Business
Commercial National Financial Corporation Reports 1st Quarter 2022 Earnings
Commercial National Financial Corporation Reports 1st Quarter 2022 Earnings.
About this update from Commercial National Financial Corp (mi)
[{"type":"text","content":"\n ITHACA, Mich., April 29, 2022 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced first quarter 2022 net income of $3,050,000, or $.77 per share compared to first quarter 2021 net income of $1,712,000, or $.43 per share.   Return on Equity (ROE) was 26.26% for the first quarter of 2022 compared to 16.42% for the first quarter of 2021. For the first quarter of 2022, net interest income increased $2,002,000, or 46.1% compared to the first quarter of 2021 primarily due to significantly higher accretion on Paycheck Protection Program (PPP) loans. During the quarter, $46.2 million of PPP loans were forgiven by the Small Business Administration. At March 31, 2022, PPP loans outstanding were approximately $3.8 million compared to $60.4 million at March 31, 2021. Total loans, excluding PPP loans, increased $22 million, or 5.7% when comparing March 31, 2022 to March 31, 2021. Noninterest income decreased by $4,000, or .7% primarily due to lower miscellaneous income, partially offset by higher debit card interchange revenue. Operating expenses increased by $323,000 or 11.5% primarily due to higher compensation and benefits expense associated with hiring additional lending and treasury team members. Total assets were $627.4 million at March 31, 2022 compared to $569.8 million at March 31, 2021. The increase was primarily due to core deposit growth, partially offset by lower wholesale borrowings. 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 March 31,  2022   2021 Return on Equity (ROE) 26.26%  16.42%Return on Assets (ROA) 1.99%  1.25%Net Interest Margin 4.37%  3.35%     March 31,  2022   2021 Non-performing Assets Ratio 0.70%  1.09%Tier 1 Leverage Capital(1) 8.59%  9.06%Total Risk-based Capital(1) 14.94%  15.59%Book Value Per Share$11.51  $10.68 Market Value Per Share$13.30  $10.50 (1) Ratios are for Commercial Bank....