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Commercial National Financial Corporation Reports 2nd Quarter 2024 Results
Commercial National Financial Corporation Reports 2nd Quarter 2024 Results.
About this update from Commercial National Financial Corp (mi)
[{"type":"text","content":"\n ITHACA, Mich., July 26, 2024 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) reported net income for the second quarter of 2024 of $1,412,000 or $0.36 per share compared to second quarter 2023 net income of $1,543,000 or $0.39 per share. Return on Equity (ROE) was 11.96% for the second quarter of 2024 compared to 14.44% for the second quarter of 2023. Net interest income for the second quarter of 2024 slightly increased by $38,000 or 0.8% compared to the respective 2023 period. Interest income increased by $430,000 due to higher yields on loans and other interest-earning assets, as the federal funds rate was higher during the current period. The higher federal funds rate, as well as a noticeable shift in customers that moved from lower interest-bearing deposit accounts to higher interest-bearing checking and time deposit accounts, resulted in an increase in interest expense of $392,000. Non-interest income increased by $99,000 or 19.1% primarily due to higher interchange income and other miscellaneous income. Operating expenses increased by $366,000 or 11.5% mainly due to higher wages and benefits expense. Total assets were $572.7 million as of June 30, 2024 compared to $587.9 million as of June 30, 2023. The decrease in assets was due to the repayment of wholesale borrowings and trust preferred debt, along with a 1.4% decrease in deposit balances. The security portfolio decreased by $12.4 million, as funds from matured securities were used to repay wholesale borrowings. While total loans decreased by $9.1 million or 2.2%, loan quality remained strong with a non-performing assets ratio of 0.22%. Additionally, CEFC’s wholly owned subsidiary, Commercial Bank, remains significantly above “well capitalized” for regulatory purposes. We are very pleased to announce that our new banking office in Grand Rapids is officially open. We are excited to extend our full banking services to the Grand Rapids community and look forward to growing our loan and deposit base in the Grand Rapids area. Visit www.commercial-bank.com to view the latest news releases and other information about CEFC and Commercial Bank.  Selected Financial Data (unaudited): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023Return on Equity (R...