Commercial National Reports September 30, 2024 Results
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) ha riportato utili del terzo trimestre 2024 di $325.000 ($0,11 per azione), in calo rispetto a $881.000 ($0,31 per azione) nel terzo trimestre 2023. Gli utili dei nove mesi del 2024 sono stati di $1.205.000 ($0,42 per azione), rispetto a $2.568.000 ($0,90 per azione) nel 2023. L'azienda mantiene solidi rapporti di capitalizzazione, con un capitale di primo livello di $56.582.000. I depositi core costituiscono l'85,4% del totale dei depositi. L'azienda gestisce sette strutture bancarie comunitarie in Pennsylvania con 80 dipendenti, di cui 34 lavoratori sindacalizzati sotto un accordo di lavoro valido fino a febbraio 2029.
Commercial National Financial (OTCQX:CNAF) reportó ganancias del tercer trimestre de 2024 de $325,000 ($0.11 por acción), una disminución respecto a $881,000 ($0.31 por acción) en el tercer trimestre de 2023. Las ganancias de los nueve meses de 2024 fueron de $1,205,000 ($0.42 por acción), en comparación con $2,568,000 ($0.90 por acción) en 2023. La compañía mantiene fuertes ratios de capital con un capital de nivel uno de $56,582,000. Los depósitos básicos constituyen el 85.4% del total de depósitos. La empresa opera siete instalaciones bancarias comunitarias en Pennsylvania con 80 empleados, incluidos 34 trabajadores sindicalizados bajo un acuerdo laboral que se extiende hasta febrero de 2029.
커머셜 내셔널 파이낸셜 (OTCQX:CNAF)는 2024년 3분기 순이익이 $325,000 ($0.11 주당)으로, 2023년 3분기 $881,000 ($0.31 주당)에서 감소했다고 보고했습니다. 2024년 9개월 동안의 순이익은 $1,205,000 ($0.42 주당)으로, 2023년의 $2,568,000 ($0.90 주당)과 비교됩니다. 이 회사는 Tier 1 자본이 $56,582,000인 강력한 자본 비율을 유지하고 있습니다. 핵심 예금은 총 예금의 85.4%를 차지합니다. 이 회사는 펜실베이니아에서 80명의 직원을 둔 7개의 지역 은행 시설을 운영하며, 그 중 34명은 2029년 2월까지 연장된 노사협약에 따라 노동조합원입니다.
Commercial National Financial (OTCQX:CNAF) a annoncé un bénéfice au troisième trimestre 2024 de 325 000 $ (0,11 $ par action), en baisse par rapport à 881 000 $ (0,31 $ par action) au troisième trimestre 2023. Les bénéfices sur neuf mois pour 2024 se sont élevés à 1 205 000 $ (0,42 $ par action), contre 2 568 000 $ (0,90 $ par action) en 2023. L'entreprise maintient des ratios de capital solides avec un capital de premier niveau de 56 582 000 $. Les dépôts de base représentent 85,4 % du total des dépôts. L'entreprise exploite sept établissements bancaires communautaires en Pennsylvanie avec 80 employés, dont 34 travailleurs syndiqués sous un accord de travail valide jusqu'en février 2029.
Commercial National Financial (OTCQX:CNAF) meldete im dritten Quartal 2024 Gewinne von $325.000 ($0,11 pro Aktie), ein Rückgang von $881.000 ($0,31 pro Aktie) im dritten Quartal 2023. Die Gewinne für die ersten neun Monate 2024 betrugen $1.205.000 ($0,42 pro Aktie), im Vergleich zu $2.568.000 ($0,90 pro Aktie) im Jahr 2023. Das Unternehmen weist starke Kapitalquoten auf, mit einem Tier 1 Kapital von $56.582.000. Kern-Einlagen machen 85,4 % der Gesamteinlagen aus. Das Unternehmen betreibt sieben Gemeinschaftsbanking-Einrichtungen in Pennsylvania mit 80 Mitarbeitern, darunter 34 gewerkschaftlich organisierte Arbeiter unter einem bis Februar 2029 geltenden Tarifvertrag.
- Strong capital ratios: Tier 1 risk-based at 24.55%, total risk-based at 25.02%
- High proportion of core deposits at 85.4% of total deposits
- Exceptionally strong asset quality reported for Q3 2024
- Q3 2024 earnings decreased 63% to $325,000 from $881,000 in Q3 2023
- Nine-month earnings declined 53% to $1,205,000 from $2,568,000 year-over-year
- Securities portfolio adversely impacted by high interest rates
- strategic options due to unionized workforce
LATROBE, PA / ACCESSWIRE / October 28, 2024 / Commercial National Financial Corporation (OTCQX:CNAF) (Company), parent Company of Commercial Bank & Trust of PA, has reported results for the quarter ended September 30, 2024. The Company earned
At year-end 2023 there was strong market expectation for timely and extensive Federal Reserve Bank monetary policy easing beginning by first quarter-end 2024. However, such easing, which would materially benefit the Company's overall financial condition and performance by reducing marginal funding cost along with the deposit footing impeding attractiveness of non-deposit money market alternatives, only belatedly initiated in mid-September 2024. Undistributed earnings from 2022 and 2023 were at last fully utilized during 2024's third quarter to provide limited carryover capacity in augmenting 2024 dividend declarations as per regional Federal Reserve Bank non-objection. Future dividend declarations will be determined by prevailing earnings level expectations which continue to be influenced by a now receding multiple decade high in Federal Reserve Bank driven funding cost.
Tier one risk-based, total risk-based, leverage and common equity tier one capital ratios at September 30, 2024 were
Direct and beneficial ownership by executive officers and directors of the Company's outstanding shares totaled 460,757 shares, or
As disclosed each year in the Annual Report to Shareholders, on September 30, 2024, the Company employed 80 people in full-time and part-time positions. Thirty four (34) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, thirty one (31) employees are full-time and there are three (3) part-time employees. The Company has had unionized employees since 1972. In November 2023, the agreement between the Company and the bargaining unit was negotiated and subsequently ratified by the bargaining unit with an effective date of February 15, 2024. The labor agreement will expire in February 2029. The Commonwealth of Pennsylvania and the National Labor Relations Board both afford protection to the organized status of pre-existing collective bargaining units. The Company has been advised that bargaining unit status limits the Company's strategic options relative to those of non-unionized insured depository institutions. The Company continues to consider this as a factor in its strategic and capital management decisions.
The Company operates seven community banking facilities in Hempfield Township, Latrobe, Ligonier, 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.cnbthebankonline.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.
COMMERCIAL NATIONAL FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands, except per share data)
| September 30, |
|
| December 31, |
|
| September 30, |
| ||||
| 2024 |
|
| 2023 |
|
| 2023 |
| ||||
|
|
|
|
|
|
|
|
| ||||
ASSETS |
|
|
|
|
|
|
|
|
| |||
Cash and due from banks on demand |
| $ | 7,087 |
|
| $ | 4,274 |
|
| $ | 5,601 |
|
Interest bearing deposits with banks |
|
| 2,917 |
|
|
| 1,172 |
|
|
| 558 |
|
Total cash and cash equivalents |
|
| 10,004 |
|
|
| 5,446 |
|
|
| 6,159 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Securities available for sale |
|
| 163,738 |
|
|
| 161,832 |
|
|
| 157,764 |
|
Restricted investments in bank stock |
|
| 1,712 |
|
|
| 1,244 |
|
|
| 1,121 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loans |
|
| 185,519 |
|
|
| 192,812 |
|
|
| 193,852 |
|
Allowance for credit losses |
|
| (1,085 | ) |
|
| (1,162 | ) |
|
| (1,162 | ) |
Net loans |
|
| 184,434 |
|
|
| 191,650 |
|
|
| 192,690 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Premises and equipment |
|
| 2,834 |
|
|
| 2,866 |
|
|
| 2,882 |
|
Accrued interest receivable |
|
| 2,546 |
|
|
| 2,199 |
|
|
| 2,644 |
|
Investment in Life Insurance |
|
| 18,948 |
|
|
| 18,534 |
|
|
| 18,390 |
|
Other assets |
|
| 6,067 |
|
|
| 6,848 |
|
|
| 9,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 390,283 |
|
| $ |
|
|
| $ | 391,005 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
| $ | 157,196 |
|
| $ | 156,767 |
|
| $ | 162,418 |
|
Interest bearing |
|
| 153,323 |
|
|
| 170,508 |
|
|
| 175,494 |
|
Total deposits |
|
| 310,519 |
|
|
| 327,275 |
|
|
| 337,912 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Short-term borrowings |
|
| 39,697 |
|
|
| 25,317 |
|
|
| 24,100 |
|
Other liabilities |
|
| 1,631 |
|
|
| 1,891 |
|
|
| 1,670 |
|
Total liabilities |
|
| 351,847 |
|
|
| 354,483 |
|
|
| 363,682 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
| 7,200 |
|
|
| 7,200 |
|
|
| 7,200 |
|
Retained earnings |
|
| 62,119 |
|
|
| 63,145 |
|
|
| 63,409 |
|
Accumulated other comprehensive loss |
|
| (18,339 | ) |
|
| (21,665 | ) |
|
| (30,742 | ) |
Less treasury stock, at cost, 739,047 shares in 2024 and 2023 |
|
| (12,544 | ) |
|
| (12,544 | ) |
|
| (12,544 | ) |
Total shareholders' equity |
|
| 38,436 |
|
|
| 36,136 |
|
|
| 27,323 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and shareholders' equity |
| $ | 390,283 |
|
| $ | 390,619 |
|
| $ | 391,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL NATIONAL FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
|
| Three Months |
|
| Nine Months |
| ||||||||||
|
| Ended September 30 |
|
| Ended September 30 |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
|
| (unaudited) |
|
| (unaudited) |
|
| (unaudited) |
|
| (unaudited) |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest and fees on loans |
| $ | 2,046 |
|
| $ | 2,044 |
|
| $ | 6,159 |
|
| $ | 6,153 |
|
Interest and dividends on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
| 1,276 |
|
|
| 1,137 |
|
|
| 3,551 |
|
|
| 3,465 |
|
Exempt from federal income taxes |
|
| 272 |
|
|
| 502 |
|
|
| 1,100 |
|
|
| 1,541 |
|
Other |
|
| 58 |
|
|
| 46 |
|
|
| 158 |
|
|
| 112 |
|
Total interest income |
|
| 3,652 |
|
|
| 3,729 |
|
|
| 10,968 |
|
|
| 11,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
| 46 |
|
|
| 37 |
|
|
| 160 |
|
|
| 109 |
|
Interest on short-term borrowings |
|
| 529 |
|
|
| 363 |
|
|
| 1,359 |
|
|
| 859 |
|
Total interest expense |
|
| 575 |
|
|
| 400 |
|
|
| 1,519 |
|
|
| 968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET INTEREST INCOME |
|
| 3,077 |
|
|
| 3,329 |
|
|
| 9,449 |
|
|
| 10,303 |
|
CREDIT FOR CREDIT LOSSES |
|
| (35 | ) |
|
| (250 | ) |
|
| (74 | ) |
|
| (372 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT FOR CREDIT LOSSES |
|
| 3,112 |
|
|
| 3,579 |
|
|
| 9,523 |
|
|
| 10,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
OTHER OPERATING INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management and trust |
|
| 362 |
|
|
| 339 |
|
|
| 1,076 |
|
|
| 1,014 |
|
Service charges on deposit accounts |
|
| 166 |
|
|
| 167 |
|
|
| 478 |
|
|
| 485 |
|
Net Security gains |
|
| - |
|
|
| - |
|
|
| 3 |
|
|
| - |
|
Income from investment in life insurance |
|
| 130 |
|
|
| 127 |
|
|
| 389 |
|
|
| 378 |
|
Other income |
|
| 23 |
|
|
| 19 |
|
|
| 95 |
|
|
| 90 |
|
Total other operating income |
|
| 681 |
|
|
| 652 |
|
|
| 2,041 |
|
|
| 1,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
OTHER OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 2,051 |
|
|
| 1,933 |
|
|
| 6,110 |
|
|
| 5,754 |
|
Net occupancy |
|
| 214 |
|
|
| 194 |
|
|
| 639 |
|
|
| 581 |
|
Furniture and equipment |
|
| 140 |
|
|
| 129 |
|
|
| 418 |
|
|
| 395 |
|
Pennsylvania shares tax |
|
| 84 |
|
|
| 74 |
|
|
| 244 |
|
|
| 220 |
|
Legal and professional |
|
| 154 |
|
|
| 150 |
|
|
| 438 |
|
|
| 427 |
|
FDIC insurance |
|
| 47 |
|
|
| 50 |
|
|
| 139 |
|
|
| 140 |
|
Other expenses |
|
| 795 |
|
|
| 743 |
|
|
| 2,426 |
|
|
| 2,365 |
|
Total other operating expenses |
|
| 3,485 |
|
|
| 3,273 |
|
|
| 10,414 |
|
|
| 9,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
INCOME BEFORE INCOME TAXES |
|
| 308 |
|
|
| 958 |
|
|
| 1,150 |
|
|
| 2,760 |
|
Income tax (benefit)/expense |
|
| (17 | ) |
|
| 77 |
|
|
| (55 | ) |
|
| 192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income |
| $ | 325 |
|
| $ | 881 |
|
| $ | 1,205 |
|
| $ | 2,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average Shares Outstanding |
|
| 2,860,953 |
|
|
| 2,860,953 |
|
|
| 2,860,953 |
|
|
| 2,860,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings Per Share |
| $ | 0.11 |
|
| $ | 0.31 |
|
| $ | 0.42 |
|
| $ | 0.90 |
|
CONTACT:
Wendy Piper
+17245379923
wpiper@cbthebank.com
SOURCE: Commercial National Financial Corporation
View the original press release on accesswire.com
FAQ
What were CNAF's earnings per share for Q3 2024?
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