Commercial National Financial Corporation Reports 1st Quarter 2024 Earnings
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Commercial National Financial reported a net income of $1,161,000 or $0.29 per share for the first quarter of 2024, compared to $1,470,000 or $0.37 per share in the first quarter of 2023. Return on Equity (ROE) decreased to 9.95% from 14.40% in the same period. Net interest income decreased by 4.2% due to higher interest expenses outpacing income growth. Noninterest income increased by 13.7%, while operating expenses rose by 9.9%. Total assets decreased to $591.7 million from $600.9 million in March 2023, mainly due to repayment of borrowings and a decrease in deposit balances. Despite a reduction in total loans, loan quality remained strong with a non-performing assets ratio of 0.20%. The construction of a new office in Grand Rapids is nearing completion, with an expected opening in June 2024.
Commercial National Financial ha riportato un utile netto di 1.161.000 dollari, o 0,29 dollari per azione, per il primo trimestre del 2024, rispetto a 1.470.000 dollari o 0,37 dollari per azione nel primo trimestre del 2023. Il ritorno sul capitale proprio (ROE) è diminuito al 9,95% dal 14,40% nello stesso periodo. I ricavi netti da interessi sono diminuiti del 4,2% a causa di spese per interessi superiori alla crescita dei ricavi. I ricavi non derivanti da interessi sono aumentati del 13,7%, mentre le spese operative sono cresciute del 9,9%. Gli asset totali sono diminuiti a 591,7 milioni di dollari dai 600,9 milioni di dollari di marzo 2023, principalmente a causa della restituzione di prestiti e di una riduzione nei saldi dei depositi. Nonostante una riduzione nei prestiti totali, la qualità del credito è rimasta elevata con un rapporto sui crediti in sofferenza dello 0,20%. La costruzione di una nuova sede a Grand Rapids è quasi completata, con un'apertura prevista per giugno 2024.
Commercial National Financial reportó un ingreso neto de $1,161,000 o $0.29 por acción para el primer trimestre de 2024, en comparación con $1,470,000 o $0.37 por acción en el primer trimestre de 2023. El Retorno sobre el Capital (ROE) disminuyó a 9.95% desde 14.40% en el mismo periodo. El ingreso neto por intereses disminuyó un 4.2% debido a que los gastos por intereses superaron el crecimiento de los ingresos. El ingreso no proveniente de intereses aumentó un 13.7%, mientras que los gastos operativos aumentaron un 9.9%. Los activos totales se redujeron a $591.7 millones de $600.9 millones en marzo de 2023, principalmente por el reembolso de préstamos y una disminución en los saldos de los depósitos. A pesar de la reducción en el total de préstamos, la calidad de los préstamos se mantuvo fuerte con una proporción de activos no productivos del 0.20%. La construcción de una nueva oficina en Grand Rapids está cerca de completarse, con una apertura esperada en junio de 2024.
Commercial National Financial은 2024년 첫 분기에 주당 0.29달러, 총 1,161,000달러의 순이익을 보고했습니다. 이는 2023년 첫 분기의 1,470,000달러 또는 주당 0.37달러에 비해 감소한 수치입니다. 자기자본이익률(ROE)은 같은 기간 14.40%에서 9.95%로 감소했습니다. 순이자 수익은 이자 비용 증가가 수익 성장을 초과함에 따라 4.2% 감소했습니다. 비이자 수익은 13.7% 증가했고, 운영 비용은 9.9% 증가했습니다. 총 자산은 대출 상환과 예금 잔액 감소로 인해 2023년 3월의 600.9백만 달러에서 591.7백만 달러로 감소했습니다. 총 대출이 감소하였음에도 불구하고 대출 품질은 여전히 강력하며 부실 자산 비율은 0.20%였습니다. Grand Rapids에 새로운 사무실 건설이 거의 완료되어 2024년 6월에 개장할 예정입니다.
Commercial National Financial a rapporté un bénéfice net de 1 161 000 dollars ou 0,29 dollar par action pour le premier trimestre de 2024, comparé à 1 470 000 dollars ou 0,37 dollar par action au premier trimestre de 2023. Le retour sur capitaux propres (ROE) a diminué à 9,95 % contre 14,40 % pour la même période. Le revenu net d'intérêt a diminué de 4,2 % en raison de dépenses d'intérêt supérieures à la croissance des revenus. Le revenu hors intérêts a augmenté de 13,7 %, tandis que les dépenses d'exploitation ont augmenté de 9,9 %. L'actif total a diminué à 591,7 millions de dollars contre 600,9 millions de dollars en mars 2023, principalement en raison du remboursement des emprunts et d'une diminution des soldes de dépôts. Malgré une réduction des prêts totaux, la qualité des prêts est restée forte avec un ratio d'actifs non performants de 0,20 %. La construction d'un nouveau bureau à Grand Rapids est presque achevée, avec une ouverture prévue en juin 2024.
Commercial National Financial meldete für das erste Quartal 2024 einen Nettogewinn von 1.161.000 Dollar oder 0,29 Dollar pro Aktie, verglichen mit 1.470.000 Dollar oder 0,37 Dollar pro Aktie im ersten Quartal 2023. Die Eigenkapitalrendite (ROE) fiel im gleichen Zeitraum von 14,40% auf 9,95%. Der Nettozinsüberschuss sank um 4,2%, da höhere Zinskosten das Einkommenswachstum überstiegen. Das außerzinsliche Einkommen stieg um 13,7%, während die Betriebskosten um 9,9% anstiegen. Die Gesamtaktiva verringerten sich auf 591,7 Millionen Dollar von 600,9 Millionen Dollar im März 2023, hauptsächlich aufgrund der Rückzahlung von Krediten und einer Abnahme der Einlagenbestände. Trotz einer Verringerung der Gesamtkredite blieb die Kreditqualität stark, mit einer Quote nichtleistungsbezogener Vermögenswerte von 0,20%. Der Bau eines neuen Büros in Grand Rapids nähert sich dem Abschluss mit einer erwarteten Eröffnung im Juni 2024.
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ITHACA, Mich., April 26, 2024 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) reported net income for the first quarter of 2024 of
Net interest income for the first quarter of 2024 decreased by
Total assets were
We are also very pleased to announce that the construction of our new Grand Rapids office is nearing completion, with an anticipated opening date in early June of 2024. We continue to look for opportunities to expand our community bank and look forward to growing our loan and deposit base during 2024.
Visit www.commercial-bank.com to view the latest news releases and other information about CEFC and Commercial Bank.
| Selected Financial Data (unaudited): | |||||||
| Quarter Ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Return on Equity (ROE) | 9.95 | % | 14.40 | % | |||
| Return on Assets (ROA) | 0.79 | % | 0.98 | % | |||
| Net Interest Margin | 3.25 | % | 3.28 | % | |||
| March 31, | |||||||
| 2024 | 2023 | ||||||
| Non-Performing Assets Ratio | 0.20 | % | 0.13 | % | |||
| Tier 1 Leverage Capital Ratio(1) | 9.70 | % | 9.04 | % | |||
| Total Risk-Based Capital Ratio(1) | 15.81 | % | 15.06 | % | |||
| Book Value Per Share | $ | 11.89 | $ | 10.66 | |||
| Market Value Per Share | $ | 9.15 | $ | 10.75 | |||
| (1) Ratios are for Commercial Bank | |||||||
| Consolidated Statements of Income (unaudited): | |||||||
| Quarter Ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Interest Income | $ | 6,615,474 | $ | 6,076,059 | |||
| Interest Expense | 2,123,427 | 1,385,415 | |||||
| Net Interest Income | 4,492,047 | 4,690,644 | |||||
| Provision for loan losses | 40,000 | 121,000 | |||||
| Non-interest income | 537,092 | 472,504 | |||||
| Operating Expenses | 3,595,018 | 3,270,792 | |||||
| Income before taxes | 1,394,121 | 1,771,356 | |||||
| Income tax expense | 232,990 | 301,300 | |||||
| Net Income | $ | 1,161,131 | $ | 1,470,056 | |||
| Net Income per share — diluted | $ | 0.29 | $ | 0.37 | |||
| Dividends declared | $ | 0.14 | $ | 0.14 | |||
| Consolidated Balance Sheets (unaudited): | |||||||
| March 31, | |||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Cash and cash equivalents | $ | 59,248,093 | $ | 45,031,302 | |||
| Time deposits with other banks | 1,992,000 | 4,482,000 | |||||
| Securities | 84,835,301 | 98,252,929 | |||||
| Loans | 414,380,652 | 423,195,140 | |||||
| Allowance for loan losses | (3,609,455 | ) | (3,881,282 | ) | |||
| Loans, net | 410,771,197 | 419,313,858 | |||||
| Premises and equipment, net | 9,655,198 | 8,718,868 | |||||
| Other assets | 25,205,622 | 25,101,915 | |||||
| Total Assets | $ | 591,707,411 | $ | 600,900,872 | |||
| Liabilities | |||||||
| Deposits | $ | 516,760,150 | $ | 523,072,519 | |||
| FHLB borrowings | 14,000,000 | 19,000,000 | |||||
| Trust preferred | 10,310,000 | 13,403,000 | |||||
| Other liabilities | 3,490,066 | 3,170,449 | |||||
| Total Liabilities | 544,560,216 | 558,645,968 | |||||
| Equity | |||||||
| Total Equity | 47,147,195 | 42,254,904 | |||||
| Total Liabilities and Equity | $ | 591,707,411 | $ | 600,900,872 | |||
Contact:
Benjamin Z. Ogle
CFO
989-875-5562
FAQ
What was Commercial National Financial 's net income for the first quarter of 2024?
Commercial National Financial reported a net income of $1,161,000 for the first quarter of 2024.
What was the Return on Equity (ROE) for Commercial National Financial in the first quarter of 2024?
The Return on Equity (ROE) for Commercial National Financial was 9.95% in the first quarter of 2024.
What was the total assets of Commercial National Financial as of March 31, 2024?
Total assets of Commercial National Financial were $591.7 million as of March 31, 2024.
What caused the decrease in total assets for Commercial National Financial ?
The decrease in total assets was primarily due to the repayment of borrowings and a decrease in deposit balances for Commercial National Financial
What was the non-performing assets ratio for Commercial National Financial ?
The non-performing assets ratio for Commercial National Financial was 0.20%.
COMML NATL FINCL CRP MICH
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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