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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 a net income of $1.82 million or $0.81 per share for Q1 2022, marking a 13.1% increase from Q1 2021. The company experienced significant balance sheet growth, with core deposits rising by $33.5 million and core loan growth of $43.1 million. Interest income increased $293 thousand compared to Q4 2021, while net interest income grew by $357 thousand. However, tangible book value per share decreased by 10.7% to $21.94.
Community Heritage Financial, Inc. (OTCPK: CMHF) declared a quarterly cash dividend of $0.04 per share, payable on May 6, 2022. Shareholders of record as of April 29, 2022 will receive this dividend, demonstrating the company's ongoing commitment to returning value to its investors.
The company operates Middletown Valley Bank and Millennium Financial Group, providing comprehensive banking and mortgage services in Maryland and Pennsylvania.
Community Heritage Financial, Inc. (OTCPK: CMHF) announced the appointment of Frankie Corsi, III, to its Board of Directors on April 15, 2022. Corsi, currently the president of Beachley Furniture Company, brings extensive experience, including a background as CFO at Ridgecrest Investments and a licensed CPA since 1997. Board Chairman James G. Pierne expressed confidence in Corsi's business acumen, while CEO Robert E. (BJ) Goetz, Jr. noted Corsi's leadership experience and financial expertise as valuable for the Company.
Community Heritage Financial, Inc. (CMHF) reported record earnings of $6.015 million or $2.67 per share for the year ending December 31, 2021, a 45.7% increase from 2020. However, fourth-quarter net income fell to $1.257 million or $0.56 per share, down 44.3% from Q3 2021 and 19.8% year-over-year. Key highlights include $43.7 million in core loan growth, a decline in PPP loan forgiveness income, and an uptick in provisions for loan losses. The bank showed robust deposit growth of $137 million year-over-year, enhancing its earning assets while maintaining strong credit quality.
Community Heritage Financial (OTC Pink: CMHF) has declared a quarterly cash dividend of $0.04 per share on its common stock. The dividend is set to be paid on February 11, 2022 to shareholders registered by February 4, 2022. This announcement reflects the company's commitment to returning value to its shareholders while maintaining a stable financial standing.
Community Heritage Financial, Inc. (CMHF) has announced a significant organizational change, seeking regulatory approval for its subsidiary Millennium Financial Group (Mlend) to become a wholly owned subsidiary of Middletown Valley Bank. This restructuring, approved by all boards, aims to enhance operational efficiencies and achieve cost savings. Both entities will retain their brand identities while benefiting from synergies in their market operations. The move reflects the company's strategy to streamline operations and strengthen its market position.
Community Heritage Financial, Inc. (OTC Pink: CMHF) reported record earnings for Q3 2021, achieving a net income of $2.257 million or $1.00 per share, an impressive 153% increase from Q2 2021. Year-to-date, net income reached $4.758 million or $2.11 per share, up 86% from the previous year. The growth was driven by robust residential mortgage loan activity and a recovery from prior loan charge-offs, contributing to a strong credit quality with non-performing assets at 0.31%. Total deposits rose by $47.6 million, reflecting solid demand. A dividend of $0.04 per share was declared for shareholders.
Community Heritage Financial, Inc. (OTC Pink: CMHF) has declared a quarterly cash dividend of $0.04 per share, payable on November 5, 2021. Shareholders of record on October 29, 2021 will receive this dividend. The company, which includes Middletown Valley Bank and Millennium Financial Group, operates in Maryland and Pennsylvania. The dividend reflects the company's ongoing commitment to return value to its shareholders.
Community Heritage Financial, Inc. (OTC Pink: CMHF) reported a record year-to-date net income of $2.501 million or $1.11 per share for the first half of 2021, an increase of 84% from the previous year. The second quarter net income was $892 thousand or $0.40 per share, down 44.6% from Q1. Strong residential mortgage activities and PPP loan forgiveness contributed to earnings. However, an isolated loan charge-off impacted second-quarter results, necessitating increased provisions. Deposits grew by $16.5 million (2.5%) and credit quality remains strong, with non-performing assets at 0.36%.
Community Heritage Financial, Inc. (OTC Pink: CMHF) declared a quarterly cash dividend of $0.04 per share, payable on August 6, 2021, to shareholders of record by July 30, 2021. This action reflects the company's commitment to returning value to its investors. As the parent company of Middletown Valley Bank and Millennium Financial Group, CMHF continues to operate actively in the Maryland and Pennsylvania regions, providing full-service banking and lending solutions.
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