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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-16435

Community Bancorp./VT

(Exact name of Registrant as Specified in its Charter)

Vermont			03-0284070
(State of Incorporation)			(IRS Employer Identification Number)

4811 US Route 5, Derby, Vermont			05829
(Address of Principal Executive Offices)			(zip code)

Registrant's Telephone Number: (802) 334-7915

Securities registered pursuant to Section 12(b) of the Act: NONE

Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
	(Not Applicable)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file for such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ NO ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES ☐ NO ☒

At November 4, 2025, there were 5,604,612 shares outstanding of the Corporation's common stock.

FORM 10-Q
Index
		Page
PART I	FINANCIAL INFORMATION

Item 1	Financial Statements	3
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3	Quantitative and Qualitative Disclosures About Market Risk	51
Item 4	Controls and Procedures	51

PART II	OTHER INFORMATION

Item 1	Legal Proceedings	52
Item 1A	Risk Factors	52
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 6	Exhibits	53
	Signatures	54
	Exhibit Index	55

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements (Unaudited)

The following are the unaudited consolidated financial statements for the Company.

Community Bancorp. and Subsidiary	September 30,			December 31,
Consolidated Balance Sheets	2025			2024
	(Unaudited)

Assets
Cash and due from banks	$	11,813,247		$	9,875,427
Federal funds sold and overnight deposits		49,052,312			101,064,775
Total cash and cash equivalents		60,865,559			110,940,202
Securities available-for-sale (amortized cost $165,580,624 and $179,668,079 at 9/30/25 and 12/31/24, respectively)		152,248,319			159,697,420
Restricted equity securities, at cost		3,256,550			2,629,350
Loans held-for-sale		1,269,208			0
Loans		961,882,509			927,940,805
Allowance for credit losses		(10,769,269	)		(9,810,212	)
Deferred net loan costs		738,390			648,695
Net loans		951,851,630			918,779,288
Bank premises and equipment, net		12,391,426			12,072,985
Accrued interest receivable		4,459,788			4,472,474
Bank owned life insurance		5,378,643			5,318,354
Goodwill		11,574,269			11,574,269
Other real estate owned		319,019			0
Other assets		22,556,932			23,445,787
Total assets	$	1,226,171,343		$	1,248,930,129

Liabilities and Shareholders' Equity
Liabilities
Deposits:
Demand, non-interest bearing	$	205,211,509		$	197,697,470
Interest-bearing transaction accounts		284,204,977			304,212,085
Money market funds		155,502,114			169,533,067
Savings		143,737,440			142,925,828
Time deposits, $250,000 and over		43,064,201			42,637,716
Other time deposits		176,579,922			144,638,592
Total deposits		1,008,300,163			1,001,644,758
Repurchase agreements		34,178,676			48,943,996
Borrowed funds		46,275,022			72,600,000
Junior subordinated debentures		12,887,000			12,887,000
Accrued interest and other liabilities		12,650,140			14,806,170
Total liabilities		1,114,291,001			1,150,881,924

Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at 09/30/25 and 12/31/24 ($100,000 liquidation value, per share)		1,500,000			1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,867,045 shares issued at 09/30/25 and 5,809,035 shares issued at 12/31/24		14,667,613			14,522,588
Additional paid-in capital		39,725,620			38,801,755
Retained earnings		69,843,878			61,623,460
Accumulated other comprehensive loss		(10,532,522	)		(15,776,821	)
Less: treasury stock, at cost; 247,554 shares at 09/30/25 and 210,101 shares at 12/31/24		(3,324,247	)		(2,622,777	)
Total shareholders' equity		111,880,342			98,048,205
Total liabilities and shareholders' equity	$	1,226,171,343		$	1,248,930,129

Book value per common share outstanding	$	19.64		$	17.24

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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Community Bancorp. and Subsidiary	Three Months Ended September 30,
Consolidated Statements of Income	2025		2024
(Unaudited)

Interest income
Interest and fees on loans	$	14,201,931	$	12,739,224
Interest on taxable debt securities		912,616		881,822
Interest on tax-exempt debt securities		80,411		80,411
Dividends		68,400		64,051
Interest on federal funds sold and overnight deposits		153,496		201,959
Total interest income		15,416,854		13,967,467

Interest expense
Interest on deposits		3,765,915		3,676,889
Interest on borrowed funds		663,155		1,159,214
Interest on repurchase agreements		234,756		194,151
Interest on junior subordinated debentures		242,038		275,290
Total interest expense		4,905,864		5,305,544

Net interest income		10,510,990		8,661,923
Credit loss expense		258,753		460,745
Net interest income after credit loss expense		10,252,237		8,201,178

Non-interest income
Service fees		1,002,753		972,338
Income from sold loans		102,389		96,294
Other income from loans		260,459		381,170
Other income		729,453		556,872
Total non-interest income		2,095,054		2,006,674

Non-interest expense
Salaries and wages		2,432,661		2,358,000
Employee benefits		959,918		986,804
Occupancy expenses, net		748,354		683,980
Other expenses		2,452,565		2,479,874
Total non-interest expense		6,593,498		6,508,658

Income before income taxes		5,753,793		3,699,194
Income tax expense		1,007,006		584,943
Net income	$	4,746,787	$	3,114,251

Earnings per common share	$	0.84	$	0.55
Weighted average number of common shares used in computing earnings per share		5,607,086		5,563,774
Dividends declared per common share	$	0.25	$	0.24

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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Community Bancorp. and Subsidiary	Nine Months Ended September 30,
Consolidated Statements of Income	2025		2024
(Unaudited)

Interest income
Interest and fees on loans	$	41,108,667	$	36,484,552
Interest on taxable debt securities		2,719,893		2,786,379
Interest on tax-exempt debt securities		241,234		241,234
Dividends		174,886		169,706
Interest on federal funds sold and overnight deposits		547,302		342,343
Total interest income		44,791,982		40,024,214

Interest expense
Interest on deposits		11,923,830		10,116,896
Interest on borrowed funds		1,478,729		3,379,454
Interest on repurchase agreements		818,772		570,913
Interest on junior subordinated debentures		726,796		836,089
Total interest expense		14,948,127		14,903,352

Net interest income		29,843,855		25,120,862
Credit loss expense		990,853		1,105,906
Net interest income after credit loss expense		28,853,002		24,014,956

Non-interest income
Service fees		2,859,310		2,834,439
Income from sold loans		268,470		273,867
Other income from loans		862,385		913,994
Other income		1,742,209		1,390,698
Total non-interest income		5,732,374		5,412,998

Non-interest expense
Salaries and wages		7,145,388		7,104,000
Employee benefits		3,034,163		2,840,194
Occupancy expenses, net		2,324,661		2,100,714
Other expenses		7,260,297		7,035,466
Total non-interest expense		19,764,509		19,080,374

Income before income taxes		14,820,867		10,347,580
Income tax expense		2,488,849		1,682,242
Net income	$	12,332,018	$	8,665,338

Earnings per common share	$	2.18	$	1.55
Weighted average number of common shares used in computing earnings per share		5,608,353		5,542,353
Dividends declared per common share	$	0.73	$	0.70

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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Community Bancorp. and Subsidiary
Consolidated Statements of Comprehensive Income
(Unaudited)	Three Months Ended September 30,
	2025			2024

Net income	$	4,746,787		$	3,114,251

Other comprehensive income
Unrealized holding gain on securities AFS arising during the period		2,475,089			6,150,345
Tax effect		(519,769	)		(1,291,573	)
Other comprehensive income, net of tax		1,955,320			4,858,772
Total comprehensive income	$	6,702,107		$	7,973,023

	Nine Months Ended September 30,
	2025			2024

Net income	$	12,332,018		$	8,665,338

Other comprehensive income, net of tax:
Unrealized holding gain on securities AFS arising during the period		6,638,354			4,444,072
Tax effect		(1,394,055	)		(933,258	)
Other comprehensive income, net of tax		5,244,299			3,510,814
Total comprehensive income	$	17,576,317		$	12,176,152

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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Community Bancorp. and Subsidiary

Consolidated Statements of Changes in Shareholders' Equity

(Unaudited)

	Nine Months Ended September 30, 2025
					Additional											Total
	Common		Preferred		paid-in		Retained						Treasury			shareholders'
	Stock		Stock		capital		earnings			AOCI*			stock			equity

January 1, 2025	$	14,522,588	$	1,500,000	$	38,801,755	$	61,623,460		$	(15,776,821	)	$	(2,622,777	)	$	98,048,205

Issuance of common stock		53,085				310,454											363,539
Cash dividends declared
Common stock								(1,343,515	)								(1,343,515	)
Preferred stock								(28,125	)								(28,125	)
Shares purchased through stock buyback plan														(35,380	)		(35,380	)
Comprehensive income
Net income								3,525,455									3,525,455
Other comprehensive income											2,374,851						2,374,851
March 31, 2025	$	14,575,673	$	1,500,000	$	39,112,209	$	63,777,275		$	(13,401,970	)	$	(2,658,157	)	$	102,905,030

Issuance of common stock		46,397				305,745											352,142
Cash dividends declared
Common stock								(1,346,706	)								(1,346,706	)
Preferred stock								(28,125	)								(28,125	)
Shares purchased through stock buyback plan														(512,838	)		(512,838	)
Comprehensive income
Net income								4,059,776									4,059,776
Other comprehensive income											914,128						914,128
June 30, 2025	$	14,622,070	$	1,500,000	$	39,417,954	$	66,462,220		$	(12,487,842	)	$	(3,170,995	)	$	106,343,407

Issuance of common stock		45,543				307,666											353,209
Cash dividends declared
Common stock								(1,337,004	)								(1,337,004	)
Preferred stock								(28,125	)								(28,125	)
Shares purchased through stock buyback plan														(153,252	)		(153,252	)
Comprehensive income
Net income								4,746,787									4,746,787
Other comprehensive income											1,955,320						1,955,320
September 30, 2025	$	14,667,613	$	1,500,000	$	39,725,620	$	69,843,878		$	(10,532,522	)	$	(3,324,247	)	$	111,880,342

*Accumulated other comprehensive loss

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Community Bancorp. and Subsidiary
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
	Nine Months Ended September 30, 2024
					Additional											Total
	Common		Preferred		paid-in		Retained						Treasury			shareholders'
	Stock		Stock		capital		earnings			AOCI*			stock			equity

January 1, 2024	$	14,310,378	$	1,500,000	$	37,574,578	$	54,198,230		$	(15,931,595	)	$	(2,622,777	)	$	89,028,814

Issuance of common stock		52,890				307,561											360,451
Cash dividends declared
Common stock								(1,268,320	)								(1,268,320	)
Preferred stock								(31,875	)								(31,875	)
Comprehensive income
Net income								2,822,901									2,822,901
Other comprehensive loss											(1,508,008	)					(1,508,008	)
March 31, 2024	$	14,363,268	$	1,500,000	$	37,882,139	$	55,720,936		$	(17,439,603	)	$	(2,622,777	)	$	89,403,963

Issuance of common stock		50,000				291,418											341,418
Cash dividends declared
Common stock								(1,273,008	)								(1,273,008	)
Preferred stock								(31,875	)								(31,875	)
Comprehensive income
Net income								2,728,186									2,728,186
Other comprehensive income											160,050						160,050
June 30, 2024	$	14,413,268	$	1,500,000	$	38,173,557	$	57,144,239		$	(17,279,553	)	$	(2,622,777	)	$	91,328,734

Issuance of common stock		58,207				298,396											356,603
Cash dividends declared
Common stock								(1,278,030	)								(1,278,030	)
Preferred stock								(31,875	)								(31,875	)
Comprehensive income
Net income								3,114,251									3,114,251
Other comprehensive income											4,858,772						4,858,772
September 30, 2024	$	14,471,475	$	1,500,000	$	38,471,953	$	58,948,585		$	(12,420,781	)	$	(2,622,777	)	$	98,348,455

*Accumulated other comprehensive loss

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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Community Bancorp. and Subsidiary
Consolidated Statements of Cash Flows
(Unaudited)	Nine Months Ended September 30,
	2025			2024

Cash Flows from Operating Activities:
Net income	$	12,332,018		$	8,665,338
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, bank premises and equipment		782,239			780,718
Credit loss expense		990,853			1,105,906
Deferred income tax (benefit) provision		(11,389	)		352,399
Gain on sale of loans		(80,495	)		(66,682	)
Loss (gain) on sale of bank premises and equipment		7,839			(13,981	)
Income from CFS Partners		(1,388,678	)		(979,747	)
Amortization of bond premium, net		34,695			158,121
Proceeds from sales of loans held for sale		3,724,595			3,972,232
Originations of loans held for sale		(4,913,308	)		(3,905,550	)
Increase (decrease) in taxes payable		158,634			(388,763	)
Decrease (increase) in interest receivable		12,686			(106,384	)
Decrease in mortgage servicing rights		65,997			66,093
Decrease in right-of-use assets		178,394			144,684
Increase (decrease) in operating lease liabilities		279,239			(18,220	)
Decrease (increase) in other assets		31,633			(19,409	)
Increase in cash surrender value of BOLI		(60,289	)		(64,253	)
Amortization of limited partnerships		638,604			447,606
Change in net deferred loan fees and costs		(89,695	)		(59,177	)
(Decrease) increase in interest payable		(1,912,291	)		1,355,993
Decrease in accrued expenses		(305,597	)		(492,340	)
Decrease in other liabilities		(118,187	)		(58,875	)
Net cash provided by operating activities		10,357,497			10,875,709

Cash Flows from Investing Activities:
Investments - AFS
Maturities, calls, pay downs and sales		29,024,533			24,514,443
Purchases		(14,971,773	)		0
Proceeds from redemption of restricted equity securities		2,547,700			4,152,400
Purchases of restricted equity securities		(3,174,900	)		(5,301,300	)
Increase in loans, net		(34,401,822	)		(69,016,918	)
Capital expenditures net of proceeds from sales of bank premises and equipment		(1,206,710	)		(864,341	)
Recoveries of loans charged off		88,395			75,906
Net cash used in investing activities		(22,094,577	)		(46,439,810	)

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	2025			2024

Cash Flows from Financing Activities:
Net decrease in demand and interest-bearing transaction accounts		(12,493,069	)		(393,264	)
Net decrease in money market and savings accounts		(13,219,341	)		(17,654,364	)
Net increase in time deposits		32,367,815			50,659,935
Net decrease in repurchase agreements		(14,765,320	)		(3,651,802	)
Net (decrease) increase in short-term borrowings		(31,500,000	)		9,000,000
Proceeds from long-term borrowings		5,175,022			30,000,000
Decrease in finance lease obligations		(175,057	)		(169,659	)
Shares purchased through stock buyback program		(701,470	)		0
Dividends paid on preferred stock		(84,375	)		(95,625	)
Dividends paid on common stock		(2,941,768	)		(2,744,617	)
Net cash (used in) provided by financing activities		(38,337,563	)		64,950,604

Net (decrease) increase in cash and cash equivalents		(50,074,643	)		29,386,503
Cash and cash equivalents:
Beginning		110,940,202			20,434,513
Ending	$	60,865,559		$	49,821,016

Supplemental Schedule of Cash Paid During the Period:
Interest	$	16,860,418		$	13,547,359

Income taxes, net of refunds	$	1,703,000		$	1,271,000

Supplemental Schedule of Noncash Investing and Financing Activities:
Change in unrealized gain on securities AFS	$	6,638,354		$	4,444,072

Loans transferred to OREO	$	319,019		$	275,000

Additions to operating lease liabilities	$	510,199		$	138,058

Investment in limited partnerships, not yet paid	$	4,356,000		$	0

Common Shares Dividends Paid:
Dividends declared	$	4,027,225		$	3,819,358
Increase in dividends payable attributable to dividends declared		(16,567	)		(16,269	)
Dividends reinvested		(1,068,890	)		(1,058,472	)
Total dividends paid	$	2,941,768		$	2,744,617

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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Notes to Consolidated Financial Statements

Note 1. Basis of Presentation and Consolidation and Certain Definitions

Basis of Presentation and Consolidation. The interim consolidated financial statements of Community Bancorp. and Subsidiary are unaudited. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments necessary for the fair presentation of the consolidated financial condition and results of operations of the Company and its subsidiary, Community National Bank (the Bank), contained herein have been made. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024, contained in the Company's Annual Report on Form 10-K. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for any other interim period or for the full annual period ending December 31, 2025.

The Company is considered a “smaller reporting company” and a “non-accelerated filer” under the disclosure rules of the SEC. Accordingly, the Company has elected to provide smaller reporting company scaled disclosures where management deems it appropriate, and to provide its audited consolidated statements of income, comprehensive income, cash flows and changes in shareholders’ equity for a two year, rather than a three year, period is considered a “smaller reporting company” under the disclosure rules of the SEC, as amended in 2018.

In addition to the definitions provided elsewhere in this quarterly report, the definitions, acronyms and abbreviations identified below are used throughout this report, including in Part I. “Financial Information” and Part II. “Other Information” and are intended to aid the reader and provide a reference page when reviewing this report.

ABS:	Asset backed security	FASB:	Financial Accounting Standards Board
ACL:	Allowance for Credit Losses	FDIC:	Federal Deposit Insurance Corporation
AFS:	Available-for-sale	FDICIA:	Federal Deposit Insurance Corporation
Agency MBS:	MBS issued by a US government agency		Improvement Act of 1991
	or GSE	FHLBB:	Federal Home Loan Bank of Boston
ALCO:	Asset Liability Committee	FHLMC:	Federal Home Loan Mortgage Corporation
AOCI:	Accumulated other comprehensive income	FOMC:	Federal Open Market Committee
ASC:	Accounting Standards Codification	FRB:	Federal Reserve Board
ASU:	Accounting Standards Update	FRBB:	Federal Reserve Bank of Boston
Bancorp:	Community Bancorp.	GAAP:	Generally Accepted Accounting Principles
Bank:	Community National Bank		in the United States
BHG:	Bankers Healthcare Group	GSE:	Government sponsored enterprise
BIC:	Borrower-in-Custody	HTM:	Held-to-maturity
Board:	Board of Directors	ICS:	Insured Cash Sweeps of the IntraFi Network
BOLI:	Bank owned life insurance	IRS:	Internal Revenue Service
bp or bps:	Basis point(s)	JNE:	Jobs for New England
BTFP:	Bank Term Funding Program	Jr:	Junior
CDARS:	Certificate of Deposit Accounts Registry	MBS:	Mortgage-backed security
	Service of the IntraFi Network	MSRs:	Mortgage servicing rights
CDs:	Certificates of deposit	NII:	Net interest income
CECL:	Current Expected Credit Loss	OAS:	Other amortizing security
CFSG:	Community Financial Services Group, LLC	OBS:	Off-balance sheet
CFS Partners:	Community Financial Services Partners,	OCI:	Other comprehensive income (loss)
	LLC	OREO:	Other real estate owned
CME:	CME Group Benchmark Administration Ltd.	OTTI:	Other-than-temporary impairment
CMO:	Collateralized Mortgage Obligations	PMI:	Private mortgage insurance
Company:	Community Bancorp. and Subsidiary	PPP:	Paycheck Protection Program
CRE:	Commercial Real Estate	RD:	USDA Rural Development
DCF:	Discounted cash flow	SBA:	U.S. Small Business Administration
DDA or DDAs:	Demand Deposit Account(s)	SEC:	U.S. Securities and Exchange Commission
DTC:	Depository Trust Company	SOFR:	Secured Overnight Financing Rate
DRIP:	Dividend Reinvestment Plan	USDA:	U.S. Department of Agriculture
Exchange Act:	Securities Exchange Act of 1934	VA:	U.S. Veterans Administration

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Note 2. Recent Accounting Developments

In December 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires disclosure in the notes to financial statements of specified information about certain costs and expenses. Public business entities must disclose the amount of employee compensation, depreciation, and intangible asset amortization. A qualitative description of the amounts remaining in relevant expense captions must be disclosed if not disaggregated quantitatively. The ASU is effective for annual periods beginning after December 15, 2026. Management is reviewing the ASU but does not expect that it will have a material effect on the Company’s consolidated financial statements.

Note 3. Earnings per Common Share

Earnings per common share amounts are computed based on the weighted average number of shares of common stock issued during the period (retroactively adjusted for stock splits and stock dividends, if any), including Dividend Reinvestment Plan shares issuable upon reinvestment of dividends declared, and reduced for shares held in treasury.

The following tables illustrate the calculation of earnings per common share for the periods presented, as adjusted for the cash dividends declared on the preferred stock:

Three Months Ended September 30,	2025		2024

Net income, as reported	$	4,746,787	$	3,114,251
Less: dividends to preferred shareholders		28,125		31,875
Net income available to common shareholders	$	4,718,662	$	3,082,376
Weighted average number of common shares used in calculating earnings per share		5,607,086		5,563,774
Earnings per common share	$	0.84	$	0.55

Nine Months Ended September 30,	2025		2024

Net income, as reported	$	12,332,018	$	8,665,338
Less: dividends to preferred shareholders		84,375		95,625
Net income available to common shareholders	$	12,247,643	$	8,569,713
Weighted average number of common shares used in calculating earnings per share		5,608,353		5,542,353
Earnings per common share	$	2.18	$	1.55

Note 4. Investment Securities

Debt securities AFS as of the balance sheet dates consisted of the following:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
September 30, 2025
U.S. GSE debt securities	$	12,000,000	$	0	$	648,053	$	11,351,947
U.S. Government securities		13,532,112		0		289,382		13,242,730
Taxable Municipal securities		300,000		0		37,739		262,261
Tax-exempt Municipal securities		10,727,737		43,899		633,269		10,138,367
Agency MBS		124,624,532		430,579		12,098,002		112,957,109
ABS and OAS		1,745,579		0		71,883		1,673,696
CMO		2,154,664		0		17,115		2,137,549
Other investments		496,000		0		11,340		484,660
Total	$	165,580,624	$	474,478	$	13,806,783	$	152,248,319

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			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

December 31, 2024
U.S. GSE debt securities	$	12,000,000	$	0	$	1,036,485	$	10,963,515
U.S. Government securities		27,579,709		0		824,566		26,755,143
Taxable Municipal securities		300,000		0		52,255		247,745
Tax-exempt Municipal securities		10,772,633		79,789		614,169		10,238,253
Agency MBS		119,522,274		130,900		17,396,937		102,256,237
ABS and OAS		2,098,461		0		140,696		1,957,765
CMO		6,899,002		0		93,467		6,805,535
Other investments		496,000		0		22,773		473,227
Total	$	179,668,079	$	210,689	$	20,181,348	$	159,697,420

The Company had investments in Agency MBS exceeding 10% of shareholders’ equity with a book value of $124.6 million and $119.5 million, respectively, and a fair value of $113.0 million and $102.3 million, respectively, as of September 30, 2025 and December 31, 2024.

Investment securities pledged as collateral for repurchase agreements consisted of certain U.S. GSE debt securities, Agency MBS, ABS and OAS, and CMO. These repurchase agreements mature daily. The aggregate amortized cost and fair value of these pledged investments as of the balance sheet dates were as follows:

	Amortized		Fair
	Cost		Value

September 30, 2025	$	60,863,240	$	54,368,265
December 31, 2024		61,463,021		52,603,659

Investment securities pledged as collateral for BTFP borrowings as of December 31, 2024, consisted of U.S. Government securities and U.S. GSE debt securities. The aggregate amortized cost and fair value of these pledged investments were as follows:

	Amortized		Fair
	Cost		Value

December 31, 2024	$	58,548,143	$	52,695,867

There were no investment securities pledged as collateral for BTFP borrowings as of September 30, 2025, all of which matured and were repaid during the first quarter of 2025.

There were no sales of debt securities during the first nine months of 2025 or 2024.

The scheduled maturities of debt securities as of the balance sheet dates were as follows:

	Amortized		Fair
	Cost		Value
September 30, 2025
Due in one year or less	$	12,924,270	$	12,720,782
Due from one to five years		15,095,354		14,439,331
Due from five to ten years		2,345,326		2,123,425
Due after ten years		10,591,142		10,007,672
Agency MBS		124,624,532		112,957,109
Total	$	165,580,624	$	152,248,319

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	Amortized		Fair
	Cost		Value

December 31, 2024
Due in one year or less	$	20,265,651	$	20,002,880
Due from one to five years		26,774,356		25,165,820
Due from five to ten years		1,300,000		1,070,473
Due after ten years		11,805,798		11,202,010
Agency MBS		119,522,274		102,256,237
Total	$	179,668,079	$	159,697,420

Agency MBS are not due at a single maturity date and have not been allocated to maturity groupings for purposes of the maturity table.

Debt securities with unrealized losses as of the balance sheet dates are presented in the table below.

	Less than 12 months				12 months or more				Totals
	Fair		Unrealized		Fair		Unrealized		Number of		Fair		Unrealized
	Value		Loss		Value		Loss		Securities		Value		Loss
September 30, 2025
U.S. GSE debt securities	$	0	$	0	$	11,351,947	$	648,053		11	$	11,351,947	$	648,053
U.S. Government securities		0		0		13,242,730		289,382		25		13,242,730		289,382
Taxable Municipal securities		0		0		262,261		37,739		1		262,261		37,739
Tax-exempt Municipal securities		1,976,454		46,464		4,948,621		586,805		15		6,925,075		633,269
Agency MBS		4,565		13		88,448,418		12,097,989		115		88,452,983		12,098,002
ABS and OAS		0		0		1,673,696		71,883		4		1,673,696		71,883
CMO		0		0		2,137,549		17,115		4		2,137,549		17,115
Other investments		0		0		484,660		11,340		2		484,660		11,340
Total	$	1,981,019	$	46,477	$	122,549,882	$	13,760,306		177	$	124,530,901	$	13,806,783

	Less than 12 months				12 months or more				Totals
	Fair		Unrealized		Fair		Unrealized		Number of		Fair		Unrealized
	Value		Loss		Value		Loss		Securities		Value		Loss
December 31, 2024
U.S. GSE debt securities	$	0	$	0	$	10,963,515	$	1,036,485		11	$	10,963,515	$	1,036,485
U.S. Government securities		0		0		26,755,143		824,566		41		26,755,143		824,566
Taxable Municipal securities		0		0		247,745		52,255		1		247,745		52,255
Tax-exempt Municipal securities		3,043,981		37,705		3,945,428		576,464		15		6,989,409		614,169
Agency MBS		2,480,313		27,200		91,208,171		17,369,737		118		93,688,484		17,396,937
ABS and OAS		0		0		1,957,765		140,696		4		1,957,765		140,696
CMO		0		0		6,805,535		93,467		7		6,805,535		93,467
Other investments		0		0		473,227		22,773		2		473,227		22,773
Total	$	5,524,294	$	64,905	$	142,356,529	$	20,116,443		199	$	147,880,823	$	20,181,348

As of September 30, 2025 and December 31, 2024, the Company did not have the intent to sell, nor was it more likely than not that we would be required to sell any of the debt securities AFS in an unrealized loss position as of such dates prior to recovery. Management determined that no individual debt securities in an unrealized loss position represented credit losses that would require an allowance for credit losses, and that the unrealized losses as of the balance sheet dates were primarily attributed to increases in market interest rates since these securities were purchased under other market conditions. Accordingly, there was no ACL on AFS debt securities as of September 30, 2025, or December 31, 2024.

Accrued interest receivable on AFS debt securities which totaled $436,867 and $509,429 on September 30, 2025, and December 31, 2024, respectively, was reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses.

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Note 5. Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures

The composition of net loans as of the balance sheet dates was as follows:

	September 30, 2025					December 31, 2024

Commercial & industrial	$	124,174,895		12.91	%	$	124,055,652		13.37	%
Purchased (1)		10,769,907		1.12	%		7,808,877		0.84	%
Commercial real estate		481,332,182		50.04	%		472,152,857		50.88	%
Municipal		70,090,106		7.29	%		67,087,399		7.23	%
Residential real estate - 1st lien		229,730,996		23.88	%		218,090,893		23.50	%
Residential real estate - Jr lien		42,769,310		4.45	%		35,691,181		3.85	%
Consumer		3,015,113		0.31	%		3,053,946		0.33	%
Total loans		961,882,509		100.00	%		927,940,805		100.00	%

ACL		(10,769,269	)				(9,810,212	)
Deferred net loan costs		738,390					648,695
Net loans	$	951,851,630				$	918,779,288

(1)	As of September 30, 2025, purchased loans consisted of $3.2 million in commercial loans and $7.6 million in consumer loans, compared to $4.0 million and $3.8 million, respectively, as of December 31, 2024.

The Company purchased a block of consumer loans totaling $4.9 million during the quarter ended June 30, 2025, which is reflected in the September 30, 2025 Purchased loan total in the table above and the related consumer loan total in the footnote.

Accrued interest receivable on loans totaled $3.9 million and $3.8 million as of September 30, 2025, and December 31, 2024, respectively, and was reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses.

Credit loss expense

Three Months Ended September 30,	2025		2024

Credit loss expense - loans	$	198,264	$	406,955
Credit loss expense - OBS credit exposure		60,489		53,790
Credit loss expense	$	258,753	$	460,745

Nine Months Ended September 30,	2025			2024

Credit loss expense - loans	$	1,011,761		$	1,076,676
Credit (reversal) loss expense - OBS credit exposure		(20,908	)		29,230
Credit loss expense	$	990,853		$	1,105,906

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The following tables present the activity in the ACL on loans for the periods presented.

For the three months ended September 30, 2025

	Balance							Credit Loss			Balance
	June 30,							Expense			September 30,
	2025		Charge-offs			Recoveries		(Reversal)			2025

Commercial & Industrial	$	697,125	$	(7,645	)	$	36,142	$	(73,813	)	$	651,809
Purchased		32,580		0			0		416			32,996
Commercial Real Estate		6,760,034		0			0		23,032			6,783,066
Municipal		106,028		0			0		69,197			175,225
Residential Real Estate - 1st Lien		2,602,099		(13,490	)		2,966		42,720			2,634,295
Residential Real Estate - Jr Lien		326,582		0			0		140,527			467,109
Consumer		25,083		(8,912	)		12,413		(3,815	)		24,769
Totals	$	10,549,531	$	(30,047	)	$	51,521	$	198,264		$	10,769,269

For the nine months ended September 30, 2025

	Balance							Credit Loss			Balance
	December 31,							Expense			September 30,
	2024		Charge-offs			Recoveries		(Reversal)			2025

Commercial & Industrial	$	727,488	$	(46,517	)	$	51,911	$	(81,073	)	$	651,809
Purchased		22,415		0			0		10,581			32,996
Commercial Real Estate		6,487,700		0			0		295,366			6,783,066
Municipal		167,719		0			0		7,506			175,225
Residential Real Estate - 1st Lien		2,087,034		(13,757	)		3,451		557,567			2,634,295
Residential Real Estate - Jr Lien		291,239		0			0		175,870			467,109
Consumer		26,617		(80,825	)		33,033		45,944			24,769
Totals	$	9,810,212	$	(141,099	)	$	88,395	$	1,011,761		$	10,769,269

For the year ended December 31, 2024

	Balance							Credit Loss			Balance
	December 31,							Expense			December 31,
	2023		Charge-offs			Recoveries		(Reversal)			2024

Commercial & Industrial	$	1,100,688	$	(1,263,015	)	$	163,743	$	726,072		$	727,488
Purchased		37,065		0			0		(14,650	)		22,415
Commercial Real Estate		5,522,082		(126,393	)		13,718		1,078,293			6,487,700
Municipal		136,167		0			0		31,552			167,719
Residential Real Estate - 1st Lien		2,590,926		0			1,386		(505,278	)		2,087,034
Residential Real Estate - Jr Lien		431,007		0			15,538		(155,306	)		291,239
Consumer		24,790		(92,266	)		19,169		74,924			26,617
Totals	$	9,842,725	$	(1,481,674	)	$	213,554	$	1,235,607		$	9,810,212

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For the three months ended September 30, 2024

	Balance							Credit Loss			Balance
	June 30,							Expense			September 30,
	2024		Charge-offs			Recoveries		(Reversal)			2024

Commercial & Industrial	$	1,087,079	$	(1,097,922	)	$	1,731	$	1,013,020		$	1,003,908
Purchased		32,061		0			0		(6,444	)		25,617
Commercial Real Estate		5,986,039		(81,000	)		0		(339,428	)		5,565,611
Municipal		85,253		0			0		78,505			163,758
Residential Real Estate - 1st Lien		2,694,655		0			0		(295,978	)		2,398,677
Residential Real Estate - Jr Lien		425,623		0			13,122		(77,893	)		360,852
Consumer		25,005		(45,512	)		7,363		35,173			22,029
Totals	$	10,335,715	$	(1,224,434	)	$	22,216	$	406,955		$	9,540,452

For the nine months ended September 30, 2024

	Balance							Credit Loss			Balance
	December 31,							Expense			September 30,
	2023		Charge-offs			Recoveries		(Reversal)			2024

Commercial & Industrial	$	1,100,688	$	(1,249,441	)	$	45,800	$	1,106,861		$	1,003,908
Purchased		37,065		0			0		(11,448	)		25,617
Commercial Real Estate		5,522,082		(126,393	)		0		169,922			5,565,611
Municipal		136,167		0			0		27,591			163,758
Residential Real Estate - 1st Lien		2,590,926		0			0		(192,249	)		2,398,677
Residential Real Estate - Jr Lien		431,007		0			15,537		(85,692	)		360,852
Consumer		24,790		(79,021	)		14,569		61,691			22,029
Totals	$	9,842,725	$	(1,454,855	)	$	75,906	$	1,076,676		$	9,540,452

Credit Quality Grouping

In developing the ACL, management uses credit quality groupings to help evaluate trends in credit quality. The Company groups credit risk into Groups A, B and C. The manner the Company utilizes to assign risk grouping is driven by loan purpose. Commercial purpose loans are individually risk graded while the retail portion of the portfolio is generally grouped by delinquency pool.

Group A loans - Pass – are loans that are expected to perform as agreed under their respective terms. Such loans carry a normal level of risk that does not require management attention beyond that warranted by the loan or loan relationship characteristics, such as loan size or relationship size. Group A loans include commercial purpose loans that are individually risk rated and retail loans that are rated by pool. Group A retail loans include performing consumer and residential real estate loans. Residential real estate loans are loans to individuals secured by 1-4 family homes, including first mortgages, home equity and home improvement loans. Loan balances fully secured by deposit accounts or that are fully guaranteed by the federal government are considered acceptable risk.

Group B loans – Special Mention - are loans that require greater attention than the acceptable risk loans in Group A. Characteristics of such loans may include, but are not limited to, borrowers that are experiencing negative operating trends such as reduced sales or margins, borrowers that have exposure to adverse market conditions such as increased competition or regulatory burden, or borrowers that have had unexpected or adverse changes in management. These loans have a greater likelihood of migrating to an unacceptable risk level if these characteristics are left unchecked. Group B is limited to commercial purpose loans that are individually risk rated.

Group C loans – Substandard/Doubtful – are loans that have distinct shortcomings that require a greater degree of management attention. Examples of these shortcomings include a borrower's inadequate capacity to service debt, poor operating performance, or insolvency. These loans are more likely to result in repayment through collateral liquidation. Group C loans range from those that are likely to sustain some loss if the shortcomings are not corrected, to those for which loss is imminent and non-accrual treatment is warranted. Group C loans include individually rated commercial purpose loans and retail loans adversely rated in accordance with the Federal Financial Institutions Examination Council’s Uniform Retail Credit Classification Policy. Group C retail loans include 1-4 family residential real estate loans and home equity loans past due 90 days or more with loan-to-value ratios greater than 60%, home equity loans 90 days or more past due where the Bank does not hold first mortgage, irrespective of loan-to-value, loans in bankruptcy where repayment is likely but not yet established, and lastly consumer loans that are 90 days or more past due.

Commercial purpose loan ratings are assigned by the commercial account officer; for larger and more complex commercial loans, the credit rating is a collaborative assignment by the lender and the credit analyst. The credit risk rating is based on the borrower's expected performance, i.e., the likelihood that the borrower will be able to service its obligations in accordance with the loan terms. Credit risk ratings are meant to measure risk versus simply record history. Assessment of expected future payment performance requires consideration of numerous factors. While past performance is part of the overall evaluation, expected performance is based on an analysis of the borrower's financial strength, and historical and projected factors such as size and financing alternatives, capacity and cash flow, balance sheet and income statement trends, the quality and timeliness of financial reporting, and the quality of the borrower’s management. Other factors influencing the credit risk rating to a lesser degree include collateral coverage and control, guarantor strength and commitment, documentation, structure and covenants and industry conditions. There are uncertainties inherent in this process.

Credit risk ratings are dynamic and require updating whenever relevant information is received. Risk ratings are assessed on an ongoing basis and at various points, including at delinquency or at the time of other adverse events. For larger, more complex or adversely rated loans, risk ratings are also assessed at the time of annual or periodic review. Lenders are required to make immediate disclosure to the Senior Lender of any known increase in loan risk, even if considered temporary in nature.

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The risk ratings within the loan portfolio by loan segment and origination year, were as follows:

As of September 30, 2025													Revolving		Revolving
													Loans		Loans
	Term Loans Amortized Cost Basis by Origination Year												Amortized		Converted
	2025		2024		2023		2022		2021		Prior		Cost Basis		to Term		Total
	*(Dollars in Thousands)*
Commercial & Industrial:
Pass	$	7,193	$	19,334	$	10,859	$	12,390	$	6,019	$	5,445	$	53,314	$	0	$	114,554
Special mention		0		0		0		81		107		0		1,006		0		1,194
Substandard/Doubtful		0		0		314		4,038		517		1,714		1,844		0		8,427
Total	$	7,193	$	19,334	$	11,173	$	16,509	$	6,643	$	7,159	$	56,164	$	0	$	124,175

Purchased:
Pass	$	4,592	$	0	$	3,210	$	71	$	778	$	2,119	$	0	$	0	$	10,770
Total	$	4,592	$	0	$	3,210	$	71	$	778	$	2,119	$	0	$	0	$	10,770

Commercial real estate:
Pass	$	29,626	$	57,164	$	76,479	$	88,547	$	32,291	$	125,934	$	53,441	$	0	$	463,482
Special mention		0		0		4,609		183		1,369		4,974		0		0		11,135
Substandard/Doubtful		225		0		42		323		551		5,574		0		0		6,715
Total	$	29,851	$	57,164	$	81,130	$	89,053	$	34,211	$	136,482	$	53,441	$	0	$	481,332

Municipal:
Pass	$	30,400	$	4,175	$	138	$	295	$	2,621	$	10,329	$	20,866	$	0	$	68,824
Special mention		0		0		0		0		1,266		0		0		0		1,266
Total	$	30,400	$	4,175	$	138	$	295	$	3,887	$	10,329	$	20,866	$	0	$	70,090

Residential real estate - 1st lien:
Pass	$	31,281	$	27,167	$	27,065	$	31,992	$	34,053	$	72,139	$	3,263	$	0	$	226,960
Special mention		0		0		155		185		233		161		0		0		734
Substandard/Doubtful		0		0		0		0		123		1,914		0		0		2,037
Total	$	31,281	$	27,167	$	27,220	$	32,177	$	34,409	$	74,214	$	3,263	$	0	$	229,731

Residential real estate - Jr lien:
Pass	$	3,657	$	3,179	$	1,569	$	1,453	$	284	$	1,223	$	29,474	$	1,779	$	42,618
Special mention		0		69		0		0		0		64		0		0		133
Substandard/Doubtful		0		0		0		0		0		18		0		0		18
Total	$	3,657	$	3,248	$	1,569	$	1,453	$	284	$	1,305	$	29,474	$	1,779	$	42,769

Consumer:
Pass	$	1,313	$	793	$	464	$	217	$	89	$	139	$	0	$	0	$	3,015
Total	$	1,313	$	793	$	464	$	217	$	89	$	139	$	0	$	0	$	3,015

Total Loans	$	108,287	$	111,881	$	124,904	$	139,775	$	80,301	$	231,747	$	163,208	$	1,779	$	961,882

As of September 30, 2025, there were (i) no Special mention loans or Substandard/Doubtful loans within the Purchased and Consumer loan segments, and (ii) no Substandard/Doubtful loans within the Municipal loan segment.

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As of December 31, 2024
													Revolving		Revolving
													Loans		Loans
	Term Loans Amortized Cost Basis by Origination Year												Amortized		Converted
	2024		2023		2022		2021		2020		Prior		Cost Basis		to Term		Total
	*(Dollars in Thousands)*
Commercial & Industrial:
Pass	$	24,900	$	12,876	$	14,797	$	9,402	$	1,696	$	6,016	$	44,079	$	0	$	113,766
Special mention		0		50		34		148		0		0		1,302		0		1,534
Substandard/Doubtful		0		298		1,275		563		294		1,613		4,713		0		8,756
Total	$	24,900	$	13,224	$	16,106	$	10,113	$	1,990	$	7,629	$	50,094	$	0	$	124,056

Purchased:
Pass	$	0	$	4,100	$	81	$	900	$	1,012	$	1,716	$	0	$	0	$	7,809
Total	$	0	$	4,100	$	81	$	900	$	1,012	$	1,716	$	0	$	0	$	7,809

Commercial real estate:
Pass	$	54,938	$	69,509	$	90,849	$	33,881	$	36,087	$	104,272	$	70,076	$	0	$	459,612
Special mention		0		0		0		1,536		4,741		786		0		0		7,063
Substandard/Doubtful		0		0		0		603		2,896		1,979		0		0		5,478
Total	$	54,938	$	69,509	$	90,849	$	36,020	$	43,724	$	107,037	$	70,076	$	0	$	472,153

Municipal:
Pass	$	34,769	$	180	$	458	$	2,858	$	3,696	$	9,137	$	15,989	$	0	$	67,087
Total	$	34,769	$	180	$	458	$	2,858	$	3,696	$	9,137	$	15,989	$	0	$	67,087

Residential real estate - 1st lien:
Pass	$	28,738	$	29,761	$	35,389	$	37,294	$	29,691	$	51,876	$	2,593	$	0	$	215,342
Special mention		0		161		0		0		0		212		0		0		373
Substandard/Doubtful		0		0		299		123		1,774		180		0		0		2,376
Total	$	28,738	$	29,922	$	35,688	$	37,417	$	31,465	$	52,268	$	2,593	$	0	$	218,091

Residential real estate - Jr lien:
Pass	$	3,990	$	1,765	$	1,845	$	301	$	526	$	1,173	$	24,556	$	1,512	$	35,668
Substandard/Doubtful		0		0		0		0		0		23		0		0		23
Total	$	3,990	$	1,765	$	1,845	$	301	$	526	$	1,196	$	24,556	$	1,512	$	35,691

Consumer:
Pass	$	1,466	$	764	$	442	$	188	$	75	$	119	$	0	$	0	$	3,054
Total	$	1,466	$	764	$	442	$	188	$	75	$	119	$	0	$	0	$	3,054

Total Loans	$	148,801	$	119,464	$	145,469	$	87,797	$	82,488	$	179,102	$	163,308	$	1,512	$	927,941

As of December 31, 2024, there were (i) no Special mention loans within the Purchased, Municipal, Residential real estate Jr lien and Consumer loan segments, and (ii) no Substandard/Doubtful loans within the Purchased, Municipal and Consumer loan segments.

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Gross charge-offs, by loan segment and origination year, were as follows:

For the nine months ended September 30, 2025
	Term Loans Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
	*(Dollars in Thousands)*
Current period gross charge-offs
Commercial & Industrial	$	35	$	0	$	8	$	0	$	0	$	4	$	47
Residential real estate - 1st lien		0		0		0		13		0		0		13
Consumer		1		17		0		5		1		57		81
Total current period gross charge-offs	$	36	$	17	$	8	$	18	$	1	$	61	$	141

For the nine months ended September 30, 2025, there were no current period charge-offs within the Purchased, Municipal, CRE and Residential real estate Jr lien loan segments.

For the year ended December 31, 2024
	Term Loans Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
	*(Dollars in Thousands)*
Current period gross charge-offs
Commercial & Industrial	$	0	$	14	$	0	$	5	$	0	$	1,244	$	1,263
Commercial real estate		0		0		0		0		45		81		126
Consumer		1		30		3		3		0		56		93
Total current period gross charge-offs	$	1	$	44	$	3	$	8	$	45	$	1,381	$	1,482

For the year ended, December 31, 2024, there were no current period gross charge-offs within the Purchased, Municipal, Residential real estate 1^st lien and Residential real estate Jr lien loan segments.

The following table presents the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more and still accruing as of the dates presented. There were no nonaccrual loans with an ACL as of September 30, 2025, or December 31, 2024.

			90 Days or
	Total		More and
September 30, 2025	Nonaccrual		Accruing

Commercial & industrial	$	6,136,089	$	0
Commercial real estate		1,606,918		0
Residential real estate - 1st lien		347,783		348,850
Residential real estate - Jr lien		17,591		155,442
Totals	$	8,108,381	$	504,292

			90 Days or
	Total		More and
December 31, 2024	Nonaccrual		Accruing

Commercial & industrial	$	6,365,276	$	0
Commercial real estate		1,196,838		0
Residential real estate - 1st lien		752,850

COMMUNITY BANCORP /VT 10-Q