Community Heritage Financial, Inc. Reports 2018 Fourth Quarter and Full Year Results


Community Heritage Financial, Inc. (OTCPink: CMHF), the parent company for Middletown Valley Bank (“MVB”), announced today that, for the quarter ended December 31, 2018, the Company earned adjusted net income of $536.7 thousand or $0.24 per share compared to adjusted net income of $222 thousand and earnings per share of $0.10 recorded for the fourth quarter of 2017. The Company earned adjusted net income of $2.2 million with earnings per share of $1.00 for the year ended December 31, 2018, as compared to adjusted $1.64 million in earnings and earnings per share of $0.73 for the same period in 2017.

In the fourth quarter of 2018, the Company took an after-tax charge of $166 thousand or $0.07 per share, related to the cancellation of a ground lease agreement to build a new branch and instead pursued an existing bank branch site that had been vacated by another bank. The Company also incurred after-tax expenses of $80 thousand, $0.04 per share, in the fourth quarter 2018 related to one-time expenses for the conversion of the bank holding company and due diligence on the pending acquisition of Millennial Financial Group, Inc. In the fourth quarter of 2017, the Company took an after-tax charge of $422 thousand related to the deferred tax asset impairment caused by the lowered corporate tax rates due to the Tax Cuts and Jobs Act of 2017.

Unadjusted earnings for the quarter ended December 31, 2018 were $290.7 thousand or $0.13 earnings per share compared to unadjusted net loss of $200 thousand or ($0.09) per share for the fourth quarter of 2017. The Company earned unadjusted earnings of $2.0 million or $0.88 per share for the year ended December 31, 2018, as compared to unadjusted $1.2 million or $0.54 per share for the same period in 2017.

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