C&F Financial (CFFI) - 2025 Q3 - Quarterly Results

Financial Performance - Consolidated net income for Q3 2025 was $7.1 million, a 31.2% increase from $5.4 million in Q3 2024[1] - Consolidated net income for the first nine months of 2025 reached $20.3 million, up 46.0% from $13.9 million in the same period of 2024[1] - Net income for Q3 2025 was $7.1 million, up from $5.4 million in Q3 2024, reflecting a year-over-year increase of 31.3%[32] - Net income attributable to C&F Financial Corporation for the quarter was $7,075 million, an increase of 31.4% from $5,389 million in the same quarter of 2024[36] - The net income for the quarter ended September 30, 2025, is $7,113,000, representing an increase from $5,420,000 for the same quarter in 2024[40] Loan and Deposit Growth - Community banking segment loans grew by $91.4 million, or 8.4% annualized, compared to December 31, 2024[3] - Total loans increased to $2,039,506 million for the quarter ended September 30, 2025, up from $1,932,693 million in the same quarter of 2024, reflecting a growth of 5.5%[33] - Mortgage banking segment loan originations increased by $10.1 million, or 6.4%, to $167.0 million in Q3 2025 compared to Q3 2024[7] - Total interest-bearing deposits rose to $1,722,589 million for the quarter, compared to $1,596,894 million in the same quarter of 2024, an increase of 7.9%[33] - Deposits increased by $127.2 million, or 7.8% annualized, compared to December 31, 2024[3] Credit Quality - The community banking segment recorded a net reversal of provision for credit losses of $100,000 in Q3 2025, compared to a provision of $700,000 in Q3 2024[3] - The allowance for credit losses was $22.3 million at September 30, 2025, representing 4.81% of total loans[14] - The allowance for credit losses (ACL) to total loans ratio was 1.11% as of September 30, 2025, down from 1.20% at the end of 2024[36] Capital and Equity - Total consolidated equity increased by $26.9 million to $253.9 million as of September 30, 2025, compared to December 31, 2024, primarily due to net income and lower unrealized losses in securities[19] - C&F Bank was categorized as well capitalized under regulatory standards as of September 30, 2025, exceeding all required capital ratios[21] - As of September 30, 2025, the total risk-based capital ratio for C&F Financial Corporation is 15.3%, up from 14.1% as of December 31, 2024[38] - The Tier 1 risk-based capital ratio for C&F Bank is 13.7% as of September 30, 2025, up from 12.3% as of December 31, 2024[38] Income and Earnings Metrics - Interest income for Q3 2025 was $38.8 million, compared to $36.1 million in Q3 2024, marking a growth of 7.3%[32] - Net interest income for the quarter was $27,492 million, compared to $24,975 million for the same period last year, representing an increase of 10.1%[33] - The net interest margin improved to 4.24% for the quarter ended September 30, 2025, up from 4.13% in the prior year[33] - The annualized return on average assets increased to 1.06% for the quarter, compared to 0.86% in the prior year[36] - The annualized return on average tangible common equity for the quarter ended September 30, 2025, is 13.07%, compared to 11.16% for the same quarter in 2024[40] Dividends and Shareholder Returns - The Corporation declared a quarterly cash dividend of $0.46 per share, representing a payout ratio of 21.1% of earnings per share for Q3 2025[18] - The company declared dividends of $0.46 per share for the quarter, compared to $0.44 per share in the same quarter of the previous year[36] Asset Growth - Total assets reached $2.71 billion as of September 30, 2025, an increase from $2.56 billion at December 31, 2024[32] - Total assets increased to $2,691,263 million as of September 30, 2025, compared to $2,526,720 million a year earlier, reflecting a growth of 6.5%[33] Other Financial Metrics - The book value per share was $78.23 as of September 30, 2025, while the tangible book value per share was $70.15[23] - The book value per share increased to $78.23 as of September 30, 2025, from $70.00 as of December 31, 2024[43] - The tangible book value per share rose to $70.15 as of September 30, 2025, compared to $61.86 as of December 31, 2024[43] - The price to earnings ratio (ttm) decreased to 8.31 as of September 30, 2025, from 11.86 as of December 31, 2024[38]