Company Quick10K Filing
C&F Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 3 $177
10-Q 2019-11-07 Quarter: 2019-09-30
10-Q 2019-08-05 Quarter: 2019-06-30
10-Q 2019-05-08 Quarter: 2019-03-31
10-K 2019-02-26 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-K 2018-03-08 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2017-05-08 Quarter: 2017-03-31
10-K 2017-03-07 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-08 Quarter: 2016-06-30
10-Q 2016-05-09 Quarter: 2016-03-31
10-K 2016-03-04 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-11 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-07 Annual: 2013-12-31
10-Q 2013-11-07 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-08 Quarter: 2013-03-31
10-K 2013-03-05 Annual: 2012-12-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-07 Quarter: 2012-06-30
10-Q 2012-05-08 Quarter: 2012-03-31
10-K 2012-03-05 Annual: 2011-12-31
10-Q 2011-11-08 Quarter: 2011-09-30
10-Q 2011-08-08 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-03-03 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-K 2010-03-03 Annual: 2009-12-31
8-K 2020-01-01 Other Events, Exhibits
8-K 2019-12-19 Other Events, Exhibits
8-K 2019-11-20 Regulation FD, Exhibits
8-K 2019-11-19 Other Events
8-K 2019-10-24 Earnings, Other Events, Exhibits
8-K 2019-10-15
8-K 2019-08-21 Regulation FD, Exhibits
8-K 2019-08-13 Other Events, Exhibits
8-K 2019-08-13 Enter Agreement, Exhibits
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-06-13 Officers, Exhibits
8-K 2019-05-21 Regulation FD, Other Events, Exhibits
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-04-16 Shareholder Vote
8-K 2019-02-20 Regulation FD, Exhibits
8-K 2019-01-24 Earnings, Exhibits
8-K 2018-12-18 Officers, Regulation FD, Exhibits
8-K 2018-11-28 Other Events, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-08-22 Other Events, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-05-23 Other Events, Exhibits
8-K 2018-04-17 Officers, Exhibits
8-K 2018-04-17 Officers, Exhibits
8-K 2018-04-17 Earnings, Exhibits
8-K 2018-02-21 Other Events, Exhibits
8-K 2018-02-20 Officers, Exhibits
8-K 2018-01-25 Earnings, Exhibits
CFFI 2019-09-30
Part I – Financial Information
Item 1.Financial Statements
Note 1: Summary of Significant Accounting Policies
Note 2: Securities
Note 3: Loans
Note 4: Allowance for Loan Losses
Note 5: Leases
Note 6: Equity, Other Comprehensive Income and Earnings per Share
Note 7: Employee Benefit Plans
Note 8: Fair Value of Assets and Liabilities
Note 9: Business Segments
Note 10: Commitments and Contingent Liabilities
Note 11: Derivative Financial Instruments
Note 12: 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-20190930ex31154d3de.htm
EX-31.2 cffi-20190930ex312a44259.htm
EX-32 cffi-20190930xex32.htm

C&F Financial Earnings 2019-09-30

CFFI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
UBFO 187 1,006 893 0 0 16 25 -123 -4.9 2%
CCB 186 1,031 914 0 0 12 22 132 6.1 1%
LEVL 184 1,505 1,343 0 0 14 36 180 4.9 1%
NBN 177 1,231 1,078 0 0 19 46 25 0.5 2%
CFFI 177 1,568 1,409 122 0 19 36 177 0% 4.9 1%
OVBC 174 1,035 911 0 0 10 18 104 5.9 1%
EVBN 173 1,471 1,330 11 0 0 12 113 0% 9.6 0%
ESXB 172 1,431 1,284 2 0 14 32 172 0% 5.4 1%
MFNC 170 1,331 1,173 1 0 13 29 109 0% 3.7 1%
BSVN 168 798 699 0 0 23 35 44 1.2 3%

10-Q 1 cffi-20190930x10q.htm 10-Q cffi_Current Folio_10Q_Taxonomy2019

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, 2019 

 

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.)

 

 

802 Main Street West Point, VA

23181

(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 6, 2019, the latest practicable date for determination, 3,423,548 shares of common stock, $1.00 par value, of the registrant were outstanding.

 

 


 

 

TABLE OF CONTENTS

 

 

 

 

 

 

 

PART I - Financial Information 

    

Page

 

 

 

 

 

 

Item 1. 

Financial Statements

 

 3

 

 

 

 

 

 

 

Consolidated Balance Sheets –  September 30, 2019 (unaudited) and December 31, 2018

 

 3

 

 

 

 

 

 

 

Consolidated Statements of Income (unaudited) – Three and nine months ended September  30, 2019 and 2018

 

 4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (unaudited) – Three and nine months ended September 30, 2019 and 2018

 

 5

 

 

 

 

 

 

 

Consolidated Statements of Equity (unaudited) – Three months ended September 30, 2019 and 2018

 

6

 

 

 

 

 

 

 

Consolidated Statements of Equity (unaudited) – Nine months ended September 30, 2019 and 2018

 

7

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) – Nine months ended September 30, 2019 and 2018

 

8

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

9

 

 

 

 

 

 

Item 2. 

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

 

 33

 

 

 

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures About Market Risk

 

 61

 

 

 

 

 

 

Item 4. 

Controls and Procedures

 

 62

 

 

 

 

 

 

PART II - Other Information 

 

 

 

 

 

 

 

 

Item 1A. 

Risk Factors

 

62

 

 

 

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

 

 64

 

 

 

 

 

 

Item 6. 

Exhibits

 

65

 

 

 

 

 

 

 

Signatures

 

 66

 

 

2

Part I – FINANCIAL INFORMATION

 

ITEM 1.FINANCIAL STATEMENTS

 

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except for per share amounts)

 

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

 

    

2019

    

2018

  

Assets

 

 

(unaudited)

 

 

*

 

Cash and due from banks

 

$

10,923

 

$

14,138

 

Interest-bearing deposits in other banks

 

 

134,871

 

 

100,875

 

Total cash and cash equivalents

 

 

145,794

 

 

115,013

 

Securities—available for sale at fair value, amortized cost of
$188,876 and $216,650, respectively

 

 

190,869

 

 

214,910

 

Loans held for sale, at fair value

 

 

98,357

 

 

41,895

 

Loans, net of allowance for loan losses of $33,218 and $34,023, respectively

 

 

1,055,320

 

 

1,028,097

 

Restricted stock, at cost

 

 

3,257

 

 

3,247

 

Corporate premises and equipment, net

 

 

35,504

 

 

37,100

 

Other real estate owned, net of valuation allowance of $88 and $57, respectively

 

 

1,103

 

 

246

 

Accrued interest receivable

 

 

6,685

 

 

7,436

 

Goodwill

 

 

14,425

 

 

14,425

 

Core deposit and other amortizable intangible assets, net

 

 

951

 

 

1,142

 

Bank-owned life insurance

 

 

16,348

 

 

16,065

 

Net deferred tax asset

 

 

11,615

 

 

12,193

 

Other assets

 

 

39,153

 

 

29,642

 

Total assets

 

$

1,619,381

 

$

1,521,411

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

321,068

 

$

271,360

 

Savings and interest-bearing demand deposits

 

 

515,168

 

 

563,741

 

Time deposits

 

 

412,344

 

 

346,560

 

Total deposits

 

 

1,248,580

 

 

1,181,661

 

Short-term borrowings

 

 

16,859

 

 

14,917

 

Long-term borrowings

 

 

119,529

 

 

119,529

 

Trust preferred capital notes

 

 

25,272

 

 

25,245

 

Accrued interest payable

 

 

1,263

 

 

920

 

Other liabilities

 

 

45,817

 

 

27,181

 

Total liabilities

 

 

1,457,320

 

 

1,369,453

 

 

 

 

 

 

 

 

 

Commitments and contingent liabilities (Note 10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

Common stock ($1.00 par value, 8,000,000 shares authorized, 3,423,327 and 3,497,122 shares issued and outstanding, respectively, includes 137,455 and 139,455 of unvested shares, respectively)

 

 

3,286

 

 

3,358

 

Additional paid-in capital

 

 

9,345

 

 

12,752

 

Retained earnings

 

 

151,183

 

 

140,520

 

Accumulated other comprehensive loss, net

 

 

(2,247)

 

 

(4,672)

 

Equity attributable to C&F Financial Corporation

 

 

161,567

 

 

151,958

 

Noncontrolling interest

 

 

494

 

 

 —

 

Total equity

 

 

162,061

 

 

151,958

 

Total liabilities and equity

 

$

1,619,381

 

$

1,521,411

 


*     Derived from audited consolidated financial statements.

 

See notes to consolidated financial statements.

3

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars in thousands, except for per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

    

2019

    

2018

  

2019

    

2018

    

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

22,254

 

$

21,673

 

$

65,497

 

$

63,116

 

Interest on interest-bearing deposits and federal funds sold

 

 

460

 

 

527

 

 

1,631

 

 

1,544

 

Interest and dividends on securities

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies and corporations

 

 

109

 

 

90

 

 

311

 

 

265

 

Mortgage-backed securities

 

 

528

 

 

583

 

 

1,706

 

 

1,694

 

Tax-exempt obligations of states and political subdivisions

 

 

504

 

 

675

 

 

1,643

 

 

2,086

 

Taxable obligations of states and political subdivisions

 

 

86

 

 

84

 

 

272

 

 

229

 

Other

 

 

51

 

 

59

 

 

159

 

 

152

 

Total interest income

 

 

23,992

 

 

23,691

 

 

71,219

 

 

69,086

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings and interest-bearing deposits

 

 

538

 

 

411

 

 

1,737

 

 

1,123

 

Time deposits

 

 

1,868

 

 

1,020

 

 

4,798

 

 

2,957

 

Borrowings

 

 

1,091

 

 

1,081

 

 

3,322

 

 

3,102

 

Trust preferred capital notes

 

 

272

 

 

291

 

 

867

 

 

861

 

Total interest expense

 

 

3,769

 

 

2,803

 

 

10,724

 

 

8,043

 

Net interest income

 

 

20,223

 

 

20,888

 

 

60,495

 

 

61,043

 

Provision for loan losses

 

 

1,800

 

 

2,400

 

 

6,005

 

 

7,700

 

Net interest income after provision for loan losses

 

 

18,423

 

 

18,488

 

 

54,490

 

 

53,343

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains on sales of loans

 

 

3,205

 

 

1,752

 

 

8,296

 

 

6,399

 

Service charges on deposit accounts

 

 

1,012

 

 

1,031

 

 

2,874

 

 

3,121

 

Other service charges and fees

 

 

1,769

 

 

1,296

 

 

4,521

 

 

3,900

 

Net gains on maturities and calls of available for sale securities

 

 

 3

 

 

 5

 

 

 8

 

 

 9

 

Wealth management services income, net

 

 

529

 

 

441

 

 

1,453

 

 

1,325

 

Interchange income

 

 

1,105

 

 

981

 

 

3,134

 

 

2,868

 

Other

 

 

607

 

 

1,121

 

 

3,249

 

 

2,692

 

Total noninterest income

 

 

8,230

 

 

6,627

 

 

23,535

 

 

20,314

 

Noninterest expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

11,730

 

 

10,967

 

 

35,132

 

 

32,773

 

Occupancy

 

 

2,226

 

 

2,207

 

 

6,564

 

 

6,262

 

Other

 

 

6,346

 

 

5,500

 

 

17,832

 

 

16,939

 

Total noninterest expenses

 

 

20,302

 

 

18,674

 

 

59,528

 

 

55,974

 

Income before income taxes

 

 

6,351

 

 

6,441

 

 

18,497

 

 

17,683

 

Income tax expense

 

 

1,466

 

 

1,340

 

 

3,999

 

 

3,620

 

Net income

 

 

4,885

 

 

5,101

 

 

14,498

 

 

14,063

 

Less net income attributable to noncontrolling interest

 

 

 5

 

 

 —

 

 

 4

 

 

 —

 

Net income attributable to C&F Financial Corporation

 

$

4,880

 

$

5,101

 

$

14,494

 

$

14,063

 

Net income per share - basic and diluted

 

$

1.42

 

$

1.46

 

$

4.19

 

$

4.02

 

 

See notes to consolidated financial statements.

4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

    

2019

    

2018

    

2019

    

2018

    

Net income

 

$

4,885

 

$

5,101

 

$

14,498

 

$

14,063

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification of recognized net actuarial losses into net income1

 

 

47

 

 

32

 

 

141

 

 

93

 

Related income tax effects

 

 

(10)

 

 

(7)

 

 

(30)

 

 

(20)

 

Amortization of prior service credit into net income1

 

 

(17)

 

 

(16)

 

 

(51)

 

 

(46)

 

Related income tax effects

 

 

 4

 

 

 4

 

 

11

 

 

10

 

Defined benefit plan, net of tax

 

 

24

 

 

13

 

 

71

 

 

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding (losses) gains arising during the period

 

 

(563)

 

 

(5)

 

 

(773)

 

 

245

 

Related income tax effects

 

 

145

 

 

 1

 

 

199

 

 

(63)

 

Amortization of hedging gains into net income2

 

 

(28)

 

 

 —

 

 

(28)

 

 

 —

 

Related income tax effects

 

 

 7

 

 

 —

 

 

 7

 

 

 —

 

Cash flow hedges, net of tax

 

 

(439)

 

 

(4)

 

 

(595)

 

 

182

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

368

 

 

(1,252)

 

 

3,741

 

 

(4,438)

 

Related income tax effects

 

 

(78)

 

 

263

 

 

(786)

 

 

932

 

Reclassification of net realized gains into net income3

 

 

(3)

 

 

(5)

 

 

(8)

 

 

(9)

 

Related income tax effects

 

 

 1

 

 

 1

 

 

 2

 

 

 2

 

Securities available for sale, net of tax

 

 

288

 

 

(993)

 

 

2,949

 

 

(3,513)

 

Other comprehensive (loss) income, net of tax

 

 

(127)

 

 

(984)

 

 

2,425

 

 

(3,294)

 

Comprehensive income

 

 

4,758

 

 

4,117

 

 

16,923

 

 

10,769

 

Less comprehensive income attributable to noncontrolling interest

 

 

 5

 

 

 —

 

 

 4

 

 

 —

 

Comprehensive income attributable to C&F Financial Corporation

 

$

4,753

 

$

4,117

 

$

16,919

 

$

10,769

 


1

These 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 7: Employee Benefit Plans,” for additional information.

2

These items are included in “Interest expense – Trust preferred capital notes” on the Consolidated Statements of Income.

3

These items are included in “Net gains on maturities and calls of available for sale securities” on the Consolidated Statements of Income.

See notes to consolidated financial statements.

5

CONSOLIDATED STATEMENTS OF EQUITY

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(Unaudited)

(Dollars in thousands, except for per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to C&F Financial Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

   

 

 

   

Additional

   

 

 

   

Other

   

 

 

 

 

 

 

 

Common

 

Paid - In

 

Retained

 

Comprehensive

 

Noncontrolling

 

Total

 

 

 

Stock

 

Capital

 

Earnings

 

Loss

 

Interest

 

Equity

 

Balance June 30, 2019

 

$

3,305

 

$

10,107

 

$

147,570

 

$

(2,120)

 

$

489

 

$

159,351

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 —

 

 

 —

 

 

4,880

 

 

 —

 

 

 5

 

 

4,885

 

Other comprehensive loss

 

 

 —

 

 

 —

 

 

 —

 

 

(127)

 

 

 —

 

 

(127)

 

Share-based compensation

 

 

 —

 

 

306

 

 

 —

 

 

 —

 

 

 —

 

 

306

 

Restricted stock vested

 

 

 2

 

 

(2)

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Common stock issued

 

 

 1

 

 

36

 

 

 —

 

 

 —

 

 

 —

 

 

37

 

Common stock purchased

 

 

(22)

 

 

(1,102)

 

 

 —

 

 

 —

 

 

 —

 

 

(1,124)

 

Cash dividends declared ($0.37 per share)

 

 

 —

 

 

 —

 

 

(1,267)

 

 

 —

 

 

 —

 

 

(1,267)

 

Balance September 30, 2019

 

$

3,286

 

$

9,345

 

$

151,183

 

$

(2,247)

 

$

494

 

$

162,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to C&F Financial Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

   

 

 

   

Additional

   

 

 

   

Other

   

 

 

 

 

 

 

 

Common

 

Paid - In

 

Retained

 

Comprehensive

 

Noncontrolling

 

Total

 

 

 

Stock

 

Capital

 

Earnings

 

Loss

 

Interest

 

Equity

 

Balance June 30, 2018

 

$

3,370

 

$

13,268

 

$

134,012

 

$

(4,197)

 

$

 —

 

$

146,453

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 —

 

 

 —

 

 

5,101

 

 

 —

 

 

 —

 

 

5,101

 

Other comprehensive loss

 

 

 —

 

 

 —

 

 

 —

 

 

(984)

 

 

 —

 

 

(984)

 

Share-based compensation

 

 

 —

 

 

316

 

 

 —

 

 

 —

 

 

 —

 

 

316

 

Restricted stock vested

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Common stock issued

 

 

 —

 

 

35

 

 

 —

 

 

 —

 

 

 —

 

 

35

 

Common stock purchased

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Cash dividends declared ($0.36 per share)

 

 

 —

 

 

 —

 

 

(1,262)

 

 

 —

 

 

 —

 

 

(1,262)

 

Balance September 30, 2018

 

$

3,370

 

$

13,619

 

$

137,851

 

$

(5,181)

 

$

 —

 

$

149,659

 

 

See notes to consolidated financial statements.

 

6

CONSOLIDATED STATEMENTS OF EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(Unaudited)

(Dollars in thousands, except for per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to C&F Financial Corporation

 

 

 

 

 

 

 

 

   

 

 

   

 

 

   

 

 

   

Accumulated

   

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Other

 

 

 

 

 

 

 

 

Common

 

Paid - In

 

Retained

 

Comprehensive

 

Noncontrolling

 

Total

 

 

 

Stock

 

Capital

 

Earnings

 

Income (Loss)

 

Interest

 

Equity

 

Balance December 31, 2018

 

$

3,358

 

$

12,752

 

$

140,520

 

$

(4,672)

 

$

 —

 

$

151,958

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 —

 

 

 —

 

 

14,494

 

 

 —

 

 

 4

 

 

14,498

 

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

2,425

 

 

 —

 

 

2,425

 

Issuance of noncontrolling interest

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

490

 

 

490

 

Share-based compensation

 

 

 —