| MIDDLETOWN, Md., Jan. 26, 2026 /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 $8.7 million, or $2.93 per diluted common share, for the year ended December 31, 2025, an increase of $2.1 million, or 30.6%, in comparison to net income of $6.6 million, or $2.27 per diluted common share, for the year ended December 31, 2024. Return on average assets increased to 0.80% for the year ended December 31, 2025 from 0.62% for the same period in 2024. Net income for the quarter ended December 31, 2025 totaled $2.4 million, or $0.80 per diluted common share, yielding an annualized return on average assets of 0.85%. Compared to the third quarter of 2025, net income increased $434 thousand, or 22.4%. Compared to the fourth quarter of 2024, net income increased $635 thousand, or 36.6%. Balance Sheet Assets totaled $1.1 billion as of December 31, 2025, representing an increase of $108.7 million since December 31, 2024. Asset growth during the year was funded by growth in deposits of $76.8 million, or 8.5%, growth in borrowings of $18.0 million and growth in shareholders' equity of $9.8 million, or 12.4%. Gross loan balances outstanding grew to $927.2 million as of December 31, 2025, representing an increase of $83.2 million, or 9.9% from December 31, 2024. Growth in construction and land development loans, residential loans, which includes home equity loans, non-owner occupied commercial real estate loans, owner occupied commercial real estate loans and commercial and industrial loans of $27.3 million, $25.9 million, $18.0 million, $10.8 million and $5.1 million, respectively, contributed to the annual loan growth. Declines in farmland and multifamily loan balances of $2.4 million and $1.8 million, respectively, offset the growth in other portfolios. The Bank's commercial real estate concentration level was 251% of tier 1 capital plus the allowance for credit losses – loans (the "ACL - loans") as of December 31, 2025. Asset Quality The ratio of the ACL – loans to total loans (the "ACL – loans ratio") was 1.06% as of December 31, 2025 compared to 0.98% as of December 31, 2024. The provision for credit losses increased from $607 thousand for the year ended December 31, 2024 to $1.5 million for the same period in 2025. The increases in the ACL – loans ratio and the provision for credit losses reflected a $750 thousand specific loan reserve recorded in the third quarter of 2025 as previously reported. The specific reserve represents 100% of the outstanding balance of a single commercial loan to a customer that uncovered internal theft by one of its owners. As of December 31, 2025 and 2024, non-performing assets totaled $2.0 million, or 0.18% of total assets, and $1.5 million, or 0.15% of total assets, respectively. The ratio of net charge-offs to average total loans was zero percent for the years ended December 31, 2025 and 2024. Net Interest Income Net interest income totaled $36.0 million for the year ended December 31, 2025, compared to $30.7 million for the same period in 2024. The net interest margin ("NIM") increased from 2.92% for year ended December 31, 2024 to 3.42% for the same period in 2025. On a quarterly basis, the NIM increased from 3.13% for the fourth quarter of 2024 to 3.40% and 3.56% for the third and fourth quarters of 2025, respectively. The Company's improving NIM reflects continued upward repricing of fixed rate loans and securities booked during a period of low interest rates prior to March 2022 and a falling cost of total funds as the Federal Reserve Bank (the "FRB") began lowering short-term interest rates in September 2024. The Company's yield on earning assets increased from 5.10% for the year ended 2024 to 5.36% for the year ended 2025. The Company's annual cost of total funds decreased from 2.32% in 2024 to 2.07% in 2025. Noninterest Income Year ended December 31, 2025 vs. year ended December 31, 2024 – Noninterest income increased $425 thousand. During 2024, the Company repositioned a small percentage of its investment portfolio and incurred a $442 thousand loss on the sale of investment securities, which contributed to the change in noninterest income on a comparative basis. In addition, increases in card and merchant services fees of $110 thousand and other noninterest income of $128 thousand were offset by declines in mortgage banking revenue of $159 thousand and earnings on bank-owned life insurance of $82 thousand. The decline in mortgage banking revenue reflected origination activity challenged by relatively high interest rates and buyers' affordability concerns. The increase in other noninterest income included $75 thousand received for the referrals to a third party for SBA eligible loans and interest rate swap fee income of $51 thousand. The change in earnings on bank-owned life insurance reflected equity market performance. Fourth Quarter 2025 vs. Fourth Quarter 2024 – Noninterest income increased $8 thousand, exclusive of the $442 thousand loss on the sale of securities recognized during the fourth quarter of 2024. Mortgage banking revenue decreased $43 thousand reflecting market challenges previously noted. Offsetting the decrease in mortgage banking revenue were increases in earnings on bank-owned life insurance of $25 thousand, which was largely based on the performance of equity markets, and card and merchant services fees of $22 thousand, driven by increased activity. Linked quarter 2025 – Noninterest income increased $30 thousand during the fourth quarter of 2025 compared to the third quarter of 2025. Mortgage banking revenue increased $79 thousand based on increased secondary market sale activity. While origination activity was stronger in the fourth quarter than in the third quarter, overall activity remains challenged by interest rate levels and buyers' affordability concerns. Earnings on bank-owned life insurance decreased $30 thousand, reflecting equity market performance in the fourth quarter relative to the third quarter. Noninterest Expense Year ended December 31, 2025 vs. year ended December 31, 2024 – Noninterest expense increased $2.2 million in 2025 compared to 2024. The increase was largely attributable to an increase in salaries and benefits of $1.3 million, an increase in other noninterest expense of $366 thousand, an increase in data and item processing expense of $215 thousand, and an increase in legal and professional fees of $121 thousand. The increase in salaries and benefits reflected merit increases, increased incentive compensation accruals and increased health insurance costs. Included in the increase in other noninterest expense was increases in ATM and card expense of $130 thousand, donations and sponsorships expense of $91 thousand, and training and development expense of $85 thousand. Data and item processing expense included an increase in fraud related activity of $80 thousand, from $311 thousand in 2024 to $391 thousand in 2025, and higher costs associated with increased transaction activity. The increase in legal and professional fees was largely driven by costs associated with Bank's anticipated need to meet next level FDIC Improvement Act ("FDICIA") compliance. On November 25, 2025, the FDICIA internal control audit threshold was increased from $1 billion in assets to $5 billion in assets, postponing the need for the Bank to meet next level compliance. Fourth Quarter 2025 vs. Fourth Quarter 2024 – Noninterest expense increased $1.1 million quarter-over-quarter. The increase was driven primarily by increases in salaries and employee benefits of $536 thousand, FDIC insurance of $183 thousand, other noninterest expense of $153 thousand, and data and item processing expense of $174 thousand. The increase in salaries and benefits reflected merit increases, increased incentive compensation accruals and increased health insurance costs. The increase in FDIC insurance included a $200 thousand non-recurring accrual adjustment. Included in the increase in other noninterest expense was increases in donations and sponsorships expense of $67 thousand, ATM and card expense of $27 thousand, and training and development expense of $22 thousand. The increase in data and item processing expense was largely driven by an increase in fraud losses of $122 thousand quarter-over-quarter. Linked quarter 2025 – Noninterest expense increased $716 thousand on a linked quarter basis. The increase was primarily driven by increases in salaries and benefits, FDIC insurance costs, other noninterest expense, and data and item processing expense of $240 thousand, $223 thousand, $111 thousand, and $102 thousand, respectively. The increase in salaries and benefits reflected increased incentive compensation accruals and health insurance costs. The increase in FDIC insurance included a $200 thousand non-recurring accrual adjustment. The increase in other noninterest expense was driven largely by increased donations and sponsorships of $64 thousand. The increase in data and item processing expense included an increase in fraud losses of $98 thousand quarter-over-quarter. Dividend A dividend of $0.08 per common share was declared by the Board of Directors on January 16, 2026, for shareholders of record as of January 30, 2026, and payable on February 6, 2026. Reclassifications Reclassifications of certain previously reported amounts have been made to conform to current period reporting. No such reclassifications were significant. 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. 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. 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 |
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| Balance Sheets (unaudited) |
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| As of Period End |
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| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 |
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| ASSETS |
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| Cash and due from banks | $ 30,707,438 | $ 28,508,739 | $ 67,210,170 | $ 41,754,293 | $ 16,510,418 |
| Securities available-for-sale, at fair value | 53,681,375 | 54,390,834 | 46,712,422 | 42,514,398 | 40,481,911 |
| Securities held-to-maturity | 86,553,557 | 87,642,810 | 88,807,858 | 90,382,973 | 91,374,820 |
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| Less allowance for credit losses | 78,511 | 73,338 | 92,176 | 93,416 | 102,896 |
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| Total securities held-to-maturity | 86,475,046 | 87,569,472 | 88,715,682 | 90,289,557 | 91,271,924 |
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| Total securities | 140,156,421 | 141,960,306 | 135,428,104 | 132,803,955 | 131,753,835 |
| Equity securities, at cost | 2,281,700 | 951,700 | 1,426,700 | 1,901,700 | 1,404,700 |
| Loans | 930,855,154 | 899,798,030 | 872,116,129 | 863,383,714 | 847,593,970 |
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| Less allowance for credit losses - loans 1 | 9,842,370 | 9,648,797 | 8,675,088 | 8,525,628 | 8,279,404 |
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| Loans, net | 921,012,784 | 890,149,233 | 863,441,041 | 854,858,086 | 839,314,566 |
| Loans held for sale | 3,935,463 | 3,782,055 | 1,445,377 | 564,685 | 5,106,956 |
| Premises and equipment | 6,423,885 | 6,335,780 | 6,169,205 | 5,587,862 | 5,633,510 |
| Right of use asset | 5,014,155 | 1,691,267 | 1,816,066 | 1,939,827 | 1,911,836 |
| Accrued interest receivable | 3,397,155 | 3,433,569 | 3,422,469 | 3,342,795 | 3,152,505 |
| Deferred tax assets | 4,452,078 | 4,501,612 | 4,356,321 | 4,431,764 | 4,558,255 |
| Bank owned life insurance | 7,837,986 | 7,656,529 | 7,570,668 | 7,443,531 | 7,411,319 |
| Goodwill | 1,656,507 | 1,656,507 | 1,656,507 | 1,656,507 | 1,656,507 |
| Other assets | 2,022,256 | 1,836,331 | 1,666,160 | 1,781,387 | 1,826,160 |
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| Total Assets | $ 1,128,897,828 | $ 1,092,463,628 | $ 1,095,608,788 | $ 1,058,066,392 | $ 1,020,240,567 |
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| LIABILITIES and SHAREHOLDERS' EQUITY |
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| Liabilities |
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| Deposits: |
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| Noninterest-bearing demand | $ 257,415,232 | $ 255,052,436 | $ 256,355,584 | $ 247,511,094 | $ 251,431,084 |
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| Interest-bearing | 727,389,108 | 727,289,753 | 721,494,804 | 685,201,331 | 656,575,635 |
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| Total deposits | 984,804,340 | 982,342,189 | 977,850,388 | 932,712,425 | 908,006,719 |
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| FHLB advances and other borrowings | 33,000,000 | 5,000,000 | 15,000,000 | 25,000,000 | 15,000,000 |
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| Subordinated debt, net | 12,052,944 | 12,049,882 | 12,046,819 | 12,043,757 | 12,040,695 |
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| Lease liabilities | 5,088,540 | 1,760,706 | 1,886,828 | 2,011,829 | 1,984,920 |
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| Accrued interest payable | 473,682 | 709,739 | 567,996 | 730,113 | 485,160 |
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| Other liabilities | 4,627,763 | 4,306,714 | 4,321,095 | 4,380,812 | 3,694,164 |
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| Total Liabilities | 1,040,047,269 | 1,006,169,230 | 1,011,673,126 | 976,878,936 | 941,211,658 |
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| Shareholders' Equity |
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| Common stock | 29,327 | 29,291 | 29,289 | 29,289 | 29,198 |
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| Additional paid-in-capital | 41,649,351 | 41,588,025 | 41,469,625 | 41,351,223 | 41,331,966 |
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| Retained earnings | 52,313,860 | 50,180,223 | 48,480,152 | 46,246,459 | 44,597,524 |
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| Accumulated other comprehensive loss | (5,141,979) | (5,503,141) | (6,043,404) | (6,439,515) | (6,929,779) |
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| Total Shareholders' Equity | 88,850,559 | 86,294,398 | 83,935,662 | 81,187,456 | 79,028,909 |
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| Total Liabilities and Shareholders' Equity | $ 1,128,897,828 | $ 1,092,463,628 | $ 1,095,608,788 | $ 1,058,066,392 | $ 1,020,240,567 |
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| 1 "Allowance for credit losses - loans" ("ACL-loans") relates to the ACL specific to loans outstanding and does not include the ACL related to off-balance sheet credit exposure. |
Community Heritage Financial, Inc. and Subsidiaries |
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| Statements of Income (unaudited) |
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| Three Months Ended |
| Year Ended |
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| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 |
| 12/31/2025 | 12/31/2024 |
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| Interest Income |
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| Loans, including fees | $ 13,604,427 | $ 13,086,145 | $ 12,597,796 | $ 12,228,538 | $ 12,057,265 |
| $ 51,516,906 | $ 46,776,805 |
| Securities | 994,358 | 946,231 | 888,721 | 858,632 | 809,512 |
| 3,687,942 | 3,129,403 |
| Fed funds sold and other bank deposits | 176,658 | 511,786 | 467,029 | 119,202 | 548,309 |
| 1,274,675 | 3,806,739 |
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| Total interest income | 14,775,443 | 14,544,162 | 13,953,546 | 13,206,372 | 13,415,086 |
| 56,479,523 | 53,712,947 |
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| Interest Expense |
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| Deposits | 4,873,913 | 5,031,782 | 4,758,194 | 4,405,731 | 4,686,005 |
| 19,069,620 | 19,542,461 |
| Borrowed funds | 57,799 | 137,305 | 149,325 | 189,055 | 380,370 |
| 533,484 | 2,557,988 |
| Subordinated debt | 207,250 | 207,249 | 207,250 | 207,250 | 209,934 |
| 828,999 | 924,082 |
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| Total interest expense | 5,138,962 | 5,376,336 | 5,114,769 | 4,802,036 | 5,276,309 |
| 20,432,103 | 23,024,531 |
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| Net interest income | 9,636,481 | 9,167,826 | 8,838,777 | 8,404,336 | 8,138,777 |
| 36,047,420 | 30,688,416 | Provision for credit losses | 124,140 | 960,847 | 148,330 | 248,558 | 178,624 |
| 1,481,875 | 606,718 | Net interest income after provision |
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| for credit losses | 9,512,341 | 8,206,979 | 8,690,447 | 8,155,778 | 7,960,153 |
| 34,565,545 | 30,081,698 |
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| Noninterest income |
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| Mortgage banking revenue | 428,177 | 348,561 | 406,440 | 164,015 | 470,783 |
| 1,347,193 | 1,505,158 |
| Card and merchant services | 337,191 | 333,325 | 310,082 | 281,415 | 314,785 |
| 1,262,013 | 1,151,964 |
| Service charges on deposits | 252,477 | 254,754 | 231,856 | 235,097 | 262,583 |
| 974,184 | 989,366 |
| Earnings on bank-owned life insurance | 48,166 | 77,570 | 118,847 | 23,920 | 23,398 |
| 268,503 | 350,752 |
| Loss on sale of investment securities | - | - | - | - | (442,493) |
| - | (442,493) |
| Other | 18,737 | 40,436 | 25,959 | 77,870 | 5,427 |
| 163,002 | 35,320 |
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| Total noninterest income | 1,084,748 | 1,054,646 | 1,093,184 | 782,317 | 634,483 |
| 4,014,895 | 3,590,067 |
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| Noninterest expense |
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| Salaries and employee benefits | 4,101,261 | 3,861,631 | 3,660,059 | 3,847,202 | 3,565,344 |
| 15,470,153 | 14,194,102 |
| Occupancy and equipment | 709,382 | 641,092 | 623,512 | 670,904 | 661,492 |
| 2,644,890 | 2,580,933 |
| Data and item processing | 1,043,435 | 940,872 | 911,744 | 845,027 | 869,267 |
| 3,741,078 | 3,525,294 |
| Legal and professional fees | 320,853 | 332,527 | 366,768 | 277,977 | 291,944 |
| 1,298,125 | 1,176,792 |
| FDIC insurance | 389,431 | 166,176 | 170,937 | 142,866 | 206,376 |
| 869,410 | 807,442 |
| Advertising | 74,846 | 91,883 | 79,253 | 107,375 | 78,362 |
| 353,357 | 306,194 |
| Other | 769,525 | 658,319 | 604,861 | 587,891 | 616,615 |
| 2,620,596 | 2,254,691 |
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| Total noninterest expense | 7,408,733 | 6,692,500 | 6,417,134 | 6,479,242 | 6,289,400 |
| 26,997,609 | 24,845,448 |
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| Income before income taxes | 3,188,356 | 2,569,125 | 3,366,497 | 2,458,853 | 2,305,236 |
| 11,582,831 | 8,826,317 | Income tax expense | 820,106 | 634,729 | 898,493 | 576,217 | 571,853 |
| 2,929,545 | 2,198,505 | Net income | $ 2,368,250 | $ 1,934,396 | $ 2,468,004 | $ 1,882,636 | $ 1,733,383 |
| $ 8,653,286 | $ 6,627,812 |
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| Community Heritage Financial, Inc. and Subsidiaries |
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| Per Share Data (unaudited) |
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| Three Months Ended |
| Year Ended |
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| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 |
| 12/31/2025 | 12/31/2024 |
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| Earnings per common share |
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| Basic | $ 0.81 | $ 0.66 | $ 0.84 | $ 0.64 | $ 0.59 |
| $ 2.96 | $ 2.27 |
| Diluted | $ 0.80 | $ 0.66 | $ 0.84 | $ 0.64 | $ 0.59 |
| $ 2.93 | $ 2.27 | Common shares outstanding at period end | 2,932,680 | 2,929,053 | 2,928,888 | 2,928,888 | 2,919,797 |
| 2,932,680 | 2,919,797 | Average common shares outstanding |
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| Basic | 2,932,562 | 2,929,012 | 2,928,888 | 2,922,624 | 2,919,677 |
| 2,928,301 | 2,916,191 |
| Diluted | 2,956,327 | 2,952,922 | 2,944,207 | 2,937,508 | 2,934,754 |
| 2,948,966 | 2,924,791 | Cash dividends paid per common share | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.06 |
| $ 0.32 | $ 0.24 |
Community Heritage Financial, Inc. and Subsidiaries |
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| Selected Financial Data (unaudited) |
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| As of and for the Three Months Ended |
| As of and for the Year Ended |
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| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 |
| 12/31/2025 | 12/31/2024 |
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| Per Share Data |
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| Common shares outstanding | 2,932,680 | 2,929,053 | 2,928,888 | 2,928,888 | 2,919,797 |
| 2,932,680 | 2,919,797 |
| Book value per share | $ 30.30 | $ 29.46 | $ 28.66 | $ 27.72 | $ 27.07 |
| $ 30.30 | $ 27.07 |
| Tangible book value per share | $ 29.73 | $ 28.90 | $ 28.09 | $ 27.15 | $ 26.50 |
| $ 29.73 | $ 26.50 |
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| Capital (bank consolidated unless noted otherwise) |
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| Common equity tier 1 (CET1) capital | 11.96 % | 12.15 % | 12.28 % | 12.11 % | 12.12 % |
| 11.96 % | 12.12 % |
| Tier 1 capital | 11.96 % | 12.15 % | 12.28 % | 12.11 % | 12.12 % |
| 11.96 % | 12.12 % |
| Total risk based capital | 13.14 % | 13.37 % | 13.41 % | 13.23 % | 13.24 % |
| 13.14 % | 13.24 % |
| Tier 1 leverage ratio | 9.48 % | 9.32 % | 9.29 % | 9.47 % | 9.06 % |
| 9.48 % | 9.06 % |
| Tangible common equity to tangible assets (CHF) | 7.74 % | 7.76 % | 7.52 % | 7.53 % | 7.60 % |
| 7.74 % | 7.60 % |
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| Asset Quality Data |
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| Non-accrual loans | $ 2,025,128 | $ 2,044,469 | $ 1,442,329 | $ 1,488,718 | $ 1,525,759 |
| $ 2,025,128 | $ 1,525,759 |
| Non-performing assets | $ 2,025,128 | $ 2,044,469 | $ 1,442,329 | $ 1,488,718 | $ 1,525,759 |
| $ 2,025,128 | $ 1,525,759 |
| Non-performing loans to loans | 0.22 % | 0.23 % | 0.17 % | 0.17 % | 0.18 % |
| 0.22 % | 0.18 % |
| Non-performing assets to total assets | 0.18 % | 0.19 % | 0.13 % | 0.14 % | 0.15 % |
| 0.18 % | 0.15 % |
| Net loan charge-offs to average loans | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % |
| 0.00 % | 0.00 % |
| ACL - loans1 to total loans | 1.06 % | 1.07 % | 0.99 % | 0.99 % | 0.98 % |
| 1.06 % | 0.98 % |
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| Other Data |
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| Return on average assets | 0.85 % | 0.70 % | 0.92 % | 0.74 % | 0.65 % |
| 0.80 % | 0.62 % |
| Return on average equity | 10.63 % | 8.96 % | 11.93 % | 9.47 % | 8.77 % |
| 10.25 % | 8.81 % |
| Net interest margin | 3.56 % | 3.40 % | 3.37 % | 3.36 % | 3.13 % |
| 3.42 % | 2.92 % |
| Yield on interest-earning assets | 5.45 % | 5.38 % | 5.32 % | 5.29 % | 5.16 % |
| 5.36 % | 5.10 % |
| Cost of interest-bearing liabilities | 2.73 % | 2.85 % | 2.80 % | 2.78 % | 2.93 % |
| 2.79 % | 3.09 % |
| Loans to deposits ratio | 94.52 % | 91.60 % | 89.19 % | 92.57 % | 93.35 % |
| 94.52 % | 93.35 % |
|
|
|
|
|
|
|
|
|
|
|
| 1 "Allowance for credit losses - loans" ("ACL-loans") relates to the ACL specific to loans outstanding and does not include the ACL related to off-balance sheet credit exposure. |
Community Heritage Financial, Inc. and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Condensed Average Balance Sheet Analysis (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
|
|
| December 31, 2025 |
| September 30, 2025 |
| December 31, 2024 |
|
|
| Average Balance |
| Interest |
| Yield /
Rate |
| Average Balance |
| Interest |
| Yield /
Rate |
| Average Balance |
| Interest |
| Yield /
Rate |
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans, including LHFS | $ 912,725,275 |
| $ 13,604,427 |
| 5.92 % |
| $ 883,763,296 |
| $ 13,086,145 |
| 5.89 % |
| $ 845,597,778 |
| $ 12,057,265 |
| 5.67 % |
|
| Securities | 141,711,495 |
| 994,358 |
| 2.81 % |
| 139,178,904 |
| 946,231 |
| 2.72 % |
| 137,715,051 |
| 809,512 |
| 2.35 % |
|
| Fed funds sold and other bank deposits | 23,885,027 |
| 176,658 |
| 2.93 % |
| 51,010,040 |
| 511,786 |
| 3.98 % |
| 50,564,597 |
| 548,309 |
| 4.31 % |
|
|
| 1,078,321,797 |
| 14,775,443 |
| 5.45 % |
| 1,073,952,240 |
| 14,544,162 |
| 5.38 % |
| 1,033,877,426 |
| 13,415,086 |
| 5.16 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-earning assets | 22,566,196 |
|
|
|
|
| 22,561,809 |
|
|
|
|
| 22,661,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets | $ 1,100,887,993 |
|
|
|
|
| $ 1,096,514,049 |
|
|
|
|
| $ 1,056,538,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits | $ 543,210,487 |
| $ 3,171,644 |
| 2.32 % |
| $ 541,428,761 |
| $ 3,332,702 |
| 2.44 % |
| $ 518,306,801 |
| $ 3,253,566 |
| 2.50 % |
|
| Time deposits | 185,466,889 |
| 1,702,269 |
| 3.64 % |
| 184,562,867 |
| 1,699,080 |
| 3.65 % |
| 152,086,436 |
| 1,432,439 |
| 3.75 % |
|
| Interest-bearing deposits | 728,677,376 |
| 4,873,913 |
| 2.65 % |
| 725,991,628 |
| 5,031,782 |
| 2.75 % |
| 670,393,237 |
| 4,686,005 |
| 2.78 % |
|
| Borrowings | 17,706,873 |
| 265,049 |
| 5.98 % |
| 23,176,928 |
| 344,554 |
| 5.93 % |
| 46,286,930 |
| 590,304 |
| 5.08 % |
|
| Interest-bearing liabilities | 746,384,249 |
| 5,138,962 |
| 2.73 % |
| 749,168,556 |
| 5,376,336 |
| 2.85 % |
| 716,680,167 |
| 5,276,309 |
| 2.93 % |
| Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits | 259,251,011 |
|
|
|
|
| 255,304,997 |
|
|
|
|
| 253,879,418 |
|
|
|
|
|
| Other | 6,860,187 |
|
|
|
|
| 6,424,548 |
|
|
|
|
| 7,305,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities | 1,012,495,447 |
|
|
|
|
| 1,010,898,101 |
|
|
|
|
| 977,864,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of Total Deposits |
|
|
|
| 1.96 % |
|
|
|
|
| 2.03 % |
|
|
|
|
| 2.02 % |
|
| Cost of Total Funds (interest- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| bearing liabilities plus non- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| interest-bearing deposits) |
|
|
|
| 2.02 % |
|
|
|
|
| 2.09 % |
|
|
|
|
| 2.16 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders' equity | 88,392,546 |
|
|
|
|
| 85,615,948 |
|
|
|
|
| 78,673,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities and Shareholders Equity | $ 1,100,887,993 |
|
|
|
|
| $ 1,096,514,049 |
|
|
|
|
| $ 1,056,538,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income / NIM |
|
| $ 9,636,481 |
| 3.56 % |
|
|
| $ 9,167,826 |
| 3.40 % |
|
|
| $ 8,138,777 |
| 3.13 % |
Community Heritage Financial, Inc. and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Condensed Average Balance Sheet Analysis (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year Ended |
|
|
| December 31, 2025 |
| December 31, 2024 |
|
|
| Average Balance |
| Interest |
| Yield /
Rate |
| Average Balance |
| Interest |
| Yield /
Rate |
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Loans | $ 881,496,075 |
| $ 51,516,906 |
| 5.84 % |
| $ 839,224,673 |
| $ 46,776,805 |
| 5.57 % |
|
| Securities | 137,877,083 |
| 3,687,942 |
| 2.67 % |
| 136,828,070 |
| 3,129,403 |
| 2.29 % |
|
| Fed funds sold and other bank deposits | 34,897,298 |
| 1,274,675 |
| 3.65 % |
| 76,579,067 |
| 3,806,739 |
| 4.97 % |
|
|
| 1,054,270,456 |
| 56,479,523 |
| 5.36 % |
| 1,052,631,810 |
| 53,712,947 |
| 5.10 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-earning assets | 22,104,726 |
|
|
|
|
| 23,635,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets | $ 1,076,375,182 |
|
|
|
|
| $ 1,076,267,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits | $ 531,036,226 |
| $ 12,615,504 |
| 2.38 % |
| $ 531,478,268 |
| $ 14,342,609 |
| 2.70 % |
|
| Time deposits | 176,075,443 |
| 6,454,116 |
| 3.67 % |
| 142,704,542 |
| 5,199,852 |
| 3.64 % |
|
| Interest-bearing deposits | 707,111,669 |
| 19,069,620 |
| 2.70 % |
| 674,182,810 |
| 19,542,461 |
| 2.90 % |
|
| Borrowings | 24,563,215 |
| 1,362,483 |
| 5.55 % |
| 69,941,302 |
| 3,482,070 |
| 4.98 % |
|
| Interest-bearing liabilities | 731,674,884 |
| 20,432,103 |
| 2.79 % |
| 744,124,112 |
| 23,024,531 |
| 3.09 % |
| Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits | 253,421,861 |
|
|
|
|
| 249,951,973 |
|
|
|
|
|
| Other | 6,869,084 |
|
|
|
|
| 6,944,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities | 991,965,829 |
|
|
|
|
| 1,001,020,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of Total Deposits |
|
|
|
| 1.99 % |
|
|
|
|
| 2.11 % |
|
| Cost of Total Funds (interest- |
|
|
|
|
|
|
|
|
|
|
|
|
| bearing liabilities plus non- |
|
|
|
|
|
|
|
|
|
|
|
|
| interest-bearing deposits) |
|
|
|
| 2.07 % |
|
|
|
|
| 2.32 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders' equity | 84,409,353 |
|
|
|
|
| 75,247,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities and Shareholders Equity | $ 1,076,375,182 |
|
|
|
|
| $ 1,076,267,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income / NIM |
|
| $ 36,047,420 |
| 3.42 % |
|
|
| $ 30,688,416 |
| 2.92 % |
Community Heritage Financial, Inc. and Subsidiaries |
|
|
|
|
|
|
|
| Loan and Deposit Composition (unaudited) |
|
|
|
|
|
|
|
|
|
|
| As of Period End |
|
|
| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 |
|
|
|
|
|
|
|
| Loans: |
|
|
|
|
|
| Commercial real estate: |
|
|
|
|
|
| Construction and land development | $ 87,098,819 | $ 80,671,698 | $ 67,819,407 | $ 65,421,754 | $ 59,761,206 |
| Multifamily | 23,416,919 | 22,749,443 | 22,989,449 | 24,142,268 | 25,185,498 |
| Farmland | 30,057,354 | 29,121,486 | 32,872,235 | 32,376,907 | 32,424,255 |
| Other: |
|
|
|
|
|
|
| Owner occupied | 147,006,921 | 142,991,662 | 139,335,615 | 143,451,648 | 136,172,517 |
|
| Non-owner occupied | 177,115,227 | 170,462,324 | 164,434,003 | 163,089,171 | 159,150,227 |
|
|
|
|
|
|
|
| Residential, including home equity | 322,126,792 | 314,145,221 | 307,500,247 | 298,829,304 | 296,196,340 | Commercial and industrial | 139,246,435 | 135,174,298 | 132,669,094 | 131,591,369 | 134,164,953 | Consumer |
| 1,181,301 | 868,300 | 847,668 | 915,551 | 1,036,859 |
|
| Gross loans | 927,249,768 | 896,184,432 | 868,467,718 | 859,817,972 | 844,091,855 |
|
| Net deferred loan costs | 3,605,386 | 3,613,598 | 3,648,411 | 3,565,742 | 3,502,115 |
|
| Total Loans | $ 930,855,154 | $ 899,798,030 | $ 872,116,129 | $ 863,383,714 | $ 847,593,970 |
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
| Noninterest-bearing demand | $ 257,415,232 | $ 255,052,436 | $ 256,355,584 | $ 247,511,094 | $ 251,431,084 | Interest-bearing: |
|
|
|
|
|
| NOW 1 | 209,645,963 | 210,272,863 | 203,461,544 | 193,760,532 | 194,682,425 |
| Savings | 71,859,873 | 71,308,729 | 73,765,147 | 72,670,367 | 69,979,571 |
| Money Market | 262,624,901 | 259,265,676 | 260,797,600 | 251,803,391 | 240,320,055 |
| Time |
| 183,258,371 | 186,442,485 | 183,470,513 | 166,967,041 | 151,593,584 |
|
| Total interest-bearing | 727,389,108 | 727,289,753 | 721,494,804 | 685,201,331 | 656,575,635 |
|
| Total Deposits | $ 984,804,340 | $ 982,342,189 | $ 977,850,388 | $ 932,712,425 | $ 908,006,719 |
|
|
|
|
|
|
|
|
| 1 Includes demand transaction accounts enrolled in the Bank's reciprocal deposit program. |
|
Community Heritage Financial, Inc. and Subsidiaries |
| Reclassifications (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| As of Period End |
|
|
|
|
| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Occupancy and equipment as previously reported | $ 6,437,225 | $ 6,354,368 | $ 6,196,774 | $ 5,628,103 | $ 5,688,187 |
|
|
| Reclassify software | 13,340 | 18,588 | 27,569 | 40,241 | 54,677 |
|
|
| Occupancy and equipment as reported | $ 6,423,885 | $ 6,335,780 | $ 6,169,205 | $ 5,587,862 | $ 5,633,510 |
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets as previously reported | $ 2,008,916 | $ 1,817,743 | $ 1,638,591 | $ 1,741,146 | $ 1,771,483 |
|
|
| Reclassify software | 13,340 | 18,588 | 27,569 | 40,241 | 54,677 |
|
|
| Other assets as reported | $ 2,022,256 | $ 1,836,331 | $ 1,666,160 | $ 1,781,387 | $ 1,826,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Year Ended |
|
| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 |
| 12/31/2025 | 12/31/2024 |
|
|
|
|
|
|
|
|
|
| Occupancy and equipment as previously reported | $ 981,764 | $ 913,042 | $ 848,881 | $ 925,091 | $ 906,738 |
| $ 3,668,778 | $ 3,541,539 | Reclassify software expense | 272,382 | 271,950 | 225,369 | 254,187 | 245,246 |
| 1,023,888 | 960,606 | Occupancy and equipment as reported | $ 709,382 | $ 641,092 | $ 623,512 | $ 670,904 | $ 661,492 |
| $ 2,644,890 | $ 2,580,933 |
|
|
|
|
|
|
|
|
|
| Data and item processing as previously reported | $ 771,053 | $ 668,922 | $ 686,375 | $ 590,840 | $ 624,021 |
| $ 2,717,190 | $ 2,564,688 | Reclassify software expense | 272,382 | 271,950 | 225,369 | 254,187 | 245,246 |
| 1,023,888 | 960,606 | Data and item processing as reported | $ 1,043,435 | $ 940,872 | $ 911,744 | $ 845,027 | $ 869,267 |
| $ 3,741,078 | $ 3,525,294 |
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SOURCE Community Heritage Financial, Inc. | |
