Commercial National Financial Corporation Reports 2nd Quarter 2023 Earnings
July 25, 2023 at 11:00 am
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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. 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. 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.
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.