Community Heritage Financial, Inc. Reports Earnings for the Year Ended 2023
MIDDLETOWN, Md., Jan. 29, 2024 /PRNewswire/ -- Community Heritage Financial, Inc. (the "Company" or "CHF") (OTC PK: CMHF), the parent company of Middletown Valley Bank ("MVB" or the "Bank"), announced today that the Company earned net income of $4.3 million or $1.47 per diluted share for the year ended December 31, 2023, a decrease of $2.6 million or 37.3%, compared to net income of $6.9 million or $2.84 per diluted share for the year ended December 31, 2022. Fourth quarter 2023 net income was $923,000 or $.32 per diluted share, a decrease of $443,000 compared to third quarter 2023 net income of $1.4 million and a decrease of $521,000 compared to $1.4 million for the fourth quarter of 2022.
Balance Sheet and Asset Quality
Despite continuation of the challenges of a volatile interest rate environment and uncertain economic conditions during 2023, the Company posted strong growth with total assets increasing 6.3% from $930.1 million on December 31, 2022 to $988.6 million on December 31, 2023. Loans grew to $812.9 million as of December 31, 2023, an increase of $64.5 million or 8.6% from December 31, 2022. Total deposits grew $37.2 million or 4.4% during the year to $876.7 million on December 31, 2023. Asset quality remained strong with non-performing assets to total assets of .18% on December 31, 2023, compared to .19% on December 31, 2022. The ratio of net charge-offs to average total loans was zero percent for each of the years ended 2023 and 2022.
Results from Operations
The volatile interest rate environment challenged earnings during 2023 as the Federal Reserve continued its efforts to rein in inflation. Net income totaled $4.3 million in 2023, representing a decline of $2.6 million compared to 2022. Additional rate increases by the Federal Reserve totaling 100 basis points during the year forced funding costs higher and pressured the Company's net interest margin as deposit rates increased and depositors migrated excess liquidity to higher yielding products. The Company's cost of interest-bearing liabilities increased from .94% in 2022 to 2.71% in 2023. As a result, interest expense increased $12.5 million, from $4.9 million during 2022 to $17.4 million during 2023. The increased funding cost was partially offset by an increase in interest income from $32.4 million in 2022 to $43.5 million in 2023 resulting from loan growth and the upward repricing of the Company's variable rate loan portfolio. As a result, the Company's net interest margin declined from 3.21% in 2022 to 2.76% in 2023. Revenue related to mortgage banking activity declined $921,000 during 2023 compared to 2022 as an increase in mortgage rates dampened activity. Operating expenses increased $3.2 million in 2023 compared to 2022, $2.0 million of which was an increase in salaries and employee benefits expense. Merit, promotional and equity adjustments and costs associated with new hire positions accounted for $549,000 of the increase in salaries and employee benefits expense. In addition, the Company experienced an increase in healthcare insurance of $355,000 as claims activity was higher than historical levels, an increase in other benefits costs of $163,000, and a decrease in the deferral of loan origination cost of $135,000 as a result of lower loan origination volumes. The Company also incurred one-time salary and benefit costs of approximately $380,000 during 2023 related to management transition and staffing structural changes. Occupancy and equipment expense increased from $3.1 million in 2022 to $3.6 million in 2023 as the Company prepared for the opening of a new, limited-service branch facility in 2024, enhanced technology security features of its data processing and electronic banking systems, and recorded (i) $135,000 in costs associated with the early termination of an office lease and (ii) a $101,000 write-down to market value of a vacant parcel of land immediately adjacent to a branch facility. Legal and professional fees grew $218,000 in 2023 compared to 2022 as the Company prepared for FDICIA requirements, which become effective after reaching $1.0 billion in assets. Pressure on the net interest margin, reduced revenue associated with mortgage banking activity and increased operating costs were partially offset by a $747,000 recapture of the provision for credit losses, including the provision for unfunded loan commitments and securities held to maturity. Due to a more favorable forecast of economic conditions and the reduced probability of a recession, the calculated allowance for loan credit losses to loans ratio fell from 1.06% on January 1, 2023 post CECL adoption to .95% on December 31, 2023.
Quarterly Highlights – Q4 2023 vs. Q3 2023
Loans increased $14.9 million during the fourth quarter of 2023 compared to the third quarter of 2023. Net growth in residential real estate, owner occupied commercial real estate, and commercial and industrial loans totaled $6.6 million, $5.2 and $4.8 million, respectively. Non-owner occupied commercial real estate loans declined $2.6 million.
Deposits declined $12.4 million in the fourth quarter of 2023 to $876.7 million as of December 31, 2023, down from $889.0 million as of September 30, 2023. A decline of $25.6 million in interest-bearing transaction accounts was offset by increases of $11.8 million and $1.5 million in DDA and time deposit balances, respectively.
The net interest margin increased from 2.62% during the third quarter 2023 to 2.71% during the fourth quarter. The fourth quarter saw a slowing in the rate of increase in cost of funds, primarily interest-bearing deposits. As a result, net interest income grew $459,000.
Mortgage banking revenue declined $111,000, from $366,000 in the third quarter to $255,000 in the fourth quarter. Mortgage banking activity is highly sensitive to movement in interest rates and somewhat cyclical in nature.
The allowance for loan credit losses to loans ratio was 0.95% on December 31, 2023 compared to 0.92% on September 30, 2023. The provision for credit losses totaled $275,000 in the fourth quarter compared to a recapture of $843,000 in the third quarter.
Quarterly Highlights – Q4 2023 vs. Q4 2022
Tangible book value per share increased $1.35 to $23.88 as of December 31, 2023, compared to $22.53 as of December 31, 2022. The increase on a year-over-year basis was due to earnings, net of dividends and a decrease in the accumulated other comprehensive loss of $1.4 million.
Loans of $812.9 million as of December 31, 2023 grew $64.5 million or 8.6% compared to December 31, 2022. Residential real estate, construction and land development and owner occupied commercial real estate loans grew $48.6 million, $19.1 million and $18.3 million, respectively. Commercial and industrial loans declined $21.5 million.
Total deposits on December 31, 2023 were $876.7 million, an increase of $37.2 million or 4.4% compared to $839.4 million as of December 31, 2022. As of December 31, 2023, brokered deposits totaled $10.0 million. There were no brokered deposits on December 31, 2022.
The net interest margin for the fourth quarter of 2023 was 2.71%, compared to 3.05% for the fourth quarter of 2022. Increased funding costs, as noted previously, pressured the margin in 2023.
Non-interest income totaled $909,000 for the fourth quarter of 2023 compared to $98,000 for the fourth quarter of 2022. Fourth quarter 2022 non-interest income included a one-time reclassification impacting mortgage banking revenue and salaries and employee benefits.
Non-interest expense increased $817,000 in the fourth quarter 2023 compared to the same quarter in 2022, with an increase in salaries and employee benefits accounting for $685,000 of the total increase. As noted previously, fourth quarter 2022 salaries and employee benefits expense was impacted by a one-time reclassification.
Dividend
A dividend of $0.06 per share was declared by the Board of Directors on January 19, 2024, for stockholders of record as of February 2, 2024, and payable on February 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 | |||||||
12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | |||
ASSETS | |||||||
Cash and due from banks | $ 16,664,061 | $ 36,448,539 | $ 14,946,927 | $ 12,820,683 | $ 15,393,207 | ||
Securities available for sale, at fair value | 40,927,086 | 39,917,313 | 41,460,794 | 43,142,854 | 39,510,486 | ||
Securities held to matruity | 96,111,626 | 97,217,237 | 98,496,558 | 99,914,183 | 101,005,393 | ||
Less allowance for credit losses | 103,949 | 147,457 | 163,259 | 155,381 | - | ||
Total securities held to maturity | 96,007,677 | 97,069,780 | 98,333,299 | 99,758,802 | 101,005,393 | ||
Total securities | 136,934,763 | 136,987,093 | 139,794,093 | 142,901,656 | 140,515,879 | ||
Equity securities, at cost | 1,363,600 | 1,363,600 | 1,527,600 | 1,740,100 | 406,400 | ||
Loans | 812,932,872 | 798,035,073 | 796,931,525 | 757,611,496 | 748,450,525 | ||
Less allowance for loan credit losses | 7,742,297 | 7,337,327 | 8,112,952 | 7,855,981 | 7,330,436 | ||
Loans, net | 805,190,575 | 790,697,746 | 788,818,573 | 749,755,515 | 741,120,089 | ||
Loans held for sale | 1,651,118 | 2,879,397 | 1,923,566 | 1,703,221 | 4,725,495 | ||
Premises and equipment | 6,329,832 | 6,639,595 | 6,805,822 | 6,974,776 | 7,053,532 | ||
Right of use asset | 2,380,555 | 2,498,508 | 2,615,519 | 2,731,604 | 2,841,736 | ||
Accrued interest receivable | 2,972,952 | 2,733,565 | 2,512,795 | 2,405,851 | 2,616,879 | ||
Deferred tax assets | 4,766,376 | 5,289,000 | 5,314,018 | 5,264,879 | 5,277,275 | ||
Bank owned life insurance | 7,172,917 | 6,943,992 | 6,927,341 | 6,875,378 | 6,817,058 | ||
Goodwill | 1,656,507 | 1,656,507 | 1,656,507 | 1,656,507 | 1,656,507 | ||
Other assets | 1,544,870 | 1,556,491 | 1,502,676 | 1,789,682 | 1,708,412 | ||
Total Assets | $ 988,628,126 | $ 995,694,033 | $ 974,345,437 | $ 936,619,852 | $ 930,132,469 | ||
LIABILITIES and SHAREHOLDERS' EQUITY | |||||||
Liabilities | |||||||
Deposits | |||||||
Non-interest-bearing demand | $ 260,204,859 | $ 248,440,805 | $ 244,342,167 | $ 250,702,470 | $ 276,829,209 | ||
Interest-bearing | 616,461,031 | 640,593,734 | 606,528,210 | 565,130,161 | 562,601,082 | ||
Total deposits | 876,665,890 | 889,034,539 | 850,870,377 | 815,832,631 | 839,430,291 | ||
FHLB advances and other borrowings | 18,000,000 | 15,000,000 | 32,000,000 | 30,000,000 | - | ||
Subordinated debt, net | 14,932,727 | 14,910,303 | 14,887,879 | 14,865,455 | 14,843,030 | ||
Lease liabilities | 2,450,133 | 2,565,151 | 2,678,348 | 2,789,614 | 2,908,707 | ||
Accrued interest payable | 368,085 | 526,354 | 273,753 | 440,611 | 236,624 | ||
Other liabilities | 5,024,871 | 4,644,608 | 5,540,871 | 4,661,833 | 5,572,659 | ||
Total Liabilities | 917,441,706 | 926,680,955 | 906,251,228 | 868,590,144 | 862,991,311 | ||
Shareholders' Equity | |||||||
Common stock | 29,117 | 29,060 | 29,060 | 29,060 | 29,060 | ||
Additional paid in capital | 41,052,291 | 41,035,733 | 40,949,900 | 40,895,863 | 40,861,802 | ||
Retained earnings | 38,669,620 | 37,921,329 | 36,729,931 | 36,287,937 | 35,757,761 | ||
Accumulated other comprehensive income (loss) | (8,564,608) | (9,973,044) | (9,614,682) | (9,183,152) | (9,507,465) | ||
Total Shareholders' Equity | 71,186,420 | 69,013,078 | 68,094,209 | 68,029,708 | 67,141,158 | ||
Total Liabilities and Shareholders' Equity | $ 988,628,126 | $ 995,694,033 | $ 974,345,437 | $ 936,619,852 | $ 930,132,469 | ||
Community Heritage Financial , Inc. and Subsidiaries | |||||||
Selected Financial Data (unaudited) | |||||||
As of Period End | |||||||
12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | |||
Per Share Data | |||||||
Common shares outstanding at period end | 2,911,670 | 2,905,973 | 2,905,973 | 2,905,973 | 2,905,973 | ||
Book value per share | $ 24.45 | $ 23.75 | $ 23.43 | $ 23.41 | $ 23.10 | ||
Tangible book value per share | $ 23.88 | $ 23.18 | $ 22.86 | $ 22.84 | $ 22.53 | ||
Capital (bank consolidated only unless noted otherwise) | |||||||
Common equity tier 1 (CET1) capital | 12.02 % | 12.15 % | 11.95 % | 12.30 % | 12.27 % | ||
Tier 1 capital | 12.02 % | 12.15 % | 11.95 % | 12.30 % | 12.27 % | ||
Total risk based capital | 13.10 % | 13.21 % | 13.12 % | 13.47 % | 13.39 % | ||
Tier 1 leverage ratio | 9.10 % | 9.34 % | 9.52 % | 9.57 % | 9.53 % | ||
Tangible common equity to tangible assets (CHF) | 7.04 % | 6.78 % | 6.83 % | 7.10 % | 7.05 % | ||
Asset Quality Data | |||||||
Non-accrual loans | $ 1,823,212 | $ 1,882,614 | $ 1,929,248 | $ 2,082,556 | $ 1,727,642 | ||
Non-performing assets | $ 1,823,212 | $ 1,882,614 | $ 1,929,248 | $ 2,082,556 | $ 1,727,642 | ||
Non-performing loans to loans | 0.22 % | 0.24 % | 0.24 % | 0.27 % | 0.23 % | ||
Non-performing assets to total assets | 0.18 % | 0.19 % | 0.20 % | 0.22 % | 0.19 % | ||
Allowance for loan credit losses to loans | 0.95 % | 0.92 % | 1.02 % | 1.04 % | 0.98 % | ||
Other Data | |||||||
Loans to deposits ratio | 92.73 % | 89.76 % | 93.66 % | 92.86 % | 89.16 % | ||
Community Heritage Financial , Inc. and Subsidiaries | ||||||||
Statements of Income (unaudited) | ||||||||
Three Months Ended | Percent | Year Ended | Percent | |||||
12/31/2023 | 12/31/2022 | Change | 12/31/2023 | 12/31/2022 | Change | |||
Interest Income | ||||||||
Loans, including fees | $ 10,659,287 | $ 8,506,375 | 25.31 % | $ 39,596,782 | $ 29,365,769 | 34.84 % | ||
Securities | 754,731 | 727,876 | 3.69 % | 3,020,444 | 2,804,729 | 7.69 % | ||
Fed funds sold and other | 496,210 | 125,813 | 294.40 % | 890,774 | 200,851 | 343.50 % | ||
Total interest income | 11,910,228 | 9,360,064 | 27.25 % | 43,508,000 | 32,371,349 | 34.40 % | ||
Interest Expense | ||||||||
Deposits | 4,755,804 | 1,770,167 | 168.66 % | 15,510,740 | 3,437,720 | 351.19 % | ||
Borrowed funds | 160,901 | 366,438 | -56.09 % | 925,582 | 522,598 | 77.11 % | ||
Subordinated debt | 238,049 | 238,049 | 0.00 % | 952,197 | 952,197 | 0.00 % | ||
Total interest expense | 5,154,754 | 2,374,654 | 117.07 % | 17,388,519 | 4,912,515 | 253.96 % | ||
Net interest income | 6,755,474 | 6,985,410 | -3.29 % | 26,119,481 | 27,458,834 | -4.88 % | ||
Provision for credit losses | 275,339 | (196,987) | -239.78 % | (747,330) | 812,855 | -191.94 % | ||
Net interest income after provision for credit losses | 6,480,135 | 7,182,397 | -9.78 % | 26,866,811 | 26,645,979 | 0.83 % | ||
Non-interest income | ||||||||
Service charges on deposits | 209,331 | 190,655 | 9.80 % | 786,938 | 747,100 | 5.33 % | ||
Earnings on bank owned life insurance | 95,633 | 61,933 | 54.41 % | 197,694 | 58,826 | 236.07 % | ||
Gain on sale of fixed assets | - | 48,940 | Na | 19,907 | 65,448 | -69.58 % | ||
Gain on sale of mortgage loans | 254,867 | (461,671) | -155.21 % | 1,153,123 | 2,074,227 | -44.41 % | ||
Other | 349,211 | 257,808 | 35.45 % | 1,108,393 | 983,348 | 12.72 % | ||
Total non-interest income | 909,042 | 97,665 | 830.78 % | 3,266,055 | 3,928,949 | -16.87 % | ||
Non-interest expense | ||||||||
Salaries and employee benefits | 3,536,962 | 2,784,132 | 27.04 % | 14,133,013 | 12,098,456 | 16.82 % | ||
Occupancy and equipment | 948,591 | 808,870 | 17.27 % | 3,598,439 | 3,110,087 | 15.70 % | ||
Legal and professional fees | 206,178 | 181,490 | 13.60 % | 928,984 | 710,697 | 30.71 % | ||
Advertising | 77,100 | 134,085 | -42.50 % | 301,300 | 276,520 | 8.96 % | ||
Data processing | 752,980 | 803,583 | -6.30 % | 2,860,788 | 2,661,680 | 7.48 % | ||
FDIC insurance | 190,695 | 154,074 | 23.77 % | 639,080 | 570,508 | 12.02 % | ||
Loss on sale of fixed assets | - | - | Na | 3,058 | - | Na | ||
Other intangible amortization | - | - | Na | - | 695 | Na | ||
Other | 471,476 | 500,523 | -5.80 % | 1,986,239 | 1,828,549 | 8.62 % | ||
Total non-interest expense | 6,183,982 | 5,366,757 | 15.23 % | 24,450,901 | 21,257,192 | 15.02 % | ||
Income before income taxes | 1,205,195 | 1,913,305 | -37.01 % | 5,681,965 | 9,317,736 | -39.02 % | ||
Income tax expense | 282,204 | 469,282 | -39.86 % | 1,386,803 | 2,462,232 | -43.68 % | ||
Net income | $ 922,991 | $ 1,444,023 | -36.08 % | $ 4,295,162 | $ 6,855,504 | -37.35 % | ||
Community Heritage Financial , Inc. and Subsidiaries | ||||||||
Per Share Data (unaudited) | ||||||||
Three Months Ended | Percent | Year Ended | Percent | |||||
12/31/2023 | 12/31/2022 | Change | 12/31/2023 | 12/31/2022 | Change | |||
Earnings per common share | ||||||||
Basic | $ 0.32 | $ 0.50 | -36.59 % | $ 1.48 | $ 2.85 | -48.16 % | ||
Diluted | $ 0.32 | $ 0.50 | -36.85 % | $ 1.47 | $ 2.84 | -48.37 % | ||
Common shares outstanding at period end | 2,911,670 | 2,905,973 | 0.20 % | 2,911,670 | 2,905,973 | 0.20 % | ||
Average common shares outstanding | ||||||||
Basic | 2,911,254 | 2,874,980 | 1.26 % | 2,907,304 | 2,408,516 | 20.71 % | ||
Diluted | 2,923,057 | 2,874,980 | 1.67 % | 2,928,985 | 2,410,177 | 21.53 % | ||
Cash dividends per common share | $ 0.06 | $ 0.04 | 50.00 % | $ 0.24 | $ 0.16 | 50.00 % | ||
Community Heritage Financial , Inc. and Subsidiaries | ||||||||
Selected Financial Performance Ratios (unaudited) | ||||||||
Three Months Ended | Year Ended | |||||||
12/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | |||||
Return on average assets | 0.36 % | 0.62 % | 0.44 % | 0.78 % | ||||
Return on average equity | 5.30 % | 8.69 % | 6.22 % | 11.99 % | ||||
Net interest margin | 2.71 % | 3.05 % | 2.76 % | 3.21 % | ||||
Yield on interest-earning assets | 4.78 % | 4.08 % | 4.60 % | 3.78 % | ||||
Cost of interest-bearing liabilities | 2.99 % | 1.65 % | 2.71 % | 0.94 % | ||||
Net loan charge-offs to average loans | 0.00 % | 0.00 % | 0.00 % | 0.00 % | ||||
Community Heritage Financial , Inc. and Subsidiaries | |||||||
Statements of Income - Five Quarters (unaudited) | |||||||
Three Months Ended | |||||||
12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | |||
Interest Income | |||||||
Loans, including fees | $ 10,659,287 | $ 10,139,353 | $ 9,453,437 | $ 9,344,705 | $ 8,506,375 | ||
Securities | 754,731 | 763,606 | 767,524 | 734,583 | 727,876 | ||
Fed funds sold and other | 496,210 | 203,553 | 81,306 | 109,705 | 125,813 | ||
Total interest income | 11,910,228 | 11,106,512 | 10,302,267 | 10,188,993 | 9,360,064 | ||
Interest Expense | |||||||
Deposits | 4,755,804 | 4,369,856 | 3,459,747 | 2,925,333 | 1,770,167 | ||
Borrowed funds | 160,901 | 201,754 | 482,469 | 80,458 | 366,438 | ||
Subordinated debt | 238,049 | 238,050 | 238,049 | 238,049 | 238,049 | ||
Total interest expense | 5,154,754 | 4,809,660 | 4,180,265 | 3,243,840 | 2,374,654 | ||
Net interest income | 6,755,474 | 6,296,852 | 6,122,002 | 6,945,153 | 6,985,410 | ||
Provision for credit losses | 275,339 | (842,717) | 260,439 | (440,391) | (196,987) | ||
Net interest income after provision for credit losses | 6,480,135 | 7,139,569 | 5,861,563 | 7,385,544 | 7,182,397 | ||
Non-interest income | |||||||
Service charges on deposits | 209,331 | 202,779 | 187,426 | 187,402 | 190,655 | ||
Earnings on bank owned life insurance | 95,633 | 8,360 | 43,672 | 50,029 | 61,933 | ||
Gain on sale of fixed assets | - | 19,907 | - | - | 48,940 | ||
Mortgage banking revenue | 254,867 | 365,860 | 302,911 | 229,485 | (461,671) | ||
Other | 349,211 | 244,074 | 269,503 | 245,605 | 257,808 | ||
Total non-interest income | 909,042 | 840,980 | 803,512 | 712,521 | 97,665 | ||
Non-interest expense | |||||||
Salaries and employee benefits | 3,536,962 | 3,736,317 | 3,286,113 | 3,573,621 | 2,784,132 | ||
Occupancy and equipment | 948,591 | 842,651 | 815,251 | 991,946 | 808,870 | ||
Legal and professional fees | 206,178 | 242,671 | 294,626 | 185,509 | 181,490 | ||
Advertising | 77,100 | 57,855 | 87,070 | 79,275 | 134,085 | ||
Data processing | 752,980 | 618,593 | 688,229 | 800,986 | 803,583 | ||
FDIC insurance | 190,695 | 163,731 | 130,622 | 154,032 | 154,074 | ||
Loss on sale of fixed assets | - | - | - | 3,058 | - | ||
Other intangible amortization | - | - | - | - | - | ||
Other | 471,476 | 485,493 | 566,953 | 462,317 | 500,523 | ||
Total non-interest expense | 6,183,982 | 6,147,311 | 5,868,864 | 6,250,744 | 5,366,757 | ||
Income before income taxes | 1,205,195 | 1,833,238 | 796,211 | 1,847,321 | 1,913,305 | ||
Income tax expense | 282,204 | 467,482 | 179,858 | 457,259 | 469,282 | ||
Net income | $ 922,991 | $ 1,365,756 | $ 616,353 | $ 1,390,062 | $ 1,444,023 | ||
Community Heritage Financial , Inc. and Subsidiaries | |||||||
Selected Financial Performance Ratios (unaudited) | |||||||
Three Months Ended | |||||||
12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | |||
Return on average assets | 0.36 % | 0.55 % | 0.26 % | 0.60 % | 0.78 % | ||
Return on average equity | 5.32 % | 7.95 % | 3.59 % | 8.25 % | 11.99 % | ||
Net interest margin | 2.71 % | 2.62 % | 2.61 % | 3.08 % | 3.05 % | ||
Yield on interest-earning assets | 4.78 % | 4.57 % | 4.43 % | 4.52 % | 4.08 % | ||
Cost of interest-bearing liabilities | 2.99 % | 2.91 % | 2.67 % | 2.22 % | 1.65 % | ||
Net loan charge-offs to average loans | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | ||
Community Heritage Financial , Inc. and Subsidiaries | |||||||
Loan Composition (unaudited) | |||||||
As of Period End | |||||||
12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | |||
Commercial real estate: | |||||||
Construction and land development | $ 89,525,228 | $ 89,980,412 | $ 88,750,860 | $ 76,516,440 | $ 70,396,959 | ||
Multifamily | 21,784,953 | 22,599,598 | 22,862,108 | 22,904,007 | 23,679,358 | ||
Farmland | 30,821,848 | 28,785,156 | 28,611,754 | 25,698,329 | 25,690,199 | ||
Other: | |||||||
Owner occupied | 136,628,801 | 131,398,708 | 130,090,900 | 133,831,920 | 118,316,075 | ||
Non-owner occupied | 119,979,964 | 122,587,639 | 129,674,501 | 134,387,213 | 123,793,254 | ||
Residential, including home equity | 280,523,837 | 273,884,529 | 265,131,928 | 240,905,733 | 231,904,389 | ||
Commercial and industrial | 128,933,413 | 124,154,237 | 127,334,140 | 118,840,144 | 150,421,114 | ||
Consumer | 1,203,039 | 1,209,100 | 1,143,316 | 1,294,966 | 1,160,983 | ||
Gross loans | 809,401,083 | 794,599,379 | 793,599,507 | 754,378,752 | 745,362,331 | ||
Net deferred loan costs | 3,531,789 | 3,435,694 | 3,332,018 | 3,232,744 | 3,088,194 | ||
Loans | $ 812,932,872 | $ 798,035,073 | $ 796,931,525 | $ 757,611,496 | $ 748,450,525 | ||
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SOURCE Community Heritage Financial, Inc.