Commercial National Reports March 31, 2022 Earnings

By: Commercial National Financial Corporation via AccessWire

April 29, 2022 at 13:50 PM EDT

LATROBE, PA / ACCESSWIRE / April 29, 2022 / Commercial National Financial Corporation (OTC Markets:CNAF)(Company), parent Company of Commercial Bank & Trust of PA, has reported results for the quarter ended March 31, 2022. The Company earned $973,000 (or $0.34 per average share outstanding) in the first quarter 2022 compared to $1,068,000 (or $0.37 per average share outstanding) in the first quarter of 2021.

Direct and beneficial ownership by executive officers and directors of the Company's outstanding shares totaled 489,660 shares, or 17.12% on March 31, 2022.

As disclosed each year in the Annual Report to Shareholders, on March 31, 2022, the Company employed 80 people in full-time and part-time positions. Thirty-two (32) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, thirty(30) employees are full-time and there are two (2) part-time employees. 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)


	March 31,			December 31			March 31,
	2022			2021			2021

ASSETS
Cash and due from banks on demand	$	4,164		$	3,168		$	4,128
Interest bearing deposits with banks		3,776			30,164			33,396
Cash and Cash Equivalents		7,940			33,332			37,524

Securities available for sale		195,746			194,936			128,615
Restricted investments in bank stock		301			145			148

Loans		214,423			216,639			243,842
Allowance for loan losses		(2,115	)		(2,093	)		(1,991	)
Net loans		212,308			214,546			241,851

Premises and equipment		2,591			2,580			2,732
Investment in life insurance		17,788			17,655			19,201
Other Real Estate Owned		3,335			3,399
Other Assets		6,129			5,382			3,868

Total assets	$	446,138		$	471,975		$	433,939

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Non-interest bearing	$	167,713		$	167,513		$	160,439
Interest bearing		222,041			235,299			202,764
Total deposits		389,754			402,812			363,203

Short-term borrowings		4,063						-
Other liabilities		1,694			4,181			3,750
Total liabilities		395,511			406,993			366,953

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 2022 and 2021		7,200			7,200			7,200
Retained earnings		62,370			62,141			63,616
Accumulated other comprehensive income		(6,399	)		8,185			8,714
Treasury stock, at cost, 739,047 shares
in 2022 and 2021		(12,544	)		(12,544	)		(12,544	)
Total shareholders' equity		50,627			64,982			66,986

Total liabilities and shareholders' equity	$	446,138		$	471,975		$	433,939

COMMERCIAL NATIONAL FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share data)


	Three Months Ended		Three Months Ended
	March 31,		March 31,
	2022		2021

INTEREST INCOME
Interest and fees on loans	$	2,123	$	2,515
Interest and dividends on securities:
Taxable		1,174		985
Exempt from federal income taxes		507		228
Other		8		7
Total Interest income		3,812		3,735

INTEREST EXPENSE
Interest on deposits		56		57
Total Interest expense		56		57

NET INTEREST INCOME		3,756		3,678
PROVISION FOR LOAN LOSSES		14		-

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		3,742		3,678

OTHER OPERATING INCOME
Asset management and trust income		375		358
Service charges on deposit accounts		152		166
Net Security gains		13		1
Income from investment in life insurance		123		123
Other income		60		54
Total other operating income		723		702

OTHER OPERATING EXPENSES
Salaries and employee benefits		1,885		1,831
Net occupancy expense		204		222
Furniture and equipment		113		113
Pennsylvania shares tax		159		150
Legal and professional		111		101
FDIC Insurance		24		30
Other expenses		911		681
Total other operating expenses		3,407		3,128

INCOME BEFORE INCOME TAXES		1,058		1,252
Income tax expense		85		184

Net income	$	973	$	1,068

Average Shares Outstanding		2,860,953		2,860,953

Earnings Per Share	$	0.34	$	0.37

SOURCE: Commercial National Financial Corporation

View source version on accesswire.com:
https://www.accesswire.com/699511/Commercial-National-Reports-March-31-2022-Earnings

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Commercial National Reports March 31, 2022 Earnings

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