C&F Financial Corporation Announces Net Income for 2022

TOANO, Va., Jan. 24, 2023 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the one-bank holding company for C&F Bank, today reported consolidated net income of $29.4 million for the year ended December 31, 2022, which represents an increase of $246,000, or less than one percent, as compared to the year ended December 31, 2021. Included in net income for the year ended December 31, 2022 were the effects of real estate disposal activity related to branch consolidation and a change in accounting policy election related to the fair value of certain equity investments. Included in net income for the year ended December 31, 2021 was pension settlement accounting expense. Adjusted net income, a non-GAAP financial measure, decreased $3.0 million, or 10.1 percent, for the year ended December 31, 2022 compared to the year ended December 31, 2021, which excludes the effects of the items mentioned above.

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