C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the
holding company for C&F Bank, today reported consolidated net
income of $6.0 million for the fourth quarter of 2024, compared to
$5.1 million for the fourth quarter of 2023. The Corporation
reported consolidated net income of $19.9 million for the year
ended December 31, 2024, compared to $23.7 million for the year
ended December 31, 2023. The following table presents selected
financial performance highlights for the periods indicated:
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For The Quarter Ended |
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For the Year Ended |
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Consolidated Financial Highlights (unaudited) |
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12/31/2024 |
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12/31/2023 |
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12/31/2024 |
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12/31/2023 |
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| Consolidated net income
(000's) |
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$ |
6,029 |
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$ |
5,088 |
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$ |
19,918 |
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$ |
23,746 |
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| Earnings per share - basic and
diluted |
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$ |
1.87 |
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$ |
1.50 |
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$ |
6.01 |
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$ |
6.92 |
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| Annualized return on average
equity |
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10.60 |
% |
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10.06 |
% |
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9.02 |
% |
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|
11.68 |
% |
| Annualized return on average
tangible common equity1 |
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12.17 |
% |
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11.74 |
% |
|
10.37 |
% |
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|
13.58 |
% |
| Annualized return on average
assets |
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0.94 |
% |
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0.85 |
% |
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0.80 |
% |
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0.99 |
% |
_________________1 For more information about
these non-GAAP financial measures, which are not calculated in
accordance with generally accepted accounting principles (GAAP),
please see “Use of Certain Non-GAAP Financial Measures” and
“Reconciliation of Certain Non-GAAP Financial Measures,” below.
“While the past year’s financial performance
reflected the challenges of a dynamic interest rate environment,
our fourth quarter earnings were solid, and we are optimistic of
earnings momentum heading into the coming year,” commented Tom
Cherry, President and Chief Executive Officer of C&F Financial
Corporation. “Our net interest margin was down for 2024, however,
it stabilized in the fourth quarter, and we are cautiously
optimistic about margin performance in 2025. The community banking
segment delivered solid loan and deposit growth across all markets.
Despite facing headwinds from higher mortgage rates and a low
inventory of homes for sale, the mortgage banking segment increased
its loan production and net income over 2023. While higher
charge-offs weighed on profitability at the consumer finance
segment, we were able to achieve significant operational
efficiencies during 2024. Despite obstacles and adversities that
continually confront the banking industry in general, we believe
C&F is well-positioned for the future.”
Key highlights for the fourth quarter and the
year ended December 31, 2024 are as follows.
- Community banking segment loans
grew $21.5 million, or 6.0 percent annualized, and $180.0 million,
or 14.1 percent, compared to September 30, 2024 and December 31,
2023, respectively;
- Consumer finance segment loans
decreased $10.5 million, or 8.8 percent annualized, and $1.7
million, or less than one percent, compared to September 30, 2024
and December 31, 2023, respectively;
- Deposits increased $35.0 million,
or 6.6 percent annualized, and $104.7 million, or 5.1 percent,
compared to September 30, 2024 and December 31, 2023,
respectively;
- Consolidated annualized net
interest margin was 4.13 percent for the fourth quarter of 2024
compared to 4.17 percent for the fourth quarter of 2023 and 4.13
percent in the third quarter of 2024. Consolidated net interest
margin was 4.12 percent for the year ended December 31, 2024
compared to 4.31 percent for the year ended December 31, 2023;
- The community banking segment
recorded no provision for credit losses for the fourth quarter of
2024 and $75,000 for the fourth quarter of 2023, and recorded
provision for credit losses of $1.7 million and $1.6 million for
the years ended December 31, 2024 and 2023, respectively;
- The consumer finance segment
recorded provision for credit losses of $3.5 million and $2.4
million for the fourth quarters of 2024 and 2023, respectively, and
recorded provision for credit losses of $11.6 million and $6.7
million for the years ended December 31, 2024 and 2023,
respectively;
- The consumer finance segment
experienced net charge-offs at an annualized rate of 3.40 percent
of average total loans for the fourth quarter of 2024, compared to
2.72 percent for the fourth quarter of 2023. Net charge-offs as a
percentage of average total loans were 2.62 percent for the year
ended December 31, 2024, compared to 1.99 percent for the year
ended December 31, 2023; and
- Mortgage banking segment loan
originations increased $32.2 million, or 32.8 percent, to $130.4
million for the fourth quarter of 2024 compared to the fourth
quarter of 2023 and increased $29.0 million, or 5.8 percent, to
$527.8 million for the year ended December 31, 2024 compared to the
year ended December 31, 2023.
Community Banking Segment. The
community banking segment reported net income of $6.4 million for
the fourth quarter of 2024, compared to $5.2 million for the same
period of 2023, due primarily to:
- higher interest income resulting
from higher average balances of loans and the effects of higher
interest rates on asset yields, offset in part by lower average
balances of securities;
- higher other income from bank owned
life insurance policies; and
- lower salaries and employee
benefits expense due primarily to a reduction in headcount through
attrition;
partially offset by:
- higher interest expense due
primarily to higher rates on deposits and higher average balances
of interest-bearing deposits, offset in part by lower average
balances of borrowings.
The community banking segment reported net
income of $20.3 million for the year ended December 31, 2024,
compared to $22.9 million for the same period of 2023, due
primarily to:
- higher interest expense resulting
from higher rates on deposits and higher average balances of
interest-bearing deposits, partially offset by lower average
balances of borrowings;
- higher data processing and
consulting costs related to investments in operational technology
to improve resilience, efficiency and customer experience;
- higher occupancy expense related to
branch network improvements, including the relocation of a branch
and the opening of a new branch; and
- higher salaries and employee
benefits expense, which have generally increased in line with
market conditions, offset in part by a reduction in headcount
through attrition;
partially offset by:
- higher interest income resulting
from higher average balances of loans and the effects of higher
interest rates on asset yields, offset in part by lower average
balances of securities;
- higher wealth management services
income due primarily to higher assets under management;
- higher other income from bank owned
life insurance policies; and
- higher investment income from other
equity investments.
Average loans increased $180.8 million, or 14.4
percent, for the fourth quarter of 2024 and increased $164.0
million, or 13.5 percent, for the year ended December 31, 2024,
compared to the same periods in 2023, due primarily to growth in
the construction, commercial real estate, and residential mortgage
segments of the loan portfolio. Average deposits increased $140.2
million, or 6.9 percent, for the fourth quarter of 2024 and
increased $110.8 million, or 5.5 percent, for the year ended
December 31, 2024, compared to the same periods in 2023, due
primarily to higher balance of time deposits, partially offset by
decreases in savings and interest-bearing demand deposits and
noninterest-bearing demand deposits amid increased competition for
deposits and the higher interest rate environment.
Average loan yields and average costs of
interest-bearing deposits were higher for the fourth quarter and
the year ended December 31, 2024, compared to the same periods of
2023, due primarily to the effects of the higher interest rate
environment.
The community banking segment’s nonaccrual loans
were $333,000 at December 31, 2024 compared to $406,000 at December
31, 2023. The community banking segment recorded no provision for
credit losses for the fourth quarter of 2024 and $1.7 million for
the year ended December 31, 2024 compared to $75,000 and $1.6
million for the same periods of 2023. At December 31, 2024, the
allowance for credit losses increased to $17.4 million, compared to
$16.1 million at December 31, 2023. The allowance for credit losses
as a percentage of total loans decreased to 1.20 percent at
December 31, 2024 from 1.26 percent at December 31, 2023. The
increases in provision and allowance for credit losses are due
primarily to growth in the loan portfolio. Management believes that
the level of the allowance for credit losses is adequate to reflect
the net amount expected to be collected.
Mortgage Banking Segment. The
mortgage banking segment reported net income of $87,000 and $1.1
million for the fourth quarter and year ended December 31, 2024,
respectively, compared to a net loss of $103,000 and net income of
$465,000 for the same periods of 2023, due primarily to:
- higher gains on sales of loans and
higher mortgage banking fee income due to higher volume of mortgage
loan originations; and
- lower occupancy expenses due to an
effort to reduce overhead costs;
partially offset by:
- higher variable expenses tied to
mortgage loan origination volume such as commissions and bonuses,
reported in salaries and employee benefits; and
- lower reversal of provision for
indemnifications.
The sustained elevated level of mortgage
interest rates, combined with higher home prices and lower levels
of inventory, led to a level of mortgage loan originations in 2024
and 2023 for the industry that is lower than recent historical
averages. Mortgage loan originations for the mortgage banking
segment were $130.4 million for the fourth quarter of 2024,
comprised of $15.9 million refinancings and $114.5 million home
purchases, compared to $98.2 million, comprised of $12.5 million
refinancings and $85.7 million home purchases, for the same period
in 2023. Mortgage loan originations for the mortgage banking
segment were $527.8 million for the year ended December 31, 2024,
comprised of $50.2 million refinancings and $477.6 million home
purchases, compared to $498.8 million, comprised of $52.7 million
refinancings and $446.1 million home purchases, for the same period
in 2023. Mortgage loan originations in the fourth quarter of 2024
decreased $26.6 million compared to the third quarter of 2024 due
in part to normal industry seasonal fluctuations. Mortgage loan
segment originations include originations of loans sold to the
community banking segment, at prices similar to those paid by
third-party investors. These transactions are eliminated to reach
consolidated totals.
During the fourth quarter and year ended
December 31, 2024, the mortgage banking segment recorded a reversal
of provision for indemnification losses of $85,000 and $460,000,
respectively, compared to a reversal of provision for
indemnification losses of $150,000 and $585,000 in the same periods
of 2023. The mortgage banking segment increased reserves for
indemnification losses during 2020 based on widespread forbearance
on mortgage loans and economic uncertainty related to the COVID-19
pandemic. The release of indemnification reserves in 2024 and 2023
was due primarily to improvement in the mortgage banking segment’s
assessment of borrower payment performance, lower volume of
mortgage loan originations in recent years and other factors
affecting expected losses on mortgage loans sold in the secondary
market, such as time since origination. Management believes that
the indemnification reserve is sufficient to absorb losses related
to loans that have been sold in the secondary market.
Consumer Finance
Segment. The consumer finance segment reported net
income of $272,000 and $1.4 million for the fourth quarter and year
ended December 31, 2024, respectively, compared to net income of
$618,000 and $2.9 million for the same periods in 2023. The
decreases in consumer finance segment net income were due primarily
to:
- higher provision for credit losses
due primarily to increased net charge-offs; and
- higher interest expense on variable
rate borrowings from the community banking segment as a result of
higher interest rates and higher average balances of
borrowings;
partially offset by:
- higher interest income resulting
from the effects of higher interest rates on loan yields and higher
average balances of loans;
- lower salaries and employee
benefits expense due to an effort to reduce overhead costs;
and
- lower loan processing and
collection expenses due primarily to efficiency initiatives within
the collections department.
Average loans increased $2.5 million, or one
percent, for the fourth quarter of 2024 and increased $2.9 million,
or one percent, for the year ended December 31, 2024, compared to
the same periods in 2023. The consumer finance segment experienced
net charge-offs at a rate of 2.62 percent of average total loans
for the year ended December 31, 2024, compared to 1.99 percent for
the year ended December 31, 2023, due primarily to an increase in
the number of delinquent loans, the number of repossessions, and
the average amount charged-off when a loan was uncollectable.
Higher amounts charged-off per loan resulted in part from larger
loan amounts, generally purchased in 2020 and 2021 when automobile
values were higher, being charged-off in the current year, with the
wholesale values of automobiles having declined since then. At
December 31, 2024, total delinquent loans as a percentage of total
loans was 3.90 percent, compared to 4.09 percent at December 31,
2023, and 3.49 percent at September 30, 2024.
The consumer finance segment, at times, offers
payment deferrals as a portfolio management technique to achieve
higher ultimate cash collections on select loan accounts. A
significant reliance on deferrals as a means of managing
collections may result in a lengthening of the loss confirmation
period, which would increase expectations of credit losses inherent
in the portfolio. Average amounts of payment deferrals of
automobile loans on a monthly basis, which are not included in
delinquent loans, were 2.11 percent and 1.80 percent of average
automobile loans outstanding during the fourth quarter and year
ended December 31, 2024, respectively, compared to 2.02 percent and
1.87 percent during the same periods during 2023. The allowance for
credit losses was $22.7 million at December 31, 2024 and $23.6
million at December 31, 2023. The allowance for credit losses as a
percentage of total loans decreased to 4.86 percent at December 31,
2024 from 5.03 percent at December 31, 2023, primarily as a result
of growth in loans with stronger credit quality while balances of
loans with lower credit quality declined. Management believes that
the level of the allowance for credit losses is adequate to reflect
the net amount expected to be collected. If loan performance
deteriorates resulting in further elevated delinquencies or net
charge-offs, the provision for credit losses may increase in future
periods.
Liquidity. The objective of the
Corporation’s liquidity management is to ensure the continuous
availability of funds to satisfy the credit needs of our customers
and the demands of our depositors, creditors and investors.
Uninsured deposits represent an estimate of amounts above the
Federal Deposit Insurance Corporation (FDIC) insurance coverage
limit of $250,000. As of December 31, 2024, the
Corporation’s uninsured deposits were approximately $640.2 million,
or 29.5 percent of total deposits. Excluding intercompany cash
holdings and municipal deposits, which are secured with pledged
securities, amounts uninsured were approximately $455.2 million, or
21.0 percent of total deposits as of December 31, 2024.
The Corporation’s liquid assets, which include cash and due from
banks, interest-bearing deposits at other banks and nonpledged
securities available for sale, were $288.1 million and borrowing
availability was $606.2 million as of December 31, 2024,
which in total exceed uninsured deposits, excluding intercompany
cash holdings and secured municipal deposits, by $439.1 million as
of December 31, 2024.
In addition to deposits, the Corporation
utilizes short-term and long-term borrowings as sources of funds.
Short-term borrowings from the Federal Reserve Bank and the Federal
Home loan Bank of Atlanta (FHLB) may be used to fund the
Corporation’s day-to-day operations. Short-term borrowings also
include securities sold under agreements to repurchase. Total
borrowings increased to $122.6 million at
December 31, 2024 from $109.5 million at December 31,
2023 due primarily to higher long-term borrowings from the FHLB
used in part to fund loan growth.
Additional sources of liquidity available to the
Corporation include cash flows from operations, loan payments and
payoffs, deposit growth, maturities, calls and sales of securities
and the issuance of brokered certificates of deposit.
Capital and Dividends. The
Corporation declared cash dividends during the year ended December
31, 2024 totaling $1.76 per share, including a quarterly cash
dividend of 44 cents per share during the fourth quarter of 2024,
which was paid on January 1, 2025. These dividends represent a
payout ratio of 23.5 percent of earnings per share for the fourth
quarter of 2024 and 29.3 percent of earnings per share for the year
ended December 31, 2024. The Board of Directors of the Corporation
continually reviews the amount of cash dividends per share and the
resulting dividend payout ratio in light of changes in economic
conditions, current and future capital requirements, and expected
future earnings.
Total consolidated equity increased $9.5 million
at December 31, 2024, compared to December 31, 2023, due
primarily to net income and lower unrealized losses in the market
value of securities available for sale, which are recognized as a
component of other comprehensive income, partially offset by share
repurchases and dividends paid on the Corporation’s common stock.
The Corporation’s securities available for sale are fixed income
debt securities and their unrealized loss position is a result of
rising market interest rates since they were purchased. The
Corporation expects to recover its investments in debt securities
through scheduled payments of principal and interest. Unrealized
losses are not expected to affect the earnings or regulatory
capital of the Corporation or C&F Bank. The accumulated other
comprehensive loss related to the Corporation’s securities
available for sale, net of deferred income taxes, decreased to
$23.7 million at December 31, 2024 compared to $25.0
million at December 31, 2023 due primarily to fluctuations in debt
security market interest rates and a decrease in the balance of
securities available for sale.
As of December 31, 2024, the most
recent notification from the FDIC categorized the C&F Bank as
well capitalized under the regulatory framework for prompt
corrective action. To be categorized as well capitalized under
regulations applicable at December 31, 2024, C&F Bank
was required to maintain minimum total risk-based, Tier 1
risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition
to the regulatory risk-based capital requirements, C&F Bank
must maintain a capital conservation buffer of additional capital
of 2.5 percent of risk-weighted assets as required by the Basel III
capital rules. The Corporation and C&F Bank exceeded these
ratios at December 31, 2024. For additional information,
see “Capital Ratios” below. The above mentioned ratios are not
impacted by unrealized losses on securities available for sale. In
the event that all of these unrealized losses became realized into
earnings, the Corporation and C&F Bank would both continue to
exceed minimum capital requirements, including the capital
conservation buffer, and be considered well capitalized.
In December 2023, the Board of Directors
authorized a program, effective January 1, 2024 through December
31, 2024, to repurchase up to $10.0 million of the Corporation’s
common stock (the 2024 Repurchase Program). During the fourth
quarter and year ended December 31, 2024, the Corporation
repurchased 11,100 shares, or $679,000, and 160,694 shares, or $7.9
million, of its common stock under the 2024 Repurchase Program,
respectively. In December 2024, the Board of Directors authorized a
new program, effective January 1, 2025 through December 31, 2025,
to repurchase up to $5.0 million of the Corporation’s common stock
through December 31, 2025 (the 2025 Repurchase Program).
About C&F Financial
Corporation. The Corporation’s common stock is listed
for trading on The Nasdaq Stock Market under the symbol CFFI. The
common stock closed at a price of $75.40 per share on January 27,
2025. At December 31, 2024, the book value per share of
the Corporation was $70.00 and the tangible book value per share
was $61.86. For more information about the Corporation’s tangible
book value per share, which is not calculated in accordance with
GAAP, please see “Use of Certain Non-GAAP Financial Measures” and
“Reconciliation of Certain Non-GAAP Financial Measures,” below.
C&F Bank operates 31 banking offices and
four commercial loan offices located throughout eastern and central
Virginia and offers full wealth management services through its
subsidiary C&F Wealth Management, Inc. C&F Mortgage
Corporation and its subsidiary C&F Select LLC provide mortgage
loan origination services through offices located in Virginia and
the surrounding states. C&F Finance Company provides
automobile, marine and recreational vehicle loans through indirect
lending programs offered primarily in the Northeastern, Midwestern
and Southern United States from its headquarters in Henrico,
Virginia.
Additional information regarding the
Corporation’s products and services, as well as access to its
filings with the Securities and Exchange Commission (SEC), are
available on the Corporation’s website at http://www.cffc.com.
Use of Certain Non-GAAP Financial
Measures. The accounting and reporting policies of the
Corporation conform to GAAP in the United States and prevailing
practices in the banking industry. However, certain non-GAAP
measures are used by management to supplement the evaluation of the
Corporation’s performance. These include adjusted net income,
adjusted earnings per share, adjusted return on average equity,
adjusted return on average assets, return on average tangible
common equity (ROTCE), adjusted ROTCE, tangible book value per
share, price to tangible book value ratio, and the following
fully-taxable equivalent (FTE) measures: interest income on
loans-FTE, interest income on securities-FTE, total interest
income-FTE and net interest income-FTE.
Management believes that the use of these
non-GAAP measures provides meaningful information about operating
performance by enhancing comparability with other financial
periods, other financial institutions, and between different
sources of interest income. The non-GAAP measures used by
management enhance comparability by excluding the effects of
balances of intangible assets, including goodwill, that vary
significantly between institutions, and tax benefits that are not
consistent across different opportunities for investment. These
non-GAAP financial measures should not be considered an alternative
to GAAP-basis financial statements, and other bank holding
companies may define or calculate these or similar measures
differently. A reconciliation of the non-GAAP financial measures
used by the Corporation to evaluate and measure the Corporation’s
performance to the most directly comparable GAAP financial measures
is presented below.
Forward-Looking
Statements. This press release contains
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are based on the beliefs of the Corporation’s
management, as well as assumptions made by, and information
currently available to, the Corporation’s management, and reflect
management’s current views with respect to certain events that
could have an impact on the Corporation’s future financial
performance. These statements, including without limitation
statements made in Mr. Cherry’s quote and statements regarding
future interest rates and conditions in the Corporation’s
industries and markets, relate to expectations concerning matters
that are not historical fact, may express “belief,” “intention,”
“expectation,” “potential” and similar expressions, and may use the
words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,”
“might,” “will,” “intend,” “target,” “should,” “could,” or similar
expressions. These statements are inherently uncertain, and there
can be no assurance that the underlying assumptions will prove to
be accurate. Actual results could differ materially from those
anticipated or implied by such statements. Forward-looking
statements in this release may include, without limitation,
statements regarding expected future operations and financial
performance, expected trends in yields on loans, expected future
recovery of investments in debt securities, future dividend
payments, deposit trends, charge-offs and delinquencies, changes in
cost of funds and net interest margin and items affecting net
interest margin, strategic business initiatives and the anticipated
effects thereof, changes in interest rates and the effects thereof
on net interest income, mortgage loan originations, expectations
regarding C&F Bank’s regulatory risk-based capital requirement
levels, technology initiatives, our diversified business strategy,
asset quality, credit quality, adequacy of allowances for credit
losses and the level of future charge-offs, market interest rates
and housing inventory and resulting effects in mortgage loan
origination volume, sources of liquidity, adequacy of the reserve
for indemnification losses related to loans sold in the secondary
market, the effect of future market and industry trends, the
effects of future interest rate fluctuations, cybersecurity risks,
and inflation. Factors that could have a material adverse effect on
the operations and future prospects of the Corporation include, but
are not limited to, changes in:
- interest rates, such as volatility
in short-term interest rates or yields on U.S. Treasury bonds,
increases in interest rates following actions by the Federal
Reserve and increases or volatility in mortgage interest rates
- general business conditions, as
well as conditions within the financial markets
- general economic conditions,
including unemployment levels, inflation rates, supply chain
disruptions and slowdowns in economic growth
- general market conditions,
including disruptions due to pandemics or significant health
hazards, severe weather conditions, natural disasters, terrorist
activities, financial crises, political crises, war and other
military conflicts (including the ongoing military conflicts
between Russia and Ukraine and in the Middle East) or other major
events, or the prospect of these events
- average loan yields and average
costs of interest-bearing deposits
- financial services industry
conditions, including bank failures or concerns involving
liquidity
- labor market conditions, including
attracting, hiring, training, motivating and retaining qualified
employees
- the legislative/regulatory climate,
regulatory initiatives with respect to financial institutions,
products and services, the Consumer Financial Protection Bureau
(the CFPB) and the regulatory and enforcement activities of the
CFPB
- monetary and fiscal policies of the
U.S. Government, including policies of the FDIC, U.S. Department of
the Treasury and the Board of Governors of the Federal Reserve
System, and the effect of these policies on interest rates and
business in our markets
- demand for financial services in
the Corporation’s market area
- the value of securities held in the
Corporation’s investment portfolios
- the quality or composition of the
loan portfolios and the value of the collateral securing those
loans
- the inventory level, demand and
fluctuations in the pricing of used automobiles, including sales
prices of repossessed vehicles
- the level of automobile loan
delinquencies or defaults and our ability to repossess automobiles
securing delinquent automobile finance installment contracts
- the level of net charge-offs on
loans and the adequacy of our allowance for credit losses
- the level of indemnification losses
related to mortgage loans sold
- demand for loan products
- deposit flows
- the strength of the Corporation’s
counterparties
- the availability of lines of credit
from the FHLB and other counterparties
- the soundness of other financial
institutions and any indirect exposure related to the closing of
other financial institutions and their impact on the broader market
through other customers, suppliers and partners, or that the
conditions which resulted in the liquidity concerns experienced by
closed financial institutions may also adversely impact, directly
or indirectly, other financial institutions and market participants
with which the Corporation has commercial or deposit
relationships
- competition from both banks and
non-banks, including competition in the non-prime automobile
finance markets and marine and recreational vehicle finance
markets
- services provided by, or the level
of the Corporation’s reliance upon third parties for key
services
- the commercial and residential real
estate markets, including changes in property values
- the demand for residential
mortgages and conditions in the secondary residential mortgage loan
markets
- the Corporation’s technology
initiatives and other strategic initiatives
- the Corporation’s branch expansions
and consolidations plans
- cyber threats, attacks or
events
- C&F Bank’s product
offerings
- accounting principles, policies and
guidelines, and elections by the Corporation thereunder
These risks and uncertainties should be
considered in evaluating the forward-looking statements contained
herein, and readers are cautioned not to place undue reliance on
any forward-looking statements, which speak only as of the date of
this release. For additional information on risk factors that could
affect the forward-looking statements contained herein, see the
Corporation’s Annual Report on Form 10-K for the year ended
December 31, 2023 and other reports filed with the SEC. The
Corporation undertakes no obligation to update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
| |
|
C&F Financial CorporationSelected
Financial Information(dollars in thousands, except
for per share data)(unaudited) |
| |
| Financial
Condition |
|
12/31/2024 |
|
12/31/2023 |
|
|
Interest-bearing deposits in other banks |
|
$ |
49,423 |
|
$ |
58,777 |
|
| Investment securities -
available for sale, at fair value |
|
|
418,625 |
|
|
462,444 |
|
| Loans held for sale, at fair
value |
|
|
20,112 |
|
|
14,176 |
|
| Loans, net: |
|
|
|
|
|
|
|
|
Community Banking segment |
|
|
1,436,226 |
|
|
1,257,557 |
|
|
Consumer Finance segment |
|
|
444,085 |
|
|
444,931 |
|
| Total assets |
|
|
2,563,385 |
|
|
2,438,498 |
|
| Deposits |
|
|
2,170,860 |
|
|
2,066,130 |
|
| Repurchase agreements |
|
|
28,994 |
|
|
30,705 |
|
| Other borrowings |
|
|
93,615 |
|
|
78,834 |
|
| Total equity |
|
|
226,970 |
|
|
217,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For The |
|
|
For The |
|
| |
|
Quarter Ended |
|
|
Year Ended |
|
| Results of
Operations |
|
12/31/2024 |
|
|
12/31/2023 |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
| Interest income |
|
$ |
36,443 |
|
|
$ |
32,408 |
|
|
$ |
139,594 |
|
|
$ |
124,137 |
|
| Interest expense |
|
|
11,343 |
|
|
|
8,466 |
|
|
|
42,819 |
|
|
|
26,430 |
|
| Provision for credit
losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Banking segment |
|
|
- |
|
|
|
75 |
|
|
|
1,650 |
|
|
|
1,625 |
|
|
Consumer Finance segment |
|
|
3,500 |
|
|
|
2,400 |
|
|
|
11,600 |
|
|
|
6,650 |
|
| Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sales of loans |
|
|
1,250 |
|
|
|
850 |
|
|
|
6,064 |
|
|
|
5,780 |
|
|
Other |
|
|
5,700 |
|
|
|
6,953 |
|
|
|
24,474 |
|
|
|
23,835 |
|
| Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
11,953 |
|
|
|
14,035 |
|
|
|
53,578 |
|
|
|
54,876 |
|
|
Other |
|
|
9,363 |
|
|
|
9,038 |
|
|
|
36,352 |
|
|
|
35,007 |
|
| Income tax expense |
|
|
1,205 |
|
|
|
1,109 |
|
|
|
4,215 |
|
|
|
5,418 |
|
| Net income |
|
|
6,029 |
|
|
|
5,088 |
|
|
|
19,918 |
|
|
|
23,746 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fully-taxable equivalent (FTE)
amounts1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on loans-FTE |
|
|
33,122 |
|
|
|
29,147 |
|
|
|
127,288 |
|
|
|
111,146 |
|
|
Interest income on securities-FTE |
|
|
3,046 |
|
|
|
3,121 |
|
|
|
12,079 |
|
|
|
12,710 |
|
|
Total interest income-FTE |
|
|
36,731 |
|
|
|
32,677 |
|
|
|
140,741 |
|
|
|
125,101 |
|
|
Net interest income-FTE |
|
|
25,388 |
|
|
|
24,211 |
|
|
|
97,922 |
|
|
|
98,671 |
|
_________________1 For more information about these
non-GAAP financial measures, please see “Use of Certain Non-GAAP
Financial Measures” and “Reconciliation of Certain Non-GAAP
Financial Measures.”
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Quarter Ended |
|
| |
|
12/31/2024 |
|
12/31/2023 |
|
| |
|
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
|
Yield Analysis |
|
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
321,796 |
|
|
$ |
1,898 |
|
2.36 |
% |
$ |
392,368 |
|
|
$ |
2,093 |
|
2.13 |
% |
|
Tax-exempt |
|
|
120,119 |
|
|
|
1,148 |
|
3.82 |
|
|
118,263 |
|
|
|
1,028 |
|
3.48 |
|
|
Total securities |
|
|
441,915 |
|
|
|
3,046 |
|
2.76 |
|
|
510,631 |
|
|
|
3,121 |
|
2.44 |
|
| Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community banking segment |
|
|
1,438,195 |
|
|
|
20,036 |
|
5.54 |
|
|
1,257,418 |
|
|
|
16,813 |
|
5.30 |
|
|
Mortgage banking segment |
|
|
30,674 |
|
|
|
486 |
|
6.30 |
|
|
22,288 |
|
|
|
383 |
|
6.82 |
|
|
Consumer finance segment |
|
|
473,816 |
|
|
|
12,600 |
|
10.58 |
|
|
471,355 |
|
|
|
11,951 |
|
10.06 |
|
|
Total loans |
|
|
1,942,685 |
|
|
|
33,122 |
|
6.78 |
|
|
1,751,061 |
|
|
|
29,147 |
|
6.60 |
|
| Interest-bearing deposits in
other banks |
|
|
58,212 |
|
|
|
563 |
|
3.85 |
|
|
42,114 |
|
|
|
409 |
|
3.85 |
|
| Total earning assets |
|
|
2,442,812 |
|
|
|
36,731 |
|
5.98 |
|
|
2,303,806 |
|
|
|
32,677 |
|
5.63 |
|
| Allowance for credit
losses |
|
|
(40,930 |
) |
|
|
|
|
|
|
|
(40,614 |
) |
|
|
|
|
|
|
| Total non-earning assets |
|
|
159,082 |
|
|
|
|
|
|
|
|
142,252 |
|
|
|
|
|
|
|
| Total
assets |
|
$ |
2,560,964 |
|
|
|
|
|
|
|
$ |
2,405,444 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
331,156 |
|
|
|
601 |
|
0.72 |
|
$ |
341,243 |
|
|
|
556 |
|
0.65 |
|
|
Money market deposit accounts |
|
|
299,321 |
|
|
|
1,136 |
|
1.51 |
|
|
299,712 |
|
|
|
896 |
|
1.19 |
|
|
Savings accounts |
|
|
176,106 |
|
|
|
26 |
|
0.06 |
|
|
194,476 |
|
|
|
33 |
|
0.07 |
|
|
Certificates of deposit |
|
|
811,224 |
|
|
|
8,325 |
|
4.08 |
|
|
635,702 |
|
|
|
5,665 |
|
3.54 |
|
|
Total interest-bearing deposits |
|
|
1,617,807 |
|
|
|
10,088 |
|
2.48 |
|
|
1,471,133 |
|
|
|
7,150 |
|
1.93 |
|
| Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase agreements |
|
|
30,673 |
|
|
|
131 |
|
1.71 |
|
|
33,418 |
|
|
|
126 |
|
1.51 |
|
|
Other borrowings |
|
|
93,765 |
|
|
|
1,124 |
|
4.79 |
|
|
98,875 |
|
|
|
1,190 |
|
4.81 |
|
|
Total borrowings |
|
|
124,438 |
|
|
|
1,255 |
|
4.03 |
|
|
132,293 |
|
|
|
1,316 |
|
3.98 |
|
|
Total interest-bearing liabilities |
|
|
1,742,245 |
|
|
|
11,343 |
|
2.59 |
|
|
1,603,426 |
|
|
|
8,466 |
|
2.10 |
|
| Noninterest-bearing demand
deposits |
|
|
547,890 |
|
|
|
|
|
|
|
|
554,321 |
|
|
|
|
|
|
|
| Other liabilities |
|
|
43,379 |
|
|
|
|
|
|
|
|
45,462 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
2,333,514 |
|
|
|
|
|
|
|
|
2,203,209 |
|
|
|
|
|
|
|
| Equity |
|
|
227,450 |
|
|
|
|
|
|
|
|
202,235 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
2,560,964 |
|
|
|
|
|
|
|
$ |
2,405,444 |
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
$ |
25,388 |
|
|
|
|
|
|
$ |
24,211 |
|
|
|
| Interest rate spread |
|
|
|
|
|
|
|
3.39 |
% |
|
|
|
|
|
|
3.53 |
% |
| Interest expense to average
earning assets |
|
|
|
|
|
|
|
1.85 |
% |
|
|
|
|
|
|
1.46 |
% |
| Net interest margin |
|
|
|
|
|
|
|
4.13 |
% |
|
|
|
|
|
|
4.17 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Year Ended |
|
| |
|
12/31/2024 |
|
12/31/2023 |
|
| |
|
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
|
Yield Analysis |
|
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
335,647 |
|
|
$ |
7,563 |
|
2.25 |
% |
$ |
428,895 |
|
|
$ |
9,110 |
|
2.12 |
% |
|
Tax-exempt |
|
|
119,978 |
|
|
|
4,516 |
|
3.76 |
|
|
108,006 |
|
|
|
3,600 |
|
3.33 |
|
|
Total securities |
|
|
455,625 |
|
|
|
12,079 |
|
2.65 |
|
|
536,901 |
|
|
|
12,710 |
|
2.37 |
|
| Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community banking segment |
|
|
1,378,131 |
|
|
|
75,707 |
|
5.49 |
|
|
1,214,143 |
|
|
|
62,188 |
|
5.12 |
|
|
Mortgage banking segment |
|
|
30,737 |
|
|
|
1,897 |
|
6.17 |
|
|
25,598 |
|
|
|
1,695 |
|
6.62 |
|
|
Consumer finance segment |
|
|
476,775 |
|
|
|
49,684 |
|
10.42 |
|
|
473,885 |
|
|
|
47,263 |
|
9.97 |
|
|
Total loans |
|
|
1,885,643 |
|
|
|
127,288 |
|
6.75 |
|
|
1,713,626 |
|
|
|
111,146 |
|
6.49 |
|
| Interest-bearing deposits in
other banks |
|
|
37,238 |
|
|
|
1,374 |
|
3.69 |
|
|
35,351 |
|
|
|
1,245 |
|
3.52 |
|
|
Total earning assets |
|
|
2,378,506 |
|
|
|
140,741 |
|
5.92 |
|
|
2,285,878 |
|
|
|
125,101 |
|
5.47 |
|
| Allowance for loan losses |
|
|
(40,736 |
) |
|
|
|
|
|
|
|
(41,047 |
) |
|
|
|
|
|
|
| Total non-earning assets |
|
|
156,726 |
|
|
|
|
|
|
|
|
148,666 |
|
|
|
|
|
|
|
| Total assets |
|
$ |
2,494,496 |
|
|
|
|
|
|
|
$ |
2,393,497 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
327,700 |
|
|
|
2,170 |
|
0.66 |
|
$ |
354,643 |
|
|
|
2,134 |
|
0.60 |
|
|
Money market deposit accounts |
|
|
296,278 |
|
|
|
4,313 |
|
1.46 |
|
|
317,601 |
|
|
|
3,017 |
|
0.95 |
|
|
Savings accounts |
|
|
180,429 |
|
|
|
111 |
|
0.06 |
|
|
209,033 |
|
|
|
124 |
|
0.06 |
|
|
Certificates of deposit |
|
|
767,721 |
|
|
|
31,465 |
|
4.10 |
|
|
541,252 |
|
|
|
15,112 |
|
2.79 |
|
|
Total interest-bearing deposits |
|
|
1,572,128 |
|
|
|
38,059 |
|
2.42 |
|
|
1,422,529 |
|
|
|
20,387 |
|
1.43 |
|
| Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase agreements |
|
|
27,754 |
|
|
|
456 |
|
1.64 |
|
|
32,393 |
|
|
|
399 |
|
1.23 |
|
|
Other borrowings |
|
|
91,713 |
|
|
|
4,304 |
|
4.69 |
|
|
116,908 |
|
|
|
5,644 |
|
4.83 |
|
|
Total borrowings |
|
|
119,467 |
|
|
|
4,760 |
|
3.98 |
|
|
149,301 |
|
|
|
6,043 |
|
4.05 |
|
|
Total interest-bearing liabilities |
|
|
1,691,595 |
|
|
|
42,819 |
|
2.53 |
|
|
1,571,830 |
|
|
|
26,430 |
|
1.68 |
|
| Noninterest-bearing demand
deposits |
|
|
536,828 |
|
|
|
|
|
|
|
|
575,452 |
|
|
|
|
|
|
|
| Other liabilities |
|
|
45,217 |
|
|
|
|
|
|
|
|
42,954 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
2,273,640 |
|
|
|
|
|
|
|
|
2,190,236 |
|
|
|
|
|
|
|
| Equity |
|
|
220,856 |
|
|
|
|
|
|
|
|
203,261 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
2,494,496 |
|
|
|
|
|
|
|
$ |
2,393,497 |
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
$ |
97,922 |
|
|
|
|
|
|
$ |
98,671 |
|
|
|
| Interest rate spread |
|
|
|
|
|
|
|
3.39 |
% |
|
|
|
|
|
|
3.79 |
% |
| Interest expense to average
earning assets |
|
|
|
|
|
|
|
1.80 |
% |
|
|
|
|
|
|
1.16 |
% |
| Net interest margin |
|
|
|
|
|
|
|
4.12 |
% |
|
|
|
|
|
|
4.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |
|
12/31/2024 |
|
Funding Sources |
|
Capacity |
|
Outstanding |
|
Available |
| Unsecured federal funds
agreements |
|
$ |
75,000 |
|
$ |
— |
|
$ |
75,000 |
| Borrowings from FHLB |
|
|
257,734 |
|
|
40,000 |
|
|
217,734 |
| Borrowings from Federal
Reserve Bank |
|
|
313,499 |
|
|
— |
|
|
313,499 |
| Total |
|
$ |
646,233 |
|
$ |
40,000 |
|
$ |
606,233 |
|
|
|
|
|
|
|
|
|
| Asset
Quality |
|
12/31/2024 |
|
12/31/2023 |
|
| Community
Banking |
|
|
|
|
|
|
|
|
Total loans |
|
$ |
1,453,605 |
|
$ |
1,273,629 |
|
|
Nonaccrual loans |
|
$ |
333 |
|
$ |
406 |
|
| |
|
|
|
|
|
|
|
|
Allowance for credit losses (ACL) |
|
$ |
17,379 |
|
$ |
16,072 |
|
|
Nonaccrual loans to total loans |
|
|
0.02 |
% |
|
0.03 |
% |
|
ACL to total loans |
|
|
1.20 |
% |
|
1.26 |
% |
|
ACL to nonaccrual loans |
|
|
5,218.92 |
% |
|
3,958.62 |
% |
|
Year-to-date net charge-offs to average loans |
|
|
0.01 |
% |
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
| Consumer
Finance |
|
|
|
|
|
|
|
|
Total loans |
|
$ |
466,793 |
|
$ |
468,510 |
|
|
Nonaccrual loans |
|
$ |
614 |
|
$ |
892 |
|
|
Repossessed assets |
|
$ |
779 |
|
$ |
646 |
|
|
ACL |
|
$ |
22,708 |
|
$ |
23,579 |
|
|
Nonaccrual loans to total loans |
|
|
0.13 |
% |
|
0.19 |
% |
|
ACL to total loans |
|
|
4.86 |
% |
|
5.03 |
% |
|
ACL to nonaccrual loans |
|
|
3,698.37 |
% |
|
2,643.39 |
% |
|
Year-to-date net charge-offs to average loans |
|
|
2.62 |
% |
|
1.99 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For The |
|
For The |
| |
|
Quarter Ended |
|
Year Ended |
| Other Performance
Data |
|
12/31/2024 |
|
12/31/2023 |
|
12/31/2024 |
|
12/31/2023 |
| Net Income (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Banking |
|
$ |
6,364 |
|
|
$ |
5,186 |
|
|
$ |
20,284 |
|
|
$ |
22,928 |
|
|
Mortgage Banking |
|
|
87 |
|
|
|
(103 |
) |
|
|
1,108 |
|
|
|
465 |
|
|
Consumer Finance |
|
|
272 |
|
|
|
618 |
|
|
|
1,414 |
|
|
|
2,879 |
|
|
Other1 |
|
|
(694 |
) |
|
|
(613 |
) |
|
|
(2,888 |
) |
|
|
(2,526 |
) |
|
Total |
|
$ |
6,029 |
|
|
$ |
5,088 |
|
|
$ |
19,918 |
|
|
$ |
23,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income attributable to
C&F Financial Corporation |
|
$ |
6,037 |
|
|
$ |
5,068 |
|
|
$ |
19,834 |
|
|
$ |
23,604 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share - basic and
diluted |
|
$ |
1.87 |
|
|
$ |
1.50 |
|
|
$ |
6.01 |
|
|
$ |
6.92 |
|
| Weighted average shares
outstanding - basic and diluted |
|
|
3,226,999 |
|
|
|
3,367,931 |
|
|
|
3,299,574 |
|
|
|
3,411,995 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized return on average
assets |
|
|
0.94 |
% |
|
|
0.85 |
% |
|
|
0.80 |
% |
|
|
0.99 |
% |
| Annualized return on average
equity |
|
|
10.60 |
% |
|
|
10.06 |
% |
|
|
9.02 |
% |
|
|
11.68 |
% |
| Annualized return on average
tangible common equity2 |
|
|
12.17 |
% |
|
|
11.74 |
% |
|
|
10.37 |
% |
|
|
13.58 |
% |
| Dividends declared per
share |
|
$ |
0.44 |
|
|
$ |
0.44 |
|
|
$ |
1.76 |
|
|
$ |
1.76 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loan originations -
Mortgage Banking |
|
$ |
130,426 |
|
|
$ |
98,238 |
|
|
$ |
527,750 |
|
|
$ |
498,797 |
|
| Mortgage loans sold - Mortgage
Banking |
|
|
154,552 |
|
|
|
109,387 |
|
|
|
522,001 |
|
|
|
498,852 |
|
_________________1 Includes results of the
holding company that are not allocated to the business segments and
elimination of inter-segment activity.2 For more information about
these non-GAAP financial measures, please see “Use of Certain
Non-GAAP Financial Measures” and “Reconciliation of Certain
Non-GAAP Financial Measures.”
|
|
|
|
|
|
|
|
|
| Market
Ratios |
|
12/31/2024 |
|
|
12/31/2023 |
| Market value per share |
|
$ |
71.25 |
|
|
$ |
68.19 |
| Book value per share |
|
$ |
70.00 |
|
|
$ |
64.28 |
| Price to book value ratio |
|
|
1.02 |
|
|
|
1.06 |
| Tangible book value per
share1 |
|
$ |
61.86 |
|
|
$ |
56.40 |
| Price to tangible book value
ratio1 |
|
|
1.15 |
|
|
|
1.21 |
| Price to earnings ratio
(ttm) |
|
|
11.86 |
|
|
|
9.87 |
_________________1 For more information about these
non-GAAP financial measures, please see “Use of Certain Non-GAAP
Financial Measures” and “Reconciliation of Certain Non-GAAP
Financial Measures.”
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
Minimum Capital |
| Capital
Ratios |
|
12/31/2024 |
|
12/31/2023 |
|
Requirements3 |
| C&F Financial
Corporation1 |
|
|
|
|
|
|
|
|
Total risk-based capital ratio |
|
14.1% |
|
14.8% |
|
8.0% |
|
|
Tier 1 risk-based capital ratio |
|
11.9% |
|
12.6% |
|
6.0% |
|
|
Common equity tier 1 capital ratio |
|
10.7% |
|
11.3% |
|
4.5% |
|
|
Tier 1 leverage ratio |
|
9.8% |
|
10.1% |
|
4.0% |
|
|
|
|
|
|
|
|
|
|
| C&F
Bank2 |
|
|
|
|
|
|
|
|
Total risk-based capital ratio |
|
13.6% |
|
14.1% |
|
8.0% |
|
|
Tier 1 risk-based capital ratio |
|
12.3% |
|
12.9% |
|
6.0% |
|
|
Common equity tier 1 capital ratio |
|
12.3% |
|
12.9% |
|
4.5% |
|
|
Tier 1 leverage ratio |
|
10.1% |
|
10.3% |
|
4.0% |
|
_________________1 The Corporation, a small
bank holding company under applicable regulations and guidance, is
not subject to the minimum regulatory capital regulations for bank
holding companies. The regulatory requirements that apply to bank
holding companies that are subject to regulatory capital
requirements are presented above, along with the Corporation’s
capital ratios as determined under those regulations.2 All
ratios at December 31, 2024 are estimates and subject to
change pending regulatory filings. All ratios at December 31, 2023
are presented as filed.3 The ratios presented for minimum
capital requirements are those to be considered adequately
capitalized.
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For The Quarter Ended |
|
For The Year Ended |
|
|
|
12/31/2024 |
|
12/31/2023 |
|
12/31/2024 |
|
12/31/2023 |
| Reconciliation of
Certain Non-GAAP Financial Measures |
|
|
|
|
|
|
|
|
| Return on Average
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total equity, as reported |
|
$ |
227,450 |
|
|
$ |
202,235 |
|
|
$ |
220,856 |
|
|
$ |
203,261 |
|
| Average goodwill |
|
|
(25,191 |
) |
|
|
(25,191 |
) |
|
|
(25,191 |
) |
|
|
(25,191 |
) |
| Average other intangible
assets |
|
|
(1,183 |
) |
|
|
(1,439 |
) |
|
|
(1,273 |
) |
|
|
(1,538 |
) |
| Average noncontrolling
interest |
|
|
(518 |
) |
|
|
(515 |
) |
|
|
(649 |
) |
|
|
(675 |
) |
| Average tangible common
equity |
|
$ |
200,558 |
|
|
$ |
175,090 |
|
|
$ |
193,743 |
|
|
$ |
175,857 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
6,029 |
|
|
$ |
5,088 |
|
|
$ |
19,918 |
|
|
$ |
23,746 |
|
| Amortization of
intangibles |
|
|
64 |
|
|
|
69 |
|
|
|
260 |
|
|
|
273 |
|
| Net loss (income) attributable
to noncontrolling interest |
|
|
8 |
|
|
|
(20 |
) |
|
|
(84 |
) |
|
|
(142 |
) |
| Net tangible income
attributable to C&F Financial Corporation |
|
$ |
6,101 |
|
|
$ |
5,137 |
|
|
$ |
20,094 |
|
|
$ |
23,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average equity, as reported |
|
|
10.60 |
% |
|
|
10.06 |
% |
|
|
12.02 |
% |
|
|
15.58 |
% |
|
Annualized return on average tangible common equity |
|
|
12.17 |
% |
|
|
11.74 |
% |
|
|
10.37 |
% |
|
|
13.58 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For The Quarter Ended |
|
|
For The Year Ended |
|
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
12/31/2024 |
|
|
12/31/2023 |
| Fully Taxable
Equivalent Net Interest Income1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on loans |
|
$ |
33,075 |
|
|
$ |
29,093 |
|
|
$ |
127,089 |
|
|
$ |
110,938 |
|
FTE adjustment |
|
|
47 |
|
|
|
54 |
|
|
|
199 |
|
|
|
208 |
|
FTE interest income on loans |
|
$ |
33,122 |
|
|
$ |
29,147 |
|
|
$ |
127,288 |
|
|
$ |
111,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on securities |
|
$ |
2,805 |
|
|
$ |
2,906 |
|
|
$ |
11,131 |
|
|
$ |
11,954 |
|
FTE adjustment |
|
|
241 |
|
|
|
215 |
|
|
|
948 |
|
|
|
756 |
|
FTE interest income on securities |
|
$ |
3,046 |
|
|
$ |
3,121 |
|
|
$ |
12,079 |
|
|
$ |
12,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
$ |
36,443 |
|
|
$ |
32,408 |
|
|
$ |
139,594 |
|
|
$ |
124,137 |
|
FTE adjustment |
|
|
288 |
|
|
|
269 |
|
|
|
1,147 |
|
|
|
964 |
|
FTE interest income |
|
$ |
36,731 |
|
|
$ |
32,677 |
|
|
$ |
140,741 |
|
|
$ |
125,101 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
25,100 |
|
|
$ |
23,942 |
|
|
$ |
96,775 |
|
|
$ |
97,707 |
|
FTE adjustment |
|
|
288 |
|
|
|
269 |
|
|
|
1,147 |
|
|
|
964 |
|
FTE net interest income |
|
$ |
25,388 |
|
|
$ |
24,211 |
|
|
$ |
97,922 |
|
|
$ |
98,671 |
_________________1 Assuming a tax rate of 21%.
| |
|
|
|
|
|
|
| |
|
December 31, |
|
December 31, |
|
(Dollars in thousands except for per share
data) |
|
2024 |
|
2023 |
| Tangible Book Value
Per Share |
|
|
|
|
|
Equity attributable to C&F Financial Corporation |
|
$ |
226,360 |
|
|
$ |
216,878 |
|
| Goodwill |
|
|
(25,191 |
) |
|
|
(25,191 |
) |
| Other intangible assets |
|
|
(1,147 |
) |
|
|
(1,407 |
) |
| Tangible equity attributable
to C&F Financial Corporation |
|
$ |
200,022 |
|
|
$ |
190,280 |
|
| |
|
|
|
|
|
|
| Shares outstanding |
|
|
3,233,672 |
|
|
|
3,374,098 |
|
| |
|
|
|
|
|
|
|
Book value per share |
|
$ |
70.00 |
|
|
$ |
64.28 |
|
|
Tangible book value per share |
|
$ |
61.86 |
|
|
$ |
56.40 |
|
|
Contact: |
Jason Long, CFO and Secretary |
| |
(804)
843-2360 |
Grafico Azioni C and F Financial (NASDAQ:CFFI)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni C and F Financial (NASDAQ:CFFI)
Storico
Da Feb 2024 a Feb 2025
