C&F Financial Corporation (CFFI) has reported 9.58 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $3.14 million, or $0.91 a share in the quarter, compared with $3.48 million, or $1.02 a share for the same period last year.
Revenue during the quarter grew 5.03 percent to $22.25 million from $21.18 million in the previous year period. Non-interest income for the quarter rose 40 percent over the last year period to $6.73 million.
C&F Financial Corporation has made provision of $4.92 million for loan losses during the quarter, up 18.90 percent from $4.14 million in the same period last year.
Net interest margin contracted 21 basis points to 6.37 percent in the quarter from 6.58 percent in the last year period.
"The Corporation's net income for the third quarter and first nine months of 2016 included the strong financial performances of the retail banking and mortgage banking segments, which were able to mitigate the effect of the earnings decline of the consumer finance segment," said Larry Dillon, chairman and chief executive officer of C&F Financial Corporation.
Assets, liabilities remain almost stable
Total assets stood at $1,425.01 million as on Sep. 30, 2016, up 3.76 percent compared with $1,373.37 million on Sep. 30, 2015.
Deposits outpace loan growth
Deposits stood at $1,089.13 million as on Sep. 30, 2016, up 4.54 percent compared with $1,041.80 million on Sep. 30, 2015.
Investments stood at $205.23 million as on Sep. 30, 2016, down 7.05 percent or $15.57 million from year-ago. Shareholders equity stood at $139.69 million as on Sep. 30, 2016, up 8.02 percent or $10.37 million from year-ago.
Return on average assets moved down 11 basis points to 0.90 percent in the quarter from 1.01 percent in the last year period. At the same time, return on average equity decreased 174 basis points to 9.13 percent in the quarter from 10.87 percent in the last year period.
Nonperforming assets moved down 10.44 percent or $0.56 million to $4.77 million on Sep. 30, 2016 from $5.33 million on Sep. 30, 2015.
Book value per share was $40.39 for the quarter, up 5.90 percent or $2.25 compared to $38.14 for the same period last year.
