TOANO, Va., May 21, 2025 (GLOBE NEWSWIRE) -- The board of directors of C&F Financial Corporation (NASDAQ:CFFI) (the Corporation) has declared a regular cash dividend of 46 cents per share, which is payable July 1, 2025 to shareholders of record on June 13, 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 requirements, and expected future ear ...

Financial Performance - Consolidated net income for Q1 2025 increased by $2.0 million to $5.395 million compared to $3.435 million in Q1 2024, driven by higher net income across all business segments [131]. - Earnings per share for Q1 2025 rose to $1.66, up from $1.01 in Q1 2024, reflecting a significant increase in profitability [130]. - Annualized return on average equity improved to 9.35% in Q1 2025, compared to 6.33% in Q1 2024 [130]. - Total equity increased by $8.3 million to $235.3 million as of March 31, 2025, compared to $227.0 million at December 31, 2024 [134]. - The effective income tax rate increased to 17.3% in Q1 2025 from 14.1% in Q1 2024, mainly due to a lower share of income at the community banking segment [163]. - The Corporation's net tangible income attributable for the quarter ended March 31, 2025, was $5.430 million, compared to $3.466 million for the same period in 2024 [271]. Loan and Deposit Growth - Community banking segment loans grew by $27.6 million, or 7.6% annualized, while consumer finance segment loans decreased by $4.7 million, or 4.0% annualized [137]. - Average loans increased by $160.2 million to $1.95 billion in Q1 2025, with the community banking segment seeing a 12.7% increase, primarily driven by growth in construction and commercial real estate loans [149]. - Total loans increased to $1.94 billion as of March 31, 2025, up from $1.92 billion at December 31, 2024, representing a growth of approximately 0.7% [213]. - Deposits increased by $45.8 million to $2.22 billion during the first quarter of 2025, with noninterest-bearing demand deposits rising by $53.6 million [246]. Interest Income and Margin - Net interest income for Q1 2025 increased to $25.3 million, up from $23.4 million in Q1 2024, primarily due to a higher net interest margin and increased average earning assets [148]. - Consolidated annualized net interest margin was 4.16% for Q1 2025, up from 4.09% in Q1 2024 [137]. - The annualized net interest margin rose by 7 basis points to 4.16% in Q1 2025 compared to the same period in 2024, attributed to a change in the mix of earning assets and higher yields [148]. - The community banking segment's average loan yield increased by 17 basis points to 5.52% in Q1 2025, driven by a shift towards higher yielding loans [150]. Noninterest Income and Expenses - Total noninterest income increased by $81,000, or 1.1%, in Q1 2025, driven by higher mortgage loan production and increased service charges [158]. - Total noninterest expenses decreased by $91,000, or less than one percent, in Q1 2025 compared to Q1 2024, primarily due to fluctuations in deferred compensation liabilities and lower employee benefits from reduced headcount [161]. Credit Quality and Losses - The provision for credit losses in Q1 2025 was $2.9 million, slightly down from $3.0 million in Q1 2024, attributed to lower average loan balances and an increase in net charge-offs [188]. - The allowance for credit losses as of March 31, 2025, was $40.043 million, a slight decrease from $40.087 million at the end of 2024 [202]. - The consumer finance segment's net charge-offs increased due to higher delinquent loans and repossessions, indicating potential future increases in the provision for credit losses if loan performance deteriorates [189]. - The community banking segment recorded a provision for credit losses of $100,000 for Q1 2025, down from $500,000 in the same period of 2024, indicating improved credit quality [217]. Capital and Liquidity - The Corporation's total risk-based capital ratio was 14.1% as of March 31, 2025, exceeding the minimum requirement of 8.0% [263]. - The Bank's Tier 1 risk-based capital ratio was 12.4% as of March 31, 2025, well above the minimum requirement of 6.0% [263]. - The Corporation's liquid assets totaled $315.0 million as of March 31, 2025, up from $288.1 million at December 31, 2024 [251]. - The Corporation's capacity for borrowings decreased by $7.5 million from December 31, 2024, primarily due to fluctuations in loans pledged to the FHLB [251]. Shareholder Returns - The Board of Directors declared a quarterly cash dividend of $0.46 per share, representing a payout ratio of 27.7% of earnings for Q1 2025 [135]. - The Corporation authorized a share repurchase program of up to $5.0 million effective from January 1, 2025, through December 31, 2025 [267]. - The Corporation's capital resources are influenced by its share repurchase programs, which aim to enhance shareholder returns [267]. Interest Rate Risk Management - The Corporation utilizes interest rate swaps to manage interest rate risk, converting variable rates to fixed rates for certain capital notes [291]. - The mortgage banking segment mitigates interest rate risk by entering into forward sales contracts with investors at the time interest rates are locked for loans [292]. - The Asset/Liability Committee meets quarterly to maximize net interest income while managing interest rate risk [280].

Financial Performance - Consolidated net income for Q1 2025 was $5.4 million, up from $3.4 million in Q1 2024, representing a 58.8% increase[2] - Earnings per share increased to $1.66 in Q1 2025 from $1.01 in Q1 2024, reflecting a 64.4% rise[2] - The net income for the quarter ended March 31, 2025, was $5,395,000, compared to $3,435,000 for the same period in 2024, reflecting a year-over-year increase of approximately 57.1%[32] - Interest income for the quarter was $35,988,000, up from $32,708,000 in the prior year, indicating an increase of about 10.4%[32] - The company reported a net interest income of $25,298,000 for the quarter, compared to $23,443,000 in the same quarter of the previous year, reflecting an increase of approximately 7.9%[32] - Earnings per share (EPS) rose to $1.66, up from $1.01 in the same quarter last year, marking a significant increase of 64.4%[35] Loan and Deposit Growth - Community banking segment loans grew by $27.6 million, or 7.6% annualized, and $139.9 million, or 10.4% year-over-year[4] - Consumer finance segment loans decreased by $4.7 million, or 4.0% annualized, and $14.0 million, or 2.9% year-over-year[4] - Mortgage banking segment loan originations rose by $19.5 million, or 20.6%, to $113.8 million compared to Q1 2024[5] - Total loans reached $1,954,049 million, a 9.0% increase from $1,793,808 million in the previous year[34] - The total deposits as of March 31, 2025, were $2,216,654,000, up from $2,170,860,000 at the end of 2024, indicating a growth of about 2.1%[32] - Deposits increased by $45.8 million, or 8.4% annualized, and $128.7 million, or 6.2% year-over-year[4] Asset and Equity Growth - As of March 31, 2025, the total assets of C&F Financial Corporation were $2,612,530,000, an increase from $2,563,374,000 at December 31, 2024, representing a growth of approximately 1.9%[32] - Total consolidated equity increased by $8.3 million at March 31, 2025, compared to December 31, 2024[20] - Total equity as of March 31, 2025, was $235,271,000, an increase from $226,970,000 at the end of 2024, marking a growth of approximately 3.3%[32] - The tangible book value per share was reported at $64.39, while the book value per share was $72.51 as of March 31, 2025[23] Credit Quality and Losses - The allowance for credit losses was $22.5 million at March 31, 2025, representing 4.88% of total loans[14] - The provision for credit losses in the Community Banking segment was $100,000, down from $500,000 in the previous year, while the Consumer Finance segment's provision was $2,900,000, down from $3,000,000[32] - The allowance for credit losses (ACL) to total loans ratio was 1.18% as of March 31, 2025, slightly down from 1.20% a year prior[35] - Nonaccrual loans to total loans ratio increased to 0.08% from 0.02%, indicating a rise in asset quality concerns[35] Dividends and Returns - The Corporation increased its quarterly cash dividend by 5% to $0.46 per share, with a payout ratio of 27.7%[19] - The annualized return on average equity improved to 9.35% in Q1 2025 from 6.33% in Q1 2024[2] - The annualized return on average assets improved to 0.84% from 0.57% year-over-year[35] - The total risk-based capital ratio for C&F Financial Corporation remained stable at 14.1% as of March 31, 2025, consistent with the previous quarter[37] - The price to earnings ratio (ttm) decreased to 11.16 from 11.86, indicating a slight decline in market valuation relative to earnings[37] Company Overview - C&F Financial Corporation operates 31 banking offices and four commercial loan offices, providing a range of financial services across eastern and central Virginia[24] - C&F Financial Corporation emphasizes the use of non-GAAP financial measures to provide a clearer picture of its operating performance, including adjusted net income and adjusted return on average equity[26]

Core Viewpoint - C&F Financial Corporation reported a consolidated net income of $5.4 million for Q1 2025, a significant increase from $3.4 million in Q1 2024, driven by growth in various business segments and improved efficiency [1][2]. Financial Performance Highlights - Consolidated net income increased to $5.4 million in Q1 2025 from $3.4 million in Q1 2024 [1]. - Earnings per share rose to $1.66 from $1.01 year-over-year [1]. - Annualized return on average equity improved to 9.35% from 6.33% [1]. - Annualized return on average tangible common equity increased to 10.65% from 7.30% [1]. - Annualized return on average assets rose to 0.84% from 0.57% [1]. Segment Performance Community Banking Segment - Net income for the community banking segment was $5.4 million in Q1 2025, up from $4.0 million in Q1 2024 [3]. - Loans in the community banking segment grew by $27.6 million, or 7.6% annualized, compared to Q4 2024 [3]. - Deposits increased by $45.8 million, or 8.4% annualized, compared to Q4 2024 [3]. - The annualized net interest margin for the community banking segment was 4.16% in Q1 2025, slightly up from 4.09% in Q1 2024 [3]. Mortgage Banking Segment - The mortgage banking segment reported net income of $431,000 for Q1 2025, compared to $294,000 in Q1 2024 [7]. - Mortgage loan originations increased by $19.5 million, or 20.6%, to $113.8 million in Q1 2025 compared to Q1 2024 [7]. - Loan originations decreased by $16.7 million, or 12.8%, compared to Q4 2024 [7]. Consumer Finance Segment - The consumer finance segment reported net income of $226,000 for Q1 2025, compared to a net loss of $63,000 in Q1 2024 [11]. - Average loans decreased by $8.3 million, or 1.8%, compared to Q1 2024 [11]. - The allowance for credit losses was $22.5 million at March 31, 2025, compared to $22.7 million at December 31, 2024 [12]. Liquidity and Capital Management - As of March 31, 2025, the Corporation's uninsured deposits were approximately $644.4 million, or 29.1% of total deposits [13]. - Total equity increased by $8.3 million at March 31, 2025, compared to December 31, 2024, primarily due to net income and lower unrealized losses in securities [18]. - The Corporation's total risk-based capital ratio was 14.1% as of March 31, 2025, exceeding the minimum requirement of 8.0% [36]. Dividend and Stock Repurchase - The Corporation increased its quarterly cash dividend by 5% to $0.46 per share, representing a payout ratio of 27.7% of earnings per share for Q1 2025 [16]. - No repurchases of common stock were made under the 2025 Repurchase Program during Q1 2025 [20].

Financial Performance - Consolidated net income for 2024 was $19.9 million, down from $23.7 million in 2023, with earnings per share decreasing from $6.92 to $6.01[222] - Adjusted net income for 2024 was $20.0 million, compared to $23.7 million in 2023[222] - Community banking segment net income for the year ended December 31, 2024, was $20.3 million, a decrease from $22.9 million in 2023[280] - The consumer finance segment reported net income of $1.4 million for the year ended December 31, 2024, down from $2.9 million in 2023, primarily due to higher provision for credit losses[300] - Mortgage banking segment net income increased to $1.1 million for the year ended December 31, 2024, from $465,000 in 2023[288] Loan Growth - Total loans increased to $1,885,643 thousand in 2024, up from $1,713,626 thousand in 2023, reflecting a growth of approximately 10%[249] - Community banking segment loans grew by $180.0 million, or 14.1%, to $1.5 billion at December 31, 2024, compared to $1.3 billion at December 31, 2023[282] - Average loans increased by $172.0 million to $1.89 billion in 2024, with community banking segment loans rising by $164.0 million, or 13.5%[257] - The average loans for the commercial segment were $1,010,121 thousand in 2024, an increase from $879,608 thousand in 2023, representing a growth of 14.8%[320] - Total loans held for investment reached $1.88 billion, with loans held for sale valued at $20.1 million as of December 31, 2024[360] Credit Loss Provisions - The consumer finance segment provision for credit losses increased to $11.6 million from $6.7 million[228] - The provision for credit losses on loans was $13,100 thousand for the year ended December 31, 2024, compared to $8,126 thousand in 2023, indicating a significant increase of 61.5%[334] - The provision for credit losses in the community banking segment was $1.7 million for 2024, compared to $1.6 million in 2023, reflecting growth in the loan portfolio[283] - Management believes the allowance for credit losses is adequate, but further deterioration in loan performance may lead to increased provisions in the future[302] - The total allowance for credit losses increased to $40,087 thousand as of December 31, 2024, up from $39,651 thousand in 2023, reflecting a provision charged to operations of $13,100 thousand[320] Interest Income and Margin - The net interest income for the year ended December 31, 2024, was $97,922 thousand, compared to $98,671 thousand in 2023, indicating a slight decrease[249] - The consolidated net interest margin decreased to 4.12% from 4.31%[228] - The yield on total loans for 2024 was 6.75%, an increase from 6.49% in 2023[249] - The average yield on interest-bearing deposits increased by 99 basis points to 2.42% for 2024, compared to 1.43% in 2023[262] - Net interest income after provision for credit losses for the consumer finance segment was $14.4 million in 2024, down from $17.8 million in 2023[298] Asset and Equity Growth - Total equity increased to $227.0 million at December 31, 2024, compared to $217.5 million at December 31, 2023[226] - The corporation's total assets reached $2,494,496 thousand in 2024, an increase from $2,393,497 thousand in 2023, indicating overall growth[249] - Total assets increased to $2.56 billion as of December 31, 2024, compared to $2.44 billion in 2023, primarily due to growth in loans held for investment[359] - The average balance of total earning assets increased to $2,378,506 thousand in 2024 from $2,285,878 thousand in 2023, marking a growth of approximately 4%[249] - The average balance of interest-bearing deposits rose to $1,572,128 thousand in 2024, compared to $1,422,529 thousand in 2023, representing an increase of about 10.5%[249] Noninterest Income and Expenses - Total noninterest income increased by $923,000, or 3.1%, for 2024, driven by higher wealth management services income and mortgage loan production[267] - Total noninterest expense rose by $47,000, or less than 1%, for 2024, attributed to higher professional fees and data processing expenses[273] - Noninterest income for the consumer finance segment was $1.0 million in 2024, slightly up from $962,000 in 2023[298] - Noninterest expenses for the community banking segment totaled $62.9 million for 2024, compared to $60.8 million in 2023[279] - Total noninterest expenses decreased to $13.5 million in 2024 from $14.8 million in 2023, reflecting efforts to reduce overhead costs[298] Regulatory and Economic Environment - Economic and regulatory uncertainties are expected to continue in 2025, impacting interest rate movements and overall business performance[235] - The corporation's credit policy emphasizes maintaining acceptable asset quality alongside loan growth, with a focus on risk management and underwriting standards[367] - The maximum loan-to-value ratio for commercial real estate loans is typically 80%, with exceptions for strong borrowers[370] Deposits and Borrowings - Deposits increased by $104.7 million to $2.17 billion at December 31, 2024, compared to $2.07 billion at December 31, 2023[403] - Borrowings increased to $122.6 million at December 31, 2024, up from $109.5 million at December 31, 2023, primarily due to higher long-term borrowings from the FHLB[410] - The average balance of certificates of deposit increased to $767.7 million in 2024, with an average rate of 4.10%[406] - The corporation had $25.0 million in brokered deposits outstanding at both December 31, 2024, and December 31, 2023[405] - The total contract amount of standby letters of credit rose to $18.8 million at December 31, 2024, from $7.9 million at December 31, 2023, reflecting a significant increase of 137.9%[414]

Core Points - C&F Financial Corporation has declared a regular cash dividend of 46 cents per share, which is a 5 percent increase from the previous quarter's dividend of 44 cents per share [1] - The dividend is payable on April 1, 2025, to shareholders of record on March 14, 2025 [1] - The Board of Directors regularly reviews the cash dividends per share and the dividend payout ratio based on economic conditions, capital requirements, and expected future earnings [2] Company Overview - C&F Bank operates 31 banking offices and four commercial loan offices in eastern and central Virginia, offering full wealth management services through its subsidiary C&F Wealth Management, Inc. [3] - C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services in Virginia and surrounding states [3] - C&F Finance Company is a regional finance company that purchases automobile, marine, and recreational vehicle loans primarily in the Mid-Atlantic, Midwest, and Southern United States [3]

Core Viewpoint - C&F Financial Corporation has declared a regular cash dividend of 46 cents per share, marking a 5 percent increase from the previous quarter's dividend of 44 cents per share, with payment scheduled for April 1, 2025 [1]. Group 1: Dividend Information - The board of directors has approved a cash dividend of 46 cents per share, payable on April 1, 2025, to shareholders of record on March 14, 2025 [1]. - This dividend reflects a 5 percent increase compared to the prior quarter's dividend of 44 cents per share [1]. Group 2: Company Overview - C&F Bank operates 31 banking offices and four commercial loan offices across eastern and central Virginia, providing full wealth management services through its subsidiary, C&F Wealth Management, Inc. [2]. - C&F Mortgage Corporation and its subsidiary, C&F Select LLC, offer mortgage loan origination services in Virginia and surrounding states [2]. - C&F Finance Company specializes in purchasing automobile, marine, and recreational vehicle loans primarily in the Mid-Atlantic, Midwest, and Southern United States from its headquarters in Henrico, Virginia [2].

Financial Performance - Consolidated net income for Q4 2024 was $6.0 million, up from $5.1 million in Q4 2023, while annual net income decreased to $19.9 million from $23.7 million year-over-year[2]. - Net income for the year ended December 31, 2024, was $19.9 million, compared to $23.7 million for the previous year, reflecting a decrease in earnings[33]. - The net income attributable to C&F Financial Corporation for the year ended December 31, 2024, was $19,834 million, down from $23,604 million in 2023, indicating a decrease of 16.06%[37]. - Net income for the year ended December 31, 2024, was $19.918 million, a decrease of 16.5% compared to $23.746 million in 2023[42]. Loan and Deposit Growth - Community banking segment loans grew by $21.5 million (6.0% annualized) in Q4 2024 and $180.0 million (14.1%) compared to Q4 2023[4]. - Consumer finance segment loans decreased by $10.5 million (8.8% annualized) in Q4 2024 and $1.7 million (less than 1%) compared to Q4 2023[4]. - Mortgage banking segment loan originations increased by $32.2 million (32.8%) to $130.4 million in Q4 2024 compared to Q4 2023[9]. - Deposits increased by $35.0 million (6.6% annualized) in Q4 2024 and $104.7 million (5.1%) compared to Q4 2023[4]. - Total loans reached $1,942,685 million, a 10.95% increase from $1,751,061 million in the previous year[34]. - The total interest-bearing deposits rose to $1,617,807 million, an increase of 9.93% from $1,471,133 million in the previous year[34]. Interest Income and Margin - Interest income for the year ended December 31, 2024, was $139.6 million, up from $124.1 million in 2023, driven by higher loan yields[33]. - Consolidated annualized net interest margin was 4.13% for Q4 2024, down from 4.17% in Q4 2023[4]. - Net interest income for the quarter ended December 31, 2024, was $25,388 million, compared to $24,211 million for the same period in 2023, reflecting an increase of 4.86%[34]. - Net interest income for the year ended December 31, 2024, was $96.775 million, slightly down from $97.707 million in 2023[44]. Credit Quality - Consumer finance segment net charge-offs were at an annualized rate of 3.40% of average total loans for Q4 2024, up from 2.72% in Q4 2023[6]. - The allowance for credit losses in the consumer finance segment decreased to $22.7 million (4.86% of total loans) at December 31, 2024, down from $23.6 million (5.03%) at December 31, 2023[14]. - The community banking segment recorded no provision for credit losses for Q4 2024, compared to $75,000 for Q4 2023[8]. - The allowance for credit losses (ACL) for the Community Banking segment was $17,379 million, up from $16,072 million a year earlier, reflecting a rise of 8.12%[37]. - The total nonaccrual loans to total loans ratio improved to 0.02% as of December 31, 2024, compared to 0.03% in the previous year[37]. Capital and Equity - Total consolidated equity increased by $9.5 million at December 31, 2024, compared to December 31, 2023, due to net income and lower unrealized losses in securities[20]. - As of December 31, 2024, C&F Bank was categorized as well capitalized under regulatory requirements, exceeding all necessary capital ratios[21]. - The book value per share was $70.00, and the tangible book value per share was $61.86 as of December 31, 2024[23]. - The total risk-based capital ratio for C&F Financial Corporation decreased to 14.1% in 2024 from 14.8% in 2023[40]. - The Tier 1 risk-based capital ratio for C&F Bank decreased to 12.3% in 2024 from 12.9% in 2023[40]. - Book value per share increased to $70.00 in 2024 from $64.28 in 2023, marking a rise of 8.4%[45]. - Tangible book value per share rose to $61.86 in 2024 from $56.40 in 2023, an increase of 9.4%[45]. Shareholder Returns - Cash dividends declared during the year ended December 31, 2024, totaled $1.76 per share, representing a payout ratio of 23.5% for Q4 2024 and 29.3% for the year[18]. - The Corporation repurchased 160,694 shares, or $7.9 million, of its common stock under the 2024 Repurchase Program[22]. - Market value per share increased to $71.25 in 2024 from $68.19 in 2023, representing an increase of 3.1%[40]. Asset Growth - The Corporation's total assets increased to $2.56 billion at December 31, 2024, from $2.44 billion at December 31, 2023[33]. - Total assets increased to $2,560,964 million as of December 31, 2024, up from $2,405,444 million a year earlier, representing a growth of 6.44%[34].

Core Insights - C&F Financial Corporation reported a consolidated net income of $6.0 million for Q4 2024, an increase from $5.1 million in Q4 2023, but a decrease in annual net income to $19.9 million from $23.7 million in 2023 [1][2] Financial Performance Highlights - Consolidated net income for Q4 2024 was $6,029,000 compared to $5,088,000 in Q4 2023, while annual net income was $19,918,000 versus $23,746,000 in 2023 [1] - Earnings per share increased to $1.87 for Q4 2024 from $1.50 in Q4 2023, but decreased for the year to $6.01 from $6.92 [1] - Annualized return on average equity improved to 10.60% in Q4 2024 from 10.06% in Q4 2023, while the annualized return on average tangible common equity rose to 12.17% from 11.74% [1] Segment Performance - Community banking segment loans grew by $21.5 million (6.0% annualized) in Q4 2024 and $180.0 million (14.1%) year-over-year [3] - Consumer finance segment loans decreased by $10.5 million (8.8% annualized) in Q4 2024 and $1.7 million (less than 1%) year-over-year [3] - Mortgage banking segment loan originations increased by $32.2 million (32.8%) in Q4 2024 compared to Q4 2023, totaling $130.4 million [4] Interest Margin and Efficiency - Consolidated annualized net interest margin was 4.13% for Q4 2024, down from 4.17% in Q4 2023, and 4.12% for the year compared to 4.31% in 2023 [3] - The community banking segment recorded no provision for credit losses in Q4 2024, compared to $75,000 in Q4 2023 [3][7] Credit Quality and Allowance for Losses - The allowance for credit losses increased to $17.4 million at December 31, 2024, from $16.1 million at the end of 2023, with the allowance as a percentage of total loans decreasing to 1.20% from 1.26% [7] - Consumer finance segment net charge-offs increased to an annualized rate of 3.40% of average total loans in Q4 2024, up from 2.72% in Q4 2023 [3][12] Liquidity and Capital Management - As of December 31, 2024, the Corporation's uninsured deposits were approximately $640.2 million, or 29.5% of total deposits [17] - Total equity increased by $9.5 million at December 31, 2024, primarily due to net income and lower unrealized losses in the market value of securities [21] Dividend and Stock Repurchase - The Corporation declared cash dividends totaling $1.76 per share for the year ended December 31, 2024, with a payout ratio of 29.3% [20] - Under the 2024 Repurchase Program, the Corporation repurchased 160,694 shares for $7.9 million during the year [24]

Core Insights - C&F Financial Corporation reported a consolidated net income of $6.0 million for Q4 2024, an increase from $5.1 million in Q4 2023, but a decrease in annual net income to $19.9 million from $23.7 million in 2023 [1][2] Financial Performance Highlights - Consolidated net income for Q4 2024 was $6,029,000 compared to $5,088,000 in Q4 2023, while annual net income was $19,918,000 versus $23,746,000 in 2023 [1] - Earnings per share increased to $1.87 for Q4 2024 from $1.50 in Q4 2023, but decreased for the year to $6.01 from $6.92 [1] - Annualized return on average equity improved to 10.60% in Q4 2024 from 10.06% in Q4 2023, while the annualized return on average tangible common equity rose to 12.17% from 11.74% [1] Segment Performance - Community banking segment loans grew by $21.5 million (6.0% annualized) in Q4 2024 and $180.0 million (14.1%) year-over-year [3] - Consumer finance segment loans decreased by $10.5 million (8.8% annualized) in Q4 2024, but only slightly by $1.7 million (less than 1%) year-over-year [3] - Mortgage banking segment loan originations increased by $32.2 million (32.8%) in Q4 2024 compared to Q4 2023, totaling $130.4 million [4][10] Interest Margin and Efficiency - Consolidated annualized net interest margin was 4.13% for Q4 2024, stable compared to Q4 2023 [3] - The community banking segment reported no provision for credit losses in Q4 2024, compared to $75,000 in Q4 2023 [3][7] - The consumer finance segment recorded a provision for credit losses of $3.5 million in Q4 2024, up from $2.4 million in Q4 2023 [3][12] Liquidity and Capital Management - As of December 31, 2024, the Corporation's uninsured deposits were approximately $640.2 million, representing 29.5% of total deposits [17] - Total equity increased by $9.5 million from December 31, 2023, primarily due to net income and lower unrealized losses in securities [21] - The Corporation declared cash dividends totaling $1.76 per share for the year ended December 31, 2024, with a payout ratio of 29.3% [20] Stock Repurchase Program - The Corporation repurchased 11,100 shares for $679,000 in Q4 2024 and 160,694 shares for $7.9 million for the year under the 2024 Repurchase Program [24]