-----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, T7HA3vFP2QLUtTBjpK5q/B/9lWNEHFYXym+Cl2rh2wf8aKESBj0X2w9AY9y3ls+4 rzAvZ7TlCS7Fy8nWLleOwQ== 0000742170-03-000016.txt : 20030415 0000742170-03-000016.hdr.sgml : 20030415 20030415104618 ACCESSION NUMBER: 0000742170-03-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030415 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030415 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-12756-B FILM NUMBER: 03649651 BUSINESS ADDRESS: STREET 1: 17 POPE ST CITY: HUDSON STATE: MA ZIP: 01749 BUSINESS PHONE: 978-568-8321 MAIL ADDRESS: STREET 1: 17 POPE STREET CITY: HUDSON STATE: MA ZIP: 01749 8-K 1 r8k2003-1.txt FORM 8-K FOR APRIL 15, 2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): April 15, 2003 COMMUNITY BANCORP, INC. (Exact name of registrant as specified in its charter) Massachusetts 33-12756-B 04-2841993 ------------- ---------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 17 Pope Street, Hudson, MA 01749 -------------------------- ----- Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (978) 568-8321 Not Applicable -------------- (Former name or former address, if changed since last report) Items 1 through 6. Not applicable. Item 7. Financial Statements and Exhibits (c) Exhibits: Exhibit 99.1 - Letter to shareholders from James A. Langway, President and Chief Executive Officer, dated April 15, 2003 Exhibit 99.2 - Unaudited, condensed consolidated financial statements of the Company dated March 31, 2003. Items 8 through 11. Not applicable. Item 12. Results of Operations and Financial Condition On April 15, 2003, the Company mailed to shareholders a letter from James A. Langway, President and Chief Executive Officer, announcing the Company's first quarter 2003 earnings. Accompanying that letter were the Company's unaudited, condensed consolidated financial statements dated March 31, 2003. -2- SIGNATURE --------- 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 hereunto duly authorized. COMMUNITY BANCORP, INC. By: /s/ Donald R. Hughes, Jr. -------------------------- Donald R. Hughes, Jr. Treasurer and Clerk Date: April 15, 2003 -3- EXHIBIT INDEX ------------- Exhibit # Exhibit Description - --------- ------------------- 99.1 Letter to shareholders from James A. Langway, President and Chief Executive Officer, dated April 15, 2003 99.2 Unaudited, condensed consolidated financial statements of the Company dated March 31, 2003. -4- EX-99.1 3 ex99-1.txt LETTER TO SHAREHOLDERS FROM PRESIDENT DATED APRIL 15, 2003 EXHIBIT 99.1 ------------ [The following letter appears on Community Bancorp, Inc. letterhead] April 15, 2003 Dear Shareholder: Community Bancorp, Inc. and its subsidiary, Community National Bank, recorded consolidated net income of $1,400,000 or $0.24 diluted earnings per share for the three months ended March 31, 2003, compared to $1,358,000 or $0.23 diluted earnings per share recorded for the same period in 2002. The Company's March 31, 2003 consolidated financial statements are enclosed for your review. As a result of the Company's continued strong performance and earnings, the Board of Directors voted to increase the cash dividend declared on common stock to $0.083 per share for the first quarter of 2003. This represents the thirty-eighth consecutive increase in the Company's quarterly cash dividend. Your first quarter 2003 dividend check, or your deposit advice if you have chosen to have your dividend deposited directly into your account, is enclosed. As I have done in the past, I again invite your participation in the Company's success. If you have friends, relatives or business associates who may not be satisfied with their present banking relationship, especially in light of the continuing consolidation and merging of banks in our area, please encourage them to visit Community National Bank and give us an opportunity to satisfy their financial needs. Referrals of that type to the Bank will benefit both the new customer and you, the shareholder. I sincerely appreciate the ongoing support the shareholders have provided to the Company's Board of Directors, management and staff. Should you have any questions about Community Bancorp or Community National Bank, please feel free to give me a call. Sincerely, /s/ James A. Langway James A. Langway President and Chief Executive Officer EX-99.2 4 ex99-2.txt MARCH 31, 2003 UNAUDITED CONDENSED FINANCIAL STATEMENTS EXHIBIT 99.2 ------------
COMMUNITY BANCORP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, --------------------- (Dollars in thousands) 2003 2002 - ---------------------- -------- -------- ASSETS Cash and cash equivalents $ 26,899 $ 21,669 Federal funds sold 19,816 28,707 Securities held to maturity (fair value $130,600 in 2003 and $94,773 in 2002) 127,407 93,238 Securities available for sale, at fair value 52,241 74,331 Federal Home Loan Bank of Boston stock 1,547 1,442 Mortgage loans held for sale 1,087 1,108 Loans 213,615 188,159 Less allowance for loan losses 2,747 2,669 ------- ------- Loans, net 210,868 185,490 Bank premises and equipment, net 6,351 6,117 Other assets, net 5,704 4,863 ------- ------- Total assets $451,920 $416,965 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Noninterest bearing $ 78,293 $ 78,393 Interest bearing 274,428 257,457 ------- ------- Total deposits 352,721 335,850 Securities sold under repurchase agreements 27,523 31,973 Federal Home Loan Bank of Boston advances 28,690 10,000 Other liabilities 3,684 2,282 ------- ------- Total liabilities 412,618 380,105 ------- ------- Commitments: -- -- Stockholders' equity: Preferred stock, $2.50 par value, 100,000 shares authorized, none issued or outstanding -- -- Common stock, $2.50 par value, 12,000,000 shares authorized, 6,398,436 shares issued, 5,829,780 shares outstanding (5,940,606 shares outstanding at March 31, 2002) 15,996 15,996 Additional paid-in capital 362 219 Retained earnings 26,261 22,533 Treasury stock, at cost, 568,656 shares (457,830 shares at March 31, 2002) (4,006) (2,297) Accumulated other comprehensive income 689 409 ------- ------- Total stockholders' equity 39,302 36,860 ------- ------- Total liabilities and stockholders' equity $451,920 $416,965 ======= =======
COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For Three Months Ended March 31, --------------------- (Dollars in thousands, except per-share data) 2003 2002 - --------------------------------------------- -------- -------- Interest and dividend income: Interest and fees on loans $ 3,376 $ 3,367 Interest and dividends on securities: Taxable interest 1,708 1,819 Nontaxable interest 249 240 Dividends 90 91 Interest on federal funds sold 42 79 ----- ----- Total interest and dividend income 5,465 5,596 ----- ----- Interest expense: Interest on deposits 1,011 1,289 Interest on securities sold under repurchase agreements 76 131 Interest on Federal Home Loan Bank of Boston advances 181 61 ----- ----- Total interest expense 1,268 1,481 ----- ----- Net interest income 4,197 4,115 Provision for loan losses 45 45 ----- ----- Net interest income after provision for loan losses 4,152 4,070 ----- ----- Noninterest income: Merchant credit card processing assessments 376 416 Service charges 372 332 Other charges, commissions and fees 353 365 Gains on sales of loans, net 141 64 Gains on sales of securities, net 118 59 Other 27 27 ----- ----- Total noninterest income 1,387 1,263 ----- ----- Noninterest expense: Salaries and employee benefits 1,801 1,713 Information technology and ATM network 314 296 Occupancy, net 270 259 Furniture and equipment 89 100 Credit card processing 325 339 Printing, stationery and supplies 71 61 Professional fees 149 119 Marketing and advertising 52 28 Other 359 348 ----- ----- Total noninterest expense 3,430 3,263 ----- ----- Income before income tax expense 2,109 2,070 Income tax expense 709 712 ----- ----- Net income $ 1,400 $ 1,358 ===== ===== Earnings per share: Basic $ 0.24 $ 0.23 Diluted $ 0.24 $ 0.23
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