Community Bancorp Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
January 24, 2014 at 08:55 pm IST
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Community Bancorp reported earnings results for the fourth quarter and year ended December 31, 2013. The company has reported earnings for the fourth quarter ended December 31, 2013, of $1,451,600 or $0.29 per share compared to $1,147,298 or $0.23 per share for the fourth quarter of 2012, an improvement of 27.0%
The company's earnings of $5,086,655 or $1.03 per share for the full year compares favorably to $4,400,690 or $0.88 per share in 2012. Net interest income improved $1,258,636, the provision for loan losses decreased by $330,000, and non interest expenses decreased $574,296. These positive trends were offset by a decrease in non interest income of $206,392 and an increase in the provision for income tax expense of $1,270,575. The company was able to achieve an increase in net interest income due to a decrease in interest expense, attributable to a combination of a lower cost of funds as high-yielding borrowings were paid off and deposit balances shifted from high yield CD's to lower yielding products and a decrease in the interest rate on the junior subordinated debentures.
Community Bancorp. is a bank holding company for Community National Bank (the Bank). Through the Bank, it provides a range of loan and deposit services to individuals, businesses, nonprofit organizations and municipalities in its northern and central Vermont markets. Its services include business banking, commercial real estate lending, residential real estate lending, retail credit, municipal and institutional banking and retail banking. It offers a range of credit products for a variety of general business purposes, including financing for commercial business properties, equipment, inventories and accounts receivable, and standby letters of credit. It provides a range of products to meet the financing needs of commercial developers and investors, residential builders and developers and community development entities. It also provides a full range of consumer banking services, including checking accounts, night deposit facilities and online, mobile, telephone banking and others.