Commercial National Financial Corporation Reports 3rd Quarter 2023 Earnings
October 27, 2023 at 01:01 pm
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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.
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.