Community Bancorp. Reports Fourth Quarter and Full Year 2022 Financial Results
DERBY, VT / ACCESSWIRE / January 23, 2023 / Community Bancorp., (OTCQX:CMTV) Community National Bank reported earnings for the fourth quarter ended December 31, 2022, of
Total assets for the Company at December 31, 2022 were
Total net interest income for the fourth quarter ended December 31, 2022 of
The provision for loan losses for the fourth quarter ended December 31, 2022 was a negative
Total non-interest income for the fourth quarter ended December 31, 2022 increased
Equity capital decreased to
President and CEO Kathryn Austin commented on the Company's results: "We finished 2022 with exceptionally strong results, demonstrating continued year over year growth in assets, deposits and loans, even in the face of continually rising interest rates and a more challenging overall economy. These results reflect the continued strength of our team and the demand for the financial products and services we provide, including needed retail and commercial offerings, in the communities we serve throughout Vermont and New Hampshire. We are grateful for our committed employees and their dedication to our growing customer base."
As previously announced, the Company declared a quarterly cash dividend of
About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with retail banking offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls as well as loan offices located in Burlington, Vermont and Lebanon, New Hampshire
Forward Looking Statements
This press release contains forward-looking statements, including, without limitation, statements about the Company's financial condition, capital status, dividend payment practices, business outlook and affairs. Although these statements are based on management's current expectations and estimates, actual conditions, results, and events may differ materially from those contemplated by such forward-looking statements, as they could be influenced by numerous factors which are unpredictable and outside the Company's control. Factors that may cause actual results to differ materially from such statements include, among others, the following: (1) general economic or monetary conditions, either nationally or regionally, continue to decline, resulting in a deterioration in credit quality or diminished demand for the Company's products and services; (2) changes in laws or government rules, or the way in which courts interpret those laws or rules, adversely affect the financial industry generally or the Company's business in particular, or may impose additional costs and regulatory requirements; (3) interest rates change in such a way as to reduce the Company's interest margins and its funding sources; and (4) competitive pressures increase among financial services providers in the Company's northern New England market area or in the financial services industry generally, including pressures from nonbank financial service providers, from increasing consolidation and integration of financial service providers and from changes in technology and delivery systems, and other factors that are listed from time to time in our financial filings with the SEC, including our Forms 10Q and 10K. We disclaim any responsibility to update our forward looking statements, which are valid only as of the date of this release, should circumstances change.
For more information, contact:
Investor Relations
ir@communitynationalbank.com
SOURCE: Community Bancorp Inc Vermont
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