Commercial National Financial Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018
July 25, 2018 at 06:00 am EDT
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Commercial National Financial Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the second quarter of 2018, net income was $1,185,211, or $0.30 per diluted share compared to second quarter 2017 net income of $1,042,904, or $0.26 per diluted share. For the quarter ended June 30, 2018, net interest income decreased $60,000, or 1.7%. The increase in interest income from the higher interest rate environment was more than offset by a higher cost of funds. Net interest income was $3,576,118 against $3,635,672 for the same period a year ago. Income before taxes was $1,435,211 against $1,506,904 for the same period a year ago. Interest income was $4,777,678 against $4,679,237 for the same period a year ago. Return on equity was 14.17% against 13.08% for the same period a year ago. Return on assets was 0.91% against 0.79% for the same period a year ago.
For the six months, interest income was $9,513,890 against $9,239,893 for the same period a year ago. Net interest income was $7,192,640 against $7,236,494 for the same period a year ago. Income before taxes was $2,734,822 against $1,122,909 for the same period a year ago. Net income was $2,248,822 or $0.57 per diluted share against $836,909 or $0.21 per diluted share for the same period a year ago. Return on equity was 13.60% against 5.21% for the same period a year ago. Return on assets was 0.87% against 0.32% for the same period a year ago. Book value per share was $8.52 as at June 30, 2018 against $8.13 as at June 30, 2017.
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.