Holding Company Condensed Financial Information

12 Months Ended

Dec. 31, 2020

Holding Company Condensed Financial Information

Holding Company Condensed Financial Information

NOTE 23: Holding Company Condensed Financial Information

The following tables present the condensed balance sheets as of December 31, 2020 and 2019 and the condensed statements of comprehensive income and cash flows for the years ended December 31, 2020, 2019 and 2018 for the Corporation on a standalone basis:

	December 31,
(Dollars in thousands)	2020		2019
Condensed Balance Sheets
Assets
Cash	$	21,272	$	11,464
Other assets		22,680		17,687
Investment in C&F Bank		218,148		175,254
Total assets	$	262,100	$	204,405
Liabilities and shareholders’ equity
Trust preferred capital notes	$	25,316	$	25,281
Long-term borrowings		24,093		—
Other liabilities		18,886		14,326
Shareholders’ equity		193,805		164,798
Total liabilities and shareholders’ equity	$	262,100	$	204,405

	Year Ended December 31,
(Dollars in thousands)	2020		2019		2018
Condensed Statements of Comprehensive Income
Interest expense on borrowings	$	(1,611)	$	(1,135)	$	(1,152)
Dividends received from C&F Bank		8,746		22,632		6,312
Equity in undistributed net income of C&F Bank		15,373		(1,697)		13,228
Other income		2,041		2,108		45
Other expenses		(2,432)		(3,049)		(413)
Net income		22,117		18,859		18,020
Other comprehensive income (loss), net of tax		294		2,423		(2,785)
Comprehensive income	$	22,411	$	21,282	$	15,235

	Year Ended December 31,
(Dollars in thousands)	2020		2019		2018
Condensed Statements of Cash Flows
Operating activities:
Net cash provided by operating activities	$	8,141	$	20,674	$	5,801
Investing activities:
Acquisition of Peoples Bankshares, Inc.		(10,084)		—		—
Swap collateral, net		(1,710)		(150)		—
Net cash used in investing activities		(11,794)		(150)		—
Financing activities:
Proceeds from borrowings		19,924		—		—
Common stock repurchases		(1,061)		(4,385)		(1,105)
Cash dividends		(5,546)		(5,131)		(4,931)
Other financing activities, net		144		140		144
Net cash provided by (used in) financing activities		13,461		(9,376)		(5,892)
Net increase (decrease) in cash and cash equivalents		9,808		11,148		(91)
Cash at beginning of year		11,464		316		407
Cash at end of year	$	21,272	$	11,464	$	316