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 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]