C&F Financial Reports Consolidated Net Income of $5.4 Million for Q3 2024 –

On October 29, 2024, C&F Financial Corporation (NASDAQ: CFFI) disclosed its financial results for the third quarter and first nine months of 2024 in a Form 8-K filing with the Securities and Exchange Commission (SEC). The company reported consolidated net income of $5.4 million for the third quarter of 2024, in comparison to $5.8 million for the same period in 2023. Similarly, the consolidated net income for the first nine months of 2024 stood at $13.9 million, down from $18.7 million for the first nine months of 2023.

Selected financial highlights for the third quarter and nine months ended on September 30, 2024, included the following:
– Community banking segment loans grew by $158.5 million, or 16.6 percent annualized, compared to December 31, 2023.
– Consumer finance segment loans demonstrated growth of $8.8 million, or 2.5 percent annualized, compared to December 31, 2023.
– Deposits increased by $69.8 million, or 4.5 percent annualized, compared to December 31, 2023.
– The consolidated annualized net interest margin was reported at 4.13 percent for the third quarter of 2024.

Tom Cherry, President and CEO of C&F Financial Corporation, commented positively on the results, noting growth in loans and deposits across various segments. Despite challenges in the market and industry, the company remained profitable in its consumer finance and mortgage banking segments.

The company’s financial statement also indicated that the community banking segment’s net income was $5.3 million for Q3 2024, reflecting a slight decrease from the same period in 2023. On the other hand, the mortgage banking segment recorded a net income of $351,000 for Q3 2024, a significant improvement from a net loss in Q3 2023.

C&F Financial Corporation’s consumer finance segment reported a net income of $311,000 for Q3 2024, a decrease from the same period in 2023. The decrease was primarily attributed to higher provision for credit losses and interest expenses despite an increase in interest income.

The Form 8-K filing also provided detailed information on liquidity management, capital structure, dividends, and a disclaimer regarding the Corporation’s forward-looking statements. The filing presented facts related to asset quality, funding sources, and other performance data, offering transparency to stakeholders and investors.

The full text of the filing can be accessed on the SEC’s website for a more comprehensive understanding of C&F Financial Corporation’s financial performance and operational updates.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read C&F Financial’s 8K filing here.

C&F Financial Company Profile

C&F Financial Corporation operates as a bank holding company for Citizens and Farmers Bank that provides banking services to individuals and businesses. It operates through three segments: Community Banking, Mortgage Banking, and Consumer Finance. The Community Banking segment offers various banking services, including checking and savings deposit accounts, as well as business, real estate, development, mortgage, home equity, and installment loans.