Vermont
|
03-0284070
|
(State
of Incorporation)
|
(IRS
Employer Identification Number)
|
Address
of Principal Executive Offices: 4811 US Route 5, Derby,
Vermont 05829
|
Title
of Each Class
|
Trading
Symbol(s)
|
Name of
each exchange on which registered
|
|
(Not
Applicable)
|
|
Large
accelerated filer ( )
|
|
Accelerated
filer (X)
|
Non-accelerated
filer ( )
|
|
Smaller
reporting company (X)
|
Emerging
growth company ( )
|
|
|
FORM
10-K ANNUAL REPORT
|
||
|
|
|
PART
I
|
|
Page
|
|
|
|
Item
1
|
4
|
|
Item
1A
|
15
|
|
Item
1B
|
21
|
|
Item
2
|
21
|
|
Item
3
|
23
|
|
Item
4
|
23
|
|
|
|
|
PART
II
|
|
|
|
|
|
Item
5
|
23
|
|
Item
6
|
23
|
|
Item
7
|
23
|
|
Item
7A
|
23
|
|
Item
8
|
23
|
|
Item
9
|
23
|
|
Item
9A
|
23
|
|
Item
9B
|
24
|
|
|
|
|
PART
III
|
|
|
|
|
|
Item
10
|
24
|
|
Item
11
|
25
|
|
Item
12
|
25
|
|
Item
13
|
25
|
|
Item
14
|
25
|
|
|
|
|
PART
IV
|
|
|
|
|
|
Item
15
|
26
|
|
|
27
|
|
|
28
|
●
|
a new
common equity Tier 1 risk-based capital ratio of 4.5%;
|
●
|
a Tier
1 risk-based capital ratio of 6% (increased from the former 4%
requirement);
|
●
|
a total
risk-based capital ratio of 8% (unchanged from the former
requirement); and
|
●
|
a
leverage ratio of 4% (also unchanged from the former
requirement).
|
Office Location1
|
Owned
|
Leased
|
CFSG Office2
|
|
|
|
|
Caledonia County, VT
|
|
|
|
St.
Johnsbury (Railroad Street)3
|
|
X
|
|
St.
Johnsbury (Route 5)
|
|
X
|
|
Lyndon
(Memorial Drive)
|
|
X
|
X
|
|
|
|
|
Chittenden County, VT
|
|
|
|
Burlington
(Shelburne Road)4
|
|
X
|
|
|
|
|
|
Franklin County, VT
|
|
|
|
Enosburg
Falls (Sampsonville Road)
|
X
|
|
|
|
|
|
|
Grafton County, NH
|
|
|
|
Lebanon,
NH (367 Route 120) 4
|
|
X
|
|
|
|
|
|
Lamoille County, VT
|
|
|
|
Morrisville
(Route 15 West)
|
|
X
|
|
|
|
|
|
Orleans County, VT
|
|
|
|
Barton
(Church Street)
|
X
|
|
|
Derby
Line (Main Street)
|
X
|
|
|
Island
Pond (Route 105)
|
|
X
|
|
Newport
(Main Street)
|
X
|
|
|
Troy
(Route 101)
|
X
|
|
|
|
|
|
|
Washington County, VT
|
|
|
|
Barre
(North Main Street)
|
X
|
|
X
|
Montpelier
(State Street)
|
|
X
|
|
COMMUNITY
BANCORP.
|
|||
/s/Kathryn
M. Austin
|
|
Date:
March 16, 2020
|
|
Kathryn
M. Austin, President and Chief
|
|
|
|
Executive
Officer (Principal Executive Officer)
|
|
|
|
/s/Kathryn
M. Austin
|
|
Date:
March 16, 2020
|
Kathryn
M. Austin, President and Chief
|
|
|
Executive
Officer (Principal Executive Officer)
|
|
|
|
|
|
/s/Louise
M. Bonvechio
|
|
Date:
March 16, 2020
|
Louise
M. Bonvechio, Corporate Secretary and
|
|
|
Treasurer
(Principal Financial Officer)
|
|
|
|
|
|
/s/Candace
A. Patenaude
|
|
Date:
March 16, 2020
|
Candace
A. Patenaude
|
|
|
(Principal
Accounting Officer)
|
|
|
|
|
|
COMMUNITY
BANCORP. DIRECTORS
|
||
/s/Thomas
E. Adams
|
|
Date:
March 16, 2020
|
Thomas
E. Adams
|
|
|
|
|
|
/s/Kathryn
M. Austin
|
|
Date:
March 16, 2020
|
Kathryn
M. Austin
|
|
|
|
|
|
/s/David
M. Bouffard
|
|
Date:
March 16, 2020
|
David
M. Bouffard
|
|
|
|
|
|
/s/Aminta
K. Conant
|
|
Date:
March 16, 2020
|
Aminta
K. Conant
|
|
|
|
|
|
/s/Jacques
R. Couture
|
|
Date:
March 16, 2020
|
Jacques
R. Couture
|
|
|
|
|
|
/s/David P.
Laforce
|
|
Date:
March 16, 2020
|
David
P. Laforce
|
|
|
|
|
|
/s/Rosemary
M. Lalime
|
|
Date:
March 16, 2020
|
Rosemary
M. Lalime
|
|
|
|
|
|
/s/Stephen
P. Marsh
|
|
Date:
March 16, 2020
|
Stephen
P. Marsh, Board Chair
|
|
|
|
|
|
/s/Emma
Marvin
|
|
Date:
March 16, 2020
|
Emma
Marvin
|
|
|
|
|
|
/s/Jeffrey
L. Moore
|
|
Date:
March 16, 2020
|
Jeffrey
L. Moore
|
|
|
|
|
|
/s/Dorothy
R. Mitchell
|
|
Date:
March 16, 2020
|
Dorothy
R. Mitchell
|
|
|
|
|
|
/s/Frederic
Oeschger
|
|
Date:
March 16, 2020
|
Fredric
Oeschger
|
|
|
|
|
|
/s/James
G. Wheeler, Jr.
|
|
Date:
March 16, 2020
|
James
G. Wheeler, Jr.
|
|
|
Description
of Common Stock.
|
|
|
|
Portions
of the 2019 Annual Report, specifically incorporated by reference
into this report.
|
|
|
|
Subsidiaries
of Community Bancorp.
|
|
|
|
Consent
of Berry Dunn McNeil & Parker, LLC
|
|
|
|
Certification
from the Chief Executive Officer (Principal Executive Officer) of
the Company pursuant to section 302 of the Sarbanes-Oxley Act of
2002
|
|
|
|
Certification
from the Treasurer (Principal Financial Officer) of the Company
pursuant to section 302 of the Sarbanes-Oxley Act of
2002
|
|
|
|
Certification
from the Chief Executive Officer (Principal Executive Officer) of
the Company pursuant to 18 U.S.C., Section 1350, as adopted
pursuant to section 906 of the Sarbanes-Oxley Act of
2002**
|
|
|
|
Certification
from the Treasurer (Principal Financial Officer) of the Company
pursuant to 18 U.S.C., Section 1350, as adopted pursuant to section
906 of the Sarbanes-Oxley Act of 2002**
|
|
|
|
|
|
Exhibit
101
|
The
following materials from the Company’s Annual Report on Form
10-K for the year ended December 31, 2019 formatted in eXtensible
Business Reporting Language (XBRL): (i) the audited consolidated
balance sheets, (ii) the audited consolidated statements of income,
(iii) the audited consolidated statements of comprehensive income;
(iv) the audited consolidated statements of changes in
shareholders’ equity, (v) the audited consolidated statements
of cash flows and (vi) related notes, for the years ended December
31, 2019 and 2018.
|
|
|
![]() |
|
Ms.
Kathryn M. Austin, President & Chief Executive
Officer
|
|
(Principal
Executive Officer)
|
|
|
|
|
|
![]() |
|
Ms.
Louise M. Bonvechio, Corporate Secretary &
Treasurer
|
|
(Principal
Financial Officer)
|
|
Community
Bancorp. and Subsidiary
|
December 31,
|
December 31,
|
Consolidated
Balance Sheets
|
2019
|
2018
|
Assets
|
|
|
Cash
and due from banks
|
$10,263,535
|
$14,906,529
|
Federal
funds sold and overnight deposits
|
38,298,677
|
53,028,286
|
Total
cash and cash equivalents
|
48,562,212
|
67,934,815
|
Securities
available-for-sale
|
45,966,750
|
39,366,831
|
Restricted
equity securities, at cost
|
1,431,850
|
1,749,450
|
Loans
|
606,988,937
|
578,450,517
|
Allowance
for loan losses
|
(5,926,491)
|
(5,602,541)
|
Deferred
net loan costs
|
362,415
|
363,614
|
Net
loans
|
601,424,861
|
573,211,590
|
Bank
premises and equipment, net
|
10,959,403
|
9,713,455
|
Accrued
interest receivable
|
2,336,553
|
2,300,841
|
Bank
owned life insurance
|
4,903,012
|
4,814,099
|
Goodwill
|
11,574,269
|
11,574,269
|
Other
real estate owned
|
966,738
|
201,386
|
Other
assets
|
9,829,671
|
9,480,762
|
Total
assets
|
$737,955,319
|
$720,347,498
|
|
|
|
Liabilities
and Shareholders' Equity
|
|
|
Liabilities
|
|
|
Deposits:
|
|
|
Demand,
non-interest bearing
|
$125,089,403
|
$122,430,805
|
Interest-bearing
transaction accounts
|
185,102,333
|
177,815,417
|
Money
market funds
|
91,463,661
|
85,261,685
|
Savings
|
97,167,652
|
93,129,875
|
Time
deposits, $250,000 and over
|
14,565,559
|
14,395,291
|
Other
time deposits
|
101,632,760
|
115,783,492
|
Total
deposits
|
615,021,368
|
608,816,565
|
Borrowed
funds
|
2,650,000
|
1,550,000
|
Repurchase
agreements
|
33,189,848
|
30,521,565
|
Junior
subordinated debentures
|
12,887,000
|
12,887,000
|
Accrued
interest and other liabilities
|
5,312,424
|
3,968,657
|
Total
liabilities
|
669,060,640
|
657,743,787
|
|
|
|
Shareholders'
Equity
|
|
|
Preferred
stock, 1,000,000 shares authorized, 15 and 20 shares issued
and
|
|
|
outstanding
at December 31, 2019 and 2018, respectively
|
|
|
($100,000
liquidation value, per share)
|
1,500,000
|
2,000,000
|
Common
stock - $2.50 par value; 15,000,000 shares authorized,
5,449,857
|
|
|
and
5,382,103 shares issued at December 31, 2019 and 2018,
respectively
|
|
|
(including
16,267 and 17,442 shares issued February 1, 2020 and
2019,
|
|
|
respectively)
|
13,624,643
|
13,455,258
|
Additional
paid-in capital
|
33,464,381
|
32,536,532
|
Retained
earnings
|
22,667,949
|
17,882,282
|
Accumulated
other comprehensive income (loss)
|
260,483
|
(647,584)
|
Less:
treasury stock, at cost; 210,101 shares at December 31, 2019 and
2018
|
(2,622,777)
|
(2,622,777)
|
Total
shareholders' equity
|
68,894,679
|
62,603,711
|
Total
liabilities and shareholders' equity
|
$737,955,319
|
$720,347,498
|
|
|
|
Book value per
common share outstanding
|
$12.86
|
$11.72
|
Community
Bancorp. and Subsidiary
|
Years Ended December
31,
|
|
Consolidated
Statements of Income
|
2019
|
2018
|
|
|
|
|
|
|
Interest
income
|
|
|
Interest
and fees on loans
|
$29,883,352
|
$27,609,505
|
Interest
on taxable debt securities
|
1,089,201
|
895,165
|
Dividends
|
100,609
|
125,973
|
Interest
on federal funds sold and overnight deposits
|
685,646
|
483,960
|
Total
interest income
|
31,758,808
|
29,114,603
|
|
|
|
Interest
expense
|
|
|
Interest
on deposits
|
5,124,651
|
3,547,798
|
Interest
on borrowed funds
|
24,550
|
95,936
|
Interest
on repurchase agreements
|
299,347
|
190,993
|
Interest
on junior subordinated debentures
|
694,573
|
650,361
|
Total
interest expense
|
6,143,121
|
4,485,088
|
|
|
|
Net
interest income
|
25,615,687
|
24,629,515
|
Provision for
loan losses
|
1,066,167
|
780,000
|
Net
interest income after provision for loan losses
|
24,549,520
|
23,849,515
|
|
|
|
Non-interest
income
|
|
|
Service
fees
|
3,313,833
|
3,238,954
|
Income
from sold loans
|
706,306
|
780,622
|
Other
income from loans
|
904,156
|
879,887
|
Net
realized loss on sale of securities AFS
|
(26,490)
|
(32,718)
|
Other
income
|
1,048,261
|
1,314,563
|
Total
non-interest income
|
5,946,066
|
6,181,308
|
|
|
|
Non-interest
expense
|
|
|
Salaries
and wages
|
7,271,722
|
7,203,001
|
Employee
benefits
|
3,118,631
|
2,880,048
|
Occupancy
expenses, net
|
2,605,995
|
2,545,959
|
Other
expenses
|
6,884,932
|
7,266,018
|
Total
non-interest expense
|
19,881,280
|
19,895,026
|
|
|
|
Income
before income taxes
|
10,614,306
|
10,135,797
|
Income tax
expense
|
1,789,860
|
1,738,265
|
Net
income
|
$8,824,446
|
$8,397,532
|
|
|
|
Earnings per
common share
|
$1.68
|
$1.61
|
Weighted
average number of common shares
|
|
|
used in
computing earnings per share
|
5,204,768
|
5,139,297
|
Dividends
declared per common share
|
$0.76
|
$0.74
|
Community
Bancorp. and Subsidiary
|
|
|
Consolidated
Statements of Comprehensive Income
|
|
|
|
Years Ended December
31,
|
|
|
2019
|
2018
|
|
|
|
Net
income
|
$8,824,446
|
$8,397,532
|
|
|
|
Other comprehensive
income (loss), net of tax:
|
|
|
Unrealized
holding gain (loss) on securities AFS arising during the
period
|
1,122,961
|
(505,487)
|
Reclassification
adjustment for loss realized in income
|
26,490
|
32,718
|
Unrealized
gain (loss) during the period
|
1,149,451
|
(472,769)
|
Tax
effect
|
(241,384)
|
99,282
|
Other
comprehensive income (loss), net of tax
|
908,067
|
(373,487)
|
Total
comprehensive income
|
$9,732,513
|
$8,024,045
|
Community Bancorp. and Subsidiary
|
Consolidated Statements of Changes in Shareholders'
Equity
|
Years Ended December 31, 2019 and 2018
|
|
Common stock
|
Preferred stock
|
||
|
Shares
|
Amount
|
Shares
|
Amount
|
|
|
|
|
|
Balances, December
31, 2017
|
5,322,320
|
$13,305,800
|
25
|
$2,500,000
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
Net
income
|
0
|
0
|
0
|
0
|
Other comprehensive
loss
|
0
|
0
|
0
|
0
|
|
|
|
|
|
Total comprehensive
income
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared - common stock
|
0
|
0
|
0
|
0
|
Cash dividends
declared - preferred stock
|
0
|
0
|
0
|
0
|
Issuance of common
stock
|
59,783
|
149,458
|
0
|
0
|
|
|
|
|
|
Redemption of
preferred stock
|
0
|
0
|
(5)
|
(500,000)
|
|
|
|
|
|
Balances, December
31, 2018
|
5,382,103
|
13,455,258
|
20
|
2,000,000
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
Net
income
|
0
|
0
|
0
|
0
|
Other comprehensive
income
|
0
|
0
|
0
|
0
|
|
|
|
|
|
Total comprehensive
income
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared - common stock
|
0
|
0
|
0
|
0
|
Cash dividends
declared - preferred stock
|
0
|
0
|
0
|
0
|
Issuance of common
stock
|
67,754
|
169,385
|
0
|
0
|
|
|
|
|
|
Redemption of
preferred stock
|
0
|
0
|
(5)
|
(500,000)
|
|
|
|
|
|
Balances, December
31, 2019
|
5,449,857
|
$13,624,643
|
15
|
$1,500,000
|
|
|
Accumulated
|
|
|
Additional
|
|
other
|
|
Total
|
paid-in
|
Retained
|
comprehensive
|
Treasury
|
shareholders'
|
capital
|
earnings
|
(loss) income
|
stock
|
equity
|
|
|
|
|
|
$31,639,189
|
$13,387,739
|
($274,097)
|
($2,622,777)
|
$57,935,854
|
|
|
|
|
|
|
|
|
|
|
0
|
8,397,532
|
0
|
0
|
8,397,532
|
0
|
0
|
(373,487)
|
0
|
(373,487)
|
|
|
|
|
|
|
|
|
|
8,024,045
|
|
|
|
|
|
0
|
(3,799,864)
|
0
|
0
|
(3,799,864)
|
0
|
(103,125)
|
0
|
0
|
(103,125)
|
897,343
|
0
|
0
|
0
|
1,046,801
|
|
|
|
|
|
0
|
0
|
0
|
0
|
(500,000)
|
|
|
|
|
|
32,536,532
|
17,882,282
|
(647,584)
|
(2,622,777)
|
62,603,711
|
|
|
|
|
|
|
|
|
|
|
0
|
8,824,446
|
0
|
0
|
8,824,446
|
0
|
0
|
908,067
|
0
|
908,067
|
|
|
|
|
|
|
|
|
|
9,732,513
|
|
|
|
|
|
0
|
(3,951,279)
|
0
|
0
|
(3,951,279)
|
0
|
(87,500)
|
0
|
0
|
(87,500)
|
927,849
|
0
|
0
|
0
|
1,097,234
|
|
|
|
|
|
0
|
0
|
0
|
0
|
(500,000)
|
|
|
|
|
|
$33,464,381
|
$22,667,949
|
$260,483
|
($2,622,777)
|
$68,894,679
|
Community
Bancorp. and Subsidiary
|
|
|
Consolidated
Statements of Cash Flows
|
|
|
|
Years Ended December
31,
|
|
|
2019
|
2018
|
|
|
|
Cash
Flows from Operating Activities:
|
|
|
Net
income
|
$8,824,446
|
$8,397,532
|
Adjustments
to reconcile net income to net cash provided by
|
|
|
operating
activities:
|
|
|
Depreciation
and amortization, bank premises and equipment
|
930,035
|
981,691
|
Provision
for loan losses
|
1,066,167
|
780,000
|
Deferred
income tax
|
96,236
|
(11,359)
|
Net
realized loss on sale of securities AFS
|
26,490
|
32,718
|
Gain
on sale of loans
|
(290,116)
|
(345,780)
|
Loss
(gain) on sale of bank premises and equipment
|
30,797
|
(260,013)
|
Loss
on sale of OREO
|
817
|
2,397
|
Income
from CFS Partners
|
(588,696)
|
(514,485)
|
Amortization
of bond premium, net
|
120,295
|
128,469
|
Write
down of OREO
|
95,008
|
78,447
|
Proceeds
from sales of loans held for sale
|
14,098,560
|
14,793,920
|
Originations
of loans held for sale
|
(13,808,444)
|
(13,410,853)
|
Increase
(decrease) in taxes payable
|
522
|
(23,758)
|
Increase
in interest receivable
|
(35,712)
|
(248,923)
|
Decrease
in mortgage servicing rights
|
65,371
|
78,338
|
Decrease
in right-of-use assets
|
236,395
|
0
|
Decrease
in operating lease liabilities
|
(227,606)
|
0
|
Decrease
(increase) in other assets
|
335,167
|
(790,320)
|
Increase
in cash surrender value of BOLI
|
(88,913)
|
(92,317)
|
Amortization
of limited partnerships
|
312,106
|
411,061
|
Decrease
(increase) in unamortized loan costs
|
1,199
|
(44,963)
|
Increase
in interest payable
|
26,204
|
12,524
|
Increase
in accrued expenses
|
66,100
|
149,648
|
(Decrease)
increase in other liabilities
|
(45,772)
|
62,805
|
Net
cash provided by operating activities
|
11,246,656
|
10,166,779
|
|
|
|
Cash
Flows from Investing Activities:
|
|
|
Investments
- AFS
|
|
|
Maturities,
calls, pay downs and sales
|
19,998,076
|
8,543,078
|
Purchases
|
(25,595,329)
|
(10,093,214)
|
Proceeds
from redemption of restricted equity securities
|
493,600
|
1,147,500
|
Purchases
of restricted equity securities
|
(176,000)
|
(1,193,300)
|
Increase
in limited partnership contributions payable
|
184,000
|
388,750
|
Investments
in limited liability entities
|
(811,000)
|
(877,000)
|
Increase
in loans, net
|
(30,365,217)
|
(27,835,972)
|
Capital
expenditures net of proceeds from sales of bank
|
|
|
premises
and equipment
|
(952,396)
|
(90,957)
|
Proceeds
from sales of OREO
|
105,561
|
335,056
|
Recoveries
of loans charged off
|
117,842
|
126,462
|
Net
cash used in investing activities
|
(37,000,863)
|
(29,549,597)
|
|
2019
|
2018
|
|
|
|
Cash
Flows from Financing Activities:
|
|
|
Net
increase in demand and interest-bearing transaction
accounts
|
9,945,514
|
50,367,124
|
Net
increase (decrease) in money market and savings
accounts
|
10,239,753
|
(12,516,729)
|
Net
(decrease) increase in time deposits
|
(13,980,464)
|
10,331,190
|
Net
increase in repurchase agreements
|
2,668,283
|
1,873,717
|
Proceeds
from long-term borrowings
|
1,100,000
|
0
|
Repayments
on long-term borrowings
|
0
|
(2,000,000)
|
Decrease
in finance lease obligations
|
(166,924)
|
(115,060)
|
Redemption
of preferred stock
|
(500,000)
|
(500,000)
|
Dividends
paid on preferred stock
|
(87,500)
|
(103,125)
|
Dividends
paid on common stock
|
(2,837,058)
|
(2,672,985)
|
Net
cash provided by financing activities
|
6,381,604
|
44,664,132
|
|
|
|
Net
(decrease) increase in cash and cash equivalents
|
(19,372,603)
|
25,281,314
|
Cash
and cash equivalents:
|
|
|
Beginning
|
67,934,815
|
42,653,501
|
Ending
|
$48,562,212
|
$67,934,815
|
|
|
|
Supplemental
Schedule of Cash Paid During the Period:
|
|
|
Interest
|
$6,116,917
|
$4,472,564
|
|
|
|
Income
taxes, net of refunds
|
$1,381,000
|
$1,365,000
|
|
|
|
Supplemental
Schedule of Noncash Investing and Financing
Activities:
|
|
|
Change
in unrealized gain (loss) on securities AFS
|
$1,149,451
|
$(472,769)
|
|
|
|
Loans
transferred to OREO
|
$966,738
|
$333,051
|
|
|
|
Common
Shares Dividends Paid:
|
|
|
Dividends
declared
|
$3,951,279
|
$3,799,864
|
Increase
in dividends payable attributable to dividends
declared
|
(16,987)
|
(80,078)
|
Dividends
reinvested
|
(1,097,234)
|
(1,046,801)
|
|
$2,837,058
|
$2,672,985
|
ABS and OAS:
|
Asset backed or other amortizing security
|
FHA:
|
Federal Housing Administration
|
ACBB:
|
Atlantic Community Bankers Bank
|
FHLBB:
|
Federal Home Loan Bank of Boston
|
ACBI:
|
Atlantic Community Bancshares, Inc.
|
FHLMC :
|
Federal Home Loan Mortgage Corporation
|
ACH:
|
Automated Clearing House
|
FICO:
|
Financing Corporation
|
AFS:
|
Available-for-sale
|
FLA:
|
First Loss Account
|
Agency MBS:
|
MBS issued by a US government agency
|
FOMC:
|
Federal Open Market Committee
|
|
or GSE
|
FRB:
|
Federal Reserve Board
|
ALCO:
|
Asset Liability Committee
|
FRBB:
|
Federal Reserve Bank of Boston
|
ALL:
|
Allowance for loan losses
|
GAAP:
|
Generally Accepted Accounting Principles
|
AML:
|
Anti-money laundering laws
|
|
in the United States
|
AOCI:
|
Accumulated other comprehensive income
|
GSE:
|
Government sponsored enterprise
|
ASC:
|
Accounting Standards Codification
|
HMDA:
|
Home Mortgage Disclosure Act
|
ASU:
|
Accounting Standards Update
|
HTM:
|
Held-to-maturity
|
ATMs:
|
Automatic teller machines
|
ICS:
|
Insured Cash Sweeps of the Promontory
|
Bancorp:
|
Community Bancorp.
|
|
Interfinancial Network
|
Bank:
|
Community National Bank
|
IRS:
|
Internal Revenue Service
|
BHG
|
Bankers Healthcare Group
|
JNE:
|
Jobs for New England
|
BIC:
|
Borrower-in-Custody
|
Jr:
|
Junior
|
Board:
|
Board of Directors
|
LIBOR:
|
London Interbank Offered Rate
|
BOLI:
|
Bank owned life insurance
|
LLC:
|
Limited liability corporation
|
bp or bps:
|
Basis point(s)
|
MBS:
|
Mortgage-backed security
|
BSA:
|
Bank Secrecy Act
|
MPF:
|
Mortgage Partnership Finance
|
CBLR:
|
Community Bank Leverage Ratio
|
MSAs
|
Metropolitan Statistical Areas
|
CDARS:
|
Certificate of Deposit Accounts Registry
|
MSRs:
|
Mortgage servicing rights
|
|
Service of the Promontory Interfinancial
|
NII:
|
Net interest income
|
|
Network
|
NMTC:
|
New Market Tax Credits
|
CDs:
|
Certificates of deposit
|
OCI:
|
Other comprehensive income (loss)
|
CDI:
|
Core deposit intangible
|
OFAC:
|
Office of Foreign Asset Control
|
CECL:
|
Current Expected Credit Loss
|
OREO:
|
Other real estate owned
|
CEO:
|
Credit Enhancement Obligation
|
OTTI:
|
Other-than-temporary impairment
|
CFPB:
|
Consumer Financial Protection Bureau
|
PMI:
|
Private mortgage insurance
|
CFSG:
|
Community Financial Services Group, LLC
|
QM(s):
|
Qualified Mortgage(s)
|
CFS Partners:
|
Community Financial Services Partners,
|
RD:
|
USDA Rural Development
|
|
LLC
|
RESPA:
|
Real Estate Settlement Procedures Act
|
Company:
|
Community Bancorp. and Subsidiary
|
SBA:
|
U.S. Small Business Administration
|
CRA:
|
Community Reinvestment Act
|
SEC:
|
U.S. Securities and Exchange Commission
|
CRE:
|
Commercial Real Estate
|
SERP:
|
Supplemental Employee Retirement Plan
|
DDA or DDAs:
|
Demand Deposit Account(s)
|
SOX:
|
Sarbanes-Oxley Act of 2002
|
DIF:
|
Deposit Insurance Fund
|
TDR:
|
Troubled-debt restructuring
|
DTC:
|
Depository Trust Company
|
TILA:
|
Truth in Lending Act
|
DRIP:
|
Dividend Reinvestment Plan
|
USDA:
|
U.S. Department of Agriculture
|
Exchange Act:
|
Securities Exchange Act of 1934
|
VA:
|
U.S. Veterans Administration
|
FASB:
|
Financial Accounting Standards Board
|
VIE:
|
Variable interest entities
|
FDIA:
|
Federal Deposit Insurance Act
|
2017 Tax Act:
|
Tax Cut and Jobs Act of 2017
|
FDIC:
|
Federal Deposit Insurance Corporation
|
2018
|
Economic Growth, Regulatory Relief and
|
FDICIA:
|
Federal Deposit Insurance Company
|
Regulatory
|
Consumer Protection Act of 2018
|
|
Improvement Act of 1991
|
Relief Act:
|
|
Years
Ended December 31,
|
2019
|
2018
|
|
|
|
Net income, as
reported
|
$8,824,446
|
$8,397,532
|
Less: dividends to
preferred shareholders
|
87,500
|
103,125
|
Net income
available to common shareholders
|
$8,736,946
|
$8,294,407
|
Weighted average
number of common shares
|
|
|
used
in calculating earnings per share
|
5,204,768
|
5,139,297
|
Earnings per common
share
|
$1.68
|
$1.61
|
|
|
Gross
|
Gross
|
|
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|
Cost
|
Gains
|
Losses
|
Value
|
|
|
|
|
|
December
31, 2019
|
|
|
|
|
U.S. GSE debt
securities
|
$18,002,549
|
$99,743
|
$40,672
|
$18,061,620
|
Agency
MBS
|
16,169,819
|
86,874
|
51,318
|
16,205,375
|
ABS and
OAS
|
2,799,657
|
55,418
|
2,166
|
2,852,909
|
Other
investments
|
8,665,000
|
181,846
|
0
|
8,846,846
|
Total
|
$45,637,025
|
$423,881
|
$94,156
|
$45,966,750
|
|
|
|
|
|
December
31, 2018
|
|
|
|
|
U.S. GSE debt
securities
|
$14,010,100
|
$394
|
$259,391
|
$13,751,103
|
Agency
MBS
|
16,020,892
|
2,701
|
449,068
|
15,574,525
|
ABS and
OAS
|
1,988,565
|
3,806
|
6,242
|
1,986,129
|
Other
investments
|
8,167,000
|
8,472
|
120,398
|
8,055,074
|
Total
|
$40,186,557
|
$15,373
|
$835,099
|
$39,366,831
|
|
Amortized
|
Fair
|
|
Cost
|
Value
|
|
|
|
December 31,
2019
|
$45,637,025
|
$45,966,750
|
December 31,
2018
|
40,186,557
|
39,366,831
|
|
Amortized
|
Fair
|
|
Cost
|
Value
|
|
|
|
Due in one year or
less
|
$2,760,515
|
$2,766,254
|
Due from one to
five years
|
9,674,948
|
9,862,450
|
Due from five to
ten years
|
15,042,170
|
15,147,201
|
Due after ten
years
|
1,989,573
|
1,985,470
|
Agency
MBS
|
16,169,819
|
16,205,375
|
Total
|
$45,637,025
|
$45,966,750
|
|
Less than 12
months
|
12 months or
more
|
Totals
|
||||
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Number of
|
Fair
|
Unrealized
|
|
Value
|
Loss
|
Value
|
Loss
|
Securities
|
Value
|
Loss
|
December
31, 2019
|
|
|
|
|
|
|
|
U.S. GSE debt
securities
|
$7,964,192
|
$40,672
|
$0
|
$0
|
7
|
$7,964,192
|
$40,672
|
Agency
MBS
|
5,273,683
|
24,648
|
2,920,091
|
26,670
|
13
|
8,193,774
|
51,318
|
Other
investments
|
1,000,490
|
2,166
|
0
|
0
|
1
|
1,000,490
|
2,166
|
Total
|
$14,238,365
|
$67,486
|
$2,920,091
|
$26,670
|
21
|
$17,158,456
|
$94,156
|
|
|
|
|
|
|
|
|
December
31, 2018
|
|
|
|
|
|
|
|
U.S. GSE debt
securities
|
$1,465,947
|
$6,752
|
$11,284,761
|
$252,639
|
11
|
$12,750,708
|
$259,391
|
Agency
MBS
|
2,317,838
|
22,029
|
12,223,386
|
427,039
|
24
|
14,541,224
|
449,068
|
ABS and
OAS
|
976,226
|
6,242
|
0
|
0
|
1
|
976,226
|
6,242
|
Other
investments
|
1,956,914
|
20,086
|
4,113,688
|
100,312
|
25
|
6,070,602
|
120,398
|
Total
|
$6,716,925
|
$55,109
|
$27,621,835
|
$779,990
|
61
|
$34,338,760
|
$835,099
|
December
31,
|
2019
|
2018
|
|
|
|
Commercial &
industrial
|
$98,930,831
|
$80,766,693
|
Commercial real
estate
|
246,282,726
|
235,318,148
|
Municipal
|
55,817,206
|
47,067,023
|
Residential real
estate - 1st lien
|
158,337,296
|
165,665,175
|
Residential real
estate - Jr lien
|
43,230,873
|
44,544,987
|
Consumer
|
4,390,005
|
5,088,491
|
Total
loans
|
606,988,937
|
578,450,517
|
Deduct
(add):
|
|
|
ALL
|
5,926,491
|
5,602,541
|
Deferred net loan
costs
|
(362,415)
|
(363,614)
|
Net
loans
|
$601,424,861
|
$573,211,590
|
|
|
|
|
|
|
|
90 Days or
|
|
|
90 Days
|
Total
|
|
|
Non-Accrual
|
More and
|
December
31, 2019
|
30-89 Days
|
or More
|
Past Due
|
Current
|
Total Loans
|
Loans
|
Accruing
|
|
|
|
|
|
|
|
|
Commercial &
industrial
|
$68,532
|
$44,503
|
$113,035
|
$98,817,796
|
$98,930,831
|
$480,083
|
$0
|
Commercial real
estate
|
1,690,307
|
151,723
|
1,842,030
|
244,440,696
|
246,282,726
|
1,600,827
|
0
|
Municipal
|
0
|
0
|
0
|
55,817,206
|
55,817,206
|
0
|
0
|
Residential real
estate
|
|
|
|
|
|
|
|
- 1st
lien
|
3,871,045
|
1,217,098
|
5,088,143
|
153,249,153
|
158,337,296
|
2,112,267
|
530,046
|
- Jr
lien
|
331,416
|
147,976
|
479,392
|
42,751,481
|
43,230,873
|
240,753
|
112,386
|
Consumer
|
49,607
|
0
|
49,607
|
4,340,398
|
4,390,005
|
0
|
0
|
Totals
|
$6,010,907
|
$1,561,300
|
$7,572,207
|
$599,416,730
|
$606,988,937
|
$4,433,930
|
$642,432
|
|
|
|
|
|
|
|
90 Days or
|
|
|
90 Days
|
Total
|
|
|
Non-Accrual
|
More and
|
December
31, 2018
|
30-89 Days
|
or More
|
Past Due
|
Current
|
Total Loans
|
Loans
|
Accruing
|
|
|
|
|
|
|
|
|
Commercial &
industrial
|
$217,385
|
$0
|
$217,385
|
$80,549,308
|
$80,766,693
|
$84,814
|
$0
|
Commercial real
estate
|
1,509,839
|
190,789
|
1,700,628
|
233,617,520
|
235,318,148
|
1,742,993
|
0
|
Municipal
|
0
|
0
|
0
|
47,067,023
|
47,067,023
|
0
|
0
|
Residential real
estate
|
|
|
|
|
|
|
|
- 1st
lien
|
4,108,319
|
1,371,061
|
5,479,380
|
160,185,795
|
165,665,175
|
2,026,939
|
622,486
|
- Jr
lien
|
484,855
|
353,914
|
838,769
|
43,706,218
|
44,544,987
|
408,540
|
104,959
|
Consumer
|
43,277
|
1,661
|
44,938
|
5,043,553
|
5,088,491
|
0
|
1,661
|
Totals
|
$6,363,675
|
$1,917,425
|
$8,281,100
|
$570,169,417
|
$578,450,517
|
$4,263,286
|
$729,106
|
|
Number of loans
|
Balance
|
December 31,
2019
|
9
|
$495,943
|
December 31,
2018
|
12
|
961,709
|
|
|
|
|
Residential
|
Residential
|
|
|
|
|
Commercial
|
Commercial
|
|
Real Estate
|
Real Estate
|
|
|
|
|
& Industrial
|
Real Estate
|
Municipal
|
1st Lien
|
Jr Lien
|
Consumer
|
Unallocated
|
Total
|
|
|
|
|
|
|
|
|
|
ALL beginning
balance
|
$697,469
|
$3,019,868
|
$0
|
$1,421,494
|
$273,445
|
$56,787
|
$133,478
|
$5,602,541
|
Charge-offs
|
(175,815)
|
(116,186)
|
0
|
(242,244)
|
(222,999)
|
(102,815)
|
0
|
(860,059)
|
Recoveries
|
10,768
|
50,388
|
0
|
15,776
|
2,200
|
38,710
|
0
|
117,842
|
Provision
|
304,344
|
227,576
|
0
|
193,538
|
237,038
|
59,111
|
44,560
|
1,066,167
|
ALL ending
balance
|
$836,766
|
$3,181,646
|
$0
|
$1,388,564
|
$289,684
|
$51,793
|
$178,038
|
$5,926,491
|
|
|
|
|
|
|
|
|
|
ALL evaluated for
impairment
|
|
|
|
|
|
|
|
|
Individually
|
$0
|
$0
|
$0
|
$103,836
|
$712
|
$0
|
$0
|
$104,548
|
Collectively
|
836,766
|
3,181,646
|
0
|
1,284,728
|
288,972
|
51,793
|
178,038
|
5,821,943
|
Total
|
$836,766
|
$3,181,646
|
$0
|
$1,388,564
|
$289,684
|
$51,793
|
$178,038
|
$5,926,491
|
|
||||||||
Loans evaluated for
impairment
|
|
|
|
|
|
|
|
|
Individually
|
$420,933
|
$1,699,238
|
$0
|
$4,471,902
|
$156,073
|
$0
|
|
$6,748,146
|
Collectively
|
98,509,898
|
244,583,488
|
55,817,206
|
153,865,394
|
43,074,800
|
4,390,005
|
|
600,240,791
|
Total
|
$98,930,831
|
$246,282,726
|
$55,817,206
|
$158,337,296
|
$43,230,873
|
$4,390,005
|
|
$606,988,937
|
|
|
|
|
Residential
|
Residential
|
|
|
|
|
Commercial
|
Commercial
|
|
Real Estate
|
Real Estate
|
|
|
|
|
& Industrial
|
Real Estate
|
Municipal
|
1st Lien
|
Jr Lien
|
Consumer
|
Unallocated
|
Total
|
|
|
|
|
|
|
|
|
|
ALL beginning
balance
|
$675,687
|
$2,674,029
|
$0
|
$1,460,547
|
$316,982
|
$43,303
|
$267,551
|
$5,438,099
|
Charge-offs
|
(152,860)
|
(124,645)
|
0
|
(251,654)
|
(69,173)
|
(143,688)
|
0
|
(742,020)
|
Recoveries
|
60,192
|
0
|
0
|
26,832
|
1,420
|
38,018
|
0
|
126,462
|
Provision
(credit)
|
114,450
|
470,484
|
0
|
185,769
|
24,216
|
119,154
|
(134,073)
|
780,000
|
ALL ending
balance
|
$697,469
|
$3,019,868
|
$0
|
$1,421,494
|
$273,445
|
$56,787
|
$133,478
|
$5,602,541
|
|
|
|
|
|
|
|
|
|
ALL evaluated for
impairment
|
|
|
|
|
|
|
|
|
Individually
|
$0
|
$0
|
$0
|
$112,969
|
$1,757
|
$0
|
$0
|
$114,726
|
Collectively
|
697,469
|
3,019,868
|
0
|
1,308,525
|
271,688
|
56,787
|
133,478
|
5,487,815
|
Total
|
$697,469
|
$3,019,868
|
$0
|
$1,421,494
|
$273,445
|
$56,787
|
$133,478
|
$5,602,541
|
|
||||||||
Loans evaluated for
impairment
|
|
|
|
|
|
|
|
|
Individually
|
$60,846
|
$1,746,894
|
$0
|
$4,392,060
|
$319,321
|
$0
|
|
$6,519,121
|
Collectively
|
80,705,847
|
233,571,254
|
47,067,023
|
161,273,115
|
44,225,666
|
5,088,491
|
|
571,931,396
|
Total
|
$80,766,693
|
$235,318,148
|
$47,067,023
|
$165,665,175
|
$44,544,987
|
$5,088,491
|
|
$578,450,517
|
|
As of December 31,
2019
|
2019
|
|||
|
|
Unpaid
|
|
Average
|
Interest
|
|
Recorded
|
Principal
|
Related
|
Recorded
|
Income
|
|
Investment
|
Balance
|
Allowance
|
Investment
|
Recognized
|
|
|
|
|
|
|
Related allowance
recorded
|
|
|
|
|
|
Commercial
& industrial
|
$0
|
$0
|
$0
|
$32,466
|
$0
|
Commercial
real estate
|
0
|
0
|
0
|
97,720
|
0
|
Residential
real estate
|
|
|
|
|
|
-
1st lien
|
878,439
|
902,000
|
103,836
|
982,158
|
86,039
|
-
Jr lien
|
6,121
|
6,101
|
712
|
6,869
|
648
|
Total
with related allowance
|
884,560
|
908,101
|
104,548
|
1,119,213
|
86,687
|
|
|
|
|
|
|
No related
allowance recorded
|
|
|
|
|
|
Commercial
& industrial
|
420,933
|
445,509
|
|
307,208
|
6,396
|
Commercial
real estate
|
1,699,772
|
2,031,764
|
|
1,812,836
|
21,591
|
Residential
real estate
|
|
|
|
|
|
-
1st lien
|
3,614,960
|
4,273,884
|
|
3,778,822
|
212,883
|
-
Jr lien
|
149,972
|
157,754
|
|
224,938
|
4,524
|
Total
with no related allowance
|
5,885,637
|
6,908,911
|
|
6,123,804
|
245,394
|
|
|
|
|
|
|
Total
impaired loans
|
$6,770,197
|
$7,817,012
|
$104,548
|
$7,243,017
|
$332,081
|
|
As of December 31,
2018
|
2018
|
|||
|
|
Unpaid
|
|
Average
|
Interest
|
|
Recorded
|
Principal
|
Related
|
Recorded
|
Income
|
|
Investment
|
Balance
|
Allowance
|
Investment
|
Recognized
|
|
|
|
|
|
|
Related allowance
recorded
|
|
|
|
|
|
Commercial
real estate
|
$0
|
$0
|
$0
|
$57,658
|
$0
|
Residential
real estate
|
|
|
|
|
|
-
1st lien
|
942,365
|
963,367
|
112,969
|
836,326
|
45,139
|
-
Jr lien
|
7,271
|
7,248
|
1,757
|
77,555
|
351
|
|
949,636
|
970,615
|
114,726
|
971,539
|
45,490
|
|
|
|
|
|
|
No related
allowance recorded
|
|
|
|
|
|
Commercial
& industrial
|
60,846
|
80,894
|
|
120,924
|
0
|
Commercial
real estate
|
1,748,323
|
1,975,831
|
|
1,663,794
|
13,131
|
Residential
real estate
|
|
|
|
|
|
-
1st lien
|
3,465,117
|
4,082,637
|
|
3,497,772
|
94,313
|
-
Jr lien
|
312,072
|
351,139
|
|
235,970
|
0
|
|
5,586,358
|
6,490,501
|
|
5,518,460
|
107,444
|
|
|
|
|
|
|
|
$6,535,994
|
$7,461,116
|
$114,726
|
$6,489,999
|
$152,934
|
|
|
|
|
Residential
|
Residential
|
|
|
|
Commercial
|
Commercial
|
|
Real Estate
|
Real Estate
|
|
|
|
& Industrial
|
Real Estate
|
Municipal
|
1st Lien
|
Jr Lien
|
Consumer
|
Total
|
|
|
|
|
|
|
|
|
Group
A
|
$93,774,871
|
$233,702,063
|
$55,817,206
|
$154,770,678
|
$42,725,543
|
$4,390,005
|
$585,180,366
|
Group
B
|
3,295,223
|
4,517,811
|
0
|
0
|
0
|
0
|
7,813,034
|
Group
C
|
1,860,737
|
8,062,852
|
0
|
3,566,618
|
505,330
|
0
|
13,995,537
|
Total
|
$98,930,831
|
$246,282,726
|
$55,817,206
|
$158,337,296
|
$43,230,873
|
$4,390,005
|
$606,988,937
|
|
|
|
|
Residential
|
Residential
|
|
|
|
Commercial
|
Commercial
|
|
Real Estate
|
Real Estate
|
|
|
|
& Industrial
|
Real Estate
|
Municipal
|
1st Lien
|
Jr Lien
|
Consumer
|
Total
|
|
|
|
|
|
|
|
|
Group
A
|
$78,585,348
|
$226,785,919
|
$47,067,023
|
$161,293,233
|
$43,817,872
|
$5,086,830
|
$562,636,225
|
Group
B
|
90,763
|
246,357
|
0
|
224,992
|
0
|
0
|
562,112
|
Group
C
|
2,090,582
|
8,285,872
|
0
|
4,146,950
|
727,115
|
1,661
|
15,252,180
|
Total
|
$80,766,693
|
$235,318,148
|
$47,067,023
|
$165,665,175
|
$44,544,987
|
$5,088,491
|
$578,450,517
|
|
|
Pre-
|
Post-
|
|
|
Modification
|
Modification
|
|
|
Outstanding
|
Outstanding
|
|
Number of
|
Recorded
|
Recorded
|
|
Contracts
|
Investment
|
Investment
|
|
|
|
|
Commercial &
industrial
|
6
|
$371,358
|
$372,259
|
Commercial real
estate
|
1
|
19,266
|
21,628
|
Residential real
estate
|
|
|
|
- 1st
lien
|
6
|
755,476
|
798,800
|
- Jr
lien
|
1
|
55,557
|
57,415
|
|
14
|
$1,201,657
|
$1,250,102
|
|
|
Pre-
|
Post-
|
|
|
Modification
|
Modification
|
|
|
Outstanding
|
Outstanding
|
|
Number of
|
Recorded
|
Recorded
|
|
Contracts
|
Investment
|
Investment
|
|
|
|
|
Commercial real
estate
|
1
|
$406,920
|
$406,920
|
Residential real
estate - 1st lien
|
10
|
1,031,330
|
1,142,089
|
|
11
|
$1,438,250
|
$1,549,009
|
|
Number of
|
Recorded
|
|
Contracts
|
Investment
|
|
|
|
Commercial &
industrial
|
2
|
$27,818
|
Residential real
estate - 1st lien
|
1
|
227,907
|
Residential real
estate - Jr lien
|
1
|
55,010
|
|
4
|
$310,735
|
|
Number of
|
Recorded
|
|
Contracts
|
Investment
|
|
|
|
Commercial real
estate
|
1
|
$400,646
|
Residential real
estate - 1st lien
|
3
|
518,212
|
|
4
|
$918,858
|
|
2019
|
2018
|
|
|
|
Specific
Allowance
|
$104,548
|
$114,726
|
|
2019
|
2018
|
|
|
|
Balance at
beginning of year
|
$1,004,948
|
$1,083,286
|
MSRs
capitalized
|
114,580
|
110,209
|
MSRs
amortized
|
(179,951)
|
(188,547)
|
Balance at end of
year
|
$939,577
|
$1,004,948
|
|
2019
|
2018
|
|
|
|
Buildings and
improvements
|
$10,575,514
|
$10,555,868
|
Land and land
improvements
|
2,650,671
|
2,586,373
|
Furniture and
equipment
|
6,848,263
|
6,460,625
|
Leasehold
improvements
|
1,161,073
|
1,155,284
|
Finance
lease
|
588,347
|
991,014
|
Operating
leases
|
1,490,779
|
0
|
Other prepaid
assets
|
159,914
|
55,406
|
|
23,474,561
|
21,804,570
|
Less accumulated
depreciation and amortization
|
(12,515,158)
|
(12,091,115)
|
Net bank premises
and equipment
|
$10,959,403
|
$9,713,455
|
Years
Ended December 31,
|
2019
|
2018
|
|
|
|
Operating lease
cost
|
$255,475
|
$230,888
|
|
|
|
Finance lease
cost:
|
|
|
Amortization
of right-of-use assets
|
$70,667
|
$70,667
|
Interest
on lease liabilities
|
16,705
|
26,399
|
Variable
rent expense
|
33,940
|
33,940
|
Total
finance lease cost
|
$121,312
|
$131,006
|
Year
Ended December 31,
|
2019
|
|
|
Operating
Leases
|
$1,455,829
|
December
31,
|
2019
|
2018
|
|
|
|
Operating
Leases
|
|
|
Operating lease
right-of-use assets
|
$1,254,384
|
$0
|
|
|
|
Operating lease
liabilities
|
$1,263,173
|
$0
|
|
|
|
Finance
Leases
|
|
|
Finance lease
right-of-use assets
|
$124,347
|
$213,679
|
|
|
|
Finance lease
liabilities
|
$99,823
|
$266,747
|
December
31,
|
2019
|
2018
|
|
|
|
Weighted
Average Remaining Lease Term
|
|
|
Operating
Leases
|
4.4 Years
|
5.9 Years
|
Finance
Leases
|
1.5 Years
|
2.0 Years
|
|
|
|
Weighted
Average Discount Rate
|
|
|
Operating
Leases
|
1.28%
|
N/A
|
Finance
Leases
|
7.50%
|
7.86%
|
2020
|
$257,039
|
2021
|
210,350
|
2022
|
207,380
|
2023
|
210,232
|
2024
|
186,448
|
Subsequent to
2024
|
249,424
|
Total
|
$1,320,873
|
2020
|
$67,060
|
2021
|
39,119
|
Total minimum lease
payments
|
106,179
|
Less amount
representing interest
|
(6,356)
|
Present value of
net minimum lease payments
|
$99,823
|
|
Operating Leases
|
Finance Leases
|
|
|
|
Undiscounted cash
flows
|
$1,320,873
|
$106,179
|
Discount effect of
cash flows
|
(57,700)
|
(6,356)
|
Lease
liabilities
|
$1,263,173
|
$99,823
|
2020
|
$55,256,906
|
2021
|
31,341,156
|
2022
|
12,249,473
|
2023
|
7,319,609
|
2024
|
10,031,175
|
Total
CDs
|
$116,198,319
|
|
2019
|
2018
|
Long-Term
Advances(1)
|
|
|
FHLBB term advance,
0.00%, due February 26, 2021
|
$350,000
|
$350,000
|
FHLBB term advance,
0.00%, due November 22, 2021
|
1,000,000
|
1,000,000
|
FHLBB term advance,
0.00%, due September 22, 2023
|
200,000
|
200,000
|
FHLBB term advance,
0.00%, due November 12, 2025
|
300,000
|
0
|
FHLBB term advance,
0.00%, due November 13, 2028
|
800,000
|
0
|
|
$2,650,000
|
$1,550,000
|
December
31,
|
2019
|
2018
|
|
|
|
Current
balance
|
$33,189,848
|
$30,521,565
|
Average
balance
|
33,545,527
|
30,554,953
|
Highest month-end
balance
|
38,868,833
|
32,938,807
|
Weighted average
interest rate
|
0.89%
|
0.63%
|
|
|
|
Pledged Investment
(1)
|
|
|
Amortized
Cost
|
45,637,025
|
40,186,557
|
Fair
Value
|
45,966,750
|
39,366,831
|
|
2019
|
2018
|
|
|
|
Currently
paid or payable
|
$1,693,624
|
$1,749,624
|
Deferred
expense (benefit)
|
96,236
|
(11,359)
|
Total income
tax expense(1)
|
$1,789,860
|
$1,738,265
|
|
2019
|
2018
|
|
|
|
Computed expense at
statutory rates
|
$2,236,904
|
$2,128,517
|
Tax exempt interest
and BOLI
|
(306,073)
|
(291,550)
|
Disallowed
interest
|
15,798
|
11,631
|
Partnership
rehabilitation and tax credits
|
(415,099)
|
(437,229)
|
Low income housing
investment amortization expense
|
246,564
|
323,948
|
Other
|
11,766
|
2,948
|
|
$1,789,860
|
$1,738,265
|
|
2019
|
2018
|
|
|
|
Depreciation
|
$126,734
|
$25,782
|
MSRs
|
(13,728)
|
(16,451)
|
Deferred
compensation
|
3,701
|
3,681
|
Bad
debts
|
(68,029)
|
(34,533)
|
Limited partnership
amortization
|
60,588
|
(20,129)
|
Investment in CFS
Partners
|
(3,323)
|
(1,014)
|
Loan fair
value
|
(6,171)
|
(2,228)
|
OREO write
down
|
0
|
13,860
|
Prepaid
expenses
|
(10,741)
|
(846)
|
Other
|
7,205
|
20,519
|
Change
in deferred tax expense (benefit)
|
$96,236
|
$(11,359)
|
|
2019
|
2018
|
|
|
|
Components of the
deferred tax asset:
|
|
|
Bad
debts
|
$1,244,563
|
$1,176,534
|
Deferred
compensation
|
12,898
|
16,599
|
Contingent
liability - MPF program
|
17,838
|
17,838
|
Finance
lease
|
11,930
|
23,287
|
Unrealized
loss on debt securities AFS
|
0
|
172,143
|
Other
|
16,346
|
11,968
|
Total
deferred tax asset
|
1,303,575
|
1,418,369
|
|
|
|
Components of the
deferred tax liability:
|
|
|
Depreciation
|
384,197
|
257,463
|
Limited
partnerships
|
76,995
|
16,407
|
MSRs
|
197,311
|
211,039
|
Unrealized
gain on debt securities AFS
|
69,242
|
0
|
Investment
in CFS Partners
|
71,054
|
74,377
|
Operating
lease
|
226
|
0
|
Prepaid
expenses
|
68,738
|
79,479
|
Fair
value adjustment on acquired loans
|
0
|
6,171
|
Total
deferred tax liability
|
867,763
|
644,936
|
Net
deferred tax asset
|
$435,812
|
$773,433
|
|
Contract or Notional
Amount
|
|
|
2019
|
2018
|
|
|
|
Unused portions of
home equity lines of credit
|
$32,784,105
|
$31,328,881
|
Residential and
commercial construction lines of credit
|
12,364,436
|
7,251,560
|
Commercial real
estate commitments
|
24,377,588
|
26,588,950
|
Commercial and
industrial commitments
|
47,659,341
|
45,135,452
|
Other commitments
to extend credit
|
64,469,012
|
53,586,720
|
Standby letters of
credit and commercial letters of credit
|
1,375,500
|
2,408,581
|
Recourse on sale of
credit card portfolio
|
254,430
|
284,680
|
MPF credit
enhancement obligation, net (See Note 17)
|
552,158
|
552,158
|
|
2019
|
2018
|
|
|
|
Balance, beginning
of year
|
$6,730,842
|
$7,356,906
|
Loans - New
Directors
|
0
|
936,445
|
New loans to
existing Principal Officers/Directors
|
4,491,524
|
5,582,052
|
Repayment
|
(2,094,824)
|
(7,144,561)
|
Balance, end of
year
|
$9,127,542
|
$6,730,842
|
|
|
|
|
|
Minimum
|
|
|
|
|
Minimum
|
To Be Well
|
||
|
|
|
For Capital
|
Capitalized
Under
|
||
|
|
|
Adequacy
|
Prompt
Corrective
|
||
|
Actual
|
Purposes:
|
Action
Provisions(1):
|
|||
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|
(Dollars in
Thousands)
|
|||||
December
31, 2019
|
|
|
|
|
|
|
Common equity tier
1 capital (to risk-weighted assets)
|
|
|
|
|
|
|
Company
|
$69,947
|
13.48%
|
$23,352
|
4.50%
|
N/A
|
N/A
|
Bank
|
$69,330
|
13.38%
|
$23,325
|
4.50%
|
$33,691
|
6.50%
|
Tier 1 capital (to
risk-weighted assets)
|
|
|
|
|
|
|
Company
|
$69,947
|
13.48%
|
$31,135
|
6.00%
|
N/A
|
N/A
|
Bank
|
$69,330
|
13.38%
|
$31,099
|
6.00%
|
$41,466
|
8.00%
|
Total capital (to
risk-weighted assets)
|
|
|
|
|
|
|
Company
|
$75,943
|
14.63%
|
$41,514
|
8.00%
|
N/A
|
N/A
|
Bank
|
$75,326
|
14.53%
|
$41,466
|
8.00%
|
$51,832
|
10.00%
|
Tier 1 capital (to
average assets)
|
|
|
|
|
|
|
Company
|
$69,947
|
9.57%
|
$29,223
|
4.00%
|
N/A
|
N/A
|
Bank
|
$69,330
|
9.50%
|
$29,201
|
4.00%
|
$36,501
|
5.00%
|
|
|
|
|
|
|
|
December
31, 2018:
|
|
|
|
|
|
|
Common equity tier
1 capital (to risk-weighted assets)
|
|
|
|
|
|
|
Company
|
$64,564
|
12.94%
|
$22,446
|
4.50%
|
N/A
|
N/A
|
Bank
|
$63,960
|
12.84%
|
$22,419
|
4.50%
|
$32,384
|
6.50%
|
Tier 1 capital (to
risk-weighted assets)
|
|
|
|
|
|
|
Company
|
$64,564
|
12.94%
|
$29,928
|
6.00%
|
N/A
|
N/A
|
Bank
|
$63,960
|
12.84%
|
$29,893
|
6.00%
|
$39,857
|
8.00%
|
Total capital (to
risk-weighted assets)
|
|
|
|
|
|
|
Company
|
$70,210
|
14.08%
|
$39,904
|
8.00%
|
N/A
|
N/A
|
Bank
|
$69,606
|
13.97%
|
$39,857
|
8.00%
|
$49,821
|
10.00%
|
Tier 1 capital (to
average assets)
|
|
|
|
|
|
|
Company
|
$64,564
|
9.26%
|
$27,890
|
4.00%
|
N/A
|
N/A
|
Bank
|
$63,960
|
9.18%
|
$27,867
|
4.00%
|
$34,834
|
5.00%
|
Level
2
|
2019
|
2018
|
Assets: (market
approach)
|
|
|
U.S. GSE debt
securities
|
$18,061,620
|
$13,751,103
|
Agency
MBS
|
16,205,375
|
15,574,525
|
ABS and
OAS
|
2,852,909
|
1,986,129
|
Other
investments
|
8,846,846
|
8,055,074
|
|
$45,966,750
|
$39,366,831
|
Level
2
|
2019
|
2018
|
Assets: (market
approach)
|
|
|
MSRs
(1)
|
$939,577
|
$1,004,948
|
OREO
|
966,738
|
201,386
|
December
31, 2019
|
|
Fair
|
Fair
|
Fair
|
Fair
|
|
Carrying
|
Value
|
Value
|
Value
|
Value
|
|
Amount
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
(Dollars in
Thousands)
|
||||
Financial
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$48,562
|
$48,562
|
$0
|
$0
|
$48,562
|
Debt securities
AFS
|
45,967
|
0
|
45,967
|
0
|
45,967
|
Restricted equity
securities
|
1,432
|
0
|
1,432
|
0
|
1,432
|
Loans and loans
held-for-sale, net of ALL
|
|
|
|
|
|
Commercial
& industrial
|
98,062
|
0
|
0
|
97,356
|
97,356
|
Commercial
real estate
|
243,022
|
0
|
0
|
242,735
|
242,735
|
Municipal
(1)
|
55,817
|
0
|
0
|
55,867
|
55,867
|
Residential
real estate - 1st lien
|
156,897
|
0
|
0
|
156,520
|
156,520
|
Residential
real estate - Jr lien
|
42,927
|
0
|
0
|
42,950
|
42,950
|
Consumer
|
4,337
|
0
|
0
|
4,306
|
4,306
|
MSRs
(2)
|
940
|
0
|
1,250
|
0
|
1,250
|
Accrued interest
receivable
|
2,337
|
0
|
2,337
|
0
|
2,337
|
|
|
|
|
|
|
Financial
liabilities:
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
Other
deposits
|
603,872
|
0
|
604,267
|
0
|
604,267
|
Brokered
deposits
|
11,149
|
0
|
11,153
|
0
|
11,153
|
Long-term
borrowings
|
2,650
|
0
|
2,427
|
0
|
2,427
|
Repurchase
agreements
|
33,190
|
0
|
33,190
|
0
|
33,190
|
Operating lease
obligations
|
1,263
|
0
|
1,263
|
0
|
1,263
|
Finance lease
obligations
|
100
|
0
|
100
|
0
|
100
|
Subordinated
debentures
|
12,887
|
0
|
12,831
|
0
|
12,831
|
Accrued interest
payable
|
139
|
0
|
139
|
0
|
139
|
December
31, 2018
|
|
Fair
|
Fair
|
Fair
|
Fair
|
|
Carrying
|
Value
|
Value
|
Value
|
Value
|
|
Amount
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
(Dollars in
Thousands)
|
||||
Financial
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$67,935
|
$67,935
|
$0
|
$0
|
$67,935
|
Debt securities
AFS
|
39,367
|
0
|
39,367
|
0
|
39,367
|
Restricted equity
securities
|
1,749
|
0
|
1,749
|
0
|
1,749
|
Loans and loans
held-for-sale, net of ALL
|
|
|
|
|
|
Commercial
& industrial
|
80,049
|
0
|
0
|
79,773
|
79,773
|
Commercial
real estate
|
232,239
|
0
|
0
|
230,532
|
230,532
|
Municipal
(1)
|
47,067
|
0
|
0
|
47,228
|
47,228
|
Residential
real estate - 1st lien
|
164,202
|
0
|
0
|
161,068
|
161,068
|
Residential
real estate - Jr lien
|
44,260
|
0
|
0
|
44,127
|
44,127
|
Consumer
|
5,031
|
0
|
0
|
5,063
|
5,063
|
MSRs
(2)
|
1,005
|
0
|
1,481
|
0
|
1,481
|
Accrued interest
receivable
|
2,301
|
0
|
2,301
|
0
|
2,301
|
|
|
|
|
|
|
Financial
liabilities:
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
Other
deposits
|
573,525
|
0
|
571,952
|
0
|
571,952
|
Brokered
deposits
|
35,292
|
0
|
35,247
|
0
|
35,247
|
Long-term
borrowings
|
1,550
|
0
|
1,425
|
0
|
1,425
|
Repurchase
agreements
|
30,522
|
0
|
30,522
|
0
|
30,522
|
Capital lease
obligations
|
267
|
0
|
267
|
0
|
267
|
Subordinated
debentures
|
12,887
|
0
|
12,807
|
0
|
12,807
|
Accrued interest
payable
|
113
|
0
|
113
|
0
|
113
|
Community
Bancorp. (Parent Company Only)
|
December 31,
|
December 31,
|
Balance
Sheets
|
2019
|
2018
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Cash
|
$744,687
|
$720,620
|
Investment
in subsidiary - Community National Bank
|
81,164,447
|
74,886,386
|
Investment
in Capital Trust
|
387,000
|
387,000
|
Income
taxes receivable
|
213,071
|
207,244
|
Total
assets
|
$82,509,205
|
$76,201,250
|
|
|
|
|
|
|
Liabilities
and Shareholders' Equity
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Junior
subordinated debentures
|
$12,887,000
|
$12,887,000
|
Dividends
payable
|
727,526
|
710,539
|
Total
liabilities
|
13,614,526
|
13,597,539
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
Preferred
stock, 1,000,000 shares authorized, 15 and 20 shares issued
and
|
|
|
outstanding
at December 31, 2019 and 2018, respectively
|
|
|
($100,000
liquidation value, per share)
|
1,500,000
|
2,000,000
|
Common
stock - $2.50 par value; 15,000,000 shares authorized,
5,449,857
|
|
|
and
5,382,103 shares issued at December 31, 2019 and 2018,
respectively
|
|
|
(including
16,267 and 17,442 shares issued February 1, 2020 and
2019,
|
|
|
respectively)
|
13,624,643
|
13,455,258
|
Additional
paid-in capital
|
33,464,381
|
32,536,532
|
Retained
earnings
|
22,667,949
|
17,882,282
|
Accumulated
other comprehensive income (loss)
|
260,483
|
(647,584)
|
Less:
treasury stock, at cost; 210,101 shares at December 31, 2019 and
2018
|
(2,622,777)
|
(2,622,777)
|
Total
shareholders' equity
|
68,894,679
|
62,603,711
|
|
|
|
Total
liabilities and shareholders' equity
|
$82,509,205
|
$76,201,250
|
Community
Bancorp. (Parent Company Only)
|
Years Ended December
31,
|
|
Condensed
Statements of Income
|
2019
|
2018
|
|
|
|
Income
|
|
|
Bank
subsidiary distributions
|
$4,256,000
|
$4,137,000
|
Dividends
on Capital Trust
|
20,858
|
19,530
|
Total
income
|
4,276,858
|
4,156,530
|
|
|
|
Expense
|
|
|
Interest
on junior subordinated debentures
|
694,573
|
650,361
|
Administrative
and other
|
340,904
|
356,055
|
Total
expense
|
1,035,477
|
1,006,416
|
|
|
|
Income before
applicable income tax benefit and equity in
|
|
|
undistributed
net income of subsidiary
|
3,241,381
|
3,150,114
|
Income tax
benefit
|
213,071
|
207,244
|
|
|
|
Income before
equity in undistributed net income of subsidiary
|
3,454,452
|
3,357,358
|
Equity in
undistributed net income of subsidiary
|
5,369,994
|
5,040,174
|
Net
income
|
$8,824,446
|
$8,397,532
|
Community
Bancorp. (Parent Company Only)
|
Years Ended December
31,
|
|
Condensed
Statements of Cash Flows
|
2019
|
2018
|
|
|
|
Cash
Flows from Operating Activities
|
|
|
Net
income
|
$8,824,446
|
$8,397,532
|
Adjustments
to reconcile net income to net cash provided by
|
|
|
operating
activities
|
|
|
Equity
in undistributed net income of subsidiary
|
(5,369,994)
|
(5,040,174)
|
(Increase)
decrease in income taxes receivable
|
(5,827)
|
82,980
|
Net
cash provided by operating activities
|
3,448,625
|
3,440,338
|
|
|
|
Cash
Flows from Financing Activities
|
|
|
Redemption
of preferred stock
|
(500,000)
|
(500,000)
|
Dividends
paid on preferred stock
|
(87,500)
|
(103,125)
|
Dividends
paid on common stock
|
(2,837,058)
|
(2,672,985)
|
Net
cash used in financing activities
|
(3,424,558)
|
(3,276,110)
|
Net
increase in cash
|
24,067
|
164,228
|
|
|
|
Cash
|
|
|
Beginning
|
720,620
|
556,392
|
Ending
|
$744,687
|
$720,620
|
|
|
|
Cash
Received for Income Taxes
|
$207,244
|
$290,224
|
|
|
|
Cash
Paid for Interest
|
$694,573
|
$650,361
|
|
|
|
Dividends
paid:
|
|
|
Dividends
declared
|
$3,951,279
|
$3,799,864
|
Increase
in dividends payable attributable to dividends
declared
|
(16,987)
|
(80,078)
|
Dividends
reinvested
|
(1,097,234)
|
(1,046,801)
|
|
$2,837,058
|
$2,672,985
|
2019
|
March 31,
|
June 30,
|
September 30,
|
December 31,
|
|
|
|
|
|
Interest
income
|
$7,698,368
|
$8,262,422
|
$7,906,454
|
$7,891,564
|
Interest
expense
|
1,538,540
|
1,546,953
|
1,509,033
|
1,548,595
|
Provision for loan
losses
|
212,503
|
141,666
|
412,499
|
299,499
|
Non-interest
income
|
1,318,700
|
1,434,138
|
1,597,332
|
1,595,896
|
Non-interest
expense
|
5,155,924
|
5,079,060
|
4,863,716
|
4,782,580
|
Net
income
|
1,771,905
|
2,419,298
|
2,261,943
|
2,371,300
|
Earnings per common
share
|
0.34
|
0.46
|
0.43
|
0.45
|
2018
|
March 31,
|
June 30,
|
September 30,
|
December 31,
|
|
|
|
|
|
Interest
income
|
$6,776,838
|
$7,028,859
|
$7,517,022
|
$7,791,884
|
Interest
expense
|
868,749
|
938,499
|
1,220,145
|
1,457,695
|
Provision for loan
losses
|
180,000
|
180,000
|
210,000
|
210,000
|
Non-interest
income
|
1,395,670
|
1,690,161
|
1,542,793
|
1,552,684
|
Non-interest
expense
|
4,731,116
|
5,103,975
|
4,874,332
|
5,185,603
|
Net
income
|
1,982,543
|
2,002,654
|
2,269,732
|
2,142,603
|
Earnings per common
share
|
0.38
|
0.39
|
0.44
|
0.40
|
|
|
|
|
|
|
2019
|
2018
|
Income
|
|
|
Income
from investment in CFS Partners
|
$588,696
|
$514,485
|
|
|
|
Expenses
|
|
|
Outsourcing
expense
|
$428,668
|
$480,563
|
Service
contracts - administration
|
539,510
|
512,902
|
Marketing
|
450,533
|
552,617
|
State
deposit tax
|
669,502
|
633,185
|
ATM
fees
|
434,270
|
412,813
|
December
31,
|
2019
|
2018
|
2017
|
|
|
|
|
Return on average
assets
|
1.24%
|
1.24%
|
0.96%
|
Return on average
equity
|
13.91%
|
14.08%
|
11.16%
|
Dividend payout
ratio (1)
|
45.24%
|
45.96%
|
56.20%
|
Average equity to
average assets ratio
|
8.92%
|
8.83%
|
8.58%
|
As
of December 31,
|
2019
|
2018
|
2017
|
2016
|
2015
|
|
|
|
|
|
|
Balance
Sheet Data
|
|
|
|
|
|
Net loans
(1)
|
$601,424,861
|
$573,211,590
|
$546,570,168
|
$532,167,542
|
$496,778,461
|
Total
assets
|
737,955,319
|
720,347,498
|
667,045,595
|
637,653,665
|
596,134,709
|
Total
deposits
|
615,021,368
|
608,816,565
|
560,634,980
|
504,735,032
|
495,485,562
|
Borrowed
funds
|
2,650,000
|
1,550,000
|
3,550,000
|
31,550,000
|
10,000,000
|
Junior subordinated
debentures
|
12,887,000
|
12,887,000
|
12,887,000
|
12,887,000
|
12,887,000
|
Total
liabilities
|
669,060,640
|
657,743,787
|
609,109,741
|
583,202,148
|
544,720,053
|
Total shareholders'
equity
|
68,894,679
|
62,603,711
|
57,935,854
|
54,451,517
|
51,414,656
|
|
|
|
|
|
|
Years
Ended December 31,
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Data
|
|
|
|
|
|
Total interest
income
|
$31,758,808
|
$29,114,603
|
$26,440,949
|
$24,248,114
|
$23,406,689
|
Total interest
expense
|
6,143,121
|
4,485,088
|
3,068,390
|
2,699,299
|
2,645,650
|
Net
interest income
|
25,615,687
|
24,629,515
|
23,372,559
|
21,548,815
|
20,761,039
|
|
|
|
|
|
|
Provision for loan
losses
|
1,066,167
|
780,000
|
650,000
|
500,000
|
510,000
|
Net
interest income after
|
|
|
|
|
|
provision
for loan losses
|
24,549,520
|
23,849,515
|
22,722,559
|
21,048,815
|
20,251,039
|
|
|
|
|
|
|
Non-interest
income
|
5,946,066
|
6,181,308
|
5,584,392
|
5,501,899
|
5,150,155
|
Non-interest
expense
|
19,881,280
|
19,895,026
|
19,166,323
|
19,142,524
|
18,810,973
|
Income
before income taxes
|
10,614,306
|
10,135,797
|
9,140,628
|
7,408,190
|
6,590,221
|
Applicable income
tax expense (2)
|
1,789,860
|
1,738,265
|
2,909,330
|
1,923,912
|
1,764,630
|
Net
income
|
$8,824,446
|
$8,397,532
|
$6,231,298
|
$5,484,278
|
$4,825,591
|
|
|
|
|
|
|
Per
Share Data
|
|
|
|
|
|
Earnings per common
share (3)
|
$1.68
|
$1.61
|
$1.21
|
$1.07
|
$0.96
|
Dividends declared
per common share
|
$0.76
|
$0.74
|
$0.68
|
$0.64
|
$0.64
|
Book value per
common share outstanding
|
$12.86
|
$11.72
|
$10.84
|
$10.27
|
$9.79
|
Weighted average
number of common
|
|
|
|
|
|
shares
outstanding
|
5,204,768
|
5,139,297
|
5,084,102
|
5,024,270
|
4,961,972
|
Number of common
shares outstanding,
|
|
|
|
|
|
period
end
|
5,239,756
|
5,172,002
|
5,112,219
|
5,058,952
|
4,994,416
|
(1) Net
loans reflects reclassification of obligations of local
municipalities from the investment portfolio into the loan
portfolio
|
as
of January 1, 2019 and conforming changes to the comparative
information presented for all prior periods. See Note
1
|
to
the accompanying audited consolidated financial statements for
additional information.
|
(2)
Applicable income tax expense assumes a 21% tax rate for 2019 and
2018 and a 34% tax rate for 2017, 2016 and 2015.
|
(3)
Computed based on the weighted average number of common shares
outstanding during the periods presented.
|
Years
Ended December 31,
|
2019
|
2018
|
2017
|
|
(Dollars in
Thousands)
|
||
|
|
|
|
Net interest income
as presented
|
$25,616
|
$24,630
|
$23,373
|
Effect of
tax-exempt income
|
364
|
344
|
684
|
Net
interest income, tax equivalent
|
$25,980
|
$24,974
|
$24,057
|
|
Years Ended December
31,
|
||||||||
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
|
|
Average
|
|
|
Average
|
|
|
Average
|
|
Average
|
Income/
|
Rate/
|
Average
|
Income/
|
Rate/
|
Average
|
Income/
|
Rate/
|
|
Balance
|
Expense
|
Yield
|
Balance
|
Expense
|
Yield
|
Balance
|
Expense
|
Yield
|
|
(Dollars in
Thousands)
|
||||||||
Interest-Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
(1)
|
$591,616
|
$30,247
|
5.11%
|
$568,511
|
$27,954
|
4.92%
|
$549,974
|
$26,116
|
4.75%
|
Taxable
investment securities
|
43,334
|
1,089
|
2.51%
|
38,372
|
895
|
2.33%
|
35,758
|
676
|
1.89%
|
Sweep and
interest-earning accounts
|
29,625
|
686
|
2.32%
|
23,256
|
484
|
2.08%
|
12,331
|
160
|
1.30%
|
Other
investments (2)
|
1,784
|
101
|
5.66%
|
2,249
|
126
|
5.60%
|
2,430
|
173
|
7.12%
|
Total
|
$666,359
|
$32,123
|
4.82%
|
$632,388
|
$29,459
|
4.66%
|
$600,493
|
$27,125
|
4.52%
|
Interest-Bearing
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
transaction accounts
|
$161,887
|
$1,523
|
0.94%
|
$137,547
|
$865
|
0.63%
|
$122,521
|
$324
|
0.26%
|
Money market
accounts
|
94,704
|
1,451
|
1.53%
|
91,641
|
1,057
|
1.15%
|
86,142
|
782
|
0.91%
|
Savings
deposits
|
96,088
|
162
|
0.17%
|
98,154
|
136
|
0.14%
|
96,551
|
124
|
0.13%
|
Time
deposits
|
120,937
|
1,988
|
1.64%
|
122,499
|
1,489
|
1.22%
|
124,134
|
1,126
|
0.91%
|
Borrowed
funds
|
1,996
|
8
|
0.40%
|
5,462
|
70
|
1.28%
|
9,975
|
65
|
0.65%
|
Repurchase
agreements
|
33,546
|
299
|
0.89%
|
30,555
|
191
|
0.63%
|
28,950
|
87
|
0.30%
|
Finance lease
obligations
|
197
|
17
|
8.63%
|
320
|
27
|
8.44%
|
430
|
35
|
8.14%
|
Junior
subordinated debentures
|
12,887
|
695
|
5.39%
|
12,887
|
650
|
5.04%
|
12,887
|
525
|
4.07%
|
Total
|
$522,242
|
$6,143
|
1.18%
|
$499,065
|
$4,485
|
0.90%
|
$481,590
|
$3,068
|
0.64%
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$25,980
|
|
|
$24,974
|
|
|
$24,057
|
|
Net interest spread
(3)
|
|
|
3.64%
|
|
|
3.76%
|
|
|
3.88%
|
Net interest margin
(4)
|
|
|
3.90%
|
|
|
3.95%
|
|
|
4.01%
|
(1)
|
Included
in gross loans are non-accrual loans with an average balance of
$5.1 million, $4.0 million and $2.6 million for the years ended
December 31, 2019, 2018 and 2017, respectively. Loans are stated
before deduction of unearned discount and ALL, less loans
held-for-sale and includes tax-exempt loans to local municipalities
with average balances of $49.2 million, $48.8 million and $52.1
million for the years ended December 31, 2019, 2018, 2017,
respectively which were reclassified from the investment portfolio
effective January 1, 2019, and restated for the 2018 and 2017
comparison periods. See Note 1 to the accompanying audited
consolidated financial statements for additional
information.
|
(2)
|
Included
in other investments is the Company’s FHLBB Stock with an
average balance of $1.0 million, $1.2 million and $1.5 million,
respectively, for 2019, 2018 and 2017 and a dividend rate of
approximately 6.04%, 5.92% and 4.24%, respectively.
|
(3)
|
Net
interest spread is the difference between the average yield on
average earning assets and the average rate paid on average
interest-bearing liabilities.
|
(4)
|
Net
interest margin is net interest income divided by average earning
assets.
|
|
2019 versus 2018
|
2018 versus 2017
|
||||
|
Variance
|
Variance
|
|
Variance
|
Variance
|
|
|
Due to
|
Due to
|
Total
|
Due to
|
Due to
|
Total
|
|
Rate (1)
|
Volume (1)
|
Variance
|
Rate (1)
|
Volume (1)
|
Variance
|
|
(Dollars in
Thousands)
|
|||||
Average
Interest-Earning Assets
|
|
|
|
|
|
|
Loans
(2)
|
$1,156
|
$1,137
|
$2,293
|
$957
|
$881
|
$1,838
|
Taxable
investment securities
|
78
|
116
|
194
|
170
|
49
|
219
|
Sweep and
interest-earning accounts
|
70
|
132
|
202
|
182
|
142
|
324
|
Other
investments
|
1
|
(26)
|
(25)
|
(37)
|
(10)
|
(47)
|
Total
|
$1,305
|
$1,359
|
$2,664
|
$1,272
|
$1,062
|
$2,334
|
|
|
|
|
|
|
|
Average
Interest-Bearing Liabilities
|
|
|
|
|
|
|
Interest-bearing
transaction accounts
|
$505
|
$153
|
$658
|
$502
|
$39
|
$541
|
Money market
accounts
|
359
|
35
|
394
|
225
|
50
|
275
|
Savings
deposits
|
30
|
(4)
|
26
|
10
|
2
|
12
|
Time
deposits
|
525
|
(26)
|
499
|
383
|
(20)
|
363
|
Borrowed
funds
|
(48)
|
(14)
|
(62)
|
63
|
(58)
|
5
|
Repurchase
agreements
|
89
|
19
|
108
|
99
|
5
|
104
|
Finance lease
obligations
|
1
|
(11)
|
(10)
|
1
|
(9)
|
(8)
|
Junior
subordinated debentures
|
45
|
0
|
45
|
125
|
0
|
125
|
Total
|
$1,506
|
$152
|
$1,658
|
$1,408
|
$9
|
$1,417
|
|
|
|
|
|
|
|
Changes
in net interest income
|
$(201)
|
$1,207
|
$1,006
|
$(136)
|
$1,053
|
$917
|
(1)
Items which have shown a year-to-year increase in volume have
variances allocated as follows:
|
Variance
due to rate = Change in rate x new volume
|
Variance
due to volume = Change in volume x old rate
|
Items
which have shown a year-to-year decrease in volume have variances
allocated as follows:
|
Variance
due to rate = Change in rate x old volume
|
Variances
due to volume = Change in volume x new rate
|
(2)
Reflects reclassification of obligations of local municipalities
from investment securities to loans effective January 1, 2019, and
restated for the 2018 and 2017 comparison periods. See Note 1 to
the accompanying audited consolidated financial statements for
additional information.
|
|
Years Ended
|
|
|
|
|
December 31,
|
Change
|
||
|
2019
|
2018
|
Income
|
Percent
|
|
|
|
|
|
Service
fees
|
$3,313,833
|
$3,238,954
|
$74,879
|
2.31%
|
Income from sold
loans
|
706,306
|
780,622
|
(74,316)
|
-9.52%
|
Other income from
loans
|
904,156
|
879,887
|
24,269
|
2.76%
|
Net realized loss
on sale of securities AFS
|
(26,490)
|
(32,718)
|
6,228
|
19.04%
|
Other
income
|
|
|
|
|
Income
from CFS Partners
|
588,696
|
514,486
|
74,210
|
14.42%
|
Rental
income
|
9,821
|
30,365
|
(20,544)
|
-67.66%
|
Gain on
sale of property
|
0
|
263,118
|
(263,118)
|
100.00%
|
VISA
card commission
|
70,994
|
93,377
|
(22,383)
|
-23.97%
|
Service
fee NMTC
|
0
|
43,602
|
(43,602)
|
-100.00%
|
Other
miscellaneous income
|
378,750
|
369,615
|
9,135
|
2.47%
|
Total
non-interest income
|
$5,946,066
|
$6,181,308
|
$(235,242)
|
-3.81%
|
|
Years Ended
|
|
|
|
|
December 31,
|
Change
|
||
|
2019
|
2018
|
Expense
|
Percent
|
|
|
|
|
|
Salaries and
wages
|
$7,271,722
|
$7,203,001
|
$68,721
|
0.95%
|
Employee
benefits
|
3,118,631
|
2,880,048
|
238,583
|
8.28%
|
Occupancy expenses,
net
|
2,605,995
|
2,545,959
|
60,036
|
2.36%
|
Other
expenses
|
|
|
|
|
Outsourcing
expense
|
428,668
|
480,563
|
(51,895)
|
-10.80%
|
Service
contracts - administrative
|
539,510
|
512,902
|
26,608
|
5.19%
|
Marketing
expense
|
450,533
|
552,617
|
(102,084)
|
-18.47%
|
FDIC
insurance
|
69,452
|
274,772
|
(205,320)
|
-74.72%
|
Audit
fees
|
407,303
|
448,439
|
(41,136)
|
-9.17%
|
Consultant
services
|
217,352
|
276,972
|
(59,620)
|
-21.53%
|
Collection
& non-accruing loan expense
|
185,963
|
145,009
|
40,954
|
28.24%
|
Subsequent
write downs on OREO
|
95,008
|
78,447
|
16,561
|
21.11%
|
Other
miscellaneous expenses
|
4,491,143
|
4,496,297
|
(5,154)
|
-0.11%
|
Total
non-interest expense
|
$19,881,280
|
$19,895,026
|
$(13,746)
|
-0.07%
|
Years
Ended December 31,
|
2019
|
2018
|
2017
|
|||
|
Balance
|
%
|
Balance
|
%
|
Balance
|
%
|
|
(Dollars in
Thousands)
|
|||||
Average
Assets
|
|
|
|
|
|
|
Cash and due from
banks
|
|
|
|
|
|
|
Non-interest
bearing
|
$11,043
|
1.55%
|
$10,838
|
1.61%
|
$16,427
|
2.53%
|
Federal funds
sold and overnight deposits
|
29,625
|
4.17%
|
23,256
|
3.44%
|
12,331
|
1.90%
|
Taxable investment
securities
|
43,591
|
6.13%
|
38,372
|
5.69%
|
35,758
|
5.50%
|
Other
securities
|
1,397
|
0.20%
|
1,862
|
0.28%
|
2,043
|
0.31%
|
Total
investment securities
|
44,988
|
6.33%
|
40,234
|
5.97%
|
37,801
|
5.81%
|
Gross loans
(1)
|
591,908
|
83.23%
|
568,860
|
84.29%
|
550,490
|
84.65%
|
ALL and deferred
net loan costs
|
(5,444)
|
-0.77%
|
(5,176)
|
-0.77%
|
(5,073)
|
-0.78%
|
Premises and
equipment
|
10,973
|
1.54%
|
9,958
|
1.47%
|
10,619
|
1.63%
|
OREO
|
188
|
0.03%
|
278
|
0.04%
|
377
|
0.06%
|
Investment in
Capital Trust
|
387
|
0.05%
|
387
|
0.06%
|
387
|
0.06%
|
BOLI
|
4,855
|
0.68%
|
4,765
|
0.71%
|
4,670
|
0.72%
|
CDI
|
0
|
0.00%
|
0
|
0.00%
|
129
|
0.02%
|
Goodwill
|
11,574
|
1.63%
|
11,574
|
1.71%
|
11,574
|
1.78%
|
Other
assets
|
11,067
|
1.56%
|
9,835
|
1.46%
|
10,574
|
1.63%
|
Total
average assets
|
$711,164
|
100%
|
$674,809
|
100%
|
$650,306
|
100%
|
Average
Liabilities
|
|
|
|
|
|
|
Demand
deposits
|
$120,689
|
16.97%
|
$113,412
|
16.81%
|
$109,920
|
16.90%
|
Interest-bearing
transaction accounts
|
161,887
|
22.76%
|
137,547
|
20.38%
|
122,521
|
18.84%
|
Money market
funds
|
94,704
|
13.32%
|
91,642
|
13.58%
|
86,141
|
13.25%
|
Savings
accounts
|
96,088
|
13.51%
|
98,154
|
14.55%
|
96,551
|
14.85%
|
Time
deposits
|
120,937
|
17.01%
|
122,499
|
18.15%
|
124,134
|
19.09%
|
Total
average deposits
|
594,305
|
83.57%
|
563,254
|
83.47%
|
539,267
|
82.93%
|
|
|
|
|
|
|
|
Borrowed
funds
|
1,996
|
0.28%
|
5,462
|
0.81%
|
9,975
|
1.53%
|
Repurchase
agreements
|
33,546
|
4.72%
|
30,555
|
4.53%
|
28,950
|
4.45%
|
Junior subordinated
debentures
|
12,887
|
1.81%
|
12,887
|
1.91%
|
12,887
|
1.98%
|
Other
liabilities
|
4,998
|
0.70%
|
3,019
|
0.45%
|
3,408
|
0.53%
|
Total
average liabilities
|
647,732
|
91.08%
|
615,177
|
91.17%
|
594,487
|
91.42%
|
Average
Shareholders' Equity
|
|
|
|
|
|
|
Preferred
stock
|
1,618
|
0.23%
|
2,119
|
0.31%
|
2,500
|
0.38%
|
Common
stock
|
13,527
|
1.90%
|
13,367
|
1.98%
|
13,230
|
2.03%
|
Additional paid-in
capital
|
32,925
|
4.63%
|
32,000
|
4.74%
|
31,159
|
4.79%
|
Retained
earnings
|
18,061
|
2.54%
|
15,563
|
2.31%
|
11,623
|
1.79%
|
Less: Treasury
stock
|
(2,623)
|
-0.37%
|
(2,623)
|
-0.39%
|
(2,623)
|
-0.40%
|
Accumulated other
comprehensive loss
|
(76)
|
-0.01%
|
(794)
|
-0.12%
|
(70)
|
-0.01%
|
Total
average shareholders' equity
|
63,432
|
8.92%
|
59,632
|
8.83%
|
55,819
|
8.58%
|
Total
average liabilities and shareholders' equity
|
$711,164
|
100%
|
$674,809
|
100%
|
$650,306
|
100%
|
Years
Ended December 31,
|
2019
|
2018
|
2017
|
2019 vs 2018
|
2018 vs 2017
|
||
|
Average
|
Average
|
Average
|
Volume
|
% of
|
Volume
|
% of
|
Average
Assets
|
Balance
|
Balance
|
Balance
|
Change
|
Change
|
Change
|
Change
|
|
(Dollars in
Thousands)
|
||||||
Cash and due from
banks
|
|
|
|
|
|
|
|
Non-interest
bearing
|
$11,043
|
$10,838
|
$16,427
|
$205
|
1.89%
|
$(5,589)
|
-34.02%
|
Federal funds
sold and overnight deposits
|
29,625
|
23,256
|
12,331
|
6,369
|
27.39%
|
10,925
|
88.60%
|
Taxable investment
securities
|
43,591
|
38,372
|
35,758
|
5,219
|
13.60%
|
2,614
|
7.31%
|
Other
securities
|
1,397
|
1,862
|
2,043
|
(465)
|
-24.97%
|
(181)
|
-8.86%
|
Total
investment securities
|
44,988
|
40,234
|
37,801
|
4,754
|
11.82%
|
2,433
|
6.44%
|
Gross loans
(1)
|
591,908
|
568,860
|
550,490
|
23,048
|
4.05%
|
18,370
|
3.34%
|
ALL and deferred
net loan costs
|
(5,444)
|
(5,176)
|
(5,073)
|
(268)
|
5.18%
|
(103)
|
2.03%
|
Premises and
equipment
|
10,973
|
9,958
|
10,619
|
1,015
|
10.19%
|
(661)
|
-6.22%
|
OREO
|
188
|
278
|
377
|
(90)
|
-32.37%
|
(99)
|
-26.26%
|
Investment in
Capital Trust
|
387
|
387
|
387
|
0
|
0.00%
|
0
|
0.00%
|
BOLI
|
4,855
|
4,765
|
4,670
|
90
|
1.89%
|
95
|
2.03%
|
CDI
|
0
|
0
|
129
|
0
|
0.00%
|
(129)
|
-100.00%
|
Goodwill
|
11,574
|
11,574
|
11,574
|
0
|
0.00%
|
0
|
0.00%
|
Other
assets
|
11,067
|
9,835
|
10,574
|
1,232
|
12.53%
|
(739)
|
-6.99%
|
Total
average assets
|
$711,164
|
$674,809
|
$650,306
|
$36,355
|
5.39%
|
$24,503
|
3.77%
|
|
|
|
|
|
|
|
|
Average
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$120,689
|
$113,412
|
$109,920
|
$7,277
|
6.42%
|
$3,492
|
3.18%
|
Interest-bearing
transaction accounts
|
161,887
|
137,547
|
122,521
|
24,340
|
17.70%
|
15,026
|
12.26%
|
Money market
funds
|
94,704
|
91,642
|
86,141
|
3,062
|
3.34%
|
5,501
|
6.39%
|
Savings
accounts
|
96,088
|
98,154
|
96,551
|
(2,066)
|
-2.10%
|
1,603
|
1.66%
|
Time
deposits
|
120,937
|
122,499
|
124,134
|
(1,562)
|
-1.28%
|
(1,635)
|
-1.32%
|
Total
average deposits
|
594,305
|
563,254
|
539,267
|
31,051
|
5.51%
|
23,987
|
4.45%
|
|
|
|
|
|
|
|
|
Borrowed
funds
|
1,996
|
5,462
|
9,975
|
(3,466)
|
-63.46%
|
(4,513)
|
-45.24%
|
Repurchase
agreements
|
33,546
|
30,555
|
28,950
|
2,991
|
9.79%
|
1,605
|
5.54%
|
Junior subordinated
debentures
|
12,887
|
12,887
|
12,887
|
0
|
0.00%
|
0
|
0.00%
|
Other
liabilities
|
4,998
|
3,019
|
3,408
|
1,979
|
65.55%
|
(389)
|
-11.41%
|
Total
average liabilities
|
647,732
|
615,177
|
594,487
|
32,555
|
5.29%
|
20,690
|
3.48%
|
|
|
|
|
|
|
|
|
Average
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
1,618
|
2,119
|
2,500
|
(501)
|
-23.64%
|
(381)
|
-15.24%
|
Common
stock
|
13,527
|
13,367
|
13,230
|
160
|
1.20%
|
137
|
1.04%
|
Additional paid-in
capital
|
32,925
|
32,000
|
31,159
|
925
|
2.89%
|
841
|
2.70%
|
Retained
earnings
|
18,061
|
15,563
|
11,623
|
2,498
|
16.05%
|
3,940
|
33.90%
|
Less: Treasury
stock
|
(2,623)
|
(2,623)
|
(2,623)
|
0
|
0.00%
|
0
|
0.00%
|
Accumulated other
comprehensive loss
|
(76)
|
(794)
|
(70)
|
718
|
-90.43%
|
(724)
|
1034.29%
|
Total
average shareholders' equity
|
63,432
|
59,632
|
55,819
|
3,800
|
6.37%
|
3,813
|
6.83%
|
Total
average liabilities and shareholders' equity
|
$711,164
|
$674,809
|
$650,306
|
$36,355
|
5.39%
|
$24,503
|
3.77%
|
3 months or
less
|
$13,658,775
|
Over 3 through 6
months
|
6,910,082
|
Over 6 through 12
months
|
9,390,244
|
Over 12
months
|
34,613,090
|
|
$64,572,191
|
One Year Horizon
|
Two Year Horizon
|
||
Rate Change
|
Percent Change in NII
|
Rate Change
|
Percent Change in NII
|
|
|
|
|
Down
100 basis points
|
-1.4%
|
Down
100 basis points
|
-5.3%
|
Up 200
basis points
|
1.8%
|
Up 200
basis points
|
9.8%
|
|
2019
|
2018
|
2017
|
2016
|
2015
|
|||||
|
(Dollars in
Thousands)
|
|||||||||
Real estate
loans
|
|
|
|
|
|
|
|
|
|
|
Construction
& land
|
|
|
|
|
|
|
|
|
|
|
development
|
$21,085
|
3.47%
|
$26,826
|
4.64%
|
$21,968
|
3.98%
|
$14,991
|
2.79%
|
$21,445
|
4.28%
|
Farm
land
|
13,054
|
2.15%
|
10,209
|
1.76%
|
10,477
|
1.90%
|
13,011
|
2.42%
|
12,570
|
2.51%
|
1-4 Family
residential -
|
|
|
|
|
|
|
|
|
|
|
1st
lien
|
158,337
|
26.09%
|
165,665
|
28.64%
|
168,184
|
30.48%
|
166,692
|
31.03%
|
162,760
|
32.46%
|
Jr
lien
|
43,231
|
7.12%
|
44,545
|
7.70%
|
45,257
|
8.20%
|
42,927
|
7.99%
|
44,720
|
8.92%
|
Commercial
real estate
|
212,145
|
34.95%
|
198,283
|
34.28%
|
174,599
|
31.65%
|
173,727
|
32.34%
|
144,192
|
28.75%
|
Loans to
finance
|
|
|
|
|
|
|
|
|
|
|
agricultural
production
|
3,675
|
0.61%
|
2,797
|
0.48%
|
887
|
0.16%
|
996
|
0.19%
|
2,508
|
0.50%
|
Commercial &
industrial
|
95,255
|
15.69%
|
77,970
|
13.48%
|
76,224
|
13.82%
|
67,734
|
12.61%
|
62,683
|
12.50%
|
Municipal
|
55,817
|
9.20%
|
47,067
|
8.14%
|
48,825
|
8.85%
|
49,887
|
9.29%
|
43,354
|
8.64%
|
Consumer
|
4,390
|
0.72%
|
5,088
|
0.88%
|
5,269
|
0.96%
|
7,171
|
1.34%
|
7,241
|
1.44%
|
Gross
loans
|
606,989
|
100%
|
578,450
|
100%
|
551,690
|
100%
|
537,136
|
100%
|
501,473
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
ALL and
deferred net loan costs
|
(5,564)
|
|
(5,238)
|
|
(5,120)
|
|
(4,968)
|
|
(4,695)
|
|
Net
loans
|
$601,425
|
|
$573,212
|
|
$546,570
|
|
$532,168
|
|
$496,778
|
|
|
Fixed Rate Loans
|
Variable Rate
Loans
|
||||||
|
Within
|
2 - 5
|
After
|
|
Within
|
2 - 5
|
After
|
|
|
1 Year
|
Years
|
5 Years
|
Total
|
1 Year
|
Years
|
5 Years
|
Total
|
|
(Dollars in
Thousands)
|
|||||||
Real
estate
|
|
|
|
|
|
|
|
|
Construction
& land development
|
$1,226
|
$294
|
$2,943
|
$4,463
|
$1,320
|
$253
|
$15,049
|
$16,622
|
Secured
by farm land
|
0
|
459
|
47
|
506
|
116
|
471
|
11,961
|
12,548
|
Commercial
real estate
|
643
|
2,715
|
16,390
|
19,748
|
7,266
|
3,961
|
181,170
|
192,397
|
Loans to finance
agricultural production
|
146
|
205
|
33
|
384
|
608
|
1,365
|
1,318
|
3,291
|
Commercial &
industrial
|
1,215
|
21,646
|
19,730
|
42,591
|
25,968
|
18,353
|
8,343
|
52,664
|
Municipal
|
33,085
|
5,171
|
6,337
|
44,593
|
0
|
0
|
11,224
|
11,224
|
Total
|
$36,315
|
$30,490
|
$45,480
|
$112,285
|
$35,278
|
$24,403
|
$229,065
|
$288,746
|
December
31,
|
2019
|
2018
|
2017
|
2016
|
2015
|
|
(Dollars in
Thousands)
|
||||
Accruing loans past
due 90 days or more(1):
|
|
|
|
|
|
Commercial
& industrial
|
$0
|
$0
|
$0
|
$26
|
$14
|
Commercial
real estate
|
0
|
0
|
0
|
0
|
45
|
Residential
real estate - 1st lien
|
530
|
622
|
1,249
|
1,068
|
801
|
Residential
real estate - Jr lien
|
112
|
105
|
0
|
28
|
63
|
Consumer
|
0
|
2
|
1
|
2
|
0
|
Total
past due 90 days or more
|
642
|
729
|
1,250
|
1,124
|
923
|
|
|
|
|
|
|
Non-accrual
loans(1):
|
|
|
|
|
|
Commercial
& industrial
|
480
|
85
|
99
|
143
|
441
|
Commercial
real estate
|
1,601
|
1,743
|
1,065
|
766
|
2,401
|
Residential
real estate - 1st lien
|
2,112
|
2,027
|
1,585
|
1,227
|
2,009
|
Residential
real estate - Jr lien
|
241
|
408
|
347
|
339
|
386
|
Total
non-accrual loans
|
4,434
|
4,263
|
3,096
|
2,475
|
5,237
|
|
|
|
|
|
|
Total non-accrual
and past due loans
|
5,076
|
4,992
|
4,346
|
3,599
|
6,160
|
Other real estate
owned
|
967
|
201
|
284
|
394
|
262
|
Total
non-performing assets
|
$6,043
|
$5,193
|
$4,630
|
$3,993
|
$6,422
|
|
|
|
|
|
|
Percentage by
segment of non-performing loans:
|
|
|
|
|
|
Commercial
& industrial
|
9.46%
|
1.70%
|
2.28%
|
4.70%
|
7.39%
|
Commercial
real estate
|
31.54%
|
34.92%
|
24.51%
|
21.28%
|
39.71%
|
Residential
real estate - 1st lien
|
52.05%
|
53.06%
|
65.21%
|
63.77%
|
45.62%
|
Residential
real estate - Jr lien
|
6.95%
|
10.28%
|
7.98%
|
10.20%
|
7.29%
|
Consumer
|
0.00%
|
0.04%
|
0.02%
|
0.06%
|
0.00%
|
|
100.00%
|
100.00%
|
100.00%
|
100.00%
|
100.00%
|
|
|
|
|
|
|
Percent of gross
loans
|
1.00%
|
0.90%
|
0.84%
|
0.74%
|
1.28%
|
Reserve coverage of
non-performing assets
|
98.07%
|
107.87%
|
117.45%
|
132.18%
|
78.04%
|
|
December 31,
2019
|
December 31,
2018
|
||
|
Number of
|
Principal
|
Number of
|
Principal
|
|
Loans
|
Balance
|
Loans
|
Balance
|
|
|
|
|
|
Commercial &
industrial
|
6
|
$331,767
|
1
|
$24,685
|
Commercial real
estate
|
4
|
772,894
|
4
|
862,713
|
Residential real
estate - 1st lien
|
14
|
1,468,415
|
12
|
1,082,187
|
Residential real
estate - Jr lien
|
1
|
55,011
|
0
|
0
|
Total
|
25
|
$2,628,085
|
17
|
$1,969,585
|
|
December 31,
2019
|
December 31,
2018
|
||
|
Number of
|
Principal
|
Number of
|
Principal
|
|
Loans
|
Balance
|
Loans
|
Balance
|
|
|
|
|
|
Commercial real
estate
|
2
|
$106,913
|
1
|
$102,292
|
Residential real
estate - 1st lien
|
30
|
2,459,649
|
31
|
2,544,728
|
Residential real
estate - Jr lien
|
1
|
6,101
|
1
|
7,248
|
Total
|
33
|
$2,572,663
|
33
|
$2,654,268
|
As
of or Years Ended December 31,
|
2019
|
2018
|
2017
|
2016
|
2015
|
|
(Dollars in
Thousands)
|
||||
|
|
|
|
|
|
Loans outstanding,
end of year (1)
|
$606,989
|
$578,450
|
$551,690
|
$537,136
|
$501,473
|
Average loans
outstanding during year (1)
|
$591,616
|
$568,511
|
$549,974
|
$521,973
|
$499,309
|
Non-accruing loans,
end of year
|
$4,434
|
$4,263
|
$3,096
|
$2,475
|
$5,237
|
Non-accruing loans,
net of government guarantees
|
$4,074
|
$3,887
|
$3,037
|
$2,328
|
$4,551
|
|
|
|
|
|
|
ALL, beginning of
year
|
$5,602
|
$5,438
|
$5,278
|
$5,012
|
$4,906
|
Loans charged
off:
|
|
|
|
|
|
Commercial
& industrial
|
(176)
|
(153)
|
(20)
|
(49)
|
(201)
|
Commercial
real estate
|
(116)
|
(124)
|
(160)
|
0
|
(15)
|
Residential
real estate - 1st lien
|
(242)
|
(252)
|
(160)
|
(244)
|
(151)
|
Residential
real estate - Jr lien
|
(223)
|
(69)
|
(118)
|
0
|
(66)
|
Consumer
|
(103)
|
(144)
|
(124)
|
(16)
|
(69)
|
|
(860)
|
(742)
|
(582)
|
(309)
|
(502)
|
Recoveries:
|
|
|
|
|
|
Commercial
& industrial
|
11
|
60
|
27
|
25
|
59
|
Commercial
real estate
|
50
|
0
|
0
|
0
|
0
|
Residential
real estate - 1st lien
|
16
|
27
|
27
|
24
|
6
|
Residential
real estate - Jr lien
|
2
|
1
|
1
|
0
|
0
|
Consumer
|
39
|
38
|
37
|
26
|
33
|
|
118
|
126
|
92
|
75
|
98
|
|
|
|
|
|
|
Net loans charged
off
|
(742)
|
(616)
|
(490)
|
(234)
|
(404)
|
Provision charged
to income
|
1,066
|
780
|
650
|
500
|
510
|
ALL, end of
year
|
$5,926
|
$5,602
|
$5,438
|
$5,278
|
$5,012
|
|
|
|
|
|
|
Net charge offs to
average loans outstanding
|
0.13%
|
0.11%
|
0.09%
|
0.04%
|
0.08%
|
Provision charged
to income as a percent of
|
|
|
|
|
|
average
loans
|
0.18%
|
0.14%
|
0.12%
|
0.10%
|
0.10%
|
ALL to average
loans outstanding
|
1.00%
|
0.99%
|
0.99%
|
1.01%
|
1.00%
|
ALL to non-accruing
loans
|
133.65%
|
131.41%
|
175.65%
|
213.25%
|
95.70%
|
ALL to non-accruing
loans, net of government
|
|
|
|
|
|
guarantees
|
145.46%
|
144.12%
|
179.06%
|
226.72%
|
110.13%
|
December
31,
|
2019
|
%
|
2018
|
%
|
2017
|
%
|
2016
|
%
|
2015
|
%
|
|
(Dollars in
Thousands)
|
|||||||||
Domestic
|
|
|
|
|
|
|
|
|
|
|
Commercial
& industrial
|
$837
|
16%
|
$697
|
14%
|
$676
|
14%
|
$726
|
13%
|
$713
|
13%
|
Commercial
real estate
|
3,181
|
41%
|
3,020
|
41%
|
2,674
|
38%
|
2,496
|
38%
|
2,152
|
36%
|
Municipal
(1)
|
0
|
9%
|
0
|
8%
|
0
|
9%
|
0
|
9%
|
0
|
9%
|
Residential
real estate
|
|
|
|
|
|
|
|
|
|
|
1st
lien
|
1,388
|
26%
|
1,422
|
28%
|
1,461
|
30%
|
1,370
|
31%
|
1,368
|
32%
|
Jr
lien
|
290
|
7%
|
273
|
8%
|
317
|
8%
|
371
|
8%
|
423
|
9%
|
Consumer
|
52
|
1%
|
57
|
1%
|
43
|
1%
|
84
|
1%
|
76
|
1%
|
Unallocated
|
178
|
0%
|
133
|
0%
|
267
|
0%
|
231
|
0%
|
280
|
0%
|
|
$5,926
|
100%
|
$5,602
|
100%
|
$5,438
|
100%
|
$5,278
|
100%
|
$5,012
|
100%
|
|
|
Gross
|
Gross
|
|
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|
Cost
|
Gains
|
Losses
|
Value
|
|
(Dollars in
Thousands)
|
|||
December
31, 2019
|
|
|
|
|
U.S.
GSE debt securities
|
$18,003
|
$100
|
$41
|
$18,062
|
Agency
MBS
|
16,169
|
87
|
51
|
16,205
|
ABS
and OAS
|
2,800
|
55
|
2
|
2,853
|
Other
investments
|
8,665
|
182
|
0
|
8,847
|
|
$45,637
|
$424
|
$94
|
$45,967
|
|
|
|
|
|
Restricted Equity
Securities (1)
|
$1,432
|
$0
|
$0
|
$1,432
|
|
|
|
|
|
Total
|
$47,069
|
$424
|
$94
|
$47,399
|
December
31, 2018
|
|
|
|
|
U.S. GSE debt
securities
|
$14,010
|
$0
|
$259
|
$13,751
|
Agency
MBS
|
16,021
|
3
|
449
|
15,575
|
ABS and
OAS
|
1,988
|
4
|
6
|
1,986
|
Other
investments
|
8,167
|
8
|
120
|
8,055
|
|
$40,186
|
$15
|
$834
|
$39,367
|
|
|
|
|
|
Restricted Equity
Securities (1)
|
$1,749
|
$0
|
$0
|
$1,749
|
|
|
|
|
|
|
$41,935
|
$15
|
$834
|
$41,116
|
|
|
Gross
|
Gross
|
|
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|
Cost
|
Gains
|
Losses
|
Value
|
|
(Dollars in
Thousands)
|
|||
December
31, 2017
|
|
|
|
|
U.S.
GSE debt securities
|
$17,308
|
$0
|
$149
|
$17,159
|
Agency
MBS
|
16,782
|
11
|
180
|
16,613
|
Other
investments
|
4,707
|
0
|
29
|
4,678
|
|
$38,797
|
$11
|
$358
|
$38,450
|
|
|
|
|
|
Restricted Equity
Securities (1)
|
$1,704
|
$0
|
$0
|
$1,704
|
|
|
|
|
|
|
$40,501
|
$11
|
$358
|
$40,154
|
|
Realized gains
|
Realized losses
|
||||
|
2019
|
2018
|
2017
|
2019
|
2018
|
2017
|
U.S.
GSE debt securities
|
$0
|
$0
|
$2,021
|
$7,200
|
$32,718
|
$1,804
|
Agency
MBS
|
1,570
|
0
|
0
|
20,860
|
0
|
0
|
Other
investments
|
0
|
0
|
6,366
|
0
|
0
|
3,199
|
Total
|
$1,570
|
$0
|
$8,387
|
$28,060
|
$32,718
|
$5,003
|
December
31,
|
2019
|
2018
|
2017
|
|||
|
|
Weighted
|
|
Weighted
|
|
Weighted
|
|
Fair
|
Average
|
Fair
|
Average
|
Fair
|
Average
|
|
Value
|
Yield
|
Value
|
Yield
|
Value
|
Yield
|
|
(Dollars in
Thousands)
|
|||||
|
|
|
|
|
|
|
U.S. GSE debt
securities
|
|
|
|
|
|
|
Due
in one year or less
|
$2,020
|
1.81%
|
$0
|
0.00%
|
$3,740
|
1.30%
|
Due
from one to five years
|
2,007
|
2.25%
|
4,944
|
1.69%
|
6,978
|
1.64%
|
Due
from five to ten years
|
12,049
|
2.81%
|
8,807
|
2.84%
|
6,441
|
2.62%
|
Due
after ten years
|
1,986
|
2.70%
|
0
|
0.00%
|
0
|
0.00%
|
Total
|
$18,062
|
2.63%
|
$13,751
|
2.42%
|
$17,159
|
1.93%
|
|
|
|
|
|
|
|
ABS/AOS
|
|
|
|
|
|
|
Due
from five to ten years
|
$2,853
|
2.94%
|
$1,986
|
3.33%
|
$0
|
0.00%
|
|
|
|
|
|
|
|
Other
Investments
|
|
|
|
|
|
|
Due
in one year or less
|
$746
|
2.03%
|
$0
|
0.00%
|
$0
|
0.00%
|
Due
from one to five years
|
7,856
|
2.72%
|
7,575
|
2.63%
|
4,190
|
2.25%
|
Due
from five to ten years
|
245
|
2.50%
|
480
|
2.50%
|
488
|
2.50%
|
Total
|
$8,847
|
2.65%
|
$8,055
|
2.62%
|
$4,678
|
2.28%
|
|
|
|
|
|
|
|
Agency MBS
(1)
|
$16,205
|
2.55%
|
$15,575
|
2.33%
|
$16,613
|
2.08%
|
|
|
|
|
|
|
|
FRBB Stock
(2)
|
$588
|
6.00%
|
$588
|
6.00%
|
$588
|
6.00%
|
|
|
|
|
|
|
|
FHLBB Stock
(2)
|
$754
|
6.04%
|
$1,071
|
5.92%
|
$1,116
|
5.53%
|
|
|
|
|
|
|
|
ACBI Stock
(2)(3)
|
$90
|
1.16%
|
$90
|
0.00%
|
$0
|
0.00%
|
(1)
|
Agency
MBS are not due at a single maturity date and have not been
allocated to maturity groupings for purposes of the maturity
table.
|
(2)
|
Required
equity purchases for membership in the FRB System and FHLB System
and for access to correspondent banking services from
ACBB.
|
(3)
|
The
Company’s holdings of ACBI stock were purchased during the
fourth quarter of 2018 and the first declared dividend was paid
during the first quarter of 2019, accounting for the absence in
yield for 2018.
|
Balance at December
31, 2018 (book value $11.72 per common share)
|
$62,603,711
|
Net
income
|
8,824,446
|
Issuance
of stock through the DRIP
|
1,097,234
|
Redemption
of preferred stock
|
(500,000)
|
Dividends
declared on common stock
|
(3,951,279)
|
Dividends
declared on preferred stock
|
(87,500)
|
Change
in AOCI on AFS securities, net of tax
|
908,067
|
Balance at December
31, 2019 (book value $12.86 per common share)
|
$68,894,679
|
|
2019
|
2018
|
||||||
Trade
Price
|
First
|
Second
|
Third
|
Fourth
|
First
|
Second
|
Third
|
Fourth
|
High
|
$17.20
|
$17.95
|
$17.00
|
$17.90
|
$18.50
|
$18.25
|
$18.90
|
$19.39
|
Low
|
$15.94
|
$16.34
|
$15.07
|
$15.15
|
$16.55
|
$16.50
|
$16.91
|
$16.00
|
|
2019
|
2018
|
||||||
Bid
Price
|
First
|
Second
|
Third
|
Fourth
|
First
|
Second
|
Third
|
Fourth
|
High
|
$17.20
|
$17.40
|
$16.88
|
$17.00
|
$18.10
|
$17.55
|
$18.80
|
$18.25
|
Low
|
$16.12
|
$16.34
|
$15.14
|
$15.40
|
$16.55
|
$16.60
|
$16.95
|
$16.00
|
|
|
|
|
|
|
|
|
|
Cash Dividends
Declared
|
$0.19
|
$0.19
|
$0.19
|
$0.19
|
$0.17
|
$0.19
|
$0.19
|
$0.19
|
|
Community Bancorp.
|
|
|
|
|
March
16, 2020
|
By: /s/
Kathryn M. Austin
|
|
|
Name:
Kathryn M. Austin,
|
|
|
Title:
President & Chief Executive Officer
|
|
|
(Principal
Executive Officer)
|
|
|
Community Bancorp.
|
|
|
|
|
March
16, 2020
|
By: /s/
Louise M. Bonvechio
|
|
|
Name:
Louise M. Bonvechio
|
|
|
Title:
Corporate Secretary and Treasurer
|
|
|
(Principal
Financial Officer)
|
|
|
Community Bancorp.
|
|
|
|
|
March
16, 2020
|
By: /s/
Kathryn M. Austin
|
|
|
Name:
Kathryn M. Austin,
|
|
|
Title:
President & Chief Executive Officer
|
|
|
(Principal
Executive Officer)
|
|
|
Community Bancorp.
|
|
|
|
|
March
16, 2020
|
By: /s/
Louise M. Bonvechio
|
|
|
Name:
Louise M. Bonvechio
|
|
|
Title:
Corporate Secretary and Treasurer
|
|
|
(Principal
Financial Officer)
|
|
V%G S7
,X &>N /2@"-->LWM([T)
(HRIZ#J5OI RTPT]H?M$Z\X5L3[HQTR(]S-CJN2M=EH=]IEYH\+Z5L2SA!A6 M(1F+R=GRF,H0"A7&-I QBLM_^$GU.(322P>'[8,6=%VW-R4'JQ_=1G\)![UX M/:1:?XKLM4O=6U>6Z:XN([D0?;3)/;ER?+B:1D P@* ALJ ?3JL MKJ&4@J1D$=Z6O,7UGQ'H/@'2[2QTN'3[H0P6%O\ :@I>>Y8!1Y<*MA5)RQ+L M"H5B4.,'H+O6;W^TM,\+:;>?:M658YM2O"B#R84*[V9>@>7[JJ!QN+BN$\,>?IMM<^*O%UY; MV-Q>!5_TEO)$29. =Q^7/ 53R H) =GSN:+K&HZY="]CLOLNB%&$3W2E;BX; M<-LBIGY(R,XW?,<@X4#Y@# 65U2- 69V. H'4D^E<9X:UNZ\;:VVMV MC30>&[(R0V7+(;^7[K2L.\:\JJGOECR %@\4)<>.M0?PII\[1:3 ZG6KR,CG M!R+5#_?/5C_", YW;3>TO5@=>M_#OAJSMSHVE)Y5]=;B4A8 A;>/!^:0'!;. M=HZ_,PH Z^BL;Q#XGTSPS8^??39FD!%M:1_-/=/D )$G5F)91QTR"<#FKT%X MZ:3#>:FD=C)Y*R7"-*&6%L98;^ 0#D9]J (-$TC^Q-/%H-0O[_!SYU_/YLG0 M#[V!QQG\3CC &E7/7?B5[2&UU06D<^@7(A(O8I\/&LA&)'C95 C&02P8D Y* MX!(Z&@ HHKG]4U>[N=2&B:(/]+ZW5ZT>Z*R7 .#R TK C:F> =S<8# #/$_B MVW\/Q>5%&;N_8 K;IGY 7JTKQV\-FJ;?+\EHV H_8A-=7X6WE>:4) M/@W;L K-*V-Q.T; &.&") D<<:A510, #@ #M0 M!Y?IND7DG_"+^(K#2GU.6VMID>T-RL"6-P0L8C56X2.,"5"%!;(!;>1FMG7/ M!VK^(M+=]3N[*YOQ A*=-\8>(- M(0YMY?*U2$;B?+,V])%YZ O"S\=Y#744 ^!OMTD&HR:K/%KT &WMH8;C1K*Y$3M(&N81*Y=L;G9FR69MJ MY)))P,]*W:* .5\-^$5\/>)==O;5+.UT^^>(V]K:0A-H6-0=W''S!R O'SL3 MDGCJJ** .9\9>&[OQ1#IMC%=BVLDN_-O2"?,>/RW7:O&,DL.>"I 8<@4ESX6 MG@UN/5="N-/LITL4L-MS8F94A1BRK'MDC*_>Y'(.U.F.>GHH XG7? NH^)-- M^SZGXGN9&,J2&&.W6.U*A@2IB!W,"!CYW;UK9TGPO;:=.+JXNKK4;Q2/+FNR MI$&$V8B15"1C&0=J@G/)-;M% '+^(/#&HZQXCTO4[;6!91V$ :[154EN&7:SF1Y MLS8+ XDA:!KAH5\W8RE2H?&X<,1P>]:U% ')ZKX$T^ZTN M2&U7-X7C9;F_EDNGV!U9XM[L6".JE64$##'BK<>CZSJ$:KKFKIY8^]!I<;VZ MR<=& WL+V:VB+!0N[9&R@' ..N!WKI** .>D\ M$>'3I\EI!IL-H)&CD::U'ES%XV#HWF#YB0PSDDUS/BKPA:PWVCW#Z5J6MZ=# M.[W<4ES)>2@@ Q[5FDPJ;AEMO)VJ#D$BO1Z* ./U*74_%VGRZ1%HMS8:;=H8 MKJ\OF2-_*/#"*,%FWD9 +A0.OS=#V&*** ,KQ#?W-CI>+!4>_N)4M[97/RAW M.-Q]0J[G([A2*FT?2+;1-.6SMMY&YI'DD ([>2.&[BE2:WEDCWA)%.1D9!P1E3@@X8C/->>ZO\<=&\-ZA)IFMZ7?KJ$/$ MRV6R6('_ &78H3QZJ* /4ZJ:EJ=EH^G37^H7"6]K NZ21^W]23T ')/ KE=! M\6:KXUTU=1T&UL[+3G+*EQ?.TDP('>!,+U_Z:UK6/A:".\CU'5;F75M2C.4G MN0-D)P/]5&/ECZ=<%L'!8T 0^&[:\N]6U+Q'?P/;&]6."TMI%Q)';1[BI<=F M9I';:>5!4'D$5TM%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 + %%%% !1110!_]D! end
5. Bank Premises and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major classes of bank premises and equipment |
|
1. Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share |
|
24. Quarterly Financial Data (Unaudited) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 24. Quarterly Financial Data (Unaudited) | A summary of financial data for the four quarters of 2019 and 2018 is presented below:
|
5. Bank Premises and Equipment |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 5. Bank Premises and Equipment | The major classes of bank premises and equipment and accumulated depreciation and amortization at December 31 were as follows:
|
9. Deposits |
12 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||
Maturities of Time Deposits [Abstract] | |||||||||||||||||||||||||||||||
Note 9. Deposits | The following is a maturity distribution of time deposits at December 31, 2019:
Total deposits in excess of the FDIC insurance level amounted to $178,997,035 as of December 31, 2019.
|
7. Goodwill and Other Intangible Assets (Details Narrative) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 11,574,269 | $ 11,574,269 |
13. Income Taxes (Details 2) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Deferred tax (benefit) expense | $ 96,236 | $ (11,359) |
Deferred Income Tax Charges [Member] | ||
Depreciation | 126,734 | 25,782 |
Mortgage servicing rights | (13,728) | (16,451) |
Deferred compensation | 3,701 | 3,681 |
Bad debts | (68,029) | (34,533) |
Limited partnership amortization | 60,588 | (20,129) |
Investment in CFS Partners | (3,323) | (1,014) |
Loan fair value | (6,171) | (2,228) |
OREO write down | 0 | 13,860 |
Prepaid expenses | (10,741) | (846) |
Other | 7,205 | 20,519 |
Deferred tax (benefit) expense | $ 96,236 | $ (11,359) |
11. Junior Subordinated Debentures (Details Narrative) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Junior Subordinated Notes [Abstract] | ||
Junior subordinated debentures | $ 12,887,000 | $ 12,887,000 |
Floating rate | 5.33% | 4.95% |
Interest paid on the debentures | $ 694,573 | $ 650,361 |
6. Leases (Details 3) |
Dec. 31, 2019
USD ($)
|
---|---|
Operating Leases | |
2020 | $ 257,039 |
2021 | 210,350 |
2022 | 207,380 |
2023 | 210,232 |
2024 | 186,448 |
Subsequent to 2024 | 249,424 |
Total | $ 1,320,873 |
24. Quarterly Financial Data (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of quarterly financial information |
|
2. Investment Securities (Details 1) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Investments [Abstract] | ||
Book value of available for sale securities, pledged as collateral for repurchase agreements | $ 45,637,025 | $ 40,186,557 |
Fair value of available for sale securities, pledged as collateral for repurchase agreements | $ 40,186,557 | $ 39,366,831 |
3. Loans, Allowance for Loan Losses and Credit Quality (Details) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Gross Loans | $ 606,988,937 | $ 578,450,517 | |
Allowance for loan losses | 5,926,491 | 5,602,541 | $ 5,438,099 |
Deferred net loan costs | (362,415) | (363,614) | |
Net loans | 601,424,861 | 573,211,590 | |
Commercial and industrial | |||
Gross Loans | 98,930,831 | 80,766,693 | |
Commercial Real Estate | |||
Gross Loans | 246,282,726 | 235,318,148 | |
Municipal | |||
Gross Loans | 55,817,206 | 47,067,023 | |
Residential Real Estate 1st Lien | |||
Gross Loans | 158,337,296 | 165,665,175 | |
Residential Real Estate Jr Lien | |||
Gross Loans | 43,230,873 | 44,544,987 | |
Consumer | |||
Gross Loans | $ 4,390,005 | $ 5,088,491 |
Consolidated Balance Sheets (Parenthetical) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Shareholder's Equity | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 15 | 20 |
Preferred stock, shares outstanding (in shares) | 15 | 20 |
Preferred stock liquidation value | $ 100,000 | $ 100,000 |
Common stock par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 5,449,857 | 5,382,103 |
Treasury stock (in shares) | 210,101 | 210,101 |
24. Quarterly Financial Data (Unaudited) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Interest income | $ 7,891,564 | $ 7,906,454 | $ 8,262,422 | $ 7,698,368 | $ 7,791,884 | $ 7,517,022 | $ 7,028,859 | $ 6,776,838 | $ 31,758,808 | $ 29,114,603 |
Interest expense | 1,548,595 | 1,509,033 | 1,546,953 | 1,538,540 | 1,457,695 | 1,220,145 | 938,499 | 868,749 | 6,143,121 | 4,485,088 |
Provision for loan losses | 299,499 | 412,499 | 141,666 | 212,503 | 210,000 | 210,000 | 180,000 | 180,000 | 1,066,167 | 780,000 |
Non-interest income | 1,595,896 | 1,597,332 | 1,434,138 | 1,318,700 | 1,552,684 | 1,542,793 | 1,690,161 | 1,395,670 | 5,946,066 | 6,181,308 |
Non-interest expense | 4,782,580 | 4,863,716 | 5,079,060 | 5,155,924 | 5,185,603 | 4,874,332 | 5,103,975 | 4,731,116 | 19,881,280 | 19,895,026 |
Net income | $ 2,371,300 | $ 2,261,943 | $ 2,419,298 | $ 1,771,905 | $ 2,142,603 | $ 2,269,732 | $ 2,002,654 | $ 1,982,543 | $ 8,824,446 | $ 8,397,532 |
Earnings per common share | $ 0.45 | $ 0.43 | $ 0.46 | $ 0.34 | $ 0.40 | $ 0.44 | $ 0.39 | $ 0.38 | $ 1.68 | $ 1.61 |
16. Financial Instruments with Off-Balance-Sheet Risk (Details Narrative) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Binding loan commitments to sell residential mortgages | $ 1,643,200 | $ 391,840 |
Junior subordinated debentures | 12,887,000 | 12,887,000 |
External financing | $ 12,500,000 | $ 12,500,000 |
20. Restrictions on Cash and Due From Banks (Details Narrative) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Contracted balances with other correspondent banks | $ 30,000 | $ 30,000 |
3. Loans, Allowance for Loan Losses and Credit Quality (Details 8) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Allowance related to TDRs | $ 104,548 | $ 114,726 |
23. Condensed Financial Information (Parent Company Only) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Statements of Income |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Statements of Cash Flows |
|
16. Financial Instruments with Off-Balance-Sheet Risk (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off balance sheet financial instruments risk |
|
9. Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||
Maturities of Time Deposits [Abstract] | |||||||||||||||||||||||||||||||
Maturity distribution of time deposits |
|
13. Income Taxes |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 13. Income Taxes | The Company prepares its income tax return on a consolidated basis. Income taxes are allocated to members of the consolidated group based on taxable income.
The components of the Provision for income taxes for the years ended December 31 were as follows:
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:
The deferred income tax expense (benefit) consisted of the following items for the years ended December 31:
Listed below are the significant components of the net deferred tax asset at December 31:
US GAAP provides for the recognition and measurement of deductible temporary differences (including general valuation allowances) to the extent that it is more likely than not that the deferred tax asset will be realized.
The net deferred tax asset is included in other assets in the consolidated balance sheets.
ASC Topic 740, Income Taxes, defines the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company's financial statements. Topic 740 prescribes a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the consolidated financial statements. The Company has adopted these provisions and there was no material effect on the consolidated financial statements. The Company is currently open to audit under the statute of limitations by the IRS for the years ended December 31, 2016 through 2018. The 2019 tax return has not yet been filed.
|
17. Contingent Liability |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Note 17. Contingent Liability | The Company sells first lien 1-4 family residential mortgage loans under the MPF program with the FHLBB. Under this program the Company shares in the credit risk of each mortgage loan, while receiving fee income in return. The Company is responsible for a CEO based on the credit quality of these loans. FHLBB funds a FLA based on the Company's outstanding MPF mortgage balances. This creates a laddered approach to sharing in any losses. In the event of default, homeowner's equity and private mortgage insurance, if any, are the first sources of repayment; the FHLBB's FLA funds are then utilized, followed by the participant’s CEO, with the balance of losses absorbed by FHLBB. These loans must meet specific underwriting standards of the FHLBB. As of December 31, 2019 and 2018, the Company had $33,990,463 and $38,935,411, respectively, in loans sold through the MPF program and on which the Company had a CEO. As of December 31, 2019 and 2018, the notional amount of the maximum CEO related to this program was $637,102, and the accrued contingent liability for this CEO was $84,944. The contingent liability is calculated by management based on the methodology used in calculating the ALL, adjusted to reflect the risk sharing arrangements with the FHLBB.
|
21. Regulatory Capital Requirements |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 21. Regulatory Capital Requirements | The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory - and possibly additional discretionary - actions by regulators that, if undertaken, could have a direct material effect on the Company's and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items, as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Additional prompt corrective action capital requirements are applicable to banks, but not to bank holding companies.
Under current banking rules governing required regulatory capital, the Company and the Bank are required to maintain minimum amounts and ratios (set forth in the table on the following page) of Common equity tier 1, Tier 1 and Total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). The Company’s non-cumulative Series A preferred stock ($1.5 million liquidation preference in 2019 and $2.0 million in 2018) is includable without limitation in its Common equity tier 1 and Tier 1 capital. The Company is allowed to include in Common equity tier 1 and Tier 1 capital an amount of trust preferred securities equal to no more than 25% of the sum of all core capital elements, which is generally defined as shareholders’ equity, less certain intangibles, including goodwill, net of any related deferred income tax liability, with the balance includable in Tier 2 capital. Management believes that, as of December 31, 2019, the Company and the Bank met all capital adequacy requirements to which they were subject.
Under the 2018 Regulatory Relief Act, these capital requirements have been simplified for qualifying community banks and bank holding companies. In September 2019, the OCC and the other federal bank regulators approved a final joint rule that permits a qualifying community banking organization to opt in to a simplified regulatory capital framework. A qualifying institution that elects to utilize the simplified framework must maintain a CBLR in excess of 9%, and will thereby be deemed to have satisfied the generally applicable risk-based and other leverage capital requirements and (if applicable) the FDIC’s prompt corrective action framework. In order to utilize the CBLR framework, in addition to maintaining a CBLR of over 9%, a community banking organization must have less than $10 billion in total consolidated assets and must meet certain other criteria such as limitations on the amount of off-balance sheet exposures and on trading assets and liabilities. The CBLR will be calculated by dividing tangible equity capital by average total consolidated assets. The final rule became effective on January 1, 2020. Management believes that the Company and Bank would qualify to utilize the CBLR framework on a pro forma basis as of December 31, 2019 had it been in effect on that date.
Beginning in 2016, an additional capital conservation buffer was added to the minimum requirements for capital adequacy purposes, subject to a three year phase-in period. The capital conservation buffer was fully phased-in on January 1, 2019 at 2.5% of risk-weighted assets. A banking organization with a conservation buffer of less than 2.5% is subject to limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. The Company and the Bank were fully compliant with a capital conservation buffer of 6.63% and 6.53%, respectively, in effect at December 31, 2019, and 6.08% and 5.97%, respectively, in effect at December 31, 2018.
As of December 31, 2019, the Bank was considered well capitalized under the regulatory capital framework for Prompt Corrective Action and the Company exceeded applicable consolidated regulatory guidelines for capital adequacy.
The following table shows the regulatory capital ratios for the Company and the Bank as of December 31:
(1) Applicable to banks, but not bank holding companies.
The Company's ability to pay dividends to its shareholders is largely dependent on the Bank's ability to pay dividends to the Company. The Bank is restricted by law as to the amount of dividends that can be paid. Dividends declared by national banks that exceed net income for the current and preceding two years must be approved by the Bank’s primary banking regulator, the Office of the Comptroller of the Currency. Regardless of formal regulatory restrictions, the Bank may not pay dividends that would result in its capital levels being reduced below the minimum requirements shown above.
|
3. Loans, Allowance for Loan Losses and Credit Quality (Details 5) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Group A | $ 585,180,366 | $ 562,636,225 |
Group B | 7,813,034 | 562,112 |
Group C | 13,995,537 | 15,252,180 |
Total Loans | 606,988,937 | 578,450,517 |
Commercial and industrial | ||
Group A | 93,774,871 | 78,585,348 |
Group B | 3,295,223 | 90,763 |
Group C | 1,860,737 | 2,090,582 |
Total Loans | 98,930,831 | 80,766,693 |
Commercial Real Estate | ||
Group A | 233,702,063 | 226,785,919 |
Group B | 4,517,811 | 246,357 |
Group C | 8,062,852 | 8,285,872 |
Total Loans | 246,282,726 | 235,318,148 |
Municipals | ||
Group A | 55,817,206 | |
Group B | 0 | |
Group C | 0 | |
Total Loans | 55,817,206 | |
Residential real estate - 1st lien | ||
Group A | 154,770,678 | 161,293,233 |
Group B | 0 | 224,992 |
Group C | 3,566,618 | 4,146,950 |
Total Loans | 158,337,296 | 165,665,175 |
Residential real estate - Jr lien | ||
Group A | 42,725,543 | 43,817,872 |
Group B | 0 | 0 |
Group C | 505,330 | 727,115 |
Total Loans | 43,230,873 | 44,544,987 |
Consumer | ||
Group A | 4,390,005 | 5,086,830 |
Group B | 0 | 0 |
Group C | 0 | 1,661 |
Total Loans | $ 4,390,005 | 5,088,491 |
Municipal | ||
Group A | 47,067,023 | |
Group B | 0 | |
Group C | 0 | |
Total Loans | $ 47,067,023 |
17. Contingent Liability (Details Narrative) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Loans sold through the MPF program | $ 33,990,463 | $ 38,935,411 |
Notional amount of the maximum CEO | 637,102 | 637,102 |
Accrued contingent liability | $ 84,944 | $ 84,944 |
4. Loan Servicing (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Transfers and Servicing of Financial Assets [Abstract] | ||
Balance at beginning of year | $ 1,004,948 | $ 1,083,286 |
Mortgage servicing rights capitalized | 114,580 | 110,209 |
Mortgage servicing rights amortized | (179,951) | (188,547) |
Balance at end of year | $ 939,577 | $ 1,004,948 |
Consolidated Statements of Changes in Shareholders' Equity - USD ($) |
Common Stock |
Preferred Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Treasury Stock |
Total |
---|---|---|---|---|---|---|---|
Beginning balance, shares at Dec. 31, 2017 | 5,322,320 | 25 | |||||
Beginning balance, amount at Dec. 31, 2017 | $ 13,305,800 | $ 2,500,000 | $ 31,639,189 | $ 13,387,739 | $ (274,097) | $ (2,622,777) | $ 57,935,854 |
Comprehensive income | |||||||
Net income | 0 | 0 | 0 | 8,397,532 | 0 | 0 | 8,397,532 |
Other comprehensive loss | 0 | 0 | 0 | 0 | (373,487) | 0 | (373,487) |
Total comprehensive income | 8,024,045 | ||||||
Cash dividends declared - common stock | 0 | 0 | 0 | (3,799,864) | 0 | 0 | (3,799,864) |
Cash dividends declared - preferred stock | $ 0 | $ 0 | 0 | (103,125) | 0 | 0 | (103,125) |
Issuance of common stock, shares | 59,783 | 0 | |||||
Issuance of common stock, amount | $ 149,458 | $ 0 | 897,343 | 0 | 0 | 0 | 1,046,801 |
Redemption of preferred stock, shares | 0 | (5) | |||||
Redemption of preferred stock, amount | $ 0 | $ (500,000) | 0 | 0 | 0 | 0 | (500,000) |
Ending balance, shares at Dec. 31, 2018 | 5,382,103 | 20 | |||||
Ending balance, amount at Dec. 31, 2018 | $ 13,455,258 | $ 2,000,000 | 32,536,532 | 17,882,282 | (647,584) | (2,622,777) | 62,603,711 |
Comprehensive income | |||||||
Net income | 8,824,446 | 8,824,446 | |||||
Other comprehensive loss | 908,067 | 908,067 | |||||
Total comprehensive income | 9,732,513 | ||||||
Cash dividends declared - common stock | (3,951,279) | (3,951,279) | |||||
Cash dividends declared - preferred stock | (87,500) | (87,500) | |||||
Issuance of common stock, shares | 67,754 | ||||||
Issuance of common stock, amount | $ 169,385 | 927,849 | 1,097,234 | ||||
Redemption of preferred stock, shares | (5) | ||||||
Redemption of preferred stock, amount | $ (500,000) | (500,000) | |||||
Ending balance, shares at Dec. 31, 2019 | 5,449,857 | 15 | |||||
Ending balance, amount at Dec. 31, 2019 | $ 13,624,643 | $ 1,500,000 | $ 33,464,381 | $ 22,667,949 | $ 260,483 | $ (2,622,777) | $ 68,894,679 |
23. Condensed Financial Information (Parent Company Only) (Details 1) - USD ($) |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Expense | ||||||||||
Interest on junior subordinated debentures | $ 694,573 | $ 650,361 | ||||||||
Income tax expense/benefit | 1,789,860 | 1,738,265 | ||||||||
Net income | $ 2,371,300 | $ 2,261,943 | $ 2,419,298 | $ 1,771,905 | $ 2,142,603 | $ 2,269,732 | $ 2,002,654 | $ 1,982,543 | 8,824,446 | 8,397,532 |
Parent Company [Member] | ||||||||||
Income | ||||||||||
Bank subsidiary distributions | 4,256,000 | 4,137,000 | ||||||||
Dividends on Capital Trust | 20,858 | 19,530 | ||||||||
Total income | 4,276,858 | 4,156,530 | ||||||||
Expense | ||||||||||
Interest on junior subordinated debentures | 694,573 | 650,361 | ||||||||
Administrative and other | 340,904 | 356,055 | ||||||||
Total expense | 1,035,477 | 1,006,416 | ||||||||
Income before applicable income tax benefit and equity in undistributed net income of subsidiary | 3,241,381 | 3,150,114 | ||||||||
Income tax expense/benefit | 213,071 | 207,244 | ||||||||
Income before equity in undistributed net income of subsidiary | 3,454,452 | 3,357,358 | ||||||||
Equity in undistributed net income of subsidiary | 5,369,994 | 5,040,174 | ||||||||
Net income | $ 8,824,446 | $ 8,397,532 |
25. Other Income and Other Expenses (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income | ||
Income from investment in CFS Partners | $ 588,696 | $ 514,485 |
Expenses | ||
Outsourcing expense | 428,668 | 480,563 |
Service contracts - administration | 539,510 | 512,902 |
Marketing | 450,533 | 552,617 |
State deposit tax | 669,502 | 633,185 |
ATM fees | $ 434,270 | $ 412,813 |
13. Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of income tax expense (benefit) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of effective income tax rate reconciliation |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income tax expense (benefit) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of the net deferred tax asset |
|
6. Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of lease expense |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental lease information |
Supplemental balance sheet information related to leases was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities of operating lease liabilities |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities of finance lease liabilities |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the undiscounted cash flows in the maturity analysis |
|