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Commercial National Reports December 31, 2022 Results

LATROBE, PA / ACCESSWIRE / January 31, 2023 / Commercial National Financial Corporation (OTCQX:CNAF) (Company), parent Company of Commercial Bank & Trust of PA, has reported results for the quarter ended December 31, 2022. The Company earned $1,325,000 (or $0.0.46 per average share outstanding) in the fourth quarter 2022 compared to $1,707,000 (or $0.60 per average share outstanding) in the fourth quarter of 2021. The Company earned $3,907,000 (or $1.37 per average share outstanding) for the twelve-month period ended December 31, 2022 and $4,685,000 (or $1.64 per average share outstanding) for the twelve-month period ended December 31, 2021. Tier one risk-based, total risk-based, leverage and common equity tier one capital ratios at December 31, 2022 were 22.73%, 23.34%, 13.02% and 22.73% respectively. Tier one capital was $57,408,000 and total risk-based capital was $58,943,000 while book capital reflected a temporary after-tax accumulated other comprehensive loss stemming from net unrealized securities available-for-sale market value depreciation. As with many other insured depository institutions nation-wide, the Company's securities portfolio has been adversely impacted by rising interest rates.

Direct and beneficial ownership by executive officers and directors of the Company's outstanding shares totaled 489,660 shares, or 17.12% on December 31, 2022.

As disclosed each year in the Annual Report to Shareholders, on December 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, twenty-nine (29) employees are full-time and there are three (3) 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 limits 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.cnbthebankonline.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)

December 31 December 31
2022 2021
ASSETS
Cash and due from banks on demand
$ 5,177 $ 3,168
Interest bearing deposits with banks
1,158 30,164
Total cash and cash equivalents
6,335 33,332
Securities available for sale
170,268 194,936
Restricted investments in bank stock
630 145
Loans
201,423 216,639
Allowance for loan losses
(1,535 ) (2,093 )
Net loans
199,888 214,546
Premises and equipment
2,517 2,580
Accrued Interest receivable
2,203 1,719
Investment in Life Insurance
17,987 17,655
Other Real estate owned
- 3,399
Other assets
8,546 3,663
Total assets
$ 408,374 $ 471,975
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing
$ 165,551 $ 167,513
Interest bearing
201,914 235,299
Total deposits
367,465 402,812
Short -Term borrowings
6,715 -
Other liabilities
1,736 4,181
Total liabilities
375,916 406,993
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
Retained earnings
63,073 62,141
Accumulated other comprehensive income
(25,271 ) 8,185
Less treasury stock, at cost,
739,047 shares in 2022 and 2021
(12,544 ) (12,544 )
Total shareholders' equity
32,458 64,982
Total liabilities and shareholders' equity
$ 408,374 $ 471,975

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
2022 2021 2022 2021
INTEREST INCOME:
Interest and fees on loans
2,033 2,197 $ 8,329 $ 9,536
Interest and dividends on securities:
Taxable
1,172 1,015 4,694 3,956
Exempt from federal income taxes
519 299 2,069 944
Other
28 24 67 70
Total Interest income
3,752 3,535 15,159 14,506
INTEREST EXPENSE:
Interest on deposits
39 56 186 228
Interest on short-term borrowings
112 - 207 -
Total Interest expense
151 56 393 228
NET INTEREST INCOME
3,601 3,479 14,766 14,278
PROVISION(CREDIT) FOR LOAN LOSSES
- 550 (561 ) 550
NET INTEREST INCOME AFTER
PROVISION(CREDIT) FOR LOAN LOSSES
3,601 2,929 15,327 13,728
OTHER OPERATING INCOME:
Asset management and trust income
323 379 1,400 1,505
Service charges on deposit accounts
151 174 642 690
Net Security gains(losses)
- 1,455 (11 ) 1,490
Gain (Loss) on sale of other real estate
102 (1,060 )
Income from investment in life insurance
426 549 799 917
Other income
24 122 173 235
Total other operating income
1,026 2,679 1,943 4,837
OTHER OPERATING EXPENSES
Salaries and employee benefits
1,776 2,062 7,238 7,563
Net occupancy expense
191 207 733 790
Furniture and equipment
132 119 490 478
Pennsylvania shares tax
147 165 602 644
Legal and professional
138 262 555 569
FDIC Insurance expense
31 22 120 110
Other real estate expenses
3 117 197 119
Other expenses
789 751 3,168 2,891
Total other operating expenses
3,207 3,705 13,103 13,164
INCOME BEFORE INCOME TAXES
1,420 1,903 4,167 5,401
Income tax expense
95 196 260 716
Net income
$ 1,325 $ 1,707 $ 3,907 $ 4,685
Average Shares Outstanding
2,860,953 2,860,953 2,860,953 2,860,953
Earnings Per Share
0.46 0.60 1.37 1.64

SOURCE: Commercial National Financial Corporation



View source version on accesswire.com:
https://www.accesswire.com/737432/Commercial-National-Reports-December-31-2022-Results

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