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Commercial National Financial Corporation Reports 4th Quarter 2019 Earnings

ITHACA, Mich., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced fourth quarter 2019 net income of $1,316,000, or $.33 per share compared to fourth quarter 2018 net income of $1,076,000, or $.27 per share.  Return on Equity (ROE) was 13.51% for the fourth quarter of 2019 compared to 12.30% for the fourth quarter of 2018.

Total assets were $504.9 million at December 31, 2019 compared to $527.4 million at December 31, 2018.  The decrease in total assets and deposits is primarily due to intentionally decreasing brokered certificates of deposit with excess liquidity.  This contributed to an improved net interest margin which was 3.15% in the fourth quarter of 2019 as compared to 2.88% in the fourth quarter of 2018.  Total loans of $385.7 million increased $10.7 million, or 2.9% year over year.  We continue to focus on growing loans and core deposits while maintaining our underwriting standards.

For the fourth quarter ended December 31, 2019, net interest income increased $211,000, or 5.9% primarily due to the net interest margin improvement discussed above.  Non-interest income rose by $111,000, or 23.2% primarily due to increased loan fees.  Operating expenses increased by $57,000, or 2.1% primarily due to higher wages and benefits expense and professional fees, partially offset by lower FDIC insurance expense related to the small bank assessment credits.

Commercial National Financial Corporation operates through a single subsidiary bank, Commercial Bank.   Visit www.commercial-bank.com to view the latest consolidated Annual Report, news releases and other information about CEFC and Commercial Bank.

Selected Financial Data (unaudited):            
  Quarter Ended December 31,   Year Ended December 31,
    2019       2018     2019     2018  
Return on Equity (ROE)   13.51%       12.30%     13.51%     13.28%  
Return on Assets (ROA)   1.02%       0.81%     0.97%     0.86%  
Net Interest Margin   3.15%       2.88%     3.03%     2.92%  
               
  December 31,        
    2019       2018          
Non-performing Assets Ratio   0.70%       0.35%          
Tier 1 Leverage Capital(1)   9.26%       8.42%          
Total Risk-based Capital(1)   14.18%       14.36%          
Book Value Per Share $9.77     $8.85          
Market Value Per Share $11.45     $11.49          
(1) Ratios are for Commercial Bank. .   .        


Consolidated Statements of Income (unaudited):          
  Quarter Ended December 31,   Year Ended December 31,
    2019     2018     2019     2018
Interest Income $ 4,958,167   $ 4,941,598   $ 20,060,797   $ 19,248,659
Interest Expense   1,186,712     1,381,420     5,371,110     5,010,923
Net Interest Income   3,771,455     3,560,178     14,689,687     14,237,736
Provision for loan losses   -     -     -     -
Non-interest income   588,131     477,311     2,449,734     1,989,948
Operating Expenses   2,728,814     2,671,603     11,050,845     10,718,118
Income before taxes   1,630,772     1,365,886     6,088,576     5,509,566
Income tax expense   314,500     290,149     1,070,000     1,008,000
Net Income $ 1,316,272   $ 1,075,737   $ 5,018,576   $ 4,501,566
Net Income per share – diluted $ 0.33   $ 0.27   $ 1.27   $ 1.14
Dividends declared $ 0.13   $ 0.13   $ 0.52   $ 0.52
               


Consolidated Balance Sheets (unaudited):    
  December 31,
    2019       2018  
Assets      
Cash and cash equivalents $ 21,807,616     $ 31,715,786  
Time deposits with other banks   31,956,000       53,036,000  
Securities   38,214,458       39,551,366  
Loans   385,691,917       374,975,157  
Allowance for loan losses   (2,751,767 )     (2,672,568 )
Loans, net   382,940,150       372,302,589  
Premises and equipment, net   8,343,479       8,295,195  
Other assets   21,676,803       22,466,636  
Total Assets $ 504,938,506     $ 527,367,572  
       
Liabilities      
Deposits $ 390,063,519     $ 421,030,232  
Other borrowings   59,501,813       55,024,250  
Trust preferred   13,403,000       13,403,000  
Other liabilities   3,216,264       2,798,839  
Total Liabilities   466,184,596       492,256,321  
       
Equity      
Total Equity   38,753,910       35,111,251  
Total Liabilities and Equity $ 504,938,506     $ 527,367,572  
       

Contact:
Kevin A. Twardy
CFO and COO
989-875-5528