C&F Financial Corp 10-K Summary: Fiscal Year Ended December 31, 1999
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 1999, for C&F Financial Corporation, a Virginia-based bank holding company. The Corporation owns 100% of Citizens and Farmers Bank, an independent commercial bank with ten branches in Virginia. The Bank serves a defined local community including portions of King William, Hanover, and Richmond counties. The Corporation operates four wholly-owned subsidiaries: C&F Title Agency, Inc., C&F Investment Services, Inc., C&F Insurance Services, Inc., and C&F Mortgage Corporation. As of December 31, 1999, the Corporation employed 278 persons.
Key Financial Metrics
Note: Specific financial figures for revenue, profit, cash flow, margins, debt, and liquidity are not provided in the text of this filing. The document incorporates these details by reference to the 1999 Annual Report to Shareholders (Exhibit 13) and the 2000 Proxy Statement (Exhibit 99).
- Market Value: The aggregate market value of Common Stock held by non-affiliates was approximately $50,171,000 as of March 21, 2000.
- Shares Outstanding: 3,644,324 shares of Common Stock ($1.00 par value) were outstanding as of March 21, 2000.
- Real Estate Expenses: Rental expense for C&F Mortgage Corporation's nine leased offices totaled $330,000 for the year ended December 31, 1999.
- Securities Registration: Common Stock is registered pursuant to Section 12(g) of the Act; no securities are registered under Section 12(b).
Material Changes and Operational Updates
The filing does not explicitly detail year-over-year financial changes as the comparative data is incorporated by reference. However, the following operational updates are noted:
- New Subsidiary: C&F Insurance Services, Inc. was organized in July 1999 and owns a 2.4% interest in the Virginia Bankers Insurance Center, LLC.
- Property Acquisition: The Corporation purchased and remodeled a 5,000-square-foot building at Sixth and Main Streets in West Point, Virginia, in 1998 for loan operations.
- Management Changes: Thomas F. Cherry was promoted to Senior Vice President and Chief Financial Officer in December 1998.
Guidance, Risks, and Contingencies
Guidance and Outlook: The text does not contain specific forward-looking guidance or earnings projections; such information is incorporated by reference from the Annual Report to Shareholders.
Risks and Regulation: The Corporation is subject to regulation by the Federal Reserve Bank, the SEC, and state securities commissions. The Bank is regulated by the State Corporation Commission and the FDIC. The Bank faces competition from major statewide banks, savings associations, credit unions, and consumer finance companies.
Legal Proceedings: There are no material pending legal proceedings to which the Corporation is a party.
Unusual Items: No unusual items or disagreements with accountants were reported.
Investor Verification Checklist
- Verify the specific revenue, net income, and return on equity figures in the 1999 Annual Report to Shareholders (Exhibit 13), as they are not listed in this 10-K text.
- Review the Five Year Financial Summary in the Annual Report to assess long-term trends.
- Examine the 2000 Proxy Statement (Exhibit 99) for details on executive compensation and security ownership.
- Confirm the status of the Virginia Bankers Insurance Center, LLC acquisition mentioned in the C&F Insurance Services subsidiary section.
- Check the Consolidated Financial Statements (pages 24-44 of the Annual Report) for debt levels and liquidity ratios.