Business
Commercial National Financial Corporation Reports 3rd Quarter 2022 Earnings
Commercial National Financial Corporation Reports 3rd Quarter 2022 Earnings.
About this update from Commercial National Financial Corp (mi)
[{"type":"text","content":"\n ITHACA, Mich., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced third quarter 2022 net income of $1,601,000, or $.40 per share compared to third quarter 2021 net income of $1,478,000, or $.37 per share. Return on Equity (ROE) was 15.72% for the third quarter of 2022 compared to 13.35% for the third quarter of 2021. For the third quarter of 2022, net interest income increased $458,000, or 11.3% compared to the third quarter of 2021 primarily due to higher market interest rates and interest-earning assets. Total loans, excluding Paycheck Protection Program (PPP) loans, increased $21.3 million, or 5.4% when comparing September 30, 2022 to September 30, 2021. Non-interest income increased by $35,000, or 5.8% primarily due to higher debit card interchange fees. Operating expenses increased by $138,000, or 4.4% primarily due to higher wages and benefits expense.   Total assets were $613.1 million at September 30, 2022 compared to $591.8 million at September 30, 2021. The increase was primarily due to core deposit growth, partially offset by lower wholesale borrowings. At September 30, 2022, PPP loans outstanding were approximately $1.0 million compared to $54.4 million at September 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 September 30, Nine Months Ended September 30,  2022 2021 2022 2021 Return on Equity (ROE) 15.72%  13.35%  19.00%  14.28% Return on Assets (ROA) 1.02%  1.00%  1.32%  1.07% Net Interest Margin 3.02%  2.90%  3.45%  3.07%           September 30,      2022 2021     Non-performing Assets Ratio 0.11%  0.74%     Tier 1 Leverage Capital(1) 8.59%  8.83%     Total Risk-based Capital(1) 14.74% ...