C&F Financial (CFFI) - 2025 Q1 - Quarterly Results

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$139.9 million, or 10.4% year-over-year[4] - Consumer finance segment loans decreased by $4.7 million, or 4.0$14.0 million, or 2.9% year-over-year[4] - Mortgage banking segment loan originations rose by $19.5 million, or 20.6$113.8 million compared to Q1 2024[5] - Total loans reached $1,954,049 million, a 9.0$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$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$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]