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Commercial National Financial Corporation Reports 2nd Quarter 2015 Earnings

20:00 EDT 22 Jul 2015 | Globe Newswire

ITHACA, Mich., July 23, 2015 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets:CEFC) today announced 2015 second quarter net income of $687,000, or $0.21 per share compared to 2014 second quarter net income of $612,000, or $0.19 per share. 

Total loans grew $12.8 million, or 4.8% when comparing June 30, 2015 to June 30, 2014. We are continuing our efforts to increase loan volume while maintaining our credit quality standards.  For the quarter ended June 30, 2015, provision for loan loss expense and loss share reimbursement revenue were significantly lower due to improved credit quality metrics in the loss share loan portfolio.  Operating expenses decreased $226,000 or 10.2% due to lower collection expenses and continued measures taken to reduce other expense categories.  

Commercial National Financial Corporation operates through a single subsidiary bank, Commercial Bank, with full-service banking offices in Alma, Greenville, Hastings, Ithaca, Lake Odessa, Middleton and St. Louis and a loan production office in Mt. Pleasant, Michigan.   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 June 30,Six Months Ended June 30,
  2015  2014  2015  2014 
Return on Equity (ROE) 11.85% 11.32% 11.59% 10.80%
Return on Assets (ROA) .74  .65  .71  .62 
Interest Margin 3.06  2.98  3.10  3.00 
Efficiency Ratio 64.08  63.23  66.29  67.96 
     
 June 30,  
  2015  2014   
Non-performing Assets Ratio .69% 1.09%  
Tier 1 Leverage Capital(1) 8.72  8.25   
Total Risk-based Capital(1) 15.24  15.54   
Book Value Per Share$7.13 $6.75   
(1) Capital ratios are for Commercial Bank.    
     
Consolidated Statements of Income (unaudited):    
 Quarter Ended June 30,Six Months Ended June 30,
  2015  2014  2015  2014 
Interest Income$3,463,057 $3,549,685 $7,031,139 $7,111,794 
Interest Expense 816,471  917,025  1,661,697  1,870,810 
Net Interest Income 2,646,586  2,632,660  5,369,442  5,240,984 
Provision for loan losses 105,842  421,017  212,416  466,930 
Non-interest income 434,907  835,966  877,911  1,237,442 
Operating Expenses 1,985,944  2,212,108  4,171,203  4,450,184 
Income before taxes 989,707  835,501  1,863,734  1,561,312 
Income tax expense 302,246  223,061  540,009  407,121 
Net Income$687,461 $612,440 $1,323,725 $1,154,191 
Net Income per share – basic$0.21 $0.19 $.41 $.35 
Net Income per share – diluted$0.21 $0.19 $.41 $.35 
     
     
Consolidated Balance Sheets (unaudited):    
 June 30,  
  2015  2014   
Assets    
Cash and cash equivalents$11,401,612 $12,972,845   
Time deposits with other banks 19,554,000  19,708,000   
Securities 45,270,704  60,248,028   
Loans 281,550,807  268,756,392   
Allowance for loan losses (2,574,503) (2,634,965)  
Loans, net 278,976,304  266,121,427   
Bank premises and equipment 4,328,993  4,439,964   
Other assets 17,043,294  15,843,870   
Total Assets$376,574,907 $379,334,134   
     
Liabilities    
Deposits$300,460,835 $324,998,710   
Other borrowings 38,940,920  20,302,809   
Trust preferred 10,310,000  10,310,000   
Other liabilities 3,669,096  1,756,580   
Total Liabilities 353,380,851  357,368,099   
     
Equity    
Common stock and paid in capital 13,572,835  13,572,835   
Retained earnings 9,661,097  8,755,120   
Accumulated OCI (39,876) (361,920)  
Total Equity 23,194,056  21,966,035   
Total Liabilities and Equity$376,574,907 $379,334,134   

 

 

 

 

 

 



 

Contact:
Kevin Twardy
CFO and COO
(989) 875-5528
ketwardy@commercial-bank.com
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