C&F Financial Corporation reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. As of September 30, 2024, total assets increased to $2.55 billion from $2.44 billion at the end of 2023, driven by a rise in loans and deposits. Total loans, net of allowance for credit losses, rose to $1.87 billion, up from $1.70 billion, reflecting growth in commercial real estate and residential mortgage loans.
Despite the increase in total loans, net income for the three months ended September 30, 2024, was $5.42 million, a decrease from $5.78 million in the same period of 2023. For the nine months, net income fell to $13.89 million from $18.66 million year-over-year. The decline in net income was attributed to lower earnings from the community banking and consumer finance segments, although the mortgage banking segment showed improvement.
Total revenue for the third quarter of 2024 was $33.46 million, compared to $30.68 million in the same quarter of 2023. The increase was primarily due to higher interest income from loans, which rose to $33.02 million from $28.37 million. However, net interest income for the nine months decreased to $72.53 million from $74.46 million, reflecting a decline in net interest margin, which was 4.13% for Q3 2024, down from 4.29% in Q3 2023.
The provision for credit losses increased significantly, with $3.70 million recorded for the third quarter of 2024, compared to $2.10 million in the same quarter of 2023. For the nine months, the provision rose to $9.75 million from $5.80 million, indicating a cautious approach amid rising delinquencies and charge-offs.
C&F Financial also implemented a stock repurchase program, authorizing up to $10 million through December 2024. As of September 30, 2024, the company had repurchased $7.27 million of its common stock. The total equity attributable to C&F Financial increased to $227.34 million from $216.88 million at the end of 2023, reflecting a solid capital position despite the challenges in profitability.
Overall, while C&F Financial Corporation experienced growth in assets and loans, its profitability faced headwinds from increased provisions for credit losses and a decline in net income, prompting strategic measures to enhance shareholder value through stock repurchases.
About C & F FINANCIAL CORP
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