C&F Financial (CFFI) - 2024 Q4 - Annual Results

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].