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Community Heritage Financial Q3 net income up 153%

Christian Fernsby |
Community Heritage Financial, the parent company for Middletown Valley Bank and Millennium Financial Group, announced that net income for the third quarter was $2.257 million or $1.00 per share, an increase of 153% or $1.4 million compared to second quarter net income of $892 thousand or $0.40 per share.

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Year over year third quarter net income increased $1.1 million or 88% compared to the third quarter of 2020.

Earnings continued to be bolstered by strong residential mortgage loan activity along with enhanced fee income from PPP loan forgiveness.

Earnings were positively impacted during the third quarter by a loan charge off recovery totaling $540 thousand related to the prior quarter isolated loan charge off due to a COVID-19 business failure.

The Bank entered into a forbearance agreement with the principal of the aforementioned credit charge off to receive monthly restitution towards the recovery of the charge off.

The recovery also positively impacted the provision expense for the third quarter, resulting in a loan loss provision expense release of $246 thousand. As of September 30, 2021 the Company's credit quality continued to be strong with non-performing assets to total assets at 0.31%, a decrease of 5 basis points from the prior quarter.

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