MIDDLETOWN, Md., Oct. 16, 2020 /PRNewswire/ -- Community Heritage Financial, Inc. ("the Company") (OTC Pink: CMHF), the parent company for Middletown Valley Bank ("MVB") and Millennium Financial Group, Inc. ("Mlend"), announced today that for the quarter ended September 30, 2020, the Company earned net income of $1.201 million or $0.53 per share compared to net income of $849 thousand or $0.38 per share for the second quarter of 2020. Net income for the quarter ended September 30, 2020 as compared to the quarter ended September 30, 2019 was up $201 thousand from $1.000 million in 2019 and earnings per share increased $0.09 per share from $0.44 per share in the third quarter of 2019. Year-to-date earnings per share through September 30, 2020 stands at $1.14 per share compared to $0.92 per share through the third quarter of 2019.
The COVID-19 pandemic continues to impact daily life and the economies of the United States and the world markets. The ever-changing conditions and uncertainty have caused business and government agencies to react and adapt quickly to survive during these unprecedented times. The banking industry was not spared and was asked to support and help stabilize local economies as the country worked through the crisis. Community Heritage Financial, Middletown Valley Bank and Millennium Financial remain deeply committed to the communities we serve. Mlend and MVB accepted and processed the highest number of residential mortgage loans for a quarter in the history of the company during the third quarter and MVB grew $23.7 million in net commercial loans (outside of PPP loans) in support of small businesses in the community. While the pandemic continues to evolve, the bank has taken steps to return to normal operations and has adapted to the current conditions taking utmost care in serving our customers in a safe and efficient manner.
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Dividend
A dividend of $0.04 per share was declared by the Board of Directors on October 16, 2020 for stockholders of record as of October 30, 2020 and payable on November 6, 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.
Robert E. (BJ) Goetz, Jr.
President & Chief Executive Officer
301-371-3055
www.communityheritageinc.com
Community Heritage Financial, Inc. and Subsidiaries | |||||||||
Consolidated Balance Sheets | |||||||||
(dollars in thousands) | |||||||||
Balance Sheet | September 30, | September 30, | June 30, | December 31, | |||||
2020 | 2019 | 2020 | 2019 | ||||||
(unaudited) | (unaudited) | (unaudited) | (audited) | ||||||
Cash | $ 15,094 | $ 19,725 | $ 49,756 | $ 25,065 | |||||
FHLB Stock | 462 | 392 | 462 | 392 | |||||
Investments, at market value | 67,441 | 37,128 | 69,518 | 42,641 | |||||
Loans, net of Reserve | 548,828 | 406,185 | 519,333 | 425,099 | |||||
Loans Held for Sale | 21,670 | 5,208 | 13,525 | 3,775 | |||||
Fixed assets | 9,244 | 10,088 | 6,612 | 6,815 | |||||
Goodwill/Intangible | 1,668 | 1,654 | 1,670 | 1,674 | |||||
Other assets | 11,113 | 8,359 | 12,598 | 11,506 | |||||
Total Assets | $ 675,519 | $ 488,739 | $ 673,475 | $ 516,967 | |||||
Deposits | $ 587,927 | $ 433,081 | $ 594,897 | $ 446,706 | |||||
Subordinated debt, net of unamortized | |||||||||
issuance costs | 14,641 | 14,619 | 14,574 | ||||||
Accrued interest payable | 445 | 109 | 235 | 280 | |||||
Borrowings | 10,577 | - | 5,784 | 289 | |||||
Other liabilities | 10,356 | 7,408 | 7,441 | 6,483 | |||||
Total Liabilities | 623,946 | 440,598 | 622,976 | 468,332 | |||||
Equity | 50,702 | 47,913 | 49,591 | 48,412 | |||||
Unrealized gain(loss), net of tax | 870 | 228 | 908 | 223 | |||||
Total Equity | 51,572 | 48,141 | 50,499 | 48,635 | |||||
Total Liabilities & Equity | $ 675,519 | $ 488,739 | $ 673,475 | $ 516,967 | |||||
Community Heritage Financial, Inc. and Subsidiaries | |||||||||
Consolidated Statements of Income | |||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||
Income Statement | September 30, | September 30, | September 30, | September 30, | |||||
2020 | 2019 | 2020 | 2019 | ||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
Total interest and fee income | $ 6,146,099 | $ 5,332,701 | $ 17,529,079 | $ 15,593,503 | |||||
Total interest expense | 1,036,252 | 1,081,229 | 3,608,720 | 3,232,381 | |||||
Net interest income | 5,109,847 | 4,251,472 | 13,920,359 | 12,361,122 | |||||
Provision for loan losses | 1,023,596 | 191,866 | 2,087,344 | 672,515 | |||||
Net interest income after provision | 4,086,251 | 4,059,606 | 11,833,015 | 11,688,607 | |||||
Non-interest income | 2,954,161 | 1,483,307 | 6,108,289 | 3,282,158 | |||||
Non-interest expense | 5,417,641 | 4,148,823 | 14,506,837 | 12,096,484 | |||||
Merger expenses & one-time items | - | - | - | 77,596 | |||||
Pre-tax net income | 1,622,771 | 1,394,090 | 3,434,467 | 2,796,685 | |||||
Income taxes | 421,791 | 393,690 | 874,233 | 731,997 | |||||
Net income | $ 1,200,980 | $ 1,000,400 | $ 2,560,234 | $ 2,064,688 | |||||
Earnings per common share, basic and diluted | |||||||||
$0.53 | $0.44 | $1.14 | $0.92 |
Community Heritage Financial, Inc. and Subsidiaries | ||||||||
Selected Financial Data | ||||||||
September 30, | September 30, | December 31, | ||||||
2020 | 2019 | 2019 | ||||||
(dollars in thousands) | (unaudited) | (unaudited) | (audited) | |||||
Total Assets | $ 675,519 | $ 488,739 | $ 516,967 | |||||
Loans | 548,828 | 406,185 | 425,099 | |||||
Goodwill | 1,668 | 1,654 | 1,674 | |||||
Deposits | 587,927 | 433,081 | 446,707 | |||||
Shareholder's equity | 51,572 | 48,141 | 48,635 | |||||
Nonperforming Assets: | ||||||||
Accruing troubled debt restructures | $ 681 | $ 708 | $ 701 | |||||
Loans 90 past due and still accruing | 294 | - | - | |||||
Nonaccrual loans | 1,246 | 1,206 | 1,155 | |||||
Foreclosed properties | - | - | - | |||||
Total nonperforming assets | $ 2,221 | $ 1,914 | $ 1,856 | |||||
For the Three Months Ended | For the Nine Months Ended | |||||||
September 30, | September 30, | September 30, | September 30, | |||||
Summary of Operating Results | 2020 | 2019 | 2020 | 2019 | ||||
(dollars in thousands) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||
Pre-allowance for loan loss provision, pre-tax net income | $ 2,646,367 | $ 1,585,956 | $ 5,521,811 | $ 3,469,200 | ||||
Allowance for loan loss provision, pre-tax | 1,023,596 | 191,866 | 2,087,344 | 672,515 | ||||
Tax expense | 421,791 | 393,690 | 874,233 | 731,997 | ||||
Net Income | $ 1,200,980 | $ 1,000,400 | $ 2,560,234 | $ 2,064,688 | ||||
Charge-Offs | $ 12 | $ 21 | $ 49 | $ 164 | ||||
(Recoveries) | (9) | (6) | (29) | (21) | ||||
Net charge-offs | $ 3 | $ 15 | $ 20 | $ 143 | ||||
Per Common Share Data | ||||||||
Basic earnings per share | $0.53 | $0.44 | $1.14 | $0.92 | ||||
Common shares outstanding | 2,251,320 | 2,251,320 | 2,251,320 | 2,251,320 | ||||
Weighted average shares outstanding | 2,251,320 | 2,251,137 | 2,251,320 | 2,248,653 | ||||
Dividends declared | $0.04 | $0.03 | $0.12 | $0.09 | ||||
Book value per share | $22.91 | $21.38 | $22.91 | $21.38 | ||||
Tangible Book Value per Share | $22.17 | $20.65 | $22.17 | $20.65 | ||||
Selected Unaudited Financial Ratios | ||||||||
Return on average assets | 0.72% | 0.83% | 0.55% | 0.59% | ||||
Return on average equity | 9.29% | 8.35% | 6.77% | 5.88% | ||||
Allowance for loan losses to total loans | 1.09% | 0.98% | 1.09% | 0.98% | ||||
Allowance for loan loss less PPP loans | 1.22% | 0.98% | 1.22% | 0.98% | ||||
Nonperforming assets to total loans | 0.45% | 0.46% | 0.45% | 0.46% | ||||
Net charge-offs to average loans | 0.00 | 0.00% | 0.01% | 0.04% | ||||
Community Bank Leverage Ratio (bank only) | 9.24% | 9.45% | 9.24% | 9.45% | ||||
Average equity to average assets | 7.70% | 9.99% | 8.06% | 9.97% | ||||
Net interest margin (bank normalized) * | 3.61% | 3.55% | 3.59% | 3.73% | ||||
Loan to deposit ratio | 94.37% | 91.50% | 94.37% | 94.72% | ||||
*Normalized margin excludes impact of PPP loans and related on balance sheet liquidity through Brokered deposits and FHLB Borrowing |
SOURCE Community Heritage Financial, Inc.
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