Community Heritage Financial, Inc. (the “Company” or “CHF”) (OTC PK: CMHF), the parent company of Middletown Valley Bank (“MVB” or the “Bank”), reported record net income of $2.5 million, or $0.84 per diluted share, for the second quarter ended June 30, 2025, an increase of $585 thousand, or 31.1%, in comparison to the first quarter of 2025. Compared to the second quarter of 2024, net income increased $1.0 million, or 71.2%. Net income for the six months ended June 30, 2025 totaled $4.4 million, or $1.48 per diluted share, representing an increase of $1.5 million, or 52.8%, compared to net income of $2.8 million, or $0.98 per diluted share, for the six months ended June 30, 2024.
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Balance Sheet
Assets totaled $1.1 billion as of June 30, 2025, representing an increase of $4.2 million since June 30, 2024 and an increase of $75.4 million since December 31, 2024. Growth in the balance sheet since June 30, 2024, totaling $4.2 million, was driven by growth in deposits of $47.3 million, or 5.1%, and growth in shareholders' equity of $9.7 million, or 13.1%, offset by a decline in borrowings and subordinated debt of $52.9 million. 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 and the earnings rate offered by the FRB. The Bank repaid the advances immediately prior to the November 2024 meeting of the FRB, at which the FRB reduced short-term interest rates eliminating the arbitrage opportunity. Balance sheet growth since December 31, 2024 of $75.4 million was driven primarily by deposit growth of $69.8 million, or 15.4% annualized, which included growth in time deposit, money market, NOW and noninterest-bearing demand account balances of $31.9 million, $20.5 million, $8.8 million and $4.9 million, respectively.
Loan balances outstanding grew to $872.1 million as of June 30, 2025, representing an increase of $31.1 million, or 3.7% from June 30, 2024, and $24.5 million, or 5.8% annualized from December 31, 2024. Non-owner occupied commercial real estate loans, residential loans, including home equity loans, and owner occupied commercial real estate loans, grew $21.2 million, $16.9 million, and $8.8 million, respectively, since June 30, 2024. A decline in construction and land development loans of $22.1 million during the same period offset the growth in other loan portfolios. Since December 31, 2024, growth in residential loans, including home equity loans, construction and land development loans, and non-owner occupied commercial real estate loans of $11.3 million, $8.1 million and $5.3 million, respectively, contributed to total loan growth of $24.5 million.
Net Interest Income
Net interest income totaled $8.8 million for the three months ended June 30, 2025, compared to $7.5 million during the same period in 2024, and $8.1 million during the three months ended December 31, 2024. The net interest margin (“NIM”) increased from 2.83% during the second quarter of 2024 to 3.13% during the fourth quarter of 2024 and 3.37% during the second quarter of 2025. The FRB's decision to increase short-term rates to combat inflation in March 2022 pressured the Company's NIM during 2022 and 2023 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, as interest rates on interest-bearing deposits stabilized and maturing loans continue to reprice at higher interest rates. Interest rate cuts initiated by the FRB beginning in September 2024 also contributed to the improvement in the NIM during the fourth quarter of 2024 and the first half of 2025.
Noninterest Income
Linked quarter2025 – Noninterest income increased $311 thousand during the second quarter of 2025 compared to the first quarter of 2025. Mortgage banking revenue increased $242 thousand with an increase in mortgage origination and sale activity associated with the spring and summer seasons. Earnings on bank-owned life insurance increased $95 thousand because of improved performance of the equity market in the second quarter.
Second Quarter 2025 vs. Second Quarter 2024 – Noninterest income increased $171 thousand. Earnings on bank-owned life insurance increased $90 thousand driven by relative performance of the equity market. Mortgage banking revenue and card and merchant services income increased $41 thousand and $25 thousand, respectively, reflecting increased transaction activity.
Six Months June 30, 2025 vs. Six Months June 30, 2024 – Noninterest income increased $67 thousand for the six months ended June 30, 2025 compared to the same period in 2024. Mortgage banking revenue and card and merchant services income increased $76 thousand and $49 thousand, respectively, reflecting increased transaction activity. Other non-interest income increased $48 thousand and included broker fees totaling $72 thousand received in the first quarter 2025 for referrals of Small Business Administration (“SBA”) qualified loans. Offsetting the noted increases in revenue was a decline of $98 thousand in earnings on bank-owned life insurance as the first quarter of 2024 included receipt of insurance proceeds of $138 thousand.
Noninterest Expense
Linked quarter2025 – Noninterest expense decreased $62 thousand on a linked quarter basis. The decrease was primarily driven by decreases in salaries and benefits and occupancy and equipment expenses of $187 thousand and $76 thousand, respectively, offset by an increase in data and item processing expense of $95 thousand and an increase in legal and professional fees of $89 thousand. Salaries and benefits decreased due to decreased health insurance costs of $170 thousand associated with stop loss coverage of certain claims activity. Occupancy and equipment expense fell as snow removal costs incurred in the first quarter did not impact the second quarter. A nonrecurring deposit processing loss of $70 thousand contributed to the increase in data and item processing expense. Legal and professional expense increased as the Company, having crossed $1 billion in total assets in 2024, continues preparation for the regulatory requirements associated with the Federal Deposit Insurance Corporation Improvement Act.
Second Quarter 2025 vs. Second Quarter 2024 – Noninterest expense increased $59 thousand quarter over quarter. The increase was driven primarily by an increase in salaries and benefits of $72 thousand.
Six Months June 30, 2025 vs. Six Months June 30, 2024 – Noninterest expense increased $529 thousand in 2025 compared to 2024. The increase was largely attributable to an increase in salaries and benefits of $575 thousand, offset by a decrease in data and item processing expense of $171 thousand. The increase in salaries and benefits reflected merit increases and increased incentive compensation accruals. A decline in fraud and operating losses associated with deposit processing of $194 thousand contributed to the decrease in data and item processing expense.
Asset Quality
Asset quality remained strong with non-performing assets to total assets of 0.13% as of June 30, 2025, compared to 0.15% as of December 31, 2024 and 0.16% as of June 30, 2024. The ratio of net charge-offs to average total loans was zero percent for the quarter ended June 30, 2025.
Dividend
A dividend of $0.08 per share was declared by the Board of Directors on July 18, 2025, for stockholders of record as of August 1, 2025, and payable on August 8, 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. These forward-looking statements may be included in 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. 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
John A. Scaldara, Jr. Executive Vice President and Chief Financial Officer 301-371-3070
Community Heritage Financial, Inc. and Subsidiaries Balance Sheets (unaudited) As of Period End 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024ASSETS Cash and due from banks $ 67,210,170 $ 41,754,293 $ 16,510,418 $ 90,485,075 $ 91,988,101 Securities available-for-sale, at fair value 46,712,422 42,514,398 40,481,911 43,803,206 39,518,549 Securities held-to-maturity 88,807,858 90,382,973 91,374,820 92,558,298 93,944,321 Less allowance for credit losses 92,176 93,416 102,896 110,386 118,787 Total securities held-to-maturity 88,715,682 90,289,557 91,271,924 92,447,912 93,825,534 Total securities 135,428,104 132,803,955 131,753,835 136,251,118 133,344,083 Equity securities, at cost 1,426,700 1,901,700 1,404,700 1,404,600 1,404,600 Loans 872,116,129 863,383,714 847,593,970 847,539,088 841,043,351 Less allowance for loan credit losses 8,675,088 8,525,628 8,279,404 8,167,602 8,186,862 Loans, net 863,441,041 854,858,086 839,314,566 839,371,486 832,856,489 Loans held for sale 1,445,377 564,685 5,106,956 4,591,950 4,739,191 Premises and equipment 6,196,774 5,628,103 5,688,187 5,805,983 6,010,649 Right of use asset 1,816,066 1,939,827 1,911,836 2,031,653 2,152,804 Accrued interest receivable 3,422,469 3,342,795 3,152,505 3,124,150 3,360,417 Deferred tax assets 4,356,321 4,431,764 4,558,255 4,568,943 4,870,431 Bank owned life insurance 7,570,668 7,443,531 7,411,319 7,379,630 7,159,381 Goodwill 1,656,507 1,656,507 1,656,507 1,656,507 1,656,507 Other assets 1,638,591 1,741,146 1,771,483 1,660,574 1,891,044 Total Assets $ 1,095,608,788 $ 1,058,066,392 $ 1,020,240,567 $ 1,098,331,669 $ 1,091,433,697 LIABILITIES and SHAREHOLDERS' EQUITY Liabilities Deposits: Noninterest-bearing demand $ 256,355,584 $ 247,511,094 $ 251,431,084 $ 246,907,558 $ 248,150,379 Interest-bearing 721,494,804 685,201,331 656,575,635 685,892,223 682,397,667 Total deposits 977,850,388 932,712,425 908,006,719 932,799,781 930,548,046 FHLB advances and other borrowings 15,000,000 25,000,000 15,000,000 65,000,000 65,000,000 Subordinated debt, net 12,046,819 12,043,757 12,040,695 15,000,000 14,977,576 Lease liabilities 1,886,828 2,011,829 1,984,920 2,105,649 2,226,547 Accrued interest payable 567,996 730,113 485,160 2,468,369 1,633,334 Other liabilities 4,321,095 4,380,812 3,694,164 3,662,903 2,853,893 Total Liabilities 1,011,673,126 976,878,936 941,211,658 1,021,036,702 1,017,239,396 Shareholders' Equity Common stock 29,289 29,289 29,198 29,159 29,159 Additional paid-in-capital 41,469,625 41,351,223 41,331,966 41,284,421 41,204,072 Retained earnings 48,480,152 46,246,459 44,597,524 43,039,340 41,167,218 Accumulated other comprehensive loss (6,043,404) (6,439,515) (6,929,779) (7,057,953) (8,206,148) Total Shareholders' Equity 83,935,662 81,187,456 79,028,909 77,294,967 74,194,301 Total Liabilities and Shareholders' Equity $ 1,095,608,788 $ 1,058,066,392 $ 1,020,240,567 $ 1,098,331,669 $ 1,091,433,697
Community Heritage Financial, Inc. and Subsidiaries Statements of Income (unaudited) Three Months Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Interest Income Loans, including fees $ 12,597,796 $ 12,228,538 $ 12,057,265 $ 12,066,857 $ 11,471,139 $ 24,826,334 $ 22,652,683 Securities 888,721 858,632 809,512 773,571 773,717 1,747,353 1,546,320 Fed funds sold and other bank deposits 467,029 119,202 548,309 1,101,997 1,289,874 586,231 2,156,433 Total interest income 13,953,546 13,206,372 13,415,086 13,942,425 13,534,730 27,159,918 26,355,436 Interest Expense Deposits 4,758,194 4,405,731 4,686,005 5,146,858 5,005,650 9,163,925 9,709,598 Borrowed funds 149,325 189,055 380,370 756,653 750,049 338,380 1,420,965 Subordinated debt 207,250 207,250 209,934 238,049 238,050 414,500 476,099 Total interest expense 5,114,769 4,802,036 5,276,309 6,141,560 5,993,749 9,916,805 11,606,662 Net interest income 8,838,777 8,404,336 8,138,777 7,800,865 7,540,981 17,243,113 14,748,774Provision for credit losses 148,330 248,558 178,624 (7,396) 168,120 396,888 435,490Net interest income after provision for credit losses 8,690,447 8,155,778 7,960,153 7,808,261 7,372,861 16,846,225 14,313,284 Noninterest income Mortgage banking revenue 406,440 164,015 470,783 508,209 365,003 570,455 494,752 Card and merchant services 310,082 281,415 314,785 294,243 285,572 591,497 542,936 Service charges on deposits 231,856 235,097 262,583 252,406 237,357 466,953 474,377 Earnings on bank-owned life insurance 118,847 23,920 23,398 86,958 28,755 142,767 240,396 Loss on sale of investment securities – – (442,493) – – – – Other 25,959 77,870 5,427 5,022 5,001 103,829 56,285 Total noninterest income 1,093,184 782,317 634,483 1,146,838 921,688 1,875,501 1,808,746 Noninterest expense Salaries and employee benefits 3,660,059 3,847,202 3,565,344 3,696,105 3,588,465 7,507,261 6,932,653 Occupancy and equipment 848,881 925,091 906,738 901,283 869,510 1,773,972 1,733,518 Data and item processing 686,375 590,840 624,021 492,294 731,661 1,277,215 1,448,373 Legal and professional fees 366,768 277,977 291,944 242,411 354,244 644,745 642,437 FDIC insurance 170,937 142,866 206,376 210,789 205,143 313,803 390,277 Advertising 79,253 107,375 78,362 93,129 73,236 186,628 134,703 Other 604,861 587,891 616,615 553,021 536,341 1,192,752 1,085,055 Total noninterest expense 6,417,134 6,479,242 6,289,400 6,189,032 6,358,600 12,896,376 12,367,016 Income before income taxes 3,366,497 2,458,853 2,305,236 2,766,067 1,935,949 5,825,350 3,755,014Income tax expense 898,493 576,217 571,853 718,989 494,293 1,474,710 907,663Net income $ 2,468,004 $ 1,882,636 $ 1,733,383 $ 2,047,078 $ 1,441,656 $ 4,350,640 $ 2,847,351 Community Heritage Financial, Inc. and Subsidiaries Per Share Data (unaudited) Three Months Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Earnings per common share Basic $ 0.84 $ 0.64 $ 0.59 $ 0.70 $ 0.49 $ 1.49 $ 0.98 Diluted $ 0.84 $ 0.64 $ 0.59 $ 0.70 $ 0.49 $ 1.48 $ 0.98Common shares outstanding at period end 2,928,888 2,928,888 2,919,797 2,915,933 2,915,933 – 2,915,933Average common shares outstanding Basic 2,928,888 2,922,624 2,919,677 2,915,933 2,913,048 2,925,773 2,914,491 Diluted 2,944,207 2,937,508 2,934,754 2,927,377 2,916,951 2,942,204 2,915,954Cash dividends paid per common share $ 0.08 $ 0.08 $ 0.06 $ 0.06 $ 0.06 $ 0.16 $ 0.12
Community Heritage Financial, Inc. and Subsidiaries Selected Financial Data (unaudited) As of and for the Three Months Ended As of and for the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Per Share Data Common shares outstanding 2,928,888 2,928,888 2,919,797 2,915,933 2,915,933 2,928,888 2,915,933 Book value per share $ 28.66 $ 27.72 $ 27.07 $ 26.51 $ 25.44 $ 28.66 $ 25.44 Tangible book value per share $ 28.09 $ 27.15 $ 26.50 $ 25.94 $ 24.88 $ 28.09 $ 24.88 Capital (bank consolidated unless noted otherwise) Common equity tier 1 (CET1) capital 12.28% 12.11% 12.12% 12.27% 11.98% 12.28% 11.98% Tier 1 capital 12.28% 12.11% 12.12% 12.27% 11.98% 12.28% 11.98% Total risk based capital 13.41% 13.23% 13.24% 13.36% 13.07% 13.41% 13.07% Tier 1 leverage ratio 9.29% 9.47% 9.06% 8.90% 8.69% 9.29% 8.69% Tangible common equity to tangible assets (CHF) 7.52% 7.53% 7.60% 6.90% 6.66% 7.52% 6.66% Asset Quality Data Non-accrual loans $ 1,442,329 $ 1,488,718 $ 1,525,759 $ 1,566,138 $ 1,798,530 $ 1,442,329 $ 1,798,530 Non-performing assets $ 1,442,329 $ 1,488,718 $ 1,525,759 $ 1,566,138 $ 1,798,530 $ 1,442,329 $ 1,798,530 Non-performing loans to loans 0.17% 0.17% 0.18% 0.18% 0.21% 0.17% 0.21% Non-performing assets to total assets 0.13% 0.14% 0.15% 0.14% 0.16% 0.13% 0.16% Net loan charge-offs to average loans 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Allowance for loan credit losses to loans 0.99% 0.99% 0.98% 0.96% 0.96% 0.99% 0.96% Other Data Return on average assets 0.92% 0.74% 0.65% 0.74% 0.53% 0.83% 0.53% Return on average equity 11.93% 9.47% 8.77% 10.66% 7.86% 10.73% 7.84% Net interest margin 3.37% 3.36% 3.13% 2.90% 2.83% 3.36% 2.82% Yield on interest-earning assets 5.32% 5.29% 5.16% 5.18% 5.09% 5.30% 5.03% Cost of interest-bearing liabilities 2.80% 2.78% 2.93% 3.19% 3.19% 2.79% 3.14% Loans to deposits ratio 89.19% 92.57% 93.35% 90.86% 90.67% 89.19% 90.67%
Community Heritage Financial, Inc. and Subsidiaries Condensed Average Balance Sheet Analysis (unaudited) Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Average Balance Interest Yield / Average Balance Interest Yield / Average Balance Interest Yield / Rate Rate RateASSETS Interest-earning assets: Loans, including LHFS $ 868,901,865 $ 12,597,796 5.81% $ 857,799,175 $ 12,228,538 5.76% $ 833,960,162 $ 11,471,139 5.53% Securities 135,415,559 888,721 2.63% 135,129,415 858,632 2.54% 135,875,550 773,717 2.28% Fed funds sold and other bank deposits 47,920,689 467,029 3.91% 16,389,959 119,202 2.95% 99,639,244 1,289,874 5.21% 1,052,238,113 13,953,546 5.32% 1,009,318,549 13,206,372 5.29% 1,069,474,956 13,534,730 5.09% Noninterest-earning assets 23,523,401 22,046,233 23,327,381 Total Assets $ 1,075,761,514 $ 1,031,364,782 $ 1,092,802,337 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Demand deposits $ 527,492,595 $ 3,146,490 2.39% $ 511,603,640 $ 2,964,668 2.35% $ 534,288,264 $ 3,719,156 2.80% Time deposits 176,936,573 1,611,704 3.65% 156,928,392 1,441,063 3.72% 142,212,265 1,286,494 3.64% Interest-bearing deposits 704,429,168 4,758,194 2.71% 668,532,032 4,405,731 2.67% 676,500,529 5,005,650 2.98% Borrowings 27,044,756 356,575 5.28% 30,466,939 396,305 5.24% 79,963,039 988,099 4.96% Interest-bearing liabilities 731,473,924 5,114,769 2.80% 698,998,971 4,802,036 2.78% 756,463,568 5,993,749 3.19% Noninterest-bearing liabilities: Demand deposits 254,468,601 244,507,561 253,726,240 Other 6,873,331 7,266,291 8,854,808 Total Liabilities 992,815,856 950,772,823 1,019,044,616 Cost of Total Deposits 1.99% 1.96% 2.16% Cost of Total Funds (interest- bearing liabilities plus non- interest-bearing deposits) 2.05% 2.06% 2.39% Shareholders' equity 82,945,658 80,591,959 73,757,721 Total Liabilities and Shareholders Equity $ 1,075,761,514 $ 1,031,364,782 $ 1,092,802,337 Net interest income / NIM $ 8,838,777 3.37% $ 8,404,336 3.36% $ 7,540,981 2.83%
Community Heritage Financial, Inc. and Subsidiaries Condensed Average Balance Sheet Analysis (unaudited) Six Months Ended June 30, 2025 June 30, 2024 Average Balance Interest Yield / Average Balance Interest Yield / Rate RateASSETS Interest-earning assets: Loans $ 863,910,059 $ 24,826,334 5.78% $ 831,793,535 $ 22,652,683 5.48% Securities 135,273,444 1,747,353 2.58% 136,807,807 1,546,320 2.26% Fed funds sold and other bank deposits 32,240,014 586,231 3.67% 84,442,563 2,156,433 5.14% 1,031,423,517 27,159,918 5.30% 1,053,043,905 26,355,436 5.03% Noninterest-earning assets 22,237,546 24,073,203 Total Assets $ 1,053,661,063 $ 1,077,117,108 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Demand deposits $ 519,577,191 $ 6,111,158 2.37% $ 533,479,478 $ 7,356,101 2.77% Time deposits 166,993,913 3,052,767 3.69% 133,953,380 2,353,497 3.53% Interest-bearing deposits 686,571,104 9,163,925 2.69% 667,432,858 9,709,598 2.93% Borrowings 28,715,359 752,880 5.26% 76,743,034 1,897,064 4.97% Interest-bearing liabilities 715,286,463 9,916,805 2.79% 744,175,892 11,606,662 3.14% Noninterest-bearing liabilities: Demand deposits 249,504,107 251,603,733 Other 7,095,291 8,283,679 Total Liabilities 971,885,861 1,004,063,304 Cost of Total Deposits 1.97% 2.12% Cost of Total Funds (interest- bearing liabilities plus non- interest-bearing deposits) 2.07% 2.34% Shareholders' equity 81,775,202 73,053,804 Total Liabilities and Shareholders Equity $ 1,053,661,063 $ 1,077,117,108 Net interest income / NIM $ 17,243,113 3.36% $ 14,748,774 2.82%
Community Heritage Financial, Inc. and Subsidiaries Loan and Deposit Composition (unaudited) As of Period End 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Loans:Commercial real estate: Construction and land development $ 67,819,407 $ 65,421,754 $ 59,761,206 $ 64,686,070 $ 89,921,555 Multifamily 22,989,449 24,142,268 25,185,498 23,437,101 21,281,351 Farmland 32,872,235 32,376,907 32,424,255 30,448,216 30,317,070 Other: Owner occupied 139,335,615 143,451,648 136,172,517 137,266,535 130,560,913 Non-owner occupied 164,434,003 163,089,171 159,150,227 154,090,059 143,246,131 Residential, including home equity 307,500,247 298,829,304 296,196,340 297,472,722 290,587,107Commercial and industrial 132,669,094 131,591,369 134,164,953 135,355,039 130,148,584Consumer 847,668 915,551 1,036,859 1,296,915 1,392,904 Gross loans 868,467,718 859,817,972 844,091,855 844,052,657 837,455,615 Net deferred loan costs 3,648,411 3,565,742 3,502,115 3,486,431 3,587,736 Total Loans $ 872,116,129 $ 863,383,714 $ 847,593,970 $ 847,539,088 $ 841,043,351 Deposits:Noninterest-bearing demand $ 256,355,584 $ 247,511,094 $ 251,431,084 $ 246,907,558 $ 248,150,379Interest-bearing: NOW 1 203,461,544 193,760,532 194,682,425 223,884,815 223,072,312 Savings 73,765,147 72,670,367 69,979,571 69,566,114 72,408,661 Money Market 260,797,600 251,803,391 240,320,055 239,982,813 237,799,850 Time 183,470,513 166,967,041 151,593,584 152,458,481 149,116,844 Total interest-bearing 721,494,804 685,201,331 656,575,635 685,892,223 682,397,667 Total Deposits $ 977,850,388 $ 932,712,425 $ 908,006,719 $ 932,799,781 $ 930,548,046 1. Includes demand transaction accounts enrolled in the Bank's reciprocal deposit program.
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