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-20200930ex311d77b8f.htm
EX-31.2 cffi-20200930ex312e72f7b.htm
EX-32 cffi-20200930xex32.htm

C&F Financial Earnings 2020-09-30

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 September 30, 2020

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 November 3, 2020, the latest practicable date for determination, 3,649,705 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 – September 30, 2020 (unaudited) and December 31, 2019

 

3

 

Consolidated Statements of Income (unaudited) – Three and nine months ended September 30, 2020 and 2019

 

4

 

Consolidated Statements of Comprehensive Income (unaudited) – Three and nine months ended September 30, 2020 and 2019

 

5

 

Consolidated Statements of Equity (unaudited) – Three months ended September 30, 2020 and 2019

 

6

 

Consolidated Statements of Equity (unaudited) – Nine months ended September 30, 2020 and 2019

7

Consolidated Statements of Cash Flows (unaudited) – Nine months ended September 30, 2020 and 2019

 

8

 

Notes to Consolidated Financial Statements (unaudited)

9

Item 2.

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

 

37

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

70

 

Item 4.

Controls and Procedures

 

70

 

PART II - Other Information

 

 

Item 1A.

Risk Factors

 

71

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

72

 

Item 6.

Exhibits

 

73

 

Signatures

 

74

 

2

Table of Contents

Part I – FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

C&F FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

September 30, 

December 31, 

    

2020

    

2019

  

Assets

(unaudited)

*

Cash and due from banks

$

15,022

$

21,148

Interest-bearing deposits in other banks

 

10,751

 

144,285

Total cash and cash equivalents

 

25,773

 

165,433

Securities—available for sale at fair value, amortized cost of
$266,401 and $187,759, respectively

 

272,091

 

189,733

Loans held for sale, at fair value

 

274,851

 

90,500

Loans, net of allowance for loan losses of $38,856 and $32,873, respectively

 

1,319,500

 

1,082,318

Restricted stock, at cost

 

3,209

 

3,257

Corporate premises and equipment, net

 

42,754

 

35,261

Other real estate owned, net of valuation allowance of $146 and $88, respectively

 

1,107

 

1,103

Accrued interest receivable

 

7,829

 

6,776

Goodwill

 

25,191

 

14,425

Other intangible assets, net

 

2,374

 

912

Bank-owned life insurance

19,984

16,044

Net deferred tax asset

12,449

11,219

Other assets

 

73,739

 

40,451

Total assets

$

2,080,851

$

1,657,432

Liabilities

Deposits

Noninterest-bearing demand deposits

$

484,280

$

296,985

Savings and interest-bearing demand deposits

 

700,091

 

572,209

Time deposits

 

479,142

 

422,056

Total deposits

 

1,663,513

 

1,291,250

Short-term borrowings

 

60,481

 

16,360

Long-term borrowings

 

67,486

 

119,529

Trust preferred capital notes

 

25,307

 

25,281

Accrued interest payable

 

1,091

 

1,291

Other liabilities

 

73,921

 

38,442

Total liabilities

 

1,891,799

 

1,492,153

Commitments and contingent liabilities (Note 11)

 

 

Equity

Common stock ($1.00 par value, 8,000,000 shares authorized, 3,647,898 and 3,438,126 shares issued and outstanding, respectively, includes 136,705 and 142,020 of unvested shares, respectively)

 

3,511

 

3,296

Additional paid-in capital

 

21,402

 

9,503

Retained earnings

 

164,205

 

154,248

Accumulated other comprehensive loss, net

 

(730)

 

(2,249)

Equity attributable to C&F Financial Corporation

188,388

164,798

Noncontrolling interest

664

481

Total equity

 

189,052

 

165,279

Total liabilities and equity

$

2,080,851

$

1,657,432

*     Derived from audited consolidated financial statements.

See notes to consolidated 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 September 30, 

Nine Months Ended September 30, 

    

2020

    

2019

  

2020

    

2019

Interest income

Interest and fees on loans

$

22,506

$

22,254

$

67,607

$

65,497

Interest on interest-bearing deposits and federal funds sold

 

32

 

460

 

682

 

1,631

Interest and dividends on securities

U.S. government agencies and corporations

 

109

 

109

 

355

 

311

Mortgage-backed securities

533

528

1,596

1,706

Tax-exempt obligations of states and political subdivisions

498

504

1,507

1,643

Taxable obligations of states and political subdivisions

 

102

 

86

 

302

 

272

Other

 

42

 

51

 

135

 

159

Total interest income

 

23,822

 

23,992

 

72,184

 

71,219

Interest expense

Savings and interest-bearing deposits

 

346

 

538

 

1,287

 

1,737

Time deposits

 

1,938

 

1,868

 

6,368

 

4,798

Borrowings

 

404

 

1,091

 

1,962

 

3,322

Trust preferred capital notes

 

289

 

272

 

865

 

867

Total interest expense

 

2,977

 

3,769

 

10,482

 

10,724

Net interest income

 

20,845

 

20,223

 

61,702

 

60,495

Provision for loan losses

 

3,300

 

1,800

 

9,550

 

6,005

Net interest income after provision for loan losses

 

17,545

 

18,423

 

52,152

 

54,490

Noninterest income

Gains on sales of loans

 

9,706

 

3,205

 

17,987

 

8,296

Mortgage banking fee income

 

2,206

 

1,373

 

5,497

 

3,410

Interchange income

1,268

1,105

3,498

3,134

Service charges on deposit accounts

 

785

 

1,012

 

2,426

 

2,874

Wealth management services income, net

 

640

 

529

 

1,973

 

1,453

Other service charges and fees

 

390

 

396

 

1,159

 

1,111

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

 

4

 

3

 

11

 

8

Other

 

1,939

 

607

 

2,963

 

3,249

Total noninterest income

 

16,938

 

8,230

 

35,514

 

23,535

Noninterest expenses

Salaries and employee benefits

 

15,767

 

11,730

 

40,938

 

35,132

Occupancy

 

2,131

 

1,974

 

6,331

 

5,992

Other

 

7,433

 

6,598

 

21,939

 

18,404

Total noninterest expenses

 

25,331

 

20,302

 

69,208

 

59,528

Income before income taxes

 

9,152

 

6,351

 

18,458

 

18,497

Income tax expense

 

2,234

 

1,466

 

4,158

 

3,999

Net income

6,918

4,885

14,300

14,498

Less net income attributable to noncontrolling interest

 

125

 

5

 

183

 

4

Net income attributable to C&F Financial Corporation

$

6,793

$

4,880

$

14,117

$

14,494

Net income per share - basic and diluted

$

1.86

$

1.42

$

3.87

$

4.19

See notes to consolidated financial statements.

4

Table of Contents

C&F FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2020

    

2019

    

2020

    

2019

Net income

$

6,918

$

4,885

$

14,300

$

14,498

Other comprehensive income (loss):

Defined benefit plan:

Reclassification of recognized net actuarial losses into net income1

49

47

148

141

Related income tax effects

(10)

(10)

(31)

(30)

Amortization of prior service credit into net income1

(17)

(17)

(51)

(51)

Related income tax effects

4

4

11

11

Defined benefit plan, net of tax

26

24

77

71

Cash flow hedges:

Unrealized holding gains (losses) arising during the period

127

(563)

(2,001)

(773)

Related income tax effects

(32)

145

515

199

Amortization of hedging gains into net income2

(3)

(28)

(9)

(28)

Related income tax effects

7

2

7

Cash flow hedges, net of tax

92

(439)

(1,493)

(595)

Securities available for sale:

Unrealized holding (losses) gains arising during the period

(261)

368

3,727

3,741

Related income tax effects

54

(78)

(783)

(786)

Reclassification of net realized gains into net income3

(4)

(3)

(11)

(8)

Related income tax effects

1

1

2

2

Securities available for sale, net of tax

(210)

288

2,935

2,949

Other comprehensive (loss) income, net of tax

(92)

(127)

1,519

2,425

Comprehensive income

6,826

4,758

15,819

16,923

Less comprehensive income attributable to noncontrolling interest

125

5

183

4

Comprehensive income attributable to C&F Financial Corporation

$

6,701

$

4,753

$

15,636

$

16,919

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 financial statements.

5

Table of Contents

C&F FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019

(Unaudited)

(Dollars in thousands, except per share amounts)

Attributable to C&F Financial Corporation

Accumulated

   

   

Additional

   

   

Other

   

 

Common

Paid - In

Retained

Comprehensive

Noncontrolling

Total