Commercial National Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 26, 2018 at 11:00 am
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Commercial National Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net interest income of $4,009,000 compared to $2,878,000 a year ago. Income before taxes was $1,992,000 compared to $916,000 a year ago. Net income was $1,334,000 or $0.34 per basic and diluted share compared to $599,000 or $0.18 per basic and diluted share a year ago. Return on equity was 15.91% compared to 9.59% a year ago. Return on assets was 1.00% compared to 0.59% a year ago.
For the year, the company reported net interest income of $15,013,000 compared to $11,251,000 a year ago. Income before taxes was $4,901,000 compared to $3,738,000 a year ago. Net income was $3,419,000 or $0.86 per basic and diluted share compared to $2,598,000 or $0.80 per basic and diluted share a year ago. Return on equity was 10.41% compared to 10.62% a year ago. Return on assets was 0.65% compared to 0.65% a year ago. Book value per share as at December 31, 2017 was $8.28 compared to $7.56 as at December 31, 2016.
Commercial National Financial Corporation (CNFC) is a one-bank holding company, which operates through its subsidiary, Commercial Bank (the Bank). The Bank provides a full range of banking services to individuals, agricultural businesses, commercial businesses and light industries located in its service area. It maintains a diversified loan portfolio, including loans to individuals for home mortgages, automobiles and personal expenditures, and loans to business enterprises for current operations and expansion. The Bank generally requires collateral for all loans. The Bank offers a variety of deposit products, including checking, savings, individual retirement accounts and certificates of deposit. The principal markets for the Bank's financial services are the Michigan communities, in which the Bank is located and the areas immediately surrounding these communities. The Bank has approximately 11 offices located in Barry, Gratiot, Ingham, Kent and Montcalm Counties in Michigan.