MIDDLETOWN, Md., April 24, 2025 -- 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 $1.9 million, or $0.64 per diluted share, for the three months ended March 31, 2025, representing an increase of $477 thousand, or 33.9%, over net income of $1.4 million, or $0.48 per diluted share, reported for the same period in 2024. Compared to the fourth quarter 2024 results of $1.7 million, or $0.59 per diluted share, net income improved $149 thousand, or 8.6%.
Balance Sheet
Assets totaled $1.06 billion as of March 31, 2025, representing an increase of $37.8 million since December 31, 2024, and a decrease of $6.4 million since March 31, 2024. 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.
The decline in total assets since March 31, 2024 of $6.4 million resulted from a reduction in total borrowings from the FRB and Federal Home Loan Bank of $40.0 million, offset by growth in interest-bearing deposits of $27.3 million. Interest-bearing deposit growth included growth in time deposit balances of $41.6 million, offset by a decline in interest-bearing demand deposits of $14.2 million. Migration to higher cost deposits during the twelve-month period reflected customers taking advantage of a higher interest rate environment with expectations of future rate cuts by the FRB.
Loan balances outstanding grew to $863.4 million as of March 31, 2025, representing an increase of $32.8 million, or 3.9% from March 31, 2024, and $15.8 million, or 7.5% 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 $32.0 million, $13.9 million, and $5.8 million, respectively, since March 31, 2024. A decline in construction and land development loans of $23.4 million during the same period offset the growth in other loan portfolios. Since December 31, 2024, growth in owner occupied commercial real estate loans, construction and land development loans, and non-owner occupied commercial real estate loans of $7.3 million, $5.7 million and $3.9 million, respectively, contributed to total loan growth of $15.8 million.
Net Interest Income
Net interest income totaled $8.4 million during the three months ended March 31, 2025, compared to $7.2 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 2.80% for the first quarter 2024 to 3.13% for the fourth quarter 2024 and 3.36% for the first quarter 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 2024 and the first quarter 2025.
Noninterest Income
First Quarter 2025 vs. First Quarter 2024 – Noninterest income decreased $105 thousand. Earnings on bank-owned life insurance decreased $188 thousand as the first quarter 2024 included receipt of insurance proceeds totaling $138 thousand. Other noninterest income increased $58 thousand and included broker fees received in the first quarter 2025 for referrals of Small Business Administration ("SBA") qualified loans totaling $72 thousand.
Linked Quarter: First Quarter 2025 vs. Fourth Quarter 2024 – In December 2024, the Company repositioned a small percentage of its investment portfolio, selling $8.1 million of investments securities available-for-sale with a book yield of 1.67% at a pretax loss of $442 thousand. Proceeds were reinvested in investment securities with higher yields during December 2024 and January 2025. Exclusive of the loss on the sale of investment securities, noninterest income in the first quarter 2025 declined $295 thousand compared to the fourth quarter 2024. Mortgage banking revenue decreased $307 thousand with decreased mortgage origination and sale activity, reflecting a slower winter season, volatile interest rates and home buyer affordability concerns. Activity based card and merchant service fees and service charges on deposits declined $61 thousand. Other noninterest income increased $72 thousand, reflecting broker fees for SBA qualified loan referrals received in the first quarter 2025 totaling $72 thousand.
Noninterest Expense
First Quarter 2025 vs. First Quarter 2024 – Noninterest expense increased $471 thousand quarter over quarter. The net increase included an increase in salaries and employee benefits expense of $503 thousand and occupancy and equipment expense of $61 thousand, offset by a decrease in data and item processing of $126 thousand. The increase in salaries and employee benefits expense included an increase in benefits costs resulting from increased health claims of $143 thousand and increased incentive programs totaling $138 thousand. The increase in occupancy and equipment expense included an increase in snow removal expense of $50 thousand. The decrease in data and item processing expense resulted from a decline in deposit fraud losses of $136 thousand.
Linked Quarter: First Quarter 2025 vs. Fourth Quarter 2024 – Noninterest expense increased $190 thousand on a linked quarter basis. The increase included an increase in salaries and employee benefits expense of $282 thousand, offset by a decrease in FDIC insurance expense of $63 thousand. The increase in salaries and employee benefit expense included an increase in benefits costs resulting from increased health claims of $111 thousand and increased incentive programs totaling $122 thousand. FDIC insurance expense decreased with a lower asset base and a reduction in the premium rate.
Asset Quality
Asset quality remained strong with non-performing assets to total assets of 0.14% on March 31, 2025, compared to 0.15% on December 31, 2024 and 0.17% on March 31, 2024. The ratio of net charge-offs to average total loans was zero percent for the quarters ended March 31, 2025, December 31, 2024 and March 31, 2024. The allowance for credit losses as a percentage of total loans was 0.99% as of March 31, 2025, 0.98% as of December 31, 2024 and 0.97% as of March 31, 2024.
Dividend
The Board of Directors declared a dividend of $0.08 per common share on April 18, 2025, payable on May 9, 2025 to stockholders of record as of May 2, 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. 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 may include these forward-looking statements. 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.
Reclassification
Reclassifications of certain previously reported amounts have been made to conform to current period reporting. No such reclassifications were significant.
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 | |||||||
3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||
ASSETS | |||||||
Cash and due from banks | $ 41,754,293 | $ 16,510,418 | $ 90,485,075 | $ 91,988,101 | $ 76,807,485 | ||
Securities available-for-sale, at fair value | 42,514,398 | 40,481,911 | 43,803,206 | 39,518,549 | 40,267,761 | ||
Securities held-to-maturity | 90,382,973 | 91,374,820 | 92,558,298 | 93,944,321 | 95,152,132 | ||
Less allowance for credit losses | 93,416 | 102,896 | 110,386 | 118,787 | 126,943 | ||
Total securities held-to-maturity | 90,289,557 | 91,271,924 | 92,447,912 | 93,825,534 | 95,025,189 | ||
Total securities | 132,803,955 | 131,753,835 | 136,251,118 | 133,344,083 | 135,292,950 | ||
Equity securities, at cost | 1,901,700 | 1,404,700 | 1,404,600 | 1,404,600 | 1,404,600 | ||
Loans | 863,383,714 | 847,593,970 | 847,539,088 | 841,043,351 | 830,604,389 | ||
Less allowance for loan credit losses | 8,525,628 | 8,279,404 | 8,167,602 | 8,186,862 | 8,032,597 | ||
Loans, net | 854,858,086 | 839,314,566 | 839,371,486 | 832,856,489 | 822,571,792 | ||
Loans held for sale | 564,685 | 5,106,956 | 4,591,950 | 4,739,191 | 1,443,270 | ||
Premises and equipment | 5,628,103 | 5,688,187 | 5,805,983 | 6,010,649 | 6,164,114 | ||
Right of use asset | 1,939,827 | 1,911,836 | 2,031,653 | 2,152,804 | 2,272,962 | ||
Accrued interest receivable | 3,342,795 | 3,152,505 | 3,124,150 | 3,360,417 | 3,212,907 | ||
Deferred tax assets | 4,431,764 | 4,558,255 | 4,568,943 | 4,870,431 | 4,879,208 | ||
Bank owned life insurance | 7,443,531 | 7,411,319 | 7,379,630 | 7,159,381 | 7,122,335 | ||
Goodwill | 1,656,507 | 1,656,507 | 1,656,507 | 1,656,507 | 1,656,507 | ||
Other assets | 1,741,146 | 1,771,483 | 1,660,574 | 1,891,044 | 1,588,900 | ||
Total Assets | $ 1,058,066,392 | $ 1,020,240,567 | $ 1,098,331,669 | $ 1,091,433,697 | $ 1,064,417,030 | ||
LIABILITIES and SHAREHOLDERS' EQUITY | |||||||
Liabilities | |||||||
Deposits: | |||||||
Noninterest-bearing demand | $ 247,511,094 | $ 251,431,084 | $ 246,907,558 | $ 248,150,379 | $ 247,549,872 | ||
Interest-bearing | 685,201,331 | 656,575,635 | 685,892,223 | 682,397,667 | 657,884,381 | ||
Total deposits | 932,712,425 | 908,006,719 | 932,799,781 | 930,548,046 | 905,434,253 | ||
FHLB advances and other borrowings | 25,000,000 | 15,000,000 | 65,000,000 | 65,000,000 | 65,000,000 | ||
Subordinated debt, net | 12,043,757 | 12,040,695 | 15,000,000 | 14,977,576 | 14,955,152 | ||
Lease liabilities | 2,011,829 | 1,984,920 | 2,105,649 | 2,226,547 | 2,345,426 | ||
Accrued interest payable | 730,113 | 485,160 | 2,468,369 | 1,633,334 | 1,212,747 | ||
Other liabilities | 4,380,812 | 3,694,164 | 3,662,903 | 2,853,893 | 2,810,610 | ||
Total Liabilities | 976,878,936 | 941,211,658 | 1,021,036,702 | 1,017,239,396 | 991,758,188 | ||
Shareholders' Equity | |||||||
Common stock | 29,289 | 29,198 | 29,159 | 29,159 | 29,159 | ||
Additional paid-in-capital | 41,351,223 | 41,331,966 | 41,284,421 | 41,204,072 | 41,123,723 | ||
Retained earnings | 46,246,459 | 44,597,524 | 43,039,340 | 41,167,218 | 39,900,518 | ||
Accumulated other comprehensive loss | (6,439,515) | (6,929,779) | (7,057,953) | (8,206,148) | (8,394,558) | ||
Total Shareholders' Equity | 81,187,456 | 79,028,909 | 77,294,967 | 74,194,301 | 72,658,842 | ||
Total Liabilities and Shareholders' Equity | $ 1,058,066,392 | $ 1,020,240,567 | $ 1,098,331,669 | $ 1,091,433,697 | $ 1,064,417,030 | ||
Community Heritage Financial , Inc. and Subsidiaries | |||||||
Statements of Income (unaudited) | |||||||
Three Months Ended | |||||||
3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||
Interest Income | |||||||
Loans, including fees | $ 12,228,538 | $ 12,057,265 | $ 12,066,857 | $ 11,471,139 | $ 11,181,544 | ||
Securities | 858,632 | 809,512 | 773,571 | 773,717 | 772,603 | ||
Fed funds sold and other bank deposits | 119,202 | 548,309 | 1,101,997 | 1,289,874 | 866,559 | ||
Total interest income | 13,206,372 | 13,415,086 | 13,942,425 | 13,534,730 | 12,820,706 | ||
Interest Expense | |||||||
Deposits | 4,405,731 | 4,686,005 | 5,146,858 | 5,005,650 | 4,703,948 | ||
Borrowed funds | 189,055 | 380,370 | 756,653 | 750,049 | 670,916 | ||
Subordinated debt | 207,250 | 209,934 | 238,049 | 238,050 | 238,049 | ||
Total interest expense | 4,802,036 | 5,276,309 | 6,141,560 | 5,993,749 | 5,612,913 | ||
Net interest income | 8,404,336 | 8,138,777 | 7,800,865 | 7,540,981 | 7,207,793 | ||
Provision for credit losses | 248,558 | 178,624 | (7,396) | 168,120 | 267,370 | ||
Net interest income after provision | |||||||
for credit losses | 8,155,778 | 7,960,153 | 7,808,261 | 7,372,861 | 6,940,423 | ||
Noninterest income | |||||||
Card and merchant services | 281,415 | 314,785 | 294,243 | 285,572 | 257,364 | ||
Service charges on deposits | 235,097 | 262,583 | 252,406 | 237,357 | 237,020 | ||
Mortgage banking revenue | 164,015 | 470,783 | 508,209 | 365,003 | 161,163 | ||
Earnings on bank-owned life insurance | 23,920 | 23,398 | 86,958 | 28,755 | 211,641 | ||
Loss on sale of investment securities | - | (442,493) | - | - | - | ||
Other | 77,870 | 5,427 | 5,022 | 5,001 | 19,870 | ||
Total noninterest income | 782,317 | 634,483 | 1,146,838 | 921,688 | 887,058 | ||
Noninterest expense | |||||||
Salaries and employee benefits | 3,847,202 | 3,565,344 | 3,696,105 | 3,588,465 | 3,344,188 | ||
Occupancy and equipment | 925,091 | 906,738 | 901,283 | 869,510 | 864,008 | ||
Data and item processing | 590,840 | 624,021 | 492,294 | 731,661 | 716,712 | ||
Legal and professional fees | 277,977 | 291,944 | 242,411 | 354,244 | 288,193 | ||
FDIC insurance | 142,866 | 206,376 | 210,789 | 205,143 | 185,134 | ||
Advertising | 107,375 | 78,362 | 93,129 | 73,236 | 61,467 | ||
Other | 587,891 | 616,615 | 553,021 | 536,341 | 548,714 | ||
Total noninterest expense | 6,479,242 | 6,289,400 | 6,189,032 | 6,358,600 | 6,008,416 | ||
Income before income taxes | 2,458,853 | 2,305,236 | 2,766,067 | 1,935,949 | 1,819,065 | ||
Income tax expense | 576,217 | 571,853 | 718,989 | 494,293 | 413,370 | ||
Net income | $ 1,882,636 | $ 1,733,383 | $ 2,047,078 | $ 1,441,656 | $ 1,405,695 | ||
Community Heritage Financial , Inc. and Subsidiaries | |||||||
Per Share Data (unaudited) | |||||||
Three Months Ended | |||||||
3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||
Earnings per common share | |||||||
Basic | $ 0.64 | $ 0.59 | $ 0.70 | $ 0.49 | $ 0.48 | ||
Diluted | $ 0.64 | $ 0.59 | $ 0.70 | $ 0.49 | $ 0.48 | ||
Common shares outstanding at period end | 2,928,888 | 2,919,797 | 2,915,933 | 2,915,933 | 2,915,933 | ||
Average common shares outstanding | |||||||
Basic | 2,922,624 | 2,919,677 | 2,915,933 | 2,913,048 | 2,913,048 | ||
Diluted | 2,937,508 | 2,934,754 | 2,927,377 | 2,916,951 | 2,913,048 | ||
Cash dividends paid per common share | $ 0.08 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | ||
Community Heritage Financial , Inc. and Subsidiaries | |||||||
Selected Financial Data (unaudited) | |||||||
As of Period End | |||||||
3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||
Per Share Data | |||||||
Common shares outstanding at period end | 2,928,888 | 2,919,797 | 2,915,933 | 2,915,933 | 2,915,933 | ||
Book value per share | $ 27.72 | $ 27.07 | $ 26.51 | $ 25.44 | $ 24.92 | ||
Tangible book value per share | $ 27.15 | $ 26.50 | $ 25.94 | $ 24.88 | $ 24.35 | ||
Capital (bank consolidated only unless noted otherwise) | |||||||
Common equity tier 1 (CET1) capital | 12.11 % | 12.12 % | 12.27 % | 11.98 % | 11.99 % | ||
Tier 1 capital | 12.11 % | 12.12 % | 12.27 % | 11.98 % | 11.99 % | ||
Total risk based capital | 13.23 % | 13.24 % | 13.36 % | 13.07 % | 13.07 % | ||
Tier 1 leverage ratio | 9.47 % | 9.06 % | 8.90 % | 8.69 % | 8.84 % | ||
Tangible common equity to tangible assets (CHF) | 7.53 % | 7.60 % | 6.90 % | 6.66 % | 6.68 % | ||
Asset Quality Data | |||||||
Non-accrual loans | $ 1,488,718 | $ 1,525,759 | $ 1,566,138 | $ 1,798,530 | $ 1,847,747 | ||
Non-performing assets | $ 1,488,718 | $ 1,525,759 | $ 1,566,138 | $ 1,798,530 | $ 1,847,747 | ||
Non-performing loans to loans | 0.17 % | 0.18 % | 0.18 % | 0.21 % | 0.22 % | ||
Non-performing assets to total assets | 0.14 % | 0.15 % | 0.14 % | 0.16 % | 0.17 % | ||
Net loan charge-offs to average loans | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | ||
Allowance for loan credit losses to loans | 0.99 % | 0.98 % | 0.96 % | 0.96 % | 0.97 % | ||
Other Data | |||||||
Return on average assets | 0.74 % | 0.65 % | 0.74 % | 0.53 % | 0.53 % | ||
Return on average equity | 9.47 % | 8.77 % | 10.66 % | 7.84 % | 7.81 % | ||
Net interest margin | 3.36 % | 3.13 % | 2.90 % | 2.83 % | 2.80 % | ||
Yield on interest-earning assets | 5.29 % | 5.16 % | 5.18 % | 5.09 % | 4.98 % | ||
Cost of interest-bearing liabilities | 2.78 % | 2.93 % | 3.19 % | 3.19 % | 3.07 % | ||
Loans to deposits ratio | 92.57 % | 93.35 % | 90.86 % | 90.67 % | 91.99 % | ||
Community Heritage Financial , Inc. and Subsidiaries | |||||||||||||||||||
Condensed Average Balance Sheet Analysis (unaudited) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||
Average Balance | Interest | Yield / Rate | Average Balance | Interest | Yield / Rate | Average Balance | Interest | Yield / Rate | |||||||||||
ASSETS | |||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||
Loans, including LHFS | $ 857,799,175 | $12,228,538 | 5.76 % | $ 845,597,778 | $12,057,265 | 5.67 % | $ 828,003,687 | $11,181,544 | 5.43 % | ||||||||||
Securities | 135,129,415 | 858,632 | 2.54 % | 137,715,050 | 809,512 | 2.35 % | 137,640,451 | 772,603 | 2.25 % | ||||||||||
Fed funds sold and other bank deposits | 16,389,959 | 119,202 | 2.95 % | 50,564,598 | 548,309 | 4.30 % | 69,199,772 | 866,559 | 5.04 % | ||||||||||
1,009,318,549 | 13,206,372 | 5.29 % | 1,033,877,426 | 13,415,086 | 5.16 % | 1,034,843,910 | 12,820,706 | 4.98 % | |||||||||||
Noninterest-earning assets | 22,046,233 | 22,661,279 | 26,538,331 | ||||||||||||||||
Total Assets | $ 1,031,364,782 | $ 1,056,538,705 | $ 1,061,382,241 | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Demand deposits | $ 511,603,640 | $ 2,964,668 | 2.35 % | $ 518,306,801 | $ 3,253,566 | 2.50 % | $ 535,260,903 | $ 3,636,945 | 2.73 % | ||||||||||
Time deposits | 156,928,392 | 1,441,063 | 3.72 % | 152,086,436 | 1,432,439 | 3.75 % | 125,635,771 | 1,067,003 | 3.42 % | ||||||||||
Interest-bearing deposits | 668,532,032 | 4,405,731 | 2.67 % | 670,393,237 | 4,686,005 | 2.78 % | 660,896,674 | 4,703,948 | 2.86 % | ||||||||||
Borrowings | 30,466,939 | 396,305 | 5.24 % | 46,286,930 | 590,304 | 5.08 % | 73,661,039 | 908,965 | 4.96 % | ||||||||||
Interest-bearing liabilities | 698,998,971 | 4,802,036 | 2.78 % | 716,680,167 | 5,276,309 | 2.93 % | 734,557,713 | 5,612,913 | 3.07 % | ||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||
Demand deposits | 244,507,561 | 253,879,418 | 248,367,752 | ||||||||||||||||
Other | 7,266,291 | 7,305,326 | 6,100,920 | ||||||||||||||||
Total Liabilities | 950,772,823 | 977,864,911 | 989,026,385 | ||||||||||||||||
Cost of Total Deposits | 1.96 % | 2.02 % | 2.08 % | ||||||||||||||||
Cost of Total Funds (interest- | |||||||||||||||||||
bearing liabilities plus non- | |||||||||||||||||||
interest-bearing deposits) | 2.06 % | 2.16 % | 2.30 % | ||||||||||||||||
Shareholders' equity | 80,591,959 | 78,673,794 | 72,355,856 | ||||||||||||||||
Total Liabilities and Shareholders Equity | $ 1,031,364,782 | $ 1,056,538,705 | $ 1,061,382,241 | ||||||||||||||||
Net interest income / NIM | $ 8,404,336 | 3.36 % | $ 8,138,777 | 3.13 % | $ 7,207,793 | 2.80 % | |||||||||||||
Community Heritage Financial , Inc. and Subsidiaries | |||||||
Loan and Deposit Composition (unaudited) | |||||||
As of Period End | |||||||
3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||
Loans: | |||||||
Commercial real estate: | |||||||
Construction and land development | $ 65,421,754 | $ 59,761,206 | $ 64,686,070 | $ 89,921,555 | $ 88,793,186 | ||
Multifamily | 24,142,268 | 25,185,498 | 23,437,101 | 21,281,351 | 21,682,394 | ||
Farmland | 32,376,907 | 32,424,255 | 30,448,216 | 30,317,070 | 30,546,050 | ||
Other: | |||||||
Owner occupied | 143,451,648 | 136,172,517 | 137,266,535 | 130,560,913 | 137,654,633 | ||
Non-owner occupied | 163,089,171 | 159,150,227 | 154,090,059 | 143,246,131 | 131,114,323 | ||
Residential, including home equity | 298,829,304 | 296,196,340 | 297,472,722 | 290,587,107 | 284,962,472 | ||
Commercial and industrial | 131,591,369 | 134,164,953 | 135,355,039 | 130,148,584 | 130,972,545 | ||
Consumer | 915,551 | 1,036,859 | 1,296,915 | 1,392,904 | 1,369,535 | ||
Gross loans | 859,817,972 | 844,091,855 | 844,052,657 | 837,455,615 | 827,095,138 | ||
Net deferred loan costs | 3,565,742 | 3,502,115 | 3,486,431 | 3,587,736 | 3,509,251 | ||
Total Loans | $863,383,714 | $847,593,970 | $847,539,088 | $841,043,351 | $830,604,389 | ||
Deposits: | |||||||
Noninterest-bearing demand | $247,511,094 | $251,431,084 | $246,907,558 | $248,150,379 | $247,549,872 | ||
Interest-bearing: | |||||||
NOW 1 | 193,760,532 | 194,682,425 | 223,884,815 | 223,072,312 | 202,226,731 | ||
Savings | 72,670,367 | 69,979,571 | 69,566,114 | 72,408,661 | 77,287,245 | ||
Money Market | 251,803,391 | 240,320,055 | 239,982,813 | 237,799,850 | 252,954,674 | ||
Time | 166,967,041 | 151,593,584 | 152,458,481 | 149,116,844 | 125,415,731 | ||
Total interest-bearing | 685,201,331 | 656,575,635 | 685,892,223 | 682,397,667 | 657,884,381 | ||
Total Deposits | $932,712,425 | $908,006,719 | $932,799,781 | $930,548,046 | $905,434,253 | ||
1. | Includes demand transaction accounts enrolled in the Bank's reciprocal deposit program. | ||||||
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