-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GffrgPSycUpknuFpmjCsWn2jMofWxPUlqNL4OyDPtlYJWC3l9dB93cbgFCNkytnG R+wf1h4dnMavyEmWY5o6pw== 0000742170-95-000019.txt : 19951106 0000742170-95-000019.hdr.sgml : 19951106 ACCESSION NUMBER: 0000742170-95-000019 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951103 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMUNITY BANCORP INC /MA/ CENTRAL INDEX KEY: 0000742170 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 042841993 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-12756-B FILM NUMBER: 95587171 BUSINESS ADDRESS: STREET 1: 17 POPE ST CITY: HUDSON STATE: MA ZIP: 01749 BUSINESS PHONE: 5085688321 MAIL ADDRESS: STREET 1: 17 POPE STREET CITY: HUDSON STATE: MA ZIP: 01749 10-Q 1 FORM 10-Q FOR 09-30-95 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED SEPTEMBER 30, 1995 Commission File No. 33-12756-B COMMUNITY BANCORP, INC. A Massachusetts Corporation IRS Employer Identification No. 04-2841993 17 Pope Street, Hudson, Massachusetts 01749 Telephone - (508) 568-8321 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Common Stock $2.50 par value 3,158,946 shares outstanding as of October 31, 1995 COMMUNITY BANCORP, INC. TABLE OF CONTENTS Page PART I - FINANCIAL INFORMATION Item 1. Financial Statements: Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Cash Flows 5-6 Notes to Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-12 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 13 SIGNATURES 14 EXHIBITS Financial Data Schedule (EX-27, Article 9) 15 -2- PART I - FINANCIAL INFORMATION COMMUNITY BANCORP, INC. Item 1. CONSOLIDATED BALANCE SHEETS
September 30, December 31, 1995 1994 ------------ ----------- ASSETS Cash and due from banks $ 12,407,779 $ 11,600,385 Federal funds sold 15,000,000 6,100,000 Securities available for sale, at market 24,002,732 26,069,495 Securities held to maturity (market value $45,860,225 at 9/30/95 and $43,296,728 at 12/31/94) 46,395,143 46,495,293 Mortgage loans held for sale 1,269,239 559,304 Loans 128,827,293 122,479,051 Less allowance for possible loan losses 3,859,774 3,703,470 ----------- ----------- Total net loans 124,967,519 118,775,581 Premises and equipment, net 5,080,796 5,205,076 Other assets, net 4,042,438 5,045,633 ----------- ----------- Total assets $233,165,646 $219,850,767 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits Noninterest bearing $ 43,547,681 $ 42,074,618 Interest bearing 158,857,499 144,788,368 ----------- ----------- Total deposits 202,405,180 186,862,986 Federal funds purchased and securities sold under repurchase agreements 10,220,907 14,940,801 Other liabilities 1,575,228 1,302,530 ----------- ----------- Total liabilities 214,201,315 203,106,317 Commitments Stockholders' equity: Preferred stock, $2.50 par value, 100,000 shares authorized, none issued or outstanding Common stock, $2.50 par value, 4,000,000 shares authorized, 3,199,218 shares issued, 3,158,946 shares outstanding, (3,140,754 shares outstanding at December 31, 1994) 7,998,045 7,998,045 Surplus 290,253 263,538 Undivided profits 10,969,693 9,556,768 Treasury stock, 40,272 shares, (58,464 shares at December 31, 1994) (181,224) (263,088) Unrealized losses on securities available for sale, net (112,436) (810,813) ----------- ----------- Total stockholders' equity 18,964,331 16,744,450 ----------- ----------- Total liabilities and stockholders' equity $233,165,646 $219,850,767 =========== =========== See accompanying notes.
-3- COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME
Three months ended Nine months ended September 30, September 30, ------------------- ------------------- 1995 1994 1995 1994 --------- --------- ---------- --------- Interest income: Interest and fees on loans $3,183,086 $2,710,546 $9,210,908 $7,730,122 Interest and div. on securities: Taxable interest 969,659 940,178 2,980,243 2,773,586 Nontaxable interest 20,532 13,728 68,668 39,122 Dividends 11,190 15,264 37,037 46,181 Interest on federal funds sold 156,109 27,455 189,618 50,931 --------- --------- ---------- ---------- Total interest income 4,340,576 3,707,171 12,486,474 10,639,942 --------- --------- ---------- ---------- Interest expense: Deposits 1,513,352 1,053,501 4,175,750 2,914,605 Short term borrowings 122,334 87,966 414,330 287,401 --------- --------- --------- --------- Total interest expense 1,635,686 1,141,467 4,590,080 3,202,006 --------- --------- --------- --------- Net interest income 2,704,890 2,565,704 7,896,394 7,437,936 Provision for loan losses 30,000 75,000 90,000 225,000 --------- --------- --------- --------- Net interest income after provision for loan losses 2,674,890 2,490,704 7,806,394 7,212,936 --------- --------- --------- --------- Noninterest income: Merchant credit card assessments 161,265 140,917 490,995 427,667 Service charges 173,081 167,740 522,641 498,299 Other charges, commissions, fees 143,872 162,638 492,704 498,021 Gains (losses) on sales of loans, net 20,120 38,530 (30,488) 90,504 Gains (losses) on sales of securities, net (19,781) (50,703) Other 8,855 25,574 50,616 94,530 --------- --------- --------- --------- Total noninterest income 507,193 515,618 1,526,468 1,558,318 --------- --------- --------- --------- Noninterest expense: Salaries and benefits 1,011,108 1,102,952 3,143,859 3,175,914 Data processing 116,796 101,960 340,652 310,115 Occupancy, net 149,702 150,877 453,619 456,098 Furniture and equipment 81,869 67,505 242,366 201,983 Credit card processing 148,322 128,612 421,889 342,158 FDIC insurance premiums (11,967) 96,799 191,972 297,897 Other 431,813 488,942 1,223,631 1,349,698 --------- --------- --------- --------- Total noninterest expense 1,927,643 2,137,647 6,017,988 6,133,863 --------- --------- --------- --------- Income before income taxes 1,254,440 868,675 3,314,874 2,637,391 Income taxes 537,165 335,396 1,354,385 1,027,272 --------- --------- --------- --------- Net income $ 717,275 $ 533,279 $1,960,489 $1,610,119 ========= ========= ========= ========= Earnings per share $ .228 $ .171 $ .623 $ .512 Dividends per share $ .059 $ .055 $ .174 $ .158 Weighted average number of shares 3,152,530 3,123,136 3,144,721 3,142,233 See accompanying notes.
-4- COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months ended September 30, ------------------------- 1995 1994 ---------- ---------- Cash flows from operating activities: Interest received $ 12,516,261 $ 10,578,717 Fees and commissions received 1,495,560 1,386,851 Proceeds from secondary market mortgage sales 4,474,743 30,375,626 Origination of mortgage loans for secondary market sales (4,910,994) (16,193,073) Interest paid (4,672,139) (3,194,204) Cash paid to suppliers & employees (5,102,348) (5,450,722) Income taxes paid (1,079,807) (837,247) ---------- ---------- Net cash provided by operating activities 2,721,276 16,665,948 ---------- ---------- Cash flows from investing activities: Purchases of securities held to maturity (9,981,688) (27,821,559) Proceeds from maturities of securities held to maturity 10,081,408 1,746,445 Purchases of securities available for sale (12,824,946) Proceeds from maturities of securities available for sale 3,245,351 13,452,878 Proceeds from sales of securities available for sale 12,346,053 Net change in federal funds sold (8,900,000) 3,100,000 Net change in loans and other real estate owned (6,534,665) (5,651,310) Proceeds from sale of other real estate owned 147,700 305,670 Acquisition of property, plant and equipment (366,639) (687,914) ---------- ---------- Net cash used in investing activities (12,308,533) (16,034,683) ---------- ---------- Cash flows from financing activities: Net change in deposits 15,542,194 (546,114) Net change in federal funds purchased (10,900,000) 2,600,000 Net change in repurchase agreements 6,180,107 (3,830,155) Purchase of treasury stock (2,865) (992,826) Sale of treasury stock 111,444 801,138 Dividends paid (536,229) (472,793) ---------- ---------- Net cash provided by (used in) financing activities 10,394,651 (2,440,750) ---------- ---------- Net increase (decrease) in cash and due from banks 807,394 (1,809,485) ---------- ---------- Cash and due from banks at beginning of period 11,600,385 12,402,450 ---------- ---------- Cash and due from banks at end of period $12,407,779 $10,592,965 ========== ========== See accompanying notes.
-5- COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Reconciliation of Net Income to Net Cash Provided by Operating Activities
Nine months ended September 30, ------------------------- 1995 1994 ---------- ---------- Net income $ 1,960,489 $ 1,610,119 Adjustments to reconcile net income to net cash provided by operating activities: (Increase) decrease in mortgage loans held for sale (700,135) 13,981,198 Premium on sale of mortgages 90,000 201,354 Depreciation and amortization 550,391 844,913 Provision for loan losses 90,000 225,000 Increase (decrease) in other liabilities 365,255 (342,000) Increase in taxes payable 274,578 190,025 (Decrease) increase in interest payable (82,059) 7,802 (Increase) decrease in other assets (30,910) 8,761 Decrease (increase) in interest receivable 29,783 (61,224) ---------- ---------- Total adjustments 760,788 15,055,829 ---------- ---------- Net cash provided by operating activities $ 2,721,276 $16,665,948 ========== ========== See accompanying notes.
-6- COMMUNITY BANCORP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1995 ________________________________________________________________________ 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for any interim period are not necessarily indicative of results expected for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report to shareholders and Form 10-K for the year ended December 31, 1994. 2. EARNINGS PER SHARE Earnings per share calculations are based on the weighted average number of common shares outstanding during the period. 3. FINANCIAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 114, "ACCOUNTING BY CREDITORS FOR IMPAIRMENT OF A LOAN" Beginning January 1, 1995, the Company adopted Financial Accounting Standards Board Statement No. 114, "Accounting by Creditors for Impairment of a Loan" (SFAS No. 114), under which the allowance for possible loan losses related to loans that are identified as "impaired" is based on discounted cash flows using the loan's effective interest rate or the fair value of the collateral for certain collateral dependent loans. The Financial Accounting Standards Board also issued SFAS No. 118, which amended SFAS No. 114 by allowing creditors to use their existing methods of recognizing interest income on impaired loans. The Company has determined after reviewing its Credit Quality Monitoring policies and procedures, and an analysis of it loan portfolio, that loans recognized by the Company as nonaccrual and restructured are equivalent to "impaired loans" as defined by SFAS No. 114. The Company has also determined that the reserve for possible loan losses did not require an additional loan loss provision as a result of the adoption of this statement on January 1, 1995. -7- PART I - FINANCIAL INFORMATION Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Summary The Company recorded net income of $717,275 for the three months ended September 30, 1995, representing an increase of $183,996 or 34.5% over $533,279 for the corresponding period in 1994. Earnings per share of $.228 for the current period represented an increase of $.057 from $.171 for the same period in 1994. The Company recorded net income of $1,960,489 for the nine months ended September 30, 1995, representing an increase of $350,370 or 21.8% over $1,610,119 for the same period in 1994. Earnings per share of $.623 for the current period represented an increase of $.111 from $.512 for the same period in 1994. The improvement in net income resulted primarily from an increase in net interest income and decreases in the provision for possible loan losses and FDIC insurance premiums. Deposits of $202,405,180 at September 30, 1995 increased by $15,542,194 or 8.3% from $186,862,986 at December 31, 1994. This increase occurred primarily in interest bearing categories and secondarily in non-interest bearing categories. Loans of $128,827,293 at September 30, 1995, excluding mortgage loans held for sale, increased by $6,348,242 or 5.2% from $122,479,051 at December 31, 1994. This increase occurred in the commercial, residential real estate and consumer loan portfolios. Noncurrent loans (nonaccrual loans and loans 90 days or more past due but still accruing) totalled $2,147,874 and $975,475 at September 30, 1995 and December 31, 1994, respectively. Accruing troubled debt restructurings at September 30, 1995 and December 31, 1994 were $0 and $1,154,570, respectively. The entire troubled debt restructuring balance at December 31, 1994 was comprised of one loan which, although current in its payments, was placed on nonaccrual status in September of 1995 due to potential weaknesses in the credit. Other real estate owned of $226,958 at September 30, 1995 represented a decrease of $201,178 or 47.0% from $428,136 at December 31, 1994. Assets of $233,165,646 at September 30, 1995 represented a $13,314,879 or 6.1% increase from $219,850,767 at December 31, 1994. -8- Nine Months ended September 30, 1995 as Compared To Nine Months ended September 30, 1994 Net Interest Income Interest income for the nine months ended September 30, 1995 was $12,486,474, representing an increase of $1,846,532 or 17.4% from $10,639,942 for the nine months ended September 30, 1994, primarily due to higher loan balances and interest rates in 1995. Interest expense was $4,590,080, representing an increase of $1,388,074 or 43.4% from $3,202,006 for the nine months ended September 30, 1994, primarily due to higher interest bearing deposit balances and higher interest rates in 1995. Net interest income for the nine months ended September 30, 1995 was $7,896,394, representing an increase of $458,458 or 6.2% from $7,437,936 for the nine months ended September 30, 1994. Noninterest Income and Expense Noninterest income for the nine months ended September 30, 1995 was $1,526,468, representing a decrease of $31,850 or 2.0% from $1,558,318 for the nine months ended September 30, 1994. This small decrease was primarily the result of losses on sales of residential real estate loans sold in the secondary mortgage market, resulting from the refinancing of a number of mortgages originated in prior periods and the associated write-down of unamortized excess servicing fee income on those loans, and a decrease in other income. Noninterest expense for the nine months ended September 30, 1995 of $6,017,988 was down $115,875 or 1.9% from $6,133,863 for the same period in 1994. This decrease was primarily the result of reductions in salaries and employee benefits, FDIC insurance premiums and other expense, partially offset by increases in data processing, furniture and equipment, and credit card processing. As a result of the recapitalization of the FDIC's Bank Insurance Fund (BIF) during the second quarter of 1995, a significant reduction in FDIC deposit insurance premiums was announced in September, retroactive to June 1. As a result, Hudson National Bank received a refund of approximately $113,000 from the FDIC during September, representing the return of overpaid insurance premiums plus interest. This refund was recorded as a reduction of previously expensed premiums. FDIC insurance expense during the fourth quarter of the year will be based on an assessment of $.04 per $100 of insured deposits, compared to $.23 per $100 of insured deposits during 1994 and the first five months of 1995. Provision for Loan Losses The provision for loan losses for the nine months ended September 30, 1995 was $90,000, representing a $135,000 or 60.0% decrease from $225,000 for the same period in 1994. This decrease was the result of management's continuing evaluation of the adequacy of the allowance for loan losses and its belief that the allowance is adequate. Income Taxes Income tax expense of $1,354,385 for the nine months ended September 30, 1995 compared to $1,027,272 for the same period in 1994, the result of an increase in taxable income during the current period. -9- Net Income Net income of $1,960,489 for the first nine months of 1995 represented an increase of $350,370 or 21.8% from $1,610,119 recorded for the first nine months of 1994. The foregoing discussion summarized the primary components of this increase in earnings. Three Months ended September 30, 1995 as Compared To Three Months ended September 30, 1994 Net Interest Income Interest income for the three months ended September 30, 1995 was $4,340,576, representing an increase of $633,405 or 17.1% from $3,707,171 for the three months ended September 30, 1994. The increase was primarily due to higher loan balances and higher interest rates in 1995. Interest expense was $1,635,686, representing an increase of $494,219 or 43.3% from $1,141,467 for the three months ended September 30, 1994, primarily due to higher interest bearing deposit balances and higher interest rates in 1995. Net interest income for the three months ended September 30, 1995 was $2,704,890, representing an increase of $139,186 or 5.4% from $2,565,704 for the same period in 1994. Noninterest Income and Expense Noninterest income for the three months ended September 30, 1995 was $507,193, representing a decrease of $8,425 or 1.6% from $515,618 for the three months ended September 30, 1994. This decrease was primarily the result of reductions in other charges, commissions and fees, gains on sales of loans and other income, partially offset by increases in merchant credit card assessments and service charges. Noninterest expense for the three months ended September 30, 1995 of $1,927,643 was down $210,004 or 9.8% from $2,137,647 for the three months ended September 30, 1994. This decrease was primarily the result of reductions in salaries and employee benefits, FDIC insurance premiums and occupancy expense, partially offset by increases in data processing, furniture and equipment, and credit card processing. As a result of the recapitalization of the FDIC's Bank Insurance Fund (BIF) during the second quarter of 1995, a significant reduction in FDIC deposit insurance premiums was announced in September, retroactive to June 1. As a result, Hudson National Bank received a refund of approximately $113,000 from the FDIC during September, representing the return of overpaid insurance premiums plus interest. This refund was recorded as a reduction of previously expensed premiums. FDIC insurance expense during the fourth quarter of the year will be based on an assessment of $.04 per $100 of insured deposits, compared to $.23 per $100 of insured deposits during 1994 and the first five months of 1995. -10- Provision for Loan Losses The provision for loan losses for the three months ended September 30, 1995 was $30,000, representing a $45,000 or 60.0% decrease from $75,000 for the three months ended September 30, 1994. This decrease was the result of management's continuing evaluation of the adequacy of the allowance for loan losses and its belief that the allowance is adequate. Income Taxes Income tax expense of $537,165 for the three months ended September 30, 1995 compared to $335,396 for the three months ended September 30, 1994, the result of an increase in taxable income during the current period. Net Income Net income of $717,275 for the three months ended September 30, 1995 represented an increase of $183,996 or 34.5% over $533,279 for the three months ended September 30, 1994. The foregoing discussion summarized the primary components of this increase in earnings. Allowance for Possible Loan Losses The allowance for possible loan losses is maintained at a level believed by management to be adequate to absorb potential losses in the loan portfolio. Management's methodology in determining the adequacy of the allowance considers specific credit reviews, past loan loss experience, current economic conditions and trends and the volume, growth and composition of the loan portfolio. Each loan on the Company's internal Watch List is evaluated periodically for potential losses. For loans with potential losses, the bank sets aside or "allocates" a portion of the ALLL against such potential losses. For the remainder of the portfolio, "unallocated" reserve amounts are determined based on judgements regarding the type of loan, economic conditions and trends, potential exposure to loss and other factors. The allowance for possible loan losses is charged when management determines that the repayment of the principal on a loan is in doubt. Subsequent recoveries, if any, are credited to the allowance. At September 30, 1995, the balance in the allowance was $3,859,774, representing 3.0% of total loans (excluding mortgage loans held for sale), compared to $3,703,470 or 3.0% of total loans at December 31, 1994. Securities The Company's securities portfolio consists of obligations of the U.S. Treasury, U.S. government sponsored agencies, mortgage backed securities and obligations of municipalities in the Company's market area. Those assets are used in part to secure public deposits and as collateral for repurchase agreements. -11- Total securities were $70,397,875 at September 30, 1995 compared to $72,564,788 at December 31, 1994. This decrease was primarily the result of the maturity and prepayment of certain securities during the period. At September 30, 1995, $24,002,732 in securities were classified as "available for sale". There were no sales of securities during the nine months ended September 30, 1995. Liquidity and Capital Resources The Bank's principal sources of liquidity are customer deposits, amortization and pay-offs of loan principal and maturities of investment securities. These sources provide funds for loan originations, the purchase of investment securities and other activities. Deposits are considered a relatively stable source of funds. At September 30, 1995, 1994 and 1993, deposits were $202.4, $185.0 and $179.7 million, respectively. Management anticipates that deposits will remain relatively stable or grow moderately during the remainder of 1995. Of the Company's $70.4 million in investment securities at September 30, 1995, $11.3 million or 16.0% mature within one year. As a nationally chartered member of the Federal Reserve System, the Bank has the ability to borrow funds from the Federal Reserve Bank of Boston by pledging certain of its investment securities as collateral. Also, the Bank is a member of the Federal Home Loan Bank which provides additional borrowing opportunities. Bank regulatory authorities have established a capital measurement tool called "Tier 1" leverage capital. A 3.00% ratio of Tier 1 capital to assets now constitutes the minimum capital standard for banking organizations. At September 30, 1995, the Company's Tier 1 leverage capital ratio was 8.14%. In addition, regulatory authorities have also implemented risk-based capital guidelines requiring a minimum ratio of Tier 1 capital to risk weighted assets of 4.00% and a minimum ratio of total capital to risk-weighted assets of 8.00. At September 30, 1995 the Company's Tier 1 and total risk-based capital ratios were 13.90% and 15.17%, respectively. Both the Company and the Bank are categorized as "well capitalized" under the Federal Deposit Insurance Corporation Improvement Act of 1991 (F.D.I.C.I.A.). Asset/Liability Management The Company has an asset/liability management committee which oversees all asset/liability activities of the Company. The committee establishes general guidelines each year and meets regularly to review the Company's operating results and to make strategic changes when necessary. It is the Company's general policy to reasonably match the rate sensitivity of its assets and liabilities. A common benchmark of this sensitivity is the one year gap position, which is a reflection of the difference between the speed and magnitude of rate changes of interest rate sensitive liabilities as compared with the Bank's ability to adjust the rates of it's interest rate sensitive assets in response to such changes. The Company's positive cumulative one year gap position at September 30, 1995, representing the excess of repricing assets versus repricing liabilities within a one year time frame, was 1.9% of total assets. -12- PART II - OTHER INFORMATION Item 6. EXHIBITS AND REPORTS ON FORM 8-K (b) The Company did not file a Form 8-K during the quarter ended September 30, 1995. -13- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. COMMUNITY BANCORP, INC. ----------------------- Date: November 3, 1995 By: /s/ James A. Langway ------------------------- Janes A. Langway President & Chief Executive Officer Principal Executive Officer Date: November 3, 1995 By: /s/ Donald R. Hughes, Jr. ------------------------- Donald R. Hughes, Jr. Treasurer and Clerk Principal Financial Officer and Principal Accounting Officer -14- EX-27 2 FINANCIAL DATA SCHEDULE
9 This schedule contains summary financial information extracted from the unaudited September 30, 1995 financial statements of Community Bancorp, Inc. and is qualified in its entirety by reference to such financial statements. 9-MOS DEC-31-1995 SEP-30-1995 12407779 0 15000000 0 24002732 46395143 45860225 128827293 3859774 233165646 202405180 10220907 1575228 0 7998045 0 0 10966286 233165646 9210908 3085948 189618 12486474 4175750 4590080 7896394 90000 0 6017988 3314874 3314874 0 0 1960489 .623 .623 5.29 2147874 188185 0 0 3703470 169524 235828 3859774 1887611 0 1972163
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