Community Heritage Financial, Inc. Reports Results for the First Quarter of 2019


Community Heritage Financial, Inc. (“the Company”) (OTCPink: CMHF), the parent company for Middletown Valley Bank (“MVB”) and Millennium Financial Group, Inc. (“Mlend”,) announced today that, for the quarter ended March 31, 2019, the Company earned net income of $305.5 thousand or $0.14 per share compared to net income of $501.3 thousand and earnings per share of $0.22 recorded for the first quarter of 2018.

In the first quarter of 2019, the company incurred $125.6 thousand or $0.06 per share in after-tax expenses due to several one-time expenditures related to the acquisition of Mlend, implementation of ASU 2016-02 Lease Accounting Standard, and other one-time items. Adjusted first quarter 2019 net income was $431.1 thousand or $0.20 share as compared to $501.3 thousand or $0.22 share for the first quarter of 2018.

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