Commercial National Financial Corporation Reports 4th Quarter 2024 Results
Commercial National Financial (CEFC) reported Q4 2024 net income of $1,882,000 ($0.47 per share), up from $1,458,000 ($0.37 per share) in Q4 2023. The company's ROE increased to 14.73% from 13.34% year-over-year. Net interest income rose by $362,000 (7.9%), driven by federal funds rate cuts and higher yields on loans and securities.
Total assets decreased to $567 million from $579 million, primarily due to $13 million in repayment of wholesale borrowings and trust preferred debt. Total loans decreased by $22 million (5.2%), though loan quality remained strong with a non-performing assets ratio of 0.28%. The security portfolio decreased by $12 million as matured securities were used to repay wholesale borrowings. Commercial Bank maintains 'well capitalized' status with improved capital ratios.
Commercial National Financial (CEFC) ha riportato un utile netto del Q4 2024 di $1.882.000 ($0,47 per azione), in aumento rispetto a $1.458.000 ($0,37 per azione) nel Q4 2023. Il ROE dell'azienda è aumentato al 14,73% rispetto al 13,34% dell'anno precedente. Il reddito netto da interessi è aumentato di $362.000 (7,9%), sostenuto dai tagli ai tassi sui fondi federali e da rendimenti più elevati su prestiti e titoli.
Il totale degli attivi è diminuito a $567 milioni rispetto a $579 milioni, principalmente a causa di $13 milioni nel rimborso di prestiti all'ingrosso e debito preferenziale di fiducia. Il totale dei prestiti è diminuito di $22 milioni (5,2%), anche se la qualità dei prestiti è rimasta forte con un rapporto di attività non performanti dello 0,28%. Il portafoglio titoli è diminuito di $12 milioni poiché i titoli maturati sono stati utilizzati per rimborsare i prestiti all'ingrosso. La Commercial Bank mantiene uno stato di 'ben capitalizzata' con migliorati rapporti di capitale.
Commercial National Financial (CEFC) reportó un ingreso neto del cuarto trimestre de 2024 de $1,882,000 ($0.47 por acción), un aumento respecto a $1,458,000 ($0.37 por acción) en el cuarto trimestre de 2023. El ROE de la compañía aumentó al 14.73% desde el 13.34% en comparación con el año anterior. Los ingresos netos por intereses subieron en $362,000 (7.9%), impulsados por recortes en la tasa de fondos federales y mayores rendimientos en préstamos y títulos.
Los activos totales disminuyeron a $567 millones desde $579 millones, principalmente debido a $13 millones en reembolso de préstamos mayoristas y deuda preferida de fideicomiso. Los préstamos totales disminuyeron en $22 millones (5.2%), aunque la calidad de los préstamos se mantuvo sólida con un ratio de activos no productivos del 0.28%. La cartera de valores disminuyó en $12 millones, ya que los valores vencidos se utilizaron para reembolsar préstamos mayoristas. Commercial Bank mantiene un estado de 'bien capitalizada' con mejores ratios de capital.
상업 국가 금융 (CEFC)은 2024년 4분기 순이익이 $1,882,000 ($0.47 per 주식)에 달했다고 보고했으며, 이는 2023년 4분기 $1,458,000 ($0.37 per 주식)에서 증가한 수치입니다. 회사의 ROE는 전년 대비 13.34%에서 14.73%로 증가했습니다. 순이자 수익은 $362,000 (7.9%) 증가했으며, 이는 연방 기금 금리 인하와 대출 및 보안의 높은 수익률에 힘입은 것입니다.
총 자산은 $579백만에서 $567백만으로 줄어들었으며, 이는 주로 도매 차입금 및 신탁 우선주 변제에 따라 $13백만의 상환 때문입니다. 총 대출은 $22백만 (5.2%) 감소했지만, 대출 품질은 여전히 강력하여 비수익 자산 비율은 0.28%로 유지되었습니다. 만기가 된 증권이 도매 차입금을 상환하는 데 사용되면서 증권 포트폴리오는 $12백만 감소했습니다. Commercial Bank는 자본 비율이 개선되어 '자본이 충분한' 상태를 유지하고 있습니다.
Commercial National Financial (CEFC) a déclaré un revenu net de 1.882.000 $ (0,47 $ par action) au quatrième trimestre 2024, en hausse par rapport à 1.458.000 $ (0,37 $ par action) au quatrième trimestre 2023. Le ROE de l'entreprise a augmenté à 14,73 %, contre 13,34 % l'année précédente. Les revenus d'intérêts nets ont augmenté de 362.000 $ (7,9 %), soutenus par des baisses des taux des fonds fédéraux et des rendements plus élevés sur les prêts et les titres.
Le total des actifs a diminué à 567 millions $ contre 579 millions $, principalement en raison de 13 millions $ de remboursement de prêts en gros et de dettes privilégiées en fiducie. Le total des prêts a diminué de 22 millions $ (5,2 %), bien que la qualité des prêts soit restée solide avec un ratio d'actifs non productifs de 0,28 %. Le portefeuille de titres a diminué de 12 millions $, car des titres arrivés à échéance ont été utilisés pour rembourser des prêts en gros. La Commercial Bank conserve un statut de 'bien capitalisée' avec des ratios de capital améliorés.
Commercial National Financial (CEFC) meldete im 4. Quartal 2024 einen Nettogewinn von 1.882.000 $ (0,47 $ pro Aktie), gegenüber 1.458.000 $ (0,37 $ pro Aktie) im 4. Quartal 2023. Die Eigenkapitalrendite (ROE) des Unternehmens stieg im Jahresvergleich von 13,34 % auf 14,73 %. Die Zinserträge erhöhten sich um 362.000 $ (7,9 %), bedingt durch Senkungen des Federal-Funds-Satzes und höhere Renditen auf Kredite und Wertpapiere.
Die gesamten Vermögenswerte sanken von 579 Millionen $ auf 567 Millionen $, hauptsächlich aufgrund von 13 Millionen $ an Rückzahlungen von Großhandelskrediten und bevorzugten Trusteeschulden. Die Gesamtkredite sanken um 22 Millionen $ (5,2 %), obwohl die Kreditqualität weiterhin stark blieb mit einer Quote von notleidenden Vermögenswerten von 0,28 %. Das Wertpapierportfolio nahm um 12 Millionen $ ab, da fällige Wertpapiere zur Rückzahlung von Großhandelskrediten genutzt wurden. Die Commercial Bank behält ihren Status als 'gut kapitalisiert' mit verbesserten Kapitalquoten.
- Net income increased 29% YoY to $1,882,000 in Q4 2024
- Net interest income grew 7.9% YoY
- ROE improved to 14.73% from 13.34%
- Non-interest income increased by $250,000
- Strong loan quality with 0.28% non-performing assets ratio
- Improved capital ratios with Tier 1 at 10.32% (up from 9.63%)
- Total assets declined by $12 million YoY
- Loan portfolio decreased by 5.2% ($22 million)
- Full-year net income decreased to $5.86M from $6.17M
- Operating expenses increased by $151,000
- Deposit balances decreased by 0.6%
ITHACA, Mich., Jan. 21, 2025 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) reported net income for the fourth quarter of 2024 of
The federal funds rate cuts helped alleviate interest margin pressure during the fourth quarter of 2024, as net interest income increased by
Total assets were
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 | Dec 31, 2023 | |||||||||||||||
| Non-Performing Assets Ratio | 0.28 | % | 0.16 | % | ||||||||||||
| Tier 1 Leverage Capital Ratio(1) | 10.32 | % | 9.63 | % | ||||||||||||
| Total Risk-Based Capital Ratio(1) | 16.99 | % | 15.58 | % | ||||||||||||
| Book Value Per Share | ||||||||||||||||
| Market Value Per Share | ||||||||||||||||
| (1) Ratios are for Commercial Bank | ||||||||||||||||
| Consolidated Statements of Income (unaudited): | ||||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | |||||||||||||
| Interest Income | $ | 6,692,617 | $ | 6,580,148 | $ | 26,762,188 | $ | 25,392,219 | ||||||||
| Interest Expense | 1,764,560 | 2,014,110 | 8,087,045 | 7,026,000 | ||||||||||||
| Net Interest Income | 4,928,057 | 4,566,038 | 18,675,143 | 18,366,219 | ||||||||||||
| Provision for credit losses | (55,008 | ) | (57,494 | ) | (93,980 | ) | (165,494 | ) | ||||||||
| Non-interest income | 706,790 | 456,500 | 2,407,386 | 1,998,998 | ||||||||||||
| Operating Expenses | 3,433,219 | 3,281,896 | 14,102,164 | 13,005,407 | ||||||||||||
| Income before taxes | 2,256,636 | 1,798,136 | 7,074,345 | 7,525,304 | ||||||||||||
| Income tax expense | 374,998 | 340,000 | 1,211,078 | 1,352,663 | ||||||||||||
| Net Income | $ | 1,881,638 | $ | 1,458,136 | $ | 5,863,267 | $ | 6,172,641 | ||||||||
| Net Income per share — diluted | $ | 0.47 | $ | 0.37 | $ | 1.48 | $ | 1.56 | ||||||||
| Dividends declared | $ | 0.14 | $ | 0.14 | $ | 0.56 | $ | 0.56 | ||||||||
| Consolidated Balance Sheets (unaudited): | ||||||||||||||||
| Dec 31, 2024 | Dec 31, 2023 | |||||||||||||||
| Assets | ||||||||||||||||
| Cash and cash equivalents | $ | 55,588,156 | $ | 32,942,957 | ||||||||||||
| Time deposits with other banks | 1,743,000 | 3,735,000 | ||||||||||||||
| Securities | 82,075,403 | 94,306,770 | ||||||||||||||
| Loans | 395,651,055 | 417,403,567 | ||||||||||||||
| Allowance for credit losses | (3,482,203 | ) | (3,570,271 | ) | ||||||||||||
| Loans, net | 392,168,852 | 413,833,296 | ||||||||||||||
| Premises and equipment, net | 10,037,771 | 9,252,193 | ||||||||||||||
| Other assets | 25,029,745 | 25,090,633 | ||||||||||||||
| Total Assets | $ | 566,642,927 | $ | 579,160,849 | ||||||||||||
| Liabilities | ||||||||||||||||
| Deposits | $ | 498,507,449 | $ | 501,646,583 | ||||||||||||
| FHLB borrowings | 4,000,000 | 14,000,000 | ||||||||||||||
| Trust preferred | 10,310,000 | 13,403,000 | ||||||||||||||
| Other liabilities | 3,295,393 | 3,301,371 | ||||||||||||||
| Total Liabilities | 516,112,842 | 532,350,954 | ||||||||||||||
| Equity | ||||||||||||||||
| Total Equity | 50,530,085 | 46,809,895 | ||||||||||||||
| Total Liabilities and Equity | $ | 566,642,927 | $ | 579,160,849 | ||||||||||||
Contact:
Benjamin Z. Ogle
CFO
989-875-5562
FAQ
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