Business
Community Bancorp. Reports Fourth Quarter and Full Year 2023 Financial Results, Generates Continued Strong Growth in Loans Leading to Increased Total Assets
DERBY, VT / ACCESSWIRE / January 23, 2024 / Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the fourth quarter ended December
About this update from Community Bancorp.
[{"type":"text","content":"DERBY, VT / ACCESSWIRE / January 23, 2024 / Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the fourth quarter ended December 31, 2023, of $3.5 million or $0.64 per share, a decrease of $1.2 million or 24.85% compared to $4.7 million or $0.86 per share for the fourth quarter of 2022, as significantly higher interest rates affected the Bank's operations. Full year earnings for 2023 were $13.4 million or $2.43 per share, compared to $13.7 million or $2.53 per share for the prior year period, a decrease of $308 thousand or 2.24%. On a per share basis, earnings declined 25.58% in the 2023 fourth quarter compared to the prior year period; on an annual basis, earnings per share decreased slightly, 3.95% year over year, reflecting the impact of strong balance sheet management. Total assets for the Company at December 31, 2023, were $1.10 billion, an increase of 4.10% compared to $1.06 billion at year-end 2022. The year over year balance sheet growth in 2023 was driven by an increase in loans of $96.9 million, or 12.94%, offset by a decrease in cash of $50.7 million or 71.28%. Total net interest income for the fourth quarter ended December 31, 2023, of $9 million decreased $328 thousand, or 3.53% compared to the prior year quarter, but grew $1.1 million, or 3.40% to $34.2 million for the full year. The year over year improvement reflects an increase of $9.3 million, or 28.46%, in the interest and fees on loans due to higher interest rates, offset by an increase in interest on deposits expense of $6.1 million or 191.60% The provision for credit losses for the fourth quarter ended December 31, 2023, was $672 thousand, compared to a negative $347 thousand for the same period in 2022. For the year ended December 31, 2023, the provision for credit losses was $1.48 million, compared to $978 thousand in the full year 2022, with the $502 thousand year over year increase driven primarily by the previously disclosed write-down on a single non-performing loan, which was paid off and partially recovered in December 2022. Total non-interest income for the fourth quarter ended December 31, 2023, increased $75 thousand, or 4.22%, compared to the same period in 2022, and rose $532 thousand, or 8.01%, for the full-year 2023 compared to 2022. Total non-interest expenses increased $373 thousand, or 6.61%, from the fourth qua...