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Commercial National Financial Corporation operates as the holding company for a commercial bank providing various banking products and services to individuals, agricultural businesses, commercial businesses, and light industries in Michigan. They offer personal and business loan products, deposit products, and other services including business visa check cards and merchant bankcard ref.
For the first quarter of 2024, net interest income decreased slightly, while noninterest income increased. Operating expenses also rose as total assets and total loans saw slight decreases. The company remains significantly above 'well capitalized' for regulatory purposes, with plans for a new Grand Rapids office opening in early June 2024.
Commercial National Financial Corporation (CEFC) reported a first quarter 2023 net income of $1.47 million ($0.37 per share), down from $3.05 million ($0.77 per share) in Q1 2022. The Return on Equity (ROE) fell to 14.40% from 26.26% year-over-year. Net interest income decreased by $1.65 million (26.1%), primarily due to lower fees from Paycheck Protection Program (PPP) loans, although net interest income rose by 22.7% when excluding those fees. Total loans, excluding PPP loans, grew by $16.3 million (4%). The company’s total assets were $600.9 million, down from $627.4 million a year earlier. The incurred provision for credit losses rose to $121,000.
Commercial National Financial Corporation (CEFC) has announced a quarterly cash dividend of 14 cents per share. This dividend will be payable on April 3, 2023, to shareholders of record by March 17, 2023. With a recent closing price of $10.98 per share, the annualized dividend yield stands at 5.10%, reflecting the company's commitment to returning value to its shareholders.
Commercial National Financial Corporation (CEFC) reported a fourth quarter 2022 net income of $1,912,000 ($0.48/share), up from $1,765,000 ($0.45/share) in Q4 2021. The Return on Equity improved to 19.86% from 15.62% year-over-year. Net interest income rose by 13.2%, driven by higher market interest rates, totaling $5,089,027. Total loans increased by $9.2 million or 2.3%, while non-interest income fell 7.7% to $490,764. Operating expenses increased by 2.9%, and total assets reached $613.8 million.
Commercial National Financial Corporation (Pink Sheets: CEFC) has declared a quarterly cash dividend of 14 cents per share. The dividend will be payable on January 3, 2023 to shareholders recorded by December 16, 2022. This announcement reflects an annualized dividend yield of 5.68%, based on a recent closing price of $9.86 per share. The decision demonstrates the company’s commitment to returning value to its shareholders.
Commercial National Financial Corporation (CEFC) reported a strong third quarter of 2022, with net income rising to $1,601,000 (or $0.40 per share) compared to $1,478,000 (or $0.37 per share) in 2021. The company's Return on Equity (ROE) increased to 15.72% from 13.35% year-over-year. Net interest income surged by 11.3% to $4,524,951, driven by higher market interest rates. Total loans rose by $21.3 million (5.4%) compared to the previous year. Total assets grew to $613.1 million, up from $591.8 million in 2021, reflecting solid core deposit growth.
Commercial National Financial Corporation (CEFC) has declared a quarterly cash dividend of 14 cents per share, scheduled for payment on October 3, 2022. Shareholders recorded as of September 16, 2022 will qualify for this dividend. Based on the recent closing price of $11.60 per share, this results in an annualized dividend yield of 4.83%. This move underscores the company's commitment to returning value to its shareholders.
Commercial National Financial Corporation (CEFC) reported a net income of $1,518,113, or $0.38 per share, for Q2 2022, an increase from $1,411,813, or $0.36 per share, in Q2 2021. The Return on Equity rose to 14.23% from 13.15%. Net interest income grew by 9.5% to $4,458,438, driven by higher interest-earning assets. Total assets reached $625 million, up from $587.6 million year-over-year. However, non-interest income fell by 17.6% to $496,982. The company reported a non-performing assets ratio of just 0.11%, a significant improvement from 0.84% a year earlier.
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