C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months
Rhea-AI Summary
C&F Financial Corporation (NASDAQ: CFFI) reported consolidated net income of $8.6 million for Q2 2026, up 11.1% from $7.8 million in Q2 2025, and $15.4 million for the first six months of 2026, up 17.2% from $13.2 million a year earlier. Results included an $8.3 million pre-tax gain on the sale of an equity interest in Bearing Insurance Group and a $7.1 million pre-tax loss from a securities portfolio restructuring. Adjusted net income rose to $7.9 million for Q2 2026 and $14.7 million for the first half, up 1.5% and 11.5% respectively.
The consolidated net interest margin increased to 4.41% in Q2 2026. Community banking loans grew $65.9 million since year-end 2025 and $125.9 million year-over-year, while deposits rose $109.0 million versus June 30, 2025. Mortgage banking originations grew 9.5% year-over-year in Q2, and consumer finance experienced higher net charge-offs.
Positive
- Consolidated net income up 11.1% YoY in Q2 2026 to $8.6 million
- First-half 2026 net income up 17.2% YoY to $15.4 million
- Adjusted net income H1 2026 up 11.5% YoY to $14.7 million
- Net interest margin improved to 4.41% in Q2 2026 from 4.27%
- Community banking loans up $125.9 million YoY, or 8.2%
- Mortgage originations in Q2 2026 up 9.5% YoY to $233.7 million
Negative
- Portfolio restructuring loss of $7.1 million pre-tax in Q2 2026
- Consumer finance segment first-half 2026 net income down to $457,000 from $765,000
- Consumer finance net charge-offs H1 2026 at 2.60% vs 2.42% a year earlier
- Higher salaries and benefits in community banking tied to expansion and incentives
- Provision for credit losses in community banking turned to expense vs prior-year reversals
News Explained
The completed portfolio shift changed C&F’s investment holdings: 72.6 million dollars of securities were sold and approximately 67.8 million dollars purchased.
C&F Financial Corporation reports that its community banking segment completed the sale of its Bearing equity interest and executed a securities-portfolio restructuring during the
The restructuring sold securities with a book value of
In plain terms, the disclosure describes a completed repositioning of the securities portfolio, with the replacement holdings carrying the higher stated weighted-average yield; the release does not state that the transaction changes common-share ownership.
Separately, the company opened a retail branch in Roanoke after its 2025 loan-production-office opening and announced in
News Market Reaction – CFFI
In the Jul 23 session, CFFI declined 0.35%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 20 | Quarterly dividend | Positive | +1.4% | Regular cash dividend announcement preceded a 1.35% positive 24-hour price reaction. |
| May 07 | Portfolio restructuring | Negative | -3.9% | Securities restructuring included a reported pre-tax loss and preceded a 3.88% decline. |
| Apr 23 | First-quarter earnings | Positive | -2.2% | Higher quarterly income, EPS, originations, and deposits preceded a 2.24% decline. |
| Feb 25 | Dividend increase | Positive | +3.9% | Quarterly dividend increased 4% and preceded a 3.91% positive 24-hour reaction. |
| Jan 27 | Annual earnings | Positive | +0.5% | Full-year income and EPS increased and preceded a 0.5% positive reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
CFFI's positive earnings and dividend announcements produced mixed outcomes, while the prior restructuring announcement was followed by a negative reaction.
Key Terms
non-gaap financial
gaap financial
net interest margin financial
net charge-offs financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
TOANO, Va., July 23, 2026 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of
Included in net income for the second quarter and first six months of 2026 were the effects of the sale of an equity interest in Bearing Insurance Group, LLC (the “Bearing equity interest”), resulting in a pre-tax gain of
| For The Quarter Ended | For the Six Months Ended | |||||||||||||||||||
| Consolidated Financial Highlights (unaudited) | 6/30/2026 | 3/31/2026 | 6/30/2025 | 6/30/2026 | 6/30/2025 | |||||||||||||||
| Consolidated net income (000's) | $ | 8,626 | $ | 6,794 | $ | 7,767 | $ | 15,420 | $ | 13,162 | ||||||||||
| Adjusted net income1 | $ | 7,883 | $ | 6,794 | $ | 7,767 | $ | 14,677 | $ | 13,162 | ||||||||||
| Earnings per share - basic and diluted | $ | 2.63 | $ | 2.08 | $ | 2.37 | $ | 4.71 | $ | 4.03 | ||||||||||
| Adjusted earnings per share - basic and diluted1 | $ | 2.40 | $ | 2.08 | $ | 2.37 | $ | 4.48 | $ | 4.03 | ||||||||||
| Annualized return on average assets (ROA) | 1.23 | % | 0.97 | % | 1.18 | % | 1.10 | % | 1.01 | % | ||||||||||
| Adjusted annualized ROA1 | 1.13 | % | 0.97 | % | 1.18 | % | 1.05 | % | 1.01 | % | ||||||||||
| Annualized return on average equity (ROE) | 12.75 | % | 10.19 | % | 13.06 | % | 11.48 | % | 11.23 | % | ||||||||||
| Adjusted annualized ROE1 | 11.65 | % | 10.19 | % | 13.06 | % | 10.92 | % | 11.23 | % | ||||||||||
| Annualized return on average tangible common equity (ROTCE)1 | 14.08 | % | 11.28 | % | 14.70 | % | 12.69 | % | 12.72 | % | ||||||||||
| Adjusted annualized ROTCE1 | 12.86 | % | 11.28 | % | 14.70 | % | 12.08 | % | 12.72 | % | ||||||||||
________________________
| 1 | The Corporation uses non-GAAP measures of financial performance, including adjusted net income, adjusted earnings per share, adjusted annualized ROA, adjusted annualized ROE, annualized ROTCE and adjusted annualized ROTCE, to provide meaningful information about operating performance to investors by excluding the effects of certain items that management does not expect to have an ongoing impact on consolidated net income. Each of the non-GAAP measures listed in the prior sentence, for the second quarter and first six months of 2026, exclude the effects of the sale of the Bearing equity interest and the Portfolio Restructuring. 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 pleased with our second quarter results,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Strong loan growth in our community banking segment, increased mortgage originations in our mortgage banking segment, and margin expansion contributed to solid adjusted earnings for the quarter and first half of the year. In addition, our strategic initiatives to expand our geographic footprint into Southwest Virginia and restructure our securities portfolio are already generating positive results, and we expect these initiatives to continue supporting our performance over time.”
Key highlights for the second quarter and first six months of 2026 are as follows.
- Community banking segment loans grew
$65.9 million , or 8.3 percent annualized, and$125.9 million , or 8.2 percent, compared to December 31, 2025 and June 30, 2025, respectively; - Consumer finance segment loans decreased
$7.7 million , or 3.3 percent annualized, and$4.8 million , or 1.0 percent, compared to December 31, 2025 and June 30, 2025, respectively; - Deposits increased
$19.6 million , or 1.7 percent annualized, and$109.0 million , or 4.8 percent, compared to December 31, 2025 and June 30, 2025, respectively. A portion of the increases in deposits compared to June 30, 2025 was due to the wind-down of the repurchase agreement program with certain commercial deposit customers during the third quarter of 2025. The balance of these repurchase agreements was$20.6 million at June 30, 2025; - Consolidated annualized net interest margin was 4.41 percent for the second quarter of 2026 compared to 4.27 percent for the second quarter of 2025 and 4.27 percent for the first quarter of 2026;
- The consumer finance segment experienced net charge-offs at an annualized rate of 2.21 percent and 2.60 percent of average total loans for the second quarter and first six months of 2026, respectively, compared to 2.19 percent and 2.42 percent for the same periods of 2025 and 2.98 percent for the first quarter of 2026;
- Mortgage banking segment loan originations increased
$20.2 million , or 9.5 percent, to$233.7 million for the second quarter of 2026 compared to the second quarter of 2025; - During the second quarter of 2026, the community banking segment completed the sale of its membership interest in Bearing, resulting in a pre-tax gain of
$8.3 million . Following the sale of Bearing, the community banking segment executed a strategic restructuring of a portion of its securities portfolio, resulting in a pre-tax loss of$7.1 million . The community banking segment sold securities with a book value of$72.6 million and purchased approximately$67.8 million of securities; - Following the 2025 opening of a loan production office in Roanoke, the community banking segment continued its growth in Southwest Virginia with the opening of a retail branch in Roanoke; and
- The Corporation continued its expansion into the western part of Virginia with the July 2026 announcement of the hiring of a veteran lender in Lynchburg, Virginia.
Community Banking Segment. The community banking segment reported net income of
- higher interest income resulting from higher average balances of loans, securities and cash reserves and higher average interest rates on securities; and
- a pre-tax gain of
$8.3 million on the sale of the Bearing equity interest in the second quarter of 2026, reported in investment income from other equity interests;
partially offset by:
- higher salaries and employee benefits due primarily to the addition of a seasoned lending team with the expansion into Southwest Virginia in the third quarter of 2025, annual compensation adjustments, and increased employee incentive accruals associated with improved financial performance;
- a strategic restructuring of a portion of its securities portfolio in the second quarter of 2026, which resulted in a pre-tax loss of
$7.1 million , reported in net loss on sales of available for sale securities; and - higher provision for losses due primarily to the reversal of a specific reserve in the second quarter of 2025 upon the resolution of a nonperforming commercial real estate loan.
Adjusted net income for the community banking segment, which excludes the effects of the sale of the Bearing equity interest and the Portfolio Restructuring, was
Average loans increased
Average interest-earning asset yields were higher for the second quarter and first six months of 2026 compared to the same periods of 2025 due primarily to higher average interest rates on securities available for sale. In the Portfolio Restructuring, the community banking segment sold
The community banking segment’s nonaccrual loans were
Mortgage Banking Segment. The mortgage banking segment reported net income of
- 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;
partially offset by:
- higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits, and higher loan processing and collection expenses.
Mortgage banking segment loan originations increased 9.5 percent and 26.3 percent for the second quarter and first six months of 2026, respectively, compared to the same periods of 2025 as the mortgage interest rate environment was generally more favorable during the 2026 periods than the comparable periods of 2025, which led to an increase in both purchases and refinancings. Mortgage loan originations for the mortgage banking segment were
Through the Lender Solutions division of the mortgage banking segment, mortgage lender services fee income is derived from providing mortgage origination functions to third-party mortgage lenders for a fee. Mortgage lender services fee income increased to
During the second quarter and first six months of 2026, the mortgage banking segment recorded net reversals of provision for indemnification losses of
Consumer Finance Segment. The consumer finance segment reported net income of
- higher provision for credit losses due primarily to higher net charge-offs;
partially offset by:
- lower interest expense allocation on borrowings from the community banking segment as a result of lower average interest rates;
Average loans decreased
The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.40 percent and 1.37 percent of average automobile loans outstanding during the second quarter and first six months of 2026, respectively, compared to 1.73 percent and 1.74 percent during the same periods of 2025 and 1.34 percent during the first quarter of 2026.
The allowance for credit losses was
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
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. Total borrowings increased to
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 2026, the Corporation declared a quarterly cash dividend of 48 cents per share. This dividend, which was paid to shareholders on July 1, 2026, represents a payout ratio of 18.3 percent of earnings per share for the second quarter of 2026. 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
As of June 30, 2026, C&F Bank was categorized as well capitalized under the FDIC’s regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2026, 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, 2026. 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, effective January 1, 2026 through December 31, 2026, that was authorized by the Board of Directors to repurchase up to
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
C&F Bank operates 32 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 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 include adjusted net income, adjusted earnings per share, adjusted return on average assets, adjusted return on average equity, net tangible income attributable to the Corporation, 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 and fees on loans-FTE, interest and dividends 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 Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below in the “Reconciliation of Certain Non-GAAP Financial Measures,” “Fully Taxable Equivalent Net Interest Income” and “Tangible Book Value Per Share” tables.
Forward-Looking Statements. This press release contains statements concerning the Corporation’s expectations, plans, objectives or beliefs regarding future financial performance and other statements that are not historical facts, which may constitute “forward-looking statements” as defined by federal securities laws. Forward-looking statements generally can be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions, are not statements of historical fact, and are based on management’s beliefs, assumptions and expectations regarding future events or performance as of the date of this press release, taking into account all information currently available. These statements may include, but are not limited to: statements made in Mr. Cherry’s quotation and 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 and share repurchases; deposit trends; charge-offs and delinquencies; changes in cost of funds and net interest margin and items affecting net interest margin; strategic business initiatives, including our expansion into Southwest Virginia, and the anticipated effects thereof; the securities Portfolio Restructuring, including the anticipated benefits therefrom; expected impact of unrealized losses on earnings and regulatory capital of the Corporation or C&F Bank; mortgage loan originations; competition; our loan portfolio; our digital services; the adoption of artificial intelligence; improving operational efficiencies; expectations regarding the runoff of the marine and recreational vehicle portfolio; 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 on mortgage loan origination volume; sources of liquidity; adequacy of the reserve for indemnification losses related to loans sold in the secondary market; capital levels; the effect of future market and industry trends and conditions; the effects of future interest rate levels and fluctuations; cybersecurity risks; and inflation. These forward-looking statements are subject to significant risks and uncertainties due to factors that could have a material adverse effect on the operations and future prospects of the Corporation including, but 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
- general economic conditions, including unemployment levels, inflation rates, supply chain disruptions, slowdowns in economic growth and government shutdowns
- 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, geopolitical tensions, war and other military conflicts (including the conflict in the Middle East and potential associated impacts on interest rates and energy prices) or other major events, or the prospect of these events
- average loan yields and securities yields and average costs of interest-bearing deposits and borrowings
- financial services industry conditions, including bank failures or rumors of such failures, the soundness of other financial institutions or concerns involving liquidity, along with actions taken by governmental agencies to address such conditions, and the effects on financial institutions, including us, on, among other things, the ability to attract or retain depositors and to borrow or raise capital
- labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
- 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
- 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
- demand for financial services in the Corporation’s market areas
- the value of securities held in the Corporation’s investment portfolios
- the quality or composition of the loan portfolios and the value of the collateral securing those loans
- the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
- the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
- the level of net charge-offs on loans and the adequacy of our allowance for credit losses
- the level of indemnification losses related to mortgage loans sold
- demand for loan products
- deposit flows
- the strength of the Corporation’s counterparties
- the availability of lines of credit from the FHLB and other counterparties
- competition from both banks and non-banks, including competition in the automobile finance market
- services provided by, or the level of the Corporation’s reliance upon, third parties for key services
- the commercial and residential real estate markets, including changes in property values
- the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
- the Corporation’s technology initiatives and other strategic initiatives
- the Corporation’s branch expansion, relocation and consolidation plans
- cyber threats, attacks or events, including emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action or increase cybersecurity threats
- C&F Bank’s product offerings
- accounting principles, policies and guidelines, and elections made by the Corporation thereunder.
These risks and uncertainties, and the risks discussed in more detail in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025 and other reports filed with the SEC should be considered in evaluating the forward-looking statements contained herein. Readers should not place undue reliance on any forward-looking statement. There can be no assurance that actual results will not differ materially from historical results or those expressed in or implied by such forward-looking statements, or that the beliefs, assumptions and expectations underlying such forward-looking statements will be proven to be accurate. Forward-looking statements are made as of the date of this press release, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which the statement was made, except as otherwise required by law.
| C&F Financial Corporation Selected Financial Information (dollars in thousands, except for per share data) (unaudited) | ||||||||
| Consolidated Balance Sheets | 6/30/2026 | 12/31/2025 | ||||||
| Assets | ||||||||
| Cash and due from banks | $ | 19,371 | $ | 13,622 | ||||
| Interest-bearing deposits in other banks | 42,739 | 65,510 | ||||||
| Total cash and cash equivalents | 62,110 | 79,132 | ||||||
| Securities—available for sale at fair value, amortized cost of | 458,252 | 458,111 | ||||||
| Loans held for sale, at fair value | 44,066 | 40,911 | ||||||
| Loans, net of allowance for credit losses of | 2,073,114 | 2,014,899 | ||||||
| Restricted stock, at cost | 4,059 | 3,680 | ||||||
| Corporate premises and equipment, net | 40,329 | 39,200 | ||||||
| Other real estate owned, net of valuation allowance of | — | 1,316 | ||||||
| Accrued interest receivable | 11,769 | 11,726 | ||||||
| Goodwill | 25,191 | 25,191 | ||||||
| Other intangible assets, net | 859 | 909 | ||||||
| Bank-owned life insurance | 22,032 | 21,808 | ||||||
| Net deferred tax asset | 13,046 | 14,039 | ||||||
| Other assets | 55,141 | 57,572 | ||||||
| Total assets | $ | 2,809,968 | $ | 2,768,494 | ||||
| Liabilities | ||||||||
| Deposits | ||||||||
| Noninterest-bearing demand deposits | $ | 561,160 | $ | 543,673 | ||||
| Savings, money market and interest-bearing demand deposits | 884,584 | 905,683 | ||||||
| Time deposits | 919,614 | 896,367 | ||||||
| Total deposits | 2,365,358 | 2,345,723 | ||||||
| FHLB Advances | 45,000 | 40,000 | ||||||
| Subordinated notes | 65,510 | 65,493 | ||||||
| Other borrowings | 7,664 | 7,842 | ||||||
| Accrued interest payable | 3,948 | 3,745 | ||||||
| Other liabilities | 44,096 | 43,343 | ||||||
| Total liabilities | 2,531,576 | 2,506,146 | ||||||
| Commitments and contingent liabilities | ||||||||
| Equity | ||||||||
| Common stock ( | 3,151 | 3,145 | ||||||
| Additional paid-in capital | 1,237 | 1,078 | ||||||
| Retained earnings | 280,884 | 268,696 | ||||||
| Accumulated other comprehensive loss, net | (7,487 | ) | (11,166 | ) | ||||
| Equity attributable to C&F Financial Corporation | 277,785 | 261,753 | ||||||
| Noncontrolling interest | 607 | 595 | ||||||
| Total equity | 278,392 | 262,348 | ||||||
| Total liabilities and equity | $ | 2,809,968 | $ | 2,768,494 | ||||
| For The Quarter Ended | For The Six Months Ended | |||||||||||||||||||
| Consolidated Statements of Income | 6/30/2026 | 3/31/2026 | 6/30/2025 | 6/30/2026 | 6/30/2025 | |||||||||||||||
| Interest income | ||||||||||||||||||||
| Interest and fees on loans | $ | 35,690 | $ | 34,715 | $ | 33,716 | $ | 70,405 | $ | 66,098 | ||||||||||
| Interest on interest-bearing deposits in other banks | 471 | 651 | 413 | 1,122 | 915 | |||||||||||||||
| Interest and dividends on securities | ||||||||||||||||||||
| U.S. treasury, government agencies and corporations | 181 | 259 | 278 | 440 | 567 | |||||||||||||||
| Mortgage-backed securities | 2,102 | 1,660 | 1,533 | 3,762 | 2,927 | |||||||||||||||
| Tax-exempt obligations of states and political subdivisions | 1,128 | 1,094 | 953 | 2,222 | 1,864 | |||||||||||||||
| Taxable obligations of states and political subdivisions | 213 | 194 | 197 | 407 | 392 | |||||||||||||||
| Corporate and other | 566 | 573 | 317 | 1,139 | 632 | |||||||||||||||
| Total interest income | 40,351 | 39,146 | 37,407 | 79,497 | 73,395 | |||||||||||||||
| Interest expense | ||||||||||||||||||||
| Savings and interest-bearing deposits | 2,240 | 2,263 | 2,006 | 4,503 | 3,811 | |||||||||||||||
| Time deposits | 7,526 | 7,586 | 7,547 | 15,112 | 15,511 | |||||||||||||||
| FHLB advances | 328 | 429 | 447 | 757 | 887 | |||||||||||||||
| Subordinated notes | 1,110 | 1,102 | 756 | 2,212 | 1,353 | |||||||||||||||
| Other borrowings | 57 | 57 | 143 | 114 | 315 | |||||||||||||||
| Total interest expense | 11,261 | 11,437 | 10,899 | 22,698 | 21,877 | |||||||||||||||
| Net interest income | 29,090 | 27,709 | 26,508 | 56,799 | 51,518 | |||||||||||||||
| Provision for credit losses | 2,650 | 3,600 | 2,100 | 6,250 | 5,100 | |||||||||||||||
| Net interest income after provision for credit losses | 26,440 | 24,109 | 24,408 | 50,549 | 46,418 | |||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Gains on sales of loans | 2,436 | 2,545 | 2,458 | 4,981 | 4,305 | |||||||||||||||
| Interchange income | 1,673 | 1,577 | 1,621 | 3,250 | 3,096 | |||||||||||||||
| Service charges on deposit accounts | 1,061 | 1,020 | 1,022 | 2,081 | 2,012 | |||||||||||||||
| Investment income from other equity interests | 8,332 | 372 | 127 | 8,704 | 334 | |||||||||||||||
| Mortgage banking fee income | 985 | 850 | 888 | 1,835 | 1,458 | |||||||||||||||
| Wealth management services income, net | 847 | 808 | 756 | 1,655 | 1,488 | |||||||||||||||
| Mortgage lender services income | 969 | 820 | 762 | 1,789 | 1,298 | |||||||||||||||
| Other service charges and fees | 517 | 504 | 551 | 1,021 | 1,049 | |||||||||||||||
| Net losses on sales, maturities and calls of available for sale securities | (7,129 | ) | — | — | (7,129 | ) | — | |||||||||||||
| Other income, net | 2,085 | 54 | 1,663 | 2,139 | 2,381 | |||||||||||||||
| Total noninterest income | 11,776 | 8,550 | 9,848 | 20,326 | 17,421 | |||||||||||||||
| Noninterest expenses | ||||||||||||||||||||
| Salaries and employee benefits | 16,501 | 14,357 | 14,846 | 30,858 | 28,329 | |||||||||||||||
| Occupancy | 2,402 | 2,215 | 2,099 | 4,617 | 4,292 | |||||||||||||||
| Data processing | 3,403 | 3,175 | 2,989 | 6,578 | 5,855 | |||||||||||||||
| Professional fees | 943 | 917 | 1,001 | 1,860 | 1,922 | |||||||||||||||
| Insurance expense | 440 | 430 | 416 | 870 | 907 | |||||||||||||||
| Marketing and advertising expenses | 639 | 547 | 549 | 1,186 | 1,078 | |||||||||||||||
| Loan processing and collection expenses | 918 | 873 | 745 | 1,791 | 1,428 | |||||||||||||||
| Other | 2,101 | 1,801 | 1,985 | 3,902 | 3,878 | |||||||||||||||
| Total noninterest expenses | 27,347 | 24,315 | 24,630 | 51,662 | 47,689 | |||||||||||||||
| Income before income taxes | 10,869 | 8,344 | 9,626 | 19,213 | 16,150 | |||||||||||||||
| Income tax expense | 2,243 | 1,550 | 1,859 | 3,793 | 2,988 | |||||||||||||||
| Net income | 8,626 | 6,794 | 7,767 | 15,420 | 13,162 | |||||||||||||||
| Less net income attributable to noncontrolling interest | 63 | 47 | 76 | 110 | 103 | |||||||||||||||
| Net income attributable to C&F Financial Corporation | $ | 8,563 | $ | 6,747 | $ | 7,691 | $ | 15,310 | $ | 13,059 | ||||||||||
| Net income per share - basic and diluted | $ | 2.63 | $ | 2.08 | $ | 2.37 | $ | 4.71 | $ | 4.03 | ||||||||||
| Weighted average shares outstanding - basic and diluted | 3,252,163 | 3,248,485 | 3,238,765 | 3,250,334 | 3,236,849 | |||||||||||||||
| Dividends declared per share | $ | 0.48 | $ | 0.48 | $ | 0.46 | $ | 0.96 | $ | 0.92 | ||||||||||
| For The Quarter Ended | For The Six Months Ended | |||||||||||||||||||
| Other Performance Data | 6/30/2026 | 3/31/2026 | 6/30/2025 | 6/30/2026 | 6/30/2025 | |||||||||||||||
| Net income (loss): | ||||||||||||||||||||
| Community banking | $ | 8,173 | $ | 7,110 | $ | 7,116 | $ | 15,283 | $ | 12,561 | ||||||||||
| Mortgage banking | 1,060 | 910 | 985 | 1,970 | 1,416 | |||||||||||||||
| Consumer finance | 538 | (81 | ) | 539 | 457 | 765 | ||||||||||||||
| Other1 | (1,145 | ) | (1,145 | ) | (873 | ) | (2,290 | ) | (1,580 | ) | ||||||||||
| Total | $ | 8,626 | $ | 6,794 | $ | 7,767 | $ | 15,420 | $ | 13,162 | ||||||||||
| Mortgage loan originations - mortgage banking: | ||||||||||||||||||||
| Purchases | $ | 209,255 | $ | 142,526 | $ | 197,222 | $ | 351,781 | $ | 298,862 | ||||||||||
| Refinancings | 24,479 | 37,076 | 16,301 | 61,555 | 28,411 | |||||||||||||||
| Total | $ | 233,734 | $ | 179,602 | $ | 213,523 | $ | 413,336 | $ | 327,273 | ||||||||||
| Mortgage loans sold - mortgage banking | $ | 245,729 | $ | 164,520 | $ | 196,878 | $ | 410,249 | $ | 303,309 | ||||||||||
________________________
| 1 | Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity. | |
| For the Quarter Ended | |||||||||||||||||||||
| 6/30/2026 | 3/31/2026 | 6/30/2025 | |||||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||
| Yield Analysis | Balance | Rate | Balance | Rate | Balance | Rate | |||||||||||||||
| Assets | |||||||||||||||||||||
| Loans: | |||||||||||||||||||||
| Community banking segment1 | $ | 1,631,487 | 5.61 | % | $ | 1,602,769 | 5.57 | % | $ | 1,499,272 | 5.59 | % | |||||||||
| Mortgage banking segment | 53,878 | 6.09 | 38,738 | 5.65 | 45,948 | 6.38 | |||||||||||||||
| Consumer finance segment | 459,447 | 10.55 | 464,541 | 10.67 | 464,193 | 10.49 | |||||||||||||||
| Total loans | 2,144,812 | 6.68 | 2,106,048 | 6.69 | 2,009,413 | 6.74 | |||||||||||||||
| Securities - available for sale: | |||||||||||||||||||||
| Taxable | 346,303 | 3.54 | 344,936 | 3.11 | 342,023 | 2.72 | |||||||||||||||
| Tax-exempt1 | 127,487 | 4.47 | 131,702 | 4.21 | 120,281 | 4.01 | |||||||||||||||
| Total securities - available for sale | 473,790 | 3.79 | 476,638 | 3.42 | 462,304 | 3.05 | |||||||||||||||
| Interest-bearing deposits in other banks | 61,530 | 3.07 | 79,426 | 3.32 | 48,237 | 3.43 | |||||||||||||||
| Total earning assets | 2,680,132 | 6.09 | 2,662,112 | 6.01 | 2,519,954 | 6.00 | |||||||||||||||
| Allowance for credit losses | (40,256 | ) | (40,516 | ) | (41,284 | ) | |||||||||||||||
| Total non-earning assets | 162,193 | 170,659 | 157,307 | ||||||||||||||||||
| Total assets | $ | 2,802,069 | $ | 2,792,255 | $ | 2,635,977 | |||||||||||||||
| Liabilities and Equity | |||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||
| Interest-bearing demand deposits | $ | 341,300 | 0.65 | $ | 351,066 | 0.72 | $ | 312,905 | 0.61 | ||||||||||||
| Savings and money market deposit accounts | 553,814 | 1.22 | 550,647 | 1.21 | 522,453 | 1.17 | |||||||||||||||
| Time deposits | 920,692 | 3.28 | 908,808 | 3.39 | 830,425 | 3.65 | |||||||||||||||
| Total interest-bearing deposits | 1,815,806 | 2.16 | 1,810,521 | 2.21 | 1,665,783 | 2.30 | |||||||||||||||
| Borrowings: | |||||||||||||||||||||
| FHLB advances | 30,165 | 4.30 | 39,000 | 4.40 | 40,132 | 4.41 | |||||||||||||||
| Subordinated notes | 65,507 | 6.78 | 65,497 | 6.76 | 50,962 | 5.94 | |||||||||||||||
| Other borrowings | 7,784 | 2.94 | 7,827 | 2.95 | 31,988 | 1.79 | |||||||||||||||
| Total borrowings | 103,456 | 5.77 | 112,324 | 5.66 | 123,082 | 4.38 | |||||||||||||||
| Total interest-bearing liabilities | 1,919,262 | 2.35 | 1,922,845 | 2.41 | 1,788,865 | 2.44 | |||||||||||||||
| Noninterest-bearing demand deposits | 567,762 | 558,877 | 568,372 | ||||||||||||||||||
| Other liabilities | 44,379 | 43,770 | 40,917 | ||||||||||||||||||
| Total liabilities | 2,531,403 | 2,525,492 | 2,398,154 | ||||||||||||||||||
| Equity | 270,666 | 266,763 | 237,823 | ||||||||||||||||||
| Total liabilities and equity | $ | 2,802,069 | $ | 2,792,255 | $ | 2,635,977 | |||||||||||||||
| Net interest income | |||||||||||||||||||||
| Interest rate spread | 3.74 | % | 3.60 | % | 3.56 | % | |||||||||||||||
| Interest expense to average earning assets | 1.68 | % | 1.74 | % | 1.73 | % | |||||||||||||||
| Net interest margin | 4.41 | % | 4.27 | % | 4.27 | % | |||||||||||||||
________________________
| 1 | Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis using the federal corporate income tax rate of 21 percent that was applicable for all periods presented. 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 Six Months Ended | ||||||||||||||
| 6/30/2026 | 6/30/2025 | |||||||||||||
| Average | Yield/ | Average | Yield/ | |||||||||||
| Yield Analysis | Balance | Rate | Balance | Rate | ||||||||||
| Assets | ||||||||||||||
| Loans: | ||||||||||||||
| Community banking segment1 | $ | 1,617,208 | 5.59 | % | $ | 1,483,501 | 5.55 | % | ||||||
| Mortgage banking segment | 46,350 | 5.91 | 33,527 | 6.44 | ||||||||||
| Consumer finance segment | 461,980 | 10.61 | 464,856 | 10.53 | ||||||||||
| Total loans | 2,125,538 | 6.69 | 1,981,884 | 6.74 | ||||||||||
| Securities - available for sale: | ||||||||||||||
| Taxable | 345,623 | 3.33 | 340,744 | 2.65 | ||||||||||
| Tax-exempt1 | 129,583 | 4.34 | 119,661 | 3.94 | ||||||||||
| Total securities - available for sale | 475,206 | 3.60 | 460,405 | 2.99 | ||||||||||
| Interest-bearing deposits in other banks | 70,428 | 3.21 | 52,012 | 3.55 | ||||||||||
| Total earning assets | 2,671,172 | 6.05 | 2,494,301 | 5.98 | ||||||||||
| Allowance for credit losses | (40,385 | ) | (40,947 | ) | ||||||||||
| Total non-earning assets | 166,403 | 155,937 | ||||||||||||
| Total assets | $ | 2,797,190 | $ | 2,609,291 | ||||||||||
| Liabilities and Equity | ||||||||||||||
| Interest-bearing deposits: | ||||||||||||||
| Interest-bearing demand deposits | $ | 346,156 | 0.68 | $ | 322,569 | 0.67 | ||||||||
| Savings and money market deposit accounts | 552,239 | 1.22 | 505,926 | 1.09 | ||||||||||
| Time deposits | 914,782 | 3.33 | 826,211 | 3.79 | ||||||||||
| Total interest-bearing deposits | 1,813,177 | 2.18 | 1,654,706 | 2.35 | ||||||||||
| Borrowings: | ||||||||||||||
| FHLB advances | 34,558 | 4.36 | 40,066 | 4.40 | ||||||||||
| Subordinated notes | 65,502 | 6.77 | 48,221 | 5.64 | ||||||||||
| Other borrowings | 7,806 | 2.95 | 34,151 | 1.87 | ||||||||||
| Total borrowings | 73,308 | 5.72 | 82,372 | 4.18 | ||||||||||
| Total interest-bearing liabilities | 1,921,043 | 2.38 | 1,777,144 | 2.48 | ||||||||||
| Noninterest-bearing demand deposits | 563,344 | 556,923 | ||||||||||||
| Other liabilities | 44,078 | 40,896 | ||||||||||||
| Total liabilities | 2,528,465 | 2,374,963 | ||||||||||||
| Equity | 268,725 | 234,328 | ||||||||||||
| Total liabilities and equity | $ | 2,797,190 | $ | 2,609,291 | ||||||||||
| Net interest income | ||||||||||||||
| Interest rate spread | 3.67 | % | 3.50 | % | ||||||||||
| Interest expense to average earning assets | 1.71 | % | 1.77 | % | ||||||||||
| Net interest margin | 4.34 | % | 4.21 | % | ||||||||||
_______________________
| 1 | Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis using the federal corporate income tax rate of 21 percent that was applicable for all periods presented. 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.” | |
| Asset Quality | 6/30/2026 | 12/31/2025 | ||||||
| Community Banking | ||||||||
| Total loans | $ | 1,656,192 | $ | 1,590,301 | ||||
| Nonaccrual loans | $ | 1,173 | $ | 1,135 | ||||
| Allowance for credit losses (ACL) | $ | 17,612 | $ | 17,418 | ||||
| Nonaccrual loans to total loans | 0.07 | % | 0.07 | % | ||||
| ACL to total loans | 1.06 | % | 1.10 | % | ||||
| ACL to nonaccrual loans | 1,501.45 | % | 1,534.63 | % | ||||
| Annualized year-to-date net charge-offs to average loans | 0.01 | % | 0.01 | % | ||||
| Consumer Finance | ||||||||
| Total loans | $ | 456,597 | $ | 464,275 | ||||
| Nonaccrual loans | $ | 645 | $ | 1,022 | ||||
| Repossessed assets | $ | 782 | $ | 937 | ||||
| ACL | $ | 22,063 | $ | 22,259 | ||||
| Nonaccrual loans to total loans | 0.14 | % | 0.22 | % | ||||
| ACL to total loans | 4.83 | % | 4.79 | % | ||||
| ACL to nonaccrual loans | 3,420.62 | % | 2,177.98 | % | ||||
| Annualized year-to-date net charge-offs to average loans | 2.60 | % | 2.59 | % | ||||
| Market Ratios | 6/30/2026 | 12/31/2025 | ||||||
| Market value per share | $ | 80.00 | $ | 72.59 | ||||
| Book value per share | $ | 85.46 | $ | 80.64 | ||||
| Price to book value ratio | 0.94 | 0.90 | ||||||
| Tangible book value per share1 | $ | 77.45 | $ | 72.60 | ||||
| Price to tangible book value ratio1 | 1.03 | 1.00 | ||||||
| Price to earnings ratio (ttm) | 8.93 | 8.76 | ||||||
________________________
| 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 | 6/30/2026 | 12/31/2025 | Requirements3 | |||||||||
| C&F Financial Corporation1 | ||||||||||||
| Total risk-based capital ratio | 15.3 | % | 15.2 | % | 8.0 | % | ||||||
| Tier 1 risk-based capital ratio | 12.3 | % | 12.2 | % | 6.0 | % | ||||||
| Common equity tier 1 capital ratio | 11.3 | % | 11.0 | % | 4.5 | % | ||||||
| Tier 1 leverage ratio | 10.3 | % | 10.0 | % | 4.0 | % | ||||||
| C&F Bank2 | ||||||||||||
| Total risk-based capital ratio | 14.8 | % | 14.8 | % | 8.0 | % | ||||||
| Tier 1 risk-based capital ratio | 13.5 | % | 13.6 | % | 6.0 | % | ||||||
| Common equity tier 1 capital ratio | 13.5 | % | 13.6 | % | 4.5 | % | ||||||
| Tier 1 leverage ratio | 11.2 | % | 11.1 | % | 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, 2026 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2025 are presented as filed. | |
| 3 | The ratios presented for minimum capital requirements are those to be considered adequately capitalized. | |
| For The Quarter Ended | For The Six Months Ended | |||||||||||||||||||||
| 6/30/2026 | 3/31/2026 | 6/30/2025 | 6/30/2026 | 6/30/2025 | ||||||||||||||||||
| Reconciliation of Certain Non-GAAP Financial Measures | ||||||||||||||||||||||
| Adjusted Net Income and Adjusted Earnings Per Share | ||||||||||||||||||||||
| Net income, as reported | $ | 8,626 | $ | 6,794 | $ | 7,767 | $ | 15,420 | $ | 13,162 | ||||||||||||
| Gain on sale of other equity interest1 | (6,375 | ) | - | - | (6,375 | ) | - | |||||||||||||||
| Loss on securities portfolio restructuring2 | 5,632 | - | - | 5,632 | - | |||||||||||||||||
| Adjusted net income | $ | 7,883 | $ | 6,794 | $ | 7,767 | $ | 14,677 | $ | 13,162 | ||||||||||||
| Weighted average shares - basic and diluted | 3,252,163 | 3,248,485 | 3,238,765 | 3,250,334 | 3,236,849 | |||||||||||||||||
| Earnings per share - basic and diluted, as reported | $ | 2.63 | $ | 2.08 | $ | 2.37 | $ | 4.71 | $ | 4.03 | ||||||||||||
| Gain on sale of other equity interest1 | (1.96 | ) | - | - | (1.96 | ) | - | |||||||||||||||
| Loss on securities portfolio restructuring2 | 1.73 | - | - | 1.73 | - | |||||||||||||||||
| Adjusted earnings per share - basic and diluted | $ | 2.40 | $ | 2.08 | $ | 2.37 | $ | 4.48 | $ | 4.03 | ||||||||||||
| Adjusted Net Income, Community Banking Segment | ||||||||||||||||||||||
| Net income, community banking segment, as reported | $ | 8,173 | $ | 7,110 | $ | 7,116 | $ | 15,283 | $ | 12,561 | ||||||||||||
| Gain on sale of other equity interest1 | (6,375 | ) | - | - | (6,375 | ) | - | |||||||||||||||
| Loss on securities portfolio restructuring2 | 5,632 | - | - | 5,632 | - | |||||||||||||||||
| Adjusted net income, community banking segment | $ | 7,430 | $ | 7,110 | $ | 7,116 | $ | 14,540 | $ | 12,561 | ||||||||||||
| Adjusted Return on Average Equity (ROE) | ||||||||||||||||||||||
| Average total equity, as reported | $ | 270,666 | 266,763 | $ | 237,823 | $ | 268,725 | $ | 234,328 | |||||||||||||
| Annualized ROE, as reported | 12.75 | % | 10.19 | % | 13.06 | % | 11.48 | % | 11.23 | % | ||||||||||||
| Adjusted annualized ROE | 11.65 | % | 10.19 | % | 13.06 | % | 10.92 | % | 11.23 | % | ||||||||||||
| Adjusted Return on Average Assets (ROA) | ||||||||||||||||||||||
| Average total assets, as reported | $ | 2,802,069 | 2,792,255 | $ | 2,635,977 | $ | 2,797,190 | $ | 2,609,291 | |||||||||||||
| Annualized ROA, as reported | 1.23 | % | 0.97 | % | 1.18 | % | 1.10 | % | 1.01 | % | ||||||||||||
| Adjusted annualized ROA | 1.13 | % | 0.97 | % | 1.18 | % | 1.05 | % | 1.01 | % | ||||||||||||
| Return on Average Tangible Common Equity | ||||||||||||||||||||||
| Average total equity, as reported | $ | 270,666 | $ | 266,763 | $ | 237,823 | $ | 268,725 | $ | 234,328 | ||||||||||||
| Average goodwill | (25,191 | ) | (25,191 | ) | (25,191 | ) | (25,191 | ) | (25,191 | ) | ||||||||||||
| Average other intangible assets | (868 | ) | (896 | ) | (1,045 | ) | (882 | ) | (1,081 | ) | ||||||||||||
| Average noncontrolling interest | (626 | ) | (590 | ) | (652 | ) | (663 | ) | (696 | ) | ||||||||||||
| Average tangible common equity | $ | 243,981 | $ | 240,086 | $ | 210,935 | $ | 241,989 | $ | 207,360 | ||||||||||||
| Net income | $ | 8,626 | $ | 6,794 | $ | 7,767 | $ | 15,420 | $ | 13,162 | ||||||||||||
| Amortization of intangibles | 25 | 25 | 63 | 50 | 125 | |||||||||||||||||
| Net income attributable to noncontrolling interest | (63 | ) | (47 | ) | (76 | ) | (110 | ) | (103 | ) | ||||||||||||
| Net tangible income attributable to C&F Financial Corporation | $ | 8,588 | $ | 6,772 | $ | 7,754 | $ | 15,360 | $ | 13,184 | ||||||||||||
| Adjusted net income | $ | 7,883 | $ | 6,794 | $ | 7,767 | $ | 14,677 | $ | 13,162 | ||||||||||||
| Amortization of intangibles | 25 | 25 | 63 | 50 | 125 | |||||||||||||||||
| Net income attributable to noncontrolling interest | (63 | ) | (47 | ) | (76 | ) | (110 | ) | (103 | ) | ||||||||||||
| Adjusted net tangible income attributable to C&F Financial Corporation | $ | 7,845 | $ | 6,772 | $ | 7,754 | $ | 14,617 | $ | 13,184 | ||||||||||||
| Annualized return on average equity, as reported | 12.75 | % | 10.19 | % | 13.06 | % | 11.48 | % | 11.23 | % | ||||||||||||
| Annualized return on average tangible common equity | 14.08 | % | 11.28 | % | 14.70 | % | 12.69 | % | 12.72 | % | ||||||||||||
| Adjusted annualized return on average tangible common equity | 12.86 | % | 11.28 | % | 14.70 | % | 12.08 | % | 12.72 | % | ||||||||||||
_______________
| 1 | Sale of other equity interest is net of related income tax expense of | |
| 2 | Securities portfolio restructuring is net of related income tax benefit of | |
| For The Quarter Ended | For The Six Months Ended | |||||||||||||||||||
| 6/30/2026 | 3/31/2026 | 6/30/2025 | 6/30/2026 | 6/30/2025 | ||||||||||||||||
| Fully Taxable Equivalent Net Interest Income1 | ||||||||||||||||||||
| Interest and fees on loans | $ | 35,690 | $ | 34,715 | $ | 33,716 | $ | 70,405 | $ | 66,098 | ||||||||||
| FTE adjustment | 49 | 47 | 52 | 94 | 98 | |||||||||||||||
| FTE interest and fees on loans | $ | 35,739 | $ | 34,762 | $ | 33,768 | $ | 70,499 | $ | 66,196 | ||||||||||
| Interest and dividends on securities | $ | 4,190 | $ | 3,780 | $ | 3,278 | $ | 7,970 | $ | 6,382 | ||||||||||
| FTE adjustment | 298 | 291 | 252 | 590 | 494 | |||||||||||||||
| FTE interest and dividends on securities | $ | 4,488 | $ | 4,071 | $ | 3,530 | $ | 8,560 | $ | 6,876 | ||||||||||
| Total interest income | $ | 40,351 | $ | 39,146 | $ | 37,407 | $ | 79,497 | $ | 73,395 | ||||||||||
| FTE adjustment | 347 | 338 | 304 | 684 | 592 | |||||||||||||||
| FTE interest income | $ | 40,698 | $ | 39,484 | $ | 37,711 | $ | 80,181 | $ | 73,987 | ||||||||||
| Net interest income | $ | 29,090 | $ | 27,709 | $ | 26,508 | $ | 56,799 | $ | 51,518 | ||||||||||
| FTE adjustment | 347 | 338 | 304 | 684 | 592 | |||||||||||||||
| FTE net interest income | $ | 29,437 | $ | 28,047 | $ | 26,812 | $ | 57,483 | $ | 52,110 | ||||||||||
________________
| 1 | Assuming a tax rate of | |
| 6/30/2026 | 12/31/2025 | |||||||
| Tangible Book Value Per Share | ||||||||
| Equity attributable to C&F Financial Corporation | $ | 277,785 | $ | 261,753 | ||||
| Less goodwill | (25,191 | ) | (25,191 | ) | ||||
| Less other intangible assets | (859 | ) | (909 | ) | ||||
| Tangible equity attributable to C&F Financial Corporation | $ | 251,735 | $ | 235,653 | ||||
| Shares outstanding | 3,250,307 | 3,245,972 | ||||||
| Book value per share | $ | 85.46 | $ | 80.64 | ||||
| Tangible book value per share | $ | 77.45 | $ | 72.60 | ||||
| Contact: | Jason Long, CFO |
| (804) 843-2360 | |
