Company Quick10K Filing
C&F Financial
Price52.60 EPS5
Shares3 P/E10
MCap182 P/FCF-8
Net Debt0 EBIT33
TEV182 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
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8-K 2018-01-25

CFFI 10Q Quarterly Report

Part I - Financial Information
Item 1.Financial Statements
Note 1: Summary of Significant Accounting Policies
Note 2: Business Combination
Note 3: Securities
Note 4: Loans
Note 5: Allowance for Loan Losses
Note 6: Goodwill and Other Intangible Assets
Note 7: Equity, Other Comprehensive Income and Earnings per Share
Note 8: Employee Benefit Plans
Note 9: Fair Value of Assets and Liabilities
Note 10: Business Segments
Note 11: Commitments and Contingent Liabilities
Note 12: Derivative Financial Instruments
Note 13: Other Noninterest Expenses
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-31.1 cffi-20210331ex311da0bfb.htm
EX-31.2 cffi-20210331ex3128cc71a.htm
EX-32 cffi-20210331xex32.htm

C&F Financial Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
1.71.41.00.70.30.02012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2021

or

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _________ to _________

Commission File Number 000-23423

C&F FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Virginia

54-1680165

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

3600 La Grange Parkway Toano, VA

23168

(Address of principal executive offices)

(Zip Code)

(804) 843-2360

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value per share

CFFI

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No   

At May 3, 2021, the latest practicable date for determination, 3,683,251 shares of common stock, $1.00 par value, of the registrant were outstanding.

Table of Contents

TABLE OF CONTENTS

PART I - Financial Information

    

Page

 

Item 1.

Financial Statements

 

3

 

Consolidated Balance Sheets (Unaudited) – March 31, 2021 and December 31, 2020

 

3

 

Consolidated Statements of Income (Unaudited) – Three months ended March 31, 2021 and 2020

 

4

 

Consolidated Statements of Comprehensive Income (Unaudited) – Three months ended March 31, 2021 and 2020

 

5

 

Consolidated Statements of Equity (Unaudited) – Three months ended March 31, 2021 and 2020

 

6

 

Consolidated Statements of Cash Flows (Unaudited) – Three months ended March 31, 2021 and 2020

 

7

 

Notes to Consolidated Interim Financial Statements (Unaudited)

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

33

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

60

 

Item 4.

Controls and Procedures

 

60

 

PART II - Other Information

 

 

Item 1A.

Risk Factors

 

60

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

60

 

Item 6.

Exhibits

 

62

 

Signatures

 

63

 

2

Table of Contents

Part I – FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

C&F FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except per share amounts)

   March 31,    

December 31, 

    

2021

    

2020

  

Assets

Cash and due from banks

$

13,845

$

17,742

Interest-bearing deposits in other banks

 

133,593

 

68,927

Total cash and cash equivalents

 

147,438

 

86,669

Securities—available for sale at fair value, amortized cost of
$318,723 and $280,824, respectively

 

321,285

 

286,389

Loans held for sale, at fair value

 

177,350

 

214,266

Loans, net of allowance for loan losses of $39,033 and $39,156, respectively

 

1,346,003

 

1,313,250

Restricted stock, at cost

 

1,027

 

1,636

Corporate premises and equipment, net

 

45,223

 

44,132

Other real estate owned, net of valuation allowance of $207 and $207, respectively

 

907

 

907

Accrued interest receivable

 

7,723

 

8,103

Goodwill

 

25,191

 

25,191

Other intangible assets, net

 

2,213

 

2,291

Bank-owned life insurance

20,332

20,205

Net deferred tax asset

13,931

13,555

Other assets

 

60,015

 

69,716

Total assets

$

2,168,638

$

2,086,310

Liabilities

Deposits

Noninterest-bearing demand deposits

$

548,755

$

501,945

Savings and interest-bearing demand deposits

 

825,127

 

780,645

Time deposits

 

458,100

 

469,583

Total deposits

 

1,831,982

 

1,752,173

Short-term borrowings

 

23,926

 

20,455

Long-term borrowings

 

30,484

 

30,398

Trust preferred capital notes

 

25,325

 

25,316

Accrued interest payable

 

734

 

1,109

Other liabilities

 

57,495

 

62,388

Total liabilities

 

1,969,946

 

1,891,839

Commitments and contingent liabilities (Note 11)

 

 

Equity

Common stock ($1.00 par value, 8,000,000 shares authorized, 3,683,015 and 3,670,301 shares issued and outstanding, respectively, includes 157,065 and 155,945 of unvested shares, respectively)

 

3,526

 

3,514

Additional paid-in capital

 

21,622

 

21,427

Retained earnings

 

176,481

 

170,819

Accumulated other comprehensive loss, net

 

(3,560)

 

(1,955)

Equity attributable to C&F Financial Corporation

198,069

193,805

Noncontrolling interest

623

666

Total equity

 

198,692

 

194,471

Total liabilities and equity

$

2,168,638

$

2,086,310

See notes to consolidated interim financial statements.

3

Table of Contents

C&F FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars in thousands, except per share amounts)

Three Months Ended March 31, 

 

    

2021

    

2020

  

 

Interest income

Interest and fees on loans

$

21,813

$

22,897

Interest on interest-bearing deposits and federal funds sold

 

46

 

598

Interest and dividends on securities

U.S. government agencies and corporations

 

125

 

126

Mortgage-backed securities

409

520

Tax-exempt obligations of states and political subdivisions

469

496

Taxable obligations of states and political subdivisions

 

90

 

92

Other

 

124

 

49

Total interest income

 

23,076

 

24,778

Interest expense

Savings and interest-bearing deposits

 

359

 

586

Time deposits

 

1,308

 

2,299

Borrowings

 

449

 

1,001

Trust preferred capital notes

 

284

 

289

Total interest expense

 

2,400

 

4,175

Net interest income

 

20,676

 

20,603

Provision for loan losses

 

280

 

2,650

Net interest income after provision for loan losses

 

20,396

 

17,953

Noninterest income

Gains on sales of loans

 

7,058

 

3,676

Mortgage banking fee income

 

1,856

 

1,305

Interchange income

1,318

1,089

Service charges on deposit accounts

 

819

 

1,002

Wealth management services income, net

 

702

 

585

Mortgage lender services income

778

242

Other service charges and fees

 

389

 

375

Net gains on sales, maturities and calls of available for sale securities

 

32

 

4

Other income (loss), net

 

1,404

 

(1,530)

Total noninterest income

 

14,356

 

6,748

Noninterest expenses

Salaries and employee benefits

 

15,613

 

10,817

Occupancy

 

2,360

 

2,047

Other

 

7,327

 

7,221

Total noninterest expenses

 

25,300

 

20,085

Income before income taxes

 

9,452

 

4,616

Income tax expense

 

2,287

 

977

Net income

7,165

3,639

Less net income attributable to noncontrolling interest

 

104

 

61

Net income attributable to C&F Financial Corporation

$

7,061

$

3,578

Net income per share - basic and diluted

$

1.92

$

0.98

See notes to consolidated interim financial statements.

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Table of Contents

C&F FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands)

Three Months Ended March 31, 

 

    

2021

    

2020

  

Net income

$

7,165

$

3,639

Other comprehensive income (loss):

Defined benefit plan:

Reclassification of recognized net actuarial losses into net income1

60

42

Related income tax effects

(13)

(9)

Amortization of prior service credit into net income1

(17)

(17)

Related income tax effects

4

4

Defined benefit plan, net of tax

34

20

Cash flow hedges:

Unrealized holding gains (losses) arising during the period

990

(1,974)

Related income tax effects

(255)

508

Amortization of hedging gains into net income2

(2)

(3)

Related income tax effects

1

1

Cash flow hedges, net of tax

734

(1,468)

Securities available for sale:

Unrealized holding (losses) gains arising during the period

(2,971)

2,209

Related income tax effects

623

(464)

Reclassification of net realized gains into net income3

(32)

(4)

Related income tax effects

7

1

Securities available for sale, net of tax

(2,373)

1,742

Other comprehensive (loss) income, net of tax

(1,605)

294

Comprehensive income

5,560

3,933

Less comprehensive income attributable to noncontrolling interest

104

61

Comprehensive income attributable to C&F Financial Corporation

$

5,456

$

3,872

1These items are included in the computation of net periodic benefit cost and are included in “Noninterest income – Other” on the Consolidated Statements of Income. See “Note 8: Employee Benefit Plans,” for additional information.
2These items are included in “Interest expense – Trust preferred capital notes” on the Consolidated Statements of Income.
3These items are included in “Net gains on sales, maturities and calls of available for sale securities” on the Consolidated Statements of Income.

See notes to consolidated interim financial statements.

5

Table of Contents

C&F FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(Unaudited)

(Dollars in thousands, except per share amounts)

Attributable to C&F Financial Corporation

Accumulated

   

   

Additional

   

   

Other

   

 

Common

Paid - In

Retained

Comprehensive

Noncontrolling

Total

 

Stock

Capital

Earnings

Loss, Net

Interest

Equity

 

Balance December 31, 2020

$

3,514

 

$

21,427

 

$

170,819

 

$

(1,955)

 

$

666

$

194,471

Comprehensive income:

Net income

 

 

 

7,061

 

 

104

 

7,165

Other comprehensive loss

 

 

 

 

(1,605)

 

 

(1,605)

Share-based compensation

 

 

392

 

 

 

 

392

Restricted stock vested

 

16

(16)

 

 

 

 

Common stock issued

 

2

 

42

 

 

 

 

44

Common stock purchased

(6)

(223)

(229)

Cash dividends declared ($0.38 per share)

(1,399)

(1,399)

Distributions to noncontrolling interest

(147)

(147)

Balance March 31, 2021

$

3,526

$

21,622

$

176,481

$

(3,560)

 

$

623

$

198,692

Attributable to C&F Financial Corporation

Accumulated

   

   

Additional

   

   

Other

   

 

Common

Paid - In

Retained

Comprehensive

Noncontrolling

Total

 

Stock

Capital

Earnings

Loss, Net

Interest

Equity

 

Balance December 31, 2019

$

3,296

 

$

9,503

 

$

154,248

 

$

(2,249)

 

$

481

$

165,279

Comprehensive income:

Net income

 

 

 

3,578

 

 

61

 

3,639

Other comprehensive income

 

 

 

 

294

 

 

294

Share-based compensation

 

 

389

 

 

 

 

389

Restricted stock vested

 

16

(16)

 

 

 

 

Acquisition of Peoples Bankshares, Incorporated

210

11,402

11,612

Common stock issued

 

1

36

 

 

 

 

37

Common stock purchased

(14)

(604)

(618)

Cash dividends declared ($0.38 per share)

 

 

 

(1,388)

 

 

 

(1,388)

Balance March 31, 2020

$

3,509

$

20,710

$

156,438