Commercial National Financial Corporation Reports 3rd Quarter 2022 Earnings
10/27/2022 - 06:00 AM
ITHACA, Mich., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced third quarter 2022 net income of $1,601,000, or $.40 per share compared to third quarter 2021 net income of $1,478,000, or $.37 per share. Return on Equity (ROE) was 15.72% for the third quarter of 2022 compared to 13.35% for the third quarter of 2021.
For the third quarter of 2022, net interest income increased $458,000, or 11.3% compared to the third quarter of 2021 primarily due to higher market interest rates and interest-earning assets. Total loans, excluding Paycheck Protection Program (PPP) loans, increased $21.3 million, or 5.4% when comparing September 30, 2022 to September 30, 2021. Non-interest income increased by $35,000, or 5.8% primarily due to higher debit card interchange fees. Operating expenses increased by $138,000, or 4.4% primarily due to higher wages and benefits expense.
Total assets were $613.1 million at September 30, 2022 compared to $591.8 million at September 30, 2021. The increase was primarily due to core deposit growth, partially offset by lower wholesale borrowings. At September 30, 2022, PPP loans outstanding were approximately $1.0 million compared to $54.4 million at September 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Return on Equity (ROE) 15.72 % 13.35 % 19.00 % 14.28 % Return on Assets (ROA) 1.02 % 1.00 % 1.32 % 1.07 % Net Interest Margin 3.02 % 2.90 % 3.45 % 3.07 % September 30, 2022 2021 Non-performing Assets Ratio 0.11 % 0.74 % Tier 1 Leverage Capital(1) 8.59 % 8.83 % Total Risk-based Capital(1) 14.74 % 15.38 % Book Value Per Share $ 9.39 $ 11.07 Market Value Per Share $ 10.75 $ 10.58 (1) Ratios are for Commercial Bank. Consolidated Statements of Income (unaudited): Quarter Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest Income $ 5,311,180 $ 4,657,097 $ 17,231,375 $ 14,320,497 Interest Expense 786,229 589,799 1,903,293 1,838,321 Net Interest Income 4,524,951 4,067,298 15,328,082 12,482,176 Provision for loan losses - (225,000 ) - (225,000 ) Non-interest income 641,174 605,799 1,717,031 1,791,714 Operating Expenses 3,243,954 3,106,093 9,518,566 8,885,551 Income before taxes 1,922,171 1,792,004 7,526,547 5,613,339 Income tax expense 321,000 314,000 1,357,000 1,012,000 Net Income $ 1,601,171 $ 1,478,004 $ 6,169,547 $ 4,601,339 Net Income per share – diluted $ 0.40 $ 0.37 $ 1.56 $ 1.16 Dividends declared $ 0.14 $ 0.14 $ 0.42 $ 0.42 Consolidated Balance Sheets (unaudited): September 30, 2022 2021 Assets Cash and cash equivalents $ 53,518,943 $ 35,881,247 Time deposits with other banks 9,458,000 20,854,000 Securities 102,600,641 59,058,059 Loans 416,905,083 449,036,166 Allowance for loan losses (4,055,878 ) (4,086,664 ) Loans, net 412,849,205 444,949,502 Premises and equipment, net 8,853,644 8,311,175 Other assets 25,825,343 22,785,377 Total Assets $ 613,105,776 $ 591,839,360 Liabilities Deposits $ 540,250,306 $ 497,771,045 FHLB borrowings 19,000,000 34,400,000 Trust preferred 13,403,000 13,403,000 Other liabilities 3,210,208 2,371,146 Total Liabilities 575,863,514 547,945,191 Equity Total Equity 37,242,262 43,894,169 Total Liabilities and Equity $ 613,105,776 $ 591,839,360
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