C&F Financial Corporation Announces Earnings for 2009

Jan 29, 2010, 16:51 ET from C&F Financial Corporation

WEST POINT, Va., Jan. 29 /PRNewswire-FirstCall/ -- C&F Financial Corporation (Nasdaq:  CFFI), the one-bank holding company for C&F Bank, today reported net income of $610,000 for the fourth quarter of 2009, compared with $1.04 million for the fourth quarter of 2008 ($491,000, adjusted to exclude the net tax benefit recognized in the fourth quarter of 2008 related to the  impairment of the corporation's investments in perpetual preferred stock of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac)).  Net income available to common shareholders for the fourth quarter of 2009 was $319,000, or 10 cents per common share assuming dilution, compared with $1.04 million, or 34 cents per common share assuming dilution, ($491,000, or 16 cents per common share assuming dilution, adjusted to exclude the net tax benefit of the impairment charge) for the fourth quarter of 2008.

The corporation's net income was $5.53 million for the year ended December 31, 2009, compared with $4.18 million for the year ended December 31, 2008 ($5.16 million, adjusted to exclude the net effect of the impairment charge).  Net income available to common shareholders for 2009 was $4.40 million, or $1.44 per common share assuming dilution, compared with $4.18 million, or $1.37 per common share assuming dilution, ($5.16 million, or $1.69 per common share assuming dilution, adjusted to exclude the net effect of the impairment charge) for 2008.

The difference between reported net income and net income available to common shareholders in 2009 is a result of the preferred stock dividends and amortization of the warrant related to the corporation's participation in the Department of Treasury's Capital Purchase Program.  The preferred stock and warrant were issued in the first quarter of 2009 and, therefore, did not affect net income available to common shareholders for 2008.

For the fourth quarter of 2009, the corporation's return on average common equity and return on average assets, on an annualized basis, were 1.87 percent and 0.15 percent, respectively, compared to 6.43 percent and 0.49 percent (3.05 percent and 0.23 percent, adjusted to exclude the net effect of the impairment charge) for the fourth quarter of 2008.  For the year ended December 31, 2009, the corporation's return on average common equity and return on average assets were 6.60 percent and 0.50 percent, respectively, compared to 6.39 percent and 0.51 percent (7.89 percent and 0.63 percent, adjusted to exclude the net effect of the impairment charge) for the year ended December 31, 2008.  In 2009, these ratios include the effects of preferred stock dividends and amortization of the common stock warrant on net income available to common shareholders, as well as asset growth since the end of 2008.

"2009 has been a difficult year for the United States economy, the banking industry and our corporation; however, I am pleased that even in these difficult times our corporation has continued to report overall positive financial results," said Larry Dillon, president and chief executive officer of C&F Financial Corporation.  "Our strategy of diversification has served us well in 2009 as our Mortgage Banking and Consumer Finance segments have produced strong earnings, while the results of our Retail Banking segment were negatively affected by the significant downturn in the real estate market, higher FDIC assessments, and lower fee income."

"As the year progressed, it became clear that both real estate developers and individual homeowners were struggling to make payments on loans," continued Dillon.  "Our credit management team has directed significant effort to real estate loan workouts and restructurings and, when necessary, foreclosures.  Upon thoroughly evaluating the credit quality of our loan portfolio and the carrying values of real estate acquired through foreclosure, we have charged off loans, written down foreclosed properties, and increased reserves as we considered necessary.  Our reserve for loan losses at December 31, 2009 totaled $24.0 million, an increase of $4.2 million from December 31, 2008, and our provision for loan losses expensed in 2009 increased $4.8 million to $18.6 million.  We believe that our increased reserve levels are appropriate for the estimated losses inherent in our loan portfolios and we are cautiously optimistic that the credit actions we have taken during 2009 will contribute to lower loss provisions in 2010, provided economic conditions do not deteriorate.  While we expect real estate losses will remain elevated for the near term, we believe our portfolio will perform relatively well.  We will continue to work actively to find solutions for consumer and commercial customers who are not able to repay loans according to their original terms."

"The corporation's earnings for 2009 benefited from an increase in net interest income and our net interest margin has begun to improve from its low in April 2009," continued Dillon.  "Deposit repricing at lower interest rates and the implementation of interest rate floors on adjustable rate loans upon origination or renewal have mitigated, to a large degree, the effects of the lower interest rate environment and nonperforming loans on the Retail Banking segment's net interest margin.  Lower interest rates also contributed to an improvement in the net interest margin at our Consumer Finance segment as a majority of its funding is indexed to short-term interest rates, and resulted in strong demand for the product offerings of our Mortgage Banking segment.  Loan origination volume at the Mortgage Banking segment was up 42 percent during 2009, resulting in higher gains on loans sold."

"Factors negatively affecting the corporation's financial performance in 2009, such as significantly higher expenses associated with foreclosed properties and higher assessments to help replenish the FDIC's Deposit Insurance Fund, are evidence of the fragile economic conditions that existed during the year," concluded Dillon.  "As we look at 2010, we are encouraged by signs the economy may be improving.  We believe the corporation's strong capital and liquidity positions will allow for profitable growth should there be sufficient consumer spending and economic activity.  The corporation's board of directors continued its policy of paying dividends in 2009.  While the rate was decreased from 31 cents per share to 25 cents per common share, our dividend return to shareholders compares favorably to our peer group."

Retail Banking Segment.  C&F Bank reported a net loss of $1.51 million for the fourth quarter of 2009, compared to net income of $120,000 for the fourth quarter of 2008.  C&F Bank's net loss was $2.16 million for the year ended December 31, 2009, compared to net income of $1.70 million for the year ended December 31, 2008.  The decline in 2009 earnings included the effects of (1) nonperforming loans on interest income, (2) a higher provision for loan losses attributable to credit quality issues identified in the loan portfolio, (3) lower overdraft charges on deposit accounts resulting from economic conditions over the past year, which have heightened customer sensitivity to incurring such fees, (4) higher assessments for deposit insurance resulting from the effects of the FDIC's increased annual assessments, coupled with its special assessment in the second quarter of 2009 to help restore the Deposit Insurance Fund, and (5) higher expenses related to nonaccrual loans and foreclosed properties.

The Bank's nonperforming assets decreased from $18.59 million at December 31, 2008 to $17.17 million at December 31, 2009, which resulted from a combination of nonaccrual loan paydowns funded by sales of real estate securing the loans, loan charge-offs, and sales of foreclosed properties.  The Bank's nonperforming assets at December 31, 2009 consisted of $4.81 million of nonaccrual loans and $12.36 million of foreclosed properties.  The largest component of the Bank's nonaccrual loans are commercial loans secured by residential real estate.  Management actively monitors the credit risks within the Bank's loan portfolio and evaluates the allowance for loan losses.  The ratio of the Bank's allowance for loan losses to total loans increased to 2.01 percent at December 31, 2009, compared to 1.36 percent at December 31, 2008.  The largest component of the Bank's foreclosed properties is $11.04 million of residential properties associated with five commercial relationships.  These properties have been written down to their estimated fair values based upon current appraisals and recent property sales less selling costs.

Mortgage Banking Segment.  Fourth quarter net income for C&F Mortgage Corporation was $684,000 in 2009, compared to $326,000 in 2008.  Net income for the year ended December 31, 2009 was $3.43 million, compared to $1.47 million for the year ended December 31, 2008.  Earnings in 2009 included the positive effects of lower interest rates on loan origination volume, particularly in the first nine months of 2009.  Loan originations increased 23.36 percent and 41.90 percent for the three and twelve months ended December 31, 2009, respectively, resulting in gains on sales of loans of $5.60 million and $24.98 million for the three and twelve months ended December 31, 2009, respectively, compared to $3.78 million and $16.69 million for the three and twelve months ended December 31, 2008, respectively.  This revenue growth was offset in part by (1) an increase of $506,000 and $1.40 million in the provision for indemnification losses in the three months and twelve months ended December 31, 2009, respectively, compared to the same periods of 2008 and (2) increases in personnel costs of $2.51 million and $6.49 million in the three months and twelve months ended December 31, 2009, respectively, compared to the same periods of 2008, principally for variable compensation associated with the increase in loan production and income.  The increases in the provision for indemnification losses resulted from a higher number of claims by investors pursuant to recourse provisions as the continued deterioration of the U.S. economy caused an increase in defaults on mortgages by homeowners.

Consumer Finance Segment.  Fourth quarter net income for C&F Finance Company was $1.59 million in 2009, compared to $253,000 in 2008.  Net income for the twelve months ended December 31, 2009 was $4.79 million, compared to $2.72 million for the year ended December 31, 2008.  The Consumer Finance segment has benefited from growth in average consumer finance loans outstanding since the end of 2008, as well as the decline in its cost of borrowings throughout 2009 compared to 2008.  These benefits were offset in part by a higher provision for loan losses resulting from growth in the portfolio and the overall economic environment.  As a result, C&F Finance Company increased its allowance for loan losses to 7.89 percent of outstanding loans at December 31, 2009 from 7.31 percent at December 31, 2008.

Other and Eliminations Segment.  The fourth quarter net loss of this combined segment was $156,000 in 2009, compared to net income of $338,000 in the fourth quarter of 2008 (a net loss of $208,000, adjusted to exclude the net effect of the impairment charge).  The net loss for the year ended December 31, 2009 was $534,000, compared to a net loss of $1.69 million for the year ended December 31, 2008 (a net loss of $718,000, adjusted to exclude the net effect of the impairment charge).  Revenue and expenses of this segment include dividends received on the corporation's investment in equity securities and interest expense associated with the corporation's trust preferred capital notes.  The decline in the net loss for the three months and twelve months ended December 31, 2009 resulted from lower interest expense on the corporation's trust preferred capital notes, a portion of which are indexed to short-term interest rates.

About C&F Financial Corporation.  C&F Financial Corporation's common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI.  The common stock closed at a price of $20.00 per share on Thursday, January 28, 2010.  At December 31, 2009, the book value of the corporation was $22.45 per common share, and the corporation declared a dividend of 25 cents per common share during the fourth quarter of 2009.  The corporation's market makers include Davenport & Company LLC, FTN Financial Securities Corporation, McKinnon & Company, Inc. and Scott & Stringfellow, LLC.

C&F Bank operates 18 retail bank branches located throughout the Hampton to Richmond corridor in Virginia and offers full investment services through its subsidiary, C&F Investment Services, Inc.  C&F Mortgage Corporation provides mortgage, title and appraisal services through 21 offices located in Virginia, Maryland, North Carolina, Pennsylvania, Delaware and New Jersey.  C&F Finance Company provides automobile loans in Virginia, Tennessee, Maryland, North Carolina, Georgia, Ohio, Kentucky, Indiana and West Virginia through its offices in Richmond and Hampton, Virginia, in Nashville, Tennessee and in Towson, Maryland.

Additional information regarding the corporation's products and services, as well as access to its filings with the Securities and Exchange Commission, are available on the corporation's web site at http://www.cffc.com.

Use of Certain Non-GAAP Financial Measures.  In addition to results presented in accordance with United States generally accepted accounting principles (GAAP), this earnings release includes certain non-GAAP financial measures for the three and twelve months ended December 31, 2008, which are reconciled to their equivalent GAAP financial measures below.  Management believes these non-GAAP financial measures provide information useful to investors in understanding the corporation's performance trends and facilitate comparisons with its peers.  Specifically, management believes the exclusion from net income of significant impairment charges, net of tax benefit, recognized in 2008 permits a comparison of results for ongoing business operations, and it is on this basis that management internally assesses the corporation's performance and establishes goals for future periods.  Although the corporation's management believes the non-GAAP measures presented in this earnings release enhance investors' understandings of the corporation's performance, these non-GAAP financial measures should not be considered an alternative to GAAP-basis financial statements.

Forward-Looking Statements.   Statements in this press release which express "belief," "intention," "expectation," and similar expressions, are forward-looking statements.  These forward-looking statements are based on the beliefs of the corporation's management, as well as assumptions made by, and information currently available to, the corporation's management.  These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate.  Actual results could differ materially from those anticipated by such statements.  Factors that could have a material adverse effect on the operations and future prospects of the corporation include, but are not limited to, changes in: (1) interest rates, (2) general economic and business conditions, including unemployment levels, (3) demand for loan products, (4) the legislative/regulatory climate, (5) monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, (6) the quality or composition of the loan or investment portfolios, (7) the level of net charge-offs on loans, (8) deposit flows, (9) competition, (10) demand for financial services in the corporation's market area, (11) technology, (12) reliance on third parties for key services, (13) the real estate market, (14) the corporation's expansion and technology initiatives, and (15) accounting principles, policies and guidelines.  Further, there can be no assurance that the actions taken by the U.S. Treasury and the Federal Reserve Bank will stabilize the U.S. financial system or alleviate the industry or economic factors that may adversely affect the corporation's business and financial performance.  These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on such statements, which speak only as of date of this release.

    
    
                            C&F Financial Corporation                       
                         Selected Financial Information                     
               (in thousands, except for share and per share data)          
                                                                            
                                                                            
                                                                            
                                                                            
    Balance Sheets                                        12/31/09   12/31/08
                                                          --------   --------
                                                        (unaudited)         
    Interest-bearing deposits 
     with other banks and                          
     federal funds sold                                     $29,627      $161
    Investment securities - 
     available for sale at fair                      
     value                                                  118,570   100,603
    Loans held for sale, net                                 28,756    37,042
    Loans, net:                                                             
      Retail Banking segment                                436,154   469,700
      Mortgage Banking segment                                2,362     3,540
      Consumer Finance segment                              174,488   159,777
    Federal Home Loan Bank stock                              3,887     5,284
    Total assets                                            888,430   855,657
    Deposits                                                606,630   550,725
    Borrowings                                              170,832   219,460
    Shareholders' equity                                     88,876    64,857
    
    
    
                                  For The                       For The       
                               Quarter Ended              Twelve Months Ended 
    Statements of Income     12/31/09   12/31/08           12/31/09   12/31/08
                             --------   --------           --------   --------
                            (unaudited)                   (unaudited)      
    
    Interest income           $16,784    $15,932            $64,971   $64,130 
    Interest expense            3,559      5,015             15,459    21,395 
    Provision for loan losses:                                               
      Retail Banking segment    2,900      1,140              6,400     2,300 
      Mortgage Banking segment      -        209                563       796 
      Consumer Finance segment  2,800      3,700             11,600    10,670 
    Other operating income:                                                  
      Gains on sales of loans   5,595      3,778             24,976    16,693 
      Gains (losses)on 
       available for sale
       securities                  14        (40)                22    (1,341)
      Other                     3,321      2,338             11,691     9,797 
    Other operating expenses:                                                 
      Salaries and employee
       benefits                 8,450      4,693             35,118    27,724 
      Other                     7,205      7,039             25,049    21,596 
    Income tax expense (benefit)  190       (825)             1,945       617 
    Net income                    610      1,037              5,526     4,181 
    Net income available to             
    common shareholders          319      1,037              4,396     4,181 
    Earnings per common 
     share - assuming dilution   0.10       0.34               1.44      1.37 
    Earnings per common share -   
     basic                       0.10       0.34               1.44      1.38 
    
    
    
                                                                           
                                  For The                        For The    
                               Quarter Ended              Twelve Months Ended 
    Segment Information      12/31/09   12/31/08           12/31/09  12/31/08
                             --------   --------           --------  --------
                                (unaudited)              (unaudited)          
    Net income (loss)
     - Retail Banking         $(1,509)      $120            $(2,164)   $1,695 
    Net income - Mortgage                                                     
     Banking                      684        326              3,430     1,465 
    Net income - Consumer                                                     
     Finance                    1,591        253              4,794     2,715 
    Net income (loss) - Other                                                 
     and Eliminations            (156)       338               (534)   (1,694)
    Mortgage loan originations
     - Mortgage Banking       196,156    159,009          1,063,108   749,177 
    Mortgage loans sold
     - Mortgage Banking       216,163    162,240          1,071,394   746,218 
    
    
    
                                     For The                     For The    
                                  Quarter Ended            Twelve Months Ended
    Average Balances         12/31/09     12/31/08         12/31/09  12/31/08
                             --------     --------         --------  --------
                                 (unaudited)             (unaudited)          
    Interest-bearing deposits
     in other banks and                             
     federal funds sold       $12,306       $924             $3,936    $1,286
    Investment securities -    
    available for sale                                                       
     at fair value            120,156    100,806            114,435    93,826
    Loans held for sale        35,328     28,658             50,733    30,294
    Loans:                                                                    
      Retail Banking segment  450,544    475,136            461,880   459,599
      Mortgage Banking                                                        
       segment                  2,667      4,759              3,314     4,868
      Consumer Finance                                                        
       segment                186,095    174,449            178,833   169,954
    Total earning assets      807,096    784,732            813,131   759,827
                                                                              
    Time, checking and                                                        
     savings deposits         501,713    470,819            490,392   460,986
    Borrowings                176,167    206,888            191,200   193,466
    Total interest-                                                           
     bearing liabilities      677,880    677,707            681,592   654,452
    Demand deposits            88,231     83,143             85,811    83,533
    Shareholders' equity       88,136     64,478             86,191    65,402
    
    
    
    
    Asset Quality                                          12/31/09  12/31/08 
                                                           --------  -------- 
                                                         (unaudited)          
    Retail and Mortgage 
     Banking Segments                                   
    Nonaccrual loans-Retail 
     Banking                                                 $4,812   $17,222 
    Nonaccrual loans-
     Mortgage Banking                                           204     1,460 
    Real estate owned*-
     Retail Banking                                          12,360     1,370 
    Real estate owned*-
     Mortgage Banking                                           440       596 
                                                                ---       --- 
      Total nonperforming 
       assets                                               $17,816   $20,648 
    Accruing loans past due 
     for 90 days or more                                       $451    $3,517 
    Total loans                                            $447,592  $480,438 
    Allowance for loan losses                                $9,076    $7,198 
    Nonperforming assets to 
     loans and real estate owned                               3.87%     4.28%
    Allowance for loan losses
     to loans                                                  2.03%     1.50%
    Allowance for loan losses 
     to nonaccrual loans                                     180.94%    38.53%
                                                                          
    *  Real estate owned is recorded at its fair market value
       less cost to sell.    
                                                                           
    Consumer Finance Segment                                               
    Nonaccrual loans                                           $387      $798 
    Accruing loans past 
     due for 90 days or more                                     $-        $- 
    Total loans                                            $189,439  $172,385 
    Allowance for loan losses                               $14,951   $12,608 
    Nonaccrual consumer finance 
     loans to total consumer 
     finance loans                                             0.20%     0.46%
    Allowance for loan losses 
     to total consumer finance loans                           7.89%     7.31%
    
    
    
    
                               As Of and For The           As Of and For The 
                                 Quarter Ended             Twelve Months Ended
    Other Data and Ratios     12/31/09  12/31/08           12/31/09  12/31/08
                              --------  --------           --------  --------
                                  (unaudited)            (unaudited)         
    Annualized return on                                                     
     average assets              0.15%      0.49%              0.50%     0.51%
    Annualized return on                                                      
     average common equity       1.87%      6.43%              6.60%     6.39%
    Dividends declared per                                                    
     common share               $0.25      $0.31              $1.06     $1.24 
    Common shares purchased         -          -                  -     1,600 
    Average price of purchased                                                
     common shares                  -          -                  -    $24.67 
    Weighted average common
     shares outstanding 
     - assuming dilution    3,065,693  3,035,422          3,048,491 3,058,274 
    Weighted average common
     shares outstanding -                             
     basic                  3,050,920  3,031,600          3,044,009 3,027,700 
    Market value per common                                                  
     share at period end       $19.00     $15.75             $19.00    $15.75 
    Book value per common                                                    
     share at period end       $22.45     $21.35             $22.45    $21.35 
    Price to book value ratio                                                
     at period end               0.85       0.74               0.85      0.74 
    Price to earnings ratio at                                               
     period end (ttm)           13.19      11.50              13.19     11.50 
    
    
    
    
                              C&F Financial Corporation                       
                 Reconciliation of Certain Non-GAAP Financial Measures        
                         (in thousands, except for per share data)            
                                                                              
                                          For The             For The      
                                       Quarter Ended    Twelve Months Ended 
                                 (1) 12/31/09  12/31/08  12/31/09  12/31/08 
                                 --  --------  --------  --------  -------- 
                                        (unaudited)         (unaudited)    
    Net Income and Earnings
     Per Common Share                                                   
      Net income (GAAP)                  $610    $1,037    $5,526    $4,181 
      Effective dividends on
       Treasury preferred stock          (291)        -    (1,130)        - 
                                         ----        --    ------        -- 
      Net income available to 
       common shareholders
       (GAAP)                     A       319     1,037     4,396     4,181 
      Other-than-temporary 
       impairment on Fannie Mae
       and Freddie Mac preferred
       stock (GAAP)                         -        53         -     1,575 
      Tax benefit of other-than
       -temporary impairment on
       Fannie Mae and Freddie Mac
       preferred stock (GAAP)               -      (599)        -      (599)
                                           --      ----        --      ---- 
      Net income available to
       common shareholders
       excluding other-than
       -temporary impairment
       on Fannie Mae and Freddie
       Mac preferred stock, net
       of tax benefit             B      $319      $491    $4,396    $5,157 
                                                                          
      Weighted average common
       shares - assuming                                                 
       dilution (GAAP)            C     3,066     3,035     3,048     3,058 
      Weighted average common
       shares - basic (GAAP)      D     3,051     3,032     3,044     3,028 
                                                                             
      Earnings per common share
       - assuming dilution
        GAAP                      A/C   $0.10     $0.34     $1.44     $1.37 
        Excluding other-than-
         temporary impairment
         on Fannie Mae and
         Freddie Mac preferred
         stock, net of tax
         benefit                  B/C   $0.10     $0.16     $1.44     $1.69
                                                                              
      Earnings per common share
       - basic
        GAAP                      A/D   $0.10     $0.34     $1.44     $1.38
        Excluding other-than-
         temporary impairment on
         Fannie Mae and Freddie
         Mac preferred stock,                                             
         net of tax benefit       B/D   $0.10     $0.16     $1.44     $1.70 
                                                                              
    Annualized Return on Average
     Assets                                                         
                                                                              
      Average assets (GAAP)       E  $870,082  $842,300  $875,973  $819,999 
                                                                              
    Annualized return on average
     assets                                                         
        GAAP                    (A/E)*4  0.15%     0.49%                  
        GAAP                    (A/E)                        0.50%     0.51%
        Excluding other-than-
         temporary impairment
         on Fannie Mae and 
         Freddie Mac preferred
         stock, net of tax
         benefit                (B/E)*4  0.15%     0.23%                   
        Excluding other-than
         -temporary impairment
         on Fannie Mae and 
         Freddie Mac preferred
         stock, net of tax
         benefit                (B/E)                        0.50%     0.63%
                                                                              
    Annualized Return on Average
     Common Equity                                                  
                                                                              
      Average common equity
       (GAAP)                     F   $68,136   $64,478   $66,629   $65,402
                                                                             
    Annualized return on 
    average common equity                                                 
        GAAP                    (A/F)*4  1.87%     6.43%                  
        GAAP                    (A/F)                        6.60%     6.39%
        Excluding other-than
         -temporary impairment
         on Fannie Mae and
         Freddie Mac preferred
         stock, net of tax 
         benefit                (B/F)*4  1.87%     3.05%                    
        Excluding other-than
         -temporary impairment
         on Fannie Mae and
         Freddie Mac preferred
         stock, net of tax
         benefit                (B/F)                        6.60%     7.89%
                                                                            
    (1)  The letters included in this column are provided to show how the 
         various ratios presented in the Reconciliation of Certain Non-GAAP 
         Financial Measures are calculated.    
    
    
    
                             C&F Financial Corporation                  
              Reconciliation of Certain Non-GAAP Financial Measures    
                    (in thousands, except for per share data)          
                                                                  
                                          For The             For The        
                                        Quarter Ended    Twelve Months Ended
                                     12/31/09  12/31/08  12/31/09  12/31/08
                                     --------  --------  --------  -------- 
                                         (unaudited)         (unaudited)   
    Other and Eliminations Segment                                
      Net income (loss) (GAAP)           (156)      338      (534)   (1,694)
      Other-than-temporary impairment
       on Fannie Mae and Freddie Mac                                       
       preferred stock (GAAP)               -        53         -     1,575
      Tax benefit of other-than
       -temporary impairment on Fannie    
       Mae and Freddie Mac preferred                                     
       stock (GAAP)                         -      (599)        -      (599)
                                           --      ----        --      ---- 
      Net loss available to common
       shareholders excluding other
       -than-temporary impairment on
       Fannie Mae and Freddie Mac                                       
       preferred stock, net of tax                                         
       benefit                           (156)     (208)     (534)     (718)
    
    

SOURCE C&F Financial Corporation



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http://www.cffc.com