Commercial National Financial Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018
April 20, 2018 at 06:00 am
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Commercial National Financial Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported, interest income of $4,736,212 against $4,560,656 a year ago. Net interest income of $3,616,522 against $3,600,822 a year ago. Income before taxes of $1,299,611 against loss of $383,995 a year ago. Net income of $1,063,611 against loss of $205,995 a year ago. Diluted net earnings per share was $0.27 against loss of $0.05 a year ago. Book value per share was $8.37 against $7.99 a year ago. Return on equity (ROE) was 13.01 % against negative of 2.61% a year ago. Return on assets was 0.83 % against negative of 0.16% a year ago. Net interest income increased $16,000, or 0.4%. Increases in interest income from the higher interest rate environment were mostly offset by a higher cost of funds. Non-interest income of $408,066 against $420,523 a year ago.
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.