-----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, RgI5HU8RmamV313IFjx3IABbaXdB/XISDMmRDD/wa6ipxcbDaGAEszpzmzTL7ZQG jLEWdQiGzOgl2ZoU6nAoKA== 0000742170-03-000022.txt : 20030715 0000742170-03-000022.hdr.sgml : 20030715 20030715132747 ACCESSION NUMBER: 0000742170-03-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030715 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030715 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: 03786825 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 r8k2003-2.txt FORM 8-K FOR JULY 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): July 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 July 15, 2003 Exhibit 99.2 - Unaudited, condensed consolidated financial statements of the Company dated June 30, 2003. Items 8 through 11. Not applicable. Item 12. Results of Operations and Financial Condition On July 15, 2003, the Company mailed to shareholders a letter from James A. Langway, President and Chief Executive Officer, announcing the Company's second quarter 2003 earnings. Accompanying that letter were the Company's unaudited, condensed consolidated financial statements dated June 30, 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: July 15, 2003 -3- EXHIBIT INDEX ------------- Exhibit # Exhibit Description - --------- ------------------- 99.1 Letter to shareholders from James A. Langway, President and Chief Executive Officer, dated July 15, 2003 99.2 Unaudited, condensed consolidated financial statements of the Company dated June 30, 2003. -4- EX-99.1 3 ex99-1.txt LETTER TO SHAREHOLDERS FROM PRESIDENT DATED JULY 15, 2003 EXHIBIT 99.1 ------------ [The following letter appears on Community Bancorp, Inc. letterhead] July 15, 2003 Dear Shareholder: Community Bancorp, Inc. and its subsidiary, Community National Bank, recorded consolidated net income of $2.8 million or $0.48 diluted earnings per share for both the six month periods ended June 30, 2003 and 2002. The Company's June 30, 2003 condensed financial statements are enclosed for your review. As a result of our performance and earnings, the Board of Directors voted to increase the cash dividend on common stock to $0.085 per share for the second quarter of 2003. This represents the thirty-ninth consecutive increase in the quarterly cash dividend. Your second quarter 2003 dividend check, or your deposit advice if you have chosen to have your dividend deposited directly into your account, is enclosed. I am pleased with our performance over the past six months, especially in light of the Federal Reserve's lowering of short-term interest rates to their lowest levels in 45 years. We are cautiously optimistic that the nation's economy will show signs of improvement during the second half of the year and that gradually rising interest rates in the future will enhance our net interest income. In the meantime, we continue to monitor expenses closely and seek out new sources of revenue. I sincerely appreciate your ongoing support. Should you have any questions about Community Bancorp, Inc. 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 JUNE 30, 2003 UNAUDITED CONDENSED FINANCIAL STATEMENTS EXHIBIT 99.2 ------------
COMMUNITY BANCORP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, -------- ------------ (Dollars in thousands) 2003 2002 - ---------------------- -------- -------- ASSETS Cash and cash equivalents $ 23,507 $ 22,308 Federal funds sold 12,606 19,557 Securities held to maturity (fair value $141,454 in 2003 and $118,118 in 2002) 137,485 114,699 Securities available for sale, at fair value 49,784 64,765 Federal Home Loan Bank of Boston stock 2,153 1,442 Mortgage loans held for sale 2,868 2,531 Loans 219,461 201,389 Less allowance for loan losses 2,784 2,733 ------- ------- Loans, net 216,677 198,656 Bank premises and equipment, net 6,156 6,295 Other assets, net 6,034 5,522 ------- ------- Total assets $457,270 $435,775 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Noninterest bearing $ 79,611 $ 83,445 Interest bearing 268,844 270,837 ------- ------- Total deposits 348,455 354,282 Securities sold under repurchase agreements 22,148 24,969 Federal Home Loan Bank of Boston advances 42,750 14,395 Other liabilities 3,168 3,223 ------- ------- Total liabilities 416,521 396,869 ------- ------- 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, 5,863,314 shares outstanding (5,829,630 shares outstanding at December 31, 2002) 15,996 15,996 Additional paid-in capital 609 360 Retained earnings 27,195 25,346 Treasury stock, at cost, 535,122 shares (568,806 shares at December 31, 2002) (3,855) (4,007) Accumulated other comprehensive income 804 1,211 ------- ------- Total stockholders' equity 40,749 38,906 ------- ------- Total liabilities and stockholders' equity $457,270 $435,775 ======= =======
COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For Six Months Ended June 30, --------------------- (Dollars in thousands, except per-share data) 2003 2002 - --------------------------------------------- -------- -------- Interest and dividend income: Interest and fees on loans $ 6,840 $ 6,771 Interest and dividends on securities: Taxable interest 3,258 3,754 Nontaxable interest 542 477 Dividends 129 174 Interest on federal funds sold 81 158 ------ ------ Total interest and dividend income 10,850 11,334 ------ ------ Interest expense: Interest on deposits 1,968 2,495 Interest on securities sold under repurchase agreements 147 246 Interest on Federal Home Loan Bank of Boston advances 385 176 ------ ------ Total interest expense 2,500 2,917 ------ ------ Net interest income 8,350 8,417 Provision for loan losses 80 90 ------ ------ Net interest income after provision for loan losses 8,270 8,327 ------ ------ Noninterest income: Merchant credit card processing assessments 776 821 Service charges 750 705 Other charges, commissions and fees 738 689 Gains on sales of loans, net 252 103 Gains on sales of securities, net 224 95 Other 50 52 ------ ------ Total noninterest income 2,790 2,465 ------ ------ Noninterest expense: Salaries and employee benefits 3,535 3,379 Information technology and ATM network 653 608 Occupancy, net 524 459 Furniture and equipment 181 199 Credit card processing 697 683 Printing, stationery and supplies 116 119 Professional fees 293 239 Marketing and advertising 112 98 Other 698 648 ------ ------ Total noninterest expense 6,809 6,432 ------ ------ Income before income tax expense 4,251 4,360 Income tax expense 1,422 1,512 ------ ------ Net income $ 2,829 $ 2,848 ====== ====== Earnings per share: Basic $ 0.49 $ 0.48 Diluted $ 0.48 $ 0.48
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