Community Heritage Financial, Inc. Reports Earnings for the Second Quarter of 2024

Rhea-AI Summary

Community Heritage Financial (CMHF) reported net income of $1.4 million for Q2 2024, a 2.6% increase from Q1 2024. For the first half of 2024, net income totaled $2.8 million, up 41.9% year-over-year. Assets grew to $1.09 billion as of June 30, 2024, with loans increasing to $841.0 million.

The company's net interest margin improved to 2.83% in Q2 2024, up from 2.65% in Q2 2023. Noninterest income declined slightly quarter-over-quarter but increased year-over-year. Noninterest expenses rose due to increased salaries, benefits, and FDIC insurance costs.

Asset quality remained strong with non-performing assets to total assets at 0.16%. The Board declared a dividend of $0.06 per share, payable on August 9, 2024.

MIDDLETOWN, Md., July 23, 2024 /PRNewswire/ -- Community Heritage Financial, Inc. (the "Company" or "CHF") (OTC PK: CMHF), the parent company of Middletown Valley Bank ("MVB" or the "Bank"), reported net income of $1.4 million, or $0.49 per diluted share, for the second quarter of 2024, an increase of $36 thousand, or 2.6%, in comparison to the first quarter of 2024. Net income for the six months ended June 30, 2024 totaled $2.8 million, or $0.98 per diluted share, representing an increase of $841 thousand, or 41.9%, compared to net income of $2.0 million, or $0.69 per diluted share, for the six months ended June 30, 2023.

Balance Sheet

Assets totaled $1.09 billion as of June 30, 2024, representing an increase of $102.5 million since December 31, 2023, and an increase of $116.8 million since June 30, 2023. Asset growth included advances drawn in mid-January 2024 under the Bank Term Funding Program ("BTFP") available through the Federal Reserve Bank ("FRB") totaling $50.0 million. The advances then offered and continue to offer the opportunity of a positive arbitrage between the weighted average advance rate of 4.82% and the earnings rate offered by the FRB of 5.40%. The advances mature in mid-January 2025 and can be repaid anytime without penalty. Asset growth was further fueled by growth in deposits of $51.0 million and $76.8 million since December 31, 2023 and June 30, 2023, respectively. Deposit growth since December 31, 2023 included growth in NOW accounts of $58.5 million, $40.7 million of which represented balances sold in December 2023 and reacquired in January 2024, and growth in time deposits of $18.5 million. Noninterest-bearing demand and money market accounts declined by $12.1 million and $11.1 million, respectively. Loans grew to $841.0 million as of June 30, 2024, an increase of $28.1 million, or 6.9% annualized, from December 31, 2023, and $44.1 million, or 5.5%, from June 30, 2023. Growth in non-owner occupied commercial real estate of $23.2 million and in residential real estate, including home equity loans, of $10.1 million, offset by a decline in owner occupied commercial mortgages of $6.1 million accounted for net loan growth year-to-date 2024.

Net Interest Income

Net interest income was $6.1 million in the second quarter 2023, $7.2 million in the first quarter 2024 and $7.5 million in the second quarter 2024. The net interest margin ("NIM") was 2.65%, 2.80% and 2.83% during the second quarter of 2023, the first quarter of 2024 and the second quarter of 2024, respectively. Since the Federal Reserve Bank ("FRB") began increasing short-term rates to combat inflation in March 2022, the Company's NIM has been under pressure as the cost of deposits increased faster than the yield on earning assets. The NIM reached a low point of 2.62% in the third quarter of 2023 and has since stabilized, increasing to 2.83% in the second quarter of 2024. In addition to a stabilizing NIM, an increase in average interest-earning assets contributed to the growth in net interest income. Average interest-earning assets increased from $928.0 million in the second quarter 2023 to $1.04 billion in the first quarter 2024 and $1.07 billion in the second quarter 2024. While growth in average interest-earning assets was funded primarily through an increase in core deposits, the $50.0 million in advances from the FRB noted above also contributed.

Noninterest Income

Linked quarter 2024 – Noninterest income declined $137 thousand during the second quarter of 2024 compared to the first quarter of 2024. Earnings on bank-owned life insurance declined $183 thousand as the first quarter included the receipt of insurance proceeds totaling $138 thousand. Mortgage banking revenue increased $58 thousand with a modest increase in mortgage origination and sale activity.

Second Quarter 2024 vs. Second Quarter 2023 – Noninterest income increased $34 thousand. Fee income associated with cash management services (included in Service charges on deposits) accounted for the increase.

Six Months June 30, 2024 vs. Six Months June 30, 2023 – Noninterest income increased $295 thousand for the six months ended June 30, 2024 compared to the same period in 2023. Service charges on deposits increased $99 thousand with cash management services accounting for $78 thousand of the increase. Earnings on bank-owned life insurance increased $147 thousand with the receipt of insurance proceeds totaling $138 thousand.

Noninterest Expense

Linked quarter 2024 – Noninterest expense increased $179 thousand on a linked quarter basis. The increase was primarily driven by an increase in salaries and benefits of $244 thousand. Salaries and benefits increased due to increased health insurance costs of $83 thousand and increased costs associated with equity and deferred compensation plans totaling $132 thousand related to increased deferred compensation plan earnings and the annual vesting of benefits.

Second Quarter 2024 vs. Second Quarter 2023 – Noninterest expense increased $405 thousand quarter over quarter. The increase was driven by an increase in salaries and benefits of $302 thousand, an increase in FDIC insurance of $75 thousand and an increase in legal and professional fees of $59 thousand. Salaries and benefits increased due to an increase in costs associated with equity and deferred compensation plans totaling $152 thousand and a decline in the deferral of costs of $132 thousand associated with lower loan origination activity in second quarter of 2024. FDIC insurance increased with the growth in deposits and an increase in the assessment rate. Legal and professional fees increased due to timing differences of activities in the normal course of business.

Six Months June 30, 2024 vs. Six Months June 30, 2023 – Noninterest expense increased $250 thousand in 2024 compared to 2023. Increases in legal and professional fees of $162 thousand and in FDIC insurance of $106 thousand contributed to the increase in noninterest expense. Noninterest expense as a percentage of average assets (annualized) improved from 2.59% in 2023 to 2.31% in 2024.

Asset Quality

Asset quality remained strong with non-performing assets to total assets of 0.16% on June 30, 2024, compared to 0.18% on December 31, 2023. The ratio of net charge-offs to average total loans was zero percent for the quarter ended June 30, 2024.

Dividend

A dividend of $0.06 per share was declared by the Board of Directors on July 19, 2024, for stockholders of record as of August 2, 2024, and payable on August 9, 2024.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to the Company's financial condition, results of operations and business. Forward-looking statements can be identified by words such as "expects", "anticipates", "believes", "estimates", "projects", "continue", "plans", "intends", the negative of these words and other comparable terminology.  These forward-looking statements may be included in comments regarding future financial performance, expected levels of future revenue and expenses such as credit losses, growth strategies, new business initiatives and anticipated trends impacting performance. Forward-looking statements are not historical facts nor an assurance of future performance. While we believe the expectations of forward-looking statements to be reasonable, actual results may differ materially as forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and often outside of the control of the Company. Therefore, users should not rely on forward-looking statements.

Non-GAAP Financial Measures

The Company may include certain non-GAAP financial measures in this press release. The Company believes these financial measures provide information useful to investors in understanding the Company's performance and performance trends to facilitate comparisons with the performance of others in the industry. These non-GAAP financial measures should not be considered an alternative to GAAP and users should recognize the non-GAAP financial measures presented by the Company might not be comparable to measures of other companies with similar titles.

Community Heritage Financial, Inc.
Robert E. (BJ) Goetz, Jr.
President & Chief Executive Officer
301-371-3055

Community Heritage Financial , Inc. and Subsidiaries
Balance Sheets (unaudited)
			As of Period End
			6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
ASSETS
	Cash and due from banks		$      91,988,101	$      76,807,485	$      16,664,061	$      36,448,539	$      14,946,927
	Securities available-for-sale, at fair value		39,518,549	40,267,761	40,927,086	39,917,313	41,460,794
	Securities held-to-maturity		93,944,321	95,152,132	96,111,626	97,217,237	98,496,558
		Less allowance for credit losses	118,787	126,943	103,949	147,457	163,259
		Total securities held-to-maturity	93,825,534	95,025,189	96,007,677	97,069,780	98,333,299
		Total securities	133,344,083	135,292,950	136,934,763	136,987,093	139,794,093
	Equity securities, at cost		1,404,600	1,404,600	1,363,600	1,363,600	1,527,600
	Loans		841,043,351	830,604,389	812,932,872	798,035,073	796,931,525
		Less allowance for loan credit losses	8,186,862	8,032,597	7,742,297	7,337,327	8,112,952
		Loans, net	832,856,489	822,571,792	805,190,575	790,697,746	788,818,573
	Loans held for sale		4,739,191	1,443,270	1,651,118	2,879,397	1,923,566
	Premises and equipment		6,010,649	6,164,114	6,329,832	6,639,595	6,805,822
	Right of use asset		2,152,804	2,272,962	2,380,555	2,498,508	2,615,519
	Accrued interest receivable		3,360,417	3,212,907	2,972,952	2,733,565	2,512,795
	Deferred tax assets		4,870,431	4,879,208	4,766,376	5,289,000	5,314,018
	Bank owned life insurance		7,159,381	7,122,335	7,172,917	6,943,992	6,927,341
	Goodwill		1,656,507	1,656,507	1,656,507	1,656,507	1,656,507
	Other assets		1,565,443	1,588,900	1,544,870	1,556,491	1,502,676
		Total Assets	$ 1,091,108,096	$ 1,064,417,030	$    988,628,126	$    995,694,033	$    974,345,437
LIABILITIES and SHAREHOLDERS' EQUITY
	Liabilities
		Deposits:
		Noninterest-bearing demand	$    248,150,379	$    247,549,872	$    260,204,859	$    248,440,805	$    244,342,167
		Interest-bearing	679,484,492	655,358,756	616,461,031	640,593,734	606,528,210
		Total deposits	927,634,871	902,908,628	876,665,890	889,034,539	850,870,377
		FHLB advances and other borrowings	65,000,000	65,000,000	18,000,000	15,000,000	32,000,000
		Subordinated debt, net	14,977,576	14,955,152	14,932,727	14,910,303	14,887,879
		Lease liabilities	2,226,547	2,345,426	2,450,133	2,565,151	2,678,348
		Accrued interest payable	1,633,334	1,212,747	458,540	526,354	273,753
		Other liabilities	5,441,467	5,336,235	4,889,735	4,644,608	5,540,871
		Total Liabilities	1,016,913,795	991,758,188	917,397,025	926,680,955	906,251,228
	Shareholders' Equity
		Common stock	29,159	29,159	29,117	29,060	29,060
		Additional paid-in-capital	41,204,072	41,123,723	41,096,972	41,035,733	40,949,900
		Retained earnings	41,167,218	39,900,518	38,669,620	37,921,329	36,729,931
		Accumulated other comprehensive loss	(8,206,148)	(8,394,558)	(8,564,608)	(9,973,044)	(9,614,682)
		Total Shareholders' Equity	74,194,301	72,658,842	71,231,101	69,013,078	68,094,209
		Total Liabilities and Shareholders' Equity	$ 1,091,108,096	$ 1,064,417,030	$    988,628,126	$    995,694,033	$    974,345,437
Community Heritage Financial , Inc. and Subsidiaries
Selected Financial Data (unaudited)
			As of Period End
			6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Per Share Data
	Common shares outstanding at period end		2,915,933	2,915,933	2,911,670	2,905,973	2,905,973
	Book value per share		$               25.44	$               24.92	$               24.45	$               23.75	$               23.43
	Tangible book value per share		$               24.88	$               24.35	$               23.88	$               23.18	$               22.86
Capital (bank consolidated only unless noted otherwise)
	Common equity tier 1 (CET1) capital		11.98 %	11.98 %	12.02 %	12.15 %	11.95 %
	Tier 1 capital		11.98 %	11.98 %	12.02 %	12.15 %	11.95 %
	Total risk based capital		13.07 %	13.07 %	13.10 %	13.21 %	13.12 %
	Tier 1 leverage ratio		8.69 %	8.84 %	9.10 %	9.34 %	9.52 %
	Tangible common equity to tangible assets (CHF)		6.66 %	6.68 %	7.04 %	6.78 %	6.83 %
Asset Quality Data
	Non-accrual loans		$        1,798,530	$        1,847,747	$        1,823,212	$        1,882,614	$        1,929,248
	Non-performing assets		$        1,798,530	$        1,847,747	$        1,823,212	$        1,882,614	$        1,929,248
	Non-performing loans to loans		0.21 %	0.22 %	0.22 %	0.24 %	0.24 %
	Non-performing assets to total assets		0.16 %	0.17 %	0.18 %	0.19 %	0.20 %
	Allowance for loan credit losses to loans		0.97 %	0.97 %	0.95 %	0.92 %	1.02 %
Other Data
	Loans to deposits ratio		90.67 %	91.99 %	92.73 %	89.76 %	93.66 %

 

Community Heritage Financial , Inc. and Subsidiaries
Statements of Income (unaudited)
			Three Months Ended						Six Months Ended
			6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023		6/30/2024	6/30/2023
Interest Income
	Loans, including fees		$  11,471,139	$  11,181,544	$  10,659,287	$  10,139,353	$    9,453,437		$  22,652,683	$  18,798,142
	Securities		773,717	772,603	754,731	763,606	767,524		1,546,320	1,502,107
	Fed funds sold and other		1,289,874	866,559	496,210	203,553	81,306		2,156,433	191,011
		Total interest income	13,534,730	12,820,706	11,910,228	11,106,512	10,302,267		26,355,436	20,491,260
Interest Expense
	Deposits		5,005,650	4,703,948	4,755,804	4,369,856	3,459,747		9,709,598	6,385,081
	Borrowed funds		750,049	670,916	160,901	201,754	482,469		1,420,965	562,927
	Subordinated debt		238,050	238,049	238,049	238,050	238,049		476,099	476,098
		Total interest expense	5,993,749	5,612,913	5,154,754	4,809,660	4,180,265		11,606,662	7,424,106
Net interest income			7,540,981	7,207,793	6,755,474	6,296,852	6,122,002		14,748,774	13,067,154
Provision for credit losses			168,120	267,370	275,339	(842,717)	260,439		435,490	(179,953)
Net interest income after provision
	for credit losses		7,372,861	6,940,423	6,480,135	7,139,569	5,861,563		14,313,284	13,247,107
Noninterest income
	Service charges on deposits		237,357	237,020	209,331	202,779	187,426		474,377	374,828
	Earnings on bank-owned life insurance		28,755	211,641	95,633	8,360	43,672		240,396	93,701
	Mortgage banking revenue		277,530	219,714	254,867	365,860	302,911		497,244	549,638
	Other		293,725	305,496	349,211	263,981	269,503		599,221	497,867
		Total noninterest income	837,367	973,871	909,042	840,980	803,512		1,811,238	1,516,034
Noninterest expense
	Salaries and employee benefits		3,588,465	3,344,188	3,536,962	3,736,317	3,286,113		6,932,653	6,859,735
	Occupancy and equipment		869,510	864,008	948,591	842,651	815,251		1,733,518	1,807,197
	Legal and professional fees		354,244	288,193	206,178	242,671	294,626		642,437	480,135
	Advertising		73,236	61,467	77,100	57,855	87,070		134,703	166,345
	Data processing		654,854	793,519	752,980	618,593	688,229		1,448,373	1,489,214
	FDIC insurance		205,143	185,134	190,695	163,731	130,622		390,277	284,654
	Other		528,827	558,720	471,476	485,493	566,953		1,087,547	1,032,329
		Total noninterest expense	6,274,279	6,095,229	6,183,982	6,147,311	5,868,864		12,369,508	12,119,609
Income before income taxes			1,935,949	1,819,065	1,205,195	1,833,238	796,211		3,755,014	2,643,532
Income tax expense			494,293	413,370	282,204	467,482	179,858		907,663	637,117
Net income			$    1,441,656	$    1,405,695	$       922,991	$    1,365,756	$       616,353		$    2,847,351	$    2,006,415
Community Heritage Financial , Inc. and Subsidiaries
Per Share Data (unaudited)
			Three Months Ended						Six Months Ended
			6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023		6/30/2024	6/30/2023
Earnings per common share
	Basic		$             0.49	$             0.48	$             0.32	$             0.47	$             0.21		$             0.98	$             0.69
	Diluted		$             0.49	$             0.48	$             0.32	$             0.47	$             0.21		$             0.98	$             0.69
Common shares outstanding at period end			2,915,933	2,915,933	2,911,670	2,905,973	2,905,973		2,915,933	2,905,973
Average common shares outstanding
	Basic		2,915,933	2,913,048	2,911,254	2,905,973	2,905,973		2,914,491	2,905,973
	Diluted		2,916,951	2,913,048	2,911,254	2,905,973	2,905,973		2,915,954	2,905,973
Cash dividends paid per common share			$             0.06	$             0.06	$             0.06	$             0.06	$             0.06		$             0.12	$             0.12
Community Heritage Financial , Inc. and Subsidiaries
Selected Financial Performance Ratios (unaudited)
			Three Months Ended						Six Months Ended
			6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023		6/30/2024	6/30/2023
Return on average assets			0.53 %	0.53 %	0.36 %	0.55 %	0.26 %		0.53 %	0.43 %
Return on average equity			7.84 %	7.81 %	5.32 %	7.95 %	3.59 %		7.84 %	5.90 %
Net interest margin			2.83 %	2.80 %	2.71 %	2.62 %	2.65 %		2.82 %	2.86 %
Yield on interest-earning assets			5.09 %	4.97 %	4.78 %	4.57 %	4.45 %		5.03 %	4.49 %
Cost of interest-bearing liabilities			3.19 %	3.06 %	2.99 %	2.91 %	2.67 %		3.14 %	2.45 %
Net loan charge-offs to average loans			0.00 %	0.00 %	0.00 %	0.00 %	0.00 %		0.00 %	0.00 %

 

Community Heritage Financial , Inc. and Subsidiaries
Condensed Average Balance Sheet Analysis (unaudited)
			Three Months Ended
			June 30, 2024						March 31, 2024						June 30, 2023
			Average Balance		Interest		Yield / Rate		Average Balance		Interest		Yield / Rate		Average Balance		Interest		Yield / Rate
ASSETS
	Interest-earning assets:
		Loans	$               833,960,162		$  11,471,139		5.53 %		$      829,633,881		$  11,181,544		5.42 %		$      774,553,263		$    9,453,437		4.90 %
		Securities	135,875,550		773,717		2.28 %		137,742,682		772,603		2.27 %		143,288,239		767,524		2.14 %
		Other	99,639,244		1,289,874		5.21 %		69,197,689		866,559		5.04 %		10,137,637		81,306		3.22 %
			1,069,474,956		13,534,730		5.09 %		1,036,574,252		12,820,706		4.97 %		927,979,140		10,302,267		4.45 %
	Noninterest-earning assets		23,327,381						24,833,101						24,017,332
		Total Assets	$  1,092,802,337						$  1,061,407,353						$      951,996,472
LIABILITIES AND SHAREHOLDERS' EQUITY
	Interest-bearing liabilities:
		Demand deposits	$      534,288,264		$    3,719,156		2.80 %		$      532,624,524		$    3,636,945		2.75 %		$      463,218,425		$    2,665,411		2.31 %
		Time deposits	142,212,265		1,286,494		3.64 %		125,660,990		1,067,003		3.42 %		112,476,658		794,336		2.83 %
		Interest-bearing deposits	676,500,529		5,005,650		2.98 %		658,285,514		4,703,948		2.87 %		575,695,083		3,459,747		2.41 %
		Borrowings	79,963,039		988,099		4.96 %		73,661,043		908,965		4.96 %		53,460,080		720,518		5.41 %
		Interest-bearing liabilities	756,463,568		5,993,749		3.19 %		731,946,557		5,612,913		3.08 %		629,155,163		4,180,265		2.67 %
	Noninterest-bearing liabilities:
		Demand deposits	253,726,240						249,528,463						246,036,338
		Other	8,854,808						6,878,529						8,013,891
		Total Liabilities	1,019,044,616						988,353,549						883,205,391
		Cost of Total Deposits					2.16 %						2.08 %						1.69 %
		Cost of Total Funds (interest-bearing liabilities plus noninterest-bearing deposits)
							2.39 %						2.30 %						1.92 %
	Shareholders' equity		73,757,721						73,053,804						68,791,080
		Total Liabilities and Shareholders Equity	$  1,092,802,337						$  1,061,407,353						$      951,996,472
		Net interest income / NIM			$    7,540,981		2.83 %				$    7,207,793		2.80 %				$    6,122,002		2.65 %

 

Community Heritage Financial , Inc. and Subsidiaries
Condensed Average Balance Sheet Analysis (unaudited)
			Six Months Ended
			June 30, 2024						June 30, 2023
			Average Balance		Interest		Yield / Rate		Average Balance		Interest		Yield / Rate
ASSETS
	Interest-earning assets:
		Loans	$      831,793,535		$  22,652,683		5.48 %		$      765,736,387		$  18,798,142		4.95 %
		Securities	136,807,807		1,546,320		2.26 %		142,708,523		1,502,107		2.11 %
		Other	84,442,563		2,156,433		5.14 %		11,101,311		191,011		3.47 %
			1,053,043,905		26,355,436		5.03 %		919,546,221		20,491,260		4.49 %
	Noninterest-earning assets		24,073,203						24,523,471
		Total Assets	$  1,077,117,108						$      944,069,692
LIABILITIES AND SHAREHOLDERS' EQUITY
	Interest-bearing liabilities:
		Demand deposits	$      533,479,478		$    7,356,101		2.77 %		$      467,649,426		$    5,031,152		2.17 %
		Time deposits	133,953,380		2,353,497		3.53 %		106,512,771		1,353,929		2.56 %
		Interest-bearing deposits	667,432,858		9,709,598		2.93 %		574,162,197		6,385,081		2.24 %
		Borrowings	76,743,034		1,897,064		4.97 %		37,320,673		1,039,025		5.61 %
		Interest-bearing liabilities	744,175,892		11,606,662		3.14 %		611,482,870		7,424,106		2.45 %
	Noninterest-bearing liabilities:
		Demand deposits	251,603,733						255,842,136
		Other	8,283,679						8,173,614
		Total Liabilities	1,004,063,304						875,498,620
		Cost of Total Deposits					2.12 %						1.55 %
		Cost of Total Funds (interest-bearing liabilities plus noninterest-bearing deposits)
							2.34 %						1.73 %
	Shareholders' equity		73,053,804						68,571,072
		Total Liabilities and Shareholders Equity	$  1,077,117,108						$      944,069,692
		Net interest income / NIM			$  14,748,774		2.82 %				$  13,067,154		2.86 %

 

Community Heritage Financial , Inc. and Subsidiaries
Loan and Deposit Composition (unaudited)
			As of Period End
			6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Loans:
Commercial real estate:
	Construction and land development		$  89,921,555	$  88,793,186	$  89,525,228	$  89,980,412	$  88,750,860
	Multifamily		21,281,351	21,682,394	21,784,953	22,599,598	22,862,108
	Farmland		30,317,070	30,546,050	30,821,848	28,785,156	28,611,754
	Other:
		Owner occupied	130,560,913	137,654,633	136,628,801	131,398,708	130,090,900
		Non-owner occupied	143,246,131	131,114,323	119,979,964	122,587,639	129,674,501
Residential, including home equity			290,587,107	284,962,472	280,523,837	273,884,529	265,131,928
Commercial and industrial			130,148,584	130,972,545	128,933,413	124,154,237	127,334,140
Consumer			1,392,904	1,369,535	1,203,039	1,209,100	1,143,316
		Gross loans	837,455,615	827,095,138	809,401,083	794,599,379	793,599,507
		Net deferred loan costs	3,587,736	3,509,251	3,531,789	3,435,694	3,332,018
		Total Loans	$841,043,351	$830,604,389	$812,932,872	$798,035,073	$796,931,525
Deposits:
Noninterest-bearing demand			$248,150,379	$247,549,872	$260,204,859	$248,440,805	$244,342,167
Interest-bearing:
	NOW		223,072,312	202,226,731	164,536,186	202,369,954	169,462,980
	Savings		69,495,486	74,761,620	72,374,445	79,734,653	81,248,373
	Money Market		237,799,850	252,954,674	248,898,935	232,777,969	234,154,524
	Time		149,116,844	125,415,731	130,651,465	125,711,158	121,662,333
		Total interest-bearing	679,484,492	655,358,756	616,461,031	640,593,734	606,528,210
		Total Deposits	$927,634,871	$902,908,628	$876,665,890	$889,034,539	$850,870,377

 

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SOURCE Community Heritage Financial, Inc.

FAQ

What was Community Heritage Financial's (CMHF) net income for Q2 2024?

Community Heritage Financial (CMHF) reported net income of $1.4 million, or $0.49 per diluted share, for the second quarter of 2024.

How much did CMHF's assets grow to as of June 30, 2024?

CMHF's assets totaled $1.09 billion as of June 30, 2024, representing an increase of $102.5 million since December 31, 2023.

What was CMHF's net interest margin in Q2 2024?

CMHF's net interest margin (NIM) was 2.83% during the second quarter of 2024, an improvement from 2.65% in Q2 2023.

How much did CMHF's loans grow to by June 30, 2024?

CMHF's loans grew to $841.0 million as of June 30, 2024, an increase of $28.1 million from December 31, 2023.

What dividend did CMHF declare for Q2 2024?

CMHF's Board of Directors declared a dividend of $0.06 per share on July 19, 2024, payable on August 9, 2024.