U.S. Markets close in 2 hrs 12 mins
  • S&P 500

    4,316.22
    +19.08 (+0.44%)
     
  • Dow 30

    34,215.84
    +303.40 (+0.89%)
     
  • Nasdaq

    13,139.09
    +11.04 (+0.08%)
     
  • Russell 2000

    2,022.71
    +1.36 (+0.07%)
     
  • Crude Oil

    86.48
    -2.93 (-3.28%)
     
  • Gold

    1,789.70
    -8.40 (-0.47%)
     
  • Silver

    20.08
    -0.20 (-0.97%)
     
  • EUR/USD

    1.0177
    +0.0012 (+0.1221%)
     
  • 10-Yr Bond

    2.8260
    +0.0350 (+1.25%)
     
  • Vix

    19.53
    -0.42 (-2.11%)
     
  • GBP/USD

    1.2090
    +0.0032 (+0.2648%)
     
  • USD/JPY

    134.3240
    +1.0520 (+0.7894%)
     
  • BTC-USD

    23,851.71
    -294.11 (-1.22%)
     
  • CMC Crypto 200

    567.36
    -4.56 (-0.80%)
     
  • FTSE 100

    7,536.06
    +26.91 (+0.36%)
     
  • Nikkei 225

    28,868.91
    -2.87 (-0.01%)
     

Commercial National Reports December 31, 2021 Earnings - Amended

  • Oops!
    Something went wrong.
    Please try again later.
·5 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

LATROBE, PA / ACCESSWIRE / March 22, 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 $1,707,000 (or $0.60 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 $4,685,000 (or $1.64 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.

CONTACT

Wendy Piper
PO BOX 429
900 Ligonier Street
Latrobe, PA 15650
Phone: 7245379923
wpiper@cbthebank.com

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)

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

$

148,398

Interest bearing

235,299

203,001

Total deposits

402,812

351,399

Other liabilities

4,181

4,605

Total liabilities

406,993

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

62,141

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

64,982

69,427

Total liabilities and shareholders' equity

$

471,975

$

425,431

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

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

2,062

1,809

7,563

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

3,705

3,130

13,164

12,470

INCOME BEFORE INCOME TAXES

1,903

3,080

5,401

6,569

Income tax (benefit) expense

196

568

716

856

Net income

$

1,707

$

2,512

$

4,685

$

5,713

Average Shares Outstanding

2,860,953

2,860,953

2,860,953

2,860,953

Earnings Per Share

0.60

0.88

1.64

2.00

SOURCE: Commercial National Financial Corporation



View source version on accesswire.com:
https://www.accesswire.com/694200/Commercial-National-Reports-December-31-2021-Earnings--Amended