Business
C&F Financial Corporation Announces Third Quarter Net Income
WEST POINT, Va., Oct. 24, 2019 (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. 24, 2019 (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 $4.9 million, or $1.42 per share, for the third quarter of 2019, compared to $5.1 million, or $1.46 per share, for the third quarter of 2018. The Corporation reported consolidated net income of $14.5 million for the first nine months of 2019, or $4.19 per share, compared with $14.1 million, or $4.02 per share, for the first nine months of 2018. Returns on average equity (ROE) for the third quarter and first nine months of 2019 were 12.28 percent and 12.45 percent, respectively, compared to 13.81 percent and 13.02 percent for the same periods in 2018. Return on average assets (ROA) was 1.25 percent for both the third quarter and first nine months of 2019, compared to 1.35 percent and 1.24 percent for the same periods in 2018.\n Excluding merger related costs incurred in connection with the Corporation’s pending acquisition of Peoples Bankshares, Incorporated (Peoples), adjusted net income for the third quarter and first nine months of 2019 was $5.3 million, or $1.54 per share, and $14.9 million, or $4.30 per share, respectively. Adjusted ROE and adjusted ROA, which exclude merger-related costs, were 13.26 percent and 1.35 percent, respectively, for the third quarter of 2019. Adjusted ROE and adjusted ROA for the first nine months of 2019 were 12.78 percent and 1.29 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. Key highlights for the third quarter and first nine months 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 third quarter and 5.9 percent for the first nine months;Retail banking segment operating expense was higher, primarily as a result of the addition of new talent to our commercial lending team and our investment in technology infrastructure to support continued growth;Mortgage banking segment gains on sales of loans increased 82.9 percent for the third ...