Commercial National Financial Corporation Reports 1st Quarter 2024 Earnings
COMML NATL FINCL CRP MICH (CEFC)
NASDAQ:AMEX Investor Relations:
cnbthebankonline.com/home/about/investor
Company Research
Source: GlobeNewswire
ITHACA, Mich., April 26, 2024 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) reported net income for the first quarter of 2024 of $1,161,000 or $0.29 per share compared to first quarter 2023 net income of $1,470,000 or $0.37 per share. Return on Equity (ROE) was 9.95% for the first quarter of 2024 compared to 14.40% for the first quarter of 2023. Net interest income for the first quarter of 2024 decreased by $199,000 or 4.2% compared to the respective 2023 period. While interest income increased by $539,000 due to higher yields on loans and other interest-earning assets, interest expense increased at a higher rate of $738,000, which resulted in slightly lower net interest margin and reduced income. The main contributing factors resulting in higher interest expense was an increase in the federal funds rate, along with a noticeable shift in customers moving from noninterest-bearing to interest-bearing checking and time deposit accounts. Noninterest
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