Commercial National Reports First Quarter 2015 Earnings

LATROBE, Pa., May 4, 2015 /PRNewswire/ -- 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, 2015. The Company earned $1,597,000 (or $.56 per average share outstanding) in the first quarter 2015 compared to $1,613,000 (or $.56 per average share outstanding) in the first quarter 2014.

The Company's annualized return on average assets and average equity were 1.69% and 10.91%, respectively, for the quarter ended March 31, 2015 compared to 1.63% and 13.32%, respectively, for the quarter ended March 31, 2014. Tier one risk-based, total risk-based, leverage and common equity tier one capital ratios for March 31, 2015 were 22.69%, 23.38%, 14.45% and 22.69%, respectively.

President and Chief Executive Officer, Gregg E. Hunter noted, "Both loans and deposits have recorded meaningful growth thus far in 2015 while asset management and trust revenues were up 20.58%. Timing factors related to securities portfolio activities significantly influenced core earnings generation from the onset of and throughout 2015's first quarter. However, as a by-product of that activity net realized gains of over $641,000 were produced to supplement first quarter 2015 core earnings results. Overall asset quality remains exceedingly high and the Company's somewhat unique low-cost funding base continues to be very complementary regarding overall earning asset composition. The Company's underlying core earnings in conjunction with its substantial capital base provide ample capacity to maintain the regular $0.26 per share quarterly common stock cash dividend payments to shareholders. The special dividend payment of $1.00 per share which was declared in April with a payment date of May 8 was based on the exceptionally strong earnings of 2014 and 2013 much in the same manner that the previous $1.00 per share special dividend of December 2012 was based on atypically favorable multi-year results. Providing an attractive and reliable cash dividend income stream to our shareholders remains a top priority for the Company."

In addition to Latrobe, Pennsylvania where it is headquartered, the Company operates ten community banking facilities in Greensburg, Hempfield Township, Ligonier, North Huntingdon, 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.

SOURCE Commercial National Financial Corporation

Related Links

http://www.cbthebank.com