C&F Financial Corporation Declares Quarterly Dividend and Authorizes Share Repurchase Program

Rhea-AI Summary

C&F Financial Corporation (NASDAQ:CFFI) has declared a cash dividend of 38 cents per common share, payable on January 1, 2021, with a record date of December 14, 2020. The board continuously assesses dividend amounts considering economic conditions and future earnings. Additionally, a share repurchase program has been authorized to buy back up to 365,000 shares until November 30, 2021. This initiative allows for flexibility in repurchasing shares based on various market factors.

Positive

• Declaration of a 38 cents per share dividend, enhancing shareholder returns.
• Authorization to repurchase up to 365,000 shares, potentially increasing shareholder value.

Negative

• None.

TOANO, Va., Nov. 18, 2020 (GLOBE NEWSWIRE) -- The board of directors of C&F Financial Corporation (NASDAQ:CFFI) has declared a regular cash dividend of 38 cents per common share, which is payable January 1, 2021 to shareholders of record on December 14, 2020. 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 requirements, and expected future earnings.

In addition, the board of directors has authorized a program, effective November 17, 2020, to repurchase up to 365,000 shares of the Corporation’s common stock through November 30, 2021. Repurchases under the program may be made through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and shares repurchased will be returned to the status of authorized and unissued shares of common stock. The timing, number and purchase price of shares repurchased under the program, if any, will be determined by management in its discretion and will depend on a number of factors, including the market price of the shares, general market and economic conditions, applicable legal requirements and other conditions, and there is no assurance that the Corporation will purchase any shares under the program.

About C&F

C&F Bank operates 31 retail bank branches and three commercial loan offices located throughout the Hampton to Charlottesville corridor and the Northern Neck region in 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, Maryland, North Carolina, South Carolina and West Virginia. C&F Finance Company provides automobile, marine and RV loans through indirect lending programs offered in Alabama, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia and West Virginia through its offices in Richmond and Hampton, Virginia.

Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission, are available on the Corporation’s website at http://www.cffc.com.

Contact:
Jason Long, CFO and Secretary
(804) 843-2360

FAQ

What is the dividend amount declared by CFFI?

CFFI has declared a cash dividend of 38 cents per common share.

When will the CFFI dividend be paid?

The dividend will be paid on January 1, 2021.

When is the record date for the CFFI dividend?

The record date for the dividend is December 14, 2020.

What is the purpose of the share repurchase program by CFFI?

The share repurchase program aims to buy back up to 365,000 shares to enhance shareholder value.

How long will the CFFI share repurchase program last?

The program is effective until November 30, 2021.