C&F Financial Corporation Announces Increase in Earnings.WEST POINT, Va.--(BUSINESS WIRE)--July 22, 1999-- 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 $1,634,000, or $.44 per share, for the quarter ended June June: see month. 30, 1999 and $3,780,000, or $1.00 per share, for the six months ended June 30, 1999. Included in earnings for the for the first six months of 1999 is $370,000 in interest income (after taxes) which resulted from the payoff in January January: see month. of a non-accrual loan which has been on the Bank's books for the past several years. For the quarter ended June 30, 1999, net income increased 1% over net income for 1998 of $1,617,000 and earnings per share increased 7% over earnings per share for 1998 of $.41. For the six months ended June 30, 1999, excluding the interest collected on the non-accrual loan mention above, net income increased 12% and earnings per share increased 15%. The increase in earnings per share is attributed to both an increase in net income and 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 the Corporation's common stock in March of 1999. 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 19.09% and 2.15%, respectively, for the quarter ended June 30, 1999 compared to 19.12% and 2.08%, respectively, for the quarter ended June 30, 1998. Annualized ROE and ROA, excluding the interest collected on the non-accrual loan, increased to 19.38% and 2.23%, respectively, for the six months ended June 30, 1999 compared to 18.40% and 2.06%, respectively, for the six months ended June 30, 1998. Net interest income increased by $65,000 or 2%, to $3,385,000 for the second quarter of 1999 from $3,320,000 for the second quarter of 1998. The average balance of interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin decreased approximately 2%, however, the net interest margin increased to 5.18% for the three months ended June 30, 1999 compared to 4.94% for the same period in 1998. Net interest income, excluding the interest collected on a non-accrual loan mentioned above, increased $231,000, or 4%, to $6,675,000 for the first six months of 1999 from $6,444,000 for the first six months of 1998. This is a result of a 3% increase in the average balance of interest earning assets and a slight increase in the net interest margin to 5.08% for the first six months of 1999 from 5.05% for the first six months 1998. Other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased $104,000, or 4%, to $2,945,000 for the second quarter of 1999 from $2,841,000 for the second quarter of 1998. Other operating income increased $1,143,000, or 23%, to $6,122,000 for the first six months of 1999 from $4,979,000 for the first six months of 1998. The increase in other income is mainly attributed to an increase in production at C&F Mortgage Corporation. Loans sold for the second quarter of 1999 was $128,004,000 compared to $124,195,000 for the second quarter of 1998. Loans sold for the first six months of 1999 was $285,005,000 compared to $208,163,000 for the first six months of 1998. Other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased $319,000 or 8% to $4,091,000 for the second quarter of 1999 from $3,772,000 for the second quarter of 1998. Other operating expenses increased $893,000 or 13% to $7,899,000 for the first six months of 1999 from $7,006,000 for the first six months of 1998. The increase in other expenses is mainly attributed to increased production at C&F Mortgage Corporation and the overall growth of the Corporation. C&F Financial Corporation's stock trades on the Nasdaq National Market System under the symbol CFFI. The stock closed at a price of $19.00 per share on Thursday Thursday: see week. , July July: see month. 22, 1999. At June 30, 1999 the book value of the stock was $9.45 per share, and the Company paid a cash dividend of $.12 per share during the second quarter of 1999. 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. and McKinnon McKinnon can refer to: People
C&F Financial Corporation operates nine retail bank branches located throughout the 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. to 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. 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. The company provides mortgage and title services through C&F Mortgage Corporation's nine offices. C&F Investment Services, Inc. provides a comprehensive range of investment services. -0-
Selected Financial Information
(dollars in thousands, except per share data)
Balance Sheets 06/30/99 06/30/98
Investment securities - available
for sale at fair value $ 27,095 $ 37,449
Investment securities - held to
maturity at amortized cost 37,589 42,128
Loans held for sale 39,578 50,984
Loans, net 181,642 163,068
Federal Home Loan Bank stock 1,585 2,370
Total assets 307,707 318,956
Deposits 256,680 236,605
Other borrowings 12,036 42,739
Shareholders' equity $ 34,470 $ 34,377
Statements of Income For The Quarter Ended
06/30/99 06/30/98
Interest income $ 5,592 $ 5,865
Interest expense 2,207 2,545
Provision for loan losses 75 175
Other operating income 2,945 2,841
Other operating expenses 4,091 3,772
Income tax expense 530 597
Net income $ 1,634 $ 1,617
Earnings per common share -
assuming dilution $ .44 $ .41
Statements of Income For The Six Months Ended
06/30/99 06/30/98
Interest income $ 11,682 $ 11,178
Interest expense 4,447 4,734
Provision for loan losses 250 250
Other operating income 6,122 4,979
Other operating expenses 7,899 7,006
Income tax expense 1,428 1,115
Net income $ 3,780 $ 3,052
Earnings per common share -
assuming dilution $ 1.00 $ .78
Selected Ratios For The Quarter Ended
06/30/99 06/30/98
Book value per share $ 9.45 $ 8.90
Dividends per share $ .12 $ .11
Return on average assets 2.15% 2.08%
Return on average equity 19.09% 19.12%
Selected Ratios For The Six Months Ended
06/30/99 06/30/98
Book value per share $ 9.45 $ 8.90
Dividends per share $ .24 $ .21
Return on average assets(a) 2.23% 2.06%
Return on average equity(a) 19.38% 18.40%
(a) Excludes $370,000, net, of one-time interest collected on a
non-accrual loan.
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