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Commercial National Financial Corporation Reports 1st Quarter 2015 Earnings, Dividend and Blue Sky Manual Exemption Listing

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,
2015 2014
Return on Equity (ROE) 11.32% 10.27%
Return on Assets (ROA) .69 .59
Interest Margin 3.19 3.16
Efficiency Ratio 68.52 73.60
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,
2015 2014
Interest Income$3,568,082 $3,562,109
Interest Expense 845,226 953,785
Net Interest Income 2,722,856 2,608,324
Provision for loan losses 106,574 45,913
Non-interest income 443,004 401,476
Operating Expenses 2,185,259 2,238,076
Income before taxes 874,027 725,811
Income tax expense 237,763 184,060
Net Income$636,264 $541,751
Net Income per share – basic$0.20 $0.17
Net Income per share – diluted$0.20 $0.17
Consolidated Balance Sheets (unaudited):
March 31,
2015 2014
Assets
Cash and cash equivalents$15,943,546 $17,632,887
Time deposits with other banks 18,563,000 18,468,000
Securities 47,232,016 63,984,223
Loans 274,474,544 265,746,171
Allowance for loan losses (2,604,074) (2,657,944)
Loans, net 271,870,470 263,088,227
Bank premises and equipment 4,380,464 4,345,400
Other assets 17,723,661 15,253,663
Total Assets$375,713,157 $382,772,400
Liabilities
Deposits$307,340,384 $332,307,212
Other borrowings 30,990,757 16,995,847
Trust preferred 10,310,000 10,310,000
Other liabilities 3,970,650 1,627,622
Total Liabilities 352,611,791 361,240,681
Equity
Common stock and paid in capital 13,572,835 13,572,841
Retained earnings 9,396,528 8,565,572
Accumulated OCI 132,003 (606,694)
Total Equity 23,101,366 21,531,719
Total Liabilities and Equity$375,713,157 $382,772,400



Contact: Kevin Twardy CFO and COO (989) 875-5528

Source:Commercial National Financial Corporation