Commercial National Financial Corporation Reports 1st Quarter 2025 Results

About this update from Commercial National Financial Corp (mi)

[{"type":"text","content":"ITHACA, Mich., April 24, 2025 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) reported net income for the first quarter of 2025 of $1,429,000 or $0.36 per share compared to first quarter 2024 net income of $1,161,000 or $0.29 per share. Return on Equity (ROE) was 11.31% for the first quarter of 2025 compared to 9.95% for the first quarter of 2024.","length":383,"tagName":"p"},{"type":"text","content":"Net interest income for the first quarter of 2025 increased by $348,000 or 7.7% compared to the respective 2024 period. Interest income decreased by $140,000, mainly due to a decrease in loan balances. Interest expense decreased by $488,000, as deposit rates were reduced following the federal funds rate cuts during the second half of 2024. Non-interest income decreased by $67,000 or 12.5%, primarily due to lower interchange income and other miscellaneous income. Operating expenses decreased by $19,000 or 0.5%.","length":515,"tagName":"p"},{"type":"text","content":"Total assets were $571 million as of March 31, 2025 compared to $592 million as of March 31, 2024. The decrease in assets was due to the repayment of wholesale borrowings and trust preferred debt totaling $13 million, along with a 2.5% decrease in deposit balances. While total loans decreased by $24 million or 5.7% due to the high interest rate environment and early loan payoffs, loan quality remained strong with a non-performing assets ratio of 0.32%. Additionally, CEFC’s wholly owned subsidiary, Commercial Bank, remains significantly above “well capitalized” for regulatory purposes.","length":591,"tagName":"p"},{"type":"text","content":"Visit www.commercial-bank.com to view the latest news releases and other information about CEFC and Commercial Bank.","length":116,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"4","style":"text-align:left;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Selected Financial Data (unaudited):","length":36,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[]},{"colspan":"3","style":"vertical-align:bottom;","val":[]}]},{"val":[{"style":"vertical-align:bottom;","val":[]},{"colspan":"7","style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Quarter Ended","length":13,"tagName":"p",...

More updates from Commercial National Financial Corp (mi)