8-K - CFFI - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 24, 2025

C&F FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)


Virginia		000-23423		54-1680165
(State or other jurisdiction of<br>incorporation)		(Commission<br>File Number)		(IRS Employer<br>Identification No.)


3600 La Grange Parkway , Toano , Virginia		23168
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (804) 843-2360

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value per share	CFFI	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange of 1934 (§240.12b-2 of this chapter).

Emer
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Item 2.02 Results of Operations and Financial Condition

On July 24, 2025, C&F Financial Corporation (the Corporation) issued a news release announcing its financial results for the three and six months ended June 30, 2025. A copy of the Corporation’s news release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02.

Item 7.01

Regulation FD Disclosure

On July 24, 2025, the Corporation published an investor presentation on its website. A copy of the presentation is attached to this Current Report on Form 8-K as Exhibit 99.2 and incorporated by reference into this Item 7.01. The Corporation and its management may use this or similar presentations in meetings with investors during the third quarter of 2025. A copy of this investor presentation is also available in the Financial Information – Investor Presentations section of the Corporation’s investor relations website at investor.cffc.com.

In accordance with General Instruction B.2 of Form 8-K, the information furnished in this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the Exchange Act) or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act unless expressly incorporated by specific reference made within such filing.

Item 9.01

Financial Statements and Exhibits

(d)Exhibits

99.1	C&F Financial Corporation news release dated July 24, 2025
99.2	Investor Presentation dates July 24, 2025
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104 Cover Page Interactive Data File (formatted as inline XBRL and contained

in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		C&F FINANCIAL CORPORATION
		(Registrant)


Date:	July 24, 2025	By:	/s/ Jason E. Long
			Jason E. Long
			Chief Financial Officer and Secretary

EXHIBIT 99.1


Thursday, July 24, 2025

Contact:	Jason Long, CFO and Secretary
	(804) 843-2360

C&F Financial Corporation

Announces Net Income for Second Quarter and First Six Months

Toano, Va., July 24, 2025—C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:


	For The Quarter Ended						For the Six Months Ended
Consolidated Financial Highlights (unaudited)	6/30/2025			6/30/2024			6/30/2025			6/30/2024
Consolidated net income (000's)	$	7,767		$	5,034		$	13,162		$	8,469

Earnings per share - basic and diluted	$	2.37		$	1.50		$	4.03		$	2.50

Annualized return on average assets		1.18	%		0.82	%		1.01	%		0.69	%
Annualized return on average equity		13.06	%		9.31	%		11.23	%		7.82	%
Annualized return on average tangible common equity^1^		14.70	%		10.72	%		12.72	%		9.01	%

________________________

^1^ For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

“We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

Key highlights for the second quarter and first six months of 2025 are as follows.

●	Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
●	Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
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●	Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
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●	Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
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●	The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
●	The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
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●	The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
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●	Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
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●	The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.
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Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

●	higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
●	lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;
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partially offset by:

●	higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
●	higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.
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Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These 2

decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

●	higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
●	higher mortgage lender services fee income;
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partially offset by:

●	higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
●	lower reversal of provision for indemnifications.
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Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

Consumer Finance Segment. The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

●	higher provision for credit losses due primarily to higher net charge-offs; and
●	lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;
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partially offset by:

●	lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
●	lower salaries and employee benefits expense due to an effort to reduce overhead costs.
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Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance 3

segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

Capital and Dividends. During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 4

compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the 5

Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

Forward-Looking Statements. ****This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

●	interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
●	general business conditions, as well as conditions within the financial markets
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●	general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
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●	general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
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●	average loan and securities yields and average costs of interest-bearing deposits and borrowings
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●	financial services industry conditions, including bank failures or concerns involving liquidity
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●	labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
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●	the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
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●	monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
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●	demand for financial services in the Corporation’s market areas
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●	the value of securities held in the Corporation’s investment portfolios
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●	the quality or composition of the loan portfolios and the value of the collateral securing those loans
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●	the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
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●	the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
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●	the level of net charge-offs on loans and the adequacy of our allowance for credit losses
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●	the level of indemnification losses related to mortgage loans sold
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●	demand for loan products
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●	deposit flows
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●	the strength of the Corporation’s counterparties
●	the availability of lines of credit from the FHLB and other counterparties
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●	the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
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●	competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
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●	services provided by, or the level of the Corporation’s reliance upon third parties for key services
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●	the commercial and residential real estate markets, including changes in property values
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●	the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
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●	the Corporation’s technology initiatives and other strategic initiatives
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●	the Corporation’s branch expansion, relocation and consolidation plans
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●	cyber threats, attacks or events
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●	C&F Bank’s product offerings
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●	accounting principles, policies and guidelines, and elections made by the Corporation thereunder.
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These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

C&F Financial Corporation

Selected Financial Information

(dollars in thousands, except for per share data)

(unaudited)


Financial Condition	6/30/2025		****	12/31/2024		****	6/30/2024
Interest-bearing deposits in other banks	$	62,289		$	49,423		$	28,433
Investment securities - available for sale, at fair value		434,506			418,625			404,758
Loans held for sale, at fair value		44,757			20,112			33,716
Loans, net:
Community Banking segment		1,513,082			1,436,226			1,369,912
Consumer Finance segment		439,005			444,085			454,921
Total assets		2,686,392			2,563,374			2,492,100
Deposits		2,256,314			2,170,860			2,106,062
Repurchase agreements		20,642			28,994			25,047
Other borrowings		125,493			93,615			93,753
Total equity		240,916			226,970			219,099


	For ** The**				For The
	Quarter Ended				Six Months Ended
Results of Operations	6/30/2025		6/30/2024		6/30/2025		6/30/2024
Interest income	$	37,407	$	34,312	$	73,395	$	67,020
Interest expense		10,899		10,484		21,877		20,034
Provision for credit losses:
Community Banking segment		(300)		450		(200)		950
Consumer Finance segment		2,400		2,100		5,300		5,100
Noninterest income:
Gains on sales of loans		2,458		1,701		4,305		2,989
Other		7,390		5,623		13,116		11,827
Noninterest expenses:
Salaries and employee benefits		14,846		13,452		28,329		27,704
Other		9,784		8,921		19,360		17,819
Income tax expense		1,859		1,195		2,988		1,760
Net income		7,767		5,034		13,162		8,469

Fully-taxable equivalent (FTE) amounts^1^
Interest income on loans-FTE		33,768		31,460		66,196		61,096
Interest income on securities-FTE		3,530		2,977		6,876		6,075
Total interest income-FTE		37,711		34,600		73,987		67,593
Net interest income-FTE		26,812		24,116		52,110		47,559

________________________

^1^For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”


		For the Quarter Ended
	****	6/30/2025							****	6/30/2024							****
		Average		****	Income/		****	Yield/		Average		****	Income/		****	Yield/
Yield Analysis		Balance		****	Expense		****	Rate		Balance		****	Expense		****	Rate
Assets
Loans:
Community banking segment		$	1,499,272		$	20,893		5.59	%	$	1,359,703		$	18,543		5.48	%
Mortgage banking segment			45,948			731		6.38			34,240			533		6.26
Consumer finance segment			464,193			12,144		10.49			478,296			12,384		10.41
Total loans			2,009,413			33,768		6.74			1,872,239			31,460		6.76
Securities:
Taxable			342,023			2,325		2.72			337,050			1,857		2.20
Tax-exempt			120,281			1,205		4.01			119,626			1,120		3.75
Total securities			462,304			3,530		3.05			456,676			2,977		2.61
Interest-bearing deposits in other banks			48,237			413		3.43			23,239			163		2.82
Total earning assets			2,519,954			37,711		6.00			2,352,154			34,600		5.91
Allowance for credit losses			(41,284)								(40,837)
Total non-earning assets			157,307								153,002
Total assets		$	2,635,977							$	2,464,319

Liabilities and Equity
Interest-bearing deposits:
Interest-bearing demand deposits		$	312,905			476		0.61		$	321,070			476		0.60
Savings and money market deposit accounts			522,453			1,530		1.17			474,613			1,074		0.91
Certificates of deposit			830,425			7,547		3.65			751,973			7,700		4.12
Total interest-bearing deposits			1,665,783			9,553		2.30			1,547,656			9,250		2.40
Borrowings:
Repurchase agreements			23,920			85		1.43			25,113			97		1.55
Other borrowings			99,162			1,261		5.09			100,633			1,137		4.52
Total borrowings			123,082			1,346		4.38			125,746			1,234		3.93
Total interest-bearing liabilities			1,788,865			10,899		2.44			1,673,402			10,484		2.52
Noninterest-bearing demand deposits			568,372								529,608
Other liabilities			40,917								45,023
Total liabilities			2,398,154								2,248,033
Equity			237,823								216,286
Total liabilities and equity		$	2,635,977							$	2,464,319
Net interest income					$	26,812							$	24,116
Interest rate spread								3.56	%							3.39	%
Interest expense to average earning assets								1.73	%							1.79	%
Net interest margin								4.27	%							4.12	%


		For the Six Months Ended
	****	6/30/2025							****	6/30/2024							****
		Average		****	Income/		****	Yield/		Average		****	Income/		****	Yield/
Yield Analysis		Balance		****	Expense		****	Rate		Balance		****	Expense		****	Rate
Assets
Loans:
Community banking segment		$	1,483,501		$	40,858		5.55	%	$	1,330,981		$	35,874		5.42	%
Mortgage banking segment			33,527			1,071		6.44			25,970			814		6.30
Consumer finance segment			464,856			24,267		10.53			476,072			24,408		10.31
Total loans			1,981,884			66,196		6.74			1,833,023			61,096		6.70
Securities:
Taxable			340,744			4,518		2.65			351,146			3,837		2.19
Tax-exempt			119,661			2,358		3.94			120,274			2,238		3.72
Total securities			460,405			6,876		2.99			471,420			6,075		2.58
Interest-bearing deposits in other banks			52,012			915		3.55			25,828			422		3.29
Total earning assets			2,494,301			73,987		5.98			2,330,271			67,593		5.83
Allowance for credit losses			(40,947)								(40,565)
Total non-earning assets			155,937								154,902
Total assets		$	2,609,291							$	2,444,608

Liabilities and Equity
Interest-bearing deposits:
Interest-bearing demand deposits		$	322,569			1,076		0.67		$	328,320			1,029		0.63
Savings and money market deposit accounts			505,926			2,735		1.09			479,629			2,135		0.90
Certificates of deposit			826,211			15,511		3.79			728,570			14,616		4.03
Total interest-bearing deposits			1,654,706			19,322		2.35			1,536,519			17,780		2.33
Borrowings:
Repurchase agreements			26,044			198		1.53			26,555			208		1.57
Other borrowings			96,394			2,357		4.89			89,539			2,046		4.57
Total borrowings			122,438			2,555		4.18			116,094			2,254		3.88
Total interest-bearing liabilities			1,777,144			21,877		2.48			1,652,613			20,034		2.44
Noninterest-bearing demand deposits			556,923								530,747
Other liabilities			40,896								44,573
Total liabilities			2,374,963								2,227,933
Equity			234,328								216,675
Total liabilities and equity		$	2,609,291							$	2,444,608
Net interest income					$	52,110							$	47,559
Interest rate spread								3.50	%							3.39	%
Interest expense to average earning assets								1.77	%							1.73	%
Net interest margin								4.21	%							4.10	%


		6/30/2025
Funding Sources	****	Capacity		****	Outstanding		****	Available
Unsecured federal funds agreements		$	75,000		$	—		$	75,000
Borrowings from FHLB			267,278			52,000			215,278
Borrowings from Federal Reserve Bank			286,137			—			286,137
Total		$	628,415		$	52,000		$	576,415


Asset Quality	6/30/2025			12/31/2024
Community Banking
Total loans	$	1,530,275		$	1,453,605
Nonaccrual loans	$	1,075		$	333

Allowance for credit losses (ACL)	$	17,193		$	17,379
Nonaccrual loans to total loans		0.07	%		0.02	%
ACL to total loans		1.12	%		1.20	%
ACL to nonaccrual loans		1,599.35	%		5,218.92	%
Annualized year-to-date net charge-offs to average loans		0.01	%		0.01	%

Consumer Finance
Total loans	$	461,390		$	466,793
Nonaccrual loans	$	697		$	614
Repossessed assets	$	925		$	779
ACL	$	22,385		$	22,708
Nonaccrual loans to total loans		0.15	%		0.13	%
ACL to total loans		4.85	%		4.86	%
ACL to nonaccrual loans		3,211.62	%		3,698.37	%
Annualized year-to-date net charge-offs to average loans		2.42	%		2.62	%


	For The						For The
	Quarter Ended						Six Months Ended
Other Performance Data	6/30/2025			6/30/2024			6/30/2025			6/30/2024
Net Income (Loss):
Community Banking	$	7,116		$	4,571		$	12,561		$	8,583
Mortgage Banking		985			376			1,416			670
Consumer Finance		539			894			765			831
Other^1^		(873)			(807)			(1,580)			(1,615)
Total	$	7,767		$	5,034		$	13,162		$	8,469

Net income attributable to C&F Financial Corporation	$	7,691		$	5,007		$	13,059		$	8,408

Earnings per share - basic and diluted	$	2.37		$	1.50		$	4.03		$	2.50
Weighted average shares outstanding - basic and diluted		3,238,765			3,343,192			3,236,849			3,357,063

Annualized return on average assets		1.18	%		0.82	%		1.01	%		0.69	%
Annualized return on average equity		13.06	%		9.31	%		11.23	%		7.82	%
Annualized return on average tangible common equity^2^		14.70	%		10.72	%		12.72	%		9.01	%
Dividends declared per share	$	0.46		$	0.44		$	0.92		$	0.88

Mortgage loan originations - Mortgage Banking	$	213,523		$	146,010		$	327,273		$	240,356
Mortgage loans sold - Mortgage Banking		196,878			135,227			303,309			221,306

________________________

1	Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
2	For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”
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Market Ratios	6/30/2025		12/31/2024
Market value per share	$	61.73	$	71.25
Book value per share	$	74.21	$	70.00
Price to book value ratio		0.83		1.02
Tangible book value per share^1^	$	66.12	$	61.86
Price to tangible book value ratio^1^		0.93		1.15
Price to earnings ratio (ttm)		8.17		11.86

________________________

^1^	For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”



								Minimum Capital
Capital Ratios	****	6/30/2025			12/31/2024			Requirements^3^
C&F Financial Corporation^1^
Total risk-based capital ratio			15.0	%		14.1	%		8.0	%
Tier 1 risk-based capital ratio			12.0	%		11.9	%		6.0	%
Common equity tier 1 capital ratio			10.8	%		10.7	%		4.5	%
Tier 1 leverage ratio			10.0	%		9.8	%		4.0	%

C&F Bank^2^
Total risk-based capital ratio			14.8	%		13.5	%		8.0	%
Tier 1 risk-based capital ratio			13.6	%		12.3	%		6.0	%
Common equity tier 1 capital ratio			13.6	%		12.3	%		4.5	%
Tier 1 leverage ratio			11.3	%		10.1	%		4.0	%

________________________

^1^	The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
^2^	All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
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^3^	The ratios presented for minimum capital requirements are those to be considered adequately capitalized.
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	For The Quarter Ended						For The Six Months Ended
	6/30/2025			6/30/2024			6/30/2025			6/30/2024
Reconciliation of Certain Non-GAAP Financial Measures
Return on Average Tangible Common Equity
Average total equity, as reported	$	237,823		$	216,286		$	234,328		$	216,675
Average goodwill		(25,191)			(25,191)			(25,191)			(25,191)
Average other intangible assets		(1,045)			(1,301)			(1,081)			(1,333)
Average noncontrolling interest		(652)			(602)			(696)			(656)
Average tangible common equity	$	210,935		$	189,192		$	207,360		$	189,495

Net income	$	7,767		$	5,034		$	13,162		$	8,469
Amortization of intangibles		63			65			125			130
Net income attributable to noncontrolling interest		(76)			(27)			(103)			(61)
Net tangible income attributable to C&F Financial Corporation	$	7,754		$	5,072		$	13,184		$	8,538

Annualized return on average equity, as reported		13.06	%		9.31	%		11.23	%		7.82	%
Annualized return on average tangible common equity		14.70	%		10.72	%		12.72	%		9.01	%


	For The Quarter Ended				For The Six Months Ended
	6/30/2025		6/30/2024		6/30/2025		6/30/2024
Fully Taxable Equivalent Net Interest Income^1^
Interest income on loans	$	33,716	$	31,407	$	66,098	$	60,993
FTE adjustment		52		53		98		103
FTE interest income on loans	$	33,768	$	31,460	$	66,196	$	61,096

Interest income on securities	$	3,278	$	2,742	$	6,382	$	5,605
FTE adjustment		252		235		494		470
FTE interest income on securities	$	3,530	$	2,977	$	6,876	$	6,075

Total interest income	$	37,407	$	34,312	$	73,395	$	67,020
FTE adjustment		304		288		592		573
FTE interest income	$	37,711	$	34,600	$	73,987	$	67,593

Net interest income	$	26,508	$	23,828	$	51,518	$	46,986
FTE adjustment		304		288		592		573
FTE net interest income	$	26,812	$	24,116	$	52,110	$	47,559

____________________

1	Assuming a tax rate of 21%.


	6/30/2025		12/31/2024
Tangible Book Value Per Share
Equity attributable to C&F Financial Corporation	$	240,313	$	226,360
Goodwill		(25,191)		(25,191)
Other intangible assets		(1,022)		(1,147)
Tangible equity attributable to C&F Financial Corporation	$	214,100	$	200,022

Shares outstanding		3,238,085		3,233,672

Book value per share	$	74.21	$	70.00
Tangible book value per share	$	66.12	$	61.86

Exhibit 99.2

C&F Financial Corporation<br>NASDAQ: CFFI<br>Second Quarter 2025 Investor Presentation
Cautionary Statements<br>Second Quarter 2025 Investor Presentation<br>Forward-Looking Statements.<br>Certain statements in this presentation may constitute “forward-looking statements” within the meaning of federal securities laws. These forward-looking statements are based on the beliefs of the Corporation’s management, as<br>well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future<br>financial performance. These forward-looking statements relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the<br>words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the<br>underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Factors that could have a material adverse effect on the operations and future<br>prospects of the Corporation include, but are not limited to, changes in: (1) interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, increases in interest rates following actions by the Federal<br>Reserve and increases or volatility in mortgage interest rates, (2) general business conditions, as well as conditions within the financial markets, (3) general economic conditions, including unemployment levels, inflation rates,<br>supply chain disruptions and slowdowns in economic growth, (4) general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities,<br>financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events, (5) average loan yields and average costs of<br>interest-bearing deposits, (6) financial services industry conditions, including bank failures or concerns involving liquidity, (7) labor market conditions, including attracting, hiring, training, motivating and retaining qualified<br>employees, (8) the legislative/regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement<br>activities of the CFPB, (9) monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System (the Federal Reserve<br>Board), and the effect of these policies on interest rates and business in our markets, (10) demand for financial services in the Corporation’s market areas, (11) the value of securities held in the Corporation’s investment<br>portfolios, (12) the quality or composition of the loan portfolios and the value of the collateral securing those loans, (13) the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of<br>repossessed vehicles, (14) the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts, (15) the level of net charge-offs on loans<br>and the adequacy of our allowance for credit losses, (16) the level of indemnification losses related to mortgage loans sold, (17) demand for loan products, (18) deposit flows, (19) the strength of the Corporation’s counterparties,<br>(20) the availability of lines of credit from the FHLB and other counterparties, (21) the soundness of other financial institutions and any indirect exposure related to the closings of other financial institutions and their impact on the<br>broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other<br>financial institutions and market participants with which the Corporation has commercial or deposit relationships, (22) competition from both banks and non-banks, including competition in the non-prime automobile finance<br>markets and marine and recreational vehicle finance markets, (23) services provided by , or the level of the Corporation’s reliance upon third parties for key services, (24) the commercial and residential real estate markets,<br>including changes in property values, (25) the demand for residential mortgages and conditions in the secondary residential mortgage loan markets, (26) the Corporation’s technology initiatives and other strategic initiatives, (27)<br>the Corporation’s branch expansions and consolidations plans, (28) cyber threats, attacks or events, (29) C&F Bank’s product offerings, and (30) accounting principles, policies and guidelines, and elections by the Corporation<br>thereunder . These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which<br>speak only as of the date of this presentation. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended<br>December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.<br>Use of Certain Non-GAAP Financial Measures.<br>The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the<br>evaluation of the Corporation’s financial condition and performance. These include return on average tangible common equity (ROATCE), tangible common equity to tangible assets (TCE/TA), and tangible book value per share.<br>A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s financial condition and performance to the most directly comparable GAAP financial measures is<br>presented in an appendix.<br>No Offer or Solicitation<br>This presentation does not constitute an offer to sell or a solicitation to buy any securities. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as<br>amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful.<br>About C&F Financial Corporation.<br>Additional information regarding the Corporation’s products and services, as well as access to its filings with the SEC, are available on the Corporation’s website at http://www.cffc.com.<br>2
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Investment Highlights (as of 6/30/2025)<br>Second Quarter 2025 Investor Presentation<br>$2.69<br>Total Assets<br>($B)<br>$193.2<br>Market Cap<br>($mil)<br>• Recent expansion into Southwest<br>Virginia with the opening of a new loan<br>production office in July 2025<br>• Strong balance sheet and asset quality<br>• Strong community banking funding base<br>with roots in key markets in Virginia<br>• Regional exposure through elite<br>mortgage banking and consumer finance<br>segments<br>• Diverse lines of business with<br>experienced management teams<br>• Top-tier financial performance<br>• Outstanding capital management allows<br>for a quality dividend while maintaining<br>sufficient capital for organic and non-organic growth<br>$1.95<br>Total Loans, HFI<br>($B)<br>$2.26<br>Total Deposits<br>($B)<br>1.18%<br>ROAA<br>(QTD ann)<br>14.70%<br>ROATCE <br>(QTD ann)<br>$66.12<br>TBV per share <br>$1.84<br>Quarterly Dividend<br>per share<br>(annualized)<br>■ C&F Bank footprint<br>■ C&F Financial Corporation footprint<br>* Non-GAAP financial measure. For non-GAAP financial measures, see reconciliation to most directly<br>comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures”<br>3
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Quarterly Trends<br>Second Quarter 2025 Investor Presentation<br>* Non-GAAP financial measure. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures”<br>Earnings per Share (EPS)<br>($)<br>$1.01<br>$1.50 $1.65<br>$1.87<br>$1.66<br>$2.37<br>Mar-24 Jun-24 Sep-24 Dec 24 Mar-25 Jun-25<br>Return on Average Assets (ROAA)<br>(%)<br>0.57<br>0.82 0.86 0.94<br>0.84<br>1.18<br>Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25<br>Net Interest Margin (NIM)<br>(%)<br>4.09<br>4.12 4.13 4.13<br>4.16<br>4.27<br>Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25<br>Return on Average Tangible Common Equity (ROATCE) *<br>(%)<br>7.30<br>10.72 11.16 12.17<br>10.65<br>14.70<br>Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25<br>4
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Our Executive Leadership<br>Second Quarter 2025 Investor Presentation<br>• President of C&F Bank<br>• 25+ years in leadership<br>at C&F<br>• 30+ years in financial<br>services industry including<br>leadership experience with<br>the Virginia Bankers<br>Association and<br>PricewaterhouseCoopers<br>Thomas F. Cherry<br>President & CEO<br>C&F Financial Corporation<br>Age: 56<br>• 10+ years in leadership at<br>C&F<br>• 20+ years in financial<br>services industry including<br>leadership experience with<br>the financial services group at<br>Yount, Hyde, & Barbour, CPA<br>Jason E. Long<br>EVP & CFO<br>C&F Financial Corporation<br>Age: 45<br>• 15+ years in leadership with<br>C&F Finance Company<br>• 30+ years in indirect auto<br>lending business including<br>leadership experience with Ally<br>Financial and United Auto Credit<br>• 10+ years as member of the<br>American Financial Services<br>Association (AFSA) Independent<br>Auto Finance Executives<br>Committee<br>S. Dustin Crone<br>President & CEO<br>C&F Finance Company<br>Age: 56<br>• 25+ years in leadership with<br>C&F Mortgage Corporation<br>• 25+ years in mortgage banking<br>business<br>Mark A. Fox<br>President & CEO<br>C&F Mortgage Corporation<br>Age: 59<br>5
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Awards<br>Second Quarter 2025 Investor Presentation<br>6
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Our Vision and Promise<br>Second Quarter 2025 Investor Presentation<br>7
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Our Lines of Business<br>Second Quarter 2025 Investor Presentation<br>45%<br>75% 87% 89%<br>85% 85%<br>24%<br>4%<br>2% 5%<br>7% 10%<br>31% 21% 11% 6%<br>8%<br>5%<br>$28.7 $29.2<br>$23.6 $19.8<br>$8.4<br>$13.1<br>2021 2022 2023 2024 Jun-24 YTD Jun-25 YTD<br>Net Income ($mil) and Contribution by Segment<br>Community Banking Mortgage Banking Consumer Finance<br>Community Banking Mortgage Banking Consumer Finance<br>We conduct mortgage banking activities through<br>C&F Mortgage and its 51%-owned subsidiary, C&F<br>Select LLC. C&F Mortgage and C&F Select provide<br>mortgage loan origination services through offices<br>located in Virginia the surrounding states.<br>We conduct consumer finance activities through<br>C&F Finance. C&F Finance provides automobile,<br>marine and recreational vehicle (RV) loans through<br>indirect lending programs offered primarily in the<br>Mid-Atlantic, Midwest and Southern United States<br>through its office in Henrico, Virginia.<br>C&F Bank provides community banking services at<br>its 31 banking offices and 5 commercial loan<br>offices located throughout Virginia. These locations<br>provide a wide range of banking services to<br>individuals and businesses. C&F Wealth<br>Management is a full-service brokerage firm<br>offering a comprehensive range of wealth<br>management services through third-party service<br>providers primarily at C&F Bank branch locations.<br>8
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$1,024<br>$1,161<br>$1,273<br>$1,454<br>$1,530<br>2021 2022 2023 2024 Jun-25<br>Total Loans, excl PPP <br>Total Loans, excl PPP<br>Community Banking Segment<br>Second Quarter 2025 Investor Presentation<br>• Loans grew $76.7 million, or<br>10.6% annualized, and $143.4<br>million, or 10.3%, compared to<br>December 31, 2024 and June<br>30, 2024, respectively<br>• Strong low-cost (1.72% QTD)<br>deposit base<br>• Recent expansion into<br>Southwest Virginia with the<br>opening of a new loan<br>production office in July 2025<br>• Opened loan production office<br>in Fredericksburg and new<br>branch in Colonial Heights<br>over the past 5 years<br>12.2%<br>CAGR<br>Community<br>Banking<br> Excludes Paycheck Protection Program (PPP) loans of $18 million as of December 2021 and less than $500 thousand for all other periods presented<br>53% 58% 62% 67% 68%<br>2021 2022 2023 2024 Jun-25<br>Loan / Deposit (Bank only, excl PPP)<br>$15.2<br>$19.3<br>$16.5 $17.7<br>$8.3 $8.6<br>2021 2022 2023 2024 Jun-24 YTD Jun-25 YTD<br>Noninterest Income ($mil)<br>Other income, net<br>Investment services income<br>Service charges on deposit<br>accounts<br>Interchange Income<br>9
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Community Banking Segment<br>Second Quarter 2025 Investor Presentation<br>The footprint includes 7 of the top 10 “non-Northern Virginia” counties and cities in 2025 median household income and 4 of the top 10 in<br>projected population growth through 2030<br>Demographic data is provided by Claritas based primarily on US Census data. For non-census year data, Claritas uses samples and projections to estimate the demographic data. Data aggregated by S&P Global Market Intelligence.<br>Markets are defined as groupings of the localities in which C&F operates. “Richmond Metro” is defined as New Kent, Chesterfield, Henrico, Powhatan, Cumberland, Hanover, Goochland, and Richmond (City). “Peninsulas” is defined as King William, James City, Middlesex,<br>Westmoreland, Williamsburg (City), King George, Newport News (City), Richmond (County), Hampton (City), and York. “Charlottesville Metro” is defined as Charlottesville (City) and Albemarle. “Fredericksburg Metro” is defined as Fredericksburg (City) and Stafford. The definition of<br>“Non-Northern Virginia” excludes cities and counties including Alexandria, Loudon, Falls Church, Fairfax, Arlington, Prince William, Manassas, Manassas Park, and Fauquier.<br>•#1 Deposit Market Share in New Kent and Cumberland counties<br>•8 of 9 localities projecting faster population growth than Virginia average<br>•Entered Colonial Heights with de novo branch in 2024<br>Richmond Metro<br>•#1 Deposit Market Share in King William county<br>•6 of 10 localities projecting faster population growth than Virginia average<br>Peninsulas<br>•Entered the market with a loan production office and de novo branch in 2017, with second<br>de novo branch and financial center opening in 2020<br>•Albemarle County projecting faster population growth than Virginia average<br>Charlottesville Metro<br>•Stafford branch acquired in whole-bank acquisition of Peoples Community Bank in 2020<br>•Entered Fredericksburg (City) with a loan production office in 2021, with de novo branch<br>and financial center in 2022<br>•Projecting faster population and household income growth than Virginia average<br>Fredericksburg Metro<br>10
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Mortgage Banking Segment<br>Second Quarter 2025 Investor Presentation<br>• Onboarded large group of<br>loan officers on March 31,<br>2025 who are projected to<br>bring in new mortgage loan<br>originations of approx. $100-<br>125 million on an annual<br>basis<br>• Division to provide mortgage<br>loan origination as a service<br>• Originations concentrated in<br>purchase financing reduces<br>business cycle impact<br>• All originations sold<br>servicing released<br>Mortgage<br>Banking<br>$31.6<br>$12.8<br>$10.2 $11.0<br>$5.6 $7.4<br>2021 2022 2023 2024 Jun-24 YTD Jun-25 YTD<br>Noninterest Income ($mil) – Mortgage Banking<br>Gain on sale of loans Mortgage banking fee income<br>Mortgage lender services fee income Other income<br>64%<br>85% 89% 90%<br>92% 91%<br>36%<br>15% 11% 10%<br>8% 9%<br>$1,459<br>$697<br>$499 $528<br>$240 $327<br>2021 2022 2023 2024 Jun-24 YTD Jun-25 YTD<br>Originations ($mil)<br>Purchases Refinancings<br>11
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Mortgage Banking Segment<br>Second Quarter 2025 Investor Presentation<br>Lender Solutions is a growing division of C&F’s mortgage<br>banking segment that provides mortgage loan origination<br>as a service to community financial institutions<br>As of both June 30, 2025 and December 31, 2024, Lender<br>Solutions active clientele included 22 community financial<br>institutions<br>$2.5<br>$1.7<br>$2.0 $2.1<br>$1.0<br>$1.3<br>2021 2022 2023 2024 Jun-24 YTD Jun-25 YTD<br>Mortgage lender services fee income ($mil)<br>12
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Consumer Finance Segment<br>Second Quarter 2025 Investor Presentation<br>• Unique indirect automobile<br>financing franchise with a<br>regional presence<br>• Delinquency and loss rates<br>have generally stabilized<br>under pre-pandemic levels<br>• Established in 2002 with the<br>acquisition of an indirect,<br>non-prime auto finance<br>company<br>• Adjusted underwriting<br>criteria over the past several<br>years which has resulted in<br>purchasing automobile loan<br>contracts with higher credit<br>scores<br>Consumer<br>Finance<br>3.05<br>1.54<br>-0.14<br>0.59<br>1.99<br>2.62 2.64<br>2.42<br>2019<br>2020<br>2021<br>2022<br>2023<br>2024<br>Mar-25<br>Jun-25<br>NCO (% of Average Loans)<br>6.73<br>5.47 5.03 4.86 4.88 4.85<br>2021 2022 2023 2024 Mar-25 Jun-25<br>ACL (%)<br>11.30<br>9.84 9.97 10.42 10.56 10.49<br>2021 2022 2023 2024 Mar-25<br>QTD<br>Jun-25<br>QTD<br>Loan Yield (%)<br>87%<br>87% 86% 85% 86% 86%<br>13%<br>$368 13% 14% 15% 14% 14%<br>$475 $469 $467 $462 $461<br>2021 2022 2023 2024 Mar-25 Jun-25<br>Total Loans ($mil)<br>Autos Marine/RV<br>13 * Annualized, year-to-date
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Consumer Finance Segment<br>Second Quarter 2025 Investor Presentation<br>The consumer finance segment made a strategic decision over the past few years to focus on higher credit quality customers.<br>* Refer to the Allowance for Credit Losses footnote in the Corporation’s Annual Report on Form 10-K for a more detailed description of the consumer finance segment’s credit quality indicators.<br>28%<br>21%<br>14% 9% 7% 5% 5%<br>33%<br>30%<br>28%<br>24% 22%<br>19% 19%<br>24%<br>24%<br>28%<br>29%<br>29%<br>29% 29%<br>8%<br>11% 15%<br>22% 25%<br>28% 28%<br>7%<br>14% 15% 16% 17% 19% 19%<br>2019 2020 2021 2022 2023 2024 Jun-25<br>Credit Score at Origination<br>Marginal (<580) Fair (580-624) Fairly Good (625-669) Good (670-739) Very Good (>739)<br>14
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$1.35<br>$1.59<br>$1.70<br>$1.88<br>$1.95<br>2021 2022 2023 2024 Jun-25<br>$2.26<br>$2.33<br>$2.44<br>$2.56<br>$2.69<br>2021 2022 2023 2024 Jun-25<br>$1.91<br>$2.00<br>$2.07<br>$2.17<br>$2.26<br>2021 2022 2023 2024 Jun-25<br>Balance Sheet – Corporation<br>Second Quarter 2025 Investor Presentation<br>Total Deposits<br>($bil)<br>Total Assets<br>($bil)<br>5.0%<br>CAGR<br>4.8%<br>CAGR<br>11.1%<br>CAGR<br>Total Loans HFI Net, excl PPP <br>($bil)<br> Excludes Paycheck Protection Program (PPP) loans of $18 million as of December 2021 and less than $500 thousand for all other periods presented<br>Consolidated loan to deposit ratio was 88% as of June 30, 2025.<br>15
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Net Interest Margin (NIM) - Corporation<br>Second Quarter 2025 Investor Presentation<br>4.67 4.63<br>5.47<br>5.92 5.95 6.00<br>0.44 0.38<br>1.23<br>1.92 1.90 1.85<br>4.26 4.27 4.31 4.12 4.16 4.27<br>2021 2022 2023 2024 Mar-25 QTD Jun-25 QTD<br>Yield on EarningAssets Cost of Funds NIM<br>Yield, Cost, and NIM<br>(%)<br>16
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Noninterest Income<br>Second Quarter 2025 Investor Presentation<br>$15.2<br>$19.3<br>$16.5<br>$17.7<br>$8.3<br>$8.6<br>$31.6<br>$12.8<br>$10.2<br>$11.0<br>$5.6<br>$7.4<br>$49.2<br>$28.5<br>$29.6 $30.5<br>$14.8<br>$17.4<br>2021 2022 2023 2024 Jun-24 YTD Jun-25 YTD<br>Community Banking Mortgage Banking Consumer Finance Other & Eliminations<br>C&F Financial Corporation<br>Noninterest Income ($mil)<br>Community Banking<br>Noninterest Income (% of total) (YTD June-25)<br>Mortgage Banking<br>Noninterest Income (% of total) (YTD June-25)<br>Interchange<br>Income<br>36%<br>Service<br>charges on<br>deposit<br>accounts<br>24%<br>Investment<br>services<br>income<br>17%<br>Other<br>income, net<br>23%<br>Gain on sale of<br>loans<br>62%<br>Mortgage banking<br>fee income<br>20%<br>Mortgage lender<br>services fee<br>income<br>18%<br>* Includes other income (loss) net, recorded at the holding company and elimination of intercompany transactions 17
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Earnings – Corporation<br>Second Quarter 2025 Investor Presentation<br>Return on Average Equity (ROAE)<br>(%)<br>Earnings per Share (EPS)<br>($)<br>Return on Average Assets (ROAA)<br>(%)<br>Return on Average Tangible Common Equity (ROATCE) <br>(%)<br> Non-GAAP financial measure. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures”<br> Annualized, year-to-date<br>$7.95 $8.29<br>$6.92<br>$6.01<br>$2.50<br>$4.03<br>2021 2022 2023 2024 Jun-24 YTD Jun-25 YTD<br>1.34 1.27<br>0.99<br>0.80<br>0.69<br>1.01<br>2021 2022 2023 2024 Jun-24 Jun-25<br>14.77 14.84<br>11.68<br>9.02<br>7.82<br>11.23<br>2021 2022 2023 2024 Jun-24 Jun-25<br>17.15 17.31<br>13.58<br>10.37<br>9.01<br>12.72<br>2021 2022 2023 2024 Jun-24 Jun-25**<br>18
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Capital – Bank<br>Second Quarter 2025 Investor Presentation<br>As of June 30, 2025, the most recent notification from the<br>FDIC categorized C&F Bank as well capitalized under the<br>regulatory framework for prompt corrective action.<br>The following show capital ratios excluding and including<br>unrealized losses on available for sale securities. In the<br>event that all of these unrealized losses became realized into<br>earnings, C&F Bank would continue to exceed requirements<br>to be considered well capitalized.<br>12.3%<br>13.6% 12.7%<br>6.5%<br>4.5%<br>0.0%<br>2.0%<br>4.0%<br>6.0%<br>8.0%<br>10.0%<br>12.0%<br>14.0%<br>16.0%<br>2024 Jun-25 Jun-25 w/ AOCI<br>Impact<br>CET 1 Risk-based Capital Ratio<br>10.1%<br>11.3% 10.5%<br>5.0%<br>4.0%<br>0.0%<br>2.0%<br>4.0%<br>6.0%<br>8.0%<br>10.0%<br>12.0%<br>2024 Jun-25 Jun-25 w/ AOCI<br>Impact<br>Tier 1 Leverage Ratio<br>13.5%<br>14.8% 13.9%<br>10%<br>8%<br>0.0%<br>2.0%<br>4.0%<br>6.0%<br>8.0%<br>10.0%<br>12.0%<br>14.0%<br>16.0%<br>2024 Jun-25 Jun-25 w/ AOCI<br>Impact<br>Total Risk-based Capital Ratio<br>Well Capitalized Minimum Minimum Capital Ratio 19
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Capital – Corporation<br>Second Quarter 2025 Investor Presentation<br>9.8% 10.0% 9.2%<br>4.0%<br>0.0%<br>2.0%<br>4.0%<br>6.0%<br>8.0%<br>10.0%<br>12.0%<br>2024 Jun-25 Jun-25 w/ AOCI Impact<br>Tier 1 Leverage Ratio<br>7.89% 8.05% 8.05%<br>0.00%<br>2.00%<br>4.00%<br>6.00%<br>8.00%<br>10.00%<br>2024 Jun-25 Jun-25 w/ AOCI Impact<br>TCE Ratio<br>10.7% 10.8%<br>9.9%<br>4.5%<br>0.0%<br>2.0%<br>4.0%<br>6.0%<br>8.0%<br>10.0%<br>12.0%<br>2024 Jun-25 Jun-25 w/ AOCI Impact<br>CET 1 Risk-based Capital Ratio<br>14.1% 15.0% 14.1%<br>8%<br>0.0%<br>2.0%<br>4.0%<br>6.0%<br>8.0%<br>10.0%<br>12.0%<br>14.0%<br>16.0%<br>2024 Jun-25 Jun-25 w/ AOCI Impact<br>Total Risk-based Capital Ratio<br>Minimum Capital Ratio 20
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Funding Sources – Corporation<br>Second Quarter 2025 Investor Presentation<br>* The Corporation may rely on brokered deposits on a limited basis as a means of maintaining and diversifying liquidity and funding sources. Internal policy limits brokered deposits to 20 percent of total deposits.<br>June 30, 2025<br>($ in thousands) Available Used Net Availability<br>Excess cash reserves $ 62,289 $ - $ 62,289<br>Borrowings from FHLB 267,278 52,000 215,278<br>Borrowings from Federal Reserve Bank 286,137 - 286,137<br>Unsecured federal funds agreements 75,000 - 75,000<br>Unpledged securities 293,494 - 293,494<br>Total Liquidity Sources $ 984,198 $ 52,000 $ 932,198<br>Uninsured and Uncollateralized Deposits $ 536,147<br>Coverage Ratio 174%<br>Brokered deposits * $ 451,263 $ 25,000 $ 426,263<br>21
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Assets – Corporation<br>Second Quarter 2025 Investor Presentation<br>Cash and<br>Cash<br>Equivalents<br>3%<br>Securities<br>16%<br>Loans, HFS<br>2%<br>Loans, HFI<br>73%<br>Non-Earning<br>Assets<br>6%<br>4.67 4.63<br>5.47 5.92 5.95 6.00<br>2021 2022 2023 2024 Mar-25 QTD Jun-25 QTD<br>Yield on Earning Assets<br>(%) $268<br>$373<br>$1,024<br>$368<br>$80<br>$435<br>$1,530<br>$461<br>Cash and Cash<br>Equivalents<br>Securities Loans, HFI excl PPP<br>(Community Banking)<br>Loans, HFI (Consumer<br>Finance)<br>2021 2022 2023 2024 Jun-25<br>Growth by Type<br>($ mil)<br>Composition<br>(% of Total Assets) (June-25)<br>22<br> Excludes Paycheck Protection Program (PPP) loans of $18 million as of December 2021 and less than $500<br>thousand for all other periods presented
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$267<br>$775<br>$368<br>$319<br>$843<br>$475<br>$355<br>$918<br>$469<br>$381<br>$1,072<br>$467<br>$392<br>$1,138<br>$461<br>Consumer Commercial Consumer Finance<br>2021 2022 2023 2024 Jun-25<br>Loans, HFI – Corporation<br>Second Quarter 2025 Investor Presentation<br>Yield<br>(%)<br>5.86 5.85<br>6.49<br>6.75 6.73 6.74<br>2021 2022 2023 2024 Mar-25 QTD Jun-25 QTD<br>Growth by Type<br>($ mil)<br>11.6%<br>CAGR<br>6.7%<br>CAGR 11.7%<br>CAGR<br>Commercial & Construction Commercial Concentrations, as of June 30, 2025<br>Total CRE was 262% of total risk-based capital as of June 30, 2025.<br>The average CRE loan was $867,000 as of June 30, 2025.<br>($ mil) Amount % of CRE % of Total<br>Multifamily $ 169.9 18.8% 8.5%<br>Retail 156.7 17.3 7.9<br>Office 124.5 13.8 6.3<br>Industrial/Warehouse 95.3 10.5 4.8<br>Hotels 91.6 10.1 4.6<br>1-4 Family Investment Properties 90.4 10.0 4.5<br>Mini-Storage 54.9 6.1 2.8<br>Medical Office 41.1 4.5 2.1<br>Other 80.5 8.9 3.9<br>23
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Asset Quality<br>Second Quarter 2025 Investor Presentation<br>0.23<br>0.01<br>0.03<br>0.02<br>0.08<br>0.07<br>0.10<br>0.19<br>0.19<br>0.13<br>0.21<br>0.15<br>2021 2022 2023 2024 Mar-25 Jun-25<br>Bank Finance<br>0.04 0.01 0.01 0.02 0.01 0.01 0.01 0.01<br>3.05<br>1.54<br>-0.14<br>0.59<br>1.99<br>2.62 2.64<br>2.42<br>2019 2020 2021 2022 2023 2024 Mar-25* Jun-25<br>Bank Finance<br>1.43<br>1.25<br>1.26<br>1.20<br>1.18<br>1.12<br>6.73<br>5.47<br>5.03<br>4.86<br>4.88<br>4.85<br>2021 2022 2023 2024 Mar-25 Jun-25<br>Bank Finance<br>Nonaccruals<br>(% of Total Loans)<br>Net Charge-offs<br>(% of Average Loans)<br>Allowance for Credit Losses (ACL)<br>(% of Total Loans)<br>Amendments to ASC 326 (“CECL”) were adopted by the<br>Corporation on January 1, 2023. Annualized, year-to-date<br>24
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Securities – Corporation<br>Second Quarter 2025 Investor Presentation<br>U.S. Treasury<br>securities<br>1%<br>U.S. Government<br>Agencies and<br>corporations<br>14%<br>Mortgage-backed<br>securities<br>46%<br>Obligations of<br>states and political<br>subdivision<br>34%<br>Corporate and<br>other debt<br>securities<br>5%<br>The weighted average life and the total effective duration of the portfolio are<br>5.3 years and 4.0 years, respectively, as of June 30, 2025.<br>Composition<br>(% of Total Assets) (June-25)<br>Yield<br>(%)<br>1.71 1.96<br>2.37 2.65 2.92 3.05<br>2021 2022 2023 2024 Mar-25 QTD Jun-25 QTD<br>$-<br>$68<br>$190<br>$93<br>$22<br>$5<br>$61<br>$202<br>$145<br>$22<br>U.S. Treasury<br>securities<br>U.S. government<br>agencies and<br>corporations<br>Mortgage-backed<br>securities<br>Obligations of<br>states and political<br>subdivisions<br>Corporate and<br>other debt<br>securities<br>2021 2022 2023 2024 Jun-25<br>Growth by Type<br>($ mil)<br>25
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Funding – Corporation<br>Second Quarter 2025 Investor Presentation<br>Total Deposits<br>84%<br>Borrowings<br>4%<br>TruPS<br>1%<br>Equity<br>9%<br>Other<br>2%<br>Composition<br>(% of Total Assets) (June-25)<br>0.44 0.38<br>1.23<br>1.92 1.90<br>1.85<br>2021 2022 2023 2024 Mar-25 QTD Jun-25 QTD<br>Cost of Funds<br>(%)<br>26
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Deposits<br>Second Quarter 2025 Investor Presentation<br>0.17 0.23<br>0.60<br>0.82 0.89 0.96<br>0.90<br>0.76<br>2.79<br>4.10<br>3.93<br>3.65<br>0.30 0.26<br>1.02<br>1.80 1.81 1.72<br>2021 2022 2023 2024 Mar-25 QTD Jun-25 QTD<br>Savings and interest bearing Time Total Deposits<br>$582<br>$907<br>$426<br>$605<br>$1,017<br>$381<br>$549<br>$844<br>$673<br>$526<br>$826<br>$818<br>$556<br>$858<br>$843<br>Noninterest bearing Savings and interest bearing Time<br>2021 2022 2023 2024 Jun-25<br>Growth by Type<br>($ mil)<br>25% 24% 25%<br>38% 38% 38%<br>37% 38% 37%<br>Jun-24 Dec-24 Jun-25<br>Noninterest bearing Savings and interest bearing Time<br>Deposit Mix<br>27<br>Cost of Deposits<br>(%)
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Deposit Trends<br>Second Quarter 2025 Investor Presentation<br>1.40%<br>1.67%<br>1.79%<br>1.90% 1.85% 1.81% 1.72%<br>0.0% 4.6% 8.9% 18.4%<br>Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25<br>Total Deposits<br>Cost of Deposits Cumulative Deposit Beta<br>1.93%<br>2.25%<br>2.40%<br>2.54% 2.48% 2.41% 2.30%<br>0.0% 5.8% 12.8% 23.9%<br>Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 30-Jun<br>Interest-Bearing Deposits<br>Cost of Deposits Cumulative Deposit Beta<br>From the beginning of the Federal Reserve’s rate increases in March, 2022, cumulative deposit betas reached a peak of 33.3% and 44.1%<br>in September, 2024 for total deposits and interest-bearing deposits, respectively.<br>Cumulative deposit beta is calculated as the decrease in the rate paid on the respective deposits for each period presented divided by the incremental decrease in the Federal Reserve rate since September, 2024. 28
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Granular Deposit Base<br>Second Quarter 2025 Investor Presentation<br>70%<br>6%<br>24%<br>Insured Uninsured, secured Public Funds All other uninsured<br>Consumer Deposits<br>• ~71,300 accounts<br>• $19,000 average balance<br>Commercial Deposits<br>• ~14,300 accounts<br>• $60,000 average balance<br>29<br>Total Deposits<br>$2.26 Billion<br>As of 6/30/25
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Reconciliation of Non-GAAP Disclosures<br>Second Quarter 2025 Investor Presentation<br>30<br>($ thousands) 2022 2023 2024 Jun-24 Jun-25<br>Return on Average Tangible Common Equity<br>Average total equity, as reported $ 197,876 $ 203,261 $ 220,856 $ 216,675 $ 234,328<br>Average goodwill (25,191) (25,191) (25,191) (25,191) (25,191)<br>Average other intangible assets (1,820) (1,538) (1,273) (1,333) (1,081)<br>Average noncontrolling interest (737) (675) (649) (656) (696)<br>Average tangible common equity $ 170,128 $ 175,857 $ 193,743 $ 189,495 $ 207,360<br>Net income $ 29,369 $ 23,746 $ 19,918 $ 8,469 $ 13,162<br>Amortization of intangibles 298 273 260 130 125<br>Net income attributable to noncontrolling interest (210) (142) (84) (61) (103)<br>Net income attributable to C&F Financial Corporation $ 29,457 $ 23,877 $ 20,094 $ 8,538 $ 13,184<br>Annualized return on average tangible common equity 17.31% 13.58% 10.37% 9.01% 12.72%
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Reconciliation of Non-GAAP Disclosures<br>Second Quarter 2025 Investor Presentation<br>31<br>($ thousands) 2022 2023 2024 Jun-25<br>Tangible Common Equity (TCE) / Tangible Assets (TA)<br>Total equity, as reported $ 196,233 $ 217,516 $ 226,970 $ 240,916<br>Goodwill (25,191) (25,191) (25,191) (25,191)<br>Other intangible assets (1,679) (1,407) (1,147) (1,022)<br>Noncontrolling interest (599) (638) (610) (603)<br>Tangible common equity $ 168,764 $ 190,280 $ 200,022 $ 214,100<br>Total assets, as reported $ 2,332,317 $ 2,438,498 $2,563,374 $ 2,686,392<br>Goodwill (25,191) (25,191) (25,191) (25,191)<br>Other intangible assets (1,679) (1,407) (1,147) (1,022)<br>Noncontrolling interest (599) (638) (610) (603)<br>Tangible assets $ 2,304,848 $ 2,411,262 $2,536,426 $ 2,659,576<br>Tangible Common Equity (TCE) / Tangible Assets (TA) 7.32% 7.89% 7.89% 8.05%<br>Tangible Book Value Per Share<br>Equity attributable to C&F Financial Corporation $ 195,634 $ 216,878 $ 226,360 $ 240,313<br>Less goodwill (25,191) (25,191) (25,191) (25,191)<br>Less other intangible assets (1,679) (1,407) (1,147) (1,022)<br>Tangible equity attributable to C&F Financial Corporation $ 168,764 $ 190,280 $ 200,022 $ 214,100<br>Shares outstanding 3,476,614 3,374,098 3,233,672 3,238,085<br>Book value per share $ 56.27 $ 64.28 $ 70.00 $ 74.21<br>Tangible book value per share $ 48.54 $ 56.40 $ 61.86 $ 66.12
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