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Commercial National Financial Corporation Reports 4th Quarter 2024 Results
Commercial National Financial Corporation Reports 4th Quarter 2024 Results.
About this update from Commercial National Financial Corp (mi)
[{"type":"text","content":"\n ITHACA, Mich., Jan. 21, 2025 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) reported net income for the fourth quarter of 2024 of $1,882,000 or $0.47 per share compared to fourth quarter 2023 net income of $1,458,000 or $0.37 per share. Return on Equity (ROE) was 14.73% for the fourth quarter of 2024 compared to 13.34% for the fourth quarter of 2023. The federal funds rate cuts helped alleviate interest margin pressure during the fourth quarter of 2024, as net interest income increased by $362,000 or 7.9% compared to the respective 2023 period. Interest income increased by $112,000, as yields on loans and securities remained above prior period levels. Interest expense decreased by $250,000, as deposit rates were reduced following the federal funds rate cuts. Non-interest income improved by $250,000 for the current quarter, while operating expenses increased by $151,000, which were mainly due to higher wages and benefits expense. Total assets were $567 million as of December 31, 2024 compared to $579 million as of December 31, 2023. The decrease in assets was due to the repayment of wholesale borrowings and trust preferred debt totaling $13 million, along with a 0.6% decrease in deposit balances. The security portfolio decreased by $12 million, as funds from matured securities were used to repay wholesale borrowings. While total loans decreased by $22 million or 5.2% due to the high interest rate environment and early loan payoffs, loan quality remained strong with a non-performing assets ratio of 0.28%. Additionally, 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 Year Ended  Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 Return on Equity (ROE) 14.73%  13.34%  12.04%  14.40% Return on Assets (ROA) 1.31%  0.99%  1.02%  1.04% Net Interest Margin 3.66%  3.28%  3.44%  3.26%         Dec 31, 2024 ...