22. Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Note 22. Condensed Financial Information (Parent Company Only)

The following condensed 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, 2013 and 2012
Assets	2013	2012
Cash	$     410,075	$     236,514
Investment in subsidiary - Community National Bank	58,490,098	55,650,407
Investment in Capital Trust	387,000	387,000
Income taxes receivable	235,559	436,944
Total assets	$59,522,732	$56,710,865
Liabilities and Shareholders' Equity
Liabilities
Junior subordinated debentures	$12,887,000	$12,887,000
Dividends payable	499,755	471,290
Total liabilities	13,386,755	13,358,290
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 25 shares issued and outstanding
at December 31, 2013 and 2012 ($100,000 liquidation value)	2,500,000	2,500,000
Common stock - $2.50 par value; 10,000,000 shares authorized at December 31,
2013 and 2012, and 5,078,707 and 5,023,026 shares issued at December 31,
2013 and 2012, respectively (including 13,448 and 19,182 shares issued
February 1, 2014 and 2013, respectively)	12,696,768	12,557,565
Additional paid-in capital	28,612,308	28,047,829
Retained earnings	4,997,144	2,698,200
Accumulated other comprehensive (loss) income	(47,466)	171,758
Less: treasury stock, at cost; 210,101 shares at December 31, 2013 and 2012	(2,622,777)	(2,622,777)
Total shareholders' equity	46,135,977	43,352,575
Total liabilities and shareholders' equity	$59,522,732	$56,710,865

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, 2013 and 2012
	2013	2012
Income
Bank subsidiary distributions	$2,485,000	$2,863,000
Dividends on Capital Trust	12,310	29,257
Total income	2,497,310	2,892,257
Expense
Interest on junior subordinated debentures	409,938	974,257
Administrative and other	295,191	340,129
Total expense	705,129	1,314,386
Income before applicable income tax benefit and equity in
undistributed net income of subsidiary	1,792,181	1,577,871
Income tax benefit	235,559	436,944
Income before equity in undistributed net income of subsidiary	2,027,740	2,014,815
Equity in undistributed net income of subsidiary	3,058,915	2,385,875
Net income	$5,086,655	$4,400,690

Community Bancorp. (Parent Company Only)
Condensed Statements of Cash Flows
Years Ended December 31, 2013 and 2012
	2013	2012
Cash Flows from Operating Activities
Net income	$ 5,086,655	$ 4,400,690
Adjustments to reconcile net income to net cash provided by
operating activities
Equity in undistributed net income of subsidiary	(3,058,915)	(2,385,875)
Decrease (increase) in income taxes receivable	201,385	(20,162)
Net cash provided by operating activities	2,229,125	1,994,653
Cash Flows from Financing Activities
Dividends paid on preferred stock	(81,250)	(187,500)
Dividends paid on common stock	(1,974,314)	(1,767,584)
Net cash used in financing activities	(2,055,564)	(1,955,084)
Net increase in cash	173,561	39,569
Cash
Beginning	236,514	196,945
Ending	$   410,075	$   236,514
Cash Received for Income Taxes	$   436,944	$   416,781
Cash Paid for Interest	$   409,938	$   974,257
Common Shares Dividends paid:
Dividends declared	$ 2,706,461	$ 2,666,741
Increase in dividends payable attributable to dividends declared	(28,465)	(49,467)
Dividends reinvested	(703,682)	(849,690)
	$ 1,974,314	$ 1,767,584