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Commercial National Reports Strong June 30, 2020 Earnings Increases

LATROBE, PA / ACCESSWIRE / July 9, 2020 / Commercial National Financial Corporation (OTCQX:CNAF)(Company), parent Company of Commercial Bank & Trust of PA, has reported results for the quarter ended June 30, 2020. The Company earned $1,452,000 (or $0.51 per average share outstanding) in the second quarter 2020 compared to $1,032,000 (or $0.36 per average share outstanding) in the second quarter of 2019. The Company earned $3,268,000 (or $1.14 per average share outstanding) for the six-month period ended June 30, 2020 and $2,240,000 (or $0.78 per average share outstanding) for the six-month period ended June 30, 2019.

Second quarter 2020 earnings increased $420,000, or 41%, while six-month 2020 earnings increased $1,028,000, or 46%. 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 481,669 shares, or 16.84% on June 30, 2020.

As disclosed each year in the Annual Report to Shareholders, on June 30, 2020, the Company employed 83 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-one (31) employees are full-time and there is one (1) active 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 nine community banking facilities in Greensburg, Hempfield Township, Latrobe, Ligonier, North Huntingdon, 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)

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June 30,
 
 
December 31,
 
 
June 30,
 

 

 
2020
 
 
2019
 
 
2019
 

 

 
 
 
 
 
 
 
 
 

 

 
 
 
 
 
 
 
 
 

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ASSETS

 
 
 
 
 
 
 
 
 

Cash and due from banks on demand

 
$
8,497
 
 
$
4,510
 
 
$
4,730
 

Interest bearing deposits with banks

 
 
615
 
 
 
47
 
 
 
2,081
 

Total cash and cash equivalents

 
 
9,112
 
 
 
4,557
 
 
 
6,811
 

 

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Securities available for sale

 
 
143,102
 
 
 
150,838
 
 
 
162,326
 

Restricted investments in bank stock

 
 
752
 
 
 
899
 
 
 
1,656
 

 

 
 
 
 
 
 
 
 
 
 
 
 

Loans

 
 
254,932
 
 
 
238,407
 
 
 
230,469
 

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Allowance for loan losses

 
 
(2,069
)
 
 
(1,374
)
 
 
(1,374
)

Net loans

 
 
252,863
 
 
 
237,033
 
 
 
229,095
 

 

 
 
 
 
 
 
 
 
 
 
 
 

Premises and equipment

 
 
2,797
 
 
 
2,618
 
 
 
2,756
 

Investment in Life Insurance

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18,819
 
 
 
20,310
 
 
 
20,034
 

Other assets

 
 
3,917
 
 
 
3,319
 
 
 
3,792
 

 

 
 
 
 
 
 
 
 
 
 
 
 

Total assets

 
$
431,362
 
 
$
419,574
 
 
$
426,470
 

 

 
 
 
 
 
 
 
 
 
 
 
 

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LIABILITIES AND SHAREHOLDERS’ EQUITY

 
 
 
 
 
 
 
 
 
 
 
 

Liabilities:

 
 
 
 
 
 
 
 
 
 
 
 

Deposits:

 
 
 
 
 
 
 
 
 
 
 
 

Non-interest bearing

 
$
148,316
 
 
$
133,362
 
 
$
128,333
 

Interest bearing

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196,672
 
 
 
198,986
 
 
 
188,714
 

Total deposits

 
 
344,988
 
 
 
332,348
 
 
 
317,047
 

 

 
 
 
 
 
 
 
 
 
 
 
 

Short-term borrowings

 
 
15,047
 
 
 
20,200
 
 
 
41,684
 

Other liabilities

 
 
4,811
 
 
 
4,102
 
 
 
2,622
 

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Total liabilities

 
 
364,846
 
 
 
356,650
 
 
 
361,353
 

 

 
 
 
 
 
 
 
 
 
 
 
 

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 2020 and 2019

 
 
 
 
 
 
 
 
 
 
 
 

Common stock, par value $2 per share; 10,000,000 shares authorized; 3,600,000 shares issued; 2,860,953 shares outstanding in 2020 and 2019

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7,200
 
 
 
7,200
 
 
 
7,200
 

Retained earnings

 
 
62,335
 
 
 
60,554
 
 
 
63,838
 

Accumulated other comprehensive (loss) income

 
 
9,525
 
 
 
7,714
 
 
 
6,623
 

Less treasury stock, at cost, 739,047 shares in 2020 and 2019

 
 
(12,544
)
 
 
(12,544
)
 
 
(12,544
)

Total shareholders’ equity

 
 
66,516
 
 
 
62,924
 
 
 
65,117
 

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Total liabilities and shareholders’ equity

 
$
431,362
 
 
$
419,574
 
 
$
426,470
 

 

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

 

 
Three Months
 
 
Six Months
 

 

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Ended June 30
 
 
Ended June 30
 

 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

 

 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 

 

 
 
 
 
 
 
 
 
 
 
 
 

INTEREST INCOME:

 
 
 
 
 
 
 
 
 
 
 
 

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Interest and fees on loans

 

2,754
 
 

2,582
 
 

5,360
 
 

5,173
 

Interest and dividends on securities:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Taxable

 
 
1,028
 
 
 
1,047
 
 
 
2,065
 
 
 
2,098
 

Exempt from federal income taxes

 
 
347
 
 
 
538
 
 
 
740
 
 
 
1,097
 

Other

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10
 
 
 
29
 
 
 
34
 
 
 
63
 

Total Interest income

 
 
4,139
 
 
 
4,196
 
 
 
8,199
 
 
 
8,431
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

INTEREST EXPENSE:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Interest on deposits

 
 
114
 
 
 
190
 
 
 
273
 
 
 
377
 

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Interest on short-term borrowings

 
 
19
 
 
 
257
 
 
 
139
 
 
 
509
 

Total Interest expense

 
 
133
 
 
 
447
 
 
 
412
 
 
 
886
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

NET INTEREST INCOME

 
 
4,006
 
 
 
3,749
 
 
 
7,787
 
 
 
7,545
 

PROVISION FOR LOAN LOSSES

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400
 
 
 

 
 
 
400
 
 
 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

NET INTEREST INCOME AFTER

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

PROVISION FOR LOAN LOSSES

 
 
3,606
 
 
 
3,749
 
 
 
7,387
 
 
 
7,545
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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OTHER OPERATING INCOME:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Asset management and trust income

 
 
335
 
 
 
331
 
 
 
678
 
 
 
671
 

Service charges on deposit accounts

 
 
143
 
 
 
185
 
 
 
303
 
 
 
354
 

Net Security gains/ losses

 
 
505
 
 
 
(4
)
 
 
505
 
 
 
(7
)

Gain on sale of OREO

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4
 

Income from investment in life insurance

 
 
117
 
 
 
124
 
 
 
228
 
 
 
250
 

Life insurance proceeds

 
 

 
 
 

 
 
 
730
 
 
 

 

Other income

 
 
28
 
 
 
36
 
 
 
100
 
 
 
100
 

Total other operating income

 
 
1,128
 
 
 
672
 
 
 
2,544
 
 
 
1,372
 

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OTHER OPERATING EXPENSES:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Salaries and employee benefits

 
 
1,864
 
 
 
1,906
 
 
 
3,828
 
 
 
3,773
 

Net occupancy expense

 
 
189
 
 
 
202
 
 
 
401
 
 
 
420
 

Furniture and equipment

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112
 
 
 
108
 
 
 
208
 
 
 
214
 

Pennsylvania shares tax

 
 
142
 
 
 
142
 
 
 
284
 
 
 
284
 

Legal and professional

 
 
109
 
 
 
97
 
 
 
210
 
 
 
175
 

FDIC insurance expense

 
 
12
 
 
 
28
 
 
 
12
 
 
 
56
 

Other expenses

 
 
591
 
 
 
780
 
 
 
1,300
 
 
 
1,543
 

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Total other operating expenses

 
 
3,019
 
 
 
3,263
 
 
 
6,243
 
 
 
6,465
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

INCOME BEFORE INCOME TAXES

 
 
1,715
 
 
 
1,158
 
 
 
3,688
 
 
 
2,452
 

Income tax expense

 
 
263
 
 
 
126
 
 
 
420
 
 
 
212
 

 

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Net income

 

1,452
 
 

1,032
 
 

3,268
 
 

2,240
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Average Shares Outstanding

 
 
2,860,953
 
 
 
2,860,953
 
 
 
2,860,953
 
 
 
2,860,953
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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Earnings Per Share

 

0.51
 
 

0.36
 
 

1.14
 
 

0.78
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contact Information:

Wendy S. Piper
First Senior Vice President
Secretary/[email protected]
724-537-9923

SOURCE: Commercial National Financial Corporation
View source version on accesswire.com: https://www.accesswire.com/596934/Commercial-National-Reports-Strong-June-30-2020-Earnings-Increases

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