Community Heritage Financial, Inc. Reports Earnings for the Second Quarter of 2024
MIDDLETOWN, Md., July 23, 2024 /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 $1.4 million, or $0.49 per diluted share, for the second quarter of 2024, an increase of $36 thousand, or 2.6%, in comparison to the first quarter of 2024. Net income for the six months ended June 30, 2024 totaled $2.8 million, or $0.98 per diluted share, representing an increase of $841 thousand, or 41.9%, compared to net income of $2.0 million, or $0.69 per diluted share, for the six months ended June 30, 2023.
Balance Sheet
Assets totaled $1.09 billion as of June 30, 2024, representing an increase of $102.5 million since December 31, 2023, and an increase of $116.8 million since June 30, 2023. Asset growth included advances drawn in mid-January 2024 under the Bank Term Funding Program ("BTFP") available through the Federal Reserve Bank ("FRB") totaling $50.0 million. The advances then offered and continue to offer 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%. The advances mature in mid-January 2025 and can be repaid anytime without penalty. Asset growth was further fueled by growth in deposits of $51.0 million and $76.8 million since December 31, 2023 and June 30, 2023, respectively. Deposit growth since December 31, 2023 included growth in NOW accounts of $58.5 million, $40.7 million of which represented balances sold in December 2023 and reacquired in January 2024, and growth in time deposits of $18.5 million. Noninterest-bearing demand and money market accounts declined by $12.1 million and $11.1 million, respectively. Loans grew to $841.0 million as of June 30, 2024, an increase of $28.1 million, or 6.9% annualized, from December 31, 2023, and $44.1 million, or 5.5%, from June 30, 2023. Growth in non-owner occupied commercial real estate of $23.2 million and in residential real estate, including home equity loans, of $10.1 million, offset by a decline in owner occupied commercial mortgages of $6.1 million accounted for net loan growth year-to-date 2024.
Net Interest Income
Net interest income was $6.1 million in the second quarter 2023, $7.2 million in the first quarter 2024 and $7.5 million in the second quarter 2024. The net interest margin ("NIM") was 2.65%, 2.80% and 2.83% during the second quarter of 2023, the first quarter of 2024 and the second quarter of 2024, respectively. Since the Federal Reserve Bank ("FRB") began increasing short-term rates to combat inflation in March 2022, the Company's NIM has been under pressure as the cost of deposits increased faster than the yield on earning assets. The NIM reached a low point of 2.62% in the third quarter of 2023 and has since stabilized, increasing to 2.83% in the second quarter of 2024. In addition to a stabilizing NIM, an increase in average interest-earning assets contributed to the growth in net interest income. Average interest-earning assets increased from $928.0 million in the second quarter 2023 to $1.04 billion in the first quarter 2024 and $1.07 billion in the second quarter 2024. While growth in average interest-earning assets was funded primarily through an increase in core deposits, the $50.0 million in advances from the FRB noted above also contributed.
Noninterest Income
Linked quarter 2024 – Noninterest income declined $137 thousand during the second quarter of 2024 compared to the first quarter of 2024. Earnings on bank-owned life insurance declined $183 thousand as the first quarter included the receipt of insurance proceeds totaling $138 thousand. Mortgage banking revenue increased $58 thousand with a modest increase in mortgage origination and sale activity.
Second Quarter 2024 vs. Second Quarter 2023 – Noninterest income increased $34 thousand. Fee income associated with cash management services (included in Service charges on deposits) accounted for the increase.
Six Months June 30, 2024 vs. Six Months June 30, 2023 – Noninterest income increased $295 thousand for the six months ended June 30, 2024 compared to the same period in 2023. Service charges on deposits increased $99 thousand with cash management services accounting for $78 thousand of the increase. Earnings on bank-owned life insurance increased $147 thousand with the receipt of insurance proceeds totaling $138 thousand.
Noninterest Expense
Linked quarter 2024 – Noninterest expense increased $179 thousand on a linked quarter basis. The increase was primarily driven by an increase in salaries and benefits of $244 thousand. Salaries and benefits increased due to increased health insurance costs of $83 thousand and increased costs associated with equity and deferred compensation plans totaling $132 thousand related to increased deferred compensation plan earnings and the annual vesting of benefits.
Second Quarter 2024 vs. Second Quarter 2023 – Noninterest expense increased $405 thousand quarter over quarter. The increase was driven by an increase in salaries and benefits of $302 thousand, an increase in FDIC insurance of $75 thousand and an increase in legal and professional fees of $59 thousand. Salaries and benefits increased due to an increase in costs associated with equity and deferred compensation plans totaling $152 thousand and a decline in the deferral of costs of $132 thousand associated with lower loan origination activity in second quarter of 2024. FDIC insurance increased with the growth in deposits and an increase in the assessment rate. Legal and professional fees increased due to timing differences of activities in the normal course of business.
Six Months June 30, 2024 vs. Six Months June 30, 2023 – Noninterest expense increased $250 thousand in 2024 compared to 2023. Increases in legal and professional fees of $162 thousand and in FDIC insurance of $106 thousand contributed to the increase in noninterest expense. Noninterest expense as a percentage of average assets (annualized) improved from 2.59% in 2023 to 2.31% in 2024.
Asset Quality
Asset quality remained strong with non-performing assets to total assets of 0.16% on June 30, 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 June 30, 2024.
Dividend
A dividend of $0.06 per share was declared by the Board of Directors on July 19, 2024, for stockholders of record as of August 2, 2024, and payable on August 9, 2024.
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. These forward-looking statements may be included in 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. 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 | |||||||
6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | |||
ASSETS | |||||||
Cash and due from banks | $ 91,988,101 | $ 76,807,485 | $ 16,664,061 | $ 36,448,539 | $ 14,946,927 | ||
Securities available-for-sale, at fair value | 39,518,549 | 40,267,761 | 40,927,086 | 39,917,313 | 41,460,794 | ||
Securities held-to-maturity | 93,944,321 | 95,152,132 | 96,111,626 | 97,217,237 | 98,496,558 | ||
Less allowance for credit losses | 118,787 | 126,943 | 103,949 | 147,457 | 163,259 | ||
Total securities held-to-maturity | 93,825,534 | 95,025,189 | 96,007,677 | 97,069,780 | 98,333,299 | ||
Total securities | 133,344,083 | 135,292,950 | 136,934,763 | 136,987,093 | 139,794,093 | ||
Equity securities, at cost | 1,404,600 | 1,404,600 | 1,363,600 | 1,363,600 | 1,527,600 | ||
Loans | 841,043,351 | 830,604,389 | 812,932,872 | 798,035,073 | 796,931,525 | ||
Less allowance for loan credit losses | 8,186,862 | 8,032,597 | 7,742,297 | 7,337,327 | 8,112,952 | ||
Loans, net | 832,856,489 | 822,571,792 | 805,190,575 | 790,697,746 | 788,818,573 | ||
Loans held for sale | 4,739,191 | 1,443,270 | 1,651,118 | 2,879,397 | 1,923,566 | ||
Premises and equipment | 6,010,649 | 6,164,114 | 6,329,832 | 6,639,595 | 6,805,822 | ||
Right of use asset | 2,152,804 | 2,272,962 | 2,380,555 | 2,498,508 | 2,615,519 | ||
Accrued interest receivable | 3,360,417 | 3,212,907 | 2,972,952 | 2,733,565 | 2,512,795 | ||
Deferred tax assets | 4,870,431 | 4,879,208 | 4,766,376 | 5,289,000 | 5,314,018 | ||
Bank owned life insurance | 7,159,381 | 7,122,335 | 7,172,917 | 6,943,992 | 6,927,341 | ||
Goodwill | 1,656,507 | 1,656,507 | 1,656,507 | 1,656,507 | 1,656,507 | ||
Other assets | 1,565,443 | 1,588,900 | 1,544,870 | 1,556,491 | 1,502,676 | ||
Total Assets | $ 1,091,108,096 | $ 1,064,417,030 | $ 988,628,126 | $ 995,694,033 | $ 974,345,437 | ||
LIABILITIES and SHAREHOLDERS' EQUITY | |||||||
Liabilities | |||||||
Deposits: | |||||||
Noninterest-bearing demand | $ 248,150,379 | $ 247,549,872 | $ 260,204,859 | $ 248,440,805 | $ 244,342,167 | ||
Interest-bearing | 679,484,492 | 655,358,756 | 616,461,031 | 640,593,734 | 606,528,210 | ||
Total deposits | 927,634,871 | 902,908,628 | 876,665,890 | 889,034,539 | 850,870,377 | ||
FHLB advances and other borrowings | 65,000,000 | 65,000,000 | 18,000,000 | 15,000,000 | 32,000,000 | ||
Subordinated debt, net | 14,977,576 | 14,955,152 | 14,932,727 | 14,910,303 | 14,887,879 | ||
Lease liabilities | 2,226,547 | 2,345,426 | 2,450,133 | 2,565,151 | 2,678,348 | ||
Accrued interest payable | 1,633,334 | 1,212,747 | 458,540 | 526,354 | 273,753 | ||
Other liabilities | 5,441,467 | 5,336,235 | 4,889,735 | 4,644,608 | 5,540,871 | ||
Total Liabilities | 1,016,913,795 | 991,758,188 | 917,397,025 | 926,680,955 | 906,251,228 | ||
Shareholders' Equity | |||||||
Common stock | 29,159 | 29,159 | 29,117 | 29,060 | 29,060 | ||
Additional paid-in-capital | 41,204,072 | 41,123,723 | 41,096,972 | 41,035,733 | 40,949,900 | ||
Retained earnings | 41,167,218 | 39,900,518 | 38,669,620 | 37,921,329 | 36,729,931 | ||
Accumulated other comprehensive loss | (8,206,148) | (8,394,558) | (8,564,608) | (9,973,044) | (9,614,682) | ||
Total Shareholders' Equity | 74,194,301 | 72,658,842 | 71,231,101 | 69,013,078 | 68,094,209 | ||
Total Liabilities and Shareholders' Equity | $ 1,091,108,096 | $ 1,064,417,030 | $ 988,628,126 | $ 995,694,033 | $ 974,345,437 | ||
Community Heritage Financial , Inc. and Subsidiaries | |||||||
Selected Financial Data (unaudited) | |||||||
As of Period End | |||||||
6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | |||
Per Share Data | |||||||
Common shares outstanding at period end | 2,915,933 | 2,915,933 | 2,911,670 | 2,905,973 | 2,905,973 | ||
Book value per share | $ 25.44 | $ 24.92 | $ 24.45 | $ 23.75 | $ 23.43 | ||
Tangible book value per share | $ 24.88 | $ 24.35 | $ 23.88 | $ 23.18 | $ 22.86 | ||
Capital (bank consolidated only unless noted otherwise) | |||||||
Common equity tier 1 (CET1) capital | 11.98 % | 11.98 % | 12.02 % | 12.15 % | 11.95 % | ||
Tier 1 capital | 11.98 % | 11.98 % | 12.02 % | 12.15 % | 11.95 % | ||
Total risk based capital | 13.07 % | 13.07 % | 13.10 % | 13.21 % | 13.12 % | ||
Tier 1 leverage ratio | 8.69 % | 8.84 % | 9.10 % | 9.34 % | 9.52 % | ||
Tangible common equity to tangible assets (CHF) | 6.66 % | 6.68 % | 7.04 % | 6.78 % | 6.83 % | ||
Asset Quality Data | |||||||
Non-accrual loans | $ 1,798,530 | $ 1,847,747 | $ 1,823,212 | $ 1,882,614 | $ 1,929,248 | ||
Non-performing assets | $ 1,798,530 | $ 1,847,747 | $ 1,823,212 | $ 1,882,614 | $ 1,929,248 | ||
Non-performing loans to loans | 0.21 % | 0.22 % | 0.22 % | 0.24 % | 0.24 % | ||
Non-performing assets to total assets | 0.16 % | 0.17 % | 0.18 % | 0.19 % | 0.20 % | ||
Allowance for loan credit losses to loans | 0.97 % | 0.97 % | 0.95 % | 0.92 % | 1.02 % | ||
Other Data | |||||||
Loans to deposits ratio | 90.67 % | 91.99 % | 92.73 % | 89.76 % | 93.66 % | ||
Community Heritage Financial , Inc. and Subsidiaries | ||||||||||
Statements of Income (unaudited) | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||
Interest Income | ||||||||||
Loans, including fees | $ 11,471,139 | $ 11,181,544 | $ 10,659,287 | $ 10,139,353 | $ 9,453,437 | $ 22,652,683 | $ 18,798,142 | |||
Securities | 773,717 | 772,603 | 754,731 | 763,606 | 767,524 | 1,546,320 | 1,502,107 | |||
Fed funds sold and other | 1,289,874 | 866,559 | 496,210 | 203,553 | 81,306 | 2,156,433 | 191,011 | |||
Total interest income | 13,534,730 | 12,820,706 | 11,910,228 | 11,106,512 | 10,302,267 | 26,355,436 | 20,491,260 | |||
Interest Expense | ||||||||||
Deposits | 5,005,650 | 4,703,948 | 4,755,804 | 4,369,856 | 3,459,747 | 9,709,598 | 6,385,081 | |||
Borrowed funds | 750,049 | 670,916 | 160,901 | 201,754 | 482,469 | 1,420,965 | 562,927 | |||
Subordinated debt | 238,050 | 238,049 | 238,049 | 238,050 | 238,049 | 476,099 | 476,098 | |||
Total interest expense | 5,993,749 | 5,612,913 | 5,154,754 | 4,809,660 | 4,180,265 | 11,606,662 | 7,424,106 | |||
Net interest income | 7,540,981 | 7,207,793 | 6,755,474 | 6,296,852 | 6,122,002 | 14,748,774 | 13,067,154 | |||
Provision for credit losses | 168,120 | 267,370 | 275,339 | (842,717) | 260,439 | 435,490 | (179,953) | |||
Net interest income after provision | ||||||||||
for credit losses | 7,372,861 | 6,940,423 | 6,480,135 | 7,139,569 | 5,861,563 | 14,313,284 | 13,247,107 | |||
Noninterest income | ||||||||||
Service charges on deposits | 237,357 | 237,020 | 209,331 | 202,779 | 187,426 | 474,377 | 374,828 | |||
Earnings on bank-owned life insurance | 28,755 | 211,641 | 95,633 | 8,360 | 43,672 | 240,396 | 93,701 | |||
Mortgage banking revenue | 277,530 | 219,714 | 254,867 | 365,860 | 302,911 | 497,244 | 549,638 | |||
Other | 293,725 | 305,496 | 349,211 | 263,981 | 269,503 | 599,221 | 497,867 | |||
Total noninterest income | 837,367 | 973,871 | 909,042 | 840,980 | 803,512 | 1,811,238 | 1,516,034 | |||
Noninterest expense | ||||||||||
Salaries and employee benefits | 3,588,465 | 3,344,188 | 3,536,962 | 3,736,317 | 3,286,113 | 6,932,653 | 6,859,735 | |||
Occupancy and equipment | 869,510 | 864,008 | 948,591 | 842,651 | 815,251 | 1,733,518 | 1,807,197 | |||
Legal and professional fees | 354,244 | 288,193 | 206,178 | 242,671 | 294,626 | 642,437 | 480,135 | |||
Advertising | 73,236 | 61,467 | 77,100 | 57,855 | 87,070 | 134,703 | 166,345 | |||
Data processing | 654,854 | 793,519 | 752,980 | 618,593 | 688,229 | 1,448,373 | 1,489,214 | |||
FDIC insurance | 205,143 | 185,134 | 190,695 | 163,731 | 130,622 | 390,277 | 284,654 | |||
Other | 528,827 | 558,720 | 471,476 | 485,493 | 566,953 | 1,087,547 | 1,032,329 | |||
Total noninterest expense | 6,274,279 | 6,095,229 | 6,183,982 | 6,147,311 | 5,868,864 | 12,369,508 | 12,119,609 | |||
Income before income taxes | 1,935,949 | 1,819,065 | 1,205,195 | 1,833,238 | 796,211 | 3,755,014 | 2,643,532 | |||
Income tax expense | 494,293 | 413,370 | 282,204 | 467,482 | 179,858 | 907,663 | 637,117 | |||
Net income | $ 1,441,656 | $ 1,405,695 | $ 922,991 | $ 1,365,756 | $ 616,353 | $ 2,847,351 | $ 2,006,415 | |||
Community Heritage Financial , Inc. and Subsidiaries | ||||||||||
Per Share Data (unaudited) | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||
Earnings per common share | ||||||||||
Basic | $ 0.49 | $ 0.48 | $ 0.32 | $ 0.47 | $ 0.21 | $ 0.98 | $ 0.69 | |||
Diluted | $ 0.49 | $ 0.48 | $ 0.32 | $ 0.47 | $ 0.21 | $ 0.98 | $ 0.69 | |||
Common shares outstanding at period end | 2,915,933 | 2,915,933 | 2,911,670 | 2,905,973 | 2,905,973 | 2,915,933 | 2,905,973 | |||
Average common shares outstanding | ||||||||||
Basic | 2,915,933 | 2,913,048 | 2,911,254 | 2,905,973 | 2,905,973 | 2,914,491 | 2,905,973 | |||
Diluted | 2,916,951 | 2,913,048 | 2,911,254 | 2,905,973 | 2,905,973 | 2,915,954 | 2,905,973 | |||
Cash dividends paid per common share | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.12 | $ 0.12 | |||
Community Heritage Financial , Inc. and Subsidiaries | ||||||||||
Selected Financial Performance Ratios (unaudited) | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||
Return on average assets | 0.53 % | 0.53 % | 0.36 % | 0.55 % | 0.26 % | 0.53 % | 0.43 % | |||
Return on average equity | 7.84 % | 7.81 % | 5.32 % | 7.95 % | 3.59 % | 7.84 % | 5.90 % | |||
Net interest margin | 2.83 % | 2.80 % | 2.71 % | 2.62 % | 2.65 % | 2.82 % | 2.86 % | |||
Yield on interest-earning assets | 5.09 % | 4.97 % | 4.78 % | 4.57 % | 4.45 % | 5.03 % | 4.49 % | |||
Cost of interest-bearing liabilities | 3.19 % | 3.06 % | 2.99 % | 2.91 % | 2.67 % | 3.14 % | 2.45 % | |||
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 | |||||||||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | |||||||||||||||||
Average Balance | Interest | Yield / Rate | Average Balance | Interest | Yield / Rate | Average Balance | Interest | Yield / Rate | |||||||||||
ASSETS | |||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||
Loans | $ 833,960,162 | $ 11,471,139 | 5.53 % | $ 829,633,881 | $ 11,181,544 | 5.42 % | $ 774,553,263 | $ 9,453,437 | 4.90 % | ||||||||||
Securities | 135,875,550 | 773,717 | 2.28 % | 137,742,682 | 772,603 | 2.27 % | 143,288,239 | 767,524 | 2.14 % | ||||||||||
Other | 99,639,244 | 1,289,874 | 5.21 % | 69,197,689 | 866,559 | 5.04 % | 10,137,637 | 81,306 | 3.22 % | ||||||||||
1,069,474,956 | 13,534,730 | 5.09 % | 1,036,574,252 | 12,820,706 | 4.97 % | 927,979,140 | 10,302,267 | 4.45 % | |||||||||||
Noninterest-earning assets | 23,327,381 | 24,833,101 | 24,017,332 | ||||||||||||||||
Total Assets | $ 1,092,802,337 | $ 1,061,407,353 | $ 951,996,472 | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Demand deposits | $ 534,288,264 | $ 3,719,156 | 2.80 % | $ 532,624,524 | $ 3,636,945 | 2.75 % | $ 463,218,425 | $ 2,665,411 | 2.31 % | ||||||||||
Time deposits | 142,212,265 | 1,286,494 | 3.64 % | 125,660,990 | 1,067,003 | 3.42 % | 112,476,658 | 794,336 | 2.83 % | ||||||||||
Interest-bearing deposits | 676,500,529 | 5,005,650 | 2.98 % | 658,285,514 | 4,703,948 | 2.87 % | 575,695,083 | 3,459,747 | 2.41 % | ||||||||||
Borrowings | 79,963,039 | 988,099 | 4.96 % | 73,661,043 | 908,965 | 4.96 % | 53,460,080 | 720,518 | 5.41 % | ||||||||||
Interest-bearing liabilities | 756,463,568 | 5,993,749 | 3.19 % | 731,946,557 | 5,612,913 | 3.08 % | 629,155,163 | 4,180,265 | 2.67 % | ||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||
Demand deposits | 253,726,240 | 249,528,463 | 246,036,338 | ||||||||||||||||
Other | 8,854,808 | 6,878,529 | 8,013,891 | ||||||||||||||||
Total Liabilities | 1,019,044,616 | 988,353,549 | 883,205,391 | ||||||||||||||||
Cost of Total Deposits | 2.16 % | 2.08 % | 1.69 % | ||||||||||||||||
Cost of Total Funds (interest-bearing | |||||||||||||||||||
2.39 % | 2.30 % | 1.92 % | |||||||||||||||||
Shareholders' equity | 73,757,721 | 73,053,804 | 68,791,080 | ||||||||||||||||
Total Liabilities and Shareholders Equity | $ 1,092,802,337 | $ 1,061,407,353 | $ 951,996,472 | ||||||||||||||||
Net interest income / NIM | $ 7,540,981 | 2.83 % | $ 7,207,793 | 2.80 % | $ 6,122,002 | 2.65 % | |||||||||||||
Community Heritage Financial , Inc. and Subsidiaries | ||||||||||||||||
Condensed Average Balance Sheet Analysis (unaudited) | ||||||||||||||||
Six Months Ended | ||||||||||||||||
June 30, 2024 | June 30, 2023 | |||||||||||||||
Average Balance | Interest | Yield / Rate | Average Balance | Interest | Yield / Rate | |||||||||||
ASSETS | ||||||||||||||||
Interest-earning assets: | ||||||||||||||||
Loans | $ 831,793,535 | $ 22,652,683 | 5.48 % | $ 765,736,387 | $ 18,798,142 | 4.95 % | ||||||||||
Securities | 136,807,807 | 1,546,320 | 2.26 % | 142,708,523 | 1,502,107 | 2.11 % | ||||||||||
Other | 84,442,563 | 2,156,433 | 5.14 % | 11,101,311 | 191,011 | 3.47 % | ||||||||||
1,053,043,905 | 26,355,436 | 5.03 % | 919,546,221 | 20,491,260 | 4.49 % | |||||||||||
Noninterest-earning assets | 24,073,203 | 24,523,471 | ||||||||||||||
Total Assets | $ 1,077,117,108 | $ 944,069,692 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||
Demand deposits | $ 533,479,478 | $ 7,356,101 | 2.77 % | $ 467,649,426 | $ 5,031,152 | 2.17 % | ||||||||||
Time deposits | 133,953,380 | 2,353,497 | 3.53 % | 106,512,771 | 1,353,929 | 2.56 % | ||||||||||
Interest-bearing deposits | 667,432,858 | 9,709,598 | 2.93 % | 574,162,197 | 6,385,081 | 2.24 % | ||||||||||
Borrowings | 76,743,034 | 1,897,064 | 4.97 % | 37,320,673 | 1,039,025 | 5.61 % | ||||||||||
Interest-bearing liabilities | 744,175,892 | 11,606,662 | 3.14 % | 611,482,870 | 7,424,106 | 2.45 % | ||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||
Demand deposits | 251,603,733 | 255,842,136 | ||||||||||||||
Other | 8,283,679 | 8,173,614 | ||||||||||||||
Total Liabilities | 1,004,063,304 | 875,498,620 | ||||||||||||||
Cost of Total Deposits | 2.12 % | 1.55 % | ||||||||||||||
Cost of Total Funds (interest-bearing | ||||||||||||||||
2.34 % | 1.73 % | |||||||||||||||
Shareholders' equity | 73,053,804 | 68,571,072 | ||||||||||||||
Total Liabilities and Shareholders Equity | $ 1,077,117,108 | $ 944,069,692 | ||||||||||||||
Net interest income / NIM | $ 14,748,774 | 2.82 % | $ 13,067,154 | 2.86 % | ||||||||||||
Community Heritage Financial , Inc. and Subsidiaries | |||||||
Loan and Deposit Composition (unaudited) | |||||||
As of Period End | |||||||
6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | |||
Loans: | |||||||
Commercial real estate: | |||||||
Construction and land development | $ 89,921,555 | $ 88,793,186 | $ 89,525,228 | $ 89,980,412 | $ 88,750,860 | ||
Multifamily | 21,281,351 | 21,682,394 | 21,784,953 | 22,599,598 | 22,862,108 | ||
Farmland | 30,317,070 | 30,546,050 | 30,821,848 | 28,785,156 | 28,611,754 | ||
Other: | |||||||
Owner occupied | 130,560,913 | 137,654,633 | 136,628,801 | 131,398,708 | 130,090,900 | ||
Non-owner occupied | 143,246,131 | 131,114,323 | 119,979,964 | 122,587,639 | 129,674,501 | ||
Residential, including home equity | 290,587,107 | 284,962,472 | 280,523,837 | 273,884,529 | 265,131,928 | ||
Commercial and industrial | 130,148,584 | 130,972,545 | 128,933,413 | 124,154,237 | 127,334,140 | ||
Consumer | 1,392,904 | 1,369,535 | 1,203,039 | 1,209,100 | 1,143,316 | ||
Gross loans | 837,455,615 | 827,095,138 | 809,401,083 | 794,599,379 | 793,599,507 | ||
Net deferred loan costs | 3,587,736 | 3,509,251 | 3,531,789 | 3,435,694 | 3,332,018 | ||
Total Loans | $841,043,351 | $830,604,389 | $812,932,872 | $798,035,073 | $796,931,525 | ||
Deposits: | |||||||
Noninterest-bearing demand | $248,150,379 | $247,549,872 | $260,204,859 | $248,440,805 | $244,342,167 | ||
Interest-bearing: | |||||||
NOW | 223,072,312 | 202,226,731 | 164,536,186 | 202,369,954 | 169,462,980 | ||
Savings | 69,495,486 | 74,761,620 | 72,374,445 | 79,734,653 | 81,248,373 | ||
Money Market | 237,799,850 | 252,954,674 | 248,898,935 | 232,777,969 | 234,154,524 | ||
Time | 149,116,844 | 125,415,731 | 130,651,465 | 125,711,158 | 121,662,333 | ||
Total interest-bearing | 679,484,492 | 655,358,756 | 616,461,031 | 640,593,734 | 606,528,210 | ||
Total Deposits | $927,634,871 | $902,908,628 | $876,665,890 | $889,034,539 | $850,870,377 | ||
SOURCE Community Heritage Financial, Inc.
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