2009 Fourth Quarter & Year End Earnings
Ithaca, Michigan, January 22, 2010—
Jeffrey S. Barker, President and CEO of Commercial National Financial Corporation and Commercial Bank, announced that net income for the year just ended December 31, 2009, totaled $2,691,000, compared to $2,821,000 for the prior year, a decrease of 4.6%. Fully diluted earnings per share declined 4.5% to 83 cents per share compared to 87 cents per share in 2008.
The total return on average equity was 14.5% for 2009. Cash dividends totaled 52 cents per share during 2009, which represents an 7.9% yield based upon recent common stock trades.
Although net income declined slightly, we are pleased with the 2009 results in light of the more that 1200% increase in FDIC insurance premiums and increased collection costs due to the dismal Michigan economy.
Commercial National Financial Corporation is a one bank holding company with total assets of $346,000,000 at December 31, 2009. Commercial Bank operates full service banking offices in Alma, Greenville, Ithaca, Middleton, Mt. Pleasant, and St. Louis.
Daniel E. Raleigh
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