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Commercial National Financial Corporation Reports 1st Quarter 2026 Results

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

ITHACA, Mich., April 24, 2026 (GLOBE NEWSWIRE) — Commercial National Financial Corporation (OTCID: CEFC) reported net income of $1,677,000 or $0.43 per share for the first quarter of 2026 compared to $1,429,000 or $0.36 per share for the first quarter of 2025. Return on Equity was 11.87% for the first quarter of 2026 compared to 11.31% for the first quarter of 2025.

Net interest income for the first quarter of 2026 increased by $302,000 or 6.2% compared to the respective 2025 period. Interest income decreased by $66,000, mainly due to a decrease in loans. Interest expense decreased by $368,000, mainly due to a decrease in funding costs. Non-interest income increased by $43,000, while operating expenses increased by $73,000, which was mainly due to higher wages and benefits expense.

Total assets were $565 million as of March 31, 2026 compared to $571 million as of March 31, 2025. Total securities increased by $26 million, replacing the $26 million decrease in total loans. While loans decreased due to the high interest rate environment and early loan payoffs, loan quality remained strong with a non-performing assets ratio of 0.14%. Total deposits decreased by $17 million and were partially replaced with borrowings from the Federal Home Loan Bank. Additionally, CEFC’s wholly owned subsidiary, Commercial Bank, remained “well capitalized” for regulatory purposes.

CEFC announced a share repurchase program in May of 2025, which remains in effect indefinitely. CEFC may repurchase shares under the program at its discretion, taking into account factors such as the share price, market conditions, share availability, and other relevant considerations. There is no guarantee that any specific number of shares will be repurchased, and CEFC may modify, renew, suspend, or terminate the program at any time without prior notice. For further information about the stock repurchase program, please contact our primary market maker, Nick Bicking at D.A. Davidson & Co., at 614-710-7060.

Visit www.commercial-bank.com to view the latest news releases and other information about CEFC and Commercial Bank.

Selected Financial Data (unaudited): 
 Quarter Ended 
 Mar 31, 2026 Mar 31, 2025 
Return on equity 11.87%   11.31% 
Return on assets 1.22%   1.03% 
Net interest margin 3.97%   3.68% 
   
 Mar 31, 2026 Mar 31, 2025 
Non-performing assets ratio 0.14%   0.32% 
Tier 1 leverage capital ratio(1) 10.80%   10.45% 
Total risk-based capital ratio(1) 18.60%   17.18% 
Book value per share$14.33  $13.14 
Market value per share$14.05  $10.50 
Common shares outstanding 3,906,203   3,965,303 
Weighted-average common shares outstanding 3,931,624   3,965,303 
(1)Ratios are for Commercial Bank    
     
     
     
Consolidated Statements of Income (unaudited): 
 Quarter Ended 
 Mar 31, 2026 Mar 31, 2025 
Interest income$6,408,718  $6,475,293 
Interest expense 1,267,088   1,635,230 
Net interest income 5,141,630   4,840,063 
Provision for credit losses (40,000)  – 
Non-interest income 513,303   469,946 
Operating expenses 3,649,030   3,576,253 
Income before taxes 2,045,903   1,733,756 
Income tax expense 369,000   304,475 
Net income$1,676,903  $1,429,281 
     
Basic earnings per share$0.43  $0.36 
Diluted earnings per share$0.43  $0.36 
Dividends declared$0.15  $0.14 
     
     
     
Consolidated Balance Sheets (unaudited):   
   
 Mar 31, 2026 Mar 31, 2025 
Assets    
Cash and cash equivalents$60,282,184  $63,760,176 
Time deposits with other banks –   1,743,000 
Securities 109,087,871   83,490,143 
Loans 364,324,269   390,575,608 
Allowance for credit losses (3,338,799)  (3,482,427)
Loans, net 360,985,470   387,093,181 
Premises and equipment, net 9,737,884   9,901,597 
Other assets 24,880,188   24,663,342 
Total assets$564,973,597  $570,651,439 
     
Liabilities    
Deposits$486,992,711  $503,862,856 
FHLB borrowings 11,000,000   4,000,000 
Trust preferred 7,310,000   7,310,000 
Other liabilities 3,684,251   3,363,007 
Total liabilities 508,986,962   518,535,863 
     
Equity    
Total equity 55,986,635   52,115,576 
Total liabilities and equity$564,973,597  $570,651,439 
     

Contact:
Benjamin Ogle
CFO
989-875-5562

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