C&F Financial Q2 net income rises on loan growth

Overview

• U.S. regional bank's Q2 net income rose 11% yr/yr on loan and mortgage growth

• Adjusted net income for Q2 up 1.5% excluding one-time items

• Company declared Q2 dividend of $0.48 per share and repurchased $312,000 in stock

Outlook

• Provision for credit losses may increase if loan performance deteriorates

Result Drivers

• LOAN GROWTH - Community banking segment loans grew, driven by commercial real estate and land acquisition lending

• MORTGAGE ORIGINATIONS - Higher volume of mortgage loan originations contributed to increased gains on sales of loans and fee income

Company press release: ID:nGNX5JzDKN

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)