C&F Financial Corporation Announces Net Income for First Quarter
C&F Financial (NASDAQ: CFFI) reported strong Q1 2025 financial results with consolidated net income of $5.4 million, up from $3.4 million in Q1 2024. Earnings per share increased to $1.66 from $1.01 year-over-year.
Key highlights include: Community banking segment loans grew 7.6% annualized, deposits increased 8.4% annualized, and consolidated net interest margin improved to 4.16%. Mortgage banking segment saw loan originations increase 20.6% to $113.8 million compared to Q1 2024, while the consumer finance segment showed improvement despite lower loan volumes.
The maintained strong capital positions, increased its quarterly dividend by 5% to 46 cents per share, and reported total consolidated equity growth. The allowance for credit losses remained stable at 1.18% of total loans for the community banking segment.
C&F Financial (NASDAQ: CFFI) ha riportato solidi risultati finanziari nel primo trimestre 2025 con un utile netto consolidato di 5,4 milioni di dollari, in aumento rispetto ai 3,4 milioni di dollari del primo trimestre 2024. L'utile per azione è salito a 1,66 dollari da 1,01 dollari su base annua.
I punti salienti includono: i prestiti del segmento di banca comunitaria sono cresciuti del 7,6% su base annua, i depositi sono aumentati dell'8,4% su base annua e il margine di interesse netto consolidato è migliorato al 4,16%. Il segmento di banca ipotecaria ha registrato un aumento delle erogazioni di prestiti del 20,6%, raggiungendo 113,8 milioni di dollari rispetto al primo trimestre 2024, mentre il segmento di finanziamento al consumo ha mostrato un miglioramento nonostante un volume di prestiti inferiore.
L'azienda ha mantenuto solide posizioni di capitale, ha incrementato il dividendo trimestrale del 5% a 46 centesimi per azione e ha riportato una crescita totale del patrimonio netto consolidato. L'accantonamento per perdite su crediti è rimasto stabile all'1,18% del totale dei prestiti nel segmento di banca comunitaria.
C&F Financial (NASDAQ: CFFI) reportó sólidos resultados financieros en el primer trimestre de 2025 con un ingreso neto consolidado de 5.4 millones de dólares, aumentando desde 3.4 millones en el primer trimestre de 2024. Las ganancias por acción subieron a 1.66 dólares desde 1.01 dólares año tras año.
Los aspectos clave incluyen: los préstamos del segmento de banca comunitaria crecieron un 7.6% anualizado, los depósitos aumentaron un 8.4% anualizado y el margen neto de interés consolidado mejoró a 4.16%. El segmento de banca hipotecaria vio un aumento en la originación de préstamos del 20.6%, alcanzando 113.8 millones de dólares en comparación con el primer trimestre de 2024, mientras que el segmento de financiamiento al consumidor mostró mejoras a pesar de volúmenes de préstamos menores.
La empresa mantuvo sólidas posiciones de capital, aumentó su dividendo trimestral en un 5% a 46 centavos por acción y reportó un crecimiento total del patrimonio consolidado. La provisión para pérdidas crediticias se mantuvo estable en 1.18% del total de préstamos en el segmento de banca comunitaria.
C&F Financial (NASDAQ: CFFI)는 2025년 1분기에 강력한 재무 실적을 보고했으며, 연결 순이익은 540만 달러로 2024년 1분기의 340만 달러에서 증가했습니다. 주당순이익은 전년 대비 1.01달러에서 1.66달러로 상승했습니다.
주요 내용으로는 커뮤니티 뱅킹 부문의 대출이 연율 7.6% 증가했고, 예금은 연율 8.4% 증가했으며, 연결 순이자 마진은 4.16%로 개선되었습니다. 모기지 뱅킹 부문은 대출 실행이 20.6% 증가하여 1억 1,380만 달러를 기록했으며, 소비자 금융 부문은 대출 규모 감소에도 불구하고 개선을 보였습니다.
회사는 견고한 자본 상태를 유지했으며, 분기 배당금을 주당 46센트로 5% 인상했고, 총 연결 자본 증가를 보고했습니다. 커뮤니티 뱅킹 부문의 대출 총액 대비 신용손실충당금 비율은 1.18%로 안정적으로 유지되었습니다.
C&F Financial (NASDAQ : CFFI) a publié de solides résultats financiers pour le premier trimestre 2025 avec un bénéfice net consolidé de 5,4 millions de dollars, en hausse par rapport à 3,4 millions de dollars au premier trimestre 2024. Le bénéfice par action est passé de 1,01 à 1,66 dollar en glissement annuel.
Les points clés incluent : les prêts du segment banque communautaire ont augmenté de 7,6 % annualisés, les dépôts ont progressé de 8,4 % annualisés et la marge nette d’intérêt consolidée s’est améliorée à 4,16 %. Le segment banque hypothécaire a vu les octrois de prêts augmenter de 20,6 % pour atteindre 113,8 millions de dollars par rapport au premier trimestre 2024, tandis que le segment financement à la consommation a montré des améliorations malgré un volume de prêts plus faible.
L’entreprise a maintenu de solides positions en capital, augmenté son dividende trimestriel de 5 % à 46 cents par action et rapporté une croissance totale des capitaux propres consolidés. La provision pour pertes sur crédits est restée stable à 1,18 % du total des prêts dans le segment banque communautaire.
C&F Financial (NASDAQ: CFFI) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem konsolidierten Nettogewinn von 5,4 Millionen US-Dollar, gegenüber 3,4 Millionen US-Dollar im ersten Quartal 2024. Der Gewinn je Aktie stieg von 1,01 auf 1,66 US-Dollar im Jahresvergleich.
Wichtige Highlights sind: Die Kredite im Bereich Community Banking wuchsen annualisiert um 7,6 %, die Einlagen stiegen annualisiert um 8,4 % und die konsolidierte Nettozinsmarge verbesserte sich auf 4,16 %. Im Bereich Hypothekenbank stiegen die Kreditvergaben um 20,6 % auf 113,8 Millionen US-Dollar im Vergleich zum ersten Quartal 2024, während der Bereich Konsumentenfinanzierung trotz geringerer Kreditvolumina Verbesserungen zeigte.
Das Unternehmen hielt starke Kapitalpositionen, erhöhte seine vierteljährliche Dividende um 5 % auf 46 Cent pro Aktie und meldete ein Wachstum des konsolidierten Eigenkapitals. Die Rückstellung für Kreditausfälle blieb im Community-Banking-Segment stabil bei 1,18 % der Gesamtkredite.
- Net income increased 58.5% year-over-year to $5.4 million
- Earnings per share grew 64.4% to $1.66
- Community banking loans grew 7.6% annualized
- Deposits increased 8.4% annualized
- Net interest margin improved to 4.16%
- Mortgage banking originations increased 20.6% year-over-year
- Quarterly dividend increased by 5%
- Consumer finance segment loans decreased 4.0% annualized
- Consumer finance net charge-offs increased to 2.64% from 2.54% year-over-year
- Nonaccrual loans increased to $1.2 million from $333,000 in Q4 2024
- Higher interest expense due to increased deposit rates
Insights
C&F Financial reports exceptional Q1 with 57% income growth, improved metrics across all segments, and strong capital position.
C&F Financial 's Q1 2025 results demonstrate remarkable financial strength, with consolidated net income jumping 57% to
What's particularly impressive is the balanced performance across all three business segments. The community banking segment saw robust loan growth of
The mortgage banking segment achieved a
Credit quality remains manageable with only a modest increase in nonaccrual loans (primarily from one relationship). The bank's
The institution maintains exceptional liquidity with
TOANO, Va., April 24, 2025 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of
| For The Quarter Ended | ||||||||
| Consolidated Financial Highlights (unaudited) | 3/31/2025 | 3/31/2024 | ||||||
| Consolidated net income (000's) | $ | 5,395 | $ | 3,435 | ||||
| Earnings per share - basic and diluted | $ | 1.66 | $ | 1.01 | ||||
| Annualized return on average equity | 9.35 | % | 6.33 | % | ||||
| Annualized return on average tangible common equity1 | 10.65 | % | 7.30 | % | ||||
| Annualized return on average assets | 0.84 | % | 0.57 | % | ||||
________________________
1 For more information about these non-GAAP 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.
Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation, commented, “We are pleased with our first quarter results. Net income increased across all of our business segments compared to the same quarter last year. Both loan and deposit growth at the community banking segment was strong and loan originations at the mortgage banking segment increased when compared to the first quarter of last year. Despite a decrease in the average balance of loans at the consumer finance segment, we were able to increase net income by continuing to focus on efficiencies. Consolidated margins grew slightly as higher cost time deposits continue to reprice downward. Despite the economic uncertainties, we are optimistic about our earnings for 2025.”
Key highlights for the first quarter of 2025 are as follows.
- Community banking segment loans grew
$27.6 million , or 7.6 percent annualized, and$139.9 million , or 10.4 percent, compared to December 31, 2024 and March 31, 2024, respectively; - Consumer finance segment loans decreased
$4.7 million , or 4.0 percent annualized, and$14.0 million , or 2.9 percent, compared to December 31, 2024 and March 31, 2024, respectively; - Deposits increased
$45.8 million , or 8.4 percent annualized, and$128.7 million , or 6.2 percent, compared to December 31, 2024 and March 31, 2024, respectively; - Consolidated annualized net interest margin was 4.16 percent for the first quarter of 2025 compared to 4.09 percent for the first quarter of 2024 and 4.13 percent in the fourth quarter of 2024;
- The community banking segment recorded provision for credit losses of
$100,000 and$500,000 for the first quarters of 2025 and 2024, respectively; - The consumer finance segment recorded provision for credit losses of
$2.9 million and$3.0 million for the first quarters of 2025 and 2024, respectively; - The consumer finance segment experienced net charge-offs at an annualized rate of 2.64 percent of average total loans for the first quarter of 2025, compared to 2.54 percent for the first quarter of 2024; and
- Mortgage banking segment loan originations increased
$19.5 million , or 20.6 percent, to$113.8 million for the first quarter of 2025 compared to the first quarter of 2024 and decreased$16.7 million , or 12.8 percent compared to the fourth quarter of 2024.
Community Banking Segment. The community banking segment reported net income of
- higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
- lower provision for credit losses due primarily to lower loan growth;
partially offset by:
- higher interest expense due primarily to higher average balances of interest-bearing deposits and higher average rates on deposits; and
- higher marketing and advertising expenses related to the strategic marketing initiative, which began in the second half of 2024.
Average loans increased
Average interest-earning asset yields were higher for the first quarter of 2025, compared to the same period of 2024, due primarily to a shift in the mix of the loan portfolio, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were higher for the first quarter of 2025, compared to the same period of 2024, due primarily to the continued effects of a shift in the mix of deposits with customers seeking higher yielding opportunities as a result of higher interest rates paid on time deposits.
The community banking segment’s nonaccrual loans were
Mortgage Banking Segment. The mortgage banking segment reported net income of
- higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations;
partially offset by:
- higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
- lower reversal of provision for indemnifications.
Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased for the first quarter of 2025 compared to the same period of 2024. Mortgage loan originations for the mortgage banking segment were
During the first quarter of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of
Consumer Finance Segment. The consumer finance segment reported net income of
- lower interest expense on borrowings from the community banking segment as a result of lower average balances of borrowings;
- lower salaries and employee benefits expense due to an effort to reduce overhead costs; and
- higher interest income resulting from the effects of higher interest rates on loan yields, partially offset by lower average balances of loans.
Average loans decreased
The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.75 percent of average automobile loans outstanding during the first quarter of 2025, compared to 1.62 percent during the same period during 2024. The allowance for credit losses was
Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of
In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings decreased to
Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.
Capital and Dividends. During the first quarter of 2025, the Corporation increased its quarterly cash dividend by 5 percent, to 46 cents per share, compared to the previous quarterly dividend. This dividend, which was paid to shareholders on April 1, 2025, represents a payout ratio of 27.7 percent of earnings per share for the first quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.
Total consolidated equity increased
As of March 31, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at March 31, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at March 31, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.
In December 2024, the Board of Directors authorized a program, effective January 1, 2025 through December 31, 2025, to repurchase up to
About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of
C&F Bank operates 31 banking offices and four commercial loan offices located throughout eastern and central Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.
Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.
Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE.
Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.
Forward-Looking Statements. This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:
- interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, increases in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
- general business conditions, as well as conditions within the financial markets
- general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
- general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
- average loan yields and average costs of interest-bearing deposits and borrowings
- financial services industry conditions, including bank failures or concerns involving liquidity
- labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
- the legislative/regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
- monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
- demand for financial services in the Corporation’s market area
- the value of securities held in the Corporation’s investment portfolios
- the quality or composition of the loan portfolios and the value of the collateral securing those loans
- the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
- the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
- the level of net charge-offs on loans and the adequacy of our allowance for credit losses
- the level of indemnification losses related to mortgage loans sold
- demand for loan products
- deposit flows
- the strength of the Corporation’s counterparties
- the availability of lines of credit from the FHLB and other counterparties
- the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
- competition from both banks and non-banks, including competition in the non-prime automobile finance markets and marine and recreational vehicle finance markets
- services provided by, or the level of the Corporation’s reliance upon third parties for key services
- the commercial and residential real estate markets, including changes in property values
- the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
- the Corporation’s technology initiatives and other strategic initiatives
- the Corporation’s branch expansion, relocation and consolidation plans
- cyber threats, attacks or events
- C&F Bank’s product offerings
- accounting principles, policies and guidelines, and elections by the Corporation thereunder.
These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
| C&F Financial Corporation Selected Financial Information (dollars in thousands, except for per share data) (unaudited) | ||||||||||
| Financial Condition | 3/31/2025 | 12/31/2024 | 3/31/2024 | |||||||
| Interest-bearing deposits in other banks | $ | 62,490 | $ | 49,423 | $ | 39,303 | ||||
| Investment securities - available for sale, at fair value | 431,513 | 418,625 | 430,421 | |||||||
| Loans held for sale, at fair value | 27,278 | 20,112 | 22,622 | |||||||
| Loans, net: | ||||||||||
| Community Banking segment | 1,463,679 | 1,436,226 | 1,324,690 | |||||||
| Consumer Finance segment | 439,604 | 444,085 | 452,537 | |||||||
| Total assets | 2,612,530 | 2,563,374 | 2,469,751 | |||||||
| Deposits | 2,216,654 | 2,170,860 | 2,087,932 | |||||||
| Repurchase agreements | 25,909 | 28,994 | 27,803 | |||||||
| Other borrowings | 93,546 | 93,615 | 93,772 | |||||||
| Total equity | 235,271 | 226,970 | 216,949 | |||||||
| For The | |||||||
| Quarter Ended | |||||||
| Results of Operations | 3/31/2025 | 3/31/2024 | |||||
| Interest income | $ | 35,988 | $ | 32,708 | |||
| Interest expense | 10,978 | 9,550 | |||||
| Provision for credit losses: | |||||||
| Community Banking segment | 100 | 500 | |||||
| Consumer Finance segment | 2,900 | 3,000 | |||||
| Noninterest income: | |||||||
| Gains on sales of loans | 1,847 | 1,288 | |||||
| Other | 5,726 | 6,204 | |||||
| Noninterest expenses: | |||||||
| Salaries and employee benefits | 13,483 | 14,252 | |||||
| Other | 9,576 | 8,898 | |||||
| Income tax expense | 1,129 | 565 | |||||
| Net income | 5,395 | 3,435 | |||||
| Fully-taxable equivalent (FTE) amounts1 | |||||||
| Interest income on loans-FTE | 32,428 | 29,636 | |||||
| Interest income on securities-FTE | 3,346 | 3,098 | |||||
| Total interest income-FTE | 36,276 | 32,993 | |||||
| Net interest income-FTE | 25,298 | 23,443 | |||||
________________________
1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”
| For the Quarter Ended | |||||||||||||||||||
| 3/31/2025 | 3/31/2024 | ||||||||||||||||||
| Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||||
| Yield Analysis | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||
| Assets | |||||||||||||||||||
| Securities: | |||||||||||||||||||
| Taxable | $ | 339,450 | $ | 2,193 | 2.58 | % | $ | 365,244 | $ | 1,980 | 2.17 | % | |||||||
| Tax-exempt | 119,033 | 1,153 | 3.87 | 120,920 | 1,118 | 3.70 | |||||||||||||
| Total securities | 458,483 | 3,346 | 2.92 | 486,164 | 3,098 | 2.55 | |||||||||||||
| Loans: | |||||||||||||||||||
| Community banking segment | 1,467,555 | 19,966 | 5.52 | 1,302,260 | 17,331 | 5.35 | |||||||||||||
| Mortgage banking segment | 20,968 | 339 | 6.56 | 17,700 | 281 | 6.39 | |||||||||||||
| Consumer finance segment | 465,526 | 12,123 | 10.56 | 473,848 | 12,024 | 10.21 | |||||||||||||
| Total loans | 1,954,049 | 32,428 | 6.73 | 1,793,808 | 29,636 | 6.64 | |||||||||||||
| Interest-bearing deposits in other banks | 55,830 | 502 | 3.65 | 28,417 | 259 | 3.67 | |||||||||||||
| Total earning assets | 2,468,362 | 36,276 | 5.95 | 2,308,389 | 32,993 | 5.75 | |||||||||||||
| Allowance for credit losses | (40,605 | ) | (40,292 | ) | |||||||||||||||
| Total non-earning assets | 154,554 | 156,800 | |||||||||||||||||
| Total assets | $ | 2,582,311 | $ | 2,424,897 | |||||||||||||||
| Liabilities and Equity | |||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||
| Interest-bearing demand deposits | $ | 332,341 | 600 | 0.67 | $ | 335,570 | 553 | 0.66 | |||||||||||
| Savings and money market deposit accounts | 489,217 | 1,205 | 1.00 | 484,645 | 1,061 | 0.88 | |||||||||||||
| Certificates of deposit | 821,949 | 7,964 | 3.93 | 705,167 | 6,916 | 3.94 | |||||||||||||
| Total interest-bearing deposits | 1,643,507 | 9,769 | 2.40 | 1,525,382 | 8,530 | 2.25 | |||||||||||||
| Borrowings: | |||||||||||||||||||
| Repurchase agreements | 28,192 | 112 | 1.59 | 27,997 | 111 | 1.59 | |||||||||||||
| Other borrowings | 93,597 | 1,097 | 4.69 | 78,445 | 909 | 4.64 | |||||||||||||
| Total borrowings | 121,789 | 1,209 | 3.97 | 106,442 | 1,020 | 3.83 | |||||||||||||
| Total interest-bearing liabilities | 1,765,296 | 10,978 | 2.51 | 1,631,824 | 9,550 | 2.35 | |||||||||||||
| Noninterest-bearing demand deposits | 545,346 | 531,885 | |||||||||||||||||
| Other liabilities | 40,874 | 44,125 | |||||||||||||||||
| Total liabilities | 2,351,516 | 2,207,834 | |||||||||||||||||
| Equity | 230,795 | 217,063 | |||||||||||||||||
| Total liabilities and equity | $ | 2,582,311 | $ | 2,424,897 | |||||||||||||||
| Net interest income | $ | 25,298 | $ | 23,443 | |||||||||||||||
| Interest rate spread | 3.44 | % | 3.40 | % | |||||||||||||||
| Interest expense to average earning assets | 1.79 | % | 1.66 | % | |||||||||||||||
| Net interest margin | 4.16 | % | 4.09 | % | |||||||||||||||
| 3/31/2025 | |||||||||
| Funding Sources | Capacity | Outstanding | Available | ||||||
| Unsecured federal funds agreements | $ | 75,000 | $ | — | $ | 75,000 | |||
| Borrowings from FHLB | 248,508 | 40,000 | 208,508 | ||||||
| Borrowings from Federal Reserve Bank | 315,221 | — | 315,221 | ||||||
| Total | $ | 638,729 | $ | 40,000 | $ | 598,729 | |||
| Asset Quality | 3/31/2025 | 12/31/2024 | |||||
| Community Banking | |||||||
| Total loans | $ | 1,481,190 | $ | 1,453,605 | |||
| Nonaccrual loans | $ | 1,189 | $ | 333 | |||
| Allowance for credit losses (ACL) | $ | 17,511 | $ | 17,379 | |||
| Nonaccrual loans to total loans | 0.08 | % | 0.02 | % | |||
| ACL to total loans | 1.18 | % | 1.20 | % | |||
| ACL to nonaccrual loans | 1,472.75 | % | 5,218.92 | % | |||
| Annualized year-to-date net charge-offs to average loans | 0.01 | % | 0.01 | % | |||
| Consumer Finance | |||||||
| Total loans | $ | 462,136 | $ | 466,793 | |||
| Nonaccrual loans | $ | 975 | $ | 614 | |||
| Repossessed assets | $ | 976 | $ | 779 | |||
| ACL | $ | 22,532 | $ | 22,708 | |||
| Nonaccrual loans to total loans | 0.21 | % | 0.13 | % | |||
| ACL to total loans | 4.88 | % | 4.86 | % | |||
| ACL to nonaccrual loans | 2,310.97 | % | 3,698.37 | % | |||
| Annualized year-to-date net charge-offs to average loans | 2.64 | % | 2.62 | % | |||
| For The | |||||||
| Quarter Ended | |||||||
| Other Performance Data | 3/31/2025 | 3/31/2024 | |||||
| Net Income (Loss): | |||||||
| Community Banking | $ | 5,445 | $ | 4,012 | |||
| Mortgage Banking | 431 | 294 | |||||
| Consumer Finance | 226 | (63 | ) | ||||
| Other1 | (707 | ) | (808 | ) | |||
| Total | $ | 5,395 | $ | 3,435 | |||
| Net income attributable to C&F Financial Corporation | $ | 5,368 | $ | 3,401 | |||
| Earnings per share - basic and diluted | $ | 1.66 | $ | 1.01 | |||
| Weighted average shares outstanding - basic and diluted | 3,234,935 | 3,370,934 | |||||
| Annualized return on average assets | 0.84 | % | 0.57 | % | |||
| Annualized return on average equity | 9.35 | % | 6.33 | % | |||
| Annualized return on average tangible common equity2 | 10.65 | % | 7.30 | % | |||
| Dividends declared per share | $ | 0.46 | $ | 0.44 | |||
| Mortgage loan originations - Mortgage Banking | $ | 113,750 | $ | 94,346 | |||
| Mortgage loans sold - Mortgage Banking | 106,431 | 86,079 | |||||
________________________
1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”
| Market Ratios | 3/31/2025 | 12/31/2024 | |||||
| Market value per share | $ | 67.39 | $ | 71.25 | |||
| Book value per share | $ | 72.51 | $ | 70.00 | |||
| Price to book value ratio | 0.93 | 1.02 | |||||
| Tangible book value per share1 | $ | 64.39 | $ | 61.86 | |||
| Price to tangible book value ratio1 | 1.05 | 1.15 | |||||
| Price to earnings ratio (ttm) | 11.16 | 11.86 | |||||
________________________
1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”
| Minimum Capital | ||||||||||
| Capital Ratios | 3/31/2025 | 12/31/2024 | Requirements3 | |||||||
| C&F Financial Corporation1 | ||||||||||
| Total risk-based capital ratio | 14.1 | % | 14.1 | % | 8.0 | % | ||||
| Tier 1 risk-based capital ratio | 11.9 | % | 11.9 | % | 6.0 | % | ||||
| Common equity tier 1 capital ratio | 10.8 | % | 10.7 | % | 4.5 | % | ||||
| Tier 1 leverage ratio | 9.9 | % | 9.8 | % | 4.0 | % | ||||
| C&F Bank2 | ||||||||||
| Total risk-based capital ratio | 13.7 | % | 13.5 | % | 8.0 | % | ||||
| Tier 1 risk-based capital ratio | 12.4 | % | 12.3 | % | 6.0 | % | ||||
| Common equity tier 1 capital ratio | 12.4 | % | 12.3 | % | 4.5 | % | ||||
| Tier 1 leverage ratio | 10.3 | % | 10.1 | % | 4.0 | % | ||||
________________________
1 The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
2 All ratios at March 31, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
3 The ratios presented for minimum capital requirements are those to be considered adequately capitalized.
| For The Quarter Ended | ||||||||
| 3/31/2025 | 3/31/2024 | |||||||
| Reconciliation of Certain Non-GAAP Financial Measures | ||||||||
| Return on Average Tangible Common Equity | ||||||||
| Average total equity, as reported | $ | 230,795 | $ | 217,063 | ||||
| Average goodwill | (25,191 | ) | (25,191 | ) | ||||
| Average other intangible assets | (1,118 | ) | (1,366 | ) | ||||
| Average noncontrolling interest | (637 | ) | (649 | ) | ||||
| Average tangible common equity | $ | 203,849 | $ | 189,857 | ||||
| Net income | $ | 5,395 | $ | 3,435 | ||||
| Amortization of intangibles | 62 | 65 | ||||||
| Net income attributable to noncontrolling interest | (27 | ) | (34 | ) | ||||
| Net tangible income attributable to C&F Financial Corporation | $ | 5,430 | $ | 3,466 | ||||
| Annualized return on average equity, as reported | 9.35 | % | 6.33 | % | ||||
| Annualized return on average tangible common equity | 10.65 | % | 7.30 | % | ||||
| For The Quarter Ended | ||||||||
| 3/31/2025 | 3/31/2024 | |||||||
| Fully Taxable Equivalent Net Interest Income1 | ||||||||
| Interest income on loans | $ | 32,382 | $ | 29,586 | ||||
| FTE adjustment | 46 | 50 | ||||||
| FTE interest income on loans | $ | 32,428 | $ | 29,636 | ||||
| Interest income on securities | $ | 3,104 | $ | 2,863 | ||||
| FTE adjustment | 242 | 235 | ||||||
| FTE interest income on securities | $ | 3,346 | $ | 3,098 | ||||
| Total interest income | $ | 35,988 | $ | 32,708 | ||||
| FTE adjustment | 288 | 285 | ||||||
| FTE interest income | $ | 36,276 | $ | 32,993 | ||||
| Net interest income | $ | 25,010 | $ | 23,158 | ||||
| FTE adjustment | 288 | 285 | ||||||
| FTE net interest income | $ | 25,298 | $ | 23,443 | ||||
____________________
1 Assuming a tax rate of
| 3/31/2025 | 12/31/2024 | |||||||
| Tangible Book Value Per Share | ||||||||
| Equity attributable to C&F Financial Corporation | $ | 234,634 | $ | 226,360 | ||||
| Goodwill | (25,191 | ) | (25,191 | ) | ||||
| Other intangible assets | (1,084 | ) | (1,147 | ) | ||||
| Tangible equity attributable to C&F Financial Corporation | $ | 208,359 | $ | 200,022 | ||||
| Shares outstanding | 3,235,781 | 3,233,672 | ||||||
| Book value per share | $ | 72.51 | $ | 70.00 | ||||
| Tangible book value per share | $ | 64.39 | $ | 61.86 | ||||
| Contact: | Jason Long, CFO and Secretary (804) 843-2360 | |
FAQ
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