Printer Friendly
The Free Library
22,719,120 articles and books

C&F Financial Corporation Announces Earnings and Branch Expansion.



Business Editors

WEST POINT, Va.--(BUSINESS WIRE)--Jan. 25, 2001

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 $1,454,000, or $.40 per share, for the quarter ended December December: see month.  31, 2000 and $5,836,000, or $1.60 per share, for the year ended December 31, 2000.

For the quarter ended December 31, 2000, net income increased 19.7% over net income for 1999 of $1,212,000 and earnings per share increased 21.2% over earnings per share for 1999 of $.33. For the year ended December 31, 2000, net income decreased 8.9% and earnings per share decreased 6.4% compared to the same period in 1999 (both net income and earnings per share for 1999 exclude $370,000 of interest income, net of taxes, from a non-accrual loan collected in 1999). The increase in net income and earnings per share for the fourth quarter of 2000 principally resulted from overall fourth quarter growth at the Mortgage Company and the Bank and a reduction in the provision for loan losses at the Bank, as well as the effect of the 85,000 shares of the Company's common stock repurchased Stock repurchase

A firm's repurchase of outstanding shares of its common stock.
 throughout 2000. The decrease in earnings for the year ended 2000 was mainly a result of decreased earnings for the year at C&F Mortgage offset in part by the effect of the 85,000 shares of common stock repurchased.

Earnings at C&F Mortgage were approximately $653,000 for the year ended December 31, 2000 compared to $1,512,000 for the same period in 1999. The $895,000 decrease in earnings at C&F Mortgage is a result of lower production due to the increase in interest rates, beginning in 1999 and continuing into 2000.

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).
) were 15.28% and 1.68%, respectively, for the quarter ended December 31, 2000 compared to 13.71% and 1.53%, respectively, for the quarter ended December 31, 1999. ROE and ROA were 15.99% and 1.81%, respectively, for the year ended December 31, 2000 compared to 18.17% and 2.07%, respectively, excluding the interest collected on the non-accrual loan in 1999, for the prior year.

The Company announced today, that it has purchased land at the corner of Huguenot and Alverser Roads in Richmond, Virginia Richmond IPA: [ɹɯʒmɐnɖ] is the capital of the Commonwealth of Virginia, in the United States. . This site will house the second branch and corporate headquarters of Citizens & Commerce Bank, a division of Citizens and Farmers Bank, an office of C&F Investment Services, Inc. and the corporate headquarters and one of the Richmond Richmond, cities, United States
Richmond.

1 City (1990 pop. 87,425), Contra Costa co., W Calif., on San Pablo Bay, an inlet of San Francisco Bay; inc. 1905.
 branches of C&F Mortgage. The building will be the featured property at a new retail and office park development -- "C&F Center". The offices are scheduled to open by the fourth quarter of 2001.

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
  • Dillon (surname)
Dillon is the given name of:
  • Dillon Anderson (1906–1974)
  • Dillon Bell (1822–1898), a New Zealand politician of the late 19th century
Places
 stated, "We are excited about the prospects for the new Richmond New Richmond can refer to:
  • New Richmond, Indiana
  • New Richmond, Minnesota
  • New Richmond, Ohio
  • New Richmond, Wisconsin
  • New Richmond, Quebec
 facilities. While opening new offices is dilutive to earnings in the short term, we believe the long term outlook for these operations is excellent. We are continuously looking for Looking for

In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with.
 ways to make this a better Company for both our customers and shareholders and these operations will give our customers better access to our services and ultimately enhance shareholder value.

"Despite the overall decrease in earnings, we are pleased with the performance of the Company for 2000. Earnings at Citizens and Farmers Bank are up over last year after absorbing the cost of opening a new 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.  branch in April of 2000 and the opening of Citizens & Commerce Bank, a division of Citizens and Farmers Bank, in the last quarter of 1999. While reduced activity throughout the mortgage banking industry has caused a decline in earnings, C&F Mortgage company has been profitable every month of 2000, something that has not happened for all community banks with mortgage companies this year. Finally, despite our decrease in earnings for 2000, our earnings, as well as our ROE and ROA, are near the top of our peer group for community banks."

C&F Financial Corporation's stock trades on the Nasdaq National Market System under the symbol CFFI. The stock closed at a price of $14.50 per share on Wednesday Wednesday: see week. , January January: see month.  24, 2001. At December 31, 2000, the book value of the stock was $10.86 per share, and the Company paid a cash dividend of $.14 per share during the fourth quarter of 2000. The Company's market makers include Advest, Inc., Scott & Stringfellow Stringfellow is a fictional character, a mutant in the Marvel Comics Universe. His first appearance was in X-Treme X-Men #35. Fictional character biography
Stringfellow is a mutant with the ability to cause others' bodies to become super elastic.
, Inc., Davenport Davenport, city (1990 pop. 95,333), seat of Scott co., E central Iowa, on the Mississippi River; inc. 1836. Bridges connect it with the Illinois cities of Rock Island and Moline; the three communities and neighboring Bettendorf, Iowa, are known as the Quad Cities.  & Company 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 & Commerce Bank, which operates as a division of Citizens and Farmers Bank, opened its first branch in November of 1999 in the Richmond market and specializes in consumer and small business services. The Company provides mortgage and title services through C&F Mortgage Company's ten offices and offers full brokerage services through its subsidiary C&F Investment Services, Inc.


Selected Financial Information
(dollars in thousands, except per share data)

Balance Sheets                               12/31/00         12/31/99

  Investment securities - available
   for sale at fair value                    $ 31,913         $ 30,208
  Investment securities - held to
   maturity at amortized cost                  33,770           34,791
  Loans held for sale                          17,600           24,887
  Loans, net                                  229,944          206,116
  Total assets                                347,472          329,241
  Deposits                                    290,688          260,854
  Other borrowings                             13,969           30,035
  Shareholders' equity                         38,780           35,129


                                                Twelve Months Ended
Statements of Income                         12/31/00         12/31/99

  Interest income                            $ 26,421         $ 23,644
  Interest expense                             11,309            9,068
  Provision for loan losses                       400              600
  Other operating income                        8,945           11,275
  Other operating expenses                     15,998           16,100
  Income tax expense                            1,823            2,395
  Net income                                    5,836            6,756
  Earnings per common share- assuming
   dilution                                  $   1.60         $   1.81


                                                 Quarter  Ended
Statements of Income                         12/31/00         12/31/99

  Interest income                            $  6,983         $  6,037
  Interest expense                              3,157            2,356
  Provision for loan losses                       150              245
  Other operating income                        2,289            2,250
  Other operating expenses                      4,038            4,128
  Income tax expense                              473              346
  Net income                                    1,454            1,212
  Earnings per common share- assuming
   dilution                                  $    .40         $    .33


                                                Twelve Months Ended
Selected Ratios                              12/31/00         12/31/99

  Book value per share                       $  10.86         $   9.64
  Dividends per share                        $    .53         $    .49
  Return on average assets(1)                    1.81%            2.07%
  Return on average equity(1)                   15.99%           18.17%


                                                 Quarter  Ended
Selected Ratios                              12/31/00         12/31/99

  Book value per share                       $  10.86         $   9.64
  Dividends per share                        $    .14         $    .13
  Return on average assets                       1.68%            1.53%
  Return on average equity                      15.28%           13.71%

      (1) Excludes $370,000, after taxes, of one-time interest collected
on a non-accrual loan in 1999.
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jan 25, 2001
Words:1154
Previous Article:Adea Group Launches AdeaRapidStaff to Serve Strategic Technical Staffing Needs; Service Designed for Unique, Large-Volume Team Staffing Requirements.
Next Article:Strong Law Firm Emerges in Tri-Valley Area.



Related Articles
S corporations in the international setting.
Bank of the West Completes Acquisition of Northbay Savings Bank.
Tax aspects of global expansion.
CNB Financial Corp. Announces Third Quarter Earnings.
Interchange Financial Services Corporation Reports Earnings.
Homestead Bancorp, Inc. Announces Fourth Quarter and Year-end 2001 Earnings.
Banner Corporation Announces Additional Branch Locations.
How today's weak dollar can help deal-making: exchange ratios are very favorable for U.S. businesses looking to buy overseas, and new tax law will...
Summit Bank Corporation Announces First Quarter Earnings.
LibertyBank posts record earnings for first quarter.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters