Commercial National Financial Corporation Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 27, 2016 at 06:00 am
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Commercial National Financial Corporation reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net income of $599,000 or $0.18 per share compared to 2014 fourth quarter net income of $577,000, or $0.18 per share. Interest income was $3,546,082 compared with $3,524,342 for the same period last year. Net interest income was $2,692,254 compared with $2,638,821 for the same period last year. Income before taxes was $832,016 compared with $837,462 for the same period last year. Return on equity was 9.95% compared with 10.18% for the same period last year. Return on assets was 0.62% compared with 0.61% for the same period last year.
For the year ended December 31, 2015, net income was $2,685,234, or $0.83 per share compared to $2,428,009, or $0.75 per share for the year ended December 31, 2014. Interest income was $14,098,168 compared with $14,193,114 for the same period last year. Net interest income was $10,733,692 compared with $10,527,009 for the same period last year. Income before taxes was $3,733,991 compared with $3,331,422 for the same period last year. Return on equity was 11.50% compared with 11.07% for the same period last year. Return on assets was 0.71% compared with 0.65% for the same period last year. Book value per share was $7.31 compared with $6.95 for the same period last year.
Commercial National Financial Corporation (CNFC) is a one-bank holding company, which operates through its subsidiary, Commercial Bank (the Bank). The Bank provides a full range of banking services to individuals, agricultural businesses, commercial businesses and light industries located in its service area. It maintains a diversified loan portfolio, including loans to individuals for home mortgages, automobiles and personal expenditures, and loans to business enterprises for current operations and expansion. The Bank generally requires collateral for all loans. The Bank offers a variety of deposit products, including checking, savings, individual retirement accounts and certificates of deposit. The principal markets for the Bank's financial services are the Michigan communities, in which the Bank is located and the areas immediately surrounding these communities. The Bank has approximately 11 offices located in Barry, Gratiot, Ingham, Kent and Montcalm Counties in Michigan.