Business
Commercial National Financial Corporation Reports 2nd Quarter 2023 Earnings
Commercial National Financial Corporation Reports 2nd Quarter 2023 Earnings.
About this update from Commercial National Financial Corp (mi)
[{"type":"text","content":"\n ITHACA, Mich., July 25, 2023 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced second quarter 2023 net income of $1,543,000, or $.39 per share compared to second quarter 2022 net income of $1,518,000, or $.38 per share.   Return on Equity (ROE) was 14.44% for the second quarter of 2023 compared to 14.23% for the second quarter of 2022. For the second quarter of 2023, net interest income increased by $81,000, or 1.8% compared to the second quarter of 2022 primarily due to a higher net interest margin, partially offset by lower average interest-earning assets. Total loans increased $9.2 million, or 2.2% when comparing June 30, 2023 to June 30, 2022. Non-interest income increased by $18,000, or 3.7% primarily due to higher miscellaneous income. Operating expenses increased by $62,000, or 2% primarily due to higher wages and benefits expense. Total assets were $587.9 million at June 30, 2023 compared to $625 million at June 30, 2022. The decrease was primarily due to the repayment of $17.7 million of wholesale borrowings with excess liquidity as well as lower municipal and other public deposits.   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 June 30, Six Months Ended June 30, 2023 2022 2023 2022Return on Equity (ROE) 14.44%  14.23%  14.42%  20.51%Return on Assets (ROA) 1.04%  0.97%  1.01%  1.47%Net Interest Margin 3.23%  3.00%  3.26%  3.68%         June 30,     2023 2022    Non-performing Assets Ratio 0.18%  0.11%    Tier 1 Leverage Capital(1) 9.37%  8.49%    Total Risk-based Capital(1) 15.22%  14.84%    Book Value Per Share$10.89  $9.81     Market Value Per Share$9.30  $11.44  ...