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C&F Financial Corporation Announces Net Income for 2024
TOANO, Va., Jan. 28, 2025 (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. 28, 2025 (GLOBE NEWSWIRE) -- 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: For The Quarter Ended For the Year Ended Consolidated Financial Highlights (unaudited) 12/31/2024 12/31/2023 12/31/2024 12/31/2023 Consolidated net income (000's) $6,029 $5,088 $19,918 $23,746 Earnings per share - basic and diluted $1.87 $1.50 $6.01 $6.92 Annualized return on average equity 10.60% 10.06% 9.02% 11.68%Annualized return on average tangible common equity1 12.17% 11.74% 10.37% 13.58%Annualized return on average assets 0.94% 0.85% 0.80% 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 fou...