MIDDLETOWN, Md., Jan. 27, 2025 /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 $6.6 million, or $2.27 per diluted share, for the year ended December 31, 2024, representing an increase of $2.3 million, or 54.3%, over net income of $4.3 million, or $1.48 per diluted share, reported for the year ended December 31, 2023. Fourth quarter 2024 net income was $1.7 million, a decrease of $314 thousand compared to third quarter 2024 net income of $2.0 million and an increase of $810 thousand compared to $923 thousand earned in the fourth quarter of 2023.
Balance Sheet
Assets totaled $1.02 billion as of December 31, 2024, representing an increase of $31.7 million since December 31, 2023, and a decrease of $78.0 million since September 30, 2024. During the period of mid-January 2024 through early November 2024, advances drawn under the Bank Term Funding Program ("BTFP") available through the Federal Reserve Bank ("FRB") totaling $50.0 million impacted asset balances. The advances offered 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% from that time through early November 2024. The Bank repaid the advances immediately prior to the November meeting of the FRB, at which the FRB reduced short-term interest rates eliminating the arbitrage opportunity.
An increase in interest-bearing deposits of $40.1 million, or 6.5%, offset by a decline in noninterest-bearing deposits of $8.8 million, funded asset growth since December 31, 2023. Interest-bearing deposit growth of $40.1 million included growth in NOW account balances of $30.1 million, which included $40.7 million in balances reacquired in January 2024 after having been sold in December 2023. The NOW product includes interest-bearing demand transaction accounts enrolled in the Bank's reciprocal deposit program, which allows customers the ability to expand FDIC insurance coverage to balances greater than $250,000. In addition, time deposits grew $20.9 million while money market balances fell $8.6 million, and savings account balances fell $2.4 million. Migration to higher cost deposits throughout the year reflected customers taking advantage of the significant rise in interest rates and an inverted yield curve for most of the period.
The decline in assets since September 30, 2024 reflected the repayment of $50 million in BTFP advances, a decline in NOW account balances of $29.2 million, offset by growth in noninterest-bearing balances of $4.5 million.
Loan balances outstanding grew to $847.6 million as of December 31, 2024, representing an increase of $34.7 million, or 4.3% from December 31, 2023. Loan balances outstanding were little changed compared to $847.5 million as of September 30, 2024. Non-owner occupied commercial real estate loans, residential real estate, including home equity loans, commercial and industrial loans and multifamily loans grew $39.2 million, $15.7 million, $5.2 million and $3.4 million, respectively, during the year ended December 31, 2024. A decline in construction and land development loans of $29.8 million during the same period offset the growth in other loan portfolios.
Net Interest Income
Net interest income totaled $30.7 million during the year ended December 31, 2024, compared to $26.1 million during the same period of 2023. The net interest margin ("NIM") increased from 2.76% for the year ended 2023 to 2.92% for the year ended 2024. The FRB's decision to increase short-term rates to combat inflation in March 2022 pressured the Company's NIM as deposit rates increased rapidly. The NIM reached a low point of 2.61% in the third quarter of 2023 and has since steadily improved, increasing to 2.72% during the fourth quarter of 2023, and to 2.80%, 2.83%, 2.90% and 3.13% during the first, second, third and fourth quarters of 2024, respectively. Interest rate cuts initiated by the FRB beginning in September contributed to the improvement in the NIM during the fourth quarter. In addition to an improving NIM, an increase in average interest-earning assets contributed to the growth in net interest income. Average interest-earning assets increased from $946.4 million in 2023 to $1.05 billion in 2024. While an increase in core deposits primarily funded growth in average interest-earning assets, the $50.0 million in advances from the FRB noted above also contributed.
Noninterest Income
Linked quarter 2024 - Noninterest income decreased $509 thousand during the fourth quarter of 2024 compared to the third quarter of 2024. In December, the Company repositioned its investment portfolio, selling $8.1 million of investments securities available-for-sale with a book yield of 1.67% at a pretax loss of $442 thousand with the intent to reinvest at a higher yield by the end of January 2025. As of December 31, 2024, $4.0 million in proceeds had been reinvested at yields of 5.00% or greater. Earnings on bank-owned life insurance decreased $64 thousand with lower investment returns.
Fourth Quarter 2024 vs. Fourth Quarter 2023 - Noninterest income decreased $274 thousand. An increase in mortgage banking revenue of $214 thousand reflecting higher mortgage origination and sale activity partially offset the pretax loss on the sale of investment securities of $442 thousand previously discussed.
Year ended December 31, 2024 vs. Year ended December 31, 2023 - Noninterest income increased $328 thousand for the year compared to the same period in 2023. Mortgage banking revenue increased $345 thousand with increased mortgage origination and sale activity. Service charges on deposits increased $202 thousand as the Bank focused on enrollment of commercial customers in cash management services to mitigate the risk of fraudulent activity. Earnings on bank-owned life insurance increased $153 thousand and included receipt of insurance proceeds totaling $138 thousand in the first quarter of 2024. Card and merchant services increased $52 thousand with increased activity. The investment losses previously discussed offset these increases.
Noninterest Expense
Linked quarter 2024 - Noninterest expense increased $104 thousand on a linked quarter basis. The net increase included increases in data and item processing expense of $132 thousand, donations of $52 thousand and legal and professional fees of $50 thousand, offset by a decrease in salaries and employee benefits of $131 thousand. Data and item processing expense increased as the third quarter included the recovery of several larger fraud losses from prior periods. Donations increased with year-end activity. The increase in legal and professional fees was primarily the result of the timing of third-party services performed. The decline in salaries and employee benefits resulted from lower employee benefit costs.
Fourth Quarter 2024 vs. Fourth Quarter 2023 - Noninterest expense increased $106 thousand quarter over quarter. The net increase included an increase in legal and professional fees of $86 thousand, reflecting increased third-party services associated with the Bank's transition to the more rigorous requirements of the Federal Deposit Insurance Corporation Improvement Act ("FDICIA").
Year ended December 31, 2024 vs. Year ended December 31, 2023 - Noninterest expense increased $398 thousand in 2024 compared to 2023. Increases in legal and professional fees of $248 thousand and FDIC insurance cost of $168 thousand contributed to the increase in noninterest expense. Noninterest expense as a percentage of average assets improved from 2.52% in 2023 to 2.31% in 2024.
Asset Quality
Asset quality remained strong with non-performing assets to total assets of 0.15% on December 31, 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 December 31, 2024. While asset quality metrics remain strong, the potential of sticky inflation and long-term rates higher for longer influencing unemployment pushed the allowance for credit losses as a percentage of total loans from.96% as of September 30, 2024 to.98% as of December 31, 2024. As a result, the Bank recorded a provision for credit losses of $179 thousand during the fourth quarter compared to a recovery of credit losses of $7 thousand recorded in the third quarter of 2024.
Dividend
The Board of Directors declared a dividend of $0.08 per common share on January 17, 2025, payable on February 7, 2025 to stockholders of record as of January 31, 2025.
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. 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 may include these forward-looking statements. 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 | |||||||
12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | |||
ASSETS | |||||||
Cash and due from banks | $ 16,510,418 | $ 90,485,075 | $ 91,988,101 | $ 76,807,485 | $ 16,664,061 | ||
Securities available-for-sale, at fair value | 40,481,911 | 43,803,206 | 39,518,549 | 40,267,761 | 40,927,086 | ||
Securities held-to-maturity | 91,374,820 | 92,558,298 | 93,944,321 | 95,152,132 | 96,111,626 | ||
Less allowance for credit losses | 102,896 | 110,386 | 118,787 | 126,943 | 103,949 | ||
Total securities held-to-maturity | 91,271,924 | 92,447,912 | 93,825,534 | 95,025,189 | 96,007,677 | ||
Total securities | 131,753,835 | 136,251,118 | 133,344,083 | 135,292,950 | 136,934,763 | ||
Equity securities, at cost | 1,404,700 | 1,404,600 | 1,404,600 | 1,404,600 | 1,363,600 | ||
Loans | 847,593,970 | 847,539,088 | 841,043,351 | 830,604,389 | 812,932,872 | ||
Less allowance for loan credit losses | 8,279,404 | 8,167,602 | 8,186,862 | 8,032,597 | 7,742,297 | ||
Loans, net | 839,314,566 | 839,371,486 | 832,856,489 | 822,571,792 | 805,190,575 | ||
Loans held for sale | 5,106,956 | 4,591,950 | 4,739,191 | 1,443,270 | 1,651,118 | ||
Premises and equipment | 5,688,187 | 5,805,983 | 6,010,649 | 6,164,114 | 6,329,832 | ||
Right of use asset | 1,911,836 | 2,031,653 | 2,152,804 | 2,272,962 | 2,380,555 | ||
Accrued interest receivable | 3,152,505 | 3,124,150 | 3,360,417 | 3,212,907 | 2,972,952 | ||
Deferred tax assets | 4,558,255 | 4,568,943 | 4,870,431 | 4,879,208 | 4,766,376 | ||
Bank owned life insurance | 7,411,319 | 7,379,630 | 7,159,381 | 7,122,335 | 7,172,917 | ||
Goodwill | 1,656,507 | 1,656,507 | 1,656,507 | 1,656,507 | 1,656,507 | ||
Other assets | 1,771,483 | 1,660,574 | 1,565,443 | 1,588,900 | 1,544,870 | ||
Total Assets | $ 1,020,240,567 | $ 1,098,331,669 | $ 1,091,108,096 | $ 1,064,417,030 | $ 988,628,126 | ||
LIABILITIES and SHAREHOLDERS' EQUITY | |||||||
Liabilities | |||||||
Deposits: | |||||||
Noninterest-bearing demand | $ 251,431,084 | $ 246,907,558 | $ 248,150,379 | $ 247,549,872 | $ 260,204,859 | ||
Interest-bearing | 656,575,635 | 685,892,223 | 679,484,492 | 655,358,756 | 616,461,031 | ||
Total deposits | 908,006,719 | 932,799,781 | 927,634,871 | 902,908,628 | 876,665,890 | ||
FHLB advances and other borrowings | 15,000,000 | 65,000,000 | 65,000,000 | 65,000,000 | 18,000,000 | ||
Subordinated debt, net | 12,040,695 | 15,000,000 | 14,977,576 | 14,955,152 | 14,932,727 | ||
Lease liabilities | 1,984,920 | 2,105,649 | 2,226,547 | 2,345,426 | 2,450,133 | ||
Accrued interest payable | 485,160 | 2,468,369 | 1,633,334 | 1,212,747 | 458,540 | ||
Other liabilities | 3,694,164 | 3,662,903 | 5,441,467 | 5,336,235 | 4,889,735 | ||
Total Liabilities | 941,211,658 | 1,021,036,702 | 1,016,913,795 | 991,758,188 | 917,397,025 | ||
Shareholders' Equity | |||||||
Common stock | 29,198 | 29,159 | 29,159 | 29,159 | 29,117 | ||
Additional paid-in-capital | 41,331,966 | 41,284,421 | 41,204,072 | 41,123,723 | 41,096,972 | ||
Retained earnings | 44,597,524 | 43,039,340 | 41,167,218 | 39,900,518 | 38,669,620 | ||
Accumulated other comprehensive loss | (6,929,779) | (7,057,953) | (8,206,148) | (8,394,558) | (8,564,608) | ||
Total Shareholders' Equity | 79,028,909 | 77,294,967 | 74,194,301 | 72,658,842 | 71,231,101 | ||
Total Liabilities and Shareholders' Equity | $ 1,020,240,567 | $ 1,098,331,669 | $ 1,091,108,096 | $ 1,064,417,030 | $ 988,628,126 | ||
Community Heritage Financial, Inc. and Subsidiaries | |||||||
Selected Financial Data (unaudited) | |||||||
As of Period End | |||||||
12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | |||
Per Share Data | |||||||
Common shares outstanding at period end | 2,919,797 | 2,915,933 | 2,915,933 | 2,915,933 | 2,911,670 | ||
Book value per share | $ 27.07 | $ 26.51 | $ 25.44 | $ 24.92 | $ 24.45 | ||
Tangible book value per share | $ 26.50 | $ 25.94 | $ 24.88 | $ 24.35 | $ 23.88 | ||
Capital (bank consolidated only unless noted otherwise) | |||||||
Common equity tier 1 (CET1) capital | 12.12 % | 12.27 % | 11.98 % | 11.99 % | 12.02 % | ||
Tier 1 capital | 12.12 % | 12.27 % | 11.98 % | 11.99 % | 12.02 % | ||
Total risk based capital | 13.24 % | 13.36 % | 13.07 % | 13.07 % | 13.10 % | ||
Tier 1 leverage ratio | 9.06 % | 8.90 % | 8.69 % | 8.84 % | 9.10 % | ||
Tangible common equity to tangible assets (CHF) | 7.60 % | 6.90 % | 6.66 % | 6.68 % | 7.05 % | ||
Asset Quality Data | |||||||
Non-accrual loans | $ 1,525,759 | $ 1,566,138 | $ 1,798,530 | $ 1,847,747 | $ 1,823,212 | ||
Non-performing assets | $ 1,525,759 | $ 1,566,138 | $ 1,798,530 | $ 1,847,747 | $ 1,823,212 | ||
Non-performing loans to loans | 0.18 % | 0.18 % | 0.21 % | 0.22 % | 0.22 % | ||
Non-performing assets to total assets | 0.15 % | 0.14 % | 0.16 % | 0.17 % | 0.18 % | ||
Allowance for loan credit losses to loans | 0.98 % | 0.96 % | 0.96 % | 0.97 % | 0.95 % | ||
Other Data | |||||||
Loans to deposits ratio | 93.35 % | 90.86 % | 90.67 % | 91.99 % | 92.73 % | ||
Community Heritage Financial, Inc. and Subsidiaries | ||||||||||
Statements of Income (unaudited) | ||||||||||
Three Months Ended | Year Ended | |||||||||
12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 | ||||
Interest Income | ||||||||||
Loans, including fees | $ 12,057,265 | $ 12,066,857 | $ 11,471,139 | $ 11,181,544 | $ 10,659,287 | $ 46,776,805 | $ 39,596,735 | |||
Securities | 783,560 | 747,753 | 740,308 | 747,341 | 754,731 | 3,018,962 | 3,020,444 | |||
Fed funds sold and other | 574,261 | 1,127,815 | 1,323,283 | 891,821 | 496,210 | 3,917,180 | 890,774 | |||
Total interest income | 13,415,086 | 13,942,425 | 13,534,730 | 12,820,706 | 11,910,228 | 53,712,947 | 43,507,953 | |||
Interest Expense | ||||||||||
Deposits | 4,686,005 | 5,146,858 | 5,005,650 | 4,703,948 | 4,755,804 | 19,542,461 | 15,510,740 | |||
Borrowed funds | 380,370 | 756,653 | 750,049 | 670,916 | 160,901 | 2,557,988 | 925,582 | |||
Subordinated debt | 209,934 | 238,049 | 238,050 | 238,049 | 238,049 | 924,082 | 952,197 | |||
Total interest expense | 5,276,309 | 6,141,560 | 5,993,749 | 5,612,913 | 5,154,754 | 23,024,531 | 17,388,519 | |||
Net interest income | 8,138,777 | 7,800,865 | 7,540,981 | 7,207,793 | 6,755,474 | 30,688,416 | 26,119,434 | |||
Provision for (recovery of) credit losses | 178,624 | (7,396) | 168,120 | 267,370 | 275,339 | 606,718 | (747,330) | |||
Net interest income after provision | ||||||||||
for credit losses | 7,960,153 | 7,808,261 | 7,372,861 | 6,940,423 | 6,480,135 | 30,081,698 | 26,866,764 | |||
Noninterest income | ||||||||||
Mortgage banking revenue | 471,510 | 505,717 | 280,682 | 247,976 | 257,316 | 1,505,885 | 1,160,542 | |||
Card and merchant services | 314,785 | 294,243 | 285,572 | 257,364 | 346,002 | 1,151,964 | 1,100,214 | |||
Service charges on deposits | 262,583 | 252,406 | 237,357 | 237,020 | 209,331 | 989,366 | 786,938 | |||
Earnings on bank-owned life insurance | 23,398 | 86,958 | 28,755 | 211,641 | 95,633 | 350,752 | 197,694 | |||
Loss on sale of investment securities | (442,493) | - | - | - | - | (442,493) | - | |||
Other | 5,427 | 5,022 | 5,001 | 19,870 | 807 | 35,320 | 17,656 | |||
Total noninterest income | 635,210 | 1,144,346 | 837,367 | 973,871 | 909,042 | 3,590,794 | 3,263,044 | |||
Noninterest expense | ||||||||||
Salaries and employee benefits | 3,565,344 | 3,696,105 | 3,588,465 | 3,344,188 | 3,536,962 | 14,194,102 | 14,133,013 | |||
Occupancy and equipment | 906,738 | 901,283 | 869,510 | 864,008 | 948,591 | 3,541,539 | 3,598,439 | |||
Data and item processing | 624,021 | 492,294 | 654,854 | 793,519 | 752,980 | 2,564,688 | 2,860,788 | |||
Legal and professional fees | 291,944 | 242,411 | 354,244 | 288,193 | 206,178 | 1,176,792 | 928,984 | |||
FDIC insurance | 206,376 | 210,789 | 205,143 | 185,134 | 190,695 | 807,442 | 639,080 | |||
Advertising | 78,362 | 93,129 | 73,236 | 61,467 | 77,100 | 306,194 | 301,300 | |||
Other | 617,342 | 550,529 | 528,827 | 558,720 | 471,476 | 2,255,418 | 1,986,239 | |||
Total noninterest expense | 6,290,127 | 6,186,540 | 6,274,279 | 6,095,229 | 6,183,982 | 24,846,175 | 24,447,843 | |||
Income before income taxes | 2,305,236 | 2,766,067 | 1,935,949 | 1,819,065 | 1,205,195 | 8,826,317 | 5,681,965 | |||
Income tax expense | 571,853 | 718,989 | 494,293 | 413,370 | 282,204 | 2,198,505 | 1,386,803 | |||
Net income | $ 1,733,383 | $ 2,047,078 | $ 1,441,656 | $ 1,405,695 | $ 922,991 | $ 6,627,812 | $ 4,295,162 | |||
Community Heritage Financial, Inc. and Subsidiaries | ||||||||||
Per Share Data (unaudited) | ||||||||||
Three Months Ended | Year Ended | |||||||||
12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 | ||||
Earnings per common share | ||||||||||
Basic | $ 0.59 | $ 0.70 | $ 0.49 | $ 0.48 | $ 0.32 | $ 2.27 | $ 1.48 | |||
Diluted | $ 0.59 | $ 0.70 | $ 0.49 | $ 0.48 | $ 0.32 | $ 2.27 | $ 1.48 | |||
Common shares outstanding at period end | 2,919,797 | 2,915,933 | 2,915,933 | 2,915,933 | 2,911,670 | 2,919,797 | 2,911,670 | |||
Average common shares outstanding | ||||||||||
Basic | 2,919,677 | 2,915,933 | 2,913,048 | 2,913,048 | 2,911,254 | 2,916,191 | 2,907,400 | |||
Diluted | 2,934,754 | 2,927,377 | 2,916,951 | 2,913,048 | 2,911,254 | 2,924,791 | 2,907,400 | |||
Cash dividends paid per common share | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.24 | $ 0.24 | |||
Community Heritage Financial, Inc. and Subsidiaries | ||||||||||
Selected Financial Performance Ratios (unaudited) | ||||||||||
Three Months Ended | Year Ended | |||||||||
12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 | ||||
Return on average assets | 0.65 % | 0.74 % | 0.53 % | 0.53 % | 0.36 % | 0.62 % | 0.44 % | |||
Return on average equity | 8.77 % | 10.66 % | 7.84 % | 7.81 % | 5.22 % | 8.81 % | 6.22 % | |||
Net interest margin | 3.13 % | 2.90 % | 2.83 % | 2.80 % | 2.72 % | 2.92 % | 2.76 % | |||
Yield on interest-earning assets | 5.16 % | 5.21 % | 5.09 % | 4.97 % | 4.80 % | 5.10 % | 4.60 % | |||
Cost of interest-bearing liabilities | 2.93 % | 3.22 % | 3.19 % | 3.08 % | 2.98 % | 3.09 % | 2.70 % | |||
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 | |||||||||||||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||||
Average Balance | Interest | Yield / | Average Balance | Interest | Yield / | Average Balance | Interest | Yield / | |||||||||||
ASSETS | |||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||
Loans, including LHFS | $ 845,597,778 | $12,057,265 | 5.67 % | $ 847,572,666 | $12,066,857 | 5.66 % | $ 808,993,464 | $10,659,287 | 5.23 % | ||||||||||
Securities | 136,310,407 | 783,560 | 2.30 % | 134,590,576 | 747,753 | 2.22 % | 136,643,313 | 754,731 | 2.21 % | ||||||||||
Other | 51,969,241 | 574,261 | 4.40 % | 88,296,850 | 1,127,815 | 5.08 % | 40,040,220 | 496,210 | 4.92 % | ||||||||||
1,033,877,426 | 13,415,086 | 5.16 % | 1,070,460,092 | 13,942,425 | 5.18 % | 985,676,997 | 11,910,228 | 4.80 % | |||||||||||
Noninterest-earning assets | 22,661,279 | 23,724,580 | 27,181,195 | ||||||||||||||||
Total Assets | $ 1,056,538,705 | $ 1,094,184,672 | $ 1,012,858,192 | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Demand deposits | $ 518,306,801 | $ 3,253,566 | 2.50 % | $ 534,621,187 | $ 3,732,942 | 2.78 % | $ 528,989,271 | $ 3,701,997 | 2.78 % | ||||||||||
Time deposits | 152,086,436 | 1,432,439 | 3.75 % | 150,648,796 | 1,413,916 | 3.73 % | 126,378,474 | 1,053,807 | 3.31 % | ||||||||||
Interest-bearing deposits | 670,393,237 | 4,686,005 | 2.78 % | 685,269,983 | 5,146,858 | 2.99 % | 655,367,745 | 4,755,804 | 2.88 % | ||||||||||
Borrowings | 46,286,930 | 590,304 | 5.08 % | 79,985,590 | 994,702 | 4.95 % | 30,531,086 | 398,950 | 5.18 % | ||||||||||
Interest-bearing liabilities | 716,680,167 | 5,276,309 | 2.93 % | 765,255,573 | 6,141,560 | 3.19 % | 685,898,831 | 5,154,754 | 2.98 % | ||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||
Demand deposits | 253,879,418 | 244,995,638 | 250,463,836 | ||||||||||||||||
Other | 7,305,326 | 7,765,752 | 6,391,945 | ||||||||||||||||
Total Liabilities | 977,864,911 | 1,018,016,963 | 942,754,612 | ||||||||||||||||
Cost of Total Deposits | 2.02 % | 2.20 % | 2.08 % | ||||||||||||||||
Cost of Total Funds (interest- | |||||||||||||||||||
bearing liabilities plus non- | |||||||||||||||||||
interest-bearing deposits) | 2.16 % | 2.42 % | 2.18 % | ||||||||||||||||
Shareholders' equity | 78,673,794 | 76,167,709 | 70,103,580 | ||||||||||||||||
Total Liabilities and Shareholders Equity | $ 1,056,538,705 | $ 1,094,184,672 | $ 1,012,858,192 | ||||||||||||||||
Net interest income / NIM | $ 8,138,777 | 3.13 % | $ 7,800,865 | 2.90 % | $ 6,755,474 | 2.72 % | |||||||||||||
Community Heritage Financial, Inc. and Subsidiaries | |||||||||||||
Condensed Average Balance Sheet Analysis (unaudited) | |||||||||||||
Year Ended | |||||||||||||
December 31, 2024 | December 31, 2023 | ||||||||||||
Average Balance | Interest | Yield / | Average Balance | Interest | Yield / | ||||||||
ASSETS | |||||||||||||
Interest-earning assets: | |||||||||||||
Loans, including LHFS | $ 839,224,673 | $46,776,805 | 5.57 % | $ 785,187,254 | $39,596,735 | 5.04 % | |||||||
Securities | 136,828,070 | 3,018,962 | 2.21 % | 140,933,755 | 3,020,444 | 2.14 % | |||||||
Other | 76,579,067 | 3,917,180 | 5.12 % | 20,297,550 | 890,774 | 4.39 % | |||||||
Interest-earning assets | 1,052,631,810 | 53,712,947 | 5.10 % | 946,418,559 | 43,507,953 | 4.60 % | |||||||
Noninterest-earning assets | 23,635,945 | 24,581,969 | |||||||||||
Total Assets | $ 1,076,267,755 | $ 971,000,528 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
Interest-bearing liabilities: | |||||||||||||
Demand deposits | $ 531,478,268 | $14,342,609 | 2.70 % | $ 492,726,052 | $13,166,998 | 2.67 % | |||||||
Time deposits | 142,704,542 | 5,199,852 | 3.64 % | 115,986,950 | 2,343,742 | 2.02 % | |||||||
Interest-bearing deposits | 674,182,810 | 19,542,461 | 2.90 % | 608,713,002 | 15,510,740 | 2.55 % | |||||||
Borrowings | 69,941,302 | 3,482,070 | 4.98 % | 34,671,067 | 1,877,779 | 5.42 % | |||||||
Interest-bearing liabilities | 744,124,112 | 23,024,531 | 3.09 % | 643,384,069 | 17,388,519 | 2.70 % | |||||||
Noninterest-bearing liabilities: | |||||||||||||
Demand deposits | 249,951,973 | 253,098,292 | |||||||||||
Other | 6,944,062 | 5,425,561 | |||||||||||
Total Liabilities | 1,001,020,147 | 901,907,922 | |||||||||||
Cost of Total Deposits | 2.11 % | 1.80 % | |||||||||||
Cost of Total Funds (interest- | |||||||||||||
bearing liabilities plus non- | |||||||||||||
interest-bearing deposits) | 2.32 % | 1.94 % | |||||||||||
Shareholders' equity | 75,247,608 | 69,092,606 | |||||||||||
Total Liabilities and Shareholders Equity | $ 1,076,267,755 | $ 971,000,528 | |||||||||||
Net interest income / NIM | $30,688,416 | 2.92 % | $26,119,434 | 2.76 % | |||||||||
Community Heritage Financial, Inc. and Subsidiaries | |||||||
Loan and Deposit Composition (unaudited) | |||||||
As of Period End | |||||||
12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | |||
Loans: | |||||||
Commercial real estate: | |||||||
Construction and land development | $ 59,761,206 | $ 64,686,070 | $ 89,921,555 | $ 88,793,186 | $ 89,525,228 | ||
Multifamily | 25,185,498 | 23,437,101 | 21,281,351 | 21,682,394 | 21,784,953 | ||
Farmland | 32,424,255 | 30,448,216 | 30,317,070 | 30,546,050 | 30,821,848 | ||
Other: | |||||||
Owner occupied | 136,172,517 | 137,266,535 | 130,560,913 | 137,654,633 | 136,628,801 | ||
Non-owner occupied | 159,150,227 | 154,090,059 | 143,246,131 | 131,114,323 | 119,979,964 | ||
Residential, including home equity | 296,196,340 | 297,472,722 | 290,587,107 | 284,962,472 | 280,523,837 | ||
Commercial and industrial | 134,164,953 | 135,355,039 | 130,148,584 | 130,972,545 | 128,933,413 | ||
Consumer | 1,036,859 | 1,296,915 | 1,392,904 | 1,369,535 | 1,203,039 | ||
Gross loans | 844,091,855 | 844,052,657 | 837,455,615 | 827,095,138 | 809,401,083 | ||
Net deferred loan costs | 3,502,115 | 3,486,431 | 3,587,736 | 3,509,251 | 3,531,789 | ||
Total Loans | $847,593,970 | $847,539,088 | $841,043,351 | $830,604,389 | $812,932,872 | ||
Deposits: | |||||||
Noninterest-bearing demand | $251,431,084 | $246,907,558 | $248,150,379 | $247,549,872 | $260,204,859 | ||
Interest-bearing: | |||||||
NOW 1 | 194,682,425 | 223,884,815 | 223,072,312 | 202,226,731 | 164,536,186 | ||
Savings | 69,979,571 | 69,566,114 | 69,495,486 | 74,761,620 | 72,374,445 | ||
Money Market | 240,320,055 | 239,982,813 | 237,799,850 | 252,954,674 | 248,898,935 | ||
Time | 151,593,584 | 152,458,481 | 149,116,844 | 125,415,731 | 130,651,465 | ||
Total interest-bearing | 656,575,635 | 685,892,223 | 679,484,492 | 655,358,756 | 616,461,031 | ||
Total Deposits | $908,006,719 | $932,799,781 | $927,634,871 | $902,908,628 | $876,665,890 | ||
1. | Includes demand transaction accounts enrolled in the Bank's reciprocal deposit program. | ||||||
SOURCE Community Heritage Financial, Inc.
