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About Commercial National Financial Corporation (CNAF)
Commercial National Financial Corporation (CNAF) is a bank holding company headquartered in Latrobe, Pennsylvania. It operates as the parent company of Commercial Bank & Trust of PA, a community-focused financial institution serving customers across Pennsylvania. With a strong emphasis on personalized service, CNAF offers a comprehensive suite of banking products and financial services tailored to the needs of individuals, businesses, and institutions.
Core Banking Services
The company provides a variety of deposit products, including checking accounts, money market investment accounts, savings accounts, business-time deposits, and certificates of deposit. These offerings cater to a diverse customer base, from individuals seeking secure savings options to businesses managing operational liquidity.
Loan and Credit Products
CNAF’s lending portfolio includes home-equity loans, personal lines of credit, automobile loans, and residential and construction mortgages. For commercial clients, the bank offers term loans, lines of credit, and specialized financing solutions designed to support business growth and development. These lending products are a significant revenue stream, driven by interest income and tailored underwriting practices.
Digital and Branch Banking
Recognizing the importance of convenience and accessibility, Commercial Bank & Trust of PA provides a robust suite of digital banking services. Customers can access their accounts through online banking, mobile banking, and automated TouchTone Teller systems. Additionally, the bank operates a network of community branches strategically located in Hempfield Township, Latrobe, Ligonier, Unity Township, and West Newton, Pennsylvania. These branches serve as hubs for personalized customer service and local engagement.
Asset Management and Trust Services
Through its asset management and trust division, headquartered in Greensburg, Pennsylvania, CNAF offers a range of financial planning and investment services. These include trust and estate planning, investment management, and retirement products. The division caters to clients seeking professional guidance to manage and grow their wealth, emphasizing fiduciary responsibility and long-term value creation.
Commitment to Community Banking
As a regional bank, CNAF is deeply rooted in its local communities. Its business model prioritizes relationship-based banking, leveraging its understanding of the local market to provide tailored financial solutions. This community-centric approach is complemented by its unionized workforce, which underscores its commitment to employee rights and operational stability.
Market Position and Competitive Landscape
CNAF operates in a highly competitive regional banking market. Its differentiation lies in its strong capital position, exceptional asset quality, and focus on fully insured core deposits. These factors contribute to its resilience, particularly in challenging economic environments marked by elevated interest rates and regulatory pressures. By maintaining a conservative risk profile and prioritizing customer trust, CNAF has established itself as a reliable financial partner in Pennsylvania.
Capital Management and Financial Stability
The company’s financial health is reinforced by robust capital ratios and a conservative approach to balance sheet management. CNAF’s fully insured core deposits and high asset quality metrics position it favorably compared to national banking industry benchmarks. This stability enables it to navigate economic fluctuations while continuing to support its customers and communities.
Unionized Workforce and Strategic Considerations
Since 1972, CNAF has maintained a unionized workforce, with a portion of its employees represented by the United Auto Workers, Local 1799. While this status provides protections for employees, it also influences the company’s strategic and capital management decisions. The long-standing labor agreement reflects CNAF’s commitment to its employees and its emphasis on operational continuity.
Looking Ahead
As a community-focused financial institution, Commercial National Financial Corporation remains committed to delivering value to its customers, shareholders, and employees. By leveraging its strong capital base, exceptional asset quality, and localized expertise, the company is well-positioned to adapt to evolving market conditions and continue its tradition of reliable, relationship-based banking.
Commercial National Financial has announced a quarterly dividend of $0.11 per share, payable March 7, 2025, to shareholders of record as of February 28, 2025. The company's executive officers and directors own 460,757 shares, representing 16.11% of outstanding shares as of December 31, 2024.
The company employs 78 people, with 33 represented by UAW Local 1799. A new labor agreement was ratified in November 2023, effective February 15, 2024, and will expire in February 2029. The company operates seven community banking facilities in Pennsylvania, along with an asset management and trust division, internet banking, and automated TouchTone Teller services.
Commercial National Financial (OTCQX:CNAF) reported fourth quarter 2024 earnings of $636,000 ($0.22 per share), up from $479,000 ($0.17 per share) in Q4 2023. However, full-year 2024 earnings decreased to $1,841,000 ($0.64 per share) from $3,047,000 ($1.07 per share) in 2023.
The company's 2024 performance showed a 0.48% return on average assets and 5.40% return on equity, with a tax-equivalent net interest margin of 3.44%. Capital ratios remained strong, with tier one risk-based at 24.90%, total risk-based at 25.28%, and leverage at 14.01%. Fully insured core deposits comprised 87.36% of total deposits.
The company's securities portfolio was impacted by high market interest rates, though monetary policy easing began in mid-September 2024. Dividend declarations in Q4 2024 became dependent on current earnings expectations due to the full utilization of undistributed earnings from 2022 and 2023.
Commercial National Financial has declared a quarterly dividend of $0.11 per share, payable December 6, 2024, to shareholders of record as of November 29, 2024. The company noted that Federal Reserve Bank monetary policy easing, which would benefit the company, only began in mid-September 2024. The company's undistributed earnings from 2022-2023 were fully utilized in Q3 2024. Executive officers and directors own 16.11% (460,757 shares) of outstanding shares. The company operates seven community banking facilities in Pennsylvania, employs 80 people, with 34 employees represented by UAW Local 1799 under a labor agreement extending to February 2029.
Commercial National Financial (OTCQX:CNAF) reported Q3 2024 earnings of $325,000 ($0.11 per share), down from $881,000 ($0.31 per share) in Q3 2023. Nine-month earnings for 2024 were $1,205,000 ($0.42 per share), compared to $2,568,000 ($0.90 per share) in 2023. The company maintains strong capital ratios with tier one capital at $56,582,000. Core deposits comprise 85.4% of total deposits. The company operates seven community banking facilities in Pennsylvania with 80 employees, including 34 unionized workers under a labor agreement extending to February 2029.
Commercial National Financial (OTCQX:CNAF), parent of Commercial Bank & Trust of PA, has declared a quarterly dividend of $0.26 per share, payable September 6 to shareholders of record as of August 30. The company's executive officers and directors own 16.36% of outstanding shares. CNAF employs 81 people, with 34 represented by UAW Local 1799. A new labor agreement, effective February 15, 2024, will expire in February 2029.
CNAF operates seven community banking facilities in Pennsylvania, along with an asset management and trust division. The company also offers internet and automated telephone banking services. The unionized status of some employees may limit CNAF's strategic options compared to non-unionized institutions, a factor considered in its strategic and capital management decisions.
Commercial National Financial (OTCQX:CNAF) reported Q2 2024 earnings of $353,000 ($0.12 per share), down from $842,000 ($0.29 per share) in Q2 2023. For the first half of 2024, earnings were $880,000 ($0.30 per share), compared to $1,687,000 ($0.59 per share) in H1 2023. The company's financial performance was impacted by diminished expectations for Federal Reserve monetary policy easing. Undistributed earnings of $395,000 at Q2-end provide capacity for future dividend declarations. Capital ratios remain strong, with Tier 1 risk-based capital at 24.13%. The company's securities portfolio has been adversely affected by high interest rates, but asset quality remains strong. CNAF operates seven community banking facilities and employs 81 people, including 34 unionized employees.
Commercial National Financial (OTCQX:CNAF) declared a quarterly dividend of $0.26 per share, payable on June 7, 2024, to shareholders of record as of May 31. The company's executive officers and directors own 16.36% of outstanding shares, totaling 467,957 shares as of March 31, 2024.
The labor agreement with the United Auto Workers, covering 34 employees, was ratified in November 2023 and will expire in February 2029. The company operates seven community banking facilities in Pennsylvania and provides services through its asset management and trust division, internet banking, and automated teller system.
Commercial National Financial (CNAF) reported Q1 2024 earnings of $527,000, a decrease from $845,000 in Q1 2023. The company's undistributed earnings at the end of Q1 2024 were $786,000. The capital ratios and asset quality remained strong, with no loan delinquencies or non-accrual loans. The company's securities portfolio was impacted by high interest rates. The company employs 82 people, with 34 represented by a union. The labor agreement will expire in 2029.
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