	5	5
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, 2023	Dec. 31, 2022
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	25%	25%

Fair Value (Details)

Fair Value (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 190,706,019	$ 192,918,109
Fair Value Level 1 | U.S. Government securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	39,263,249	38,231,589
Fair Value Level 2
Assets: (market approach)
Assets recorded at fair value on a recurring basis	151,442,770	154,686,520
Fair Value Level 2 | Other investments [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	946,430	2,891,674
Fair Value Level 2 | Taxable municipal securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	246,965	234,858
Fair Value Level 2 | Tax-exempt municipal securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	10,473,785	11,323,567
Fair Value Level 2 | U.S. GSE debt securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	10,827,574	10,375,291
Fair Value Level 2 | Agency MBS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	115,862,799	115,231,599
Fair Value Level 2 | ABS and OAS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	2,347,621	2,693,606
Fair Value Level 2 | CMO [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 10,737,596	$ 11,935,925

Fair Value (Details 1)

Fair Value (Details 1) - Fair Value Level 2 - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Individually analyzed loans, net of related allowance	$ 709,487	$ 94,458
MSRs	$ 787,013	$ 862,593

Fair Value (Details 2)

Fair Value (Details 2) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Purchased	$ 10,568,922	$ 7,530,458
Operating lease obligations	443,370
Finance lease obligations	3,424,971
Carrying Amount
Cash and cash equivalents	20,435,000	71,140,000
Debt securities AFS	190,706,000	192,918,000
Restricted equity securities	1,642,000	1,412,000
Commercial & industrial	120,589,000	111,792,000
Purchased	10,532,000	7,476,000
Commercial real estate	409,332,000	351,738,000
Municipal	54,331,000	34,566,000
Residential real estate - 1st lien	206,849,000	197,281,000
Residential real estate - Jr lien	31,238,000	33,510,000
Consumer	3,289,000	3,970,000
MSRs (1)	787,000	863,000
Accrued interest receivable	4,247,000	3,214,000
Other deposits	896,968,000	922,723,000
Brokered deposits		249,000
Short-term borrowings	9,000,000
Long-term borrowings	45,600,000	1,300,000
Repurchase agreements	36,256,000	33,078,000
Operating lease obligations	443,000	658,000
Finance lease obligations	3,425,000	3,645,000
Subordinated debentures	12,887,000	12,887,000
Accrued interest payable	1,082,000	74,000
Fair Value
Cash and cash equivalents	20,435,000	71,140,000
Debt securities AFS	190,706,000	192,918,000
Restricted equity securities	1,642,000	1,412,000
Commercial & industrial	116,996,000	109,534,000
Purchased	10,055,000	7,119,000
Commercial real estate	382,045,000	340,283,000
Municipal	51,791,000	34,558,000
Residential real estate - 1st lien	188,650,000	180,944,000
Residential real estate - Jr lien	30,745,000	33,218,000
Consumer	3,295,000	3,949,000
MSRs (1)	1,262,000	1,287,000
Accrued interest receivable	4,247,000	3,214,000
Other deposits	894,823,000	918,882,000
Brokered deposits		225,000
Short-term borrowings	9,000,000
Long-term borrowings	45,415,000	1,025,000
Repurchase agreements	36,256,000	33,078,000
Operating lease obligations	443,000	658,000
Finance lease obligations	3,425,000	3,645,000
Subordinated debentures	12,719,000	12,740,000
Accrued interest payable	1,082,000	74,000
Fair Value Level 2
Cash and cash equivalents	0	0
Debt securities AFS	151,443,000	154,686,000
Restricted equity securities	1,642,000	1,412,000
Commercial & industrial	709	0
Purchased	0	0
Commercial real estate	0	29,000
Municipal	0	0
Residential real estate - 1st lien	0	65,000
Residential real estate - Jr lien	0	0
Consumer	0	0
MSRs (1)	1,262,000	1,287,000
Accrued interest receivable	4,247,000	3,214,000
Other deposits	894,823,000	918,882,000
Brokered deposits		225,000
Short-term borrowings	9,000,000
Long-term borrowings	45,415,000	1,025,000
Repurchase agreements	36,256,000	33,078,000
Operating lease obligations	443,000	658,000
Finance lease obligations	3,425,000	3,645,000
Subordinated debentures	12,719,000	12,740,000
Accrued interest payable	1,082,000	74,000
Fair Value Level 1
Cash and cash equivalents	20,435,000	71,140,000
Debt securities AFS	39,263,000	38,232,000
Restricted equity securities	0	0
Commercial & industrial	0	0
Purchased	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
Short-term borrowings	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	116,287,000	109,534,000
Purchased	10,055,000	7,119,000
Commercial real estate	382,045,000	340,254,000
Municipal	51,791,000	34,558,000
Residential real estate - 1st lien	188,650,000	180,879,000
Residential real estate - Jr lien	30,745,000	33,218,000
Consumer	3,295,000	3,949,000
MSRs (1)	0	0
Accrued interest receivable	0	0
Other deposits	0	0
Brokered deposits		0
Short-term borrowings	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, 2023	Dec. 31, 2022	Dec. 31, 2021
Total assets	$ 1,099,344,934	$ 1,056,032,147
Junior subordinated debentures	12,887,000	12,887,000
Total liabilities	1,010,316,120	980,855,784
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2023 and 2022 ($100,000 liquidation value, per share)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,724,151 and 5,647,710 shares issued at December 31, 2023 and 2022, respectively (including 20,774 and 16,850 shares issued February 1, 2024 and 2023, respectively)	14,310,378	14,119,275
Additional paid-in capital	37,574,578	36,383,235
Retained earnings	54,198,230	46,464,447
Accumulated other comprehensive loss	(15,931,595)	(20,667,817)
Less: treasury stock, at cost; 210,101 shares at December 31, 2023 and 2022	(2,622,777)	(2,622,777)
Total shareholders' equity	89,028,814	75,176,363	$ 84,760,268
Total liabilities and shareholders' equity	1,099,344,934	1,056,032,147
Parent Company [Member]
Cash	1,081,158	1,372,381	$ 908,042
Investment in subsidiary - Community National Bank	101,032,517	87,018,360
Investment in Capital Trust	387,000	387,000
Income taxes receivable	323,825	223,816
Total assets	102,824,500	89,001,557
Junior subordinated debentures	12,887,000	12,887,000
Dividends payable	908,686	938,194
Total liabilities	13,795,686	13,825,194
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at December 31, 2023 and 2022 ($100,000 liquidation value, per share)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,724,151 and 5,647,710 shares issued at December 31, 2023 and 2022, respectively (including 20,774 and 16,850 shares issued February 1, 2024 and 2023, respectively)	14,310,378	14,119,275
Additional paid-in capital	37,574,578	36,383,235
Retained earnings	54,198,230	46,464,447
Accumulated other comprehensive loss	(15,931,595)	(20,667,817)
Less: treasury stock, at cost; 210,101 shares at December 31, 2023 and 2022	(2,622,777)	(2,622,777)
Total shareholders' equity	89,028,814	75,176,363
Total liabilities and shareholders' equity	$ 102,824,500	$ 89,001,557

Condensed Financial Informati_4

Condensed Financial Information Parent Company Only (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest on junior subordinated debentures	$ 1,053,873	$ 573,603
Income tax expense	2,895,091	3,135,326
Net income	13,431,855	13,739,940
Parent Company [Member]
Bank subsidiary distributions	4,823,000	5,124,000
Dividends on Capital Trust	31,648	17,225
Total income	4,854,648	5,141,225
Interest on junior subordinated debentures	1,053,873	573,603
Administrative and other	519,793	509,409
Total expense	1,573,666	1,083,012
Income before applicable income tax benefit and equity in undistributed net income of subsidiary	3,280,982	4,058,213
Income tax expense	323,825	223,816
Income before equity in undistributed net income of subsidiary	3,604,807	4,282,029
Equity in undistributed net income of subsidiary	9,827,048	9,457,911
Net income	$ 13,431,855	$ 13,739,940

Condensed Financial Informati_5

Condensed Financial Information Parent Company Only (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net income	$ 13,431,855	$ 13,739,940
Net cash provided by operating activities	14,930,517	15,735,245
Dividends paid on common stock	(3,675,082)	(3,712,750)
Net cash provided by financing activities	26,457,717	40,047,912
Net increase in cash	(50,705,815)	(39,218,598)
Cash Paid for Interest	11,684,800	4,014,956
Dividends declared	5,028,021	4,967,035
Dividends reinvested	(1,382,446)	(1,210,599)
Parent Company [Member]
Net income	13,431,855	13,739,940
Equity in undistributed net income of subsidiary	(9,827,048)	(9,457,911)
(Increase) decrease in income taxes receivable	(100,010)	(38,377)
Net cash provided by operating activities	3,504,797	4,243,652
Dividends paid on preferred stock	(120,938)	(66,563)
Dividends paid on common stock	(3,675,082)	(3,712,750)
Net cash provided by financing activities	(3,796,020)	(3,779,313)
Net increase in cash	(291,223)	464,339
Cash Beginning	1,372,381	908,042
Cash Ending	1,081,158	1,372,381
Cash Received for Income Taxes	223,816	185,439
Cash Paid for Interest	1,053,873	573,603
Dividends declared	5,028,021	4,967,035
Increase in dividends payable attributable to dividends declared	29,507	(43,686)
Dividends reinvested	(1,382,446)	(1,210,599)
Total common shares dividends paid	$ 3,675,082	$ 3,712,750

Other Income and Other Expens_3

Other Income and Other Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income
Income from investment in CFS Partners	$ 1,033,499	$ 584,971
Expenses
Outsourcing expense	577,260	539,123
Service contracts - administration	638,630	579,956
Marketing	472,008	499,000
State deposit tax	1,025,988	992,333
ATM fees	$ 645,745	$ 616,900

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - $ / shares	1 Months Ended		12 Months Ended
	Mar. 20, 2024	Dec. 21, 2023	Dec. 31, 2023	Dec. 31, 2022
Subsequent Events
Dividends declared per common share	$ 0.23	$ 0.23	$ 0.92	$ 0.92