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C&F Financial Corporation Announces Net Income for First Quarter
TOANO, Va., April 21, 2022 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the one-bank holding company for C&F Bank, today
About this update from C&f Financial Corporation
[{"type":"text","content":"TOANO, Va., April 21, 2022 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the one-bank holding company for C&F Bank, today reported consolidated net income of $5.7 million for the first quarter of 2022, which represents a decrease of $1.4 million, or 20.0 percent, as compared to the first quarter of 2021. Adjusted net income decreased $1.5 million, or 20.8 percent, for the first quarter of 2022 compared to the first quarter of 2021. Reported Adjusted1 For The Quarter Ended For The Quarter Ended Consolidated Financial Highlights (unaudited) 3/31/22 3/31/21 3/31/22 3/31/21 Net income (000's) $5,735 $7,165 $5,672 $7,165 Earnings per share - basic and diluted $1.59 $1.92 $1.57 $1.92 Annualized return on average assets 1.01% 1.36% 1.00% 1.36%Annualized return on average equity 10.99% 15.16% 10.87% 15.16% ________________________1The Corporation uses non-GAAP measures of financial performance, including adjusted net income, adjusted earnings per share, adjusted annualized return on average assets (ROA) and adjusted annualized return on average equity (ROE), to provide meaningful information about operating performance 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 first quarter of 2022 excludes the effects of branch consolidation activity. There were no such adjustments for the first quarter of 2021. For more information about these 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. Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation, commented, “Our first quarter results demonstrate that we are well positioned for the challenges and opportunities presented by current market conditions. The community banking segment continues to grow loans and deposits and we believe it is poised to benefit from recent increases in interest rates through expanded net interest margins. The consumer finance segment is delivering outstanding growth in its loan portfolio. And while mortgage volume has subsided from the highs of 2020 and 2021, the mortgage banking segment’s traditional focus on purchase lend...