Business
C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months
TOANO, Va., July 26, 2023 (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., July 26, 2023 (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 $6.4 million for the second quarter of 2023, which represents a decrease of $399,000, or 5.9 percent, as compared to the second quarter of 2022. The Corporation reported consolidated net income of $12.9 million for the first six months of 2023, which represents an increase of $363,000, or 2.9 percent, as compared to the first six months of 2022. 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) 6/30/2023 6/30/2022 6/30/2023 6/30/2022 Consolidated net income (000's) $6,384 $6,783 $12,881 $12,518 Earnings per share - basic and diluted $1.84 $1.91 $3.70 $3.49 Annualized return on average equity 12.51% 13.80% 12.69% 12.36%Annualized return on average tangible common equity1 14.43% 16.15% 14.68% 14.33%Annualized return on average assets 1.06% 1.16% 1.08% 1.09% ________________________1 For more information about this non-GAAP financial measure, which is 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 very pleased with our second quarter results,” commented Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Similar to the first quarter, each of our three business segments was profitable, but the changing economy continues to affect them differently. Earnings at our mortgage banking and consumer finance segments were down, compared to the same period last year, due to the effect of higher interest rates on mortgage loan originations and borrowing costs, respectively. Earnings at our community banking segment continue to grow as a result of higher net interest income, primarily due to higher interest rates and an increase in loans outstanding.” “Although we believe that the anxiety within the banking industry resulting from bank failures in the first quarter has calmed, there are still uncertainties with the economy as a whole. Questions remain regarding potential future interest rate increases and the impact on our n...