2009 First Quarter Earnings
Ithaca, Michigan, April 23, 2009—
Jeffrey S. Barker, President and CEO of Commercial National Financial Corporation and Commercial Bank, announced that earnings per share for the first quarter of 2009 increased 24% over the same period last year. Earnings per share totaled $.26 for the first quarter of 2009 compared to $.21 per share in the first quarter of 2008.
Net income for the quarter ended March 31, 2009, was $829,000 compared to $674,000 in the same quarter last year. The return on average equity was 18.4%. The $.13 per share first quarter cash dividend was equal to that of last year and represents an 8.3% yield based on recent common stock trades.
Commercial Bank remains well capitalized as defined by all regulatory requirements and the corporation has declined to participate in the United States Treasury Department’s Capital Purchase Program, also known as TARP.
Commercial National Financial Corporation is a one bank holding company with total assets of $346,000,000 at March 31, 2009. Commercial Bank operates full service banking offices in Alma, Greenville, Ithaca, Middleton, Mt. Pleasant,Pompeii, and St. Louis.
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