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C&F Financial Corporation Announces Record Third Quarter Net Income
WEST POINT, Va., Oct. 27, 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., Oct. 27, 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 $6.9 million, or $1.86 per share, for the third quarter of 2020, compared to $4.9 million, or $1.42 per share, for the third quarter of 2019. The Corporation reported consolidated net income of $14.3 million for the first nine months of 2020, or $3.87 per share, compared with $14.5 million, or $4.19 per share, for the first nine months of 2019. Annualized returns on average equity (ROE) for the third quarter and first nine months of 2020 were 15.47 percent and 10.73 percent, respectively, compared to 12.28 percent and 12.45 percent in the same periods in 2019. Annualized returns on average assets (ROA) for the third quarter and first nine months of 2020 were 1.39 percent and 0.99 percent, respectively, compared to 1.25 percent for each of the same periods in 2019.\n Consolidated net income for the third quarter and first nine months of 2020 and 2019 were affected by certain items that management does not expect to have an ongoing impact on consolidated net income, including merger related expenses, impairment charges related to branch consolidation, and provisions of the CARES Act, enacted in 2020, which provided income tax benefits in 2020 related to prior tax years. Excluding the effects of these items, adjusted net income for the third quarter of 2020 was $6.9 million, or $1.85 per share, compared to $5.3 million, or $1.54 per share, for the third quarter of 2019. Adjusted net income for the first nine months of 2020 was $15.3 million, or $4.15 per share, compared to $14.9 million, or $4.30 per share, for the first nine months of 2019. Adjusted ROE and adjusted ROA, on an annualized basis were 15.42 percent and 1.38 percent, respectively, for the third quarter of 2020, compared to 13.26 percent and 1.35 percent, respectively, for the third quarter of 2019. Adjusted ROE and adjusted ROA, on an annualized basis, were 11.50 percent and 1.06 percent, respectively, for the first nine months of 2020, compared to 12.78 percent and 1.29 percent, respectively, for the first nine months of 2019. For more information about these financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP)...