CORRECTION: Commercial National Reports December 31, 2021 Earnings

Corrected dates in first paragraph from 2021 to 2020 for comparison data.

LATROBE, PA / ACCESSWIRE / January 31, 2022 / Commercial National Financial Corporation (OTCQX:CNAF) (Company), parent Company of Commercial Bank & Trust of PA, has reported results for the quarter ended December 31, 2021. The Company earned $1,910,000 (or $0.67 per average share outstanding) in the fourth quarter 2021 compared to $2,512,000 (or $0.88 per average share outstanding) in the fourth quarter of 2020. The Company earned $4,888,000 (or $1.71 per average share outstanding) for the twelve-month period ended December 31, 2021 and $5,713,000 (or $2.00 per average share outstanding) for the twelve-month period ended December 31, 2020. Fourth quarter 2020 results included a $1,700,000 loan loss reserve release.

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 489,071 shares, or 17.09% on December 31, 2021.

As disclosed each year in the Annual Report to Shareholders, on December 31, 2021, the Company employed 79 people in full-time and part-time positions. Thirty-one (31) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, twenty-nine (29) 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.

Contact Information:

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

COMMERCIAL NATIONAL FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands)

December 31 December 31
2021 2020
ASSETS
Cash and due from banks on demand
$3,168 $3,744
Interest bearing deposits with banks
30,164 24,596
Total cash and cash equivalents
33,332 28,340
Securities available for sale
194,936 133,317
Restricted investments in bank stock
145 148
Loans
216,639 241,080
Allowance for loan losses
(2,093) (1,991)
Net loans
214,546 239,089
Premises and equipment
2,580 2,805
Investment in Life Insurance
17,655 19,070
Other Real estate owned
3,399 -
Life Insurance receivable
2,365 -
Other assets
3,017 2,662
Total assets
$471,975 $425,431
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing
$167,513 $148,399
Interest bearing
235,299 203,001
Total deposits
402,812 351,400
Other liabilities
3,978 4,604
Total liabilities
406,790 356,004
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
Retained earnings
62,344 63,292
Accumulated other comprehensive income
8,185 11,479
Less treasury stock, at cost,
739,047 shares in 2021 and 2020
(12,544) (12,544)
Total shareholders' equity
65,185 69,427
Total liabilities and shareholders' equity
$471,975 $425,431

COMMERCIAL NATIONAL FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

Three Months Twelve Months
Ended December 31 Ended December 31
2021 2020 2021 2020
INTEREST INCOME:
Interest and fees on loans
2,197 2,584 $9,536 $10,663
Interest and dividends on securities:
Taxable
1,015 985 3,956 4,036
Exempt from federal income taxes
299 254 944 1,303
Other
24 7 70 46
Total Interest income
3,535 3,830 14,506 16,048
INTEREST EXPENSE:
Interest on deposits
56 63 228 403
Interest on short-term borrowings
- 2 - 147
Total Interest expense
56 65 228 550
NET INTEREST INCOME
3,479 3,765 14,278 15,498
PROVISION(CREDIT) FOR LOAN LOSSES
550 (1,700) 550 400
NET INTEREST INCOME AFTER
PROVISION(CREDIT) FOR LOAN LOSSES
2,929 5,465 13,728 15,098
OTHER OPERATING INCOME:
Asset management and trust income
379 380 1,505 1,396
Service charges on deposit accounts
174 166 690 635
Net Security gains/losses
1,455 55 1,490 558
Income from investment in life insurance
549 117 917 1,192
Other income
122 27 235 160
Total other operating income
2,679 745 4,837 3,941
OTHER OPERATING EXPENSES
Salaries and employee benefits
1,805 1,809 7,306 7,435
Net occupancy expense
207 206 790 800
Furniture and equipment
119 120 478 438
Pennsylvania shares tax
165 155 644 581
Legal and professional
262 113 569 446
FDIC Insurance expense
22 30 110 65
Other expenses
868 697 3,010 2,705
Total other operating expenses
3,448 3,130 12,907 12,470
INCOME BEFORE INCOME TAXES
2,160 3,080 5,658 6,569
Income tax (benefit) expense
250 568 770 856
Net income
$1,910 $2,512 $4,888 $5,713
Average Shares Outstanding
2,860,953 2,860,953 2,860,953 2,860,953
Earnings Per Share
0.67 0.88 1.71 2.00

SOURCE: Commercial National Financial Corporation



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