Commercial National Financial Corporation Reports 3rd Quarter 2024 Results
COMML NATL FINCL CRP MICH (CEFC)
NASDAQ:AMEX Investor Relations:
cnbthebankonline.com/home/about/investor
Company Research
Source: GlobeNewswire
ITHACA, Mich., Oct. 25, 2024 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) reported net income for the third quarter of 2024 of $1,408,000 or $0.36 per share compared to third quarter 2023 net income of $1,702,000 or $0.43 per share. Return on Equity (ROE) was 11.32% for the third quarter of 2024 compared to 15.42% for the third quarter of 2023. Net interest income for the third quarter of 2024 increased by $107,000 or 2.3% compared to the respective 2023 period. Interest income increased by $288,000 due to higher yields on loans and other interest-earning assets, while interest expense only increased by $181,000. Non-interest income remained relatively consistent at $550,000. Operating expenses increased by $255,000 or 7.8% mainly due to higher wages and benefits expense. Total assets were $574.3 million as of September 30, 2024 compared to $587.8 million as of September 30, 2023. The decrease in assets was due to the repayment of wholesale
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