10-Q: COMMUNITY BANCORP /VT
10-Q: COMMUNITY BANCORP /VT
(EDGAR Online via COMTEX) -- ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
for the Period Ended September 30, 2011
The following discussion analyzes the consolidated financial condition of Community Bancorp. (the "Company") and its wholly-owned subsidiary, Community National Bank, as of September 30, 2011, December 31, 2010 and September 30, 2010, and its consolidated results of operations for the periods then ended. The Company is considered a "smaller reporting company" under applicable regulations of the Securities and Exchange Commission (SEC) and is therefore eligible for relief from certain disclosure requirements. In accordance with such provisions, the Company has elected to provide its audited consolidated statements of income, cash flows and changes in shareholders' equity for two, rather than three, years.
The following discussion should be read in conjunction with the Company's audited consolidated financial statements and related notes contained in its 2010 Annual Report on form 10-K filed with the SEC.
FORWARD-LOOKING STATEMENTS
The Company's Management's Discussion and Analysis of Financial Condition and Results of Operations contains certain forward-looking statements about the results of operations, financial condition and business of the Company and its subsidiary. When used therein, the words "believes," "expects," "anticipates," "intends," "estimates," "plans," "predicts," or similar expressions, indicate that management of the Company is making forward-looking statements.
Forward-looking statements are not guarantees of future performance. They necessarily involve risks, uncertainties and assumptions. Future results of the Company may differ materially from those expressed in these forward-looking statements. Examples of forward looking statements included in this discussion include, but are not limited to, estimated contingent liability related to assumptions made within the asset/liability management process, management's expectations as to the future interest rate environment and the Company's related liquidity level, credit risk expectations relating to the Company's loan portfolio and its participation in the Federal Home Loan Bank of Boston (FHLBB) Mortgage Partnership Finance (MPF) program, and management's general outlook for the future performance of the Company, summarized below under "Overview". Although forward-looking statements are based on management's current expectations and estimates, many of the factors that could influence or determine actual results are unpredictable and not within the Company's control. Readers are cautioned not to place undue reliance on such statements as they speak only as of the date they are made. The Company does not undertake, and disclaims any obligation, to revise or update any forward-looking statements to reflect the occurrence or anticipated occurrence of events or circumstances after the date of this Report, except as required by applicable law. The Company claims the protection of the safe harbor for forward-looking statements provided in the Private Securities Litigation Reform Act of 1995.
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The growth of the balance sheet was from an increase in cash and loans, offset by a decrease in investments and the sale of other real estate owned. The growth was funded by an increase in deposits of $31479305, or 7.5% year over year and $12971072,
In Vermont, 52 of 246 cities and towns give retiring employees some level of cash-out for unused sick pay, according to the Vermont League of Cities and Towns. "They're all different," said Scott Tiedemann, a managing partner in the Los Angeles office
Teachers still have access to the Vermont NEA's strike fund, which provides no-interest loans to union members, Allen said. in the event that teachers resign their positions before the end of the school year before making up the missed school days they
The holiday favorite is based on the 1954 movie starring Bing Crosby and Danny Kaye about two men who open a show in a Vermont inn and fall in love with two singing sisters. The theater is located at 22 Brookside Drive in Millburn.
"The acquisition of Shoreham Telephone Company in Vermont was completed on October 14, adding some 5000 access line equivalents to the Otelco family," added Weaver. "Shoreham will anchor our CLEC expansion into the fourth New England state next year.
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These statistics resemble in most other states. Which means the borrower pays $400 – $500 in loan fees on a $400 loan. This is absurd usury and should be illegal because it is not helping anyone except the lender. It is predatory lending at better if just gets borrowers in deeper debt than before.”Some will say, that little man requires somewhere to go,” said state Rep. Eldridge Emory, “Butif he gets money by doing this, he’s just digging a dent deeper and deeper, and he isn’t going to get out.”Several states like Vermont have currently banned this form of predatory lending.
Pay day lending companies have high dollar lawyers and they are probably lobbying your state politicians right now to protect their interests. If enough people complain the states will all want to do something concerning this predatory form of lending.
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