C&F Financial Corporation (CFFI) has reported a 33.59 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $3.08 million, or $0.89 a share in the quarter, compared with $2.31 million, or $0.68 a share for the same period last year. Revenue during the quarter grew 9.51 percent to $21.34 million from $19.48 million in the previous year period. Non-interest income for the quarter rose 13.62 percent over the last year period to $6.01 million.
C&F Financial Corporation has made provision of $4.92 million for loan losses during the quarter, down 13.77 percent from $5.70 million in the same period last year.
Net interest margin contracted 11 basis points to 6.20 percent in the quarter from 6.31 percent in the last year period.
“2016 was a year of growth and expansion for the Corporation as we prepare to celebrate C&F Bank’s 90th anniversary,” said Larry Dillon, chairman and chief executive officer of C&F Financial Corporation. “Loan growth has been a significant contributor to the 46 percent earnings improvement at the retail banking segment from 2015 to 2016. During 2016, we continued strengthening our commercial lending teams and expanded into the Charlottesville, Virginia market. The mortgage banking segment experienced increases in residential loan originations and sales in excess of 20 percent from 2015 to 2016, which contributed to earnings growth during 2016. The mortgage banking segment also began an expansion into Chesapeake, Virginia and the Outer Banks of North Carolina with the hiring of a team of experienced mortgage lenders and processors. While this expansion is still in the early stages, the outlook for these locations is very encouraging. In addition, in November 2016, our wealth management subsidiary hired an experienced team of financial advisors, which expanded its business to serve a growing base of clients in the Williamsburg and Newport News, Virginia markets.”
Assets, liabilities remain almost stable
Total assets stood at $1,451.99 million as on Dec. 31, 2016, up 3.34 percent compared with $1,405.08 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,267.12 million as on Dec. 31, 2016, down 0.54 percent from $1,274.02 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $960.16 million as on Dec. 31, 2016, up 10.89 percent compared with $865.89 million on Dec. 31, 2015. Deposits stood at $1,119.92 million as on Dec. 31, 2016, up 4.31 percent compared with $1,073.63 million on Dec. 31, 2015. Investments stood at $210.03 million as on Dec. 31, 2016, down 4.31 percent or $9.45 million from year-ago. Shareholders equity stood at $139.21 million as on Dec. 31, 2016, up 6.22 percent or $8.16 million from year-ago.
Return on average assets moved up 19 basis points to 0.86 percent in the quarter from 0.67 percent in the last year period. At the same time, return on average equity increased 180 basis points to 8.87 percent in the quarter from 7.07 percent in the last year period.
Nonperforming assets moved down 37.60 percent or $2.67 million to $4.43 million on Dec. 31, 2016 from $7.10 million on Dec. 31, 2015.
Book value per share was $40.50 for the quarter, up 6.24 percent or $2.38 compared to $38.12 for the same period last year.
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