Commercial National Financial Corporation Reports 1st Quarter 2022 Earnings
04/29/2022 - 06:00 AM
ITHACA, Mich., April 29, 2022 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced first quarter 2022 net income of $3,050,000, or $.77 per share compared to first quarter 2021 net income of $1,712,000, or $.43 per share. Return on Equity (ROE) was 26.26% for the first quarter of 2022 compared to 16.42% for the first quarter of 2021.
For the first quarter of 2022, net interest income increased $2,002,000, or 46.1% compared to the first quarter of 2021 primarily due to significantly higher accretion on Paycheck Protection Program (PPP) loans. During the quarter, $46.2 million of PPP loans were forgiven by the Small Business Administration. At March 31, 2022, PPP loans outstanding were approximately $3.8 million compared to $60.4 million at March 31, 2021. Total loans, excluding PPP loans, increased $22 million, or 5.7% when comparing March 31, 2022 to March 31, 2021.
Noninterest income decreased by $4,000, or .7% primarily due to lower miscellaneous income, partially offset by higher debit card interchange revenue. Operating expenses increased by $323,000 or 11.5% primarily due to higher compensation and benefits expense associated with hiring additional lending and treasury team members.
Total assets were $627.4 million at March 31, 2022 compared to $569.8 million at March 31, 2021. The increase was primarily due to core deposit growth, partially offset by lower wholesale borrowings.
Commercial National Financial Corporation operates through a single subsidiary bank, Commercial Bank. Visit www.commercial-bank.com to view the latest consolidated Annual Report, news releases and other information about CEFC and Commercial Bank.
Selected Financial Data (unaudited): Quarter Ended March 31, 2022 2021 Return on Equity (ROE) 26.26 % 16.42 % Return on Assets (ROA) 1.99 % 1.25 % Net Interest Margin 4.37 % 3.35 % March 31, 2022 2021 Non-performing Assets Ratio 0.70 % 1.09 % Tier 1 Leverage Capital(1) 8.59 % 9.06 % Total Risk-based Capital(1) 14.94 % 15.59 % Book Value Per Share $ 11.51 $ 10.68 Market Value Per Share $ 13.30 $ 10.50 (1) Ratios are for Commercial Bank.. . Consolidated Statements of Income (unaudited): Quarter Ended March 31, 2022 2021 Interest Income $ 6,876,555 $ 4,982,565 Interest Expense 531,862 639,874 Net Interest Income 6,344,693 4,342,691 Provision for loan losses - - Non-interest income 578,875 582,683 Operating Expenses 3,147,305 2,823,852 Income before taxes 3,776,263 2,101,522 Income tax expense 726,000 390,000 Net Income $ 3,050,263 $ 1,711,522 Net Income per share - diluted $ 0.77 $ 0.43 Dividends declared $ 0.14 $ 0.14 Consolidated Balance Sheets (unaudited): March 31, 2022 2021 Assets Cash and cash equivalents $ 67,543,910 $ 29,060,961 Time deposits with other banks 14,380,000 22,097,000 Securities 108,533,063 46,981,725 Loans 410,228,551 444,836,860 Allowance for loan losses (3,831,809 ) (4,256,978 ) Loans, net 406,396,742 440,579,882 Premises and equipment, net 8,377,785 8,087,637 Other assets 22,165,771 22,967,038 Total Assets $ 627,397,271 $ 569,774,243 Liabilities Deposits $ 531,049,989 $ 475,090,235 Other borrowings 34,400,000 35,400,000 Trust preferred 13,403,000 13,403,000 Other liabilities 2,886,462 3,533,757 Total Liabilities 581,739,451 527,426,992 Equity Total Equity 45,657,820 42,347,251 Total Liabilities and Equity $ 627,397,271 $ 569,774,243
Contact: Kevin A. Twardy CFO and COO 989-875-5528
Commercial National Financial Corp (MI)
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N/A Ranked by Stock Gains
CEFC Stock Data
Industry
Commercial Banking
Sector
Finance and Insurance
Tags
Regional Banks, Finance, Finance and Insurance, Commercial Banking
About CEFC
commercial national financial corporation operates as the holding company for commercial bank that provides various banking products and services to individuals, agricultural businesses, commercial businesses, and light industries in michigan. it accepts various deposit products, including checking and savings accounts, individual retirement accounts, certificates of deposit, and health savings accounts. the company also offers personal loan products, such as automobile loans, recreational vehicle loans, personal lines of credit, and unsecured term loans, as well as home equity loans and mortgage loans; and business loans, including secured lines of credit, business equity line of credit, sba loans, equipment loans, real estate loans, vehicle loans, term loans, usda loan programs, and capital access loan programs. it also provides other services comprising business visa check cards, debit and atm cards, business statement savings, business certificates of deposit, merchant bankcard ref