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

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Community Heritage Financial, Inc. (OTC PK: CMHF) reported net income of $2.0 million, or $0.70 per diluted share, for the third quarter of 2024. This represents a 42.0% increase from Q2 2024 and a 49.9% increase from Q3 2023. For the nine months ended September 30, 2024, net income totaled $4.9 million, or $1.68 per diluted share, a 45.1% increase from the same period in 2023.

Assets grew to $1.10 billion as of September 30, 2024, with deposits increasing by $56.1 million since December 31, 2023. Loans grew to $847.5 million, a 5.7% annualized increase from December 31, 2023. The net interest margin improved to 2.91% in Q3 2024, up from 2.83% in Q2 2024 and 2.61% in Q3 2023. Asset quality remained strong with non-performing assets to total assets at 0.14%. The Board of Directors declared a dividend of $0.06 per common share.

Community Heritage Financial, Inc. (OTC PK: CMHF) ha riportato un reddito netto di 2,0 milioni di dollari, ovvero 0,70 dollari per azione diluita, per il terzo trimestre del 2024. Questo rappresenta un aumento del 42,0% rispetto al Q2 2024 e un incremento del 49,9% rispetto al Q3 2023. Nei nove mesi terminati il 30 settembre 2024, il reddito netto ha raggiunto 4,9 milioni di dollari, pari a 1,68 dollari per azione diluita, con un aumento del 45,1% rispetto allo stesso periodo del 2023.

Gli attivi sono cresciuti a 1,10 miliardi di dollari al 30 settembre 2024, con depositi aumentati di 56,1 milioni di dollari dal 31 dicembre 2023. I prestiti sono saliti a 847,5 milioni di dollari, con un incremento annualizzato del 5,7% dal 31 dicembre 2023. Il margine di interesse netto è migliorato al 2,91% nel Q3 2024, rispetto al 2,83% del Q2 2024 e al 2,61% del Q3 2023. La qualità degli attivi è rimasta forte, con attivi non performanti rispetto agli attivi totali allo 0,14%. Il Consiglio di Amministrazione ha dichiarato un dividendo di 0,06 dollari per azione comune.

Community Heritage Financial, Inc. (OTC PK: CMHF) reportó un ingreso neto de 2,0 millones de dólares, o 0,70 dólares por acción diluida, para el tercer trimestre de 2024. Esto representa un aumento del 42,0% en comparación con el Q2 2024 y un incremento del 49,9% con respecto al Q3 2023. Para los nueve meses que terminaron el 30 de septiembre de 2024, el ingreso neto totalizó 4,9 millones de dólares, o 1,68 dólares por acción diluida, un aumento del 45,1% en comparación con el mismo periodo de 2023.

Los activos crecieron a 1,10 mil millones de dólares al 30 de septiembre de 2024, con depósitos que aumentaron en 56,1 millones de dólares desde el 31 de diciembre de 2023. Los préstamos crecieron a 847,5 millones de dólares, un aumento anualizado del 5,7% desde el 31 de diciembre de 2023. El margen de interés neto mejoró al 2,91% en el Q3 2024, subiendo desde el 2,83% en el Q2 2024 y el 2,61% en el Q3 2023. La calidad de los activos se mantuvo fuerte, con activos no productivos en relación con los activos totales del 0,14%. La Junta Directiva declaró un dividendo de 0,06 dólares por acción común.

Community Heritage Financial, Inc. (OTC PK: CMHF)는 200만 달러의 순이익, 즉 희석 주당 0.70달러를 2024년 3분기에 보고했습니다. 이는 2024년 2분기 대비 42.0% 증가한 수치이며, 2023년 3분기 대비 49.9% 증가한 것입니다. 2024년 9월 30일 종료된 9개월 동안, 순이익은 490만 달러로, 희석 주당 1.68달러이며, 2023년 같은 기간에 비해 45.1% 증가했습니다.

자산은 2024년 9월 30일 기준으로 11억 달러로 증가했으며, 2023년 12월 31일 이후 5610만 달러가 증가했습니다. 대출은 8억 4750만 달러로 증가했으며, 2023년 12월 31일 대비 연율화 5.7% 증가했습니다. 순이자 마진은 2024년 3분기에 2.91%로 개선되었으며, 2024년 2분기 2.83% 및 2023년 3분기 2.61%에서 각각 상승했습니다. 자산 품질은 양호하여 비수익 자산 비율이 총 자산의 0.14%에 달했습니다. 이사회는 보통주당 0.06달러 배당금을 선언했습니다.

Community Heritage Financial, Inc. (OTC PK: CMHF) a annoncé un revenu net de 2,0 millions de dollars, soit 0,70 dollar par action diluée, pour le troisième trimestre de 2024. Cela représente une augmentation de 42,0% par rapport au Q2 2024 et une augmentation de 49,9% par rapport au Q3 2023. Pour les neuf mois se terminant le 30 septembre 2024, le revenu net s'élevait à 4,9 millions de dollars, soit 1,68 dollar par action diluée, avec une augmentation de 45,1% par rapport à la même période en 2023.

Les actifs ont augmenté à 1,10 milliard de dollars au 30 septembre 2024, avec des dépôts en hausse de 56,1 millions de dollars depuis le 31 décembre 2023. Les prêts ont crû à 847,5 millions de dollars, ce qui correspond à une augmentation annualisée de 5,7% par rapport au 31 décembre 2023. La marge d'intérêt nette s'est améliorée à 2,91% au Q3 2024, contre 2,83% au Q2 2024 et 2,61% au Q3 2023. La qualité des actifs est restée forte, avec des actifs non performants représentant 0,14% des actifs totaux. Le Conseil d'administration a déclaré un dividende de 0,06 dollar par action ordinaire.

Community Heritage Financial, Inc. (OTC PK: CMHF) berichtete von einem Nettoergebnis von 2,0 Millionen US-Dollar, bzw. 0,70 US-Dollar pro verwässerter Aktie, für das dritte Quartal 2024. Dies entspricht einem Anstieg von 42,0% gegenüber Q2 2024 und einem Anstieg von 49,9% gegenüber Q3 2023. Für die neun Monate bis zum 30. September 2024 betrug das Nettoergebnis insgesamt 4,9 Millionen US-Dollar, oder 1,68 US-Dollar pro verwässerter Aktie, was einem Anstieg von 45,1% im Vergleich zum gleichen Zeitraum 2023 entspricht.

Die Vermögenswerte wuchsen bis zum 30. September 2024 auf 1,10 Milliarden US-Dollar, wobei die Einlagen seit dem 31. Dezember 2023 um 56,1 Millionen US-Dollar gestiegen sind. Die Kredite stiegen auf 847,5 Millionen US-Dollar, was einer annualisierten Steigerung von 5,7% gegenüber dem 31. Dezember 2023 entspricht. Die Nettomarge verbesserte sich im Q3 2024 auf 2,91%, gegenüber 2,83% im Q2 2024 und 2,61% im Q3 2023. Die Qualität der Vermögenswerte blieb stark, mit uneinbringlichen Forderungen zu Gesamtvermögen bei 0,14%. Der Vorstand beschloss, eine Dividende von 0,06 US-Dollar je Stammaktie auszuschütten.

Positive
  • Net income increased by 42.0% quarter-over-quarter and 49.9% year-over-year
  • Assets grew to $1.10 billion, with deposits increasing by $56.1 million since December 31, 2023
  • Loans grew to $847.5 million, a 5.7% annualized increase from December 31, 2023
  • Net interest margin improved to 2.91% in Q3 2024, up from 2.83% in Q2 2024
  • Strong asset quality with non-performing assets to total assets at 0.14%
  • Board of Directors declared a dividend of $0.06 per common share
Negative
  • Noninterest-bearing demand and interest-bearing money market accounts declined by $13.3 million and $8.9 million, respectively
  • Construction and land development loans declined by $9.8 million
  • Owner occupied commercial mortgage loans declined by $5.2 million

MIDDLETOWN, Md., Oct. 22, 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 $2.0 million, or $0.70 per diluted share, for the third quarter of 2024. Third quarter 2024 results represented an increase of $605 thousand, or 42.0%, in comparison to the second quarter of 2024, and an increase of $681 thousand, or 49.9%, in comparison to the third quarter 2023. Net income for the nine months ended September 30, 2024 totaled $4.9 million, or $1.68 per diluted share, representing an increase of $1.5 million, or 45.1%, compared to net income of $3.4 million, or $1.16 per diluted share, for the nine months ended September 30, 2023.

Balance Sheet

Assets totaled $1.10 billion as of September 30, 2024, representing an increase of $109.7 million since December 31, 2023, and an increase of $102.6 million since September 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% through September 18, 2024 and 4.90% since then. The advances mature in mid-January 2025 and can be repaid anytime without penalty. The Bank intends to repay the advances before the November meeting of the FRB, at which the FRB is expected to reduce short-term interest rates for the second time this year.

Asset growth was further fueled by growth in deposits of $56.1 million and $43.8 million since December 31, 2023 and September 30, 2023, respectively. Deposit growth since December 31, 2023 included growth in NOW accounts of $59.3 million, $40.7 million of which represented balances sold in December 2023 and reacquired in January 2024, and growth in time deposits of $21.8 million. Noninterest-bearing demand and interest-bearing money market accounts declined by $13.3 million and $8.9 million, respectively. Migration to higher cost short-term time deposits reflected customers taking advantage of the significant rise in interest rates and the inversion of the yield curve. The NOW product includes interest-bearing demand transaction accounts enrolled in Bank's reciprocal deposit program, which allows customers the ability to expand FDIC insurance coverage to balances greater than $250,000.

Loans grew to $847.5 million as of September 30, 2024, representing an increase of $34.7 million, or 5.7% annualized, from December 31, 2023, and $49.5 million, or 6.2%, from September 30, 2023. Exclusive of internal loan classification changes made in the third quarter of 2024, non-owner occupied commercial real estate loans, residential real estate, including home equity loans, and commercial and industrial loans grew $27.3 million, $16.9 million, and $6.4 million, respectively, during the nine months ended September 30, 2024. Growth was offset by a decline in construction and land development loans of $9.8 million and in owner occupied commercial mortgage loans of $5.2 million during the same period.

Net Interest Income

Net interest income was $7.8 million in the third quarter of 2024, compared to $7.5 million in the second quarter of 2024 and $6.3 million in the third quarter of 2023. The net interest margin ("NIM") was 2.91%, 2.83% and 2.61% during the third quarter of 2024, the second quarter of 2024 and the third quarter of 2023, 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 2.61% in the third quarter of 2023 and has since stabilized, increasing to 2.91% during the most recent quarter. 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 $957.8 million in the third quarter of 2023 to $1.07 billion in the third quarter of 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 increased $307 thousand during the third quarter of 2024 compared to the second quarter of 2024. Mortgage banking revenue increased $205 thousand, reflecting a seasonal pick-up in mortgage origination and sale activity. Earnings on bank-owned life insurance increased $58 thousand with improved investment returns.

Third Quarter 2024 vs. Third Quarter 2023 – Noninterest income increased $303 thousand. Mortgage banking revenue accounted for $116 thousand of the increase in addition to a $79 thousand increase in earnings on bank-owned life insurance. Cash management income improved $34 thousand.

Nine Months September 30, 2024 vs. Nine Months September 30, 2023 – Noninterest income increased $599 thousand for the nine months ended September 30, 2024 compared to the same period in 2023. Earnings on bank-owned life insurance increased $225 thousand and included receipt of insurance proceeds totaling $138 thousand in the first quarter of 2024. Service charges on deposits increased $149 thousand, with cash management income accounting for $112 thousand of the increase. Mortgage banking income rose $81 thousand.

Noninterest Expense

Linked quarter 2024 – Noninterest expense decreased $88 thousand on a linked quarter basis. The net decrease included a decrease in data processing expense of $163 thousand and in legal and professional fees of $112 thousand, offset by increases in salaries and benefits expense of $108 thousand, in occupancy and equipment expense of $32 thousand and in advertising expense of $20 thousand. Data processing expense decreased $116 thousand as several prior period fraud losses were recovered. The decline in legal and professional fees was primarily the result of the timing of third-party services performed. Salaries and benefits expense increased due to increased salary, payroll taxes and bonus accruals of $155 thousand offset by decreased benefit costs of $41 thousand.

Third Quarter 2024 vs. Third Quarter 2023 – Noninterest expense increased $39 thousand quarter over quarter. The net increase included increases in occupancy and equipment expense of $58 thousand, FDIC insurance cost of $47 thousand, and other expense of $65 thousand, offset by a decrease in data processing expense of $126 thousand.

Nine Months September 30, 2024 vs. Nine Months September 30, 2023 – Noninterest expense increased $289 thousand in 2024 compared to 2023. Increases in legal and professional fees of $162 thousand and in FDIC insurance cost of $153 thousand contributed to the increase in noninterest expense. Noninterest expense as a percentage of average assets (annualized) improved from 2.54% in 2023 to 2.28% in 2024.

Asset Quality

Asset quality remained strong with non-performing assets to total assets of 0.14% on September 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 September 30, 2024. As a result of continued strong asset quality metrics, modest loan growth during the quarter and improving clarity regarding economic conditions, the allowance for credit losses as a percentage of total loans fell from .97% as of June 30, 2024 to .96% as of September 30, 2024. A recovery of credit losses of $7 thousand was recorded in the third quarter of 2024, compared to a provision for credit losses of $168 thousand during the second quarter of 2024.

Dividend

The Board of Directors declared a dividend of $0.06 per common share on October 18, 2024, for stockholders of record as of November 1, 2024, and payable on November 8, 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




9/30/2024

6/30/2024

3/31/2024

12/31/2023

9/30/2023









ASSETS








Cash and due from banks

$         90,485,075

$         91,988,101

$         76,807,485

$         16,664,061

$         36,448,539


Securities available-for-sale, at fair value

43,803,206

39,518,549

40,267,761

40,927,086

39,917,313


Securities held-to-maturity

92,558,298

93,944,321

95,152,132

96,111,626

97,217,237



Less allowance for credit losses

110,386

118,787

126,943

103,949

147,457



Total securities held-to-maturity

92,447,912

93,825,534

95,025,189

96,007,677

97,069,780











Total securities

136,251,118

133,344,083

135,292,950

136,934,763

136,987,093


Equity securities, at cost

1,404,600

1,404,600

1,404,600

1,363,600

1,363,600


Loans

847,539,088

841,043,351

830,604,389

812,932,872

798,035,073



Less allowance for loan credit losses

8,167,602

8,186,862

8,032,597

7,742,297

7,337,327



Loans, net

839,371,486

832,856,489

822,571,792

805,190,575

790,697,746


Loans held for sale

4,591,950

4,739,191

1,443,270

1,651,118

2,879,397


Premises and equipment

5,805,983

6,010,649

6,164,114

6,329,832

6,639,595


Right of use asset

2,031,653

2,152,804

2,272,962

2,380,555

2,498,508


Accrued interest receivable

3,124,150

3,360,417

3,212,907

2,972,952

2,733,565


Deferred tax assets

4,568,943

4,870,431

4,879,208

4,766,376

5,289,000


Bank owned life insurance

7,379,630

7,159,381

7,122,335

7,172,917

6,943,992


Goodwill

1,656,507

1,656,507

1,656,507

1,656,507

1,656,507


Other assets

1,660,574

1,565,443

1,588,900

1,544,870

1,556,491











Total Assets

$   1,098,331,669

$   1,091,108,096

$   1,064,417,030

$       988,628,126

$       995,694,033









LIABILITIES and SHAREHOLDERS' EQUITY















Liabilities








Deposits:








    Noninterest-bearing demand

$       246,907,558

$       248,150,379

$       247,549,872

$       260,204,859

$       248,440,805



    Interest-bearing

685,892,223

679,484,492

655,358,756

616,461,031

640,593,734



        Total deposits

932,799,781

927,634,871

902,908,628

876,665,890

889,034,539



FHLB advances and other borrowings

65,000,000

65,000,000

65,000,000

18,000,000

15,000,000



Subordinated debt, net

15,000,000

14,977,576

14,955,152

14,932,727

14,910,303



Lease liabilities

2,105,649

2,226,547

2,345,426

2,450,133

2,565,151



Accrued interest payable

2,468,369

1,633,334

1,212,747

458,540

526,354



Other liabilities

3,662,903

5,441,467

5,336,235

4,889,735

4,644,608











    Total Liabilities

1,021,036,702

1,016,913,795

991,758,188

917,397,025

926,680,955










Shareholders' Equity








Common stock

29,159

29,159

29,159

29,117

29,060



Additional paid-in-capital

41,284,421

41,204,072

41,123,723

41,096,972

41,035,733



Retained earnings

43,039,340

41,167,218

39,900,518

38,669,620

37,921,329



Accumulated other comprehensive loss

(7,057,953)

(8,206,148)

(8,394,558)

(8,564,608)

(9,973,044)











    Total Shareholders' Equity

77,294,967

74,194,301

72,658,842

71,231,101

69,013,078











Total Liabilities and Shareholders' Equity

$   1,098,331,669

$   1,091,108,096

$   1,064,417,030

$       988,628,126

$       995,694,033









Community Heritage Financial , Inc. and Subsidiaries














Selected Financial Data (unaudited)

















As of Period End




9/30/2024

6/30/2024

3/31/2024

12/31/2023

9/30/2023









Per Share Data







Common shares outstanding at period end

2,915,933

2,915,933

2,915,933

2,911,670

2,905,973


Book value per share

$                    26.51

$                    25.44

$                    24.92

$                    24.45

$                    23.75


Tangible book value per share

$                    25.94

$                    24.88

$                    24.35

$                    23.88

$                    23.18









Capital (bank consolidated only unless noted otherwise)







Common equity tier 1 (CET1) capital

12.27 %

11.98 %

11.98 %

12.02 %

12.15 %


Tier 1 capital

12.27 %

11.98 %

11.98 %

12.02 %

12.15 %


Total risk based capital

13.36 %

13.07 %

13.07 %

13.10 %

13.21 %


Tier 1 leverage ratio

8.90 %

8.69 %

8.84 %

9.10 %

9.34 %


Tangible common equity to tangible assets (CHF)

6.90 %

6.66 %

6.68 %

7.05 %

6.78 %









Asset Quality Data







Non-accrual loans

$           1,566,138

$           1,798,530

$           1,847,747

$           1,823,212

$           1,882,614


Non-performing assets

$           1,566,138

$           1,798,530

$           1,847,747

$           1,823,212

$           1,882,614


Non-performing loans to loans

0.18 %

0.21 %

0.22 %

0.22 %

0.24 %


Non-performing assets to total assets

0.14 %

0.16 %

0.17 %

0.18 %

0.19 %


Allowance for loan credit losses to loans

0.96 %

0.97 %

0.97 %

0.95 %

0.92 %









Other Data








Loans to deposits ratio 

90.86 %

90.67 %

91.99 %

92.73 %

89.76 %

 

Community Heritage Financial , Inc. and Subsidiaries



















Statements of Income (unaudited)























Three Months Ended


Nine Months Ended















9/30/2024

6/30/2024

3/31/2024

12/31/2023

9/30/2023


9/30/2024

9/30/2023












Interest Income










Loans, including fees

$     12,066,857

$     11,471,139

$     11,181,544

$     10,659,287

$     10,139,353


$     34,719,540

$     28,937,495


Securities

747,753

740,308

747,341

754,731

763,606


2,235,402

2,265,714


Fed funds sold and other

1,127,815

1,323,283

891,821

496,210

203,553


3,342,919

394,564



Total interest income

13,942,425

13,534,730

12,820,706

11,910,228

11,106,512


40,297,861

31,597,773












Interest Expense










Deposits

5,146,858

5,005,650

4,703,948

4,755,804

4,369,856


14,856,456

10,754,936


Borrowed funds

756,653

750,049

670,916

160,901

201,754


2,177,618

764,681


Subordinated debt

238,049

238,050

238,049

238,049

238,050


714,148

714,148



Total interest expense

6,141,560

5,993,749

5,612,913

5,154,754

4,809,660


17,748,222

12,233,765












Net interest income

7,800,865

7,540,981

7,207,793

6,755,474

6,296,852


22,549,639

19,364,008

Provision for (recovery of) credit losses

(7,396)

168,120

267,370

275,339

(842,717)


428,094

(1,022,669)

Net interest income after provision 










for credit losses

7,808,261

7,372,861

6,940,423

6,480,135

7,139,569


22,121,545

20,386,677












Noninterest income










Service charges on deposits

252,406

237,357

237,020

209,331

202,779


726,783

577,607


Earnings on bank-owned life insurance

86,958

28,755

211,641

95,633

8,360


327,354

102,061


Mortgage banking revenue

482,102

277,530

219,714

254,867

365,860


979,346

898,256


Other

322,880

293,725

305,496

349,211

263,981


922,101

779,088



Total noninterest income

1,144,346

837,367

973,871

909,042

840,980


2,955,584

2,357,012












Noninterest expense










Salaries and employee benefits

3,696,105

3,588,465

3,344,188

3,536,962

3,736,317


10,628,758

10,596,051


Occupancy and equipment

901,283

869,510

864,008

948,591

842,651


2,634,801

2,649,847


Legal and professional fees

242,411

354,244

288,193

206,178

242,671


884,848

722,806


Advertising

93,129

73,236

61,467

77,100

57,855


227,832

224,200


Data processing

492,294

654,854

793,519

752,980

618,593


1,940,667

2,107,808


FDIC insurance 

210,789

205,143

185,134

190,695

163,731


601,066

448,385


Other 

550,529

528,827

558,720

471,476

485,493


1,638,076

1,517,822



Total noninterest expense

6,186,540

6,274,279

6,095,229

6,183,982

6,147,311


18,556,048

18,266,919












Income before income taxes

2,766,067

1,935,949

1,819,065

1,205,195

1,833,238


6,521,081

4,476,770

Income tax expense

718,989

494,293

413,370

282,204

467,482


1,626,652

1,104,599

Net income

$       2,047,078

$       1,441,656

$       1,405,695

$           922,991

$       1,365,756


$       4,894,429

$       3,372,171












Community Heritage Financial , Inc. and Subsidiaries



















Per Share Data (unaudited)























Three Months Ended


Nine Months Ended




9/30/2024

6/30/2024

3/31/2024

12/31/2023

9/30/2023


9/30/2024

9/30/2023












Earnings per common share










Basic

$                  0.70

$                  0.49

$                  0.48

$                  0.32

$                  0.47


$                  1.68

$                  1.16


Diluted

$                  0.70

$                  0.49

$                  0.48

$                  0.32

$                  0.47


$                  1.68

$                  1.16

Common shares outstanding at period end

2,915,933

2,915,933

2,915,933

2,911,670

2,905,973


2,915,933

2,905,973

Average common shares outstanding










Basic

2,915,933

2,913,048

2,913,048

2,911,254

2,905,973


2,914,975

2,905,973


Diluted

2,927,377

2,916,951

2,913,048

2,911,254

2,905,973


2,920,191

2,905,973

Cash dividends paid per common share

$                  0.06

$                  0.06

$                  0.06

$                  0.06

$                  0.06


$                  0.18

$                  0.18












Community Heritage Financial , Inc. and Subsidiaries



















Selected Financial Performance Ratios (unaudited)






















Three Months Ended


Nine Months Ended




9/30/2024

6/30/2024

3/31/2024

12/31/2023

9/30/2023


9/30/2024

9/30/2023












Return on average assets

0.74 %

0.53 %

0.53 %

0.36 %

0.55 %


0.60 %

0.47 %

Return on average equity

10.66 %

7.84 %

7.81 %

5.32 %

7.95 %


8.82 %

6.56 %

Net interest margin 

2.91 %

2.83 %

2.80 %

2.71 %

2.61 %


2.84 %

2.78 %

Yield on interest-earning assets 

5.21 %

5.09 %

4.97 %

4.78 %

4.60 %


5.08 %

4.53 %

Cost of interest-bearing liabilities 

3.22 %

3.19 %

3.08 %

2.99 %

2.90 %


3.16 %

2.59 %

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




September 30, 2024


June 30, 2024


September 30, 2023




Average Balance


Interest


Yield / Rate


Average Balance


Interest


Yield / Rate


Average Balance


Interest


Yield / Rate












ASSETS



















Interest-earning assets:




















Loans, including LHFS

$       843,654,351


$  12,066,857


5.69 %


$       833,960,162


$  11,471,139


5.53 %


$       796,994,151


$  10,139,353


5.05 %



Securities

134,813,833


747,753


2.22 %


134,470,950


740,308


2.20 %


139,078,422


763,606


2.20 %



Other

87,304,856


1,127,815


5.14 %


101,043,844


1,323,283


5.27 %


21,730,680


203,553


3.72 %




1,065,773,040


13,942,425


5.21 %


1,069,474,956


13,534,730


5.09 %


957,803,253


11,106,512


4.60 %






















Noninterest-earning assets

28,411,632






23,327,381






24,891,092



























Total Assets

$   1,094,184,672






$   1,092,802,337






$       982,694,344

























LIABILITIES AND SHAREHOLDERS' EQUITY



















Interest-bearing liabilities:




















Demand deposits

$       532,860,419


$     3,732,942


2.79 %


$       534,288,264


$     3,719,156


2.80 %


$       500,998,571


$     3,380,043


2.68 %



Time deposits

146,537,925


1,413,916


3.84 %


142,212,265


1,286,494


3.64 %


124,247,055


989,813


3.16 %



    Interest-bearing deposits

679,398,344


5,146,858


3.01 %


676,500,529


5,005,650


2.98 %


625,245,626


4,369,856


2.77 %



Borrowings

79,178,866


994,702


5.00 %


79,963,039


988,099


4.96 %


33,551,916


439,804


5.20 %



    Interest-bearing liabilities

758,577,210


6,141,560


3.22 %


756,463,568


5,993,749


3.19 %


658,797,542


4,809,660


2.90 %


Noninterest-bearing liabilities:




















Demand deposits

247,494,464






253,726,240






250,254,063







Other

11,945,290






8,854,808






4,536,170



























Total Liabilities

1,018,016,964






1,019,044,616






913,587,775



























Cost of Total Deposits





2.21 %






2.16 %






1.98 %



Cost of Total Funds (interest-




















  bearing liabilities plus non-




















  interest-bearing deposits)





2.43 %






2.39 %






2.10 %






















Shareholders' equity

76,167,709






73,757,721






69,106,569



























Total Liabilities and Shareholders Equity

$   1,094,184,672






$   1,092,802,337






$       982,694,344



























Net interest income / NIM



$     7,800,865


2.91 %




$     7,540,981


2.83 %




$     6,296,852


2.61 %

 

Community Heritage Financial , Inc. and Subsidiaries

























Condensed Average Balance Sheet Analysis (unaudited)




























Nine Months Ended




September 30, 2024


September 30, 2023




Average Balance


Interest


Yield / Rate


Average Balance


Interest


Yield / Rate









ASSETS














Interest-earning assets:














Loans, including LHFS

$       837,078,047


$  34,719,540


5.54 %


$       776,273,594


$  28,937,495


4.98 %



Securities

135,138,985


2,235,402


2.21 %


141,918,268


2,265,714


2.13 %



Other

86,661,961


3,342,919


5.15 %


13,683,690


394,564


3.85 %




1,058,878,992


40,297,861


5.08 %


931,875,552


31,597,773


4.53 %
















Noninterest-earning assets

23,962,491






25,187,100





















Total Assets

$   1,082,841,484






$       957,062,652



















LIABILITIES AND SHAREHOLDERS' EQUITY













Interest-bearing liabilities:














Demand deposits

$       533,485,343


$  11,089,043


2.78 %


$       480,602,414


$     8,411,194


2.34 %



Time deposits

139,554,338


3,767,413


3.61 %


112,485,382


2,343,742


2.79 %



    Interest-bearing deposits

673,039,681


14,856,456


2.95 %


593,087,796


10,754,936


2.42 %



Borrowings

77,831,713


2,891,766


4.96 %


37,320,673


1,478,829


5.30 %



    Interest-bearing liabilities

750,871,394


17,748,222


3.16 %


630,408,469


12,233,765


2.59 %


Noninterest-bearing liabilities:














Demand deposits

249,386,451






253,973,674







Other

8,488,352






4,109,437





















Total Liabilities

1,008,746,197






888,491,580





















Cost of Total Deposits





2.15 %






1.70 %



Cost of Total Funds (interest-














  bearing liabilities plus non-














  interest-bearing deposits)





2.37 %






1.85 %
















Shareholders' equity

74,095,287






68,571,072





















Total Liabilities and Shareholders Equity

$   1,082,841,484






$       957,062,652





















Net interest income / NIM



$  22,549,639


2.84 %




$  19,364,008


2.78 %

 

Community Heritage Financial , Inc. and Subsidiaries














Loan and Deposit Composition (unaudited)

















As of Period End




9/30/2024

6/30/2024

3/31/2024

12/31/2023

9/30/2023









Loans 1:







Commercial real estate:







Construction and land development 1

$     64,686,070

$     89,921,555

$     88,793,186

$     89,525,228

$     89,980,412


Multifamily 1

23,437,101

21,281,351

21,682,394

21,784,953

22,599,598


Farmland

30,448,216

30,317,070

30,546,050

30,821,848

28,785,156


Other:








Owner occupied 1

137,266,535

130,560,913

137,654,633

136,628,801

131,398,708



Non-owner occupied 1

154,090,059

143,246,131

131,114,323

119,979,964

122,587,639









Residential, including home equity

297,472,722

290,587,107

284,962,472

280,523,837

273,884,529

Commercial and industrial

135,355,039

130,148,584

130,972,545

128,933,413

124,154,237

Consumer


1,296,915

1,392,904

1,369,535

1,203,039

1,209,100



Gross loans

844,052,657

837,455,615

827,095,138

809,401,083

794,599,379



Net deferred loan costs

3,486,431

3,587,736

3,509,251

3,531,789

3,435,694



Total Loans

$  847,539,088

$  841,043,351

$  830,604,389

$  812,932,872

$  798,035,073









Deposits:







Noninterest-bearing demand

$  246,907,558

$  248,150,379

$  247,549,872

$  260,204,859

$  248,440,805

Interest-bearing:







NOW 2

223,884,815

223,072,312

202,226,731

164,536,186

202,369,954


Savings

69,566,114

69,495,486

74,761,620

72,374,445

79,734,653


Money Market

239,982,813

237,799,850

252,954,674

248,898,935

232,777,969


Time


152,458,481

149,116,844

125,415,731

130,651,465

125,711,158



Total interest-bearing

685,892,223

679,484,492

655,358,756

616,461,031

640,593,734



Total Deposits

$  932,799,781

$  927,634,871

$  902,908,628

$  876,665,890

$  889,034,539










1

During the third quarter 2024, $15.1 million of loans were reclassified from construction and land development to residential ($49 thousand), multifamily ($2.4 million), owner occupied CRE ($5.8 million) and non-owner occupied CRE ($6.8 million).


2

Includes demand transaction accounts enrolled in the Bank's reciprocal deposit program.





 

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SOURCE Community Heritage Financial, Inc.

FAQ

What was Community Heritage Financial's (CMHF) net income for Q3 2024?

Community Heritage Financial (CMHF) reported net income of $2.0 million, or $0.70 per diluted share, for the third quarter of 2024.

How did CMHF's Q3 2024 net income compare to previous periods?

CMHF's Q3 2024 net income increased by 42.0% compared to Q2 2024 and by 49.9% compared to Q3 2023.

What was CMHF's total asset value as of September 30, 2024?

CMHF's total assets were $1.10 billion as of September 30, 2024, representing an increase of $109.7 million since December 31, 2023.

What was CMHF's net interest margin (NIM) for Q3 2024?

CMHF's net interest margin (NIM) was 2.91% during the third quarter of 2024, an improvement from 2.83% in Q2 2024 and 2.61% in Q3 2023.

Did CMHF declare a dividend for Q3 2024?

Yes, CMHF's Board of Directors declared a dividend of $0.06 per common share on October 18, 2024, payable on November 8, 2024.

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COMMUNITY HERITAGE FINCL

OTC:CMHF

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CMHF Latest News

Oct 31, 2024
Community Heritage Financial, Inc. Completes $12.1 Million Subordinated Debt Offering
Oct 21, 2024
Community Heritage Financial, Inc. Announces Third Quarter 2024 Dividend
Aug 5, 2024
Community Heritage Financial, Inc. Announces New Member to the Board of Directors
Jul 23, 2024
Community Heritage Financial, Inc. Reports Earnings for the Second Quarter of 2024
Jul 22, 2024
Community Heritage Financial, Inc. Announces Second Quarter 2024 Dividend

CMHF Stock Data

66.97M
2.91M
19.94%
Banks - Regional
Financial Services
Link
United States of America
Middletown