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C&F Financial Corporation Announces Net Income for 2023
TOANO, Va., Jan. 24, 2024 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported
About this update from C&f Financial Corporation
[{"type":"text","content":"TOANO, Va., Jan. 24, 2024 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $23.7 million for the year ended December 31, 2023, compared to $29.4 million for the year ended December 31, 2022. Included in net income for the year ended December 31, 2022 were the effects of real estate disposal activity related to branch consolidation and a change in accounting policy election related to the fair value of certain equity investments. Adjusted net income, a non-GAAP financial measure, was $23.7 million for the year ended December 31, 2023 compared to $27.0 million for the year ended December 31, 2022, which excludes the effects of the items mentioned above. The following table presents selected financial performance highlights for the periods indicated: Reported (GAAP) Adjusted (non-GAAP)1 For The Year Ended For The Year Ended Consolidated Financial Highlights (unaudited) 12/31/2023 12/31/2022 12/31/2023 12/31/2022 Net income (000's) $23,746 $29,369 $23,746 $26,990 Earnings per share - basic and diluted $6.92 $8.29 $6.92 $7.61 Return on average assets 0.99% 1.27% 0.99% 1.16%Return on average equity 11.68% 14.84% 11.68% 13.64%Return on average tangible common equity1 13.58% 17.31% 13.58% 15.92% ________________________ 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. The Corporation uses non-GAAP measures of financial performance to provide meaningful information about operating performance to investors by excluding the effects of certain items that management does not expect to have an ongoing impact on consolidated net income. Adjusted net income for the year ended December 31, 2022 and for the fourth quarter of 2022 exclude the effects of real estate disposal activity related to branch consolidation and a change in accounting policy election. No such effects impacted the Corporation’s financial results for the quarter and year ended December 31, 2023. The Corporation reported quarterly consolidated net income of $5.1 million for the fourth quarter of 2023, compared to $10.3 million for the fourth qua...