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About Community Heritage Financial, Inc. (CMHF)
Community Heritage Financial, Inc. (CHF), traded under the symbol CMHF, is a diversified financial services holding company headquartered in Middletown, Maryland. Established as the parent company of Middletown Valley Bank (MVB), CHF provides a comprehensive suite of personal and business banking services, mortgage lending, and cash management solutions. Through its wholly owned subsidiary, Millennium Financial Services, Inc. (Mlend), the company extends its reach into mortgage origination and lending. Originating in 1908, CHF has deep roots in the communities it serves, operating across Maryland counties including Frederick, Washington, Garrett, and Anne Arundel, as well as Franklin County, Pennsylvania.
Core Business Model
CHF’s business model is centered on generating revenue from interest income on loans, non-interest income from service charges, and mortgage banking activities. The company’s loan portfolio is diversified across residential real estate, commercial real estate, and business loans, with a strategic focus on non-owner-occupied commercial properties and home equity lending. Additionally, CHF leverages its cash management services to attract commercial clients, enhancing fee-based income streams. The company’s deposit base, which includes NOW accounts, time deposits, and money market accounts, serves as a primary funding source for its lending activities.
Market Position and Competitive Landscape
Operating in the community banking sector, CHF faces competition from regional banks and larger financial institutions. However, its localized focus, personalized customer service, and strong community ties provide a competitive edge. The company differentiates itself through strategic initiatives such as participation in the Federal Reserve’s Bank Term Funding Program (BTFP), which has supported asset growth and improved net interest margins. CHF’s proactive approach to managing deposit costs and optimizing its funding mix further strengthens its market position.
Operational Strengths
CHF consistently demonstrates strong asset quality metrics, with low levels of non-performing assets and a disciplined approach to credit risk management. The company’s net interest margin has shown steady improvement, reflecting its ability to adapt to changing interest rate environments. Additionally, CHF’s investment in technology and cash management services enhances its value proposition for commercial clients, driving growth in fee-based revenues.
Community-Centric Approach
As a community-focused institution, CHF prioritizes building lasting relationships with its customers. Its commitment to local economic development and personalized banking solutions underscores its role as a trusted financial partner. The company’s long-standing presence in its markets, coupled with its focus on customer-centric innovation, positions it as a vital contributor to the financial well-being of the communities it serves.
Strategic Outlook
While CHF operates in a competitive and evolving financial landscape, its strategic focus on asset quality, deposit growth, and diversified revenue streams positions it for sustained performance. By leveraging its community banking expertise and maintaining a disciplined approach to risk management, CHF continues to navigate challenges and capitalize on growth opportunities within its regional markets.
Community Heritage Financial, Inc. (OTC PK: CMHF) reported record net income of $6.86 million or $2.85 per share for 2022, a 14% increase from 2021. Fourth quarter income was $1.44 million ($0.50 per share), down from $1.52 million in Q3 2022 but up from $1.26 million in Q4 2021. Total assets grew to $930.1 million, a $112.2 million increase year-over-year. Core loans reached $748.5 million, rising 22.6% compared to the previous year. The bank eliminated short-term debt, achieving zero balance on wholesale funding. However, net interest margin declined from 3.35% in Q3 to 3.15% in Q4 due to rising costs. A dividend of $0.06 per share was declared, reflecting a 50% increase from the previous quarter.
Community Heritage Financial, Inc. (OTCPK: CMHF) declared a quarterly cash dividend of $0.06 per share, a notable 50% increase from the previous $0.04. This dividend is payable on February 10, 2023, to shareholders on record as of February 3, 2023. The bank, which operates in several Maryland counties and Franklin County, Pennsylvania, has a history dating back to 1908. The announcement reflects the company's commitment to returning value to its shareholders while enhancing income opportunities.
Community Heritage Financial, Inc. (OTC PK: CMHF) reported a net income of $5.41 million or $2.40 per share for the nine months ended September 30, 2022, reflecting a 13.7% increase from the previous year. However, third quarter income was $1.52 million, down 26.6% from the previous quarter. Total assets grew to $909.7 million, driven by a $34.5 million loan increase. While net interest income rose, higher operating expenses and reduced non-interest income affected earnings. The company declared a $0.04 per share dividend, payable on November 11, 2022.
Community Heritage Financial, Inc. (OTCPK: CMHF) has declared a quarterly cash dividend of $0.04 per share, payable on November 11, 2022. Shareholders of record on November 4, 2022 will receive this dividend. This decision reflects the company's ongoing commitment to returning value to its shareholders. The parent company of Middletown Valley Bank, Community Heritage Financial operates across several Maryland counties and Franklin County, Pennsylvania, providing a range of banking services.
Community Heritage Financial announced the successful closing of its public offering of 600,000 shares of common stock at $21.00 per share, generating approximately $12.6 million in gross proceeds. After deductions, net proceeds are expected to be around $11.4 million. Piper Sandler acted as the sole manager and has a 30-day option to purchase an additional 90,000 shares. The offering statement was qualified by the SEC on September 28, 2022. This funding aims to bolster the company's financial position and support its banking operations.
Community Heritage Financial announced on October 3, 2022, that its subsidiary, Middletown Valley Bank, experienced unauthorized access to its information technology system on October 1. The Bank swiftly implemented containment measures and is conducting an investigation, but currently believes no customer information was compromised. The incident is not expected to materially impact business operations, and normal banking services will continue.
Community Heritage Financial, Inc. (OTC PK: CMHF) has priced its public offering of 600,000 shares of common stock at $21.00 per share, aiming for gross proceeds of approximately $12.6 million. After deducting expenses, net proceeds are expected to be around $11.4 million. The offering will be conducted through Piper Sandler & Co., with a potential additional 90,000 shares available for over-allotments. The offering is scheduled to close on October 3, 2022, following SEC qualification on September 28, 2022.
Community Heritage Financial, Inc. (OTC PK: CMHF) announced a public offering of 1,500,000 shares of common stock priced between $21.00 and $23.00 each. The offering, managed by Piper Sandler & Co., includes a 30-day option for the underwriter to purchase an additional 225,000 shares. Proceeds will primarily enhance the Bank's lending capacity and may fund acquisitions or general corporate purposes. The SEC qualified the offering statement on September 9, 2022.
Community Heritage Financial, Inc. (CMHF) reported a strong performance for the six months ended June 30, 2022, with net income of $3.89 million, a 55.6% increase from $2.50 million in the prior year. The second quarter net income was $2.07 million, an increase from $1.82 million in Q1 2022. Total assets grew to $872.6 million, bolstered by $20.6 million in deposits. Loan balances reached $692.8 million, increasing by $48.9 million since March 31, 2022. However, non-interest income decreased by 24.7% year-over-year, and operating expenses rose by 4.6% compared to Q1 2022.
Community Heritage Financial, Inc. (OTCPK: CMHF) has declared a quarterly cash dividend of $0.04 per share on its common stock. The dividend is set to be paid on August 5, 2022, to shareholders on record as of July 29, 2022. The company, which operates through its subsidiary Middletown Valley Bank, provides various banking services in Maryland and Pennsylvania. Established in 1908, the Bank continues to support the local communities through its financial offerings.
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