C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the
one-bank holding company for C&F Bank, today reported
consolidated net income of $29.1 million for the year ended
December 31, 2021, which is the highest consolidated net income for
any year in the Corporation’s history and represents an increase of
$6.7 million, or 30 percent, as compared to the year ended December
31, 2020. Adjusted net income increased $7.6 million, or 34
percent, for the year ended December 31, 2021 compared to the year
ended December 31, 2020.
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Reported |
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Adjusted1 |
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For The Year Ended |
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For The Year Ended |
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Consolidated Financial
Highlights (unaudited) |
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12/31/21 |
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12/31/20 |
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12/31/21 |
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12/31/20 |
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Net income (000's) |
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$ |
29,123 |
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$ |
22,424 |
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$ |
30,011 |
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$ |
22,431 |
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Earnings per share - basic and
diluted |
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$ |
7.95 |
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$ |
6.06 |
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$ |
8.20 |
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$ |
6.06 |
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Annualized return on average
assets |
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1.34 |
% |
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1.14 |
% |
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1.38 |
% |
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1.14 |
% |
Annualized return on average
equity |
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14.77 |
% |
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12.54 |
% |
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15.22 |
% |
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12.54 |
% |
________________________1The Corporation uses non-GAAP measures
of financial performance, including adjusted net income, adjusted
earnings per share, adjusted annualized return on average assets
(ROA) and adjusted annualized return on average equity (ROE), to
provide meaningful information about operating performance by
excluding the effects of certain items that management does not
expect to have an ongoing impact on consolidated net income.
Adjusted net income for the years ended December 31, 2021 and 2020
and for the fourth quarters of 2021 and 2020 exclude the effects of
the sale of purchased credit-impaired (PCI) loans, early repayment
charges, pension settlement charges, merger related expenses,
branch consolidation activity and certain one-time tax benefits.
For more information about these financial measures, which are not
calculated in accordance with generally accepted accounting
principles (GAAP), please see “Use of Certain Non-GAAP Financial
Measures” and “Reconciliation of Certain Non-GAAP Financial
Measures,” below.
The Corporation reported quarterly consolidated
net income of $6.0 million for the fourth quarter of 2021, which
represents a decrease of $2.1 million, or 26 percent, compared to
the fourth quarter of 2020. Adjusted net income decreased $53,000,
or 1 percent, for the fourth quarter of 2021 compared to the fourth
quarter of 2020.
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Reported |
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Adjusted |
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For The Quarter Ended |
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For The Quarter Ended |
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Consolidated Financial
Highlights (unaudited) |
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12/31/21 |
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12/31/20 |
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12/31/21 |
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12/31/20 |
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Net income (000's) |
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$ |
6,041 |
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$ |
8,124 |
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$ |
7,036 |
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$ |
7,089 |
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Earnings per share - basic and
diluted |
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$ |
1.67 |
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$ |
2.19 |
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$ |
1.96 |
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$ |
1.91 |
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Annualized return on average
assets |
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1.08 |
% |
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1.57 |
% |
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1.26 |
% |
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1.37 |
% |
Annualized return on average
equity |
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11.89 |
% |
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17.80 |
% |
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13.84 |
% |
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15.54 |
% |
Tom Cherry, President and Chief Executive
Officer of C&F Financial Corporation, commented, “I am pleased
to report our fourth consecutive year of record earnings despite
the economic and operational challenges presented by the ongoing
COVID-19 pandemic. Once again, each of our four subsidiaries
contributed to our financial success. C&F Mortgage had another
strong origination year, C&F Finance had record originations,
record low delinquencies and record low net charge-offs, C&F
Wealth Management had another year of record revenue and C&F
Bank made strides in accomplishing its most important strategic
goal of growing loans. Despite ongoing headwinds from macroeconomic
challenges, including inflation and a lower interest rate
environment, lower mortgage industry origination volume, an
evolving regulatory climate and cybersecurity risks, we are excited
about the future of our Company based on the solid foundation and
diversified business strategy we have built along with the
responsible growth we have planned.”
Key highlights for the fourth quarter of 2021
and the year ended December 31, 2021 are as follows. Comparisons
are to the corresponding periods in the prior year unless otherwise
stated.
- Average loans outstanding at the
community banking segment, excluding Paycheck Protection Program
(PPP) loans, increased 5.8 percent for the fourth quarter and 4.4
percent for the year;
- Average loans outstanding at the
consumer finance segment increased 15.1 percent for the fourth
quarter and 8.6 percent for the year;
- The Corporation recorded net
provision for loan losses of $465,000 and $575,000 for the quarter
and year ended December 31, 2021, respectively, on a consolidated
basis, as additional reserves related to loan growth were partially
offset by reserve releases at both the consumer finance and
community banking segments. This represents a decrease in the
provision for loan losses of $1.1 million and $10.5 million for the
fourth quarter and full year, respectively;
- Interest expense decreased $1.1
million for the fourth quarter and $5.0 million for the year due
primarily to lower rates and balances of time deposits and a shift
in funding to lower cost deposits;
- The community banking segment
recognized net origination fees related to PPP loans of $692,000
and $4.1 million for the quarter and year ended December 31, 2021,
respectively, primarily as a result of PPP loans that were forgiven
or repaid, compared to $732,000 and $1.6 million,
respectively;
- Consolidated annualized net
interest margin was 4.09 percent for the fourth quarter of 2021,
compared to 4.57 percent and 4.25 percent for the fourth quarter of
2020 and third quarter of 2021, respectively, and was 4.26 percent
for the year ended December 31, 2021, compared to 4.65 percent for
the year ended December 31, 2020. The decrease in the fourth
quarter of 2021 compared to the third quarter of 2021 was due
primarily to lower net PPP origination fee income;
- The consumer finance segment
experienced net recoveries at an annualized rate of 0.14 percent of
average total loans for the year ended December 31, 2021, compared
to net charge-offs of 1.54 percent for the year ended December 31,
2020, due to borrowers generally benefitting from government
stimulus measures related to the COVID-19 pandemic, continued
improvement in the credit quality of purchased loans and elevated
values for used automobiles, which result in lower charge-offs upon
sale of repossessed automobiles;
- The consumer finance segment’s
average loan yield declined due to continued competition for
non-prime auto loans and growth in higher quality, lower-yielding
loans, including prime marine and recreational vehicle loans;
- Mortgage banking segment net income
decreased 56 percent for the fourth quarter of 2021 and decreased
28 percent for the year ended December 31, 2021, as mortgage loan
originations decreased 44 percent for the fourth quarter of 2021
and decreased 18 percent for the year ended December 31, 2021 as
compared to the record loan production experienced in 2020;
- The community banking segment
expanded its commercial lending team in 2021 to include two lenders
focused on the Fredericksburg, Virginia market, and plans to open a
second retail banking branch in Fredericksburg in 2022; and
- C&F Bank amended its cash
balance pension plan and closed the plan to new entrants hired
after December 31, 2021. The amendment is expected to result in
lower expense related to the cash balance pension plan as the
number of active participants decreases over time. Separately, the
community banking segment recorded a non-cash pension settlement
charge of $1.3 million in connection with certain lump sum benefit
payments during the year ended December 31, 2021.
Community Banking
Segment. The community banking segment
reported net income of $3.2 million and $14.1 million for the
fourth quarter of 2021 and for the year ended December 31, 2021,
respectively, compared to $3.9 million and $6.1 million,
respectively, for the same periods in 2020.
Community banking segment net income decreased
$683,000 for the fourth quarter of 2021 compared to the fourth
quarter of 2020 due primarily to:
- a $3.5 million gain on the sale of
PCI loans in 2020,
- a $1.3 million pension settlement
charge in 2021 and
- lower average yields on loans;
partially offset by:
- $2.2 million of early repayment
charges in 2020 related to Federal Home Loan Bank (FHLB)
advances,
- lower interest expense due to lower
average cost of deposits and
- lower provision for loan
losses.
Adjusted net income for the community banking
segment, which excludes the effects of the sale of PCI loans, early
repayment charges and pension settlement charges, was $4.2 million
for the fourth quarter of 2021, compared to $2.8 million for the
same period in 2020. Adjusted net income for the community banking
segment increased $1.4 million for the fourth quarter of 2021
compared to the fourth quarter of 2020 due primarily to the items
discussed above.
Community banking segment net income increased
$7.9 million for the year ended December 31, 2021 compared to the
year ended December 31, 2020 due primarily to:
- lower provision for loan
losses,
- lower interest expense due to lower
average cost of deposits and lower average borrowings,
- $2.5 million higher net PPP
origination fee income, included in interest income,
- $2.2 million of early repayment
charges in 2020 related to FHLB advances,
- $1.3 million of merger related
expenses in 2020,
- higher average balances of
loans,
- $1.4 million higher income from
debit card interchange, overdraft and account maintenance
fees,
- a gain of $399,000 related to the
sale of an other real estate owned (OREO) property in 2021 and
- income tax benefits of branch
consolidation activity in 2021 compared to branch consolidation
charges in 2020;
partially offset by:
- lower average yields on loans,
securities and cash reserves,
- a $3.5 million gain on the sale of
PCI loans in 2020,
- a $1.3 million pension settlement
charge in 2021,
- higher operating costs related to
data processing and professional services, as a result of serving a
growing number of customers,
- higher occupancy expense related to
two financial centers opened in the third quarter of 2020 and
- benefits of a change in tax law
recognized in 2020.
Adjusted net income for the community banking
segment, which excludes the effects of the sale of PCI loans, early
repayment charges, pension settlement charges, merger related
expenses, branch consolidation activity and certain one-time tax
benefits, was $15.0 million for the year ended December 31, 2021,
compared to $6.1 million for the same period in 2020. Adjusted net
income for the community banking segment increased $8.9 million for
the year ended December 31, 2021 compared to the year ended
December 31, 2020 due primarily to the items discussed above.
Average loans decreased $7.8 million, or 1
percent, for the fourth quarter of 2021 and increased $41.6
million, or 4 percent, for the year ended December 31, 2021,
compared to the same periods in 2020. Excluding the impact of PPP
loans, average loans increased $55.3 million, or 5.8 percent, for
the fourth quarter of 2021 and $40.8 million, or 4.4 percent, for
the year ended December 31, 2021, compared to the same periods in
2020. The increase in average loans outstanding excluding PPP loans
for the fourth quarter and for the year ended December 31, 2021
compared to the same periods in 2020 resulted primarily from growth
in the commercial real estate segment of the loan portfolio.
Average deposits increased $87.6 million, or 7 percent, for the
fourth quarter of 2021 and $104.4 million, or 9 percent, for the
year ended December 31, 2021, compared to the same periods in 2020,
and the mix of deposit balances shifted away from time deposits and
toward lower cost savings, money market and demand deposits.
Average loan yields were lower for the fourth
quarter of 2021 and for the year ended December 31, 2021 compared
to the same periods in 2020. Interest rates declined in 2020,
resulting in lower repricing of variable rate loans and lower
average yields on new lending, while recognition of net origination
fees on PPP loans was higher for the year ended December 31, 2021
compared to the same period in 2020 as a result of PPP loans that
were forgiven or repaid. PPP loans earn interest at a
note rate of one percent as well as net origination fees that are
amortized over the contractual term of the related loan or
accelerated into interest income upon repayment of the loan. Net
PPP origination fees recognized in the fourth quarter and year
ended December 31, 2021 were $692,000 and $4.1 million,
respectively, compared to $732,000 and $1.6 million, respectively,
for the same periods in 2020. Since the second quarter of 2020, the
community banking segment has recognized $5.6 million of net fees
under the PPP, and there were unrecognized net deferred PPP fees at
December 31, 2021 of $679,000, which are expected to be recognized
in 2022.
C&F Bank’s total nonperforming assets were
$3.2 million at December 31, 2021 compared to $3.9 million at
December 31, 2020. Nonperforming assets included $2.4 million in
nonaccrual loans and $835,000 in OREO at December 31, 2021 and
included $3.0 million in nonaccrual loans and $907,000 in OREO at
December 31, 2020. Nonaccrual loans were comprised primarily of one
commercial relationship at December 31, 2021 and December 31,
2020. OREO was primarily comprised of a property
previously used by the Bank as a branch, which was consolidated
into a nearby branch in 2019 at December 31, 2021 and 2020. The
property was subsequently sold in January 2022. The community
banking segment recorded no provision for loan losses for the
fourth quarter 2021 and recorded a net reversal of provision for
loan losses of $200,000 for the year ended December 31, 2021,
compared to provision for loan losses of $700,000 and $4.6 million
for the fourth quarter of 2020 and the year ended December 31,
2020, respectively. At December 31, 2021, the allowance for loan
losses decreased to $14.8 million, compared to $15.0 million at
December 31, 2020. Decreases in the allowance for loan losses
during 2021 related to (1) qualitative adjustments to reserves due
to the COVID-19 pandemic, as credit deterioration has not yet been
experienced to the extent previously anticipated and (2)
improvement in asset quality during 2021, including impaired loans,
which were partially offset by provision related to growth in the
loan portfolio. As of December 31, 2021, we have not experienced
significant declines in the overall credit quality of the loan
portfolio during the COVID-19 pandemic. Management believes that
PPP loans and other forms of government stimulus may have delayed
and partially mitigated credit deterioration during the COVID-19
pandemic. Management believes that the level of the allowance for
loan losses is sufficient to absorb losses inherent in the
portfolio. However, if there are further challenges to the economic
recovery, including a resurgence in COVID-19 cases that leads to
economic disruption, additional provision for loan losses may be
required in future periods.
Mortgage Banking
Segment. The mortgage banking segment reported
net income of $1.1 million and $7.7 million for the fourth quarter
of 2021 and for the year ended December 31, 2021, compared to net
income of $2.4 million and $10.7 million for the same periods in
2020.
The decrease in net income of the mortgage
banking segment for the fourth quarter of 2021 compared to the
fourth quarter of 2020 was due primarily to lower mortgage
origination volume, partially offset by lower provision for
indemnification losses. The decrease in net income of the mortgage
banking segment for the year ended December 31, 2021 compared to
the year ended December 31, 2020 was due primarily to (1) lower
mortgage origination volume and (2) increased salaries and benefits
expense as a result of higher average rates of loan officer
commissions and due to the addition of operations staff, partially
offset by (1) higher margins on sales of mortgage loans, (2) lower
provision for indemnification losses and (3) higher mortgage lender
services income.
Mortgage loan originations for the mortgage
banking segment were $296.9 million and $1.5 billion for the fourth
quarter and for the year ended December 31, 2021, respectively,
compared to $528.7 million and $1.8 billion for the fourth quarter
and for the year ended December 31, 2020, respectively. Mortgage
loan originations for the mortgage banking segment during the
fourth quarter of 2021 for refinancings and home purchases were
$83.6 million and $213.3 million, respectively, compared to $293.7
million and $235.0 million, respectively, during the fourth quarter
of 2020. Mortgage loan originations for the mortgage banking
segment during the year ended December 31, 2021 for refinancings
and home purchases were $522.1 million and $936.9 million,
respectively, compared to $917.5 million and $854.5 million,
respectively, during the year ended December 31,
2020.
Consumer Finance Segment.
The consumer finance segment reported net income of $2.4 million
and $10.0 million for the fourth quarter of 2021 and for the year
ended December 31, 2021, compared to net income of $2.4 million and
$7.6 million for the same periods in 2020.
Net income for the consumer finance segment
decreased $79,000 for the fourth quarter of 2021 compared to the
fourth quarter of 2020 due to lower yields on automobile loans,
partially offset by loan growth and lower provision for loan
losses. Net income for the consumer finance segment increased $2.4
million for the year ended December 31, 2021 compared to the prior
year due primarily to lower provision for loan losses and growth in
loans outstanding, partially offset by lower yields on automobile
loans. Provision for loan losses decreased as a result of reserves
recognized in 2020 related to the COVID-19 pandemic, a portion of
which were released in 2021, and lower net charge-offs, partially
offset by loan growth in 2021. Interest income was lower for the
fourth quarter of 2021 and year ended December 31, 2021 compared to
the same periods in 2020 as a result of lower average yields on
loans, resulting from the consumer finance segment’s pursuing
growth in higher quality, lower yielding loans, partially offset by
loan growth as well as lower market interest rates and continued
competition in the non-prime automobile loan business.
The consumer finance segment experienced
annualized net recoveries for the year ended December 31, 2021 of
0.14 percent of average total loans, compared to net charge-offs of
1.54 percent for the year ended December 31, 2020. The decline in
the net charge-off ratio for the year ended December 31, 2021
compared to the year ended December 31, 2020 reflects a lower
number of charge-offs during 2021 due to improvement in loan
performance, and lower losses per loan charged off as a result of a
strong used car market. Improvement in loan performance has
resulted from the consumer finance segment continuing to purchase
higher quality loans as well as borrowers benefitting from the
government’s stimulus measures in response to the
pandemic. At December 31, 2021, total delinquent loans
as a percentage of total loans was 2.16 percent, compared to 3.08
percent at December 31, 2020. The allowance for loan losses was
$24.8 million at December 31, 2021, compared to $23.5 million at
December 31, 2020. The allowance for loan losses as a percentage of
total loans decreased to 6.73 percent at December 31, 2021 from
7.53 percent at December 31, 2020 primarily a result of improving
credit quality of the portfolio, which has resulted in lower net
charge-offs, and lower reserves based on qualitative adjustments
related to the COVID-19 pandemic. Management believes that the
level of the allowance for loan losses is sufficient to absorb
losses inherent in the portfolio. However, if there are further
challenges to the economic recovery, including a resurgence in
COVID-19 cases that results in economic disruption, additional
provision for loan losses may be required in future periods. In
addition, provision for loan losses may be higher in future periods
if net charge-offs increase, including due to lower recoveries from
sales of used automobiles if prices decline.
Capital and Dividends. The
Corporation declared cash dividends during the year ended December
31, 2021 totaling $1.58 per share. The Corporation declared a
quarterly cash dividend of 40 cents per share during the fourth
quarter of 2021, which was paid on January 1, 2022. These dividends
represent a payout ratio of 24.0 percent of earnings per share for
the fourth quarter of 2021 and 19.9 percent of earnings per share
for the year ended December 31, 2021. The Board of Directors of the
Corporation continually reviews the amount of cash dividends per
share and the resulting dividend payout ratio in light of changes
in economic conditions, current and future capital requirements,
and expected future earnings.
In November 2020, the Board of Directors
authorized a program, effective November 17, 2020, to repurchase up
to 365,000 shares of the Corporation’s common stock through
November 30, 2021. During the fourth quarter and the year ended
December 31, 2021, the Corporation repurchased $60,000 and $7.2
million, respectively, of its common stock. As of December 31,
2021, the Corporation has made aggregate common stock repurchases
of 151,538 shares for an aggregate amount repurchased of $7.5
million under the share repurchase program. This share repurchase
program expired on November 30, 2021.
On November 16, 2021, the Board of Directors
authorized a new program, effective December 1, 2021, to repurchase
up to $10.0 million of the Corporation’s common stock through
November 30, 2022. During the fourth quarter of 2021, the
Corporation repurchased 1,106 shares or $56,000 of its common stock
under this share repurchase program.
About C&F Financial
Corporation. C&F Financial Corporation’s common stock
is listed for trading on The Nasdaq Stock Market under the symbol
CFFI. The common stock closed at a price of $53.25 per share on
January 24, 2022. At December 31, 2021, the book value
of the Corporation was $59.32 per share and the tangible book value
per share was $51.66. For more information about the Corporation’s
tangible book value per share, which is not calculated in
accordance with GAAP, please see “Use of Certain Non-GAAP Financial
Measures” and “Reconciliation of Certain Non-GAAP Financial
Measures,” below.
C&F Bank operates 31 banking offices and 4
commercial loan offices located throughout the Hampton to
Charlottesville corridor and the Northern Neck region in Virginia
and offers full wealth management services through its subsidiary
C&F Wealth Management, Inc. C&F Mortgage Corporation and
its subsidiary C&F Select LLC provide mortgage loan origination
services through offices located in Virginia, Maryland, North
Carolina, South Carolina and West Virginia. C&F Finance Company
provides automobile, marine and RV loans through indirect lending
programs offered in Alabama, Colorado, Florida, Georgia, Illinois,
Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, New
Jersey, North Carolina, Ohio, Pennsylvania, South Carolina,
Tennessee, Texas, Virginia and West Virginia through its offices in
Richmond and Hampton, Virginia.
Additional information regarding the
Corporation’s products and services, as well as access to its
filings with the Securities and Exchange Commission (SEC), are
available on the Corporation’s website at http://www.cffc.com.
Use of Certain Non-GAAP Financial
Measures. The accounting and reporting policies of the
Corporation conform to GAAP in the United States and prevailing
practices in the banking industry. However, certain non-GAAP
measures are used by management to supplement the evaluation of the
Corporation’s performance. These include adjusted net income,
adjusted earnings per share, adjusted ROE, adjusted ROA, tangible
book value per share, and the following fully-taxable equivalent
(FTE) measures: interest income on loans-FTE, interest income on
securities-FTE, total interest income-FTE and net interest
income-FTE.
Management believes that the use of these
non-GAAP measures provides meaningful information about operating
performance by enhancing comparability with other financial
periods, other financial institutions, and between different
sources of interest income. The non-GAAP measures used by
management enhance comparability by excluding the effects of (1)
items that do not reflect ongoing operating performance, (2)
balances of intangible assets, including goodwill, that vary
significantly between institutions, and (3) tax benefits that are
not consistent across different opportunities for investment. These
non-GAAP financial measures should not be considered an alternative
to GAAP-basis financial statements, and other bank holding
companies may define or calculate these or similar measures
differently. A reconciliation of the non-GAAP financial measures
used by the Corporation to evaluate and measure the Corporation’s
performance to the most directly comparable GAAP financial measures
is presented below.
Forward-Looking
Statements. This press release contains
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act, as amended. These forward-looking
statements are based on the beliefs of the Corporation’s
management, as well as assumptions made by, and information
currently available to, the Corporation’s management, and reflect
management’s current views with respect to certain events that
could have an impact on the Corporation’s future financial
performance. These statements, including without limitation
statements made in Mr. Cherry’s quotes, relate to expectations
concerning matters that are not historical fact, may express
“belief,” “intention,” “expectation,” “potential” and similar
expressions, and may use the words “believe,” “expect,”
“anticipate,” “estimate,” “plan,” “may,” “will,” “intend,”
“should,” “could,” or similar expressions. These statements are
inherently uncertain, and there can be no assurance that the
underlying assumptions will prove to be accurate. Actual results
could differ materially from those anticipated or implied by such
statements. Forward-looking statements in this release may include,
without limitation, statements regarding expected future operations
and financial performance, potential effects of the COVID-19
pandemic, including on asset quality, the allowance for loan
losses, provision for loan losses, interest rates and recoveries
from sales of used automobiles, future dividend payments, strategic
business initiatives and the anticipated effects thereof, including
new or consolidated facilities, lending under the PPP loan program,
future recognition of PPP origination fees, margin compression,
mortgage loan originations, technology initiatives, our diversified
business strategy, asset quality, credit quality, including the
effect of PPP loans and government stimulus related to COVID-19 on
credit quality, adequacy of allowances for loan losses and the
level of future charge-offs, capital levels, the effect of future
market and industry trends, the effects of future interest rate
fluctuations, cybersecurity risks, and inflation. Factors that
could have a material adverse effect on the operations and future
prospects of the Corporation include, but are not limited to,
changes in: (1) interest rates, such as volatility in short-term
interest rates or yields on U.S. Treasury bonds and increases or
volatility in mortgage interest rates, (2) general business
conditions, as well as conditions within the financial markets, (3)
general economic conditions, including unemployment levels,
continuing supply chain disruption and slowdowns in economic
growth, and particularly related to further and sustained economic
impacts of the COVID-19 pandemic, the effectiveness of the
Corporation’s efforts to respond to the COVID-19 pandemic, the
severity and duration of the pandemic, the pace and availability of
vaccinations, the pace of economic recovery when the pandemic
subsides and the heightened impact it has on many of the risks
described herein and in other periodic reports the Corporation
files with the SEC, (4) potential claims, damages and fines related
to litigation or government actions, including litigation or
actions arising from the Corporation’s participation in and
administration of programs related to COVID-19, including, among
other things, the PPP under the Coronavirus Aid, Recovery, and
Economic Security Act, (5) the legislative/regulatory climate,
regulatory initiatives with respect to financial institutions,
products and services, the Consumer Financial Protection Bureau
(CFPB) and the regulatory and enforcement activities of the CFPB,
(6) monetary and fiscal policies of the U.S. Government, including
policies of the U.S. Treasury and the Federal Reserve Board, and
the effect of these policies on interest rates and business in our
markets, (7) the value of securities held in the Corporation’s
investment portfolios, (8) the quality or composition of the loan
portfolios and the value of the collateral securing those loans,
(9) the inventory level and pricing of used automobiles, including
sales prices of repossessed vehicles, (10) the level of net
charge-offs on loans and the adequacy of our allowance for loan
losses, (11) the level of indemnification losses related to
mortgage loans sold, (12) demand for loan products, (13) deposit
flows, (14) the strength of the Corporation’s counterparties, (15)
competition from both banks and non-banks, including competition in
the non-prime automobile finance markets, (16) demand for financial
services in the Corporation’s market area, (17) reliance on third
parties for key services, (18) the commercial and residential real
estate markets, (19) demand in the secondary residential mortgage
loan markets, (20) the Corporation’s technology initiatives and
other strategic initiatives, (21) the Corporation’s branch
expansions and consolidations, (22) cyber threats, attacks or
events, (23) expansion of C&F Bank’s product offerings, and
(24) accounting principles, policies and guidelines, and elections
by the Corporation thereunder. These risks and uncertainties should
be considered in evaluating the forward-looking statements
contained herein, and readers are cautioned not to place undue
reliance on any forward-looking statements, which speak only as of
the date of this release. For additional information on risk
factors that could affect the forward-looking statements contained
herein, see the Corporation’s Annual Report on Form 10-K for the
year ended December 31, 2020 and other reports filed with the
SEC.
Contact: |
Jason Long, CFO and
Secretary |
|
(804)
843-2360 |
C&F Financial
Corporation
Selected Financial
Information(dollars in thousands, except for per
share data)(unaudited)
|
|
|
|
|
|
|
|
Financial
Condition |
|
12/31/2021 |
|
12/31/2020 |
|
Interest-bearing deposits in
other banks |
|
$ |
248,053 |
|
$ |
68,927 |
|
Investment securities -
available for sale, at fair value |
|
|
373,073 |
|
|
286,389 |
|
Loans held for sale, at fair
value |
|
|
82,295 |
|
|
214,266 |
|
Loans, net: |
|
|
|
|
|
|
|
Community Banking segment, excluding PPP loans |
|
|
999,912 |
|
|
941,713 |
|
PPP loans |
|
|
17,762 |
|
|
76,527 |
|
Mortgage Banking segment |
|
|
8,826 |
|
|
6,271 |
|
Consumer Finance segment |
|
|
343,403 |
|
|
288,739 |
|
Restricted stock, at cost |
|
|
1,027 |
|
|
1,636 |
|
Total assets |
|
|
2,264,521 |
|
|
2,086,310 |
|
Deposits |
|
|
1,914,614 |
|
|
1,752,173 |
|
Repurchase agreements |
|
|
34,735 |
|
|
20,455 |
|
Borrowings |
|
|
55,726 |
|
|
55,714 |
|
Total equity |
|
|
211,024 |
|
|
194,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The |
|
|
For The |
|
|
|
Quarter Ended |
|
|
Year Ended |
|
Results of
Operations |
|
12/31/2021 |
|
|
12/31/2020 |
|
|
12/31/2021 |
|
12/31/2020 |
|
Interest income |
|
$ |
23,182 |
|
|
|
$ |
24,729 |
|
|
$ |
93,728 |
|
|
$ |
96,913 |
|
Interest expense |
|
|
1,835 |
|
|
|
|
2,900 |
|
|
|
8,359 |
|
|
|
13,382 |
|
Provision for loan
losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Banking segment |
|
|
- |
|
|
|
|
700 |
|
|
|
(200 |
) |
|
|
4,600 |
|
Mortgage Banking segment |
|
|
(135 |
) |
|
|
|
10 |
|
|
|
(45 |
) |
|
|
10 |
|
Consumer Finance segment |
|
|
600 |
|
|
|
|
820 |
|
|
|
820 |
|
|
|
6,470 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sales of loans |
|
|
3,614 |
|
|
|
|
11,237 |
|
|
|
22,279 |
|
|
|
29,224 |
|
Other |
|
|
6,051 |
|
|
|
|
8,464 |
|
|
|
26,884 |
|
|
|
25,383 |
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
13,339 |
|
|
|
|
16,730 |
|
|
|
58,581 |
|
|
|
57,668 |
|
Other |
|
|
9,158 |
|
|
|
|
12,509 |
|
|
|
37,294 |
|
|
|
40,171 |
|
Income tax expense |
|
|
2,009 |
|
|
|
|
2,637 |
|
|
|
8,959 |
|
|
|
6,795 |
|
Net income |
|
|
6,041 |
|
|
|
|
8,124 |
|
|
|
29,123 |
|
|
|
22,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully-taxable equivalent (FTE)
amounts1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on loans-FTE |
|
|
21,746 |
|
|
|
|
23,455 |
|
|
|
88,215 |
|
|
|
91,154 |
|
Interest income on securities-FTE |
|
|
1,479 |
|
|
|
|
1,437 |
|
|
|
5,801 |
|
|
|
5,735 |
|
Total interest income-FTE |
|
|
23,308 |
|
|
|
|
24,923 |
|
|
|
94,270 |
|
|
|
97,602 |
|
Net interest income-FTE |
|
|
21,473 |
|
|
|
|
22,023 |
|
|
|
85,911 |
|
|
|
84,220 |
|
________________________1For more information about these
non-GAAP financial measures, please see “Use of Certain Non-GAAP
Financial Measures” and “Reconciliation of Certain Non-GAAP
Financial Measures.”
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The |
|
|
For The |
|
|
|
Quarter Ended |
|
|
Year Ended |
|
Average
Balances |
|
12/31/2021 |
|
|
9/30/2021 |
|
|
12/31/2020 |
|
|
12/31/2021 |
|
12/31/2020 |
|
Securities |
|
$ |
367,481 |
|
|
$ |
357,713 |
|
|
$ |
275,489 |
|
|
$ |
338,656 |
|
$ |
242,128 |
|
Loans held for sale |
|
|
98,279 |
|
|
|
103,110 |
|
|
|
247,174 |
|
|
|
123,163 |
|
|
166,048 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Banking segment, excluding PPP loans |
|
|
1,007,382 |
|
|
|
985,079 |
|
|
|
952,049 |
|
|
|
976,799 |
|
|
936,037 |
|
PPP loans |
|
|
24,094 |
|
|
|
48,212 |
|
|
|
87,239 |
|
|
|
60,486 |
|
|
59,689 |
|
Mortgage Banking segment |
|
|
10,298 |
|
|
|
10,326 |
|
|
|
5,818 |
|
|
|
10,290 |
|
|
4,969 |
|
Consumer Finance segment |
|
|
358,994 |
|
|
|
339,283 |
|
|
|
311,872 |
|
|
|
334,565 |
|
|
307,991 |
|
Interest-bearing deposits in
other banks |
|
|
215,826 |
|
|
|
184,603 |
|
|
|
38,306 |
|
|
|
173,050 |
|
|
92,973 |
|
Total earning assets |
|
|
2,082,354 |
|
|
|
2,028,326 |
|
|
|
1,917,947 |
|
|
|
2,017,009 |
|
|
1,809,835 |
|
Total assets |
|
|
2,229,345 |
|
|
|
2,178,242 |
|
|
|
2,068,545 |
|
|
|
2,167,419 |
|
|
1,966,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time, checking and savings
deposits |
|
|
1,299,189 |
|
|
|
1,274,640 |
|
|
|
1,211,624 |
|
|
|
1,279,333 |
|
|
1,174,884 |
|
Borrowings |
|
|
91,829 |
|
|
|
85,412 |
|
|
|
117,091 |
|
|
|
83,152 |
|
|
129,358 |
|
Total interest-bearing
liabilities |
|
|
1,391,018 |
|
|
|
1,360,052 |
|
|
|
1,328,715 |
|
|
|
1,362,485 |
|
|
1,304,242 |
|
Noninterest-bearing demand
deposits |
|
|
585,534 |
|
|
|
568,275 |
|
|
|
500,028 |
|
|
|
556,801 |
|
|
431,789 |
|
Total equity |
|
|
203,283 |
|
|
|
199,954 |
|
|
|
182,529 |
|
|
|
197,204 |
|
|
178,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized Average
Yields and Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Banking segment |
|
|
4.30 |
% |
|
|
4.57 |
% |
|
|
4.68 |
% |
|
|
4.49 |
% |
|
4.75 |
% |
Mortgage Banking segment |
|
|
3.04 |
|
|
|
3.02 |
|
|
|
2.66 |
|
|
|
2.88 |
|
|
2.90 |
|
Consumer Finance segment |
|
|
10.77 |
|
|
|
10.98 |
|
|
|
12.16 |
|
|
|
11.30 |
|
|
12.65 |
|
Deposits |
|
|
0.35 |
|
|
|
0.38 |
|
|
|
0.77 |
|
|
|
0.42 |
|
|
0.82 |
|
Net interest margin |
|
|
4.09 |
|
|
|
4.25 |
|
|
|
4.57 |
|
|
|
4.26 |
|
|
4.65 |
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
12/31/2021 |
|
12/31/2020 |
|
Community
Banking |
|
|
|
|
|
|
|
Loans, excluding purchased loans and PPP loans |
|
$ |
954,262 |
|
|
$ |
863,293 |
|
Purchased performing loans1 |
|
|
56,798 |
|
|
|
87,096 |
|
Purchased credit impaired loans1 |
|
|
3,655 |
|
|
|
6,359 |
|
PPP loans2 |
|
|
17,762 |
|
|
|
76,527 |
|
Total loans |
|
$ |
1,032,477 |
|
|
$ |
1,033,275 |
|
|
|
|
|
|
|
|
|
Total nonaccrual loans3 |
|
$ |
2,359 |
|
|
$ |
2,971 |
|
Other real estate owned (OREO)4 |
|
|
835 |
|
|
|
907 |
|
Total nonperforming assets |
|
$ |
3,194 |
|
|
$ |
3,878 |
|
|
|
|
|
|
|
|
|
Accruing loans past due for 90 days or more |
|
$ |
178 |
|
|
$ |
145 |
|
|
|
|
|
|
|
|
|
Troubled debt restructurings (TDRs)3 |
|
$ |
2,690 |
|
|
$ |
3,575 |
|
|
|
|
|
|
|
|
|
Allowance for loan losses (ALL) |
|
$ |
14,803 |
|
|
$ |
15,035 |
|
Nonperforming assets to loans and OREO |
|
|
0.31 |
% |
|
|
0.37 |
% |
ALL to total loans, excluding purchased credit impaired loans5 |
|
|
1.44 |
% |
|
|
1.46 |
% |
ALL to total loans, excluding purchased loans and PPP loans |
|
|
1.55 |
% |
|
|
1.74 |
% |
ALL to total nonaccrual loans |
|
|
627.51 |
% |
|
|
506.06 |
% |
Annualized net charge-offs to average loans |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
Mortgage
Banking |
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
185 |
|
|
$ |
31 |
|
Total Loans |
|
$ |
9,389 |
|
|
$ |
6,879 |
|
ALL |
|
$ |
563 |
|
|
$ |
608 |
|
Nonperforming loans to total loans |
|
|
1.97 |
% |
|
|
0.45 |
% |
ALL to total loans |
|
|
6.00 |
% |
|
|
8.84 |
% |
|
|
|
|
|
|
|
|
Consumer
Finance |
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
380 |
|
|
$ |
402 |
|
Repossessed automobiles available for sale |
|
$ |
190 |
|
|
$ |
291 |
|
Accruing loans past due for 90 days or more |
|
$ |
- |
|
|
$ |
- |
|
Total loans |
|
$ |
368,194 |
|
|
$ |
312,252 |
|
ALL |
|
$ |
24,791 |
|
|
$ |
23,513 |
|
Nonaccrual loans to total loans |
|
|
0.10 |
% |
|
|
0.13 |
% |
ALL to total loans |
|
|
6.73 |
% |
|
|
7.53 |
% |
Annualized net (recoveries) charge-offs to average total loans |
|
|
(0.14 |
)% |
|
|
1.54 |
% |
________________________
- Acquired loans are tracked in two separate categories:
“purchased performing” and “purchased credit impaired.” The
remaining discount for purchased performing loans was $1.1 million
at 12/31/21 and $1.8 million at 12/31/20. The remaining discount
for purchased credit impaired loans was $4.7 million at 12/31/21
and $5.9 million at 12/31/20.
- The principal amount of outstanding PPP loans was $18.4 million
at 12/31/21 and $78.7 million at 12/31/20.
- Total nonaccrual loans include nonaccrual TDRs of $115,000 at
12/31/21 and $257,000 at 12/31/20.
- Includes $835,000 for all periods presented related to the land
and buildings of the Bellgrade branch, which was consolidated into
a nearby branch in 2019.
- The ratio of ALL to total loans, excluding purchased credit
impaired loans, includes purchased performing loans and loans
originated under the PPP for which no allowance for loan losses is
required.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The |
|
|
For The |
|
|
Quarter Ended |
|
|
Year Ended |
Other Performance
Data |
|
12/31/2021 |
|
|
12/31/2020 |
|
|
12/31/2021 |
|
12/31/2020 |
Net Income (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Banking |
|
$ |
3,201 |
|
|
|
$ |
3,884 |
|
|
|
$ |
14,085 |
|
|
$ |
6,147 |
|
Mortgage Banking |
|
|
1,062 |
|
|
|
|
2,422 |
|
|
|
|
7,683 |
|
|
|
10,736 |
|
Consumer Finance |
|
|
2,364 |
|
|
|
|
2,443 |
|
|
|
|
9,960 |
|
|
|
7,612 |
|
Other |
|
|
(586 |
) |
|
|
|
(625 |
) |
|
|
|
(2,605 |
) |
|
|
(2,071 |
) |
Total |
|
$ |
6,041 |
|
|
|
$ |
8,124 |
|
|
|
$ |
29,123 |
|
|
$ |
22,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
C&F Financial Corporation |
|
$ |
5,924 |
|
|
|
$ |
8,000 |
|
|
|
$ |
28,667 |
|
|
$ |
22,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic and
diluted |
|
$ |
1.67 |
|
|
|
$ |
2.19 |
|
|
|
$ |
7.95 |
|
|
$ |
6.06 |
|
Weighted average shares
outstanding - basic and diluted |
|
|
3,539,006 |
|
|
|
|
3,653,871 |
|
|
|
|
3,604,119 |
|
|
|
3,648,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average
assets |
|
|
1.08 |
% |
|
|
|
1.57 |
% |
|
|
|
1.34 |
% |
|
|
1.14 |
% |
Annualized return on average
equity |
|
|
11.89 |
% |
|
|
|
17.80 |
% |
|
|
|
14.77 |
% |
|
|
12.54 |
% |
Dividends declared per
share |
|
$ |
0.40 |
|
|
|
$ |
0.38 |
|
|
|
$ |
1.58 |
|
|
$ |
1.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan originations -
Mortgage Banking |
|
$ |
296,909 |
|
|
|
$ |
528,748 |
|
|
|
$ |
1,458,971 |
|
|
$ |
1,772,062 |
|
Mortgage loans sold - Mortgage
Banking |
|
|
329,922 |
|
|
|
|
587,944 |
|
|
|
|
1,585,829 |
|
|
|
1,653,311 |
|
|
|
|
|
|
|
|
|
Market
Ratios |
|
12/31/2021 |
|
|
12/31/2020 |
Market value per share |
|
$ |
51.19 |
|
|
$ |
37.11 |
Book value per share |
|
$ |
59.32 |
|
|
$ |
52.80 |
Price to book value ratio |
|
|
0.86 |
|
|
|
0.70 |
Tangible book value per
share1 |
|
$ |
51.66 |
|
|
$ |
45.32 |
Price to tangible book value
ratio1 |
|
|
0.99 |
|
|
|
0.82 |
Price to earnings ratio
(ttm) |
|
|
6.44 |
|
|
|
6.09 |
________________________1 For more information
about these non-GAAP financial measures, please see “Use of Certain
Non-GAAP Financial Measures” and “Reconciliation of Certain
Non-GAAP Financial Measures.”
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum Capital |
Capital
Ratios |
|
12/31/2021 |
|
12/31/2020 |
|
Requirements3 |
C&F Financial
Corporation1 |
|
|
|
|
|
|
|
|
|
|
Total risk-based capital ratio |
|
|
15.9 |
% |
|
15.2 |
% |
|
8.0 |
% |
Tier 1 risk-based capital ratio |
|
|
13.1 |
% |
|
12.5 |
% |
|
6.0 |
% |
Common equity tier 1 capital ratio |
|
|
11.6 |
% |
|
10.9 |
% |
|
4.5 |
% |
Tier 1 leverage ratio |
|
|
9.7 |
% |
|
9.6 |
% |
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
C&F
Bank2 |
|
|
|
|
|
|
|
|
|
|
Total risk-based capital ratio |
|
|
14.6 |
% |
|
13.8 |
% |
|
8.0 |
% |
Tier 1 risk-based capital ratio |
|
|
13.4 |
% |
|
12.5 |
% |
|
6.0 |
% |
Common equity tier 1 capital ratio |
|
|
13.4 |
% |
|
12.5 |
% |
|
4.5 |
% |
Tier 1 leverage ratio |
|
|
9.8 |
% |
|
9.6 |
% |
|
4.0 |
% |
________________________1 The Corporation, a small bank
holding company under applicable regulations and guidance, is not
subject to the minimum regulatory capital regulations for bank
holding companies. The regulatory requirements that apply to bank
holding companies that are subject to regulatory capital
requirements are presented above, along with the Corporation’s
capital ratios as determined under those regulations.2 All
ratios at December 31, 2021 are estimates and subject to change
pending regulatory filings. All ratios at December 31, 2020 are
presented as filed.3 The ratios presented for minimum capital
requirements are those to be considered adequately capitalized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Quarter Ended |
|
|
For The Year Ended |
|
|
12/31/2021 |
|
|
12/31/2020 |
|
|
12/31/2021 |
|
12/31/2020 |
Reconciliation of
Certain Non-GAAP Financial Measures |
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
and Earnings Per Share |
|
|
|
|
|
|
|
Net income, as reported |
|
$ |
6,041 |
|
|
$ |
8,124 |
|
|
|
$ |
29,123 |
|
|
$ |
22,424 |
|
Sale of PCI loans1 |
|
|
- |
|
|
|
(2,756 |
) |
|
|
|
- |
|
|
|
(2,756 |
) |
Early repayment charges2 |
|
|
- |
|
|
|
1,721 |
|
|
|
|
- |
|
|
|
1,735 |
|
Pension settlement
accounting3 |
|
|
995 |
|
|
|
- |
|
|
|
|
995 |
|
|
|
- |
|
Merger related expenses4 |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
1,132 |
|
Branch consolidation5 |
|
|
- |
|
|
|
- |
|
|
|
|
(107 |
) |
|
|
222 |
|
Change in tax law |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
(326 |
) |
Adjusted net income |
|
$ |
7,036 |
|
|
$ |
7,089 |
|
|
|
$ |
30,011 |
|
|
$ |
22,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares -
basic and diluted |
|
|
3,539,006 |
|
|
|
3,653,871 |
|
|
|
|
3,604,119 |
|
|
|
3,648,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic and
diluted, as reported |
|
$ |
1.67 |
|
|
$ |
2.19 |
|
|
|
$ |
7.95 |
|
|
$ |
6.06 |
|
Sale of PCI loans |
|
|
- |
|
|
|
(0.75 |
) |
|
|
|
- |
|
|
|
(0.76 |
) |
Early repayment charges |
|
|
- |
|
|
|
0.47 |
|
|
|
|
- |
|
|
|
0.48 |
|
Pension settlement
accounting |
|
|
0.28 |
|
|
|
- |
|
|
|
|
0.28 |
|
|
|
- |
|
Merger related expenses |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
0.31 |
|
Branch consolidation |
|
|
- |
|
|
|
- |
|
|
|
|
(0.03 |
) |
|
|
0.06 |
|
Change in tax law |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
(0.09 |
) |
Adjusted earnings per share -
basic and diluted |
|
$ |
1.96 |
|
|
$ |
1.91 |
|
|
|
$ |
8.20 |
|
|
$ |
6.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Return on
Average Equity (ROE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total equity, as
reported |
|
$ |
203,283 |
|
|
$ |
182,529 |
|
|
|
$ |
197,204 |
|
|
$ |
178,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized ROE, as reported |
|
|
11.89 |
% |
|
|
17.80 |
% |
|
|
|
14.77 |
% |
|
|
12.54 |
% |
Adjusted annualized ROE |
|
|
13.84 |
% |
|
|
15.54 |
% |
|
|
|
15.22 |
% |
|
|
12.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Return on
Average Assets (ROA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets, as
reported |
|
$ |
2,229,345 |
|
|
$ |
2,068,545 |
|
|
|
$ |
2,167,419 |
|
|
$ |
1,966,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized ROA, as reported |
|
|
1.08 |
% |
|
|
1.57 |
% |
|
|
|
1.34 |
% |
|
|
1.14 |
% |
Adjusted annualized ROA |
|
|
1.26 |
% |
|
|
1.37 |
% |
|
|
|
1.38 |
% |
|
|
1.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income,
Community Banking Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, community banking
segment, as reported |
|
$ |
3,201 |
|
|
$ |
3,884 |
|
|
|
$ |
14,085 |
|
|
$ |
6,147 |
|
Sale of PCI loans1 |
|
|
- |
|
|
|
(2,756 |
) |
|
|
|
- |
|
|
|
(2,756 |
) |
Early repayment charges2 |
|
|
- |
|
|
|
1,721 |
|
|
|
|
- |
|
|
|
1,735 |
|
Pension settlement
accounting3 |
|
|
995 |
|
|
|
- |
|
|
|
|
995 |
|
|
|
- |
|
Merger related expenses4 |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
1,032 |
|
Branch consolidation5 |
|
|
- |
|
|
|
- |
|
|
|
|
(107 |
) |
|
|
222 |
|
Change in tax law |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
(326 |
) |
Adjusted net income, community
banking segment |
|
$ |
4,196 |
|
|
$ |
2,849 |
|
|
|
$ |
14,973 |
|
|
$ |
6,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully Taxable
Equivalent Net Interest Income6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on loans |
|
$ |
21,719 |
|
|
$ |
23,385 |
|
|
|
$ |
88,118 |
|
|
$ |
90,992 |
|
FTE adjustment |
|
|
27 |
|
|
|
70 |
|
|
|
|
97 |
|
|
|
162 |
|
FTE interest income on loans |
|
$ |
21,746 |
|
|
$ |
23,455 |
|
|
|
$ |
88,215 |
|
|
$ |
91,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on securities |
|
$ |
1,380 |
|
|
$ |
1,313 |
|
|
|
$ |
5,356 |
|
|
$ |
5,208 |
|
FTE adjustment |
|
|
99 |
|
|
|
124 |
|
|
|
|
445 |
|
|
|
527 |
|
FTE interest income on securities |
|
$ |
1,479 |
|
|
$ |
1,437 |
|
|
|
$ |
5,801 |
|
|
$ |
5,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
$ |
23,182 |
|
|
$ |
24,729 |
|
|
|
$ |
93,728 |
|
|
$ |
96,913 |
|
FTE adjustment |
|
|
126 |
|
|
|
194 |
|
|
|
|
542 |
|
|
|
689 |
|
FTE interest income |
|
$ |
23,308 |
|
|
$ |
24,923 |
|
|
|
$ |
94,270 |
|
|
$ |
97,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
21,347 |
|
|
$ |
21,829 |
|
|
|
$ |
85,369 |
|
|
$ |
83,531 |
|
FTE adjustment |
|
|
126 |
|
|
|
194 |
|
|
|
|
542 |
|
|
|
689 |
|
FTE net interest income |
|
$ |
21,473 |
|
|
$ |
22,023 |
|
|
|
$ |
85,911 |
|
|
$ |
84,220 |
|
________________________
- Sale of PCI loans is net of related income taxes of $733,000
for both the fourth quarter of 2020 and the year ended December 31,
2020.
- Early repayment charges are net of related income tax benefits
of $458,000 for the fourth quarter of 2020 and $462,000 for the
year ended December 31, 2020.
- Pension settlement expense is net of related income benefits of
$265,000 for both the fourth quarter of 2021 and the year ended
December 31, 2021.
- Merger related expenses are net of related income tax benefits
of $264,000 for the year ended December 31, 2020.
- Branch consolidation charges consist of income tax benefits of
$107,000 for the year ended December 31, 2021. Branch consolidation
charges are net of related income taxes of $59,000 for the year
ended December 31, 2020.
- Assuming a tax rate of 21%.
|
|
|
|
|
|
|
|
|
|
12/31/2021 |
|
|
12/31/2020 |
Tangible Book Value
Per Share |
|
|
|
|
|
Equity attributable to C&F
Financial Corporation |
|
$ |
210,318 |
|
|
$ |
193,805 |
Less goodwill |
|
|
25,191 |
|
|
|
25,191 |
Less other intangible
assets |
|
|
1,977 |
|
|
|
2,291 |
Tangible equity attributable
to C&F Financial Corporation |
|
$ |
183,150 |
|
|
$ |
166,323 |
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
3,545,554 |
|
|
|
3,670,301 |
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
59.32 |
|
|
$ |
52.80 |
Tangible book value per share |
|
$ |
51.66 |
|
|
$ |
45.32 |
C and F Financial (NASDAQ:CFFI)
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