Community Bancorp. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
January 30, 2015 at 01:52 am IST
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Community Bancorp. reported earnings results for the fourth quarter and year ended December 31, 2014. The company reported earnings for the fourth quarter ended December 31, 2014, of $1,391,768 or $0.28 per share compared to $1,451,600 or $0.29 per share for the fourth quarter of 2013.
The company's earnings of $5,124,908 or $1.03 per share for the full year compared favorably to $5,086,655 or $1.03 per share in 2013. The company's 2014 increase in earnings is attributable to the increase in earning assets combined with a decrease in interest paid on deposits resulting in an increase in net interest income of $696,885; the provision for loan losses decreased by $130,000, and non-interest expenses decreased $262,662. These positive trends were offset by a decrease in non interest income of $840,817 and an increase in the provision for income tax expense of $210,477.
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.