C&F Financial Corporation Announces Net Income for 2024

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]