Commercial National Reports March 31, 2022 Earnings

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



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