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FINANCIAL | Lending / Consumer

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Acquired | Acquired

About Millennium Financial Group

Mlend is a full-service mortgage lender headquartered in Middletown, MD that provides expertise in every area of residential mortgage financing.

Millennium Financial Group Headquarter Location

8803 Baltimore National Pike

Middletown, Maryland, 21769,

United States


Latest Millennium Financial Group News

Community Heritage Financial, Inc. Reports Record Earnings for the Fourth Quarter of 2020

Jan 21, 2021

News provided by Share this article MIDDLETOWN, Md., Jan. 21, 2021 /PRNewswire/ -- Community Heritage Financial, Inc. ("the Company") (OTC Pink: CMHF), the parent company for Middletown Valley Bank ("MVB") and Millennium Financial Group, Inc. ("Mlend"), announced today that for the quarter ended December 31, 2020, the Company earned net income of $1.567 million or $0.70 per share, an increase of 30.5% or $366 thousand compared to net income of $1.201 million or $0.53 per share for the third quarter of 2020. Net income for the quarter ended December 31, 2020 as compared to the quarter ended December 31, 2019 was up $1.001 million from $566 thousand and earnings per share increased $0.45 per share from $0.25 per share in the fourth quarter of 2019. Year-to-date net income of $4.127 million increased $1.497 million or 56.9% from $2.631 million for 2019. Earnings per share for the year ended 2020 was $1.83 per share compared to $1.17 per share for 2019, an increase of $0.66 per share. 2020 was an unprecedented year and will serve as a benchmark in history for many years to come. The plans and expectations of every person and every business in the world quickly changed and all were forced to forge a new path and adapt to the changes brought on by the pandemic. As the nation works to recover and move forward to strengthen the economy and work its way through the COVID crisis, Community Heritage Financial, Inc., Middletown Valley Bank and Millennium Financial Group, Inc. remain deeply committed to the communities we serve. Mlend and MVB have continued to support the local economy and extended credit to fund over $250 million in residential mortgage loans to local homeowners and over $64 million via the Paycheck Protection Plan, ("PPP") to local small business owners, which supported the retention of 7,554 jobs in the community. During the fourth quarter, the Bank began the process of assisting those small businesses with the loan forgiveness application process and over $14 million in PPP loans had been granted forgiveness by the end of the year. The Bank continues its commitment to the local economy and has begun processing applications for Phase 2 of the PPP program to offer continued support to local jobs and small businesses. While the pandemic remains in the forefront, the health and safety of our customers and employees remains our highest priority as we have taken steps to return to normal operations and provide customers with Absolutely Exceptional Experiences to serve their financial needs. Quarterly Highlights – 4Q20 vs 3Q20 Net book value per share increased to $23.52 per share in the fourth quarter, up $0.61 per share, or 2.67% compared to $22.91 in the third quarter of 2020. Tangible book value per share increased by $0.61 or 2.8% to $22.78 per share compared to $22.17 at September 30, 2020. Cash balances increased on a linked quarter basis by 48.5% or $14.1 million. In the fourth quarter of 2020 the PPP loan payoffs due to SBA forgiveness totaled $14 million. This along with $11.8 million in deposit growth added to the cash increase. The bank deployed a portion of the funds in the form of liquid investment securities and also funded core loan growth for the period. The bank also continued to strengthen off-balance sheet contingency funding sources (FHLB and FRB discount window borrowing capacity), keeping the overall contingency funding position strong at approximately 46% of total funding at the bank level as of December 31, 2020. Net loans grew on a linked quarter basis by $2.7 million as of December 31, 2020. At the end of the fourth quarter the bank had a total of $50.0 million in PPP loans on the balance sheet, a decrease of $14 million resulting from PPP loan forgiveness. Core loan growth totaled $17.4 million for the fourth quarter. The core growth for the fourth quarter came from $2.3 million in residential mortgages and $15.8 million in commercial real estate and C&I loans. Overall deposits grew $11.8 million, or 2% for the fourth quarter. The deposit growth for the fourth quarter was affected by the retirement of $10 million in brokered deposits. The brokered deposit decrease was offset by increases in money market accounts totaling $10 million and non-interest-bearing demand deposits totaling $9 million. Due to a decrease in the cost of funds of 11 basis points quarter over quarter, the bank normalized margin (excludes impact of PPP loans and fees, FRB Cash and Brokered deposits) increased to 3.66% in the fourth quarter from 3.61% in the third quarter of 2020. Provision expense was $1.46 million for the fourth quarter, up from $845 thousand in the third quarter. While credit quality metrics remained strong, metrics related to unemployment and GDP coupled with a bank applied COVID factor moved the provision expense higher for the fourth quarter. The increased provision moved the "loan loss reserve to total loans" ratio (excluding PPP loans) to 1.47% for December 31, 2020, up from 1.22% as of September 30, 2020. Quarterly Highlights – 4Q20 vs 4Q19 Net book value per share of $23.52 represents a $1.92 or 8.9% increase over December 31, 2019 book value of $21.60 per share. Tangible book value per share of $22.78 also increased by $1.92 or 9.2% on a year-over-year basis. Year-over-year net loan growth was $126.4 million or 29.7%, which includes $50 million in PPP loans. Excluding the PPP loans, core loan growth was $76.4 million or 18% year-over-year. Deposits grew $153 million or 34.2% on a year over year basis compared to December 31, 2019. Excluding brokered deposits of $8 million (as of 12/31/20), core deposits increased $144.5 million or 32.3% year-over-year. Most of the growth was in demand deposits ($71 million) and low interest cost money market and savings deposits ($57.5 million). As of December 2020, the bank had reduced overall cost of funds to 0.39%, down from 0.97% in December of 2019. Year-to date loan loss provision expense through December 31, 2020 totaled $3.25 million (excludes $254 thousand for off-balance sheet and check card loss provision), an increase of $2.49 million compared to $763 thousand through December 31, 2019. Loan growth and economic metrics due to the pandemic (unemployment, GDP and COVID factor) account for the increased provision expense. On a total year basis, non-interest income for 2020 grew by $4.439 million compared to non-interest income for 2019. Mortgage activity and secondary sales income (increase of $3.57 million) along with security sale gains of $750 thousand account for most of the increase. The company also booked a $465 thousand gain on the derivative related to interest rate lock commitments on residential mortgage loans for 2020. Non-interest expense year to date December 31, 2020 increased $2.8 million compared to December 31, 2019. The increase is directly related to the increased mortgage volume (processing, investor fees, etc.) noted above, while the remaining increased expense is related to additional technology, staffing and processing costs associated with rapid asset growth (33.2% year-over-year). Dividend A dividend of $0.04 per share was declared by the Board of Directors on January 19, 2021 for shareholders of record as of February 2, 2021 and payable on February 9, 2021. This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward- looking terminology such as "believes," "expects," "intends," "may," "will," "should," "anticipates" or similar terminology. Such statements, specifically regarding the Company's intentions regarding transparency, growth and market expansion, are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, changes in interest rates, stock market liquidity, deposit flows, loan demand and real estate values, as well as changes in economic, competitive, governmental, regulatory, technological and other factors which may affect the Company specifically, its existing and target market areas or the banking industry in general. The realization or occurrence of these risks or uncertainties could cause actual results to differ materially from those addressed in the forward-looking statements. Community Heritage Financial, Inc. President & Chief Executive Officer

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