Business
C&F Financial Corporation Announces Record Net Income for 2019
WEST POINT, Va., Jan. 24, 2020 (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":"WEST POINT, Va., Jan. 24, 2020 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ:CFFI), the one-bank holding company for C&F Bank, today reported record consolidated net income of $18.9 million, or $5.47 per share, for the year ended December 31, 2019, compared to $18.0 million, or $5.15 per share, for the year ended December 31, 2018. The Corporation reported consolidated net income of $4.4 million for the fourth quarter of 2019, or $1.27 per share, compared to $4.0 million for the fourth quarter of 2018, or $1.13 per share. \n For the year ended December 31, 2019, the Corporation’s returns on average equity (ROE) and on average assets (ROA) were 12.02 percent and 1.20 percent, respectively, compared to 12.40 percent and 1.19 percent for the year ended December 31, 2018. For the fourth quarter of 2019, on an annualized basis, the Corporation’s ROE and ROA were 10.78 percent and 1.06 percent, respectively, compared to 10.59 percent and 1.05 percent for the fourth quarter of 2018, on an annualized basis. Excluding merger related costs incurred in 2019 in connection with the Corporation’s acquisition of Peoples Bankshares, Incorporated (Peoples), which was completed on January 1, 2020, adjusted net income for the year ended December 31, 2019 and the fourth quarter of 2019 was $19.5 million, or $5.65 per share, and $4.6 million, or $1.35 per share, respectively. Adjusted ROE and adjusted ROA, which exclude merger-related costs, were 12.44 percent and 1.25 percent, respectively, for the year ended December 31, 2019. Adjusted ROE and adjusted ROA, on an annualized basis, for the fourth quarter of 2019 were 11.44 percent and 1.13 percent, respectively. 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. There were no adjustments to these measures for the year or quarter ended December 31, 2018. Key highlights for the year ended December 31, 2019 and the fourth quarter of 2019 are as follows. Comparisons are to the corresponding periods in the prior year unless otherwise noted. Retail banking segment average gross loans increased 6.1 percent for the year ended 2019 and 6.7 percent for the fourth quar...