Condensed Financial Information Parent Company Only (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Parent Company Only

Schedule of Condensed Balance Sheets

Community Bancorp. (Parent Company Only)	December 31,			December 31,
Balance Sheets	2020			2019
Assets
Cash	$	750,371		$	744,687
Investment in subsidiary - Community National Bank		89,598,666			81,164,447
Investment in Capital Trust		387,000			387,000
Income taxes receivable		184,973			213,071
Total assets	$	90,921,010		$	82,509,205
Liabilities and Shareholders’ Equity
Liabilities
Junior subordinated debentures	$	12,887,000		$	12,887,000
Dividends payable		745,297			727,526
Total liabilities		13,632,297			13,614,526
Shareholders’ Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding
at December 31, 2020 and 2019 ($100,000 liquidation value, per share)		1,500,000			1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,527,380
and 5,449,857 shares issued at December 31, 2020 and 2019, respectively
(including 18,128 and 16,267 shares issued February 1, 2021 and 2020, respectively)		13,818,450			13,624,643
Additional paid-in capital		34,309,646			33,464,381
Retained earnings		29,368,046			22,667,949
Accumulated other comprehensive income		915,348			260,483
Less: treasury stock, at cost; 210,101 shares at December 31, 2020 and 2019		(2,622,777	)		(2,622,777	)
Total shareholders’ equity		77,288,713			68,894,679
Total liabilities and shareholders’ equity	$	90,921,010		$	82,509,205

Schedule of Condensed Statements of Income

Community Bancorp. (Parent Company Only)	Years Ended December 31,
Condensed Statements of Income	2020		2019
Income
Bank subsidiary distributions	$	3,675,000	$	4,256,000
Dividends on Capital Trust		14,314		20,858
Total income		3,689,314		4,276,858
Expense
Interest on junior subordinated debentures		476,666		694,573
Administrative and other		418,474		340,904
Total expense		895,140		1,035,477
Income before applicable income tax benefit and equity in undistributed net income of subsidiary		2,794,174		3,241,381
Income tax benefit		184,973		213,071
Income before equity in undistributed net income of subsidiary		2,979,147		3,454,452
Equity in undistributed net income of subsidiary		7,779,355		5,369,994
Net income	$	10,758,502	$	8,824,446

Schedule of Condensed Statements of Cash Flows

Community Bancorp. (Parent Company Only)	Years Ended December 31,
Condensed Statements of Cash Flows	2020			2019
Cash Flows from Operating Activities
Net income	$	10,758,502		$	8,824,446
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(7,779,355	)		(5,369,994	)
(Increase) decrease in income taxes receivable		28,097			(5,827	)
Net cash provided by operating activities		3,007,244			3,448,625
Cash Flows from Financing Activities
Redemption of preferred stock		0			(500,000	)
Dividends paid on preferred stock		(54,375	)		(87,500	)
Dividends paid on common stock		(2,947,185	)		(2,837,058	)
Net cash used in financing activities		(3,001,560	)		(3,424,558	)
Net increase in cash		5,684			24,067
Cash
Beginning		744,687			720,620
Ending	$	750,371		$	744,687
Cash Received for Income Taxes	$	213,071		$	207,244
Cash Paid for Interest	$	476,666		$	694,573
Dividends paid:
Dividends declared	$	4,004,030		$	3,951,279
Increase in dividends payable attributable to dividends declared		(17,773	)		(16,987	)
Dividends reinvested		(1,039,072	)		(1,097,234	)
	$	2,947,185		$	2,837,058