C&F Financial Corp reported $5.4 million net income for Q3 2024, down from previous year.

From GlobeNewswire: 2024-10-29 13:00:00

C&F Financial Corporation reported consolidated net income of $5.4 million for Q3 2024, down from $5.8 million in Q3 2023. For the first nine months of 2024, net income was $13.9 million, compared to $18.7 million in 2023. Key highlights include growth in loans and deposits, with solid performance in the community banking segment. Earnings per share were $1.65 for Q3 2024.

The community banking segment saw loans grow by 16.6% annually and deposits increase by 4.5% in Q3 2024. The consumer finance segment reported net income of $311,000 for the quarter, down from $682,000 in Q3 2023. The mortgage banking segment recorded net income of $351,000, a significant improvement from a net loss of $5,000 in Q3 2023.

Average loans increased by 15.2% in Q3 2024 for the community banking segment, while deposits increased by 6.8%. The net interest margin for Q3 2024 was 4.13%, compared to 4.29% in Q3 2023. Nonaccrual loans for the community banking segment were $628,000 at the end of Q3 2024, compared to $406,000 at the end of 2023.

The mortgage banking segment reported net income of $351,000 for Q3 2024, compared to a net loss of $5,000 in Q3 2023. The consumer finance segment reported net income of $311,000 for Q3 2024, down from $682,000 in Q3 2023. Average loans for the consumer finance segment increased by 1.8% in Q3 2024.

The Corporation declared a quarterly cash dividend for Q3 2024 of $0.44 per share, representing a payout ratio of 26.7% of earnings per share. Total consolidated equity increased by $10.4 million at the end of Q3 2024 compared to the end of 2023. The Corporation’s common stock closed at $61.78 per share on October 28, 2024.

C&F Bank operates 32 banking offices and four commercial loan offices across eastern and central Virginia. The Corporation provides full wealth management services through its subsidiary C&F Wealth Management, Inc., mortgage loan origination services through C&F Mortgage Corporation, and automobile, marine, and recreational vehicle loans through C&F Finance Company.



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