Commercial National Financial Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018
October 24, 2018 at 06:00 am
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Commercial National Financial Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported interest income of $4,793,171 against $4,815,576 for the same period a year ago. Net interest income was $3,484,918 against $3,768,035 for the same period a year ago. Income before taxes was $1,408,858 against $1,786,426 for the same period a year ago. Net income was $1,177,007 or $0.30 per diluted share against $1,248,426 or $0.31 per diluted share for the same period a year ago. Return on equity was 13.68% against 15.19% for the same period a year ago. Return on assets was 0.91% against 0.94% for the same period a year ago.
For the nine months, the company reported interest income of $14,307,061 against $14,055,469 for the same period a year ago. Net interest income was $10,677,558 against $11,004,529 for the same period a year ago. Income before taxes was $4,143,680 against $2,909,335 for the same period a year ago. Net income was $3,425,829 or $0.86 per diluted share against $2,085,335 or $0.53 per diluted share for the same period a year ago. Book value per share was $8.67 as at September 30, 2018. Return on equity was 13.62% against 8.56% for the same period a year ago. Return on assets was 0.88% against 0.53% for the same period 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.
Commercial National Financial Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018