C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the
holding company for C&F Bank, today reported consolidated net
income of $5.0 million for the second quarter of 2024, compared to
$6.4 million for the second quarter of 2023. The Corporation
reported consolidated net income of $8.5 million for the first six
months of 2024, compared to $12.9 million for the first six months
of 2023. The following table presents selected financial
performance highlights for the periods indicated:
| |
|
For The Quarter Ended |
|
For the Six Months Ended |
|
Consolidated Financial Highlights (unaudited) |
|
6/30/2024 |
|
6/30/2023 |
|
6/30/2024 |
|
6/30/2023 |
|
Consolidated net income (000's) |
|
$ |
5,034 |
|
|
$ |
6,384 |
|
|
$ |
8,469 |
|
|
$ |
12,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share - basic and
diluted |
|
$ |
1.50 |
|
|
$ |
1.84 |
|
|
$ |
2.50 |
|
|
$ |
3.70 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized return on average
equity |
|
|
9.31 |
% |
|
|
12.51 |
% |
|
|
7.82 |
% |
|
|
12.69 |
% |
| Annualized return on average
tangible common equity1 |
|
|
10.72 |
% |
|
|
14.43 |
% |
|
|
9.01 |
% |
|
|
14.68 |
% |
| Annualized return on average
assets |
|
|
0.82 |
% |
|
|
1.06 |
% |
|
|
0.69 |
% |
|
|
1.08 |
% |
________________________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.
“We are pleased with the increase in earnings
for the second quarter compared to the first quarter of this year,”
commented Tom Cherry, President and Chief Executive Officer of
C&F Financial Corporation. “Our cost of deposits has continued
to increase, however, our net interest margin increased slightly as
well when compared to the first quarter of 2024. The community
banking segment continues to show strong loan and deposit growth.
Higher costs of borrowings persist at the consumer finance segment,
which is also seeing net charge-offs return to levels similar to
those pre-pandemic. The mortgage banking segment continues to
weather the higher interest rate environment and remains
profitable. Despite the challenging interest rate environment,
asset quality, liquidity and capital remain strong.”
Key highlights for the second quarter and first
six months of 2024 are as follows.
- Community banking segment loans
grew $113.2 million, or 17.8 percent annualized, and $174.9
million, or 14.4 percent, compared to December 31, 2023 and June
30, 2023, respectively;
- Consumer finance segment loans grew
$9.8 million, or 4.2 percent annualized, and $3.3 million, or less
than one percent, compared to December 31, 2023 and June 30, 2023,
respectively;
- Deposits increased $39.9 million,
or 3.9 percent annualized, and $108.6 million, or 5.4 percent,
compared to December 31, 2023 and June 30, 2023, respectively;
- Consolidated annualized net
interest margin was 4.12 percent for the second quarter of 2024
compared to 4.29 percent for the second quarter of 2023 and 4.09
percent in the first quarter of 2024;
- The consumer finance segment
recorded provision for credit losses of $2.1 million and $1.1
million for the second quarters of 2024 and 2023, respectively, and
recorded provision for credit losses of $5.1 million and $2.7
million for the first six months of 2024 and 2023,
respectively;
- The consumer finance segment
experienced net charge-offs at an annualized rate of 2.21 percent
of average total loans for the first six months of 2024 compared to
1.63 percent for the first six months of 2023 and an annualized
rate of 1.88 percent for the second quarter of 2024 compared to
2.54 percent for the first quarter of 2024;
- Mortgage banking segment loan
originations were $146.0 million for the second quarter of 2024, a
decrease of $9.1 million, or 5.9 percent, and an increase of $51.7
million, or 54.8 percent, compared to the second quarter of 2023
and the first quarter of 2024, respectively.
Community Banking Segment. The
community banking segment reported net income of $4.6 million and
$8.6 million for the second quarter and first six months of 2024,
respectively, compared to $5.6 million and $12.1 million for the
same periods in 2023. The decreases in community banking segment
net income were due primarily to:
- higher interest expense due
primarily to higher rates on deposits and higher balances of
interest-bearing deposits, offset by lower balances of
borrowings;
- higher salaries and employee
benefits expense, which have generally increased in line with
market conditions; and
- higher data processing and
consulting costs related to investments in operational technology
to improve resilience, efficiency and customer experience;
partially offset by:
- higher interest income resulting
from the effects of rising interest rates on asset yields and
higher average balances of loans, offset in part by lower average
balances of securities; and
- decreases in certain administrative
expenses.
Average loans increased $158.6 million, or 13.2
percent, for the second quarter of 2024 and increased $144.2
million, or 12.2 percent, for the first six months of 2024,
compared to the same periods in 2023, due primarily to growth in
the commercial real estate, construction, and residential mortgage
segments of the loan portfolio. Average deposits increased $95.1
million, or 4.8 percent, for the second quarter of 2024 and
increased $83.7 million, or 4.2 percent, for the first six months
of 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.
Average loan yields and average costs of
interest-bearing deposits were higher for the second quarter and
first six months of 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 $1.1 million at June 30, 2024 compared to $406,000 at December
31, 2023. The community banking segment recorded provision for
credit losses of $450,000 and $950,000 for the second quarter and
first six months of 2024, respectively, compared to $600,000 and
$1.1 million for the second quarter and first six months of 2023,
respectively. At June 30, 2024, the allowance for credit losses
increased to $16.9 million, compared to $16.1 million at December
31, 2023. The allowance for credit losses as a percentage of total
loans decreased to 1.22 percent at June 30, 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 $376,000 and
$670,000 for the second quarter and first six months of 2024,
respectively, compared to $346,000 and $573,000 for same periods in
2023. The increases in mortgage banking segment net income were due
primarily to:
- lower variable expenses tied to
mortgage loan origination volume such as commissions and bonuses,
reported in salaries and employee benefits, as well as mortgage
banking loan processing expenses and data processing expenses;
and
- lower salaries and employee
benefits, occupancy expense and other expenses due to an effort to
reduce overhead costs as mortgage loan origination volume has
decreased;
partially offset by:
- lower gains on sales of loans due
to margin compression and lower volume of mortgage loan
originations.
The sustained elevated level of mortgage
interest rates, combined with higher home prices and lower levels
of inventory, has led to a substantial decline in mortgage loan
originations for the mortgage industry during 2024 and 2023.
Mortgage loan originations for the mortgage banking segment were
$146.0 million for the second quarter of 2024, comprised of $11.7
million refinancings and $134.3 million home purchases, compared to
$155.1 million, comprised of $14.4 million refinancings and $140.7
million home purchases, for same period in 2023. Mortgage loan
originations for the mortgage banking segment were $240.4 million
for the first six months of 2024, comprised of $19.3 million
refinancings and $221.1 million home purchases, compared to $270.9
million, comprised of $28.3 million refinancings and $242.6 million
home purchases, for the same period in 2023. Mortgage loan
originations in the second quarter of 2024 increased $51.7 million
compared to the first quarter of 2024 due in part to normal
industry seasonal fluctuations.
During the second quarter and first six months
of 2024, the mortgage banking segment recorded a reversal of
provision for indemnification losses of $135,000 and $275,000,
respectively, compared to a reversal of provision for
indemnification losses of $235,000 in both 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 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 $894,000 and
$831,000 for the second quarter and first six months of 2024,
respectively, compared to net income of $1.1 million and $1.6
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 loan growth;
and
- higher interest expense on variable
rate borrowings from the community banking segment as a result of
increased interest rates;
partially offset by:
- higher interest income resulting
from the effects of rising interest rates on loan yields;
- lower loan recovery expense related
to growth in loans with stronger credit quality and efficiency
initiatives within the collections department; and
- lower salaries and employee
benefits expense due to an effort to reduce overhead costs.
Average loans increased $2.1 million, or less
than one percent, for the second quarter of 2024 and increased
$355,000, or less than one percent, for the first six months of
2024, compared to the same periods in 2023. The consumer finance
segment experienced net charge-offs at an annualized rate of 2.21
percent of average total loans for the first six months of 2024,
compared to 1.63 percent for the first six months of 2023, due
primarily to an increase in the number of delinquent loans and
repossessions and a higher average charge-off per unit as a result
of a decline in wholesale values of used automobiles. At June 30,
2024, total delinquent loans as a percentage of total loans was
3.51 percent, compared to 4.09 percent at December 31, 2023 and
2.88 percent at June 30, 2023. Total delinquent loans as a
percentage of total loans increased from 2.78 percent at March 31,
2024 primarily due to seasonal payment trends within the portfolio.
Delinquency and loss rates have generally returned to pre-pandemic
levels due to the passage of time since the expiration of stimulus
and enhanced unemployment benefits that benefitted borrowers.
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. The average amounts deferred on a monthly basis
during the second quarter and first six months of 2024 were 1.58
percent and 1.60 percent of average automobile loans outstanding
compared to 1.70 percent and 1.65 percent during the same periods
during 2023. The allowance for credit losses was $23.4 million at
June 30, 2024 and $23.6 million at December 31, 2023. The allowance
for credit losses as a percentage of total loans decreased to 4.90
percent at June 30, 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 June 30, 2024, the Corporation’s uninsured
deposits were approximately $592.2 million, or 28.1 percent of
total deposits. Excluding intercompany cash holdings and municipal
deposits, which are secured with pledged securities, amounts
uninsured were approximately $445.2 million, or 21.1 percent of
total deposits as of June 30, 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 $272.9 million and borrowing availability was $594.2
million as of June 30, 2024, which in total exceed uninsured
deposits, excluding intercompany cash holdings and secured
municipal deposits, by $421.9 million as of June 30, 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 $118.8 million at June 30, 2024 from $109.5
million at December 31, 2023 due primarily to higher borrowings
from the FHLB. Borrowings decreased $56.8 million from $175.6
million at June 30, 2023.
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 a quarterly cash dividend for the second
quarter of 2024 of $0.44 per share, which was paid on July 1, 2024.
This dividend represents a payout ratio of 29.3 percent of earnings
per share for the second quarter of 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 $1.6 million
at June 30, 2024, compared to December 31, 2023, due primarily to
net 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 and 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
increased to $25.4 million at June 30, 2024 compared to $25.0
million at December 31, 2023 due primarily to fluctuations in debt
security market interest rates.
As of June 30, 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 June 30, 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 June 30,
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, to repurchase up
to $10.0 million of the Corporation’s common stock through December
31, 2024. During the second quarter of 2024, the Corporation
repurchased 79,420 shares, or $3.5 million, of its common stock
under this share 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 $52.60 per share on July 23,
2024. At June 30, 2024, the book value per share of the Corporation
was $66.32 and the tangible book value per share was $58.28. 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,
Maryland, North Carolina, and West Virginia. C&F Finance
Company provides automobile, marine and recreational vehicle loans
through indirect lending programs offered in Alabama, Colorado,
Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky,
Maryland, Minnesota, Missouri, New Jersey, North Carolina, Ohio,
Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West
Virginia 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 |
6/30/2024 |
|
|
12/31/2023 |
|
|
6/30/2023 |
|
|
Interest-bearing deposits in other banks |
$ |
28,433 |
|
|
$ |
58,777 |
|
|
$ |
42,068 |
|
| Investment securities -
available for sale, at fair value |
|
404,758 |
|
|
|
462,444 |
|
|
|
490,884 |
|
| Loans held for sale, at fair
value |
|
33,716 |
|
|
|
14,176 |
|
|
|
36,317 |
|
| Loans, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Community Banking segment |
|
1,369,912 |
|
|
|
1,257,557 |
|
|
|
1,196,621 |
|
|
Consumer Finance segment |
|
454,921 |
|
|
|
444,931 |
|
|
|
449,841 |
|
| Total assets |
|
2,492,100 |
|
|
|
2,438,498 |
|
|
|
2,419,455 |
|
| Deposits |
|
2,106,062 |
|
|
|
2,066,130 |
|
|
|
1,997,471 |
|
| Repurchase agreements |
|
25,047 |
|
|
|
30,705 |
|
|
|
29,680 |
|
| Other borrowings |
|
93,753 |
|
|
|
78,834 |
|
|
|
145,904 |
|
| Total equity |
|
219,099 |
|
|
|
217,516 |
|
|
|
202,528 |
|
| |
For The |
|
For The |
| |
Quarter Ended |
|
Six Months Ended |
| Results of
Operations |
6/30/2024 |
|
6/30/2023 |
|
6/30/2024 |
|
6/30/2023 |
|
Interest income |
$ |
34,312 |
|
|
$ |
30,738 |
|
|
$ |
67,020 |
|
|
$ |
60,043 |
|
| Interest expense |
|
10,484 |
|
|
|
6,393 |
|
|
|
20,034 |
|
|
|
10,740 |
|
| Provision for credit
losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Banking segment |
|
450 |
|
|
|
600 |
|
|
|
950 |
|
|
|
1,050 |
|
|
Consumer Finance segment |
|
2,100 |
|
|
|
1,100 |
|
|
|
5,100 |
|
|
|
2,700 |
|
| Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sales of loans |
|
1,701 |
|
|
|
1,916 |
|
|
|
2,989 |
|
|
|
3,710 |
|
|
Other |
|
5,623 |
|
|
|
5,847 |
|
|
|
11,827 |
|
|
|
11,496 |
|
| Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
13,452 |
|
|
|
14,022 |
|
|
|
27,704 |
|
|
|
27,920 |
|
|
Other |
|
8,921 |
|
|
|
8,469 |
|
|
|
17,819 |
|
|
|
16,972 |
|
| Income tax expense |
|
1,195 |
|
|
|
1,533 |
|
|
|
1,760 |
|
|
|
2,986 |
|
| Net income |
|
5,034 |
|
|
|
6,384 |
|
|
|
8,469 |
|
|
|
12,881 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fully-taxable equivalent (FTE)
amounts1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on loans-FTE |
|
31,460 |
|
|
|
27,469 |
|
|
|
61,096 |
|
|
|
53,576 |
|
|
Interest income on securities-FTE |
|
2,977 |
|
|
|
3,223 |
|
|
|
6,075 |
|
|
|
6,455 |
|
|
Total interest income-FTE |
|
34,600 |
|
|
|
30,973 |
|
|
|
67,593 |
|
|
|
60,488 |
|
|
Net interest income-FTE |
|
24,116 |
|
|
|
24,580 |
|
|
|
47,559 |
|
|
|
49,748 |
|
________________________1For 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 |
| |
|
6/30/2024 |
|
6/30/2023 |
| |
|
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
Yield Analysis |
|
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
337,050 |
|
|
$ |
1,857 |
|
|
2.20 |
% |
|
$ |
447,906 |
|
|
$ |
2,359 |
|
|
2.11 |
% |
|
Tax-exempt |
|
|
119,626 |
|
|
|
1,120 |
|
|
3.75 |
|
|
|
104,488 |
|
|
|
864 |
|
|
3.31 |
|
|
Total securities |
|
|
456,676 |
|
|
|
2,977 |
|
|
2.61 |
|
|
|
552,394 |
|
|
|
3,223 |
|
|
2.33 |
|
| Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community banking segment |
|
|
1,359,703 |
|
|
|
18,543 |
|
|
5.48 |
|
|
|
1,201,145 |
|
|
|
15,186 |
|
|
5.07 |
|
|
Mortgage banking segment |
|
|
34,240 |
|
|
|
533 |
|
|
6.26 |
|
|
|
30,734 |
|
|
|
499 |
|
|
6.51 |
|
|
Consumer finance segment |
|
|
478,296 |
|
|
|
12,384 |
|
|
10.41 |
|
|
|
476,203 |
|
|
|
11,784 |
|
|
9.93 |
|
|
Total loans |
|
|
1,872,239 |
|
|
|
31,460 |
|
|
6.76 |
|
|
|
1,708,082 |
|
|
|
27,469 |
|
|
6.45 |
|
| Interest-bearing deposits in
other banks |
|
|
23,239 |
|
|
|
163 |
|
|
2.82 |
|
|
|
34,661 |
|
|
|
281 |
|
|
3.25 |
|
| Total earning assets |
|
|
2,352,154 |
|
|
|
34,600 |
|
|
5.91 |
|
|
|
2,295,137 |
|
|
|
30,973 |
|
|
5.41 |
|
| Allowance for credit
losses |
|
|
(40,837 |
) |
|
|
|
|
|
|
|
|
|
(41,519 |
) |
|
|
|
|
|
|
|
| Total non-earning assets |
|
|
153,002 |
|
|
|
|
|
|
|
|
|
|
146,459 |
|
|
|
|
|
|
|
|
| Total
assets |
|
$ |
2,464,319 |
|
|
|
|
|
|
|
|
|
$ |
2,400,077 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
321,070 |
|
|
|
476 |
|
|
0.60 |
|
|
$ |
351,743 |
|
|
|
490 |
|
|
0.56 |
|
|
Money market deposit accounts |
|
|
293,113 |
|
|
|
1,043 |
|
|
1.43 |
|
|
|
318,541 |
|
|
|
747 |
|
|
0.94 |
|
|
Savings accounts |
|
|
181,500 |
|
|
|
31 |
|
|
0.07 |
|
|
|
212,602 |
|
|
|
28 |
|
|
0.05 |
|
|
Certificates of deposit |
|
|
751,973 |
|
|
|
7,700 |
|
|
4.12 |
|
|
|
520,470 |
|
|
|
3,311 |
|
|
2.55 |
|
|
Total interest-bearing deposits |
|
|
1,547,656 |
|
|
|
9,250 |
|
|
2.40 |
|
|
|
1,403,356 |
|
|
|
4,576 |
|
|
1.31 |
|
| Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase agreements |
|
|
25,113 |
|
|
|
97 |
|
|
1.55 |
|
|
|
31,507 |
|
|
|
97 |
|
|
1.23 |
|
|
Other borrowings |
|
|
100,633 |
|
|
|
1,137 |
|
|
4.52 |
|
|
|
141,098 |
|
|
|
1,720 |
|
|
4.88 |
|
|
Total borrowings |
|
|
125,746 |
|
|
|
1,234 |
|
|
3.93 |
|
|
|
172,605 |
|
|
|
1,817 |
|
|
4.21 |
|
|
Total interest-bearing liabilities |
|
|
1,673,402 |
|
|
|
10,484 |
|
|
2.52 |
|
|
|
1,575,961 |
|
|
|
6,393 |
|
|
1.63 |
|
| Noninterest-bearing demand
deposits |
|
|
529,608 |
|
|
|
|
|
|
|
|
|
|
578,784 |
|
|
|
|
|
|
|
|
| Other liabilities |
|
|
45,023 |
|
|
|
|
|
|
|
|
|
|
41,242 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
2,248,033 |
|
|
|
|
|
|
|
|
|
|
2,195,987 |
|
|
|
|
|
|
|
|
| Equity |
|
|
216,286 |
|
|
|
|
|
|
|
|
|
|
204,090 |
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
2,464,319 |
|
|
|
|
|
|
|
|
|
$ |
2,400,077 |
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
$ |
24,116 |
|
|
|
|
|
|
|
|
$ |
24,580 |
|
|
|
|
| Interest rate spread |
|
|
|
|
|
|
|
|
3.39 |
% |
|
|
|
|
|
|
|
|
3.78 |
% |
| Interest expense to average
earning assets |
|
|
|
|
|
|
|
|
1.79 |
% |
|
|
|
|
|
|
|
|
1.12 |
% |
| Net interest margin |
|
|
|
|
|
|
|
|
4.12 |
% |
|
|
|
|
|
|
|
|
4.29 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Six Months Ended |
| |
|
6/30/2024 |
|
6/30/2023 |
| |
|
Average |
|
Income/ |
|
Yield/ |
|
|
Average |
|
Income/ |
|
Yield/ |
|
|
Yield Analysis |
|
Balance |
|
Expense |
|
Rate |
|
|
Balance |
|
Expense |
|
Rate |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
351,146 |
|
|
$ |
3,837 |
|
|
2.19 |
% |
|
$ |
455,014 |
|
|
$ |
4,810 |
|
|
2.11 |
% |
|
Tax-exempt |
|
|
120,274 |
|
|
|
2,238 |
|
|
3.72 |
|
|
|
101,686 |
|
|
|
1,645 |
|
|
3.24 |
|
|
Total securities |
|
|
471,420 |
|
|
|
6,075 |
|
|
2.58 |
|
|
|
556,700 |
|
|
|
6,455 |
|
|
2.32 |
|
| Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community banking segment |
|
|
1,330,981 |
|
|
|
35,874 |
|
|
5.42 |
|
|
|
1,186,734 |
|
|
|
29,488 |
|
|
5.01 |
|
|
Mortgage banking segment |
|
|
25,970 |
|
|
|
814 |
|
|
6.30 |
|
|
|
24,936 |
|
|
|
795 |
|
|
6.43 |
|
|
Consumer finance segment |
|
|
476,072 |
|
|
|
24,408 |
|
|
10.31 |
|
|
|
475,717 |
|
|
|
23,293 |
|
|
9.87 |
|
|
Total loans |
|
|
1,833,023 |
|
|
|
61,096 |
|
|
6.70 |
|
|
|
1,687,387 |
|
|
|
53,576 |
|
|
6.40 |
|
| Interest-bearing deposits in
other banks |
|
|
25,828 |
|
|
|
422 |
|
|
3.29 |
|
|
|
30,310 |
|
|
|
457 |
|
|
3.04 |
|
|
Total earning assets |
|
|
2,330,271 |
|
|
|
67,593 |
|
|
5.83 |
|
|
|
2,274,397 |
|
|
|
60,488 |
|
|
5.36 |
|
| Allowance for loan losses |
|
|
(40,565 |
) |
|
|
|
|
|
|
|
|
|
(41,283 |
) |
|
|
|
|
|
|
|
| Total non-earning assets |
|
|
154,902 |
|
|
|
|
|
|
|
|
|
|
150,703 |
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
2,444,608 |
|
|
|
|
|
|
|
|
|
$ |
2,383,817 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
328,320 |
|
|
|
1,029 |
|
|
0.63 |
|
|
$ |
368,028 |
|
|
|
1,073 |
|
|
0.59 |
|
|
Money market deposit accounts |
|
|
295,999 |
|
|
|
2,073 |
|
|
1.41 |
|
|
|
333,449 |
|
|
|
1,339 |
|
|
0.81 |
|
|
Savings accounts |
|
|
183,630 |
|
|
|
62 |
|
|
0.07 |
|
|
|
218,971 |
|
|
|
62 |
|
|
0.06 |
|
|
Certificates of deposit |
|
|
728,570 |
|
|
|
14,616 |
|
|
4.03 |
|
|
|
477,872 |
|
|
|
5,131 |
|
|
2.17 |
|
|
Total interest-bearing deposits |
|
|
1,536,519 |
|
|
|
17,780 |
|
|
2.33 |
|
|
|
1,398,320 |
|
|
|
7,605 |
|
|
1.10 |
|
| Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase agreements |
|
|
26,555 |
|
|
|
208 |
|
|
1.57 |
|
|
|
33,373 |
|
|
|
178 |
|
|
1.07 |
|
|
Other borrowings |
|
|
89,539 |
|
|
|
2,046 |
|
|
4.57 |
|
|
|
123,358 |
|
|
|
2,957 |
|
|
4.79 |
|
|
Total borrowings |
|
|
116,094 |
|
|
|
2,254 |
|
|
3.88 |
|
|
|
156,731 |
|
|
|
3,135 |
|
|
4.00 |
|
|
Total interest-bearing liabilities |
|
|
1,652,613 |
|
|
|
20,034 |
|
|
2.44 |
|
|
|
1,555,051 |
|
|
|
10,740 |
|
|
1.39 |
|
| Noninterest-bearing demand
deposits |
|
|
530,747 |
|
|
|
|
|
|
|
|
|
|
585,211 |
|
|
|
|
|
|
|
|
| Other liabilities |
|
|
44,573 |
|
|
|
|
|
|
|
|
|
|
40,576 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
2,227,933 |
|
|
|
|
|
|
|
|
|
|
2,180,838 |
|
|
|
|
|
|
|
|
| Equity |
|
|
216,675 |
|
|
|
|
|
|
|
|
|
|
202,979 |
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
2,444,608 |
|
|
|
|
|
|
|
|
|
$ |
2,383,817 |
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
$ |
47,559 |
|
|
|
|
|
|
|
|
$ |
49,748 |
|
|
|
|
| Interest rate spread |
|
|
|
|
|
|
|
|
3.39 |
% |
|
|
|
|
|
|
|
|
3.97 |
% |
| Interest expense to average
earning assets |
|
|
|
|
|
|
|
|
1.73 |
% |
|
|
|
|
|
|
|
|
0.95 |
% |
| Net interest margin |
|
|
|
|
|
|
|
|
4.10 |
% |
|
|
|
|
|
|
|
|
4.41 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
6/30/2024 |
|
Funding Sources |
|
Capacity |
|
Outstanding |
|
Available |
|
Unsecured federal funds agreements |
|
$ |
75,000 |
|
$ |
2 |
|
$ |
74,998 |
| Borrowings from FHLB |
|
|
250,542 |
|
|
40,000 |
|
|
210,542 |
| Borrowings from Federal
Reserve Bank |
|
|
308,679 |
|
|
— |
|
|
308,679 |
| Total |
|
$ |
634,221 |
|
$ |
40,002 |
|
$ |
594,219 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset
Quality |
6/30/2024 |
|
|
12/31/2023 |
|
| Community
Banking |
|
|
|
|
|
|
|
|
Total loans |
$ |
1,386,832 |
|
|
$ |
1,273,629 |
|
|
Nonaccrual loans |
$ |
1,098 |
|
|
$ |
406 |
|
| |
|
|
|
|
|
|
|
|
Allowance for credit losses (ACL) |
$ |
16,920 |
|
|
$ |
16,072 |
|
|
Nonaccrual loans to total loans |
|
0.08 |
% |
|
|
0.03 |
% |
|
ACL to total loans |
|
1.22 |
% |
|
|
1.26 |
% |
|
ACL to nonaccrual loans |
|
1,540.98 |
% |
|
|
3,958.62 |
% |
|
Annualized year-to-date net charge-offs to average loans |
|
0.01 |
% |
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
| Consumer
Finance |
|
|
|
|
|
|
|
|
Total loans |
$ |
478,344 |
|
|
$ |
468,510 |
|
|
Nonaccrual loans |
$ |
802 |
|
|
$ |
892 |
|
|
Repossessed assets |
$ |
445 |
|
|
$ |
646 |
|
|
ACL |
$ |
23,423 |
|
|
$ |
23,579 |
|
|
Nonaccrual loans to total loans |
|
0.17 |
% |
|
|
0.19 |
% |
|
ACL to total loans |
|
4.90 |
% |
|
|
5.03 |
% |
|
ACL to nonaccrual loans |
|
2,920.57 |
% |
|
|
2,643.39 |
% |
|
Annualized year-to-date net charge-offs to average loans |
|
2.21 |
% |
|
|
1.99 |
% |
|
|
|
|
|
|
|
|
|
| |
For The |
|
For The |
| |
Quarter Ended |
|
Six Months Ended |
| Other Performance
Data |
6/30/2024 |
|
6/30/2023 |
|
6/30/2024 |
|
6/30/2023 |
| Net Income (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Community Banking |
$ |
4,571 |
|
|
$ |
5,639 |
|
|
$ |
8,583 |
|
|
$ |
12,057 |
|
|
Mortgage Banking |
|
376 |
|
|
|
346 |
|
|
|
670 |
|
|
|
573 |
|
|
Consumer Finance |
|
894 |
|
|
|
1,070 |
|
|
|
831 |
|
|
|
1,579 |
|
|
Other1 |
|
(807 |
) |
|
|
(671 |
) |
|
|
(1,615 |
) |
|
|
(1,328 |
) |
|
Total |
$ |
5,034 |
|
|
$ |
6,384 |
|
|
$ |
8,469 |
|
|
$ |
12,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income attributable to
C&F Financial Corporation |
$ |
5,007 |
|
|
$ |
6,306 |
|
|
$ |
8,408 |
|
|
$ |
12,747 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share - basic and
diluted |
$ |
1.50 |
|
|
$ |
1.84 |
|
|
$ |
2.50 |
|
|
$ |
3.70 |
|
| Weighted average shares
outstanding - basic and diluted |
|
3,343,192 |
|
|
|
3,424,820 |
|
|
|
3,357,063 |
|
|
|
3,444,746 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Annualized return on average
assets |
|
0.82 |
% |
|
|
1.06 |
% |
|
|
0.69 |
% |
|
|
1.08 |
% |
| Annualized return on average
equity |
|
9.31 |
% |
|
|
12.51 |
% |
|
|
7.82 |
% |
|
|
12.69 |
% |
| Annualized return on average
tangible common equity2 |
|
10.72 |
% |
|
|
14.43 |
% |
|
|
9.01 |
% |
|
|
14.68 |
% |
| Dividends declared per
share |
$ |
0.44 |
|
|
$ |
0.44 |
|
|
$ |
0.88 |
|
|
$ |
0.88 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loan originations -
Mortgage Banking |
$ |
146,010 |
|
|
$ |
155,086 |
|
|
$ |
240,356 |
|
|
$ |
270,901 |
|
| Mortgage loans sold - Mortgage
Banking |
|
135,227 |
|
|
|
145,224 |
|
|
|
221,306 |
|
|
|
249,251 |
|
________________________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 |
6/30/2024 |
|
12/31/2023 |
|
Market value per share |
$ |
48.20 |
|
|
$ |
68.19 |
|
| Book value per share |
$ |
66.32 |
|
|
$ |
64.28 |
|
| Price to book value ratio |
|
0.73 |
|
|
|
1.06 |
|
| Tangible book value per
share1 |
$ |
58.28 |
|
|
$ |
56.40 |
|
| Price to tangible book value
ratio1 |
|
0.83 |
|
|
|
1.21 |
|
| Price to earnings ratio
(ttm) |
|
8.43 |
|
|
|
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.”
| Capital
Ratios |
6/30/2024 |
|
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 |
|
11.8 |
% |
|
|
12.6 |
% |
|
|
6.0 |
% |
|
Common equity tier 1 capital ratio |
|
10.6 |
% |
|
|
11.3 |
% |
|
|
4.5 |
% |
|
Tier 1 leverage ratio |
|
10.0 |
% |
|
|
10.1 |
% |
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| C&F
Bank2 |
|
|
|
|
|
|
|
|
|
|
|
|
Total risk-based capital ratio |
|
13.5 |
% |
|
|
14.1 |
% |
|
|
8.0 |
% |
|
Tier 1 risk-based capital ratio |
|
12.2 |
% |
|
|
12.9 |
% |
|
|
6.0 |
% |
|
Common equity tier 1 capital ratio |
|
12.2 |
% |
|
|
12.9 |
% |
|
|
4.5 |
% |
|
Tier 1 leverage ratio |
|
10.2 |
% |
|
|
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 June 30, 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 Six Months Ended |
|
|
|
6/30/2024 |
|
6/30/2023 |
|
6/30/2024 |
|
6/30/2023 |
| Reconciliation of
Certain Non-GAAP Financial Measures |
|
|
|
|
|
|
|
|
| Return on Average
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total equity, as reported |
|
$ |
216,286 |
|
|
$ |
204,090 |
|
|
$ |
216,675 |
|
|
$ |
202,979 |
|
| Average goodwill |
|
|
(25,191 |
) |
|
|
(25,191 |
) |
|
|
(25,191 |
) |
|
|
(25,191 |
) |
| Average other intangible
assets |
|
|
(1,301 |
) |
|
|
(1,569 |
) |
|
|
(1,333 |
) |
|
|
(1,604 |
) |
| Average noncontrolling
interest |
|
|
(602 |
) |
|
|
(623 |
) |
|
|
(656 |
) |
|
|
(706 |
) |
| Average tangible common
equity |
|
$ |
189,192 |
|
|
$ |
176,707 |
|
|
$ |
189,495 |
|
|
$ |
175,478 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
5,034 |
|
|
$ |
6,384 |
|
|
$ |
8,469 |
|
|
$ |
12,881 |
|
| Amortization of
intangibles |
|
|
65 |
|
|
|
68 |
|
|
|
130 |
|
|
|
136 |
|
| Net income attributable to
noncontrolling interest |
|
|
(27 |
) |
|
|
(78 |
) |
|
|
(61 |
) |
|
|
(134 |
) |
| Net tangible income
attributable to C&F Financial Corporation |
|
$ |
5,072 |
|
|
$ |
6,374 |
|
|
$ |
8,538 |
|
|
$ |
12,883 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average equity, as reported |
|
|
9.31 |
% |
|
|
12.51 |
% |
|
|
7.82 |
% |
|
|
12.69 |
% |
|
Annualized return on average tangible common equity |
|
|
10.72 |
% |
|
|
14.43 |
% |
|
|
9.01 |
% |
|
|
14.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For The Quarter Ended |
|
For The Six Months Ended |
|
(Dollars in thousands except for per share
data) |
|
6/30/2024 |
|
6/30/2023 |
|
6/30/2024 |
|
6/30/2023 |
|
Fully Taxable Equivalent Net Interest
Income1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on loans |
|
$ |
31,407 |
|
|
$ |
27,416 |
|
|
$ |
60,993 |
|
|
$ |
53,476 |
|
|
FTE adjustment |
|
|
53 |
|
|
|
53 |
|
|
|
103 |
|
|
|
100 |
|
|
FTE interest income on loans |
|
$ |
31,460 |
|
|
$ |
27,469 |
|
|
$ |
61,096 |
|
|
$ |
53,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on securities |
|
$ |
2,742 |
|
|
$ |
3,041 |
|
|
$ |
5,605 |
|
|
$ |
6,110 |
|
|
FTE adjustment |
|
|
235 |
|
|
|
182 |
|
|
|
470 |
|
|
|
345 |
|
|
FTE interest income on securities |
|
$ |
2,977 |
|
|
$ |
3,223 |
|
|
$ |
6,075 |
|
|
$ |
6,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
$ |
34,312 |
|
|
$ |
30,738 |
|
|
$ |
67,020 |
|
|
$ |
60,043 |
|
|
FTE adjustment |
|
|
288 |
|
|
|
235 |
|
|
|
573 |
|
|
|
445 |
|
|
FTE interest income |
|
$ |
34,600 |
|
|
$ |
30,973 |
|
|
$ |
67,593 |
|
|
$ |
60,488 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
23,828 |
|
|
$ |
24,345 |
|
|
$ |
46,986 |
|
|
$ |
49,303 |
|
|
FTE adjustment |
|
|
288 |
|
|
|
235 |
|
|
|
573 |
|
|
|
445 |
|
|
FTE net interest income |
|
$ |
24,116 |
|
|
$ |
24,580 |
|
|
$ |
47,559 |
|
|
$ |
49,748 |
|
____________________1 Assuming a tax rate of 21%.
| |
|
6/30/2024 |
|
12/31/2023 |
| Tangible Book Value
Per Share |
|
|
|
|
|
Equity attributable to C&F Financial Corporation |
|
$ |
218,463 |
|
|
$ |
216,878 |
|
| Goodwill |
|
|
(25,191 |
) |
|
|
(25,191 |
) |
| Other intangible assets |
|
|
(1,277 |
) |
|
|
(1,407 |
) |
| Tangible equity attributable
to C&F Financial Corporation |
|
$ |
191,995 |
|
|
$ |
190,280 |
|
| |
|
|
|
|
|
|
| Shares outstanding |
|
|
3,293,909 |
|
|
|
3,374,098 |
|
| |
|
|
|
|
|
|
|
Book value per share |
|
$ |
66.32 |
|
|
$ |
64.28 |
|
|
Tangible book value per share |
|
$ |
58.28 |
|
|
$ |
56.40 |
|
|
|
|
|
|
|
|
|
|
|
|
Contact: |
|
Jason Long, CFO and Secretary (804)
843-2360 |
|
|
|
|
C and F Financial (NASDAQ:CFFI)
Historical Stock Chart
Von Okt 2024 bis Nov 2024
C and F Financial (NASDAQ:CFFI)
Historical Stock Chart
Von Nov 2023 bis Nov 2024
