22. Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2015

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)	December 31,			December 31,
Condensed Balance Sheets	2015			2014
Assets
Cash	$	508,325		$	479,812
Investment in subsidiary - Community National Bank		63,747,517			61,337,172
Investment in Capital Trust		387,000			387,000
Income taxes receivable		239,394			233,952
Total assets	$	64,882,236		$	62,437,936
Liabilities and Shareholders' Equity
Liabilities
Junior subordinated debentures	$	12,887,000		$	12,887,000
Dividends payable		580,580			555,734
Total liabilities		13,467,580			13,442,734
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 25 shares issued and outstanding ($100,000 liquidation value)		2,500,000			2,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, and 5,204,517 and 5,142,475 shares issued at December 31, 2015 and 2014, respectively (including 15,430 and 16,642 shares issued February 1, 2016 and 2015, respectively)		13,011,293			12,856,188
Additional paid-in capital		30,089,438			29,359,300
Retained earnings		8,482,096			6,909,934
Accumulated other comprehensive loss		(45,394	)		(7,443	)
Less: treasury stock, at cost; 210,101 shares at December 31, 2015 and 2014		(2,622,777	)		(2,622,777	)
Total shareholders' equity		51,414,656			48,995,202
Total liabilities and shareholders' equity	$	64,882,236		$	62,437,936

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)	Years Ended December 31,
Condensed Statements of Income	2015		2014
Income
Bank subsidiary distributions	$	2,842,000	$	2,772,000
Dividends on Capital Trust		12,295		12,072
Total income		2,854,295		2,784,072
Expense
Interest on junior subordinated debentures		409,432		402,011
Administrative and other		306,962		298,157
Total expense		716,394		700,168
Income before applicable income tax benefit and equity in
undistributed net income of subsidiary		2,137,901		2,083,904
Income tax benefit		239,394		233,952
Income before equity in undistributed net income of subsidiary		2,377,295		2,317,856
Equity in undistributed net income of subsidiary		2,448,296		2,807,052
Net income	$	4,825,591	$	5,124,908

Community Bancorp. (Parent Company Only)	Years Ended December 31,
Condensed Statements of Cash Flows	2015			2014
Cash Flows from Operating Activities
Net income	$	4,825,591		$	5,124,908
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed net income of subsidiary		(2,448,296	)		(2,807,052	)
(Increase) decrease in income taxes receivable		(5,443	)		1,607
Net cash provided by operating activities		2,371,852			2,319,463
Cash Flows from Financing Activities
Dividends paid on preferred stock		(81,250	)		(81,250	)
Dividends paid on common stock		(2,262,089	)		(2,168,476	)
Net cash used in financing activities		(2,343,339	)		(2,249,726	)
Net increase in cash		28,513			69,737
Cash
Beginning		479,812			410,075
Ending	$	508,325		$	479,812
Cash Received for Income Taxes	$	233,952		$	235,559
Cash Paid for Interest	$	409,432		$	402,011
Dividends paid:
Dividends declared	$	3,172,179		$	3,130,868
Increase in dividends payable attributable to dividends declared		(24,847	)		(55,980	)
Dividends reinvested		(885,243	)		(906,412	)
	$	2,262,089		$	2,168,476