8-K
C & F FINANCIAL CORP (CFFI)
8-K
2025-05-01
For: 2025-05-01
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Added on
April 08, 2026
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) May 1, 2025
C&F FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
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|---|---|---|---|---|
| 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 7.01
Regulation FD Disclosure
On May 1, 2025, C&F Financial Corporation (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 99.1 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 second 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 99.1, 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 | Investor presentation dated May 1, 2025 |
|---|
104 Cover Page Interactive Data File (formatted as inline XBRL and contained
in Exhibit 101)
2
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.
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| | | | C&F FINANCIAL CORPORATION | ||
| | | | | (Registrant) | |
| | | | | | |
| | | | | | |
| Date: | May 1, 2025 | | | By: | /s/ Jason E. Long |
| | | | | | Jason E. Long |
| | | | | | Chief Financial Officer and Secretary |
3
Exhibit 99.1
| C&F Financial Corporation<br>NASDAQ: CFFI<br>First Quarter 2025 Investor Presentation |
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| Cautionary Statements<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<br>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<br>the 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<br>counterparties, (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<br>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<br>or indirectly, other 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<br>automobile finance 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<br>estate markets, 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<br>strategic initiatives, (27) 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<br>elections by the Corporation 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 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<br>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<br>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. A<br>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 presented<br>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 3/31/2025)<br>• Strong community banking funding<br>base with roots in key markets in<br>Virginia<br>• Regional exposure through elite<br>mortgage banking and consumer<br>finance segments<br>• Diverse lines of business with<br>experienced management teams<br>• Top-tier financial performance<br>• Strong balance sheet and asset<br>quality<br>• Outstanding capital management<br>allows for a quality dividend while<br>maintaining sufficient capital for<br>organic and non-organic growth<br>$210.5<br>Market Cap<br>($mil)<br>$2.61<br>Total Assets<br>($B)<br>$2.22<br>Total Deposits<br>($B)<br>$1.94<br>Total Loans, HFI<br>($B)<br>10.65%<br>ROATCE *<br>(YTD ann)<br>0.84%<br>ROAA<br>(YTD ann)<br>$1.84<br>Quarterly Dividend<br>per share<br>(annualized)<br>$64.39<br>TBV per share *<br>3<br>* Non-GAAP financial measure. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures”<br>■ C&F Bank footprint<br>■ C&F Financial Corporation footprint |
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| Net Interest Margin (NIM)<br>(%)<br>Quarterly Trends<br>Earnings per Share (EPS)<br>($)<br>Return on Average Assets (ROAA)<br>(%)<br>4<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>$1.01<br>$1.50 $1.65<br>$1.87<br>$1.66<br>Mar-24 Jun-24 Sep-24 Dec 24 Mar-25<br>0.57<br>0.82 0.86<br>0.94<br>0.84<br>Mar-24 Jun-24 Sep-24 Dec-24 Mar-25<br>4.09<br>4.12<br>4.13 4.13<br>4.16<br>Mar-24 Jun-24 Sep-24 Dec-24 Mar-25<br>7.30<br>10.72 11.16<br>12.17<br>10.65<br>Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 |
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| Our Executive Leadership<br>• President of C&F Bank<br>• 25+ years in leadership at<br>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<br>at Yount, Hyde, & Barbour,<br>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<br>Ally Financial and United<br>Auto Credit<br>• 10+ years as member of the<br>American Financial Services<br>Association (AFSA)<br>Independent Auto Finance<br>Executives 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<br>banking business<br>Mark A. Fox<br>President & CEO<br>C&F Mortgage Corporation<br>Age: 59<br>5 |
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| Awards<br>6<br>Regional Awards |
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| Our Vision and Promise<br>7 |
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| Our Lines of Business<br>Community Banking Mortgage Banking Consumer Finance<br>We conduct mortgage banking activities through C&F<br>Mortgage and its 51%-owned subsidiary, C&F Select<br>LLC. C&F Mortgage and C&F Select provide mortgage<br>loan origination services through offices located in<br>Virginia the surrounding states.<br>We conduct consumer finance activities through C&F<br>Finance. C&F Finance is a regional indirect financing<br>company purchasing automobile, marine and<br>recreational vehicle (RV) retail installment sales<br>contracts primarily in the Mid-Atlantic, Midwest and<br>Southern United States through its office in Henrico,<br>Virginia.<br>8<br>C&F Bank provides community banking services at its<br>31 banking offices and 4 commercial loan offices in<br>eastern and central Virginia. These locations provide a<br>wide range of banking services to individuals and<br>businesses. C&F Wealth Management is a full-service<br>brokerage firm offering a comprehensive range of<br>wealth management services and insurance products<br>through third-party service providers primarily at C&F<br>Bank branch locations.<br>45%<br>75% 87% 89%<br>94% 89%<br>24%<br>4%<br>2% 5%<br>7% 7%<br>31% 21% 11% 6%<br>-1%<br>4%<br>$28.7 $29.2<br>$23.6 $19.8<br>$3.4 $5.4<br>2021 2022 2023 2024 Mar-24 QTD Mar-25 QTD<br>Net Income ($mil) and Contribution by Segment<br>Community Banking Mortgage Banking Consumer Finance |
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| Community<br>Banking<br>Community banking segment<br>• Loans grew $27.6 million,<br>or 7.6% annualized, and<br>$139.9 million, or 10.4%,<br>compared to December 31,<br>2024 and March 31, 2024,<br>respectively<br>• Strong low-cost (1.81%<br>QTD) deposit base<br>• Opened loan production<br>office in Fredericksburg<br>and new branch in Colonial<br>Heights over the past 5<br>years<br>9<br>12.0%<br>CAGR<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>$1,024<br>$1,161<br>$1,273<br>$1,454<br>$1,481<br>2021 2022 2023 2024 Mar-25<br>Total Loans, excl PPP *<br>Total Loans, excl PPP<br>53%<br>58% 62% 67% 67%<br>2021 2022 2023 2024 Mar-25<br>Loan / Deposit (Bank only, excl PPP)<br>$15.2<br>$19.3<br>$16.5 $17.7<br>$4.1 $4.2<br>2021 2022 2023 2024 Mar-24 YTD Mar-25 YTD<br>Noninterest Income ($mil)<br>Other income, net<br>Investment services income<br>Service charges on deposit<br>accounts<br>Interchange Income |
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| Community banking segment<br>10<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,<br>Middlesex, 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<br>Stafford. The definition of “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,<br>with second 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<br>in 2020<br>•Entered Fredericksburg (City) with a loan production office in 2021, with de<br>novo branch and financial center in 2022<br>•Projecting faster population and household income growth than Virginia average<br>Fredericksburg Metro |
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| Mortgage<br>Banking<br>Mortgage banking segment<br>• Onboarded large group<br>of loan officers on<br>March 31, 2025 who<br>are projected to bring in<br>new mortgage loan<br>originations of approx.<br>$100-125 million on an<br>annual basis<br>• Division to provide<br>mortgage loan<br>origination as a service<br>• Originations<br>concentrated in<br>purchase financing<br>reduces business cycle<br>impact<br>• All originations sold<br>servicing released<br>11<br>$31.6<br>$12.8 $10.2 $11.0<br>$2.5 $3.1<br>2021 2022 2023 2024 Mar-24 YTD Mar-25 YTD<br>Noninterest Income ($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% 89%<br>36%<br>15% 11% 10%<br>8%<br>11%<br>$1,459<br>$697<br>$499 $528<br>$94 $114<br>2021 2022 2023 2024 Mar-24 YTD Mar-25 YTD<br>Originations ($mil)<br>Purchases Refinancings |
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| Mortgage banking segment<br>Lender Solutions is a growing division of C&F’s<br>mortgage banking segment that provides mortgage<br>loan origination as a service to community financial<br>institutions<br>As of both March 31, 2025 and December 31, 2024,<br>Lender Solutions active clientele included 22<br>community financial institutions<br>12<br>$2.5<br>$1.7<br>$2.0 $2.1<br>$0.5 $0.5<br>2021 2022 2023 2024 Mar-24 YTD Mar-25 YTD<br>Mortgage lender services fee income ($mil) |
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| Consumer finance segment<br>Consumer<br>Finance<br>• Unique indirect<br>automobile financing<br>franchise with a<br>regional presence<br>• Delinquency and loss<br>rates have generally<br>returned to pre-pandemic levels<br>• Established in 2002<br>with the acquisition of<br>an indirect, non-prime<br>auto finance company<br>• Over the past several<br>years we have adjusted<br>underwriting criteria,<br>which has resulted in<br>purchasing automobile<br>loan contracts with<br>higher credit scores<br>13<br>14%<br>3.05<br>1.54<br>-0.14<br>0.59<br>1.99<br>2.62 2.64<br>2019 2020 2021 2022 2023 2024 Mar-25*<br>NCO (% of Average Loans)<br>6.73<br>5.47 5.03 4.86 4.88<br>2021 2022 2023 2024 Mar-25<br>ACL (%)<br>11.30<br>9.84 9.97 10.42 10.56<br>2021 2022 2023 2024 Mar-25<br>QTD<br>Loan Yield (%)<br>87%<br>87% 86% 85% 86%<br>13%<br>$368 13% 14% 15% 14%<br>$475 $469 $467 $462<br>2021 2022 2023 2024 Mar-25<br>Total Loans ($mil)<br>Autos Marine/RV<br>* Annualized, year-to-date |
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| Consumer finance segment<br>The consumer finance segment made a strategic decision over the past few years to focus on higher credit quality customers.<br>14<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%<br>22%<br>19% 19%<br>24%<br>24%<br>28%<br>29%<br>29%<br>29% 29%<br>8%<br>11%<br>15%<br>22% 25%<br>28% 28%<br>7%<br>14% 15% 16% 17% 19% 19%<br>2019 2020 2021 2022 2023 2024 Mar-25<br>Credit Score at Origination<br>Marginal (<580) Fair (580-624) Fairly Good (625-669) Good (670-739) Very Good (>739) |
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| Total Deposits<br>($bil)<br>Balance Sheet – Corporation<br>Total Assets<br>($bil)<br>4.5%<br>CAGR<br>4.6%<br>CAGR<br>11.1%<br>CAGR<br>Total Loans HFI Net, excl PPP *<br>($bil)<br>15<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>$2.26<br>$2.33<br>$2.44<br>$2.56<br>$2.61<br>2021 2022 2023 2024 Mar-25<br>$1.91<br>$2.00<br>$2.07<br>$2.17<br>$2.22<br>2021 2022 2023 2024 Mar-25<br>$1.35<br>$1.59<br>$1.70<br>$1.88 $1.90<br>2021 2022 2023 2024 Mar-25<br>Consolidated loan to deposit ratio was 88% as of March 31, 2025. |
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| Net Interest Margin (NIM) - Corporation<br>Yield, Cost, and NIM<br>(%)<br>16<br>4.67 4.63<br>5.47<br>5.92 5.95<br>0.44 0.38<br>1.23<br>1.92 1.90<br>4.26 4.27 4.31 4.12 4.16<br>2021 2022 2023 2024 Mar-25 QTD<br>Yield on EarningAssets Cost of Funds NIM |
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| Noninterest Income<br>C&F Financial Corporation<br>Noninterest Income ($mil)<br>17<br>Community Banking<br>Noninterest Income (% of total) (YTD March-25)<br>Mortgage Banking<br>Noninterest Income (% of total) (YTD March-25)<br>*<br>* Includes other income (loss), net recorded at the holding company and elimination of intercompany transactions.<br>$15.2<br>$19.3<br>$16.5<br>$17.7<br>$4.1 $4.2<br>$31.6<br>$12.8<br>$10.2<br>$11.0<br>$2.5<br>$3.1<br>$49.2<br>$28.5 $29.6 $30.5<br>$7.5 $7.6<br>2021 2022 2023 2024 Mar-24 YTD Mar-25 YTD<br>Community Banking Mortgage Banking<br>Consumer Finance Other & Eliminations<br>Interchange<br>Income<br>35%<br>Service charges<br>on deposit<br>accounts<br>24%<br>Investment<br>services income<br>17%<br>Other income,<br>net<br>24%<br>Gain on sale of<br>loans<br>64%<br>Mortgage<br>banking fee<br>income<br>19%<br>Mortgage lender<br>services fee income<br>17% |
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| Return on Average Equity (ROAE)<br>(%)<br>Earnings – Corporation<br>Earnings per Share (EPS)<br>($)<br>Return on Average Assets (ROAA)<br>(%)<br>18<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>$1.01 $1.66<br>2021 2022 2023 2024 Mar-24 YTD Mar-25 YTD<br>1.34 1.27<br>0.99<br>0.80<br>0.57<br>0.84<br>2021 2022 2023 2024 Mar-24** Mar-25**<br>14.77 14.84<br>11.68<br>9.02<br>6.33<br>9.35<br>2021 2022 2023 2024 Mar-24** Mar-25**<br>17.15 17.31<br>13.58<br>10.37<br>7.30<br>10.65<br>2021 2022 2023 2024 Mar-24** Mar-25** |
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| Capital – Bank<br>10.1% 10.3% 9.5%<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 Mar-25 Mar-25 w/ AOCI<br>Impact<br>Tier 1 Leverage Ratio<br>12.3% 12.4% 11.5%<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>2024 Mar-25 Mar-25 w/ AOCI<br>Impact<br>CET 1 Risk-based Capital Ratio<br>13.5% 13.7% 12.8%<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 Mar-25 Mar-25 w/ AOCI<br>Impact<br>Total Risk-based Capital Ratio<br>As of March 31, 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 event<br>that all of these unrealized losses became realized into<br>earnings, C&F Bank would continue to exceed requirements to<br>be considered well capitalized.<br>19 |
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| Capital – Corporation<br>9.8% 9.9% 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 Mar-25 Mar-25 w/ AOCI<br>Impact<br>Tier 1 Leverage Ratio<br>7.89% 8.06% 8.06%<br>0.00%<br>2.00%<br>4.00%<br>6.00%<br>8.00%<br>10.00%<br>2024 Mar-25 Mar-25 w/ AOCI<br>Impact<br>TCE Ratio<br>10.7% 10.8% 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 Mar-25 Mar-25 w/ AOCI<br>Impact<br>CET 1 Risk-based Capital Ratio<br>14.1% 14.1% 13.2%<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 Mar-25 Mar-25 w/ AOCI<br>Impact<br>Total Risk-based Capital Ratio<br>20 |
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| Funding Sources – Corporation<br>21<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>Available Used Net Availability<br>March 31, 2025<br>($ in thousands)<br>Excess cash reserves $ 62,490 $ - $ 62,490<br>Borrowings from FHLB 248,508 40,000 208,508<br>Borrowings from Federal Reserve Bank 315,221 - 315,221<br>Unsecured federal funds agreements 75,000 - 75,000<br>Unpledged securities 239,078 - 239,078<br>Total Liquidity Sources $ 940,297 $ 40,000 $ 900,297<br>Uninsured and Uncollateralized Deposits $ 496,567<br>Coverage Ratio 181%<br>Brokered deposits * $ 443,331 $ 25,000 $ 418,331 |
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| Assets – Corporation<br>Composition<br>(% of Total Assets) (March-25)<br>Yield on Earning Assets<br>(%)<br>Growth by Type<br>($ mil)<br>22<br>7.2%<br>CAGR<br>12.0%<br>CAGR<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>4.67 4.63<br>5.47 5.92 5.95<br>2021 2022 2023 2024 Mar-25 QTD<br>Cash and<br>Cash<br>Equivalents<br>3%<br>Securities<br>16%<br>Loans, HFS<br>1%<br>Loans, HFI<br>73%<br>Non-Earning<br>Assets<br>7%<br>$268<br>$373<br>$1,024<br>$368<br>$76<br>$432<br>$1,481<br>$462<br>Cash and Cash<br>Equivalents<br>Securities Loans, HFI excl PPP<br>(Community Banking)*<br>Loans, HFI (Consumer<br>Finance)<br>2021 2022 2023 2024 Mar-25 |
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| Loans, HFI – Corporation<br>Yield<br>(%)<br>23<br>11.3%<br>CAGR<br>7.2%<br>CAGR<br>12.0%<br>CAGR<br>Growth by Type<br>($ mil)<br>Commercial & Construction Commercial Concentrations, as of March 31, 2025<br>Total CRE was 279% of total risk-based capital as of March 31, 2025.<br>The average CRE loan was $875,000 as of March 31, 2025.<br>5.86 5.85<br>6.49<br>6.75 6.73<br>2021 2022 2023 2024 Mar-25 QTD<br>$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>$385<br>$1,096<br>$462<br>Consumer Commercial Consumer Finance<br>2021 2022 2023 2024 Mar-25<br>($ mil) Amount % of CRE % of Total<br>Multifamily $ 168.6 19.2% 8.7%<br>Retail 154.6 17.6 8.0<br>Office 119.3 13.6 6.1<br>Industrial/Warehouse 95.7 10.9 4.9<br>Hotels 88.6 10.1 4.6<br>1-4 Family Investment Properties 86.9 9.9 4.5<br>Other 80.0 8.9 4.1<br>Mini-Storage 44.8 5.1 2.3<br>Medical Office 41.0 4.7 2.1 |
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| Asset Quality<br>Allowance for Credit Losses (ACL)<br>(% of Total Loans)<br>Nonaccruals<br>(% of Total Loans)<br>Net Charge-offs<br>(% of Average Loans)<br>24<br>Amendments to ASC 326 (“CECL”) were adopted by the Corporation<br>on January 1, 2023.<br>0.23<br>0.01<br>0.03<br>0.02<br>0.08<br>0.10<br>0.19<br>0.19<br>0.13<br>0.21<br>2021 2022 2023 2024 Mar-25<br>Bank Finance<br>0.04 0.01 0.01 0.02 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>Bank Finance<br>1.43<br>1.25<br>1.26<br>1.20<br>1.18<br>6.73<br>5.47<br>5.03<br>4.86<br>4.88<br>2021 2022 2023 2024 Mar-25<br>Bank Finance<br>* Annualized, year-to-date |
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| Securities – Corporation<br>Composition<br>(% of Total Assets) (March-25)<br>Yield<br>(%)<br>Growth by Type<br>($ mil)<br>25<br>U.S. Treasury<br>securities<br>1%<br>U.S.<br>Government<br>Agencies and<br>corporations<br>14%<br>Mortgage-backed<br>securities<br>46%<br>Obligations of<br>states and<br>political<br>subdivision<br>34%<br>Corporate and<br>other debt<br>securities<br>5%<br>1.71<br>1.96<br>2.37<br>2.65<br>2.92<br>2021 2022 2023 2024 Mar-25 QTD<br>$-<br>$68<br>$190<br>$93<br>$22<br>$5<br>$62<br>$199<br>$143<br>$22<br>U.S. Treasury securities U.S. government<br>agencies and<br>corporations<br>Mortgage-backed<br>securities<br>Obligations of states and<br>political subdivisions<br>Corporate and other<br>debt securities<br>2021 2022 2023 2024 Mar-25 The total effective duration of the portfolio is 3.9 years as of March 31, 2025. |
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| Funding – Corporation<br>Composition<br>(% of Total Assets) (March-25)<br>Cost of Funds<br>(%)<br>26<br>Total Deposits<br>84%<br>Borrowings<br>4%<br>TruPS<br>1%<br>Equity<br>9%<br>Other<br>2%<br>0.44<br>0.38<br>1.23<br>1.92 1.90<br>2021 2022 2023 2024 Mar-25 QTD |
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| Deposits<br>Cost of Deposits<br>(%) Growth by Type<br>($ mil)<br>27<br>Deposit Mix<br>0.17 0.23<br>0.60<br>0.82 0.89<br>0.90<br>0.76<br>2.79<br>4.10<br>3.93<br>0.30 0.26<br>1.02<br>1.80 1.81<br>2021 2022 2023 2024 Mar-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>$580<br>$809<br>$828<br>Noninterest bearing Savings and interest bearing Time<br>2021 2022 2023 2024 Mar-25<br>26% 24% 26%<br>36% 38% 37%<br>35% 38% 37%<br>Mar-24 Dec-24 Mar-25<br>Noninterest bearing Savings and interest bearing Time |
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| 1.40%<br>1.67%<br>1.79%<br>1.90% 1.85% 1.81%<br>0.0% 4.6% 8.9%<br>Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25<br>Total Deposits<br>Cost of Deposits Cumulative Deposit Beta<br>Deposit Trends<br>28<br>1.93%<br>2.25%<br>2.40%<br>2.54% 2.48% 2.41%<br>0.0% 5.8% 12.8%<br>Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25<br>Interest-Bearing Deposits<br>Cost of Deposits Cumulative Deposit Beta<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.<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% in September, 2024 for<br>total deposits and interest-bearing deposits, respectively. |
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| Granular Deposit Base<br>Consumer Deposits<br>• ~71 thousand accounts<br>• $19,000 average balance<br>Commercial Deposits<br>• ~14 thousand accounts<br>• $60,000 average balance<br>71%<br>6%<br>23%<br>Insured Uninsured, secured Public Funds All other uninsured<br>Total Deposits<br>$2.22 Billion<br>As of 3/31/25<br>29 |
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| Reconciliation of Non-GAAP Disclosures<br>30<br>($ thousands) 2022 2023 2024 Mar-24 Mar-25<br>Return on Average Tangible Common Equity<br>Average total equity, as reported 197,876 $ 203,261 $ 220,856 $ 217,063 $ 230,795 $<br>Average goodwill (25,191) (25,191) (25,191) (25,191) (25,191)<br>Average other intangible assets (1,820) (1,538) (1,273) (1,366) (1,118)<br>Average noncontrolling interest (737) (675) (649) (649) (637)<br>Average tangible common equity 170,128 $ 175,857 $ 193,743 $ 189,857 $ 203,849 $<br>Net income 29,369 $ 23,746 $ 19,918 $ 3,435 $ 5,395 $<br>Amortization of intangibles 298 273 260 65 62<br>Net income attributable to noncontrolling interest (210) (142) (84) (34) (27)<br>Net income attributable to C&F Financial Corporation 29,457 $ 23,877 $ 20,094 $ 3,466 $ 5,430 $<br>Annualized return on average tangible common equity 17.31% 13.58% 10.37% 7.30% 10.65% |
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| Reconciliation of Non-GAAP Disclosures<br>31<br>` 2022 2023 2024 Mar-25<br>Tangible Common Equity (TCE) / Tangible Assets (TA)<br>Total equity, as reported 196,233 $ 217,516 $ 226,970 $ 235,271 $<br>Goodwill (25,191) (25,191) (25,191) (25,191)<br>Other intangible assets (1,679) (1,407) (1,147) (1,084)<br>Noncontrolling interest (599) (638) (610) (637)<br>Tangible common equity 168,764 $ 190,280 $ 200,022 $ 208,359 $<br>Total assets, as reported 2,332,317 $ 2,438,498 $ 2,563,374 $ 2,612,530 $<br>Goodwill (25,191) (25,191) (25,191) (25,191)<br>Other intangible assets (1,679) (1,407) (1,147) (1,084)<br>Noncontrolling interest (599) (638) (610) (637)<br>Tangible assets 2,304,848 $ 2,411,262 $ 2,536,426 $ 2,585,618 $<br>Tangible Common Equity (TCE) / Tangible Assets (TA) 7.32% 7.89% 7.89% 8.06%<br>Tangible Book Value Per Share<br>Equity attributable to C&F Financial Corporation 195,634 $ 216,878 $ 226,360 $ 234,634 $<br>Less goodwill (25,191) (25,191) (25,191) (25,191)<br>Less other intangible assets (1,679) (1,407) (1,147) (1,084)<br>Tangible equity attributable to C&F Financial Corporation 168,764 $ 190,280 $ 200,022 $ 208,359 $<br>Shares outstanding 3,476,614 3,374,098 3,233,672 3,235,781<br>Book value per share 56.27 $ 64.28 $ 70.00 $ 72.51 $<br>Tangible book value per share 48.54 $ 56.40 $ 61.86 $ 64.39 $ |
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