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Commercial National Financial Corporation Reports 2nd Quarter 2022 Earnings

ITHACA, Mich., July 26, 2022 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced second quarter 2022 net income of $1,518,113, or $.38 per share compared to second quarter 2021 net income of $1,411,813, or $.36 per share.   Return on Equity (ROE) was 14.23% for the second quarter of 2022 compared to 13.15% for the second quarter of 2021.

For the second quarter of 2022, net interest income increased $386,000, or 9.5% compared to the second quarter of 2021 primarily due to higher interest-earning assets as well as from the recovery of interest on non-accrual loan payoffs. Total loans, excluding Paycheck Protection Program (“PPP”) loans, increased $25.9 million, or 6.7% when comparing June 30, 2022 to June 30, 2021. Non-interest income decreased by $106,000, or 17.6% primarily due to lower miscellaneous income, partially offset by higher debit card fees. Operating expenses increased by $172,000, or 5.8% primarily due to higher wages and benefits expense.

Total assets were $625 million at June 30, 2022 compared to $587.6 million at June 30, 2021. The increase was primarily due to core deposit growth, partially offset by lower wholesale borrowings. At June 30, 2022, PPP loans outstanding were approximately $1.8 million compared to $60 million at June 30, 2021.

Commercial National Financial Corporation operates through a single subsidiary bank, Commercial Bank. Visit www.commercial-bank.com to view the latest consolidated Annual Report, news releases and other information about CEFC and Commercial Bank.

Selected Financial Data (unaudited):

 

 

 

 

 

 

 

Quarter Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Return on Equity (ROE)

 

14.23%

 

 

 

13.15%

 

 

 

20.51%

 

 

 

14.76%

 

Return on Assets (ROA)

 

0.97%

 

 

 

0.97%

 

 

 

1.47%

 

 

 

1.11%

 

Net Interest Margin

 

3.02%

 

 

 

2.99%

 

 

 

3.68%

 

 

 

3.17%

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

 

 

 

 

2022

 

 

 

2021

 

 

 

 

 

Non-performing Assets Ratio

 

0.11%

 

 

 

0.84%

 

 

 

 

 

Tier 1 Leverage Capital(1)

 

8.49%

 

 

 

8.79%

 

 

 

 

 

Total Risk-based Capital(1)

 

14.84%

 

 

 

15.89%

 

 

 

 

 

Book Value Per Share

$9.81

 

 

$10.87

 

 

 

 

 

Market Value Per Share

$11.44

 

 

$10.75

 

 

 

 

 

(1) Ratios are for Commercial Bank.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income (unaudited):

 

 

 

 

 

Quarter Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Interest Income

$

5,043,640

 

 

$

4,680,835

 

 

$

11,920,195

 

 

$

9,663,400

 

Interest Expense

 

585,202

 

 

 

608,648

 

 

 

1,117,064

 

 

 

1,248,522

 

Net Interest Income

 

4,458,438

 

 

 

4,072,187

 

 

 

10,803,131

 

 

 

8,414,878

 

Provision for loan losses

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Non-interest income

 

496,982

 

 

 

603,232

 

 

 

1,075,857

 

 

 

1,185,915

 

Operating Expenses

 

3,127,307

 

 

 

2,955,606

 

 

 

6,274,612

 

 

 

5,779,458

 

Income before taxes

 

1,828,113

 

 

 

1,719,813

 

 

 

5,604,376

 

 

 

3,821,335

 

Income tax expense

 

310,000

 

 

 

308,000

 

 

 

1,036,000

 

 

 

698,000

 

Net Income

$

1,518,113

 

 

$

1,411,813

 

 

$

4,568,376

 

 

$

3,123,335

 

Net Income per share - diluted

$

0.38

 

 

$

0.36

 

 

$

1.15

 

 

$

0.79

 

Dividends declared

$

0.14

 

 

$

0.14

 

 

$

0.28

 

 

$

0.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets (unaudited):

 

 

 

 

 

 

 

June 30,

 

 

 

 

 

 

2022

 

 

 

2021

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

68,922,849

 

 

$

51,343,114

 

 

 

 

 

Time deposits with other banks

 

11,450,000

 

 

 

20,854,000

 

 

 

 

 

Securities

 

103,209,588

 

 

 

44,822,995

 

 

 

 

 

Loans

 

412,037,495

 

 

 

444,406,884

 

 

 

 

 

Allowance for loan losses

 

(3,831,495

)

 

 

(4,238,164

)

 

 

 

 

Loans, net

 

408,206,000

 

 

 

440,168,720

 

 

 

 

 

Premises and equipment, net

 

8,595,466

 

 

 

8,134,522

 

 

 

 

 

Other assets

 

24,602,640

 

 

 

22,308,977

 

 

 

 

 

Total Assets

$

624,986,543

 

 

$

587,632,328

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Deposits

$

545,892,457

 

 

$

492,885,149

 

 

 

 

 

FHLB borrowings

 

24,000,000

 

 

 

35,400,000

 

 

 

 

 

Trust preferred

 

13,403,000

 

 

 

13,403,000

 

 

 

 

 

Other liabilities

 

2,792,569

 

 

 

2,842,747

 

 

 

 

 

Total Liabilities

 

586,088,026

 

 

 

544,530,896

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

Total Equity

 

38,898,517

 

 

 

43,101,432

 

 

 

 

 

Total Liabilities and Equity

$

624,986,543

 

 

$

587,632,328

 

 

 

 

 

 

 

 

 

 

 

 

 

Contact:
Kevin A. Twardy
CFO and COO
989-875-5528