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 $6.6 million, or $2.27 per diluted share, for the year ended December 31, 2024, representing an increase of $2.3 million, or 54.3%, over net income of $4.3 million, or $1.48 per diluted share, reported for the year ended December 31, 2023. Fourth quarter 2024 net income was $1.7 million, a decrease of $314 thousand compared to third quarter 2024 net income of $2.0 million and an increase of $810 thousand compared to $923 thousand earned in the fourth quarter of 2023.
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Balance Sheet
Assets totaled $1.02 billion as of December 31, 2024, representing an increase of $31.7 million since December 31, 2023, and a decrease of $78.0 million since September 30, 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 of 4.82% and the earnings rate offered by the FRB of 5.40% through September 18, 2024 and 4.90% from that time through early November 2024. The Bank repaid the advances immediately prior to the November meeting of the FRB, at which the FRB reduced short-term interest rates eliminating the arbitrage opportunity.
An increase in interest-bearing deposits of $40.1 million, or 6.5%, offset by a decline in noninterest-bearing deposits of $8.8 million, funded asset growth since December 31, 2023. Interest-bearing deposit growth of $40.1 million included growth in NOW account balances of $30.1 million, which included $40.7 million in balances reacquired in January 2024 after having been sold in December 2023. The NOW product includes interest-bearing demand transaction accounts enrolled in the Bank's reciprocal deposit program, which allows customers the ability to expand FDIC insurance coverage to balances greater than $250,000. In addition, time deposits grew $20.9 million while money market balances fell $8.6 million, and savings account balances fell $2.4 million. Migration to higher cost deposits throughout the year reflected customers taking advantage of the significant rise in interest rates and an inverted yield curve for most of the period.
The decline in assets since September 30, 2024 reflected the repayment of $50 million in BTFP advances, a decline in NOW account balances of $29.2 million, offset by growth in noninterest-bearing balances of $4.5 million.
Loan balances outstanding grew to $847.6 million as of December 31, 2024, representing an increase of $34.7 million, or 4.3% from December 31, 2023. Loan balances outstanding were little changed compared to $847.5 million as of September 30, 2024. Non-owner occupied commercial real estate loans, residential real estate, including home equity loans, commercial and industrial loans and multifamily loans grew $39.2 million, $15.7 million, $5.2 million and $3.4 million, respectively, during the year ended December 31, 2024. A decline in construction and land development loans of $29.8 million during the same period offset the growth in other loan portfolios.
Net Interest Income
Net interest income totaled $30.7 million during the year ended December 31, 2024, compared to $26.1 million during the same period of 2023. The net interest margin (“NIM”) increased from 2.76% for the year ended 2023 to 2.92% for the year ended 2024. The FRB's decision to increase short-term rates to combat inflation in March 2022 pressured the Company's NIM 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, increasing to 2.72% during the fourth quarter of 2023, and to 2.80%, 2.83%, 2.90% and 3.13% during the first, second, third and fourth quarters of 2024, respectively. Interest rate cuts initiated by the FRB beginning in September contributed to the improvement in the NIM during the fourth quarter. In addition to an improving NIM, an increase in average interest-earning assets contributed to the growth in net interest income. Average interest-earning assets increased from $946.4 million in 2023 to $1.05 billion in 2024. While an increase in core deposits primarily funded growth in average interest-earning assets, the $50.0 million in advances from the FRB noted above also contributed.
Noninterest Income
Linked quarter2024 – Noninterest income decreased $509 thousand during the fourth quarter of 2024 compared to the third quarter of 2024. In December, the Company repositioned 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 with the intent to reinvest at a higher yield by the end of January 2025. As of December 31, 2024, $4.0 million in proceeds had been reinvested at yields of 5.00% or greater. Earnings on bank-owned life insurance decreased $64 thousand with lower investment returns.
Fourth Quarter 2024 vs. Fourth Quarter 2023 – Noninterest income decreased $274 thousand. An increase in mortgage banking revenue of $214 thousand reflecting higher mortgage origination and sale activity partially offset the pretax loss on the sale of investment securities of $442 thousand previously discussed.
Year ended December 31, 2024 vs. Year ended December 31, 2023 – Noninterest income increased $328 thousand for the year compared to the same period in 2023. Mortgage banking revenue increased $345 thousand with increased mortgage origination and sale activity. Service charges on deposits increased $202 thousand as the Bank focused on enrollment of commercial customers in cash management services to mitigate the risk of fraudulent activity. Earnings on bank-owned life insurance increased $153 thousand and included receipt of insurance proceeds totaling $138 thousand in the first quarter of 2024. Card and merchant services increased $52 thousand with increased activity. The investment losses previously discussed offset these increases.
Noninterest Expense
Linked quarter2024 – Noninterest expense increased $104 thousand on a linked quarter basis. The net increase included increases in data and item processing expense of $132 thousand, donations of $52 thousand and legal and professional fees of $50 thousand, offset by a decrease in salaries and employee benefits of $131 thousand. Data and item processing expense increased as the third quarter included the recovery of several larger fraud losses from prior periods. Donations increased with year-end activity. The increase in legal and professional fees was primarily the result of the timing of third-party services performed. The decline in salaries and employee benefits resulted from lower employee benefit costs.
Fourth Quarter 2024 vs. Fourth Quarter 2023 – Noninterest expense increased $106 thousand quarter over quarter. The net increase included an increase in legal and professional fees of $86 thousand, reflecting increased third-party services associated with the Bank's transition to the more rigorous requirements of the Federal Deposit Insurance Corporation Improvement Act (“FDICIA”).
Year ended December 31, 2024 vs. Year ended December 31, 2023- Noninterest expense increased $398 thousand in 2024 compared to 2023. Increases in legal and professional fees of $248 thousand and FDIC insurance cost of $168 thousand contributed to the increase in noninterest expense. Noninterest expense as a percentage of average assets improved from 2.52% in 2023 to 2.31% in 2024.
Asset Quality
Asset quality remained strong with non-performing assets to total assets of 0.15% on December 31, 2024, compared to 0.18% on December 31, 2023. The ratio of net charge-offs to average total loans was zero percent for the quarter ended December 31, 2024. While asset quality metrics remain strong, the potential of sticky inflation and long-term rates higher for longer influencing unemployment pushed the allowance for credit losses as a percentage of total loans from .96% as of September 30, 2024 to .98% as of December 31, 2024. As a result, the Bank recorded a provision for credit losses of $179 thousand during the fourth quarter compared to a recovery of credit losses of $7 thousand recorded in the third quarter of 2024.
Dividend
The Board of Directors declared a dividend of $0.08 per common share on January 17, 2025, payable on February 7, 2025 to stockholders of record as of January 31, 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.
Community Heritage Financial, Inc. Robert E. (BJ) Goetz, Jr. President & Chief Executive Officer 301-371-3055
Community Heritage Financial , Inc. and SubsidiariesBalance Sheets (unaudited) As of Period End 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023ASSETS Cash and due from banks $ 16,510,418 $ 90,485,075 $ 91,988,101 $ 76,807,485 $ 16,664,061 Securities available-for-sale, at fair value 40,481,911 43,803,206 39,518,549 40,267,761 40,927,086 Securities held-to-maturity 91,374,820 92,558,298 93,944,321 95,152,132 96,111,626 Less allowance for credit losses 102,896 110,386 118,787 126,943 103,949 Total securities held-to-maturity 91,271,924 92,447,912 93,825,534 95,025,189 96,007,677 Total securities 131,753,835 136,251,118 133,344,083 135,292,950 136,934,763 Equity securities, at cost 1,404,700 1,404,600 1,404,600 1,404,600 1,363,600 Loans 847,593,970 847,539,088 841,043,351 830,604,389 812,932,872 Less allowance for loan credit losses 8,279,404 8,167,602 8,186,862 8,032,597 7,742,297 Loans, net 839,314,566 839,371,486 832,856,489 822,571,792 805,190,575 Loans held for sale 5,106,956 4,591,950 4,739,191 1,443,270 1,651,118 Premises and equipment 5,688,187 5,805,983 6,010,649 6,164,114 6,329,832 Right of use asset 1,911,836 2,031,653 2,152,804 2,272,962 2,380,555 Accrued interest receivable 3,152,505 3,124,150 3,360,417 3,212,907 2,972,952 Deferred tax assets 4,558,255 4,568,943 4,870,431 4,879,208 4,766,376 Bank owned life insurance 7,411,319 7,379,630 7,159,381 7,122,335 7,172,917 Goodwill 1,656,507 1,656,507 1,656,507 1,656,507 1,656,507 Other assets 1,771,483 1,660,574 1,565,443 1,588,900 1,544,870 Total Assets $ 1,020,240,567 $ 1,098,331,669 $ 1,091,108,096 $ 1,064,417,030 $ 988,628,126LIABILITIES and SHAREHOLDERS' EQUITY Liabilities Deposits: Noninterest-bearing demand $ 251,431,084 $ 246,907,558 $ 248,150,379 $ 247,549,872 $ 260,204,859 Interest-bearing 656,575,635 685,892,223 679,484,492 655,358,756 616,461,031 Total deposits 908,006,719 932,799,781 927,634,871 902,908,628 876,665,890 FHLB advances and other borrowings 15,000,000 65,000,000 65,000,000 65,000,000 18,000,000 Subordinated debt, net 12,040,695 15,000,000 14,977,576 14,955,152 14,932,727 Lease liabilities 1,984,920 2,105,649 2,226,547 2,345,426 2,450,133 Accrued interest payable 485,160 2,468,369 1,633,334 1,212,747 458,540 Other liabilities 3,694,164 3,662,903 5,441,467 5,336,235 4,889,735 Total Liabilities 941,211,658 1,021,036,702 1,016,913,795 991,758,188 917,397,025 Shareholders' Equity Common stock 29,198 29,159 29,159 29,159 29,117 Additional paid-in-capital 41,331,966 41,284,421 41,204,072 41,123,723 41,096,972 Retained earnings 44,597,524 43,039,340 41,167,218 39,900,518 38,669,620 Accumulated other comprehensive loss (6,929,779) (7,057,953) (8,206,148) (8,394,558) (8,564,608) Total Shareholders' Equity 79,028,909 77,294,967 74,194,301 72,658,842 71,231,101 Total Liabilities and Shareholders' Equity $ 1,020,240,567 $ 1,098,331,669 $ 1,091,108,096 $ 1,064,417,030 $ 988,628,126Community Heritage Financial , Inc. and SubsidiariesSelected Financial Data (unaudited) As of Period End 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023Per Share Data Common shares outstanding at period end 2,919,797 2,915,933 2,915,933 2,915,933 2,911,670 Book value per share $ 27.07 $ 26.51 $ 25.44 $ 24.92 $ 24.45 Tangible book value per share $ 26.50 $ 25.94 $ 24.88 $ 24.35 $ 23.88Capital (bank consolidated only unless noted otherwise) Common equity tier 1 (CET1) capital 12.12% 12.27% 11.98% 11.99% 12.02% Tier 1 capital 12.12% 12.27% 11.98% 11.99% 12.02% Total risk based capital 13.24% 13.36% 13.07% 13.07% 13.10% Tier 1 leverage ratio 9.06% 8.90% 8.69% 8.84% 9.10% Tangible common equity to tangible assets (CHF) 7.60% 6.90% 6.66% 6.68% 7.05%Asset Quality Data Non-accrual loans $ 1,525,759 $ 1,566,138 $ 1,798,530 $ 1,847,747 $ 1,823,212 Non-performing assets $ 1,525,759 $ 1,566,138 $ 1,798,530 $ 1,847,747 $ 1,823,212 Non-performing loans to loans 0.18% 0.18% 0.21% 0.22% 0.22% Non-performing assets to total assets 0.15% 0.14% 0.16% 0.17% 0.18% Allowance for loan credit losses to loans 0.98% 0.96% 0.96% 0.97% 0.95%Other Data Loans to deposits ratio 93.35% 90.86% 90.67% 91.99% 92.73%
Community Heritage Financial , Inc. and SubsidiariesStatements of Income (unaudited) Three Months Ended Year Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023Interest Income Loans, including fees $ 12,057,265 $ 12,066,857 $ 11,471,139 $ 11,181,544 $ 10,659,287 $ 46,776,805 $ 39,596,735 Securities 783,560 747,753 740,308 747,341 754,731 3,018,962 3,020,444 Fed funds sold and other 574,261 1,127,815 1,323,283 891,821 496,210 3,917,180 890,774 Total interest income 13,415,086 13,942,425 13,534,730 12,820,706 11,910,228 53,712,947 43,507,953Interest Expense Deposits 4,686,005 5,146,858 5,005,650 4,703,948 4,755,804 19,542,461 15,510,740 Borrowed funds 380,370 756,653 750,049 670,916 160,901 2,557,988 925,582 Subordinated debt 209,934 238,049 238,050 238,049 238,049 924,082 952,197 Total interest expense 5,276,309 6,141,560 5,993,749 5,612,913 5,154,754 23,024,531 17,388,519Net interest income 8,138,777 7,800,865 7,540,981 7,207,793 6,755,474 30,688,416 26,119,434Provision for (recovery of) credit losses 178,624 (7,396) 168,120 267,370 275,339 606,718 (747,330)Net interest income after provision for credit losses 7,960,153 7,808,261 7,372,861 6,940,423 6,480,135 30,081,698 26,866,764Noninterest income Mortgage banking revenue 471,510 505,717 280,682 247,976 257,316 1,505,885 1,160,542 Card and merchant services 314,785 294,243 285,572 257,364 346,002 1,151,964 1,100,214 Service charges on deposits 262,583 252,406 237,357 237,020 209,331 989,366 786,938 Earnings on bank-owned life insurance 23,398 86,958 28,755 211,641 95,633 350,752 197,694 Loss on sale of investment securities (442,493) – – – – (442,493) – Other 5,427 5,022 5,001 19,870 807 35,320 17,656 Total noninterest income 635,210 1,144,346 837,367 973,871 909,042 3,590,794 3,263,044Noninterest expense Salaries and employee benefits 3,565,344 3,696,105 3,588,465 3,344,188 3,536,962 14,194,102 14,133,013 Occupancy and equipment 906,738 901,283 869,510 864,008 948,591 3,541,539 3,598,439 Data and item processing 624,021 492,294 654,854 793,519 752,980 2,564,688 2,860,788 Legal and professional fees 291,944 242,411 354,244 288,193 206,178 1,176,792 928,984 FDIC insurance 206,376 210,789 205,143 185,134 190,695 807,442 639,080 Advertising 78,362 93,129 73,236 61,467 77,100 306,194 301,300 Other 617,342 550,529 528,827 558,720 471,476 2,255,418 1,986,239 Total noninterest expense 6,290,127 6,186,540 6,274,279 6,095,229 6,183,982 24,846,175 24,447,843Income before income taxes 2,305,236 2,766,067 1,935,949 1,819,065 1,205,195 8,826,317 5,681,965Income tax expense 571,853 718,989 494,293 413,370 282,204 2,198,505 1,386,803Net income $ 1,733,383 $ 2,047,078 $ 1,441,656 $ 1,405,695 $ 922,991 $ 6,627,812 $ 4,295,162Community Heritage Financial , Inc. and SubsidiariesPer Share Data (unaudited) Three Months Ended Year Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023Earnings per common share Basic $ 0.59 $ 0.70 $ 0.49 $ 0.48 $ 0.32 $ 2.27 $ 1.48 Diluted $ 0.59 $ 0.70 $ 0.49 $ 0.48 $ 0.32 $ 2.27 $ 1.48Common shares outstanding at period end 2,919,797 2,915,933 2,915,933 2,915,933 2,911,670 2,919,797 2,911,670Average common shares outstanding Basic 2,919,677 2,915,933 2,913,048 2,913,048 2,911,254 2,916,191 2,907,400 Diluted 2,934,754 2,927,377 2,916,951 2,913,048 2,911,254 2,924,791 2,907,400Cash dividends paid per common share $ 0.06 $ 0.06 $ 0.06 $ 0.06 $ 0.06 $ 0.24 $ 0.24Community Heritage Financial , Inc. and SubsidiariesSelected Financial Performance Ratios (unaudited) Three Months Ended Year Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023Return on average assets 0.65% 0.74% 0.53% 0.53% 0.36% 0.62% 0.44%Return on average equity 8.77% 10.66% 7.84% 7.81% 5.22% 8.81% 6.22%Net interest margin 3.13% 2.90% 2.83% 2.80% 2.72% 2.92% 2.76%Yield on interest-earning assets 5.16% 5.21% 5.09% 4.97% 4.80% 5.10% 4.60%Cost of interest-bearing liabilities 2.93% 3.22% 3.19% 3.08% 2.98% 3.09% 2.70%Net loan charge-offs to average loans 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Community Heritage Financial , Inc. and SubsidiariesCondensed Average Balance Sheet Analysis (unaudited) Three Months Ended December 31, 2024 September 30, 2024 December 31, 2023 Average Balance Interest Yield / Average Balance Interest Yield / Average Balance Interest Yield / Rate Rate RateASSETS Interest-earning assets: Loans, including LHFS $ 845,597,778 $12,057,265 5.67% $ 847,572,666 $12,066,857 5.66% $ 808,993,464 $10,659,287 5.23% Securities 136,310,407 783,560 2.30% 134,590,576 747,753 2.22% 136,643,313 754,731 2.21% Other 51,969,241 574,261 4.40% 88,296,850 1,127,815 5.08% 40,040,220 496,210 4.92% 1,033,877,426 13,415,086 5.16% 1,070,460,092 13,942,425 5.18% 985,676,997 11,910,228 4.80% Noninterest-earning assets 22,661,279 23,724,580 27,181,195 Total Assets $ 1,056,538,705 $ 1,094,184,672 $ 1,012,858,192LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Demand deposits $ 518,306,801 $ 3,253,566 2.50% $ 534,621,187 $ 3,732,942 2.78% $ 528,989,271 $ 3,701,997 2.78% Time deposits 152,086,436 1,432,439 3.75% 150,648,796 1,413,916 3.73% 126,378,474 1,053,807 3.31% Interest-bearing deposits 670,393,237 4,686,005 2.78% 685,269,983 5,146,858 2.99% 655,367,745 4,755,804 2.88% Borrowings 46,286,930 590,304 5.08% 79,985,590 994,702 4.95% 30,531,086 398,950 5.18% Interest-bearing liabilities 716,680,167 5,276,309 2.93% 765,255,573 6,141,560 3.19% 685,898,831 5,154,754 2.98% Noninterest-bearing liabilities: Demand deposits 253,879,418 244,995,638 250,463,836 Other 7,305,326 7,765,752 6,391,945 Total Liabilities 977,864,911 1,018,016,963 942,754,612 Cost of Total Deposits 2.02% 2.20% 2.08% Cost of Total Funds (interest- bearing liabilities plus non- interest-bearing deposits) 2.16% 2.42% 2.18% Shareholders' equity 78,673,794 76,167,709 70,103,580 Total Liabilities and Shareholders Equity $ 1,056,538,705 $ 1,094,184,672 $ 1,012,858,192 Net interest income / NIM $ 8,138,777 3.13% $ 7,800,865 2.90% $ 6,755,474 2.72%
Community Heritage Financial , Inc. and SubsidiariesCondensed Average Balance Sheet Analysis (unaudited) Year Ended December 31, 2024 December 31, 2023 Average Balance Interest Yield / Average Balance Interest Yield / Rate RateASSETS Interest-earning assets: Loans, including LHFS $ 839,224,673 $46,776,805 5.57% $ 785,187,254 $39,596,735 5.04% Securities 136,828,070 3,018,962 2.21% 140,933,755 3,020,444 2.14% Other 76,579,067 3,917,180 5.12% 20,297,550 890,774 4.39% Interest-earning assets 1,052,631,810 53,712,947 5.10% 946,418,559 43,507,953 4.60% Noninterest-earning assets 23,635,945 24,581,969 Total Assets $ 1,076,267,755 $ 971,000,528LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Demand deposits $ 531,478,268 $14,342,609 2.70% $ 492,726,052 $13,166,998 2.67% Time deposits 142,704,542 5,199,852 3.64% 115,986,950 2,343,742 2.02% Interest-bearing deposits 674,182,810 19,542,461 2.90% 608,713,002 15,510,740 2.55% Borrowings 69,941,302 3,482,070 4.98% 34,671,067 1,877,779 5.42% Interest-bearing liabilities 744,124,112 23,024,531 3.09% 643,384,069 17,388,519 2.70% Noninterest-bearing liabilities: Demand deposits 249,951,973 253,098,292 Other 6,944,062 5,425,561 Total Liabilities 1,001,020,147 901,907,922 Cost of Total Deposits 2.11% 1.80% Cost of Total Funds (interest- bearing liabilities plus non- interest-bearing deposits) 2.32% 1.94% Shareholders' equity 75,247,608 69,092,606 Total Liabilities and Shareholders Equity $ 1,076,267,755 $ 971,000,528 Net interest income / NIM $30,688,416 2.92% $26,119,434 2.76%
Community Heritage Financial , Inc. and SubsidiariesLoan and Deposit Composition (unaudited) As of Period End 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023Loans:Commercial real estate: Construction and land development $ 59,761,206 $ 64,686,070 $ 89,921,555 $ 88,793,186 $ 89,525,228 Multifamily 25,185,498 23,437,101 21,281,351 21,682,394 21,784,953 Farmland 32,424,255 30,448,216 30,317,070 30,546,050 30,821,848 Other: Owner occupied 136,172,517 137,266,535 130,560,913 137,654,633 136,628,801 Non-owner occupied 159,150,227 154,090,059 143,246,131 131,114,323 119,979,964Residential, including home equity 296,196,340 297,472,722 290,587,107 284,962,472 280,523,837Commercial and industrial 134,164,953 135,355,039 130,148,584 130,972,545 128,933,413Consumer 1,036,859 1,296,915 1,392,904 1,369,535 1,203,039 Gross loans 844,091,855 844,052,657 837,455,615 827,095,138 809,401,083 Net deferred loan costs 3,502,115 3,486,431 3,587,736 3,509,251 3,531,789 Total Loans $847,593,970 $847,539,088 $841,043,351 $830,604,389 $812,932,872Deposits:Noninterest-bearing demand $251,431,084 $246,907,558 $248,150,379 $247,549,872 $260,204,859Interest-bearing: NOW 1 194,682,425 223,884,815 223,072,312 202,226,731 164,536,186 Savings 69,979,571 69,566,114 69,495,486 74,761,620 72,374,445 Money Market 240,320,055 239,982,813 237,799,850 252,954,674 248,898,935 Time 151,593,584 152,458,481 149,116,844 125,415,731 130,651,465 Total interest-bearing 656,575,635 685,892,223 679,484,492 655,358,756 616,461,031 Total Deposits $908,006,719 $932,799,781 $927,634,871 $902,908,628 $876,665,890 1. Includes demand transaction accounts enrolled in the Bank's reciprocal deposit program.
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