Community Heritage Financial, Inc. Reports Record Earnings for the Second Quarter of 2025

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Jul 24, 2025, 11:30 ET

MIDDLETOWN, Md., July 24, 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 record net income of $2.5 million, or $0.84 per diluted share, for the second quarter ended June 30, 2025, an increase of $585 thousand, or 31.1%, in comparison to the first quarter of 2025. Compared to the second quarter of 2024, net income increased $1.0 million, or 71.2%. Net income for the six months ended June 30, 2025 totaled $4.4 million, or $1.48 per diluted share, representing an increase of $1.5 million, or 52.8%, compared to net income of $2.8 million, or $0.98 per diluted share, for the six months ended June 30, 2024.

Balance Sheet

Assets totaled $1.1 billion as of June 30, 2025, representing an increase of $4.2 million since June 30, 2024 and an increase of $75.4 million since December 31, 2024. Growth in the balance sheet since June 30, 2024, totaling $4.2 million, was driven by growth in deposits of $47.3 million, or 5.1%, and growth in shareholders' equity of $9.7 million, or 13.1%, offset by a decline in borrowings and subordinated debt of $52.9 million. 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 and the earnings rate offered by the FRB. The Bank repaid the advances immediately prior to the November 2024 meeting of the FRB, at which the FRB reduced short-term interest rates eliminating the arbitrage opportunity. Balance sheet growth since December 31, 2024 of $75.4 million was driven primarily by deposit growth of $69.8 million, or 15.4% annualized, which included growth in time deposit, money market, NOW and noninterest-bearing demand account balances of $31.9 million, $20.5 million, $8.8 million and $4.9 million, respectively.

Loan balances outstanding grew to $872.1 million as of June 30, 2025, representing an increase of $31.1 million, or 3.7% from June 30, 2024, and $24.5 million, or 5.8% annualized from December 31, 2024. Non-owner occupied commercial real estate loans, residential loans, including home equity loans, and owner occupied commercial real estate loans, grew $21.2 million, $16.9 million, and $8.8 million, respectively, since June 30, 2024. A decline in construction and land development loans of $22.1 million during the same period offset the growth in other loan portfolios. Since December 31, 2024, growth in residential loans, including home equity loans, construction and land development loans, and non-owner occupied commercial real estate loans of $11.3 million, $8.1 million and $5.3 million, respectively, contributed to total loan growth of $24.5 million.

Net Interest Income

Net interest income totaled $8.8 million for the three months ended June 30, 2025, compared to $7.5 million during the same period in 2024, and $8.1 million during the three months ended December 31, 2024. The net interest margin ("NIM") increased from 2.83% during the second quarter of 2024 to 3.13% during the fourth quarter of 2024 and 3.37% during the second quarter of 2025. The FRB's decision to increase short-term rates to combat inflation in March 2022 pressured the Company's NIM during 2022 and 2023 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, as interest rates on interest-bearing deposits stabilized and maturing loans continue to reprice at higher interest rates. Interest rate cuts initiated by the FRB beginning in September 2024 also contributed to the improvement in the NIM during the fourth quarter of 2024 and the first half of 2025.

Noninterest Income

Linked quarter 2025 – Noninterest income increased $311 thousand during the second quarter of 2025 compared to the first quarter of 2025. Mortgage banking revenue increased $242 thousand with an increase in mortgage origination and sale activity associated with the spring and summer seasons. Earnings on bank-owned life insurance increased $95 thousand because of improved performance of the equity market in the second quarter.

Second Quarter 2025 vs. Second Quarter 2024 – Noninterest income increased $171 thousand. Earnings on bank-owned life insurance increased $90 thousand driven by relative performance of the equity market. Mortgage banking revenue and card and merchant services income increased $41 thousand and $25 thousand, respectively, reflecting increased transaction activity.

Six Months June 30, 2025 vs. Six Months June 30, 2024 – Noninterest income increased $67 thousand for the six months ended June 30, 2025 compared to the same period in 2024. Mortgage banking revenue and card and merchant services income increased $76 thousand and $49 thousand, respectively, reflecting increased transaction activity. Other non-interest income increased $48 thousand and included broker fees totaling $72 thousand received in the first quarter 2025 for referrals of Small Business Administration ("SBA") qualified loans. Offsetting the noted increases in revenue was a decline of $98 thousand in earnings on bank-owned life insurance as the first quarter of 2024 included receipt of insurance proceeds of $138 thousand.

Noninterest Expense

Linked quarter 2025 – Noninterest expense decreased $62 thousand on a linked quarter basis. The decrease was primarily driven by decreases in salaries and benefits and occupancy and equipment expenses of $187 thousand and $76 thousand, respectively, offset by an increase in data and item processing expense of $95 thousand and an increase in legal and professional fees of $89 thousand. Salaries and benefits decreased due to decreased health insurance costs of $170 thousand associated with stop loss coverage of certain claims activity. Occupancy and equipment expense fell as snow removal costs incurred in the first quarter did not impact the second quarter. A nonrecurring deposit processing loss of $70 thousand contributed to the increase in data and item processing expense. Legal and professional expense increased as the Company, having crossed $1 billion in total assets in 2024, continues preparation for the regulatory requirements associated with the Federal Deposit Insurance Corporation Improvement Act.

Second Quarter 2025 vs. Second Quarter 2024 – Noninterest expense increased $59 thousand quarter over quarter. The increase was driven primarily by an increase in salaries and benefits of $72 thousand.

Six Months June 30, 2025 vs. Six Months June 30, 2024 – Noninterest expense increased $529 thousand in 2025 compared to 2024. The increase was largely attributable to an increase in salaries and benefits of $575 thousand, offset by a decrease in data and item processing expense of $171 thousand. The increase in salaries and benefits reflected merit increases and increased incentive compensation accruals. A decline in fraud and operating losses associated with deposit processing of $194 thousand contributed to the decrease in data and item processing expense.

Asset Quality

Asset quality remained strong with non-performing assets to total assets of 0.13% as of June 30, 2025, compared to 0.15% as of December 31, 2024 and 0.16% as of June 30, 2024. The ratio of net charge-offs to average total loans was zero percent for the quarter ended June 30, 2025.

Dividend

A dividend of $0.08 per share was declared by the Board of Directors on July 18, 2025, for stockholders of record as of August 1, 2025, and payable on August 8, 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. 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

John A. Scaldara, Jr.
Executive Vice President and Chief Financial Officer
301-371-3070

Community Heritage Financial, Inc. and Subsidiaries
			‌
Balance Sheets (unaudited)
					‌
			As of Period End
			6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024

ASSETS
	Cash and due from banks		$ 67,210,170	$ 41,754,293	$ 16,510,418	$ 90,485,075	$ 91,988,101
	Securities available-for-sale, at fair value		46,712,422	42,514,398	40,481,911	43,803,206	39,518,549
	Securities held-to-maturity		88,807,858	90,382,973	91,374,820	92,558,298	93,944,321
		Less allowance for credit losses	92,176	93,416	102,896	110,386	118,787
		Total securities held-to-maturity	88,715,682	90,289,557	91,271,924	92,447,912	93,825,534
			‌
		Total securities	135,428,104	132,803,955	131,753,835	136,251,118	133,344,083
	Equity securities, at cost		1,426,700	1,901,700	1,404,700	1,404,600	1,404,600
	Loans		872,116,129	863,383,714	847,593,970	847,539,088	841,043,351
		Less allowance for loan credit losses	8,675,088	8,525,628	8,279,404	8,167,602	8,186,862
		Loans, net	863,441,041	854,858,086	839,314,566	839,371,486	832,856,489
	Loans held for sale		1,445,377	564,685	5,106,956	4,591,950	4,739,191
	Premises and equipment		6,196,774	5,628,103	5,688,187	5,805,983	6,010,649
	Right of use asset		1,816,066	1,939,827	1,911,836	2,031,653	2,152,804
	Accrued interest receivable		3,422,469	3,342,795	3,152,505	3,124,150	3,360,417
	Deferred tax assets		4,356,321	4,431,764	4,558,255	4,568,943	4,870,431
	Bank owned life insurance		7,570,668	7,443,531	7,411,319	7,379,630	7,159,381
	Goodwill		1,656,507	1,656,507	1,656,507	1,656,507	1,656,507
	Other assets		1,638,591	1,741,146	1,771,483	1,660,574	1,891,044
			‌
		Total Assets	$ 1,095,608,788	$ 1,058,066,392	$ 1,020,240,567	$ 1,098,331,669	$ 1,091,433,697
			‌
LIABILITIES and SHAREHOLDERS' EQUITY
		‌
	Liabilities
		Deposits:
		Noninterest-bearing demand	$ 256,355,584	$ 247,511,094	$ 251,431,084	$ 246,907,558	$ 248,150,379
		Interest-bearing	721,494,804	685,201,331	656,575,635	685,892,223	682,397,667
		Total deposits	977,850,388	932,712,425	908,006,719	932,799,781	930,548,046
		FHLB advances and other borrowings	15,000,000	25,000,000	15,000,000	65,000,000	65,000,000
		Subordinated debt, net	12,046,819	12,043,757	12,040,695	15,000,000	14,977,576
		Lease liabilities	1,886,828	2,011,829	1,984,920	2,105,649	2,226,547
		Accrued interest payable	567,996	730,113	485,160	2,468,369	1,633,334
		Other liabilities	4,321,095	4,380,812	3,694,164	3,662,903	2,853,893
		‌
		Total Liabilities	1,011,673,126	976,878,936	941,211,658	1,021,036,702	1,017,239,396
		‌
	Shareholders' Equity
		Common stock	29,289	29,289	29,198	29,159	29,159
		Additional paid-in-capital	41,469,625	41,351,223	41,331,966	41,284,421	41,204,072
		Retained earnings	48,480,152	46,246,459	44,597,524	43,039,340	41,167,218
		Accumulated other comprehensive loss	(6,043,404)	(6,439,515)	(6,929,779)	(7,057,953)	(8,206,148)
		‌
		Total Shareholders' Equity	83,935,662	81,187,456	79,028,909	77,294,967	74,194,301
		‌
		Total Liabilities and Shareholders' Equity	$ 1,095,608,788	$ 1,058,066,392	$ 1,020,240,567	$ 1,098,331,669	$ 1,091,433,697

Community Heritage Financial, Inc. and Subsidiaries
		‌
Statements of Income (unaudited)
				‌
			Three Months Ended					Six Months Ended
			6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
					‌
Interest Income
	Loans, including fees		$ 12,597,796	$ 12,228,538	$ 12,057,265	$ 12,066,857	$ 11,471,139	$ 24,826,334	$ 22,652,683
	Securities		888,721	858,632	809,512	773,571	773,717	1,747,353	1,546,320
	Fed funds sold and other bank deposits		467,029	119,202	548,309	1,101,997	1,289,874	586,231	2,156,433
		Total interest income	13,953,546	13,206,372	13,415,086	13,942,425	13,534,730	27,159,918	26,355,436
				‌
Interest Expense
	Deposits		4,758,194	4,405,731	4,686,005	5,146,858	5,005,650	9,163,925	9,709,598
	Borrowed funds		149,325	189,055	380,370	756,653	750,049	338,380	1,420,965
	Subordinated debt		207,250	207,250	209,934	238,049	238,050	414,500	476,099
		Total interest expense	5,114,769	4,802,036	5,276,309	6,141,560	5,993,749	9,916,805	11,606,662
			‌
Net interest income			8,838,777	8,404,336	8,138,777	7,800,865	7,540,981	17,243,113	14,748,774
Provision for credit losses			148,330	248,558	178,624	(7,396)	168,120	396,888	435,490
Net interest income after provision			‌
	for credit losses		8,690,447	8,155,778	7,960,153	7,808,261	7,372,861	16,846,225	14,313,284
				‌
Noninterest income
	Mortgage banking revenue		406,440	164,015	470,783	508,209	365,003	570,455	494,752
	Card and merchant services		310,082	281,415	314,785	294,243	285,572	591,497	542,936
	Service charges on deposits		231,856	235,097	262,583	252,406	237,357	466,953	474,377
	Earnings on bank-owned life insurance		118,847	23,920	23,398	86,958	28,755	142,767	240,396
	Loss on sale of investment securities		-	-	(442,493)	-	-	-	-
	Other		25,959	77,870	5,427	5,022	5,001	103,829	56,285
		Total noninterest income	1,093,184	782,317	634,483	1,146,838	921,688	1,875,501	1,808,746
				‌
Noninterest expense
	Salaries and employee benefits		3,660,059	3,847,202	3,565,344	3,696,105	3,588,465	7,507,261	6,932,653
	Occupancy and equipment		848,881	925,091	906,738	901,283	869,510	1,773,972	1,733,518
	Data and item processing		686,375	590,840	624,021	492,294	731,661	1,277,215	1,448,373
	Legal and professional fees		366,768	277,977	291,944	242,411	354,244	644,745	642,437
	FDIC insurance		170,937	142,866	206,376	210,789	205,143	313,803	390,277
	Advertising		79,253	107,375	78,362	93,129	73,236	186,628	134,703
	Other		604,861	587,891	616,615	553,021	536,341	1,192,752	1,085,055
		Total noninterest expense	6,417,134	6,479,242	6,289,400	6,189,032	6,358,600	12,896,376	12,367,016
			‌
Income before income taxes			3,366,497	2,458,853	2,305,236	2,766,067	1,935,949	5,825,350	3,755,014
Income tax expense			898,493	576,217	571,853	718,989	494,293	1,474,710	907,663
Net income			$ 2,468,004	$ 1,882,636	$ 1,733,383	$ 2,047,078	$ 1,441,656	$ 4,350,640	$ 2,847,351
				‌
Community Heritage Financial, Inc. and Subsidiaries
					‌
Per Share Data (unaudited)
					‌
			Three Months Ended					Six Months Ended
			6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
					‌
Earnings per common share
	Basic		$ 0.84	$ 0.64	$ 0.59	$ 0.70	$ 0.49	$ 1.49	$ 0.98
	Diluted		$ 0.84	$ 0.64	$ 0.59	$ 0.70	$ 0.49	$ 1.48	$ 0.98
Common shares outstanding at period end			2,928,888	2,928,888	2,919,797	2,915,933	2,915,933	-	2,915,933
Average common shares outstanding
	Basic		2,928,888	2,922,624	2,919,677	2,915,933	2,913,048	2,925,773	2,914,491
	Diluted		2,944,207	2,937,508	2,934,754	2,927,377	2,916,951	2,942,204	2,915,954
Cash dividends paid per common share			$ 0.08	$ 0.08	$ 0.06	$ 0.06	$ 0.06	$ 0.16	$ 0.12

Community Heritage Financial, Inc. and Subsidiaries
					‌
Selected Financial Data (unaudited)

		As of and for the Three Months Ended					As of and for the Six Months Ended
		6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
		‌
Per Share Data
	Common shares outstanding	2,928,888	2,928,888	2,919,797	2,915,933	2,915,933	2,928,888	2,915,933
	Book value per share	$ 28.66	$ 27.72	$ 27.07	$ 26.51	$ 25.44	$ 28.66	$ 25.44
	Tangible book value per share	$ 28.09	$ 27.15	$ 26.50	$ 25.94	$ 24.88	$ 28.09	$ 24.88
	‌‌
Capital (bank consolidated unless noted otherwise)
	Common equity tier 1 (CET1) capital	12.28 %	12.11 %	12.12 %	12.27 %	11.98 %	12.28 %	11.98 %
	Tier 1 capital	12.28 %	12.11 %	12.12 %	12.27 %	11.98 %	12.28 %	11.98 %
	Total risk based capital	13.41 %	13.23 %	13.24 %	13.36 %	13.07 %	13.41 %	13.07 %
	Tier 1 leverage ratio	9.29 %	9.47 %	9.06 %	8.90 %	8.69 %	9.29 %	8.69 %
	Tangible common equity to tangible assets (CHF)	7.52 %	7.53 %	7.60 %	6.90 %	6.66 %	7.52 %	6.66 %
	‌
Asset Quality Data
	Non-accrual loans	$ 1,442,329	$ 1,488,718	$ 1,525,759	$ 1,566,138	$ 1,798,530	$ 1,442,329	$ 1,798,530
	Non-performing assets	$ 1,442,329	$ 1,488,718	$ 1,525,759	$ 1,566,138	$ 1,798,530	$ 1,442,329	$ 1,798,530
	Non-performing loans to loans	0.17 %	0.17 %	0.18 %	0.18 %	0.21 %	0.17 %	0.21 %
	Non-performing assets to total assets	0.13 %	0.14 %	0.15 %	0.14 %	0.16 %	0.13 %	0.16 %
	Net loan charge-offs to average loans	0.00 %	0.00 %	0.00 %	0.00 %	0.00 %	0.00 %	0.00 %
	Allowance for loan credit losses to loans	0.99 %	0.99 %	0.98 %	0.96 %	0.96 %	0.99 %	0.96 %
	‌
Other Data
	Return on average assets	0.92 %	0.74 %	0.65 %	0.74 %	0.53 %	0.83 %	0.53 %
	Return on average equity	11.93 %	9.47 %	8.77 %	10.66 %	7.86 %	10.73 %	7.84 %
	Net interest margin	3.37 %	3.36 %	3.13 %	2.90 %	2.83 %	3.36 %	2.82 %
	Yield on interest-earning assets	5.32 %	5.29 %	5.16 %	5.18 %	5.09 %	5.30 %	5.03 %
	Cost of interest-bearing liabilities	2.80 %	2.78 %	2.93 %	3.19 %	3.19 %	2.79 %	3.14 %
	Loans to deposits ratio	89.19 %	92.57 %	93.35 %	90.86 %	90.67 %	89.19 %	90.67 %

Community Heritage Financial, Inc. and Subsidiaries
		‌
Condensed Average Balance Sheet Analysis (unaudited)
				‌
			Three Months Ended
			June 30, 2025			March 31, 2025			June 30, 2024
		‌	Average Balance	Interest	Yield / Rate	Average Balance	Interest	Yield / Rate	Average Balance	Interest	Yield / Rate
			Average Balance	Interest	Yield / Rate	Average Balance	Interest	Yield / Rate	Average Balance	Interest	Yield / Rate
ASSETS
	Interest-earning assets:
		Loans, including LHFS	$ 868,901,865	$ 12,597,796	5.81 %	$ 857,799,175	$ 12,228,538	5.76 %	$ 833,960,162	$ 11,471,139	5.53 %
		Securities	135,415,559	888,721	2.63 %	135,129,415	858,632	2.54 %	135,875,550	773,717	2.28 %
		Fed funds sold and other bank deposits	47,920,689	467,029	3.91 %	16,389,959	119,202	2.95 %	99,639,244	1,289,874	5.21 %
			1,052,238,113	13,953,546	5.32 %	1,009,318,549	13,206,372	5.29 %	1,069,474,956	13,534,730	5.09 %
		‌
	Noninterest-earning assets		23,523,401			22,046,233			23,327,381

		Total Assets	$ 1,075,761,514			$ 1,031,364,782			$ 1,092,802,337
		‌
LIABILITIES AND SHAREHOLDERS' EQUITY
	Interest-bearing liabilities:
		Demand deposits	$ 527,492,595	$ 3,146,490	2.39 %	$ 511,603,640	$ 2,964,668	2.35 %	$ 534,288,264	$ 3,719,156	2.80 %
		Time deposits	176,936,573	1,611,704	3.65 %	156,928,392	1,441,063	3.72 %	142,212,265	1,286,494	3.64 %
		Interest-bearing deposits	704,429,168	4,758,194	2.71 %	668,532,032	4,405,731	2.67 %	676,500,529	5,005,650	2.98 %
		Borrowings	27,044,756	356,575	5.28 %	30,466,939	396,305	5.24 %	79,963,039	988,099	4.96 %
		Interest-bearing liabilities	731,473,924	5,114,769	2.80 %	698,998,971	4,802,036	2.78 %	756,463,568	5,993,749	3.19 %
	Noninterest-bearing liabilities:
		Demand deposits	254,468,601			244,507,561			253,726,240
		Other	6,873,331			7,266,291			8,854,808
		‌
		Total Liabilities	992,815,856			950,772,823			1,019,044,616
		‌
		Cost of Total Deposits			1.99 %			1.96 %			2.16 %
		Cost of Total Funds (interest-
		bearing liabilities plus non-
		interest-bearing deposits)			2.05 %			2.06 %			2.39 %
		‌
	Shareholders' equity		82,945,658			80,591,959			73,757,721
			‌
		Total Liabilities and Shareholders Equity	$ 1,075,761,514			$ 1,031,364,782			$ 1,092,802,337
			‌
		Net interest income / NIM		$ 8,838,777	3.37 %		$ 8,404,336	3.36 %		$ 7,540,981	2.83 %

Community Heritage Financial, Inc. and Subsidiaries
			‌
Condensed Average Balance Sheet Analysis (unaudited)
					‌
			Six Months Ended
			June 30, 2025			June 30, 2024
		‌	Average Balance	Interest	Yield / Rate	Average Balance	Interest	Yield / Rate
			Average Balance	Interest	Yield / Rate	Average Balance	Interest	Yield / Rate
ASSETS
	Interest-earning assets:
		Loans	$ 863,910,059	$ 24,826,334	5.78 %	$ 831,793,535	$ 22,652,683	5.48 %
		Securities	135,273,444	1,747,353	2.58 %	136,807,807	1,546,320	2.26 %
		Fed funds sold and other bank deposits	32,240,014	586,231	3.67 %	84,442,563	2,156,433	5.14 %
			1,031,423,517	27,159,918	5.30 %	1,053,043,905	26,355,436	5.03 %
			‌
	Noninterest-earning assets		22,237,546			24,073,203
			‌
		Total Assets	$ 1,053,661,063			$ 1,077,117,108
			‌
LIABILITIES AND SHAREHOLDERS' EQUITY
	Interest-bearing liabilities:
		Demand deposits	$ 519,577,191	$ 6,111,158	2.37 %	$ 533,479,478	$ 7,356,101	2.77 %
		Time deposits	166,993,913	3,052,767	3.69 %	133,953,380	2,353,497	3.53 %
		Interest-bearing deposits	686,571,104	9,163,925	2.69 %	667,432,858	9,709,598	2.93 %
		Borrowings	28,715,359	752,880	5.26 %	76,743,034	1,897,064	4.97 %
		Interest-bearing liabilities	715,286,463	9,916,805	2.79 %	744,175,892	11,606,662	3.14 %
	Noninterest-bearing liabilities:
		Demand deposits	249,504,107			251,603,733
		Other	7,095,291			8,283,679
		‌
		Total Liabilities	971,885,861			1,004,063,304
		‌
		Cost of Total Deposits			1.97 %			2.12 %
		Cost of Total Funds (interest-
		bearing liabilities plus non-
		interest-bearing deposits)			2.07 %			2.34 %
		‌
	Shareholders' equity		81,775,202			73,053,804
			‌
		Total Liabilities and Shareholders Equity	$ 1,053,661,063			$ 1,077,117,108
			‌
		Net interest income / NIM		$ 17,243,113	3.36 %		$ 14,748,774	2.82 %

Community Heritage Financial, Inc. and Subsidiaries
		‌
Loan and Deposit Composition (unaudited)
		‌
			As of Period End
			6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024
			‌
Loans:
Commercial real estate:
	Construction and land development		$ 67,819,407	$ 65,421,754	$ 59,761,206	$ 64,686,070	$ 89,921,555
	Multifamily		22,989,449	24,142,268	25,185,498	23,437,101	21,281,351
	Farmland		32,872,235	32,376,907	32,424,255	30,448,216	30,317,070
	Other:
		Owner occupied	139,335,615	143,451,648	136,172,517	137,266,535	130,560,913
		Non-owner occupied	164,434,003	163,089,171	159,150,227	154,090,059	143,246,131
		‌
Residential, including home equity			307,500,247	298,829,304	296,196,340	297,472,722	290,587,107
Commercial and industrial			132,669,094	131,591,369	134,164,953	135,355,039	130,148,584
Consumer			847,668	915,551	1,036,859	1,296,915	1,392,904
		Gross loans	868,467,718	859,817,972	844,091,855	844,052,657	837,455,615
		Net deferred loan costs	3,648,411	3,565,742	3,502,115	3,486,431	3,587,736
		Total Loans	$ 872,116,129	$ 863,383,714	$ 847,593,970	$ 847,539,088	$ 841,043,351
		‌
Deposits:
Noninterest-bearing demand			$ 256,355,584	$ 247,511,094	$ 251,431,084	$ 246,907,558	$ 248,150,379
Interest-bearing:
	NOW ¹		203,461,544	193,760,532	194,682,425	223,884,815	223,072,312
	Savings		73,765,147	72,670,367	69,979,571	69,566,114	72,408,661
	Money Market		260,797,600	251,803,391	240,320,055	239,982,813	237,799,850
	Time		183,470,513	166,967,041	151,593,584	152,458,481	149,116,844
		Total interest-bearing	721,494,804	685,201,331	656,575,635	685,892,223	682,397,667
		Total Deposits	$ 977,850,388	$ 932,712,425	$ 908,006,719	$ 932,799,781	$ 930,548,046
		‌
	^1.	Includes demand transaction accounts enrolled in the Bank's reciprocal deposit program.