Commercial National Reports June 30, 2013 Results

LATROBE, Pa., July 26, 2013 /PRNewswire/ -- Commercial National Financial Corporation (OTC Markets: CNAF)(Company), parent Company of Commercial Bank & Trust of PA, has reported results for the quarter ended June 30, 2013. The Company earned $1,348,000 (or $0.47 per average share outstanding) in the second quarter 2013 compared to $1,220,000 (or $0.43 per average share outstanding) in the second quarter 2012. The Company earned $2,450,000 (or $0.86 per average share outstanding) for the six-month period ended June 30, 2013 and $5,016,000 (or $1.75 per average share outstanding) for the six-month period ended June 30, 2012 when $3,195,000 in net securities gains were realized. The Company's annualized return on average assets and average equity were 1.44% and 10.30%, respectively, for the quarter ended June 30, 2013 compared to 1.31% and 8.86%, respectively, for the quarter ended June 30, 2012. The Company's annualized return on average assets and average equity for the six month period ended June 30, 2013 were 1.30% and 9.32%, respectively, compared to 2.61% and 18.35%, respectively, for the six month period ended June 30, 2012. Tier one risk-based, total risk-based and leverage capital ratios for June 30, 2013 were 22.24%, 23.00% and 13.02%, respectively.

President and Chief Executive Officer, Gregg E. Hunter noted, "Second quarter 2013 earnings of $1,348,000 represented a $246,000, or 22.32%, improvement over the $1,102,000 in earnings produced during 2013's first quarter.  Core profitability and regulatory capital adequacy continue to significantly surpass prevailing banking industry norms due to outstanding earning asset credit quality, strong net interest margin, effective net operating expense control and uncommon tax efficiency.  The Company's core earnings and capital remain supportive of the regular $0.26 per share common stock quarterly cash dividend payments to shareholders." 

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