C&F Financial Q3 profit rises on loan growth

Overview

• US regional bank's Q3 net income rose 16% yr/yr on higher loan growth and margins

• EPS for Q3 rose to $2.55 from $2.18 yr/yr

• Company opened a loan production office in Lynchburg, Virginia during Q3

Outlook

• Company did not provide specific financial guidance for future quarters or the full year in the press release

Result Drivers

• LOAN GROWTH - Co said higher average balances of loans, especially in commercial real estate and land acquisition, contributed to increased net income

• NET INTEREST MARGIN - Co said stronger net interest margin, driven by higher yields on loans and securities, supported results

• MARKET EXPANSION - Co said expansion into Lynchburg, Virginia with a new loan production office contributed to growth

Company press release:

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for C&F Financial Corp is $115.00, about 7.1% above its October 23 closing price of $107.33

Reuters Recommended Reads

• Oct 26 - Business First Bancshares Q3 net income rises on loan and deposit growth

• Oct 26 - Bank of Marin Bancorp Q3 profit beats estimates on higher loan yields

• Oct 26 - Bank of Hawaii Q3 net income rises on higher net interest income

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)