Commercial National Financial Corporation Reports 3rd Quarter 2021 Earnings
ITHACA, Mich., Oct. 29, 2021 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced third quarter 2021 net income of
For the third quarter of 2021, net interest income increased
The provision for loan losses expense was negative
Total assets were
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 September 30, | Nine Months Ended September 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Return on Equity (ROE) | 13.35 | % | 11.50 | % | 14.28 | % | 10.45 | % | |||||||
Return on Assets (ROA) | 1.00 | % | 0.85 | % | 1.07 | % | 0.78 | % | |||||||
Net Interest Margin | 2.90 | % | 3.01 | % | 3.07 | % | 3.09 | % | |||||||
September 30, | |||||||||||||||
2021 | 2020 | ||||||||||||||
Non-performing Assets Ratio | 0.74 | % | 0.77 | % | |||||||||||
Tier 1 Leverage Capital(1) | 8.83 | % | 8.84 | % | |||||||||||
Total Risk-based Capital(1) | 15.38 | % | 15.39 | % | |||||||||||
Book Value Per Share | $ | 11.07 | $ | 10.27 | |||||||||||
Market Value Per Share | $ | 10.58 | $ | 9.11 | |||||||||||
(1) Ratios are for Commercial Bank. | . | . | |||||||||||||
Consolidated Statements of Income (unaudited): | |||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Interest Income | $ | 4,657,097 | $ | 4,715,503 | $ | 14,320,497 | $ | 14,401,670 | |||||||
Interest Expense | 589,799 | 807,886 | 1,838,321 | 2,785,487 | |||||||||||
Net Interest Income | 4,067,298 | 3,907,617 | 12,482,176 | 11,616,183 | |||||||||||
Provision for loan losses | (225,000 | ) | 300,000 | (225,000 | ) | 1,250,000 | |||||||||
Non-interest income | 605,799 | 566,672 | 1,791,714 | 1,560,698 | |||||||||||
Operating Expenses | 3,106,093 | 2,772,687 | 8,885,551 | 8,201,942 | |||||||||||
Income before taxes | 1,792,004 | 1,401,602 | 5,613,339 | 3,724,939 | |||||||||||
Income tax expense | 314,000 | 224,500 | 1,012,000 | 597,500 | |||||||||||
Net Income | $ | 1,478,004 | $ | 1,177,102 | $ | 4,601,339 | $ | 3,127,439 | |||||||
Net Income per share - diluted | $ | 0.37 | $ | 0.30 | $ | 1.16 | $ | 0.79 | |||||||
Dividends declared | $ | 0.14 | $ | 0.14 | $ | 0.42 | $ | 0.42 | |||||||
Consolidated Balance Sheets (unaudited): | |||||||||||||||
September 30, | |||||||||||||||
2021 | 2020 | ||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 35,881,247 | $ | 51,221,763 | |||||||||||
Time deposits with other banks | 20,854,000 | 22,839,000 | |||||||||||||
Securities | 59,058,059 | 38,306,539 | |||||||||||||
Loans | 449,036,166 | 409,697,305 | |||||||||||||
Allowance for loan losses | (4,086,664 | ) | (4,043,266 | ) | |||||||||||
Loans, net | 444,949,502 | 405,654,039 | |||||||||||||
Premises and equipment, net | 8,311,175 | 8,217,624 | |||||||||||||
Other assets | 22,785,377 | 21,884,842 | |||||||||||||
Total Assets | $ | 591,839,360 | $ | 548,123,807 | |||||||||||
Liabilities | |||||||||||||||
Deposits | $ | 497,771,045 | $ | 451,610,662 | |||||||||||
Other borrowings | 34,400,000 | 39,480,000 | |||||||||||||
Trust preferred | 13,403,000 | 13,403,000 | |||||||||||||
Other liabilities | 2,371,146 | 2,904,766 | |||||||||||||
Total Liabilities | 547,945,191 | 507,398,428 | |||||||||||||
Equity | |||||||||||||||
Total Equity | 43,894,169 | 40,725,379 | |||||||||||||
Total Liabilities and Equity | $ | 591,839,360 | $ | 548,123,807 | |||||||||||
Contact:
Kevin A. Twardy
CFO and COO
989-875-5528