Commercial National Financial Corporation Reports 2nd Quarter 2022 Earnings
07/26/2022 - 06:00 AM
ITHACA, Mich., July 26, 2022 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced second quarter 2022 net income of $1,518,113 , or $.38 per share compared to second quarter 2021 net income of $1,411,813 , or $.36 per share. Return on Equity (ROE) was 14.23% for the second quarter of 2022 compared to 13.15% for the second quarter of 2021.
For the second quarter of 2022, net interest income increased $386,000 , or 9.5% compared to the second quarter of 2021 primarily due to higher interest-earning assets as well as from the recovery of interest on non-accrual loan payoffs. Total loans, excluding Paycheck Protection Program (“PPP”) loans, increased $25.9 million , or 6.7% when comparing June 30, 2022 to June 30, 2021. Non-interest income decreased by $106,000 , or 17.6% primarily due to lower miscellaneous income, partially offset by higher debit card fees. Operating expenses increased by $172,000 , or 5.8% primarily due to higher wages and benefits expense.
Total assets were $625 million at June 30, 2022 compared to $587.6 million at June 30, 2021. The increase was primarily due to core deposit growth, partially offset by lower wholesale borrowings. At June 30, 2022, PPP loans outstanding were approximately $1.8 million compared to $60 million at June 30, 2021.
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Return on Equity (ROE) 14.23% 13.15% 20.51% 14.76% Return on Assets (ROA) 0.97% 0.97% 1.47% 1.11% Net Interest Margin 3.02% 2.99% 3.68% 3.17% June 30, 2022 2021 Non-performing Assets Ratio 0.11% 0.84% Tier 1 Leverage Capital(1) 8.49% 8.79% Total Risk-based Capital(1) 14.84% 15.89% Book Value Per Share $9.81 $10.87 Market Value Per Share $11.44 $10.75 (1) Ratios are for Commercial Bank. Consolidated Statements of Income (unaudited): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Interest Income $ 5,043,640 $ 4,680,835 $ 11,920,195 $ 9,663,400 Interest Expense 585,202 608,648 1,117,064 1,248,522 Net Interest Income 4,458,438 4,072,187 10,803,131 8,414,878 Provision for loan losses - - - - Non-interest income 496,982 603,232 1,075,857 1,185,915 Operating Expenses 3,127,307 2,955,606 6,274,612 5,779,458 Income before taxes 1,828,113 1,719,813 5,604,376 3,821,335 Income tax expense 310,000 308,000 1,036,000 698,000 Net Income $ 1,518,113 $ 1,411,813 $ 4,568,376 $ 3,123,335 Net Income per share - diluted $ 0.38 $ 0.36 $ 1.15 $ 0.79 Dividends declared $ 0.14 $ 0.14 $ 0.28 $ 0.28 Consolidated Balance Sheets (unaudited): June 30, 2022 2021 Assets Cash and cash equivalents $ 68,922,849 $ 51,343,114 Time deposits with other banks 11,450,000 20,854,000 Securities 103,209,588 44,822,995 Loans 412,037,495 444,406,884 Allowance for loan losses (3,831,495 ) (4,238,164 ) Loans, net 408,206,000 440,168,720 Premises and equipment, net 8,595,466 8,134,522 Other assets 24,602,640 22,308,977 Total Assets $ 624,986,543 $ 587,632,328 Liabilities Deposits $ 545,892,457 $ 492,885,149 FHLB borrowings 24,000,000 35,400,000 Trust preferred 13,403,000 13,403,000 Other liabilities 2,792,569 2,842,747 Total Liabilities 586,088,026 544,530,896 Equity Total Equity 38,898,517 43,101,432 Total Liabilities and Equity $ 624,986,543 $ 587,632,328
Contact: Kevin A. Twardy CFO and COO 989-875-5528
Commercial National Financial Corp (MI)
CEFC Rankings
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