Business
C&F Financial Corporation Announces Record Net Income for 2020
WEST POINT, Va., Jan. 27, 2021 (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. 27, 2021 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ:CFFI), the one-bank holding company for C&F Bank, today reported record quarterly consolidated net income of $8.1 million for the fourth quarter of 2020, or $2.19 per share, compared with $4.4 million, or $1.27 per share, for the fourth quarter of 2019. The Corporation uses adjusted net income, which is a non-GAAP measure of financial performance, 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 fourth quarter of 2020 was $7.1 million, or $1.91 per share, compared to $4.6 million, or $1.35 per share, for the fourth quarter of 2019. For the fourth quarter of 2020, on an annualized basis, the Corporation’s returns on average equity (ROE) and on average assets (ROA) were 17.80 percent and 1.57 percent, respectively, compared to 10.78 percent and 1.06 percent for the fourth quarter of 2019, on an annualized basis. Adjusted ROE and adjusted ROA, on an annualized basis, were 15.54 percent and 1.37 percent, respectively, for the fourth quarter of 2020, compared to 11.44 percent and 1.13 percent, respectively, for the fourth quarter of 2019. For the year ended December 31, 2020, the Corporation reported record consolidated net income of $22.4 million, or $6.06 per share, compared to $18.9 million, or $5.47 per share, for the year ended December 31, 2019. Adjusted net income for the year ended December 31, 2020 was $22.4 million, or $6.06 per share, compared to $19.5 million, or $5.66 per share, for the year ended December 31, 2019. For the year ended December 31, 2020, the Corporation’s ROE and ROA were 12.54 percent and 1.14 percent, respectively, compared to 12.02 percent and 1.20 percent for the year ended December 31, 2019. Adjusted ROE and adjusted ROA were 12.54 percent and 1.14 percent, respectively, for the year ended December 31, 2020, compared to 12.44 percent and 1.25 percent, respectively, for the year ended December 31, 2019. Adjusted net income for the fourth quarter of 2020 and year ended December 31, 2020 and the same periods in 2019 excludes the effects of a gain upon sale of a pool of purchased credit impaired (PCI) loans in the fourth quarter of 2020,...