Business
Commercial National Financial Corporation Reports 3rd Quarter 2021 Earnings
Commercial National Financial Corporation Reports 3rd Quarter 2021 Earnings.
About this update from Commercial National Financial Corp (mi)
[{"type":"text","content":"\n ITHACA, Mich., Oct. 29, 2021 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced third quarter 2021 net income of $1,478,000, or $.37 per share compared to third quarter 2020 net income of $1,177,000, or $.30 per share. Return on Equity (ROE) was 13.35% for the third quarter of 2021 compared to 11.50% for the third quarter of 2020. For the third quarter of 2021, net interest income increased $160,000, or 4.1% compared to the third quarter of 2020 primarily due to a higher average balance of interest-earning assets, partially offset by 11 basis points of lower net interest margin. Non-interest income increased by $39,000, or 6.9% primarily due to higher debit card fees. Operating expenses increased by $333,000, or 12% primarily due to the hiring of additional commercial lending and treasury employees as well as from professional fees related to our core data processing conversion that was completed in September. The provision for loan losses expense was negative $225,000 for the third quarter of 2021, compared to $300,000 for the third quarter of 2020. The negative provision expense in the third quarter of 2021 was primarily due to significantly improved economic conditions and lower allocations to classified loans as compared to the third quarter of 2020. Total assets were $591.8 million at September 30, 2021 compared to $548.1 million at September 30, 2020. The increase was primarily due to core deposit growth, partially offset by lower wholesale borrowings. At September 30, 2021, Paycheck Protection Program loans outstanding were approximately $54.4 million compared to $32.2 million at September 30, 2020. 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 September 30, Nine Months Ended September 30,  2021   2020   2021   2020 Return on Equity (ROE) 13.35%  11.50%  14.28%  10.45%Return on Assets (ROA) 1.00%  0.85%  1.07%  0.78%Net Interest Margin 2.90% &...