-----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, KDYrP/ltO2lBpOK7OwhrCJl4IQxAvEkZCHZQrPv/hAxXrnOEqcBb5orJHR+VXFzu nJXM+INuxo1b+cR8z7wwHg== 0000742170-96-000031.txt : 19961031 0000742170-96-000031.hdr.sgml : 19961031 ACCESSION NUMBER: 0000742170-96-000031 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961030 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: 96650308 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 09-30-96 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, 1996 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 2,935,012 shares outstanding as of October 30, 1996 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 Flow 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 5. Other Information 13 Item 6. Exhibits and Reports on Form 8-K 13 SIGNATURES 14 EXHIBITS Financial Data Schedule (EX-27, Article 9) -2- PART I - FINANCIAL INFORMATION COMMUNITY BANCORP, INC. Item 1. CONSOLIDATED BALANCE SHEETS
September 30, December 31, 1996 1995 ------------ ------------ ASSETS Cash and due from banks $ 17,636,809 $ 12,668,446 Federal funds sold 4,600,000 16,700,000 Securities available for sale, at market 30,494,372 23,790,470 Securities held to maturity (market value $55,130,938 at 9/30/96 and $50,633,376 at 12/31/95) 55,675,609 50,825,359 Loans 130,994,629 128,072,061 Less allowance for possible loan losses 3,514,631 3,455,098 ----------- ----------- Total net loans 127,479,998 124,616,963 Premises and equipment, net 4,808,169 5,126,083 Other assets, net 4,050,304 3,853,475 ----------- ----------- Total assets $244,745,261 $237,580,796 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits Noninterest bearing $ 50,762,377 $ 45,383,886 Interest bearing 160,725,885 161,655,979 ----------- ----------- Total deposits 211,488,262 207,039,865 Federal funds purchased and securities sold under repurchase agreements 12,431,309 9,289,963 Other liabilities 1,588,000 1,710,295 ----------- ----------- Total liabilities 225,507,571 218,040,123 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, 2,935,012 shares outstanding, (3,158,946 shares outstanding at December 31, 1995) 7,998,045 7,998,045 Surplus 374,581 290,253 Undivided profits 13,265,339 11,463,544 Treasury stock, 264,206 shares, (40,272 shares at December 31, 1995) (2,348,419) (181,224) Unrealized losses on securities available for sale, net (51,856) (29,945) ----------- ----------- Total stockholders' equity 19,237,690 19,540,673 ----------- ----------- Total liabilities and stockholders' equity $244,745,261 $237,580,796 =========== =========== See accompanying notes.
-3- COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME
Three months ended Nine months ended September 30, September 30, -------------------- -------------------- 1996 1995 1996 1995 --------- --------- --------- --------- Interest income: Interest and fees on loans $3,107,269 $3,183,086 $9,329,690 $9,210,908 Interest and div. on securities: Taxable interest 1,154,114 969,659 3,336,199 2,980,243 Nontaxable interest 37,470 20,532 82,726 68,668 Dividends 13,654 11,190 40,191 37,037 Interest on federal funds sold 136,197 156,109 438,714 189,618 --------- --------- ---------- ---------- Total interest income 4,448,704 4,340,576 13,227,520 12,486,474 --------- --------- ---------- ---------- Interest expense: Deposits 1,431,519 1,513,352 4,361,959 4,175,750 Short term borrowings 145,585 122,334 386,417 414,330 --------- --------- --------- --------- Total interest expense 1,577,104 1,635,686 4,748,376 4,590,080 --------- --------- --------- --------- Net interest income 2,871 600 2,704,890 8,479,144 7,896,394 Provision for loan losses 0 30,000 0 90,000 --------- --------- --------- --------- Net interest income after provision for loan losses 2,871,600 2,674,890 8,479,144 7,806,394 Noninterest income: Merchant credit card assessments 209,754 161,265 611,136 490,995 Service charges 191,141 173,081 572,651 522,641 Other charges, commissions, fees 162,368 143,872 514,192 492,704 Gains (losses) on sales of loans, net 8,243 20,120 28,182 (30,488) Other 20,241 8,855 53,378 50,616 --------- --------- --------- --------- Total noninterest income 591,747 507,193 1,779,539 1,526,468 --------- --------- --------- --------- Noninterest expense: Salaries and benefits 1,092,523 1,011,108 3,343,202 3,143,859 Data processing 157,857 116,796 449,126 340,652 Occupancy, net 148,483 149,702 438,049 453,619 Furniture and equipment 89,163 81,869 262,769 242,366 Credit card processing 176,904 148,322 507,048 421,889 Other 415,346 419,846 1,320,606 1,415,603 --------- --------- --------- --------- Total noninterest expense 2,080,276 1,927,643 6,320,800 6,017,988 --------- --------- --------- --------- Income before income taxes 1,383,071 1,254,440 3,937,883 3,314,874 Income taxes 543,113 537,165 1,541,115 1,354,385 --------- --------- --------- --------- Net income $ 839,958 $ 717,275 $2,396,768 $1,960,489 ========= ========= ========= ========= Earnings per share $ .264 $ .228 $ .755 $ .623 Dividends per share $ .064 $ .059 $ .187 $ .174 Weighted average number of shares 3,181,474 3,152,530 3,173,281 3,144,721 See accompanying notes.
-4- COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months ended September 30, ------------------------- 1996 1995 ---------- ---------- Cash flows from operating activities: Interest received $ 13,214,867 $ 12,516,261 Fees and commissions received 1,762,474 1,495,560 Proceeds from secondary market mortgage sales 12,744,365 4,474,743 Origination of mortgage loans for secondary market sales (11,733,586) (4,910,994) Interest paid (4,805,589) (4,672,139) Cash paid to suppliers & employees (5,927,232) (5,102,348) Income taxes paid (1,392,547) (1,079,807) ---------- ---------- Net cash provided by operating activities 3,862,752 2,721,276 ---------- ---------- Cash flows from investing activities: Purchases of securities held to maturity (14,764,819) (9,981,688) Proceeds from maturities of securities held to maturity 9,966,355 10,081,408 Purchases of securities available for sale (11,362,861) Proceeds from maturities of securities available for sale 4,566,287 3,245,351 Net change in federal funds sold 12,100,000 (8,900,000) Net change in loans and other real estate owned (4,122,182) (6,534,665) Proceeds from sale of other real estate owned 55,000 147,700 Acquisition of property, plant and equipment (258,885) (366,639) ---------- ---------- Net cash (used in) investing activities (3,821,105) (12,308,533) ---------- ---------- Cash flows from financing activities: Net change in deposits 4,448,398 15,542,194 Net change in federal funds purchased (1,000,000) (10,900,000) Net change in repurchase agreements 4,141,346 6,180,107 Purchase of treasury stock (2,318,985) (2,865) Sale of treasury stock 236,137 111,444 Dividends paid (580,180) (536,229) ---------- ---------- Net cash provided by financing activities 4,926,716 10,394,651 ---------- ---------- Net increase in cash and due from banks 4,968,363 807,394 ---------- ---------- Cash and due from banks at beginning of period 12,668,446 11,600,385 ---------- ---------- Cash and due from banks at end of period $17,636,809 $12,407,779 ========== ========== 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, ------------------------- 1996 1995 ---------- ---------- Net income $ 2,396,768 $ 1,960,489 Adjustments to reconcile net income to net cash provided by operating activities: Decrease (increase) in mortgage loans held for sale 763,423 (700,135) Premium on sale of mortgages 247,356 263,884 Depreciation and amortization 631,316 550,391 Provision for loan losses 0 90,000 (Decrease) increase in other liabilities (237,747) 365,256 Increase in taxes payable 148,568 274,578 (Decrease) in interest payable (57,213) (82,059) (Increase) decrease in other assets (17,065) (30,910) (Increase) decrease in interest receivable (12,654) 29,783 ---------- ---------- Total adjustments 1,465,984 760,788 ---------- ---------- Net cash provided by operating activities $ 3,862,752 $ 2,721,276 ========== ========== See accompanying notes.
-6- COMMUNITY BANCORP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1996 ________________________________________________________________________ 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, 1995. 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. 122, "ACCOUNTING FOR MORTGAGE SERVICING RIGHTS" Beginning January 1, 1996, the Company adopted Financial Accounting Standards Board Statement No. 122, "Accounting for Mortgage Servicing Rights" (SFAS No. 122), which requires the capitalization of the cost of originating the rights to service mortgage loans for others. In addition, capitalized mortgage servicing rights are required to be assessed for impairment based on the fair value of those rights. The adoption of SFAS No. 122 resulted in the Company recording $28,767 in income associated with the origination of mortgage servicing rights during the nine months ended September 30, 1996. -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 $2,396,768 for the nine months ended September 30, 1996, representing an increase of $436,279 or 22.3% over $1,960,489 for the same period in 1995. Earnings per share of $.755 for the current period represented an increase of $.132 from $.623 for the nine months ended September 30, 1995. The Company recorded net income of $839,958 for the three months ended September 30, 1996, representing an increase of $122,683 or 17.1% over $717,275 for the corresponding period in 1995. Earnings per share of $.264 for the current period represented an increase of $.036 from $.228 for the same period in 1995. The improvement in net income resulted primarily from an increase in net interest income and noninterest income, and a decrease in the provision for possible loan losses and F.D.I.C. deposit insurance premiums. Deposits of $211,488,262 at September 30, 1996 increased by $4,448,397 or 2.1% from $207,039,865 at December 31, 1995. This increase occurred primarily in noninterest bearing deposit categories. Interest bearing deposits decreased by $930,094, primarily in the area of money market deposit accounts, partially offset by an increase in savings deposits. Noninterest bearing deposits increased by $5,378,491, primarily in the area of business demand deposit accounts. Loans of $130,994,629 at September 30, 1996 increased by $2,922,568 or 2.3% from $128,072,061 at December 31, 1995. This increase occurred primarily in the commercial, home equity and consumer loan portfolios. Noncurrent loans (nonaccrual loans and loans 90 days or more past due but still accruing) totalled $876,522 and $1,810,267 at September 30, 1996 and December 31, 1995, respectively. There were no accruing troubled debt restructurings at September 30, 1996 or December 31, 1995. Assets of $244,745,261 at September 30, 1996 represented a $7,164,465 or 3.0% increase from $237,580,796 at December 31, 1995. Nine months ended September 30, 1996 as Compared To Nine months ended September 30, 1995 --------------------------------------------------- Net Interest Income - ------------------- Interest income for the nine months ended September 30, 1996 was $13,227,520, representing an increase of $741,046 or 5.9% from $12,486,474 for the nine months ended September 30, 1995, primarily due to higher loan and securities balances in 1996. Interest expense was $4,748,376, representing an increase of $157,296 or 3.4% from $4,590,080 for the nine months ended September 30, 1995, primarily due to higher average interest bearing deposit balances, partially offset by lower deposit interest rates, in 1996. Net interest income for the nine months ended September 30, 1996 was $8,479,144, representing an increase of $582,750 or 7.4% from $7,896,394 for the nine months ended September 30, 1995. -8- Noninterest Income and Expense - ------------------------------ Noninterest income for the nine months ended September 30, 1996 was $1,779,539, representing an increase of $253,071 or 16.8% from $1,526,468 for the nine months ended September 30, 1995. This increase was primarily the result of increases in merchant credit card assessments, service charges, other charges, commissions and fees, and gains on sales of loans. Noninterest expense for the nine months ended September 30, 1996 of $6,320,800 was up $302,812 or 5.0% from $6,017,988 for the same period in 1995. This increase was primarily the result of increases in salaries and employee benefits, data processing, furniture and equipment and credit card processing, partially offset by reductions in occupancy and other expense, including F.D.I.C. deposit insurance premiums which totalled $191,972 for the nine months ended September 30, 1995 and $1,500 for the same period in 1996. Provision for Loan Losses - ------------------------- The provision for loan losses for the nine months ended September 30, 1996 was $0, representing a $90,000 or 100.0% decrease from $90,000 for the same period in 1995. 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 $1,541,115 for the nine months ended September 30, 1996 compared to $1,354,385 for the same period in 1995, the result of an increase in taxable income during the current period. Net Income - ---------- Net income of $2,396,768 for the first nine months of 1996 represented an increase of $436,279 or 22.3% from $1,960,489 recorded for the first nine months of 1995. Earnings per share of $.755 for the current period represented an increase of $.132 from $.623 for the nine months ended September 30, 1995. Three Months ended September 30, 1996 as Compared To Three Months ended September 30, 1995 ---------------------------------------------------- Net Interest Income - ------------------- Interest income for the three months ended September 30, 1996 was $4,448,704, representing an increase of $108,128 or 2.5% from $4,340,576 for the three months ended September 30, 1995. The increase was primarily due to higher loan and securities balances in 1996. Interest expense was $1,577,104, representing a decrease of $58,582 or 3.6% from $1,635,686 for the three months ended September 30, 1995, primarily due to lower interest rates, partially offset by moderately higher average interest bearing deposit balances, in 1996. Net interest income for the three months ended September 30, 1996 was $2,871,600, representing an increase of $166,710 or 6.2% from $2,704,890 for the same period in 1995. -9- Noninterest Income and Expense - ------------------------------ Noninterest income for the three months ended September 30, 1996 was $591,747, representing an increase of $84,554 or 16.7% from $507,193 for the three months ended September 30, 1995. This increase was primarily the result of increases in merchant credit card assessments, service charges, other charges, commissions and fees, and gains on sales of loans. Noninterest expense for the three months ended September 30, 1996 of $2,080,276 was up $152,633 or 7.9% from $1,927,643 for the three months ended September 30, 1995. This increase was primarily the result of increases in salaries and employee benefits, data processing and credit card processing, partially offset by a reduction in other expense. Provision for Loan Losses - ------------------------- The provision for loan losses for the three months ended September 30, 1996 was $0, representing a $30,000 or 100.0% decrease from $30,000 for the three months ended September 30, 1995. 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 $543,113 for the three months ended September 30, 1996 compared to $537,165 for the three months ended September 30, 1995, the result of an increase in taxable income during the current period. Net Income - ---------- Net income of $839,958 for the three months ended September 30, 1996 represented an increase of $122,683 or 17.1% over $717,275 for the three months ended September 30, 1995. Earnings per share of $.264 for the current period represented an increase of $.036 from $.228 for the three months ended September 30, 1995. 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 to estimate 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, 1996, the balance in the allowance was $3,514,631, representing 222% of noncurrent loans, compared to $3,455,098 or 191% of noncurrent loans at December 31, 1995. -10- 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. Total securities were $86,169,981 at September 30, 1996, representing an increase of $11,554,152 or 15.5% from $74,615,829 at December 31, 1995. At September 30, 1996, $30,494,372 in securities were classified as "available for sale". There were no sales of securities during the nine months ended September 30, 1996. Liquidity and Capital Resources - ------------------------------- The Company's primary 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, 1996, 1995 and 1994, deposits were $211.5, $202.4 and $185.0 million, respectively. Management anticipates that deposits will remain relatively stable or grow moderately during the remainder of 1996. 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. On August 15, 1996, the Company implemented an Offer to Purchase up to 222,222 shares of its outstanding common stock at a price of $9.00 per share, as filed with the Commission on Schedule 13E-4. The Offer expired at 5:00 p.m. E.D.T., on September 13, 1996, with 257,665 shares tendered. As provided in the Offer, the Company increased the number of Shares sought in the Offer by approximately 1.1% of the outstanding shares and purchased all 257,665 shares tendered under the Offer. There was no proration of shares. As a result of the repurchase of shares, the Company's capital was reduced by $2,318,985. 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, 1996, the Company's Tier 1 leverage capital ratio was 7.87%. 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, 1996 the Company's Tier 1 and total risk-based capital ratios were 13.73% and 15.00%, 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.). On September 17, 1996, the Company's Board of Directors declared a third quarter 1996 cash dividend of $.064 per share of common stock to shareholders of record at September 1, 1996, payable on October 15, 1996. -11- 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, 1996, representing the excess of repricing assets versus repricing liabilities within a one year time frame, was 9.8% of total assets. -12- PART II - OTHER INFORMATION --------------------------- Item 5. OTHER INFORMATION On August 15, 1996, the Company implemented an Offer to Purchase up to 222,222 shares of its outstanding common stock at a price of $9.00 per share, as filed with the Commission on Schedule 13E-4. The Offer expired at 5:00 p.m. E.D.T., on September 13, 1996, with 257,665 shares tendered. As provided in the Offer, the Company increased the number of Shares sought in the Offer by approximately 1.1% of the outstanding shares and purchased all 257,665 shares tendered under the Offer. There was no proration of shares. As a result of the repurchase of shares, the Company's capital was reduced by $2,318,985. On September 17, 1996, the Company's Board of Directors declared a third quarter 1996 cash dividend of $.064 per share of common stock to shareholders of record at September 1, 1996, payable on October 15, 1996. 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, 1996. -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: October 30, 1996 By: /s/ James A. Langway -------------------------- James A. Langway President & Chief Executive Officer Principal Executive Officer Date: October 30, 1996 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, 1996 consolidated financial statements of Community Bancorp, Inc. and is qualified in its entirety by reference to such financial statements. 9-MOS DEC-31-1996 SEP-30-1996 17636809 0 4600000 0 30494372 55675609 55130938 130994629 3514631 244745261 211488262 12431309 1588000 0 0 0 7998045 11239645 244745261 9329690 3459116 438714 13227520 4361959 4748376 8479144 0 0 6320800 3937883 3937883 0 0 2396768 .755 .755 5.20 876522 706478 0 0 3455098 190292 249825 3514631 1665807 0 1848824
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