ITHACA, Mich., May 21, 2015 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets:CEFC) today announced 2015 first quarter net income of $636,000, or $0.20 per share compared to 2014 first quarter net income of $542,000, or $0.17 per share. The increase in net income was primarily attributable to higher net interest income and lower operating expenses. Total loans grew $8.7 million, or 3.3% when comparing March 31, 2015 to March 31, 2014.
Additionally, the Board of Directors declared a regular quarterly cash dividend of 13 cents per share payable July 1, 2015 to shareholders of record on June 12, 2015. Based on the May 20, 2015 closing price of $8.30 per share, the annualized dividend yield is 6.27%.
Lastly, we have been approved by Mergent Inc.’s Editorial Board for listing in Mergent’s Manuals and News Reports™. First published in 1918, and formerly known as Moody’s™ Manuals and News Reports, the Mergent manual is a recognized securities manual in 39 states for purposes of Blue Sky Manual Exemption. CEFC’s listing in this manual will aid the brokerage community in making a market for the company’s stock.
Commercial National Financial Corporation operates through a single subsidiary bank, Commercial Bank, with full-service banking offices in Alma, Greenville, Hastings, Ithaca, Lake Odessa, Middleton and St. Louis and a loan production office in Mt. Pleasant, Michigan.
|Selected Financial Data (unaudited):|
|Quarter Ended March 31,|
|Return on Equity (ROE)||11.32||%||10.27||%|
|Return on Assets (ROA)||.69||.59|
|Non-performing Assets Ratio||.78||.99|
|Tier 1 Leverage Capital(1)||8.61||8.33|
|Total Risk-based Capital(1)||15.59||15.58|
|Book Value Per Share||$||7.10||$||6.62|
|(1) Capital ratios are for Commercial Bank.|
|Consolidated Statements of Income (unaudited):|
|Quarter Ended March 31,|
|Net Interest Income||2,722,856||2,608,324|
|Provision for loan losses||106,574||45,913|
|Income before taxes||874,027||725,811|
|Income tax expense||237,763||184,060|
|Net Income per share – basic||$||0.20||$||0.17|
|Net Income per share – diluted||$||0.20||$||0.17|
|Consolidated Balance Sheets (unaudited):|
|Cash and cash equivalents||$||15,943,546||$||17,632,887|
|Time deposits with other banks||18,563,000||18,468,000|
|Allowance for loan losses||(2,604,074||)||(2,657,944||)|
|Bank premises and equipment||4,380,464||4,345,400|
|Common stock and paid in capital||13,572,835||13,572,841|
|Total Liabilities and Equity||$||375,713,157||$||382,772,400|
Contact: Kevin Twardy CFO and COO (989) 875-5528
Source:Commercial National Financial Corporation