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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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