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GlobeNewswire (Europe)
32 Leser
Artikel bewerten:
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Commercial National Financial Corporation Reports 4th Quarter 2024 Results

Finanznachrichten News

ITHACA, Mich., Jan. 21, 2025 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) reported net income for the fourth quarter of 2024 of $1,882,000 or $0.47 per share compared to fourth quarter 2023 net income of $1,458,000 or $0.37 per share. Return on Equity (ROE) was 14.73% for the fourth quarter of 2024 compared to 13.34% for the fourth quarter of 2023.

The federal funds rate cuts helped alleviate interest margin pressure during the fourth quarter of 2024, as net interest income increased by $362,000 or 7.9% compared to the respective 2023 period. Interest income increased by $112,000, as yields on loans and securities remained above prior period levels. Interest expense decreased by $250,000, as deposit rates were reduced following the federal funds rate cuts. Non-interest income improved by $250,000 for the current quarter, while operating expenses increased by $151,000, which were mainly due to higher wages and benefits expense.

Total assets were $567 million as of December 31, 2024 compared to $579 million as of December 31, 2023. The decrease in assets was due to the repayment of wholesale borrowings and trust preferred debt totaling $13 million, along with a 0.6% decrease in deposit balances. The security portfolio decreased by $12 million, as funds from matured securities were used to repay wholesale borrowings. While total loans decreased by $22 million or 5.2% due to the high interest rate environment and early loan payoffs, loan quality remained strong with a non-performing assets ratio of 0.28%. Additionally, 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 Year Ended
Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023
Return on Equity (ROE) 14.73% 13.34% 12.04% 14.40%
Return on Assets (ROA) 1.31% 0.99% 1.02% 1.04%
Net Interest Margin 3.66% 3.28% 3.44% 3.26%
Dec 31, 2024 Dec 31, 2023
Non-Performing Assets Ratio 0.28% 0.16%
Tier 1 Leverage Capital Ratio(1) 10.32% 9.63%
Total Risk-Based Capital Ratio(1) 16.99% 15.58%
Book Value Per Share$12.74 $11.80
Market Value Per Share$9.85 $9.26
(1) Ratios are for Commercial Bank
Consolidated Statements of Income (unaudited):
Quarter Ended Year Ended
Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023
Interest Income$6,692,617 $6,580,148 $26,762,188 $25,392,219
Interest Expense 1,764,560 2,014,110 8,087,045 7,026,000
Net Interest Income 4,928,057 4,566,038 18,675,143 18,366,219
Provision for credit losses (55,008) (57,494) (93,980) (165,494)
Non-interest income 706,790 456,500 2,407,386 1,998,998
Operating Expenses 3,433,219 3,281,896 14,102,164 13,005,407
Income before taxes 2,256,636 1,798,136 7,074,345 7,525,304
Income tax expense 374,998 340,000 1,211,078 1,352,663
Net Income$1,881,638 $1,458,136 $5,863,267 $6,172,641
Net Income per share - diluted$0.47 $0.37 $1.48 $1.56
Dividends declared$0.14 $0.14 $0.56 $0.56
Consolidated Balance Sheets (unaudited):
Dec 31, 2024 Dec 31, 2023
Assets
Cash and cash equivalents$55,588,156 $32,942,957
Time deposits with other banks 1,743,000 3,735,000
Securities 82,075,403 94,306,770
Loans 395,651,055 417,403,567
Allowance for credit losses (3,482,203) (3,570,271)
Loans, net 392,168,852 413,833,296
Premises and equipment, net 10,037,771 9,252,193
Other assets 25,029,745 25,090,633
Total Assets$566,642,927 $579,160,849
Liabilities
Deposits$498,507,449 $501,646,583
FHLB borrowings 4,000,000 14,000,000
Trust preferred 10,310,000 13,403,000
Other liabilities 3,295,393 3,301,371
Total Liabilities 516,112,842 532,350,954
Equity
Total Equity 50,530,085 46,809,895
Total Liabilities and Equity$566,642,927 $579,160,849

Contact:
Benjamin Z. Ogle
CFO
989-875-5562


© 2025 GlobeNewswire (Europe)
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