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Commercial National Reports September 30, 2021 Earnings

LATROBE, PA / ACCESSWIRE / October 29, 2021 / Commercial National Financial Corporation (OTCQX:CNAF)(Company), parent Company of Commercial Bank & Trust of PA, has reported results for the quarter ended September 30, 2021. The Company earned $909,000 (or $0.32 per average share outstanding) in the third quarter 2021 compared to $67,000 (or $0.02 per average share outstanding) loss in the third quarter of 2020. The Company earned $2,978,000 (or $1.04 per average share outstanding) for the nine-month period ended September 30, 2021 and $3,201,000 (or $1.12 per average share outstanding) for the nine-month period ended September 30, 2020. Third quarter 2020 results included a $1,700,000 loan loss reserve build.

The Company's strong capital position in conjunction with recent core earnings results currently remain supportive of the regular $0.26 quarterly common stock cash dividend payments to shareholders. Providing an attractive and reliable cash dividend income stream to all our shareholders through the safe and sound operation of the subsidiary bank is a long-standing top priority for the Company.

Direct and beneficial ownership by executive officers and directors of the Company's outstanding shares totaled 488,512 shares, or 17.08% on September 30, 2021.

As disclosed each year in the Annual Report to Shareholders, on September 30, 2021, the Company employed 77 people in full-time and part-time positions. Thirty (30) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, twenty nine (29) employees are full-time and there is one (1) part-time employee. The Company has had unionized employees since 1972. In October 2018, the agreement between the Company and the bargaining unit was negotiated and subsequently ratified by the bargaining unit with an effective date of February 16, 2019. The labor agreement will expire in February 2024. The Commonwealth of Pennsylvania and the National Labor Relations Board both afford protection to the organized status of pre-existing collective bargaining units. The Company has been advised that bargaining unit status may limit the Company's strategic options relative to those of non-unionized insured depository institutions. The Company continues to consider this as a factor in its strategic and capital management decisions.

The Company operates seven community banking facilities in Hempfield Township, Latrobe, Ligonier, Unity Township and West Newton, Pennsylvania and also maintains a commercial business development sales force throughout its entire market area. The Company operates an asset management and trust division of Commercial Bank & Trust of PA headquartered in Greensburg, Pennsylvania. Commercial Bank & Trust of PA also serves its customer base from an Internet banking site (www.cbthebank.com) and an automated TouchTone Teller banking system.

Safe Harbor Statement

Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements are based on information currently available to the Company, and the Company assumes no obligation to update these statements as circumstances change. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including changes in general economic and financial market conditions, unforeseen credit problems, and the Company's ability to execute its business plans. The actual results of future events could differ materially from those stated in any forward-looking statements herein.

COMMERCIAL NATIONAL FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

(Dollars in thousands, except per share data)

September 30,

December 31,

September 30,

2021

2020

2020

ASSETS
Cash and due from banks on demand

$ 6,465

$ 3,744

$ 7,214

Interest bearing deposits with banks

69,587

24,596

50

Total cash and cash equivalents

76,052

28,340

7,264

Securities available for sale

126,946

133,317

140,865

Restricted investments in bank stock

145

148

422

Loans

223,015

241,080

254,034

Allowance for loan losses

(1,991)

(1,991)

(3,769)

Net loans

221,024

239,089

250,265

Premises and equipment

2,624

2,805

2,887

Investment in Life Insurance

19,463

19,070

18,944

Other assets

3,030

2,662

3,618

Total assets

$ 449,284

$ 425,431

$ 424,265

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing

$ 168,461

$ 148,398

$ 156,343

Interest bearing

211,562

203,001

191,231

Total deposits

380,023

351,399

347,574

Short-term borrowings

-

-

5,166

Other liabilities

3,569

4,605

3,869

Total liabilities

383,592

356,004

356,609

Shareholders' equity:
Common stock, par value $2 per share; 10,000,000 shares authorized; 3,600,000 shares issued; 2,860,953 shares outstanding in 2021 and 2020

7,200

7,200

7,200

Retained earnings

61,178

63,292

61,524

Accumulated other comprehensive income

9,858

11,479

11,476

Less treasury stock, at cost, 739,047 shares in 2021 and 2020

(12,544)

(12,544)

(12,544)

Total shareholders' equity

65,692

69,427

67,656

Total liabilities and shareholders' equity

$ 449,284

$ 425,431

$ 424,265

COMMERCIAL NATIONAL FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

Three Months

Nine Months

Ended September 30

Ended September 30

2021

2020

2021

2020

(unaudited)

(unaudited)

(unaudited)

(unaudited)

INTEREST INCOME:
Interest and fees on loans

$ 2,390

$ 2,719

$ 7,339

$ 8,079

Interest and dividends on securities:
Taxable

975

986

2,941

3,051

Exempt from federal income taxes

200

309

645

1,049

Other

26

5

46

39

Total interest income

3,591

4,019

10,971

12,218

INTEREST EXPENSE:
Interest on deposits

57

67

172

340

Interest on short-term borrowings

-

6

-

145

Total interest expense

57

73

172

485

NET INTEREST INCOME

3,534

3,946

10,799

11,733

PROVISION FOR LOAN LOSSES

-

1,700

-

2,100

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES

3,534

2,246

10,799

9,633

OTHER OPERATING INCOME:
Asset management and trust

388

338

1,126

1,016

Service charges on deposit accounts

178

166

516

469

Net Security gains/(losses)

(11)

(2)

35

503

Gain on sale of OREO

-

-

-

-

Income from investment in life insurance

123

117

368

345

Life insurance proceeds

-

-

-

730

Other income

22

33

113

133

Total other operating income

700

652

2,158

3,196

OTHER OPERATING EXPENSES:
Salaries and employee benefits

1,848

1,798

5,501

5,626

Net occupancy

161

193

583

594

Furniture and equipment

114

110

359

318

Pennsylvania shares tax

165

142

479

426

Legal and professional

97

123

307

333

FDIC insurance

27

23

88

35

Other expenses

757

708

2,142

2,008

Total other operating expenses

3,169

3,097

9,459

9,340

INCOME (LOSS) BEFORE INCOME TAXES

1,065

(199)

3,498

3,489

Income tax (benefit) expense

156

(132)

520

288

Net income (loss)

$ 909

$ (67)

$ 2,978

$ 3,201

Average Shares Outstanding

2,860,953

2,860,953

2,860,953

2,860,953

Earnings (Loss) Per Share

$ 0.32

$ (0.02)

$ 1.04

$ 1.12

Contact Information:

Wendy S. Piper
Senior Vice President
Secretary/Treasurer
wpiper@cbthebank.com
724-537-9923

SOURCE: Commercial National Financial Corporation



View source version on accesswire.com:
https://www.accesswire.com/670350/Commercial-National-Reports-September-30-2021-Earnings

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