Community Bancorp, a Vermont-based bank holding company, reported a solid financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $20.5 million, a 10% increase from $18.6 million in the previous year. The company’s net income also saw a significant rise, climbing to $4.2 million, up from $3.5 million in 2023, reflecting a 20% increase in profitability. This growth can be attributed to a combination of higher net interest income and improved fee-based income from banking services.
The company has made strategic advancements during the fiscal year, including the continued expansion of its branch network and loan production offices. Community Bancorp operates 11 branches across northeastern and central Vermont, with a loan production office in Grafton County, New Hampshire. The bank has focused on enhancing its market presence in Central Vermont and Chittenden County, where economic activity is more robust. Additionally, the company has maintained a strong commitment to community banking, emphasizing long-term relationships with customers and tailored financial services.
Operationally, Community Bancorp reported an increase in its customer base, with total deposits rising to $350 million, a 15% increase from the previous year. The bank employed 128 full-time and 11 part-time employees as of December 31, 2024, maintaining a stable workforce to support its operations. The company’s capital ratios exceeded regulatory requirements, with a common equity Tier 1 capital ratio of 12.5%, indicating a strong capital position that supports its growth initiatives.
Looking ahead, Community Bancorp expressed optimism about its growth prospects, citing ongoing investments in technology and customer service enhancements. The company plans to continue expanding its product offerings and geographic reach, particularly in New Hampshire, to capture additional market share. Management remains vigilant regarding potential economic challenges, including interest rate fluctuations and local economic conditions, but believes that its strategic focus on community banking will position it well for future success.
About COMMUNITY BANCORP /VT
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