Mon, 10 May 2021

Commercial National Reports March 31, 2021 Earnings

ACCESSWIRE
04 May 2021, 01:19 GMT+10

LATROBE, PA / ACCESSWIRE / May 3, 2021 / Commercial National Financial Corporation (OTCQX:CNAF)(Company), parent Company of Commercial Bank & Trust of PA, has reported results for the quarter ended March 31, 2021. The Company earned $1,068,000 (or $0.37 per average share outstanding) in the first quarter 2021 compared to $1,816,000 (or $0.63 per average share outstanding) in the first quarter of 2020. Tax free life insurance proceeds of $730,000 favorably influenced first quarter 2020 earnings results.

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 460,362 shares, or 16.09% on March 31, 2021.

As disclosed each year in the Annual Report to Shareholders, on March 31, 2021, the Company employed 79 people in full-time and part-time positions. Twenty-nine (29) full-time employees are represented by the United Auto Workers, Local 1799. 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 eight community banking facilities in Greensburg, 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)


COMMERCIAL NATIONAL FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)
(Dollars in thousands, except per share data)

CONTACT:

Wendy S. Piper
First Senior Vice President, Secretary/Treasurer
724-537-9923
wpiper@cbthebank.com

SOURCE: Commercial National Financial Corporation



View source version on accesswire.com:
https://www.accesswire.com/643870/Commercial-National-Reports-March-31-2021-Earnings

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