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Community Bancorp,(CMTV) a leading financial insti tution, has released its unaudited consolidated financial statements for the first quarter of 2023. The company reported a net income of $3.34 million for the quarter, and its revenue amounted to $10.77 million. Let's delve into the details of the financial statements to gain insights into the company's performance during this period.
Community Bancorp recently disclosed its unaudited consolidated financial statements for the first quarter of 2023, showing a net income of $3.34 million. This figure indicates a solid performance during the quarter, reflecting the bank's ability to navigate the challenging economic conditions and deliver favorable results.
The financial statements for the first quarter of 2023 also reveal the revenue generated by Community Bancorp during this period, which amounted to $10.77 million. This revenue figure highlights the bank's ability to generate income from various sources, including interest income, fees, and other income streams.
The breakdown of the revenue shows that interest income contributed significantly to the bank's overall revenue. Interest and fees on loans accounted for $9.38 million, followed by interest on taxable and tax-exempt debt securities, dividends, and interest on federal funds sold and overnight deposits, contributing to the remaining interest income.
The unaudited consolidated balance sheets for March 31, 2023, and December 31, 2022, provide an overview of the bank's assets, liabilities, and shareholders' equity during the first quarter of 2023.
Assets at the end of the first quarter amounted to $1.03 billion, a slight decrease from the previous year-end figure of $1.06 billion. The most substantial component of the assets was cash and cash equivalents, which totaled $37.65 million at the end of Q1 2023. Securities available-for-sale accounted for $192.68 million, and net loans reached $749.84 million.
On the liabilities side, total liabilities were reported at $950.86 million, showing a decline compared to $980.86 million at the end of 2022. The primary liabilities were deposits, with a total value of $888.55 million.
Shareholders' equity stood at $79.68 million at the end of the first quarter, an increase from $75.18 million at the end of the previous year. Common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income/loss contributed to the shareholders' equity.
Community Bancorp's unaudited consolidated financial statements for Q1 2023 showcase the bank's steady performance and resilience in a challenging economic environment. With a net income of $3.34 million and revenue of $10.77 million, the bank has demonstrated its ability to generate favorable results while maintaining a strong financial position. Investors and stakeholders can take confidence in the company's performance and strategic direction as it continues to navigate the financial landscape.