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Community Heritage Financial, Inc. (OTCPK: CMHF) is the parent company of Middletown Valley Bank and Millennium Financial Group, Inc. (Mlend). Company news releases describe Middletown Valley Bank as a full-service commercial and retail bank providing personal and business banking services, and Mlend as a full-service mortgage lender with offices in specified Maryland locations. The organization’s news flow offers insight into its banking, mortgage lending, and corporate activities.
On this page, readers can review news items that cover quarterly financial results, including net income, net interest income, net interest margin, noninterest income components, noninterest expenses, and asset quality measures such as non-performing assets and net charge-offs. Earnings releases also discuss loan portfolio composition, deposit trends, funding sources, and the impact of interest rate changes and programs such as the Bank Term Funding Program offered through the Federal Reserve Bank.
Community Heritage Financial, Inc. also issues dividend announcements detailing quarterly cash dividends on its common stock, including per-share amounts, record dates, and payment dates. Additional news includes governance and leadership updates, such as the appointment of independent directors to the boards of the Company and the Bank and executive leadership transitions involving roles like Chief Risk Officer and Chief Operating Officer.
Investors and observers can use this news feed to follow how the company reports on its financial performance, balance sheet trends, credit quality, dividend decisions, and board and management changes. Regularly reviewing these updates can help users understand how Community Heritage Financial, Inc. describes its operations, regional banking presence, and mortgage lending activities over time.
Community Heritage Financial (OTCPK: CMHF) has announced a significant increase in its quarterly cash dividend. The Board of Directors declared a quarterly dividend of $0.08 per share, representing a 33% increase from the previous dividend paid in November 2024. The dividend will be paid on February 7, 2025 to shareholders of record as of January 31, 2025.
The company operates through its subsidiary Middletown Valley Bank, which has been serving since 1908, providing personal and business banking services, along with mortgage lending through its subsidiary Millennium Financial Services (Mlend). The bank maintains operations across Maryland counties including Frederick, Washington, and Garrett, as well as in Franklin County, Pennsylvania.
Community Heritage Financial (CMHF) has completed a private offering of $12.1 million in 6.75% Fixed-to-Floating Rate Subordinated Notes due 2034. The company used these proceeds, along with internal funds, to fully redeem its existing $15.0 million 5.75% Fixed-to-Floating Notes due 2029. The new Notes will maintain a 6.75% fixed interest rate until October 30, 2029, after which they will transition to a floating rate of three-month SOFR plus 300 basis points. The Notes qualify as Tier 2 capital and are redeemable at the company's option after October 30, 2029.
Community Heritage Financial, Inc. (OTC PK: CMHF) reported net income of $2.0 million, or $0.70 per diluted share, for the third quarter of 2024. This represents a 42.0% increase from Q2 2024 and a 49.9% increase from Q3 2023. For the nine months ended September 30, 2024, net income totaled $4.9 million, or $1.68 per diluted share, a 45.1% increase from the same period in 2023.
Assets grew to $1.10 billion as of September 30, 2024, with deposits increasing by $56.1 million since December 31, 2023. Loans grew to $847.5 million, a 5.7% annualized increase from December 31, 2023. The net interest margin improved to 2.91% in Q3 2024, up from 2.83% in Q2 2024 and 2.61% in Q3 2023. Asset quality remained strong with non-performing assets to total assets at 0.14%. The Board of Directors declared a dividend of $0.06 per common share.
Community Heritage Financial, Inc. (OTCPK: CMHF) has announced a quarterly cash dividend of $0.06 per share on its common stock. The dividend is payable on November 8, 2024 to shareholders of record as of November 1, 2024. Community Heritage Financial is the parent company of Middletown Valley Bank, which provides personal and business banking services, as well as mortgage lending services through its subsidiary, Millennium Financial Services, Inc. (Mlend). The bank, originating in Middletown, Maryland in 1908, now operates offices in Frederick, Washington, Garrett and Anne Arundel counties in Maryland, and Franklin County, Pennsylvania.
Community Heritage Financial, Inc. (OTCPK: CMHF), the holding company for Middletown Valley Bank, has appointed Kelly Schulz as an independent director to its board and that of the Bank. Schulz, currently the CEO of the Maryland Tech Council, brings valuable expertise to support the company's sustainable growth strategy. Her background includes serving as Secretary of the Maryland Department of Commerce and the Department of Labor, Licensing, and Regulation, as well as a term in the Maryland House of Delegates.
James G. Pierne, Chairman of the Board, and Robert E. (BJ) Goetz, Jr., President and CEO, expressed enthusiasm about Schulz's appointment, highlighting her commitment to Frederick and Maryland. Community Heritage Financial, Inc. operates through Middletown Valley Bank, serving Maryland and Pennsylvania, and its subsidiary Mlend, a full-service mortgage lender.
Community Heritage Financial (CMHF) reported net income of $1.4 million for Q2 2024, a 2.6% increase from Q1 2024. For the first half of 2024, net income totaled $2.8 million, up 41.9% year-over-year. Assets grew to $1.09 billion as of June 30, 2024, with loans increasing to $841.0 million.
The company's net interest margin improved to 2.83% in Q2 2024, up from 2.65% in Q2 2023. Noninterest income declined slightly quarter-over-quarter but increased year-over-year. Noninterest expenses rose due to increased salaries, benefits, and FDIC insurance costs.
Asset quality remained strong with non-performing assets to total assets at 0.16%. The Board declared a dividend of $0.06 per share, payable on August 9, 2024.
Community Heritage Financial (OTCPK: CMHF) has declared a quarterly cash dividend of $0.06 per share on its common stock, payable on August 9, 2024 to shareholders of record as of August 2, 2024. The company is the parent of Middletown Valley Bank, which provides personal and business banking services, as well as mortgage lending through its subsidiary, Millennium Financial Services (Mlend).
Originating in Middletown, Maryland in 1908, the Bank now operates offices in Frederick, Washington, Garrett, and Anne Arundel counties in Maryland, and Franklin County, Pennsylvania. This dividend announcement reflects the company's commitment to delivering value to its shareholders while maintaining its strong presence in the regional banking sector.
Community Heritage Financial, Inc. welcomes Jessica Green as an independent director to the board of directors. Ms. Green brings operational expertise from her background in organizations like L'Oréal USA and Antrim Way Honda. Her appointment is expected to add value to the company and the Bank as she joins the dedicated board members in steering the organization towards continued success.
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