Business
Commercial National Financial Corporation Reports 2nd Quarter 2022 Earnings
Commercial National Financial Corporation Reports 2nd Quarter 2022 Earnings.
About this update from Commercial National Financial Corp (mi)
[{"type":"text","content":"\n 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% ...