Commercial National Financial Corporation Reports 3rd Quarter 2023 Earnings
Commercial National Financial Corporation reports net income of $1,702,000 for Q3 2023, compared to $1,601,000 in Q3 2022. Return on Equity (ROE) was 15.42%. Total loans decreased by $2.5 million or 0.6% year over year. Non-interest income decreased by $86,000 or 13.5%. Total assets were $587.8 million at September 30, 2023, compared to $613.1 million at September 30, 2022.
Positive
Net income for Q3 2023 increased by $101,000 or 6.3% compared to Q3 2022. ROE was 15.42%, indicating strong profitability. Total assets decreased by $25.3 million or 4.1% year over year.
Negative
Total loans decreased by $2.5 million or 0.6% year over year. Non-interest income decreased by $86,000 or 13.5%.
10/27/2023 - 08:00 AM
ITHACA, Mich., Oct. 27, 2023 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced that net income for the third quarter of 2023 was $1,702,000 or $0.43 per share compared to third quarter 2022 net income of $1,601,000 or $0.40 per share. Return on Equity (ROE) was 15.42% for the third quarter of 2023 compared to 15.72% for the third quarter of 2022.
For the third quarter of 2023, net interest income increased by $45,000 or 1.0% compared to the third quarter of 2022 primarily due to a higher net interest margin, partially offset by lower average interest-earning assets. Total loans decreased by $2.5 million or 0.6% year over year, mainly due to a large commercial loan payoff during the third quarter of 2023. Non-interest income decreased by $86,000 or 13.5% primarily due to lower miscellaneous income. Operating expenses slightly increased by $19,000 or 0.6% primarily due to higher miscellaneous expense.
Total assets were $587.8 million at September 30, 2023 compared to $613.1 million at September 30, 2022. The decrease was primarily due to the repayment of wholesale borrowings with excess liquidity and lower municipal and other public deposits. CEFC’s wholly owned subsidiary, Commercial Bank, remains significantly above “well capitalized” for regulatory purposes.
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Return on Equity (ROE) 15.42% 15.72% 14.77% 19.00% Return on Assets (ROA) 1.14% 1.02% 1.06% 1.32% Net Interest Margin 3.25% 3.02% 3.25% 3.45% September 30, 2023 2022 Non-performing Assets Ratio 0.16% 0.11% Tier 1 Leverage Capital(1) 9.49% 8.59% Total Risk-based Capital(1) 15.58% 14.74% Book Value Per Share $10.73 $9.39 Market Value Per Share $7.99 $10.75 (1) Ratios are for Commercial Bank. Consolidated Statements of Income (unaudited): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest Income $ 6,456,258 $ 5,311,180 $ 18,812,071 $ 17,231,375 Interest Expense 1,886,333 786,229 5,011,890 1,903,293 Net Interest Income 4,569,925 4,524,951 13,800,181 15,328,082 Provision for loan losses (217,000 ) - (108,000 ) - Non-interest income 554,697 641,174 1,542,498 1,717,031 Operating Expenses 3,263,220 3,243,954 9,723,511 9,518,566 Income before taxes 2,078,402 1,922,171 5,727,168 7,526,547 Income tax expense 376,900 321,000 1,012,663 1,357,000 Net Income $ 1,701,502 $ 1,601,171 $ 4,714,505 $ 6,169,547 Net Income per share - diluted $ 0.43 $ 0.40 $ 1.19 $ 1.56 Dividends declared $ 0.14 $ 0.14 $ 0.42 $ 0.42 Consolidated Balance Sheets (unaudited): September 30, 2023 2022 Assets Cash and cash equivalents $ 42,306,192 $ 53,518,943 Time deposits with other banks 4,482,000 9,458,000 Securities 95,491,438 102,600,641 Loans 414,449,979 416,905,083 Allowance for loan losses (3,647,087 ) (4,055,878 ) Loans, net 410,802,892 412,849,205 Premises and equipment, net 8,819,331 8,853,644 Other assets 25,886,826 25,825,343 Total Assets $ 587,788,679 $ 613,105,776 Liabilities Deposits $ 509,123,260 $ 540,250,306 FHLB borrowings 19,000,000 19,000,000 Trust preferred 13,403,000 13,403,000 Other liabilities 3,699,482 3,210,208 Total Liabilities 545,225,742 575,863,514 Equity Total Equity 42,562,937 37,242,262 Total Liabilities and Equity $ 587,788,679 $ 613,105,776
What was the net income for Q3 2023?
The net income for Q3 2023 was $1,702,000.
What was the ROE for Q3 2023?
The ROE for Q3 2023 was 15.42%.
How did total loans change year over year?
Total loans decreased by $2.5 million or 0.6% compared to the previous year.
What happened to non-interest income?
Non-interest income decreased by $86,000 or 13.5%.
What were the total assets at September 30, 2023?
The total assets were $587.8 million at September 30, 2023.
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