C&F Financial Corporation Announces Financial Results for 2024

C&F Financial Corporation, the holding company for C&F Bank, has disclosed its financial outcomes for the year ending December 31, 2024. The corporation reported a consolidated net income of $6.0 million for the fourth quarter of 2024, up from $5.1 million for the fourth quarter of 2023. However, for the full year ended December 31, 2024, the consolidated net income was $19.9 million, showing a decrease from $23.7 million for the year ended December 31, 2023.

The financial performance was detailed in various segments, which included key highlights such as a 6.0 percent growth in community banking segment loans and a decrease of 8.8 percent in consumer finance segment loans. Furthermore, deposits increased by 6.6 percent annually in the community banking segment, while mortgage banking segment loan originations rose by 32.8 percent to $130.4 million for the fourth quarter of 2024 compared to the same period in 2023.

The corporation’s President and CEO, Tom Cherry, commented on the challenges faced in a dynamic interest rate environment but expressed optimism regarding future earnings. The annualized return on average equity was reported at 9.02 percent for 2024 compared to 11.68 percent for 2023.

In terms of capital and dividends, C&F Financial Corporation declared cash dividends totaling $1.76 per share for 2024, representing a payout ratio of 29.3 percent of earnings per share for the year. The corporation also executed stock repurchases during the year.

The financial filings also provided insights into liquidity management, funding sources, asset quality, and non-GAAP financial measures used by the corporation to evaluate performance.

C&F Financial Corporation’s common stock, listed on The Nasdaq Stock Market under the symbol CFFI, closed at $75.40 per share on January 27, 2025. More details on the financial performance and the Corporation’s offerings can be found on their website.

This information was part of an 8-K SEC filing released on January 28, 2025, which included the attached exhibit 99.1 detailing the financial results and management commentary for the period. For full details, the exhibit 99.1 should be referenced.

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 Corp. is a bank holding company, which engages in the provision of banking services to individuals and businesses. It operates through the following segments: Community Banking, Mortgage Banking and Consumer Finance. The Community Banking segment provides checking and savings deposit accounts, business, real estate, development, mortgage, home equity, and installment loans.