C&F Financial Corp. Announces Earnings.Business Editors WEST POINT, Va.--(BUSINESS WIRE)--April 18, 2000 C&F Financial Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CFFI CFFI Center on Federal Financial Institutions CFFI Common Foreign Function Interface ), the one-bank holding company for Citizens and Farmers Bank of West Point, VA, reported net income of $1,369,000, or $.37 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the quarter ended March 31, 2000 compared to $2,146,000, or $.56 per diluted share, for the quarter ended March 31, 1999. Included in earnings for the first quarter of 1999 is $370,000 in interest income (after taxes) which resulted from the payoff of a non-accrual loan. Excluding this interest income, both net income and earnings per share for the first quarter of 2000 decreased 23% and 19%, respectively, over the first quarter of 1999. The smaller decrease in earnings per share is attributed to the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of 235,000 shares of common stock in March of 1999. The earnings decline was a result of a decrease in earnings at C&F Mortgage Corporation, a wholly-owned subsidiary of Citizens and Farmers Bank as well as expenses related to the opening of a new Citizens and Farmers Bank branch this year and the opening of Citizens and Commerce Bank, a division of Citizens and Farmers Bank, in November November: see month. of 1999. Earnings at C&F Mortgage Corporation were down approximately $575,000 to approximately $71,000 for the quarter ended March 31, 2000 compared to $646,000 for the same period in 1999. The decrease in earnings at C&F Mortgage Corporation is a result of the increase in interest rates, which started in 1999 and has continued into this year. President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Dillon Dillon may refer to: People
stated, "The first quarter of the year has historically been the slowest quarter of the year in the mortgage banking business. This, coupled with the low interest rate environment experienced in the last quarter of 1998 and the first quarter of 1999, which resulted in record first quarter earnings for our Mortgage Corporation in 1999, resulted in a dramatic comparative decrease in earnings for the first quarter of 2000. This decrease was anticipated, and in fact earnings for the first quarter were higher than projected." Dillon also stated, "It has always been the philosophy of C&F to sacrifice short term earnings in order to provide for long term growth of both earnings and value to our shareholders. We believe that our recent investments in Citizens and Commerce Bank and our newest branch in Williamsburg Williamsburg, historic city (1990 pop. 11,530), seat of James City co., SE Va., on a peninsula between the James and York rivers; settled 1632 as Middle Plantation, laid out and renamed 1699, inc. 1722. , VA, while currently dilutive to earnings, are in the best interest of our shareholders." The Company's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) and annualized return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) was 15.45% and 1.73%, respectively, for the quarter ended March 31, 2000 compared to 19.66% and 2.32%, respectively, for the quarter ended March 31, 1999. ROE and ROA for the first quarter of 1999 exclude the interest on the non-accrual loan mentioned above. Chief Financial Officer, Tom Cherry, stated, "While ROE and ROA are down, they are still very good compared to our peer group. For the year ended 1999, our peer group, as reported by the Federal Reserve, reported ROE and ROA of 12.07% and 1.07%, respectively." C&F Financial Corporation's stock trades on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. System under the symbol CFFI. The stock closed at a price of $14.00 per share on Monday Monday: see week. , April 17, 2000. At March 31, 2000 the book value of the stock was $9.91 per share, and the Company paid a cash dividend of $.13 per share during the first quarter of 2000. The Company's market makers include Advest, Inc., Scott & Stringfellow, Inc. and McKinnon & Company, Inc. C&F Financial Corporation operates ten retail bank branches located throughout the Williamsburg to Richmond corridor in Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). through its Citizens and Farmers Bank subsidiary. Citizens and Commerce Bank, which operates as a division of Citizens and Farmers Bank, opened its first branch in November of 1999. Citizens and Commerce Bank is a retail bank serving the Richmond market specializing in consumer and small business services. The Company provides mortgage and title services through C&F Mortgage Corporation's ten offices and offers full brokerage services through its subsidiary C&F Investment Services, Inc.
C&F FINANCIAL CORP.
Selected Financial Information
(dollars in thousands, except per share data)
Balance Sheets 03/31/00 03/31/99
Investment securities - available
for sale at fair value $ 30,334 $ 20,752
Investment securities - held to
maturity at amortized cost $ 34,699 $ 37,984
Loans held for sale 12,988 26,565
Loans, net 214,816 171,495
Federal Home Loan Bank stock 1,585 1,706
Total assets 322,116 308,266
Deposits 264,498 257,887
Other borrowings 18,230 11,791
Shareholders equity $ 36,091 $ 33,428
For The Quarter Ended
Statements of Income 03/31/00 03/31/99
Interest income $ 6,147 $ 6,090
Interest expense 2,452 2,240
Provision for loan losses 75 175
Other operating income 2,067 3,178
Other operating expenses 3,922 3,808
Income tax expense 396 899
Net income $ 1,369 $ 2,146
Earnings per common share
assuming dilution $ .37 $ .56
For The Quarter Ended
Selected Ratios 03/31/00 03/31/99
Book value per share $ 9.91 $ 9.20
Dividends per share $ .13 $ .12
Return on average assets/a 1.73% 2.32%
Return on average equity/a 15.45% 19.66%
/a: Excludes $370,000, net, of one-time interest collected on a
non-accrual loan in 1999.
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