C&F Financial Corp 10-K Summary (Fiscal Year Ended Dec 31, 1998)
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 1998 for C&F Financial Corporation, a Virginia-based bank holding company. The Company's sole subsidiary is Citizens and Farmers Bank, an independent commercial bank with nine branches in Virginia. The Company also operates three wholly-owned subsidiaries: C&F Title Agency, Inc., C&F Investment Services, Inc., and C&F Mortgage Corporation (with offices in Virginia and Maryland). As of December 31, 1998, the Company employed 230 persons.
Key Financial Metrics
Revenue, Profit, Cash Flow, Margins, Debt, and Liquidity: The filing text does not provide specific numerical values for revenue, net income, cash flow, margins, debt levels, or liquidity ratios. These figures are incorporated by reference from the Company's 1998 Annual Report to Shareholders (Exhibit 13), specifically pages 9 through 23 for Management's Discussion and Analysis and pages 24 through 44 for Consolidated Financial Statements.
Market Data: As of March 3, 1999, the aggregate market value of Common Stock held by non-affiliates was approximately $59,757,000. The number of shares outstanding was 3,731,888.
Material Changes and Operational Updates
- Executive Changes: Thomas F. Cherry was promoted to Senior Vice President and Chief Financial Officer in December 1998. Brad E. Schwartz was promoted to Senior Vice President and Chief Operating Officer in December 1997.
- Property: The Company owns its headquarters and several branch locations. C&F Mortgage Corporation leases eight offices, incurring rental expenses of $297,000 for the year ended December 31, 1998.
- Legal Proceedings: There are no material pending legal proceedings.
Guidance, Outlook, and Risks
Outlook and Guidance: Specific forward-looking guidance or numerical outlooks are not detailed in the text of this filing; they are incorporated by reference from the 1998 Annual Report to Shareholders.
Risks and Regulation: The Company 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 Company faces competition from major statewide banks, savings associations, credit unions, and other financial institutions in its market area.
Unusual Items: No unusual items or disagreements with accountants were reported.
Investor Verification Checklist
- Verify specific financial performance metrics (Revenue, Net Income, ROE, NIM) by reviewing the 1998 Annual Report to Shareholders (Exhibit 13), as these numbers are not present in the 10-K text.
- Confirm the status of the 3,731,888 shares outstanding and the $59.76 million non-affiliate market value as of March 3, 1999.
- Review the 1999 Proxy Statement (Exhibit 99) for details on executive compensation and security ownership of principal holders.
- Assess the impact of the $297,000 rental expense for C&F Mortgage Corporation on operating margins.
- Examine the "Five Year Financial Summary" (incorporated by reference) to analyze long-term trends not visible in this summary.