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Commercial National Reports June 30, 2024 Results

LATROBE, PA / ACCESSWIRE / July 31, 2024 / Commercial National Financial Corporation (OTCQX:CNAF)(Company), parent Company of Commercial Bank & Trust of PA, has reported results for the quarter ended June 30, 2024. The Company earned $353,000 (or $0.12 per average share outstanding) in the second quarter 2024 compared to $842,000 (or $0.29 per average share outstanding) in the second quarter of 2023. The Company earned $880,000 (or $0.30 per average share outstanding) for the six-month period ended June 30, 2024 and $1,687,000 (or $0.59 per average share outstanding) for the six-month period ended June 30, 2023.

Year-end 2023 market expectation for timely and extensive Federal Reserve Bank monetary policy easing, which would materially benefit the Company's overall financial condition and performance, diminished through mid-year 2024. Undistributed earnings at second quarter-end 2024 were $395,000 which, subject to regional Federal Reserve Bank non-objection, provides limited carryover capacity to augment 2024 dividend declarations. Upon depletion of these undistributed earnings, future dividend declarations would be limited by ongoing earnings levels. Tier one risk-based, total risk-based, leverage and common equity tier one capital ratios at June 30, 2024 were 24.13%, 24.61%, 13.74% and 24.13% respectively. Tier one capital was $56,975,000 and total risk-based capital was $58,094,000 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 generationally elevated interest rates. The Company's second quarter-end 2024 asset quality remained exceptionally strong. Fully insured well diversified core deposits comprised 12.49% of total deposits at second quarter-end 2024 which favorably compares to national banking industry metrics. Overhead costs in 2024 reflect optimum staffing to sustain operational continuity in the community branch banking office network along with area specific sales team focus.

Direct and beneficial ownership by executive officers and directors of the Company's outstanding shares totaled 467,957 shares, or 16.36% on June 30, 2024.

As disclosed each year in the Annual Report to Shareholders, on June 30, 2024, the Company employed 81 people in full-time and part-time positions. Thirty four (34) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, thirty one (31) employees are full-time and there are three (3) part-time employees. The Company has had unionized employees since 1972. In November 2023, the agreement between the Company and the bargaining unit was negotiated and subsequently ratified by the bargaining unit with an effective date of February 15, 2024. The labor agreement will expire in February 2029. 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, except per share data)

June 30,

December 31,

June 30,

2024

2023

2023

ASSETS

Cash and due from banks on demand

$

4,578

$

4,274

$

5,380

Interest bearing deposits with banks

804

1,172

1,223

Total cash and cash equivalents

5,382

5,446

6,603

Securities available for sale

157,869

161,832

169,024

Restricted investments in bank stock

1,889

1,244

1,317


Loans

190,046

192,812

196,031

Allowance for credit losses

(1,120

)

(1,162

)

(1,412

)

Net loans

188,926

191,650

194,619

Premises and equipment

2,896

2,866

2,820

Accrued interest receivable

2,230

2,199

2,220

Investment in Life Insurance

18,809

18,534

18,255

Other assets

7,321

6,848

7,515

Total assets

$

385,322

$

390,619

$

402,373

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:

Deposits:

Non-interest bearing

$

152,876

156,767

$

162,680

Interest bearing

156,297

170,508

178,621

Total deposits

309,173

327,275

341,301

Short-term borrowings

40,254

25,317

24,753

Other liabilities

1,748

1,891

1,755

Total liabilities

351,175

354,483

367,809

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 2024 and 2023

7,200

7,200

7,200

Retained earnings

62,537

63,145

63,271

Accumulated other comprehensive (loss) income

(23,046

)

(21,665

)

(23,364

)

Less treasury stock, at cost, 739,047 shares in 2024 and 2023

(12,544

)

(12,544

)

(12,544

)

Total shareholders' equity

34,147

36,136

34,563

Total liabilities and shareholders' equity

$

385,322

$

390,619

$

402,372

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

Three Months

Six Months

Ended June 30

Ended June 30

2024

2023

2024

2023

(unaudited)

(unaudited)

(unaudited)

(unaudited)

INTEREST INCOME:

Interest and fees on loans

$

2,055

$

2,055

$

4,113

$

4,109

Interest and dividends on securities:

Taxable

1,074

1,153

2,211

2,328

Exempt from federal income taxes

475

521

892

1,039

Other

58

36

100

66

Total Interest income

3,662

3,765

7,316

7,542

INTEREST EXPENSE:

Interest on deposits

54

34

114

72

Interest on short-term borrowings

461

281

830

496

Total Interest expense

515

315

944

568

NET INTEREST INCOME

3,147

3,450

6,372

6,974

CREDIT FOR CREDIT LOSSES

-

(122

)

(39

)

(122

)

NET INTEREST INCOME AFTER

CREDIT FOR CREDIT LOSSES

3,147

3,572

6,411

7,096

OTHER OPERATING INCOME:

Asset management and trust income

362

338

714

675

Service charges on deposit accounts

160

162

312

318

Net Security Gains

-

-

3

-

Income from investment in life insurance

129

125

259

251

Other income

18

21

72

71

Total other operating income

669

646

1,360

1,315

OTHER OPERATING EXPENSES:

Salaries and employee benefits

2,068

1,925

4,059

3,821

Net occupancy expense

194

173

425

387

Furniture and equipment

137

140

278

266

Pennsylvania shares tax

83

73

160

146

Legal and professional

153

151

284

277

FDIC insurance

46

59

92

90

Other expenses

822

800

1,631

1,622

Total other operating expenses

3,503

3,321

6,929

6,609

INCOME BEFORE INCOME TAXES

313

897

842

1,802

Income tax expense

(40

)

55

(38

)

115

Net income

$

353

$

842

$

880

$

1,687

Average Shares Outstanding

2,860,953

2,860,953

2,860,953

2,860,953

Earnings Per Share

$

0.12

$

0.29

$

0.30

$

0.59

SOURCE: Commercial National Financial Corporation





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