Commercial National Financial Corporation Reports 3rd Quarter 2024 Results
Commercial National Financial (CEFC) reported Q3 2024 net income of $1,408,000 ($0.36 per share), down from $1,702,000 ($0.43 per share) in Q3 2023. Net interest income increased by $107,000 (2.3%), with interest income up by $288,000. Total assets decreased to $574.3 million from $587.8 million year-over-year. Despite a 1.7% decrease in total loans, loan quality remained strong with a 0.21% non-performing assets ratio. The company's ROE decreased to 11.32% from 15.42%, while maintaining strong capital ratios above regulatory requirements.
Commercial National Financial (CEFC) ha riportato un reddito netto per il terzo trimestre 2024 di $1,408,000 ($0.36 per azione), in calo rispetto a $1,702,000 ($0.43 per azione) nel terzo trimestre 2023. Il reddito netto da interessi è aumentato di $107,000 (2.3%), con un incremento del reddito da interessi di $288,000. Le attività totali sono diminuite a $574.3 milioni rispetto a $587.8 milioni rispetto all'anno precedente. Nonostante una diminuzione dell'1.7% nei prestiti totali, la qualità dei prestiti è rimasta solida con un rapporto di attività non performanti dello 0.21%. Il ROE dell'azienda è sceso all'11.32% rispetto al 15.42%, mantenendo comunque forti rapporti patrimoniali al di sopra dei requisiti normativi.
Commercial National Financial (CEFC) reportó un ingreso neto del tercer trimestre de 2024 de $1,408,000 ($0.36 por acción), disminuyendo desde $1,702,000 ($0.43 por acción) en el tercer trimestre de 2023. Los ingresos netos por intereses aumentaron en $107,000 (2.3%), con un incremento de ingresos por intereses de $288,000. Los activos totales disminuyeron a $574.3 millones desde $587.8 millones en comparación interanual. A pesar de una reducción del 1.7% en los préstamos totales, la calidad de los préstamos se mantuvo fuerte con una tasa de activos no productivos del 0.21%. El ROE de la empresa descendió al 11.32% desde el 15.42%, mientras mantenía sólidos ratios de capital por encima de los requisitos regulatorios.
상업국민금융 (CEFC)는 2024년 3분기 순이익이 $1,408,000 ($0.36 주당)으로, 2023년 3분기의 $1,702,000 ($0.43 주당)에서 감소했다고 보고했습니다. 순이자 수익은 $107,000 (2.3%) 증가했으며, 이자 수익은 $288,000 증가했습니다. 총 자산은 지난해 대비 $587.8 백만에서 $574.3 백만으로 감소했습니다. 총 대출이 1.7% 감소했음에도 불구하고 대출 품질은 여전히 강해 비수익 자산 비율이 0.21%에 머물렀습니다. 회사의 자본수익률(ROE)은 15.42%에서 11.32%로 감소했지만, 규제 요건을 초과하는 강력한 자본 비율을 유지하고 있습니다.
Commercial National Financial (CEFC) a rapporté un revenu net pour le troisième trimestre 2024 de 1,408,000 $ (0,36 $ par action), en baisse par rapport à 1,702,000 $ (0,43 $ par action) au troisième trimestre 2023. Le revenu net d’intérêts a augmenté de 107,000 $ (2,3 %), le revenu d’intérêts étant en hausse de 288,000 $. Les actifs totaux ont diminué à 574,3 millions $ par rapport à 587,8 millions $ d’une année sur l’autre. Malgré une baisse de 1,7 % des prêts totaux, la qualité des prêts est restée solide avec un ratio d’actifs non performants de 0,21 %. Le ROE de l’entreprise a diminué à 11,32 % contre 15,42 %, tout en maintenant des ratios de capital robustes au-dessus des exigences réglementaires.
Commercial National Financial (CEFC) meldete im dritten Quartal 2024 einen Nettogewinn von 1.408.000 $ (0,36 $ pro Aktie), was einem Rückgang von 1.702.000 $ (0,43 $ pro Aktie) im dritten Quartal 2023 entspricht. Die Nettozinsvergütung stieg um 107.000 $ (2,3 %), während die Zinseinnahmen um 288.000 $ anstiegen. Die Gesamtvermögen verringerten sich im Jahresvergleich von 587,8 Millionen $ auf 574,3 Millionen $. Trotz eines Rückgangs der Gesamtdarlehen um 1,7 % blieb die Kreditsituation stark, mit einem Anteil an notleidenden Vermögenswerten von 0,21 %. Die Eigenkapitalrendite (ROE) des Unternehmens sank von 15,42 % auf 11,32 %, während die starken Kapitalquoten weiterhin über den regulatorischen Anforderungen liegen.
- Net interest income increased by $107,000 (2.3%) year-over-year
- Strong loan quality with low non-performing assets ratio of 0.21%
- Book value per share increased to $12.80 from $10.73
- Bank maintains 'well capitalized' status with improved capital ratios
- Net income decreased by 17.2% to $1,408,000 from $1,702,000 year-over-year
- ROE declined to 11.32% from 15.42%
- Operating expenses increased by 7.8% due to higher wages and benefits
- Total assets decreased by $13.5 million year-over-year
- Total loans decreased by $6.9 million (1.7%)
ITHACA, Mich., Oct. 25, 2024 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) reported net income for the third quarter of 2024 of
Net interest income for the third quarter of 2024 increased by
Total assets were
Our new banking office in Grand Rapids was opened earlier this year and we are excited to offer our full banking services to the Grand Rapids community.
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 | Nine Months Ended | ||||||||||||||
| Sep 30, 2024 | Sep 30, 2023 | Sep 30, 2024 | Sep 30, 2023 | ||||||||||||
| Return on Equity (ROE) | |||||||||||||||
| Return on Assets (ROA) | |||||||||||||||
| Net Interest Margin | |||||||||||||||
| Sep 30, 2024 | Sep 30, 2023 | ||||||||||||||
| Non-Performing Assets Ratio | |||||||||||||||
| Tier 1 Leverage Capital Ratio(1) | |||||||||||||||
| Total Risk-Based Capital Ratio(1) | |||||||||||||||
| Book Value Per Share | |||||||||||||||
| Market Value Per Share | |||||||||||||||
| (1) Ratios are for Commercial Bank | |||||||||||||||
| Consolidated Statements of Income (unaudited): | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| Sep 30, 2024 | Sep 30, 2023 | Sep 30, 2024 | Sep 30, 2023 | ||||||||||||
| Interest Income | $ | 6,744,483 | $ | 6,456,258 | $ | 20,069,571 | $ | 18,812,071 | |||||||
| Interest Expense | 2,067,285 | 1,886,333 | 6,322,485 | 5,011,890 | |||||||||||
| Net Interest Income | 4,677,198 | 4,569,925 | 13,747,086 | 13,800,181 | |||||||||||
| Provision for credit losses | 229 | (217,000 | ) | (38,972 | ) | (108,000 | ) | ||||||||
| Non-interest income | 549,612 | 554,697 | 1,700,596 | 1,542,498 | |||||||||||
| Operating Expenses | 3,518,227 | 3,263,220 | 10,668,945 | 9,723,511 | |||||||||||
| Income before taxes | 1,708,354 | 2,078,402 | 4,817,709 | 5,727,168 | |||||||||||
| Income tax expense | 300,020 | 376,900 | 836,080 | 1,012,663 | |||||||||||
| Net Income | $ | 1,408,334 | $ | 1,701,502 | $ | 3,981,629 | $ | 4,714,505 | |||||||
| Net Income per share – diluted | $ | 0.36 | $ | 0.43 | $ | 1.00 | $ | 1.19 | |||||||
| Dividends declared | $ | 0.14 | $ | 0.14 | $ | 0.42 | $ | 0.42 | |||||||
| Consolidated Balance Sheets (unaudited): | |||||||||||||||
| Sep 30, 2024 | Sep 30, 2023 | ||||||||||||||
| Assets | |||||||||||||||
| Cash and cash equivalents | $ | 55,606,415 | $ | 42,306,192 | |||||||||||
| Time deposits with other banks | 1,992,000 | 4,482,000 | |||||||||||||
| Securities | 77,226,328 | 95,491,438 | |||||||||||||
| Loans | 407,594,529 | 414,449,979 | |||||||||||||
| Allowance for credit losses | (3,528,332 | ) | (3,647,087 | ) | |||||||||||
| Loans, net | 404,066,197 | 410,802,892 | |||||||||||||
| Premises and equipment, net | 10,092,279 | 8,819,331 | |||||||||||||
| Other assets | 25,285,806 | 25,886,826 | |||||||||||||
| Total Assets | $ | 574,269,025 | $ | 587,788,679 | |||||||||||
| Liabilities | |||||||||||||||
| Deposits | $ | 505,613,266 | $ | 509,123,260 | |||||||||||
| FHLB borrowings | 4,000,000 | 19,000,000 | |||||||||||||
| Trust preferred | 10,310,000 | 13,403,000 | |||||||||||||
| Other liabilities | 3,598,596 | 3,699,482 | |||||||||||||
| Total Liabilities | 523,521,862 | 545,225,742 | |||||||||||||
| Equity | |||||||||||||||
| Total Equity | 50,747,163 | 42,562,937 | |||||||||||||
| Total Liabilities and Equity | $ | 574,269,025 | $ | 587,788,679 | |||||||||||
Contact:
Benjamin Z. Ogle
CFO
989-875-5562
FAQ
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