Commercial National Financial Corp (CEFC)

[AskMuncher]

$CEFC Commercial National Financial Corporation Reports 3rd Quarter 2021 Earnings
Press Release | 10/29/2021
ITHACA, Mich., Oct. 29, 2021 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced third quarter 2021 net income of $1,478,000, or $.37 per share compared to third quarter 2020 net income of $1,177,000, or $.30 per share. Return on Equity (ROE) was 13.35% for the third quarter of 2021 compared to 11.50% for the third quarter of 2020.

For the third quarter of 2021, net interest income increased $160,000, or 4.1% compared to the third quarter of 2020 primarily due to a higher average balance of interest-earning assets, partially offset by 11 basis points of lower net interest margin. Non-interest income increased by $39,000, or 6.9% primarily due to higher debit card fees. Operating expenses increased by $333,000, or 12% primarily due to the hiring of additional commercial lending and treasury employees as well as from professional fees related to our core data processing conversion that was completed in September.

The provision for loan losses expense was negative $225,000 for the third quarter of 2021, compared to $300,000 for the third quarter of 2020. The negative provision expense in the third quarter of 2021 was primarily due to significantly improved economic conditions and lower allocations to classified loans as compared to the third quarter of 2020.

Total assets were $591.8 million at September 30, 2021 compared to $548.1 million at September 30, 2020. The increase was primarily due to core deposit growth, partially offset by lower wholesale borrowings. At September 30, 2021, Paycheck Protection Program loans outstanding were approximately $54.4 million compared to $32.2 million at September 30, 2020.

Commercial National Financial Corporation operates through a single subsidiary bank, Commercial Bank. Visit www.commercial-bank.com to view the latest consolidated Annual Report, news releases and other information about CEFC and Commercial Bank.

Selected Financial Data (unaudited):
Quarter Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Return on Equity (ROE) 13.35 % 11.50 % 14.28 % 10.45 %
Return on Assets (ROA) 1.00 % 0.85 % 1.07 % 0.78 %
Net Interest Margin 2.90 % 3.01 % 3.07 % 3.09 %

September 30,
2021 2020
Non-performing Assets Ratio 0.74 % 0.77 %
Tier 1 Leverage Capital(1) 8.83 % 8.84 %
Total Risk-based Capital(1) 15.38 % 15.39 %
Book Value Per Share $ 11.07 $ 10.27
Market Value Per Share $ 10.58 $ 9.11
(1) Ratios are for Commercial Bank. . .

Consolidated Statements of Income (unaudited):
Quarter Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Interest Income $ 4,657,097 $ 4,715,503 $ 14,320,497 $ 14,401,670
Interest Expense 589,799 807,886 1,838,321 2,785,487
Net Interest Income 4,067,298 3,907,617 12,482,176 11,616,183
Provision for loan losses (225,000 ) 300,000 (225,000 ) 1,250,000
Non-interest income 605,799 566,672 1,791,714 1,560,698
Operating Expenses 3,106,093 2,772,687 8,885,551 8,201,942
Income before taxes 1,792,004 1,401,602 5,613,339 3,724,939
Income tax expense 314,000 224,500 1,012,000 597,500
Net Income $ 1,478,004 $ 1,177,102 $ 4,601,339 $ 3,127,439
Net Income per share - diluted $ 0.37 $ 0.30 $ 1.16 $ 0.79
Dividends declared $ 0.14 $ 0.14 $ 0.42 $ 0.42


Consolidated Balance Sheets (unaudited):
September 30,
2021 2020
Assets
Cash and cash equivalents $ 35,881,247 $ 51,221,763
Time deposits with other banks 20,854,000 22,839,000
Securities 59,058,059 38,306,539
Loans 449,036,166 409,697,305
Allowance for loan losses (4,086,664 ) (4,043,266 )
Loans, net 444,949,502 405,654,039
Premises and equipment, net 8,311,175 8,217,624
Other assets 22,785,377 21,884,842
Total Assets $ 591,839,360 $ 548,123,807

Liabilities
Deposits $ 497,771,045 $ 451,610,662
Other borrowings 34,400,000 39,480,000
Trust preferred 13,403,000 13,403,000
Other liabilities 2,371,146 2,904,766
Total Liabilities 547,945,191 507,398,428

Equity
Total Equity 43,894,169 40,725,379
Total Liabilities and Equity $ 591,839,360 $ 548,123,807

Contact:
Kevin A. Twardy
CFO and COO
989-875-5528

[BigCat]

2014 Fourth Quarter Earnings and Dividend

Kevin D. Collison, President and CEO of Commercial Bank and its holding company, Commercial National Financial Corporation , announced that net income for the 4th quarter of 2014 totaled $577,000 or 18 cents per share compared to $613,000 or 19 cents per share for the 4th quarter of 2013.

Additionally, on February 18, 2015, the Board of Directors declared a cash dividend of 13 cents per share payable April 1, 2015 to shareholders of record on March 13, 2015. This represents the 36th consecutive quarterly dividend of 13 cents per share. Based on the December 31, 2014 closing stock price of $8.10 per share this dividend results in an annualized yield of 6.4%.

Commercial National Financial Corporation is a one bank holding company with total assets of approximately $374.5 million at December 31, 2014. Commercial Bank operates full service banking offices in Alma, Greenville, Hastings, Ithaca, Lake Odessa, Middleton and St. Louis and a loan production office in Mt. Pleasant.

[BigCat]

CEFC call report: Earnings, $2.7 million, 2014

[BigCat]

2014 Third Quarter Earnings and Dividend

Jeffrey S. Barker, President and CEO of Commercial Bank and its holding company, Commercial National Financial Corporation, announced that net income for the 3rd quarter of 2014 totaled $697,000 or 21 cents per share compared to $690,000 or 21 cents per share for the 3rd quarter of 2013.

Additionally, on November 20, 2014, the Board of Directors declared a cash dividend of 13 cents per share payable January 2, 2015 to shareholders of record on December 12, 2014.

Commercial National Financial Corporation is a one bank holding company with total assets of approximately $375.9 million at September 30, 2014. Commercial Bank operates full service banking offices in Alma, Greenville, Hastings, Ithaca, Lake Odessa, Middleton and St. Louis and a loan production office in Mt. Pleasant.



Contact:
Kevin Twardy
Chief Financial Officer
989-875-5528

[BigCat]

Kevin D. Collison Named New Bank President/CEO

Scott E. Sheldon, Chairman of Commercial Bank and its holding company, Commercial National Financial Corporation (CNFC) is pleased to announce the appointment of Kevin D. Collison as the new President/CEO of CNFC and Commercial Bank. He will also be joining the CNFC and Commercial Bank Board of Directors. Collison will assume his new responsibilities effective January 1, 2015.

With 25 years in banking, Collison understands the needs of business and retail customers and the importance of giving back to the community. Collison joined Commercial Bank in 1996 most recently serving as Senior Vice President, Senior Lender. As President/CEO, he will provide strategic leadership for the continued development of community and customer relationships, as well as the general operations of the Bank.

The election of Collison is part of a planned succession as current President/CEO Jeffrey S. Barker announced his retirement effective December 31, 2014. Barker will continue to serve on the Board of Directors of both CNFC and Commercial Bank. “On behalf of the board, we all want to thank Jeff for his many years of outstanding leadership as we congratulate him on his retirement,” said Scott Sheldon, Chairman.

Collison is a graduate of Central Michigan University with a Bachelor of Science Degree in Business Administration. He is also a graduate of the Graduate School of Banking at the University of Wisconsin-Madison.

A lifetime resident of central Michigan, Collison is actively engaged in the community and serves on various boards. His involvement includes the Gratiot County Community Foundation, Ithaca Downtown Development Authority, Ithaca Rotary Club, Greater Gratiot Development Corporation and Ducks Unlimited. Collison and his wife Annette reside in Middleton and have two children.

Commercial National Financial Corporation is a one bank holding company with total assets of approximately $375.9 million at September 30, 2014. Commercial Bank operates full service banking offices in Alma, Greenville, Hastings, Ithaca, Lake Odessa, Middleton and St. Louis and a loan production office in Mt. Pleasant.


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[BigCat]

Seems to be an error on my Scotty account with CEFC this morning. It's stating the last trade went through for .81 instead of $8.10. This resulted in a large amount of investment value 'disappearing' from my account...

[BigCat]

Strong Little commercial bank with a great divi!