Stock Analysis Report

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Commercial National Financial

Executive Summary

Commercial National Financial Corporation operates as the holding company for Commercial Bank that provides various banking products and services to individuals, agricultural businesses, commercial businesses, and light industries in Michigan.

Snowflake Analysis

Good value with proven track record.

Similar Companies

Share Price & News

How has Commercial National Financial's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: CEFC has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: CEFC exceeded the US Banks industry which returned -19% over the past year.

Return vs Market: CEFC underperformed the US Market which returned 16.4% over the past year.

Shareholder returns

7 Day3.4%5.3%1.2%
30 Day1.7%6.6%4.9%
90 Day8.7%18.7%20.0%
1 Year-8.4%-13.0%-14.9%-17.7%19.3%16.8%
3 Year-6.0%-18.3%-9.6%-16.9%43.7%34.4%
5 Year37.3%7.6%15.0%1.0%75.5%56.6%

Price Volatility Vs. Market

How volatile is Commercial National Financial's share price compared to the market and industry in the last 5 years?

Simply Wall St News

No news available


Is Commercial National Financial undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: CEFC ($9.15) is trading below our estimate of fair value ($14.12)

Significantly Below Fair Value: CEFC is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: CEFC is good value based on its PE Ratio (7.7x) compared to the US Banks industry average (9.9x).

PE vs Market: CEFC is good value based on its PE Ratio (7.7x) compared to the US market (18.9x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate CEFC's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: CEFC's PB Ratio (0.9x) is in line with the US Banks industry average.

Next Steps

Future Growth

How is Commercial National Financial forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Commercial National Financial has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Next Steps

  • Examine whether Commercial National Financial is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  • While we do not consider unaudited financials to be a reliable enough to include in our analysis, you can access them on theOTC Markets Website. If you are looking for more of a qualitative research into the company, you can access Commercial National Financial's filings and announcementshere.
  • Explore growth companies in the Banks industry.

Past Performance

How has Commercial National Financial performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CEFC has high quality earnings.

Growing Profit Margin: CEFC's current net profit margins (28.5%) are higher than last year (27.3%).

Past Earnings Growth Analysis

Earnings Trend: CEFC's earnings have grown by 17% per year over the past 5 years.

Accelerating Growth: CEFC's earnings growth over the past year (5.9%) is below its 5-year average (17% per year).

Earnings vs Industry: CEFC earnings growth over the past year (5.9%) exceeded the Banks industry -3%.

Return on Equity

High ROE: CEFC's Return on Equity (11.8%) is considered low.

Next Steps

Financial Health

How is Commercial National Financial's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: CEFC's Assets to Equity ratio (13.8x) is moderate.

Allowance for Bad Loans: CEFC has a low allowance for bad loans (22%).

Low Risk Liabilities: 87% of CEFC's liabilities are made up of primarily low risk sources of funding.

Loan Level: CEFC has an appropriate level of Loans to Assets ratio (74%).

Low Risk Deposits: CEFC's Loans to Deposits ratio (92%) is appropriate.

Level of Bad Loans: CEFC has a high level of bad loans (3.2%).

Next Steps


What is Commercial National Financial current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: CEFC's dividend (6.12%) is higher than the bottom 25% of dividend payers in the US market (1.62%).

High Dividend: CEFC's dividend (6.12%) is in the top 25% of dividend payers in the US market (4.35%)

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, CEFC has been paying a dividend for less than 10 years.

Growing Dividend: CEFC's dividend payments have increased, but the company has only paid a dividend for 5 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (45.2%), CEFC's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average board tenure


Kevin Collison



Mr. Kevin D. Collison has been the Chief Executive Officer and President of Commercial Bank and Commercial National Financial Corporation since January 1, 2015. He served as Senior Vice President of Bank a ...

Board Members

Kevin Collison
President5.58yrsno data0.46%
$ 166.9k
Kim Newson
Director32.58yrsno data0.61%
$ 221.3k
Richard Prestage
Chairman0.083yrno data0.23%
$ 83.4k
Loren Roslund
Director12.58yrsno data0.43%
$ 156.0k
Heather Cook Fisette
Director3.58yrsno data0.10%
$ 36.3k
Jeffrey Stahl
Director2yrsno datano data
Christopher Goggin
Director0.67yrno datano data
Aaron Davis
Director0.75yrno datano data
Tim Coscarelly
Director0.33yrno datano data


Average Tenure

Experienced Board: CEFC's board of directors are not considered experienced ( 2 years average tenure), which suggests a new board.


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Commercial National Financial Corporation's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Commercial National Financial Corporation
  • Ticker: CEFC
  • Exchange: OTCPK
  • Founded: 1893
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$36.283m
  • Shares outstanding: 3.97m
  • Website: https://www.commercial-bank.com


  • Commercial National Financial Corporation
  • 101 North Pine River
  • Ithaca
  • Michigan
  • 48847
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CEFCOTCPK (Pink Sheets LLC)YesCommon StockUSUSDMar 1994


Commercial National Financial Corporation operates as the holding company for Commercial Bank that provides various banking products and services to individuals, agricultural businesses, commercial busines ...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/08/10 23:50
End of Day Share Price2020/08/10 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.