CNAF Commercial National Financial Corporation (QX)

LATROBE, Pa., Oct. 27, 2014 /PRNewswire/ -- Commercial National Financial Corporation (OTC Markets:CNAF)(Company), parent Company of Commercial Bank & Trust of PA, has reported results for the quarter ended September 30, 2014. The Company earned $1,534,000 (or $0.54 per average share outstanding) in the third quarter 2014 compared to $1,361,000 (or $0.47 per average share outstanding) in the third quarter 2013. The Company earned $4,802,000 (or $1.68 per average share outstanding) for the nine-month period ended September 30, 2014 and $3,811,000 (or $1.33 per average share outstanding) for the nine-month period ended September 30, 2013. The Company's annualized return on average assets and average equity were 1.54% and 11.63%, respectively, for the quarter ended September 30, 2014 compared to 1.48% and 12.25%, respectively, for the quarter ended September 30, 2013. The Company's annualized return on average assets and average equity for the nine month period ended September 30, 2014 were 1.62% and 12.27%, respectively, compared to 1.36% and 10.20%, respectively, for the nine month period ended September 30, 2013. Tier one risk-based, total risk-based and leverage capital ratios for September 30, 2014 were 22.66%, 23.37% and 13.19%, respectively.

President and Chief Executive Officer, Gregg E. Hunter noted, "Third quarter 2014 earnings increased $173,000, or 12.71%, while first nine months earnings increased $991,000, or 26.00%. Tax equivalent net interest margin was 5.09% in 2014's first nine months and the efficiency ratio was 56.39%. The Company's strong core financial performance and very substantial capital base significantly surpass those of the broader banking industry providing ample capacity to maintain the regular $0.26 per share quarterly common stock cash dividend payments to shareholders."

Mr. Hunter added, "On September 24, 2014, Commercial National Financial Corporation stock shares began trading on the OTCQX for banks marketplace. Trading on OTCQX distinguishes Commercial National Financial Corporation as one of the most established, well-managed and strongly capitalized community banks in the nation. OTCQX provides a shareholder-friendly trading experience through enhanced visibility and dedicated capital markets support. Keefe Bruyette and Woods, Inc. (KBW) serves as the Company's Corporate Broker on OTCQX. KBW is a FINRA member broker-dealer, specializing in bank stock trading and advising banks on strategic equity alternatives, that has been appointed by the Company's Board of Directors to provide guidance on the trading of its stock and access to institutional investors, investment bankers and other key market participants."

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.

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SOURCE Commercial National Financial Corporation