MIDDLETOWN, Md., Jan. 17, 2020 /PRNewswire/ -- Community Heritage Financial, Inc. (OTCPink: CMHF), the parent company for Middletown Valley Bank ("MVB"), reported quarterly net income of $566 thousand for the quarter ended December 31, 2019 ($0.25 basic common earnings per share), 95% higher than $291 thousand ($0.13 basic common earnings per share) in the year-earlier quarter. For the year ended December 31, 2019, net income was $2.63 million ($1.17 basic common earnings per share), a 34% increase compared to $1.97 million ($0.88 basic common earnings per share) for the year ended December 31, 2018.
In the fourth quarter of 2018, the Company took an after-tax charge of $166 thousand or $0.07 per share, related to the cancellation of a ground lease agreement to build a new branch and instead pursued an existing bank branch site that had been vacated by another bank. The Company also incurred after-tax expenses of $80 thousand, $0.04 per share, in the fourth quarter 2018 related to one-time expenses for the conversion of the bank holding company and due diligence on the pending acquisition of Millennial Financial Group, Inc.
Highlights of the Company's performance and results for the year ended December 31, 2019 include:
Highlights of the Company's fourth quarter 2019 performance include:
A dividend of $0.04 per share was declared by the Board of Directors on January 17, 2020 for stockholders of record as of January 31, 2020 and payable on February 7, 2020.
This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward- looking terminology such as "believes," "expects," "intends," "may," "will," "should," "anticipates" or similar terminology. Such statements, specifically regarding the Company's intentions regarding transparency, growth and market expansion, are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, changes in interest rates, stock market liquidity, deposit flows, loan demand and real estate values, as well as changes in economic, competitive, governmental, regulatory, technological and other factors which may affect the Company specifically, its existing and target market areas or the banking industry in general. The realization or occurrence of these risks or uncertainties could cause actual results to differ materially from those addressed in the forward-looking statements.
Community Heritage Financial, Inc.
Brian M. Ropp
Executive Vice President, Chief Financial Officer
(301) 371-3029
Community Heritage Financial, Inc. and Subsidiaries | ||||||||
Consolidated Balance Sheets | ||||||||
(dollars in thousands) | ||||||||
Balance Sheet | December 31, | September 30, | December 31, | |||||
2019 | 2019 | 2018 | ||||||
(unaudited) | (unaudited) | (audited) | ||||||
Cash | $ 25,116 | $ 19,725 | $ 18,546 | |||||
FHLB Stock | 392 | 392 | 325 | |||||
Investments, at market value | 42,641 | 37,128 | 47,967 | |||||
Loans, net of Reserve | 425,099 | 406,185 | 354,149 | |||||
Loans Held for Sale | 3,775 | 5,208 | - | |||||
Fixed assets | 9,925 | 10,088 | 6,286 | |||||
Goodwill | 1,674 | 1,654 | - | |||||
Other assets | 8,374 | 8,359 | 8,386 | |||||
Total Assets | $ 516,996 | $ 488,739 | $ 435,658 | |||||
Deposits | $ 446,707 | $ 433,081 | $ 388,544 | |||||
Borrowings | 14,863 | - | - | |||||
Other liabilities | 6,791 | 7,517 | 2,170 | |||||
Total Liabilities | 468,361 | 440,598 | 390,714 | |||||
Equity | 48,412 | 47,913 | 45,666 | |||||
Unrealized gain(loss), net of tax | 223 | 228 | (722) | |||||
Total Equity | 48,635 | 48,141 | 44,944 | |||||
Total Liabilities & Equity | $ 516,996 | $ 488,739 | $ 435,658 | |||||
Community Heritage Financial, Inc. and Subsidiaries | ||||||||
Consolidated Statements of Income | ||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||
Income Statement | December 31, | December 31, | December 31, | December 31, | ||||
2019 | 2018 | 2019 | 2018 | |||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||
Total interest and fee income | $ 5,494,675 | $ 4,645,044 | $ 21,088,067 | $ 16,301,539 | ||||
Total interest expense | 1,264,711 | 924,125 | 4,496,981 | 2,655,516 | ||||
Net interest income | 4,229,964 | 3,720,919 | 16,591,086 | 13,646,023 | ||||
Provision for loan losses | 261,563 | 235,425 | 934,078 | 799,338 | ||||
Net interest income after provision | 3,968,401 | 3,485,494 | 15,657,008 | 12,846,685 | ||||
Non-interest income | 1,368,643 | 305,154 | 4,650,801 | 1,174,251 | ||||
Non-interest expense | 4,574,838 | 3,382,070 | 16,671,322 | 11,351,551 | ||||
Merger expenses & one-time items | - | - | 77,596 | - | ||||
Pre-tax net income | 762,206 | 408,578 | 3,558,891 | 2,669,385 | ||||
Income taxes | 196,120 | 117,902 | 928,117 | 701,651 | ||||
Net income | $ 566,085 | $ 290,676 | $ 2,630,774 | $ 1,967,734 | ||||
Earnings per common share, basic | ||||||||
and diluted | $0.25 | $0.13 | $1.17 | $0.88 |
Community Heritage Financial, Inc. and Subsidiaries | ||||||||
Selected Financial Data | ||||||||
December 31, | September 30, | December 31, | ||||||
2019 | 2019 | 2018 | ||||||
(dollars in thousands) | (unaudited) | (unaudited) | (audited) | |||||
Total Assets | $ 516,996 | $ 488,739 | $ 435,658 | |||||
Loans | 425,099 | 406,185 | 354,149 | |||||
Goodwill | 1,674 | - | - | |||||
Deposits | 446,707 | 433,081 | 388,544 | |||||
Shareholder's equity | 48,635 | 48,141 | 44,944 | |||||
Nonperforming Assets: | ||||||||
Accruing troubled debt restructures | $ 701 | $ 708 | $ 731 | |||||
Loans 90 past due and still accruing | - | - | - | |||||
Nonaccrual loans | 1,155 | 1,206 | 2,453 | |||||
Foreclosed properties | - | - | - | |||||
Total nonperforming assets | $ 1,856 | $ 1,914 | $ 3,184 | |||||
For the Three Months Ended | For the Twelve Months Ended | |||||||
December 31, | December 31, | December 31, | December 31, | |||||
Summary of Operating Results | 2019 | 2018 | 2019 | 2018 | ||||
(dollars in thousands) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||
Pre-allowance for loan loss provision, pre-tax net | $ 1,023,769 | $ 644,003 | $ 4,492,969 | $ 3,468,723 | ||||
Allowance for loan loss provision, pre-tax | 261,563 | 235,425 | 934,078 | 799,338 | ||||
Tax expense | 196,120 | 117,902 | 928,117 | 701,651 | ||||
Net Income | $ 566,086 | $ 290,676 | $ 2,630,774 | $ 1,967,734 | ||||
Charge-Offs | $ 13 | $ 10 | $ 177 | $ 132 | ||||
(Recoveries) | (1) | (51) | (22) | (61) | ||||
Net charge-offs | $ 12 | $ (41) | $ 155 | $ 71 | ||||
Per Common Share Data | ||||||||
Basic earnings per share | $0.25 | $0.13 | $1.17 | $0.88 | ||||
Common shares outstanding | 2,251,320 | 2,233,820 | 2,251,320 | 2,233,820 | ||||
Weighted average shares outstanding | 2,251,320 | 2,233,820 | 2,249,320 | 2,233,820 | ||||
Dividends declared | $0.03 | $0.03 | $0.12 | $0.09 | ||||
Book value per share | $21.60 | $20.12 | $21.60 | $20.12 | ||||
Tangible Book Value per Share | $20.86 | $20.12 | $20.86 | $20.12 | ||||
Selected Unaudited Financial Ratios | ||||||||
Return on average assets | 0.44% | 0.27% | 0.55% | 0.50% | ||||
Return on average equity | 4.62% | 2.59% | 5.55% | 4.45% | ||||
Allowance for loan losses to total loans | 0.99% | 0.99% | 0.99% | 1.02% | ||||
Nonperforming assets to total loans | 0.43% | 0.89% | 0.43% | 0.89% | ||||
Net charge-offs to average loans | 0.00% | 0.00% | 0.04% | 0.04% | ||||
Common equity tier 1 to risk-weighted assets | 14.34% | 12.98% | 14.34% | 12.98% | ||||
Tier 1 capital to risk-weighted assets | 14.34% | 12.98% | 14.34% | 12.98% | ||||
Total capital to risk-weighted assets | 15.54% | 14.23% | 15.54% | 14.23% | ||||
Average equity to average assets | 9.61% | 10.30% | 9.88% | 10.30% | ||||
Net interest margin | 3.62% | 3.60% | 3.70% | 3.62% | ||||
Loan to deposit ratio | 96.11% | 90.44% | 96.11% | 91.03% | ||||
SOURCE Community Heritage Financial, Inc.
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