Commercial National Financial Corporation Reports 2nd Quarter 2024 Results
Commercial National Financial (CEFC) reported Q2 2024 net income of $1,412,000 or $0.36 per share, compared to $1,543,000 or $0.39 per share in Q2 2023. The Return on Equity (ROE) decreased to 11.96% from 14.44% year-over-year. Net interest income slightly increased by 0.8%, with interest income up by $430,000 due to higher yields. Non-interest income rose by 19.1%, while operating expenses increased by 11.5%. Total assets decreased to $572.7 million from $587.9 million, with a 1.4% decrease in deposit balances. Loan quality remained strong with a non-performing assets ratio of 0.22%. CEFC's subsidiary, Commercial Bank, maintains a well-capitalized status. The company also announced the opening of a new banking office in Grand Rapids.
Commercial National Financial (CEFC) ha riportato un reddito netto del Q2 2024 di 1.412.000 dollari o 0,36 dollari per azione, rispetto a 1.543.000 dollari o 0,39 dollari per azione nel Q2 2023. Il Rendimento del Capitale Netto (ROE) è diminuito all'11,96% rispetto al 14,44% dell'anno precedente. Il reddito netto da interessi è leggermente aumentato dello 0,8%, con il reddito da interessi in crescita di 430.000 dollari grazie ai rendimenti più elevati. Il reddito non da interessi è aumentato del 19,1%, mentre le spese operative sono cresciute dell'11,5%. Il totale delle attivita è diminuito a 572,7 milioni di dollari rispetto a 587,9 milioni di dollari, con una diminuzione dell'1,4% nei saldi dei depositi. La qualità dei prestiti è rimasta solida con un rapporto di attivi non performanti dello 0,22%. La sussidiaria di CEFC, Commercial Bank, mantiene uno status ben capitalizzato. L'azienda ha inoltre annunciato l'apertura di un nuovo ufficio bancario a Grand Rapids.
Commercial National Financial (CEFC) reportó un ingreso neto del segundo trimestre de 2024 de 1.412.000 dólares o 0,36 dólares por acción, en comparación con 1.543.000 dólares o 0,39 dólares por acción en el segundo trimestre de 2023. El Retorno sobre el Patrimonio (ROE) disminuyó al 11,96% desde el 14,44% del año anterior. El ingreso neto por intereses aumentó ligeramente un 0,8%, con un ingreso por intereses que subió en 430.000 dólares debido a rendimientos más altos. Los ingresos no por intereses crecieron un 19,1%, mientras que los gastos operativos aumentaron un 11,5%. Los activos totales disminuyeron a 572,7 millones de dólares desde 587,9 millones de dólares, con una disminución del 1,4% en los saldos de depósitos. La calidad de los préstamos se mantuvo sólida con un ratio de activos no rentables del 0,22%. La subsidiaria de CEFC, Commercial Bank, mantiene un estatus bien capitalizado. La empresa también anunció la apertura de una nueva oficina bancaria en Grand Rapids.
Commercial National Financial (CEFC)는 2024년 2분기 순이익이 1,412,000달러 또는 주당 0.36달러라고 보고했습니다. 이는 2023년 2분기 1,543,000달러 또는 주당 0.39달러와 비교됩니다. 자기자본이익률(ROE)는 14.44%에서 11.96%로 감소했습니다. 순이자소득은 0.8% 약간 증가했고, 이자소득은 높은 수익률로 인해 430,000달러 증가했습니다. 비이자소득은 19.1% 증가했으며, 운영비용은 11.5% 증가했습니다. 총자산은 572.7백만달러로 감소했으며, 587.9백만달러에서 1.4% 감소한 것입니다. 대출 품질은 여전히 강력하게 유지되며 부실 자산 비율은 0.22%입니다. CEFC의 자회사인 Commercial Bank는 충분한 자본 상태를 유지하고 있습니다. 또한, 회사는 그랜드래피즈에 새로운 은행 사무소 개설을 발표했습니다.
Commercial National Financial (CEFC) a rapporté un bénéfice net de 1.412.000 dollars pour le deuxième trimestre 2024 ou 0,36 dollar par action, comparé à 1.543.000 dollars ou 0,39 dollar par action au deuxième trimestre 2023. Le retour sur fonds propres (ROE) a diminué à 11,96% contre 14,44% l'an dernier. Le revenu net d'intérêts a légèrement augmenté de 0,8%, avec des revenus d'intérêts en hausse de 430.000 dollars grâce à des rendements plus élevés. Le revenu non lié aux intérêts a augmenté de 19,1%, tandis que les dépenses d'exploitation ont augmenté de 11,5%. Les actifs totaux ont diminué à 572,7 millions de dollars contre 587,9 millions de dollars, avec une baisse de 1,4% des soldes de dépôts. La qualité des prêts est restée solide avec un taux d'actifs non performants de 0,22%. La filiale de CEFC, Commercial Bank, maintient un statut bien capitalisé. L'entreprise a également annoncé l'ouverture d'un nouveau bureau bancaire à Grand Rapids.
Commercial National Financial (CEFC) berichtete über ein Nettoeinkommen im Q2 2024 von 1.412.000 US-Dollar oder 0,36 US-Dollar pro Aktie, verglichen mit 1.543.000 US-Dollar oder 0,39 US-Dollar pro Aktie im Q2 2023. Die Eigenkapitalrendite (ROE) sank auf 11,96% von 14,44% im Vorjahr. Die Zinsnettoeinnahmen stiegen leicht um 0,8%, wobei die Zinserträge aufgrund höherer Renditen um 430.000 US-Dollar zunahmen. Die Einnahmen aus nicht-zinsbasierten Dienstleistungen stiegen um 19,1%, während die Betriebskosten um 11,5% zunahmen. Die Gesamtn Vermögenswerte fielen auf 572,7 Millionen US-Dollar von 587,9 Millionen US-Dollar, mit einem Rückgang von 1,4% bei den Einlagen. Die Kreditqualität blieb stark mit einem Verhältnis an notleidenden Vermögenswerten von 0,22%. Die Tochtergesellschaft von CEFC, die Commercial Bank, bleibt gut kapitalisiert. Das Unternehmen gab auch die Eröffnung eines neuen Bankbüros in Grand Rapids bekannt.
- Net interest income increased by 0.8% year-over-year
- Non-interest income rose by 19.1%
- Loan quality remained strong with a non-performing assets ratio of 0.22%
- Commercial Bank maintains well-capitalized status
- New banking office opened in Grand Rapids, expanding market presence
- Net income decreased from $1,543,000 to $1,412,000 year-over-year
- Return on Equity (ROE) declined from 14.44% to 11.96%
- Operating expenses increased by 11.5%
- Total assets decreased by 2.6% from $587.9 million to $572.7 million
- Total loans decreased by 2.2% or $9.1 million
ITHACA, Mich., July 26, 2024 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) reported net income for the second quarter of 2024 of
Net interest income for the second quarter of 2024 slightly increased by
Total assets were
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, 2023 | ||||||||||||
| Return on Equity (ROE) | 11.96 | % | 14.44 | % | 10.96 | % | 14.42 | % | |||||||
| Return on Assets (ROA) | 0.98 | % | 1.04 | % | 0.89 | % | 1.01 | % | |||||||
| Net Interest Margin | 3.38 | % | 3.23 | % | 3.31 | % | 3.26 | % | |||||||
| June 30, 2024 | June 30, 2023 | ||||||||||||||
| Non-Performing Assets Ratio | 0.22 | % | 0.18 | % | |||||||||||
| Tier 1 Leverage Capital Ratio(1) | 9.98 | % | 9.37 | % | |||||||||||
| Total Risk-Based Capital Ratio(1) | 16.00 | % | 15.22 | % | |||||||||||
| Book Value Per Share | $ | 12.16 | $ | 10.89 | |||||||||||
| Market Value Per Share | $ | 8.90 | $ | 9.30 | |||||||||||
| (1) Ratios are for Commercial Bank | |||||||||||||||
| Consolidated Statements of Income (unaudited): | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||
| Interest Income | $ | 6,709,614 | $ | 6,279,754 | $ | 13,325,088 | $ | 12,355,813 | |||||||
| Interest Expense | 2,131,773 | 1,740,142 | 4,255,200 | 3,125,557 | |||||||||||
| Net Interest Income | 4,577,841 | 4,539,612 | 9,069,888 | 9,230,256 | |||||||||||
| Provision for credit losses | (79,201 | ) | (12,000 | ) | (39,201 | ) | 109,000 | ||||||||
| Non-interest income | 613,892 | 515,297 | 1,150,984 | 987,801 | |||||||||||
| Operating Expenses | 3,555,700 | 3,189,499 | 7,150,718 | 6,460,291 | |||||||||||
| Income before taxes | 1,715,234 | 1,877,410 | 3,109,355 | 3,648,766 | |||||||||||
| Income tax expense | 303,070 | 334,463 | 536,060 | 635,763 | |||||||||||
| Net Income | $ | 1,412,164 | $ | 1,542,947 | $ | 2,573,295 | $ | 3,013,003 | |||||||
| Net Income per share – diluted | $ | 0.36 | $ | 0.39 | $ | 0.65 | $ | 0.76 | |||||||
| Dividends declared | $ | 0.14 | $ | 0.14 | $ | 0.28 | $ | 0.28 | |||||||
| Consolidated Balance Sheets (unaudited): | |||||||||||||||
| June 30, 2024 | June 30, 2023 | ||||||||||||||
| Assets | |||||||||||||||
| Cash and cash equivalents | $ | 47,039,228 | $ | 39,832,080 | |||||||||||
| Time deposits with other banks | 1,992,000 | 4,482,000 | |||||||||||||
| Securities | 80,159,284 | 92,532,540 | |||||||||||||
| Loans | 412,197,881 | 421,267,286 | |||||||||||||
| Allowance for credit losses | (3,528,389 | ) | (3,868,740 | ) | |||||||||||
| Loans, net | 408,669,492 | 417,398,546 | |||||||||||||
| Premises and equipment, net | 9,920,094 | 8,624,817 | |||||||||||||
| Other assets | 24,949,807 | 25,075,126 | |||||||||||||
| Total Assets | $ | 572,729,905 | $ | 587,945,109 | |||||||||||
| Liabilities | |||||||||||||||
| Deposits | $ | 501,929,583 | $ | 508,939,164 | |||||||||||
| FHLB borrowings | 9,000,000 | 19,000,000 | |||||||||||||
| Trust preferred | 10,310,000 | 13,403,000 | |||||||||||||
| Other liabilities | 3,269,872 | 3,422,503 | |||||||||||||
| Total Liabilities | 524,509,455 | 544,764,667 | |||||||||||||
| Equity | |||||||||||||||
| Total Equity | 48,220,450 | 43,180,442 | |||||||||||||
| Total Liabilities and Equity | $ | 572,729,905 | $ | 587,945,109 | |||||||||||
Contact:
Benjamin Z. Ogle
CFO
989-875-5562
FAQ
What was CEFC's net income for Q2 2024?
How did CEFC's Return on Equity (ROE) change in Q2 2024 compared to Q2 2023?
What was CEFC's non-performing assets ratio as of June 30, 2024?
How did CEFC's total assets change from June 30, 2023 to June 30, 2024?
What new development did CEFC announce regarding its market expansion?
