C & F Financial Corporation (CFFI) has reported 9.94 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $2.73 million, or $0.78 a share in the quarter, compared with $2.48 million, or $0.72 a share for the same period last year.
Revenue during the quarter grew 6.07 percent to $21.50 million from $20.27 million in the previous year period. Non-interest income for the quarter rose 19.04 percent over the last year period to $6.15 million.
C & F Financial Corporation has made provision of $4.40 million for loan losses during the quarter, down 4.35 percent from $4.60 million in the same period last year.
Net interest margin contracted 19 basis points to 6.09 percent in the quarter from 6.28 percent in the last year period.
"In addition to earnings improvement during the first quarter of 2017, we are excited to announce the expansion of C&F Bank’s retail branch network," said Larry Dillon, chairman and chief executive officer of C&F Financial Corporation. “We expect to open our 26th branch in the third quarter of 2017, which will be located in downtown Charlottesville, Virginia. The Bank began its entry into the Charlottesville market last year with the opening of a commercial lending center, which has been very successful. Since that time, we selected an initial branch location adjacent to our commercial lending offices and we obtained the required regulatory approval for the new branch. Renovations of the existing space are underway and we have begun recruiting an experienced retail branch team. Our Charlottesville branch design will incorporate many features of our digital platform from which we plan to create a prototype for future locations.”
Return on average assets moved up 5 basis points to 0.76 percent in the quarter from 0.71 percent in the last year period. At the same time, return on average equity increased 35 basis points to 7.86 percent in the quarter from 7.51 percent in the last year period.
Nonperforming assets moved up 33.50 percent or $2.28 million to $9.08 million on Mar. 31, 2017 from $6.80 million on Mar. 31, 2016.
Book value per share was $40.56 for the quarter, up 4.97 percent or $1.92 compared to $38.64 for the same period last year.
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