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Community Heritage Financial Q3 net income up

Christian Fernsby ▼ | October 19, 2019
Community Heritage Financial, the parent company for Middletown Valley Bank and Millennium Financial Group, announced that, for the quarter ended September 30, 2019, the company earned net income of $1,000.4 thousand or $0.44 per share compared to net income of $474.2 thousand and earnings per share of $0.21 recorded for the third quarter of 2018.
Middletown Valley Bank
Community Heritage Financial   The company earned net income of $0.44 per share
The net income for the quarter ended September 30, 2019 as compared to the year ago quarter ended September 30, 2018, was positively impacted by the performance of Mlend, significant increase in loan growth and a decline in provision for loan losses due to improvement in credit quality which more than offset the increase in non-interest expense and income taxes.

Topics: Community Heritage Financial

Net income for the first nine months of 2019 was $2.06 million or $0.92 per share compared to $1.7 million or $0.75 per share in 2018.

The increase in net income versus the first nine months of 2018 was primarily due to the addition of Mlend in February 2019, significant increase in net interest income, and growth in noninterest income which more than offset the increase in provision for loan loss, noninterest expense, merger and one-time expense and income taxes.


 

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