ITHACA, Mich., July 25, 2023 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced second quarter 2023 net income of $1,543,000, or $.39 per share compared to second quarter 2022 net income of $1,518,000, or $.38 per share.Ā Ā Return on Equity (ROE) was 14.44% for the second quarter of 2023 compared to 14.23% for the second quarter of 2022.
For the second quarter of 2023, net interest income increased by $81,000, or 1.8% compared to the second quarter of 2022 primarily due to a higher net interest margin, partially offset by lower average interest-earning assets. Total loans increased $9.2 million, or 2.2% when comparing June 30, 2023 to June 30, 2022. Non-interest income increased by $18,000, or 3.7% primarily due to higher miscellaneous income. Operating expenses increased by $62,000, or 2% primarily due to higher wages and benefits expense.
Total assets were $587.9 million at June 30, 2023 compared to $625 million at June 30, 2022. The decrease was primarily due to the repayment of $17.7 million of wholesale borrowings with excess liquidity as well as lower municipal and other public deposits.Ā Ā 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.
Ā | Ā | Ā | Ā | Ā | Ā | Ā | |||||||||
Selected Financial Data (unaudited): | |||||||||||||||
Ā | Quarter Ended June 30, | Ā | Six Months Ended June 30, | ||||||||||||
Ā | 2023 | Ā | 2022 | Ā | 2023 | Ā | 2022 | ||||||||
Return on Equity (ROE) | Ā | 14.44 | % | Ā | Ā | 14.23 | % | Ā | Ā | 14.42 | % | Ā | Ā | 20.51 | % |
Return on Assets (ROA) | Ā | 1.04 | % | Ā | Ā | 0.97 | % | Ā | Ā | 1.01 | % | Ā | Ā | 1.47 | % |
Net Interest Margin | Ā | 3.23 | % | Ā | Ā | 3.00 | % | Ā | Ā | 3.26 | % | Ā | Ā | 3.68 | % |
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | ||||||||
Ā | June 30, | Ā | Ā | Ā | Ā | ||||||||||
Ā | 2023 | Ā | 2022 | Ā | Ā | Ā | Ā | ||||||||
Non-performing Assets Ratio | Ā | 0.18 | % | Ā | Ā | 0.11 | % | Ā | Ā | Ā | Ā | ||||
Tier 1 Leverage Capital(1) | Ā | 9.37 | % | Ā | Ā | 8.49 | % | Ā | Ā | Ā | Ā | ||||
Total Risk-based Capital(1) | Ā | 15.22 | % | Ā | Ā | 14.84 | % | Ā | Ā | Ā | Ā | ||||
Book Value Per Share | $ | 10.89 | Ā | Ā | $ | 9.81 | Ā | Ā | Ā | Ā | Ā | ||||
Market Value Per Share | $ | 9.30 | Ā | Ā | $ | 11.44 | Ā | Ā | Ā | Ā | Ā | ||||
(1)Ratios are for Commercial Bank. | Ā | Ā | Ā | Ā | Ā | Ā | Ā | ||||||||
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | ||||||||
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | ||||||||
Consolidated Statements of Income (unaudited): | |||||||||||||||
Ā | Quarter Ended June 30, | Ā | Six Months Ended June 30, | ||||||||||||
Ā | 2023 | Ā | 2022 | Ā | 2023 | Ā | 2022 | ||||||||
Interest Income | $ | 6,279,754 | Ā | Ā | $ | 5,043,640 | Ā | Ā | $ | 12,355,813 | Ā | Ā | $ | 11,920,195 | Ā |
Interest Expense | Ā | 1,740,142 | Ā | Ā | Ā | 585,202 | Ā | Ā | Ā | 3,125,557 | Ā | Ā | Ā | 1,117,064 | Ā |
Net Interest Income | Ā | 4,539,612 | Ā | Ā | Ā | 4,458,438 | Ā | Ā | Ā | 9,230,256 | Ā | Ā | Ā | 10,803,131 | Ā |
Provision for loan losses | Ā | (12,000 | ) | Ā | Ā | - | Ā | Ā | Ā | 109,000 | Ā | Ā | Ā | - | Ā |
Non-interest income | Ā | 515,297 | Ā | Ā | Ā | 496,982 | Ā | Ā | Ā | 987,801 | Ā | Ā | Ā | 1,075,857 | Ā |
Operating Expenses | Ā | 3,189,499 | Ā | Ā | Ā | 3,127,307 | Ā | Ā | Ā | 6,460,291 | Ā | Ā | Ā | 6,274,612 | Ā |
Income before taxes | Ā | 1,877,410 | Ā | Ā | Ā | 1,828,113 | Ā | Ā | Ā | 3,648,766 | Ā | Ā | Ā | 5,604,376 | Ā |
Income tax expense | Ā | 334,463 | Ā | Ā | Ā | 310,000 | Ā | Ā | Ā | 635,763 | Ā | Ā | Ā | 1,036,000 | Ā |
Net Income | $ | 1,542,947 | Ā | Ā | $ | 1,518,113 | Ā | Ā | $ | 3,013,003 | Ā | Ā | $ | 4,568,376 | Ā |
Net Income per share - diluted | $ | 0.39 | Ā | Ā | $ | 0.38 | Ā | Ā | $ | 0.76 | Ā | Ā | $ | 1.15 | Ā |
Dividends declared | $ | 0.14 | Ā | Ā | $ | 0.14 | Ā | Ā | $ | 0.28 | Ā | Ā | $ | 0.28 | Ā |
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | ||||||||
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | ||||||||
Consolidated Balance Sheets (unaudited): | |||||||||||||||
Ā | June 30, | Ā | Ā | Ā | Ā | ||||||||||
Ā | 2023 | Ā | 2022 | Ā | Ā | Ā | Ā | ||||||||
Assets | Ā | Ā | Ā | Ā | Ā | Ā | Ā | ||||||||
Cash and cash equivalents | $ | 39,832,080 | Ā | Ā | $ | 68,922,849 | Ā | Ā | Ā | Ā | Ā | ||||
Time deposits with other banks | Ā | 4,482,000 | Ā | Ā | Ā | 11,450,000 | Ā | Ā | Ā | Ā | Ā | ||||
Securities | Ā | 92,532,540 | Ā | Ā | Ā | 103,209,588 | Ā | Ā | Ā | Ā | Ā | ||||
Loans | Ā | 421,267,286 | Ā | Ā | Ā | 412,037,495 | Ā | Ā | Ā | Ā | Ā | ||||
Allowance for loan losses | Ā | (3,868,740 | ) | Ā | Ā | (3,831,495 | ) | Ā | Ā | Ā | Ā | ||||
Loans, net | Ā | 417,398,546 | Ā | Ā | Ā | 408,206,000 | Ā | Ā | Ā | Ā | Ā | ||||
Premises and equipment, net | Ā | 8,624,817 | Ā | Ā | Ā | 8,595,466 | Ā | Ā | Ā | Ā | Ā | ||||
Other assets | Ā | 25,075,126 | Ā | Ā | Ā | 24,602,640 | Ā | Ā | Ā | Ā | Ā | ||||
Total Assets | $ | 587,945,109 | Ā | Ā | $ | 624,986,543 | Ā | Ā | Ā | Ā | Ā | ||||
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | ||||||||
Liabilities | Ā | Ā | Ā | Ā | Ā | Ā | Ā | ||||||||
Deposits | $ | 508,939,164 | Ā | Ā | $ | 545,892,457 | Ā | Ā | Ā | Ā | Ā | ||||
FHLB borrowings | Ā | 19,000,000 | Ā | Ā | Ā | 24,000,000 | Ā | Ā | Ā | Ā | Ā | ||||
Trust preferred | Ā | 13,403,000 | Ā | Ā | Ā | 13,403,000 | Ā | Ā | Ā | Ā | Ā | ||||
Other liabilities | Ā | 3,422,503 | Ā | Ā | Ā | 2,792,569 | Ā | Ā | Ā | Ā | Ā | ||||
Total Liabilities | Ā | 544,764,667 | Ā | Ā | Ā | 586,088,026 | Ā | Ā | Ā | Ā | Ā | ||||
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | ||||||||
Equity | Ā | Ā | Ā | Ā | Ā | Ā | Ā | ||||||||
Total Equity | Ā | 43,180,442 | Ā | Ā | Ā | 38,898,517 | Ā | Ā | Ā | Ā | Ā | ||||
Total Liabilities and Equity | $ | 587,945,109 | Ā | Ā | $ | 624,986,543 | Ā | Ā | Ā | Ā | Ā | ||||
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
Contact:
Kevin A. Twardy
CFO
989-875-5528Ā
Ā© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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