Commercial National Posts 34.44% Fourth Quarter 2013 Earnings Growth

LATROBE, Pa., Feb. 3, 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 December 31, 2013. The Company earned $1,581,000 (or $.55 per average share outstanding) in the fourth quarter 2013 compared to $1,176,000 (or $.41 per average share outstanding) in the fourth quarter 2012. The Company earned $5,392,000 (or $1.88 per average share outstanding) for the twelve-month period ended December 31, 2013 and $7,265,000 (or $2.54 per average share outstanding) for the twelve-month period ended December 31, 2012 when $3,317,000 in net realized securities gains were generated. The Company's annualized return on average assets and average equity were 1.68% and 13.92%, respectively, for the quarter ended December 31, 2013 compared to 1.27% and 8.53%, respectively, for the quarter ended December 31, 2012. The Company's  return on average assets and average equity were 1.44% and 11.07%, respectively, for the twelve month period ended December 31, 2013 compared to 1.93% and 13.19%, respectively, for the twelve-month period ended December 31, 2012.  Tier one risk-based, total risk-based and leverage capital ratios for December 31, 2013 were 22.13%, 22.86% and 12.93%, respectively.

President and Chief Executive Officer, Gregg E. Hunter noted, "On a linked sequential quarter basis, earnings significantly strengthened as 2013 progressed. In 2013, first quarter earnings were $1,102,000, second quarter earnings were $1,348,000, third quarter earnings were $1,361,000 and fourth quarter earnings were $1,581,000. Fourth quarter 2013 earnings represented a $405,000, or 34.44%, increase over the earnings generated during the fourth quarter of 2012. Comparative earnings for the full year of 2013 reflect the $3,317,000 in net realized securities gains produced during 2012. The Company's strong core profitability and very large capital base continue to exceed banking industry norms, providing solid support for the regular $0.26 per share common stock quarterly cash dividend payments to our 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