Commercial National Reports First Quarter 2013 Results

LATROBE, Pa., April 30, 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 March 31, 2013. The Company earned $1,102,000 (or $0.39 per average share outstanding) in the first quarter 2013 compared to $3,796,000 (or $1.33 per average share outstanding) in the first quarter 2012. The Company's annualized return on average assets and average equity were 1.17% and 8.35%, respectively, for the quarter ended March 31, 2013 compared to 3.83% and 27.97%, respectively, for the quarter ended March 31, 2012. Tier one risk-based, total risk-based and leverage capital ratios for first quarter-end 2013 were 22.65%, 23.43% and 12.88% respectively. Loan portfolio credit quality remains very high and no loan loss provisioning has been needed over the past 17 consecutive fiscal quarters.

President and Chief Executive Officer, Gregg E. Hunter noted, "The Company's core earnings continue to out-perform prevailing banking industry norms. Earnings in the first quarter of 2012 benefited from $3,186,000 in non-recurring net securities sale related gains. Core earnings in 2013 reflect outstanding earning asset credit quality, high net interest margin, effective overhead cost containment and exceptional tax efficiency. Capital adequacy greatly surpasses both present and proposed regulatory standards.  The Company's strong earnings performance and ample capital base solidly support the regular $0.26 quarterly common stock cash dividend. Providing an attractive and reliable cash dividend income stream to our shareholders remains a top priority for the Company. Attractive and reliable cash dividends reinforce Commercial National Financial Corporation's common stock market share price valuations which significantly exceed those of the broader bank equity sector."

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