Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2011

Condensed Financial Information (Parent Company Only) [Abstract]

Condensed Financial Information (Parent Company Only)

Note 22.  Condensed Financial Information (Parent Company Only)

The following financial statements are for Community Bancorp. (Parent Company Only), and should be read in conjunction with the consolidated financial statements of Community Bancorp. and Subsidiary.

Community Bancorp. (Parent Company Only)
Condensed Balance Sheets
December 31, 2011 and 2010
Assets	2011			2010
Cash	$	196,945		$	123,116
Investment in subsidiary - Community National Bank		53,226,506			51,436,841
Investment in Capital Trust		387,000			387,000
Income taxes receivable		416,781			441,802
Total assets	$	54,227,232		$	52,388,759
Liabilities and Shareholders' Equity
Liabilities
Junior subordinated debentures	$	12,887,000		$	12,887,000
Dividends payable		421,823			374,090
Total liabilities		13,308,823			13,261,090
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized 25 shares issued and outstanding
at December 31, 2011 and 2010 ($100,000 liquidation value)		2,500,000			2,500,000
Common stock - $2.50 par value; 10,000,000 shares authorized at December 31,
2011 and 2010, and 4,938,262 and 4,834,615 shares issued at December 31,
2011 and 2010, respectively (including 24,324 and 19,312 shares issued
February 1, 2012 and 2011, respectively)		12,345,655			12,086,538
Additional paid-in capital		27,410,049			26,718,403
Retained earnings		1,151,751			368,848
Accumulated other comprehensive income		133,731			76,657
Less: treasury stock, at cost; 210,101 shares at December 31, 2011 and 2010		(2,622,777	)		(2,622,777	)
Total shareholders' equity		40,918,409			39,127,669
Total liabilities and shareholders' equity	$	54,227,232		$	52,388,759

The investment in the subsidiary bank is carried under the equity method of accounting.  The investment and cash, which is on deposit with the Bank, have been eliminated in consolidation.

Community Bancorp. (Parent Company Only)
Condensed Statements of Income
Years Ended December 31, 2011 and 2010
	2011		2010
Income
Bank subsidiary distributions	$	2,660,000	$	2,527,000
Dividends on Capital Trust		29,257		29,257
Total income		2,689,257		2,556,257
Expense
Interest on junior subordinated debentures		974,257		974,257
Administrative and other		280,826		354,416
Total expense		1,255,083		1,328,673
Income before applicable income tax benefit and equity in
undistributed net income of subsidiary		1,434,174		1,227,584
Applicable income tax benefit		416,781		441,802
Income before equity in undistributed net income of subsidiary		1,850,955		1,669,386
Equity in undistributed net income of subsidiary		1,732,591		2,276,622
Net income	$	3,583,546	$	3,946,008

Community Bancorp. (Parent Company Only)
Condensed Statements of Cash Flows
Years Ended December 31, 2011 and 2010
	2011			2010
Cash Flows from Operating Activities
Net income	$	3,583,546		$	3,946,008
Adjustments to reconcile net income to net cash provided by
operating activities
Equity in undistributed net income of subsidiary		(1,732,591	)		(2,276,622	)
Decrease in income taxes receivable		25,021			922
Net cash provided by operating activities		1,875,976			1,670,308
Cash Flows from Financing Activities
Dividends paid on preferred stock		(187,500	)		(187,500	)
Dividends paid on common stock		(1,614,647	)		(1,485,659	)
Net cash used in financing activities		(1,802,147	)		(1,673,159	)
Net increase (decrease) in cash		73,829			(2,851	)
Cash
Beginning		123,116			125,967
Ending	$	196,945		$	123,116
Cash Received for Income Taxes	$	441,802		$	442,724
Cash Paid for Interest	$	974,257		$	974,257
Dividends paid:
Dividends declared	$	2,613,143		$	2,197,251
(Increase) decrease in dividends payable attributable to dividends declared		(47,733	)		1,207
Dividends reinvested		(950,763	)		(712,799	)
	$	1,614,647		$	1,485,659