Executive Summary

Q4 2024 net income was $4.1 million and EPS was $0.73, up 15.98% year over year; sequentially, earnings rose versus Q3 ($3.1 million, $0.55 EPS) reflecting stronger net interest income and sharply lower credit loss provision .
Total assets reached a record $1.25B (+13.61% y/y), supported by loan growth (+$82.5M, +9.8% y/y), higher cash and equivalents (+$90.5M), and a smaller securities portfolio (-$30.0M) .
Net interest income increased to $9.5M in Q4 (+5.83% y/y); the provision for credit losses fell to $28K in Q4 from $461K in Q3, aided by prior resolution of a single non-performing loan in late 2023 .
The company maintained a quarterly dividend of $0.24 (raised from $0.23 in Q3) and ended the year with equity capital of $98M (book value per share $17.24) .
Wall Street consensus estimates via S&P Global were unavailable; comparison to Street estimates cannot be provided for Q4 2024 due to data access limits [Values retrieved from S&P Global unavailable].

What Went Well and What Went Wrong

What Went Well

Strong Q4 earnings momentum: EPS up 14% y/y to $0.73; net interest income rose to $9.5M despite a challenging rate backdrop .
Balance sheet growth: record total assets at $1.25B driven by continued loan portfolio expansion (+$82.5M y/y) and higher cash and equivalents (+$90.5M y/y) .
Confidence and leadership continuity: new CEO highlighted sustained loan and asset growth and team execution; “record total assets, driven largely by continued growth in our loan portfolio” .

What Went Wrong

Full-year 2024 earnings declined (-4.97% y/y) and EPS fell (-6% y/y), reflecting a declining rate environment and earlier reliance on wholesale funding .
Deposit cost pressure persisted: interest on deposits expense increased 51.10% y/y, compressing net interest margins even as loan yields were higher for much of the year .
Operating expense pressure: non-interest expenses increased 6.28% y/y in Q4 and 8.06% for FY 2024, with health benefit costs up 33% (~$600K) and legal/collection costs related to a commercial loan workout .

Financial Results

Quarterly Income Metrics

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income ($USD Millions)	$2.8	$2.7	$3.1	$4.1
Diluted EPS ($)	$0.51	$0.49	$0.55	$0.73
Net Interest Income ($USD Millions)	$8.4	$8.1	$8.7	$9.5
Provision for Credit Losses ($USD Millions)	$0.314	$0.332	$0.461	$0.028
Non-Interest Income ($USD Millions)	$1.6	$1.77	$2.0	N/A (described as relatively flat)

Balance Sheet and Capital KPIs

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets ($USD Billions)	$1.10	$1.10	$1.20	$1.25
Loans YoY Change ($USD Millions, %)	+$107.8 (+14.21%)	+$81.19 (+10.40%)	+$74.1 (+8.84%)	+$82.5 (+9.8%)
Deposits YoY Change ($USD Millions, %)	-$4.8 (-0.54%)	-$2.45 (-0.29%)	+$28 (+3.15%)	N/A
Securities Portfolio ($USD Millions)	$180.6	$174.4	$170.5	N/A (reported -$30.0M y/y change)
Equity Capital ($USD Millions)	$89.4	$91.3	$98.3	$98.0
Book Value Per Share ($)	$15.88	$16.17	$17.36	$17.24

Note: Revenue not disclosed in company releases; banking “revenue” is typically the sum of net interest income and non-interest income. Company-reported metrics above are presented as disclosed in the press releases.

Estimates Comparison

Metric	Q4 2024 Actual	Q4 2024 S&P Global Consensus
EPS ($)	$0.73	Unavailable (SPGI access limit)
Net Income ($USD Millions)	$4.1	Unavailable (SPGI access limit)

Values retrieved from S&P Global unavailable.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Quarterly Dividend per Share ($)	Q3 2024 payout (Nov 1, 2024)	$0.23	$0.24	Raised
Quarterly Dividend per Share ($)	Q1 2025 payout (Feb 1, 2025)	$0.24 (Q3 level)	$0.24	Maintained
Stock Repurchase Program (Shares)	Authorized July 24, 2024	N/A	Up to 275,000 shares (5% of outstanding)	New authorization
Stock Repurchase Program Status	As of Sep 30, 2024	N/A	No shares repurchased	N/A

Company did not provide quantitative guidance for revenue, margins, OpEx, OI&E, tax rate, or segment-specific metrics in the quarter’s materials .

Earnings Call Themes & Trends

No earnings call transcript was found for Q4 2024; thematic tracking is based on quarterly press releases.

Topic	Previous Mentions (Q2 2024, Q3 2024)	Current Period (Q4 2024)	Trend
Interest Rate Environment	Persistent high rates pressured NII; higher deposit and borrow costs	EPS down for FY due to declining rate environment and earlier reliance on wholesale funds	Mixed: sequential NII improved, full-year pressured
Loan Growth	Ninth and tenth consecutive quarters of y/y loan growth; +$81.19M (Q2), +$74.1M (Q3)	+$82.5M y/y; CEO cites portfolio-driven record assets	Positive momentum
Deposit Trends	Slight y/y decline in Q2; y/y increase in Q3 (+$28M)	Not explicitly quantified; company notes ongoing demand for services	Stable to improving
Credit Costs	Provision: $0.332M (Q2), $0.461M (Q3); higher due to portfolio growth and a workout completion	Provision: $0.028M; prior non-performing loan paid off and partially recovered in Dec 2023	Improving credit cost profile
Securities/OCI	AFS portfolio down; unrealized losses declining ($17.3M Q2 adj.; $12.4M Q3 adj.)	Portfolio down y/y (-$30.0M); continued rate-driven valuation impacts	Gradual OCI improvement; portfolio size reduced
Capital/Equity	Equity $91.3M (Q2), $98.3M (Q3); book value rising	Equity $98.0M; book value $17.24	Strong capital build
Shareholder Returns	Announced buyback authorization; dividend $0.23 (Q2), $0.24 (Q3)	Dividend maintained at $0.24 for Q1 2025	Steady returns; optionality via buyback

Management Commentary

“Record total assets, driven largely by continued growth in our loan portfolio… sustain year-over-year growth in assets and loans, despite a challenging economic environment” — Christopher Caldwell, CEO .
“We look forward to maintaining our momentum this year, even amid economic uncertainty, as the demand for the financial products and services we provide… continues to grow” — CEO Caldwell .
Prior quarter tone emphasized resilience amid high rates: “strong operating results… year-over-year growth in our loan portfolio for the tenth consecutive quarter” — former CEO Kathryn Austin .

Q&A Highlights

No earnings call transcript was located for Q4 2024; therefore, no Q&A themes or guidance clarifications are available from a conference call format [ListDocuments showed no transcripts].

Estimates Context

Wall Street consensus (S&P Global) for Q4 2024 EPS and revenue was unavailable due to access limitations; as a result, we cannot assess beats/misses versus Street expectations. Values retrieved from S&P Global unavailable.
In lieu of consensus, the company’s reported drivers point to sequential earnings improvement on higher net interest income and sharply lower credit loss provision, while deposit costs and operating expenses remained headwinds .

Key Takeaways for Investors

Earnings inflected positively in Q4: stronger net interest income and minimal credit provisioning drove EPS to $0.73, the highest of 2024’s quarters .
Structural loan growth remains intact across 2024, supporting record asset levels and reinforcing the organic growth strategy in Vermont/New Hampshire markets .
Funding cost pressures persisted through 2024 (notably deposit expense), but declining rate dynamics and balance sheet repositioning (lower securities, higher cash) create potential margin relief in 2025 .
Expense vigilance is warranted: health benefit and legal/collection costs raised full-year non-interest expenses, implying a focus area for operating leverage improvement .
Capital and shareholder returns are stable: book value per share near $17.24 and quarterly dividend at $0.24, with buyback capacity authorized though unused as of Q3 .
With no available Street estimates for Q4, positioning should lean on company execution metrics (NII trajectory, provision normalization, deposit cost management) until consensus is re-established .
Watch near-term catalysts: continuation of loan growth, trend in deposit costs and wholesale funding, and any deployment of buyback authorization; these can influence narrative and valuation multiple .

COMMUNITY BANCORP /VT (CMTV)·Q4 2024 Earnings Summary