LATROBE, Pa., Feb. 8 /PRNewswire-FirstCall/ -- Commercial National Financial Corporation (Nasdaq: CNAF) (Company), parent Company of Commercial Bank & Trust of PA, has reported earnings for the year ended December 31, 2009. The Company earned $5,129,000 (or $1.79 per average share outstanding) compared to $4,024,000 (or $1.36 per average share outstanding) in 2008. Earnings for the fourth quarter of 2009 were $1,533,000 (or $.54 per average share outstanding) compared to $1,222,000 (or $.42 per average share outstanding) for the same period in 2008.
Gregg E. Hunter, President and Chief Executive Officer noted, "Year-end 2009 post-tax net income for Commercial National Financial Corporation surged to $5,129,000. Year-end 2008 post-tax net income was $4,024,000 and year-end 2007 post-tax net income was $3,065,000. Consequently, 2009's earnings were $1,105,000, or 27.46%, higher than those of 2008 and $2,064,000, or 67.34%, higher than those of 2007. Earnings per share for 2009 were 31.62% higher than in 2008 and 77.23% higher than in 2007."
Mr. Hunter added, "The earnings achievements of 2009 were directly attributable to solid asset quality amidst a deteriorating economy, successful net interest margin management relative to historically unprecedented prevailing financial market conditions and strict adherence to tight, common sense non-interest expense cost containment in the face of drastic FDIC deposit insurance assessment escalation. Commercial National Financial Corporation's 2009 year-end financial condition and financial performance are atypically strong relative to the banking industry as a whole which remains deeply troubled as evidenced by 140 bank failures during 2009 and by over 500 additional banks being on the FDIC's growing confidential problem bank watch list. In contrast, Commercial National Financial Corporation remains characterized by a high degree of comprehensive fundamental soundness."