C&F Financial Corp 10-K Summary (Fiscal Year Ended Dec 31, 2000)
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 2000 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 11 branches in Virginia. The Corporation also operates four wholly-owned subsidiaries: C&F Title Agency, C&F Investment Services, C&F Insurance Services, and C&F Mortgage Corporation (with 11 locations in Virginia and Maryland). As of December 31, 2000, the Corporation employed 265 people.
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 "2000 Annual Report to Shareholders" (Exhibit 13), which is not included in the provided text.
Market Data:
- Aggregate Market Value (Non-affiliates): Approximately $52,839,000 as of March 21, 2001.
- Shares Outstanding: 3,562,639 shares of Common Stock ($1.00 par value) as of March 21, 2001.
- Securities Registered: Common Stock under Section 12(g); none under Section 12(b).
Material Changes and Operational Updates
The filing does not explicitly detail year-over-year financial changes due to the incorporation of financial data by reference. However, operational context includes:
- Property: The Corporation owns its headquarters and several branch buildings in West Point, VA. C&F Mortgage Corporation leases 11 offices, incurring $411,000 in rental expense for the year.
- Subsidiary Activity: C&F Insurance Services owns a 2.4% stake in Virginia Bankers Insurance Center, LLC.
- Legal: No material pending legal proceedings were reported.
Guidance, Outlook, and Risks
Management Commentary and Outlook: Specific guidance, outlook, and management discussion regarding financial condition are incorporated by reference from the Annual Report to Shareholders (pages 9-23) and are not present in the text of this filing.
Risks and Regulation:
- Competition: The Bank faces competition from major statewide banks, savings associations, credit unions, and consumer finance companies. Subsidiaries compete with other investment, insurance, and title firms.
- Regulation: The Corporation is regulated by the Federal Reserve Bank and the SEC. The Bank is regulated by the State Corporation Commission and the FDIC.
- Market Risk: Quantitative and qualitative disclosures about market risk are incorporated by reference (pages 14-16 of the Annual Report).
Investor Verification Checklist
- Financial Performance: Retrieve the "2000 Annual Report to Shareholders" (Exhibit 13) to verify specific revenue, net income, and earnings per share figures, as they are not listed in the 10-K text.
- Asset Quality: Review the "Consolidated Financial Statements" (Exhibit 13, pages 24-44) for details on non-performing loans and loan loss reserves.
- Capital Adequacy: Verify regulatory capital ratios in the incorporated financial statements to assess liquidity and solvency.
- Executive Compensation: Review the 2001 Proxy Statement (Exhibit 99) for detailed executive compensation data.
- Market Risk Exposure: Examine the "Market Risk Management" section of the Annual Report to understand interest rate and liquidity risk exposures.