CMTVMEDIUM SIGNALOPERATIONAL10-K

CMTV increased its ownership stake in CFS Partners from one-third to 50% following Guaranty Bancorp's exit, while delivering strong financial performance with 33% net income growth.

The ownership restructuring in CFS Partners represents a strategic shift that reduces the number of partner institutions from three to two, potentially simplifying governance and increasing CMTV's control over this fiduciary services venture. This operational change, combined with strong earnings growth, suggests improved business momentum and strategic positioning.

Comparing 2026-03-27 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

CMTV demonstrated strong operational performance with net income surging 33% to $17.0M and net interest income growing 11% to $60.9M, indicating robust core banking operations. The company significantly deleveraged by reducing total debt 67% from $18.0M to $6.0M while building stockholders' equity 16% to $113.7M, though cash positions declined 36% to $71.1M. Overall, the financial picture shows a healthier, more profitable institution with improved capital strength and reduced leverage, despite the cash decline which may reflect strategic deployment or the partnership restructuring.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
-66.7%
$18.0M→$6.0M

Debt reduced 66.7% — deleveraging strengthens balance sheet and reduces financial risk.

Cash & Equivalents
Balance Sheet
-35.5%
$110.4M→$71.1M

Cash declined 35.5% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Net Income
P&L
+32.9%
$12.8M→$17.0M

Net income grew 32.9% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+16%
$98.0M→$113.7M

Equity base grew 16% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Interest Income
P&L
+10.7%
$55.0M→$60.9M

Net interest income grew 10.7% — benefiting from rate environment or loan book expansion.

LANGUAGE CHANGES
NEW — 2026-03-27
PRIOR — 2025-03-28
ADDED
There were 5,580,648 shares outstanding of the issuer's common stock, $2.50 par value, as of the close of business on March 18, 2026.
We previously owned a one-third interest in CFS Partners, with the remaining two-thirds interest owned in equal shares by the National Bank of Middlebury, headquartered in Middlebury, Vermont and the former Guaranty Bancorp Inc., based in Woodsville, New Hampshire.
Effective July 31, 2025, with the redemption of all of Guaranty Bancorp Inc.
s membership interest in CFS Partners, the Company s ownership interest in CFS Partners has increased to 50%.
CFSG offers fiduciary services throughout the market areas of the two owner financial institutions and leases some of its office space from them in some of their branch offices.
CFSG maintains offices in Derby, Barre, Burlington, Lyndonville, Middlebury and St.
However, as of that date, the Bank employed 125 full-time employees and 9 part-time employees.
We are also subject to regulation by the SEC in connection with issuance of securities, periodic reporting and disclosures.
The Company and the Bank met this capital conservation buffer requirement at December 31, 2025, with a capital conservation buffer of 7.49% for the Company and 7.38% for the Bank as of that date.
SEC Reporting and Disclosure Requirements; Nasdaq listing rules.
REMOVED
There were 5,596,981 shares outstanding of the issuer's common stock as of the close of business on March 19, 2025.
We own a one third interest in CFS Partners, with the remaining two-thirds interest owned in equal shares by the National Bank of Middlebury, headquartered in Middlebury, Vermont and Guaranty Bancorp Inc., the bank holding company parent of Woodsville Guaranty Savings Bank, headquartered in Woodsville, New Hampshire.
CFSG offers fiduciary services throughout the market areas of the three owner financial institutions and leases space from them in some of their branch offices, including our facilities in Derby, Barre and Lyndonville, Vermont.
However, as of that date, the Bank employed 128 full-time employees and 11 part-time employees.
The Company and the Bank met this capital conservation buffer requirement at December 31, 2024, with a capital conservation buffer of 6.85% for the Company and 6.76% for the Bank as of that date.
The Bank s total FDIC insurance assessment for 2024 was $614,823.
As of December 31, 2024, we had $235,500 in purchased deposits through CDARS and $13.6 million through another source.
Also as of such date, we had reciprocal deposits representing exchanged funds outstanding in the amount of $2.5 million of CDARS, $44.4 million of ICS money market deposits and $109.5 million of ICS demand deposits.
The Reporting Rule has been subject to a number of legal challenges, and most recently the Treasury Department has delayed its implementation and is considering limiting its application to foreign entities.
On October 24, 2023, the federal banking agencies issued a final rule amending the regulations implementing the CRA.
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