C&F Financial Corporation Announces Net Income for Third Quarter and First Nine Months
C&F Financial Corporation (NASDAQ: CFFI) reported Q3 2025 consolidated net income of $7.1 million, up 31.2% year-over-year, and $20.3 million for the first nine months, up 46.0% year-over-year. EPS was $2.18 for Q3 and $6.22 for the nine months. Consolidated annualized net interest margin was 4.24% for Q3 2025. Key drivers include community banking loan growth (+$112.9M vs 9/30/24), higher mortgage banking originations ($167.0M in Q3), and deposit growth (+$162.1M vs 9/30/24).
Credit trends: community banking recorded net reversals of provision for credit losses in Q3 2025; consumer finance saw higher net charge-offs (annualized 2.68% in Q3). Liquidity remained ample with liquid assets $441.4M and borrowing availability $612.3M as of September 30, 2025.
C&F Financial Corporation (NASDAQ: CFFI) ha riportato il reddito netto consolidato del terzo trimestre 2025 di 7,1 milioni di dollari, in aumento del 31,2% su base annua, e 20,3 milioni di dollari nei primi nove mesi, in rialzo del 46,0% rispetto all'anno precedente. EPS è stato 2,18 dollari nel Q3 e 6,22 dollari per i nove mesi. Il margine netto di interesse consolidato annualizzato è stato 4,24% per il Q3 2025. I principali driver includono la crescita dei prestiti della banca comunitaria (+112,9 milioni di dollari rispetto al 30/09/24), origini ipotecarie più elevate (€167,0 milioni nel Q3) e crescita dei depositi (+162,1 milioni di dollari rispetto al 30/09/24).
Tendenze del credito: la banca comunitaria ha registrato rettifiche nette per perdite su crediti nel Q3 2025; il credito al consumo ha visto perdite nette su crediti più elevate (tasso annualizzato 2,68% nel Q3). La liquidità si è mantenuta abbondante, con attività liquide di 441,4 milioni di dollari e disponibilità di prestito di 612,3 milioni al 30 settembre 2025.
Corporación Financiera C&F (NASDAQ: CFFI) informó utilidad neta consolidada del 3T 2025 de 7,1 millones de dólares, un aumento del 31,2% interanual, y 20,3 millones de dólares para los primeros nueve meses, un incremento del 46,0% interanual. EPS fue de 2,18 dólares para el 3T y 6,22 dólares para los nueve meses. El margen neto de interés consolidado anualizado fue del 4,24% para el 3T 2025. Los impulsores clave incluyen crecimiento de préstamos en banca comunitaria (+112,9 millones de dólares frente al 30/09/24), originaciones hipotecarias más altas (167,0 millones en el 3T) y crecimiento de depósitos (+162,1 millones frente al 30/09/24).
Tendencias de crédito: la banca comunitaria registró reversiones netas de provisiones por pérdidas crediticias en el 3T 2025; el crédito al consumo mostró pérdidas netas mayores (anualizado 2,68% en el 3T). La liquidez se mantuvo amplia, con activos líquidos de 441,4 millones y disponibilidad de préstamos de 612,3 millones al 30 de septiembre de 2025.
C&F Financial Corporation (NASDAQ: CFFI)은 2025년 3분기 연결 순이익이 710만 달러로 전년 동기 대비 31.2% 증가했고, 9개월 누적은 2030만 달러로 전년 동기 대비 46.0% 증가했다고 발표했습니다. EPS는 3분기 2.18달러, 9개월 누적은 6.22달러였습니다. 연결 연환산 순이자마진은 2025년 3분기 4.24%였습니다. 주요 동인은 커뮤니티 뱅킹 대출 증가(전년 동기 대비 9/30/24 대비 +112.9백만 달러), 모기지 뱅킹 기원 증가(3분기 1억 6,700만 달러), 예금 증가(+1억6,210만 달러 전년 대비) 등이 있습니다.
신용 동향: 커뮤니티 뱅킹은 2025년 3분기에 신용손실 충당금 순반전을 기록했습니다; 소비자 금융은 손실이 더 커진 순손실을 보였습니다(연환산 2.68%). 유동성은 여전히 여유로웠고, 2025년 9월 30일 기준 유동자산 4,414만 달러, 차입 가능성 6,123만 달러였습니다.
C&F Financial Corporation (NASDAQ: CFFI) a publié un résultat net consolidé du T3 2025 de 7,1 millions de dollars, en hausse de 31,2 % d'une année sur l'autre, et 20,3 millions de dollars pour les neuf premiers mois, soit une hausse de 46,0 % sur un an. L'EPS était de 2,18 dollars pour le T3 et de 6,22 dollars pour les neuf mois. La marge nette d'intérêts consolidée annualisée était de 4,24% pour le T3 2025. Les principaux moteurs incluent la croissance des prêts en banque communautaire (+112,9 M$ par rapport au 24/09/30), des originations hypothécaires plus élevées (167,0 M$ au T3) et une croissance des dépôts (+162,1 M$ par rapport au 24/09/30).
Tendances du crédit : la banque communautaire a enregistré des réversals nets des provisions pour pertes de crédits au T3 2025; le crédit à la consommation a connu des pertes nettes plus élevées (taux annualisé de 2,68% au T3). La liquidité est restée abondante avec des actifs liquides de 441,4 M$ et une capacité d'emprunt de 612,3 M$ au 30 septembre 2025.
C&F Financial Corporation (NASDAQ: CFFI) meldete den konsolidierten Nettogewinn im dritten Quartal 2025 von 7,1 Mio. USD, eine Steigerung von 31,2 % gegenüber dem Vorjahr, und 20,3 Mio. USD für die ersten neun Monate, ein Anstieg von 46,0 % zum Vorjahr. EPS betrug 2,18 USD im Q3 und 6,22 USD für die neun Monate. Die konsolidierte annualisierte Nettozinsspanne betrug im Q3 2025 4,24%. Haupttreiber sind Wachstum der Community-Banking-Kredite (+112,9 Mio. USD gegenüber 9/30/24), höhere Hypothekendarlehens-Originations (167,0 Mio. USD im Q3) und Einlagenwachstum (+162,1 Mio. USD gegenüber 9/30/24).
Kredittrends: Das Community-Banking verzeichnete im Q3 2025 Netto-Rückstellungen für Kreditausfälle; Consumer-Finance verzeichnete höhere Nettoausfälle (annualisiert 2,68% im Q3). Die Liquidität blieb ausreichend mit liquiden Mitteln von 441,4 Mio. USD und einer Kreditfazilität von 612,3 Mio. USD zum 30.09.2025.
شركة سي آند إف المالية (ناسداك: CFFI) أبلغت عن صافي دخل موحد للربع الثالث من 2025 قدره 7.1 مليون دولار بارتفاع 31.2% على أساس سنوي، و20.3 مليون دولار طوال الأشهر التسعة الأولى، بارتفاع 46.0% على أساس سنوي. كان EPS 2.18 دولار للربع الثالث و6.22 دولار للـ9 أشهر. هامش الفائدة الصافي الموحّد السنوي بلغ 4.24% للربع الثالث من عام 2025. المحركات الرئيسية تشمل نمواً في قروض المصرفية المجتمعية (+112.9 مليون دولار مقارنةً بـ 30/9/24)، ارتفاع توجيه القروض العقارية (167.0 مليون دولار في الربع الثالث)، ونمو الودائع (+162.1 مليون دولار مقارنة بـ 30/9/24).
اتجاهات الائتمان: رفعت المصرفية المجتمعية مخصوماً صافياً للقدرات الائتمانية في الربع الثالث 2025؛ كما شهد تمويل المستهلك ارتفاعاً في الخسائر الصافية من القروض (بنسبة سنوية قدرها 2.68% في الربع الثالث). ظلت السيولة متوفرة بقوة مع أصول سائلة تبلغ 441.4 مليون دولار وتوفر اقتراض 612.3 مليون دولار كما في 30 سبتمبر 2025.
C&F Financial Corporation (NASDAQ: CFFI) 报告称 2025 年第三季度合并净收入为 710 万美元，同比增长 31.2%，前九个月为 2030 万美元，同比增长 46.0%。每股收益(EPS) 为第三季度 2.18 美元，前九个月为 6.22 美元。合并年化净利差为 4.24%（2025 年第三季度）。主要驱动因素包括 社区银行贷款增长（较 2024 年 9 月 30 日增长 1.129 亿美元）、抵押贷款行业放款规模上升（第三季度为 1.670 亿美元）以及存款增长（较 2024 年 9 月 30 日增长 1.621 亿美元）。
信贷趋势：社区银行在 2025 年第三季度出现信贷损失准备的净回拨；消费者金融的净减记较高（第三季度年化 2.68%）。流动性充足，截至 2025 年 9 月 30 日，流动资产为 4,414 万美元，借款可用额度为 6,123 万美元。
- Consolidated net income +31.2% YoY to $7.1M in Q3 2025
- Nine-month net income +46.0% YoY to $20.3M
- EPS increased to $2.18 in Q3 2025 from $1.65
- Community banking loans up $112.9M vs 9/30/2024
- Deposits up $162.1M vs 9/30/2024
- Mortgage originations +6.4% YoY to $167.0M in Q3
- Consumer finance average loans down $17.4M QoQ vs prior year period
- Consumer finance net charge-offs annualized 2.68% in Q3 2025
- Allowance for credit losses decreased in community banking to 1.11% of loans
- Nonaccrual loans in community banking rose to $1.2M at 9/30/2025
Insights
Solid quarter: substantial YoY net income and ROE improvements driven by loan and deposit growth across segments.
The Corporation reported consolidated net income of
Risks and dependencies include credit performance in the consumer finance portfolio and allowance dynamics. The consumer finance segment showed higher net charge‑offs (annualized
Concrete items to watch over the next 3–12 months include trends in consumer finance net charge‑offs and delinquency, the allowance for credit losses relative to loan growth, mortgage origination volumes and related fee income (seasonal comparison noted between quarters), and liquidity metrics such as uninsured deposits (~
TOANO, Va., Oct. 23, 2025 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of
| For The Quarter Ended | For the Nine Months Ended | |||||||||||||||
| Consolidated Financial Highlights (unaudited) | 9/30/2025 | 9/30/2024 | 9/30/2025 | 9/30/2024 | ||||||||||||
| Consolidated net income (000's) | $ | 7,113 | $ | 5,420 | $ | 20,275 | $ | 13,889 | ||||||||
| Earnings per share - basic and diluted | $ | 2.18 | $ | 1.65 | $ | 6.22 | $ | 4.15 | ||||||||
| Annualized return on average assets | 1.06 | % | 0.86 | % | 1.02 | % | 0.75 | % | ||||||||
| Annualized return on average equity | 11.60 | % | 9.74 | % | 11.36 | % | 8.47 | % | ||||||||
| Annualized return on average tangible common equity1 | 13.07 | % | 11.16 | % | 12.84 | % | 9.74 | % | ||||||||
________________________
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 delighted and proud of our third quarter results,” stated Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our performance this quarter highlights the strength of our diversified business model. We saw robust growth in loans and deposits within our community banking segment and loan originations at our mortgage banking segment also increased compared to prior year. Although some market data suggests softening in the broader economy, our liquidity, capital position and asset quality remain strong and give us confidence in our ability to continue growing responsibly. Additionally, our recent expansion into Southwest Virginia, which was announced this quarter, is already yielding promising results.”
Key highlights for the third quarter and first nine months of 2025 are as follows.
- Community banking segment loans grew
$91.4 million , or 8.4 percent annualized, and$112.9 million , or 7.9 percent, compared to December 31, 2024 and September 30, 2024, respectively; - Consumer finance segment loans decreased
$3.5 million , or 1.0 percent annualized, and$14.1 million , or 2.9 percent, compared to December 31, 2024 and September 30, 2024, respectively; - Deposits increased
$127.2 million , or 7.8 percent annualized, and$162.1 million , or 7.6 percent, compared to December 31, 2024 and September 30, 2024, respectively; - Consolidated annualized net interest margin was 4.24 percent for the third quarter of 2025 compared to 4.13 percent for the third quarter of 2024 and 4.27 percent in the second quarter of 2025;
- The community banking segment recorded a net reversal of provision for credit losses of
$100,000 and a provision for credit losses of$700,000 for the third quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of$300,000 and a provision for credit losses of$1.7 million for the first nine months of 2025 and 2024, respectively; - The consumer finance segment recorded provision for credit losses of
$3.0 million for the third quarter of both 2025 and 2024, and recorded provision for credit losses of$8.3 million and$8.1 million for the first nine months of 2025 and 2024, respectively; - The consumer finance segment experienced net charge-offs at an annualized rate of 2.68 percent and 2.51 percent of average total loans for the third quarter and first nine months of 2025, respectively, compared to 2.65 percent and 2.36 percent for the same periods of 2024;
- Mortgage banking segment loan originations increased
$10.1 million , or 6.4 percent, to$167.0 million for the third quarter of 2025 compared to the third quarter of 2024 and decreased$46.5 million , or 21.8 percent compared to the second quarter of 2025; and - The Corporation expanded into Southwest Virginia with the opening of a new loan production office in Roanoke in July 2025.
Community Banking Segment. The community banking segment reported net income of
- higher interest income resulting from higher average balances of loans and cash reserves, a shift in the mix of the loan portfolio towards higher-yielding loans, and higher average interest rates on securities; and
- lower provision for credit losses due primarily to a shift in the mix of the loan portfolio and the resolution of a nonperforming commercial real estate loan in the second quarter of 2025 that had carried a specific reserve, partially offset by provision related to loan growth;
partially offset by:
- higher interest expense for the first nine months of 2025 due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits;
- higher salaries and employee benefits due primarily to increased employee incentive accruals associated with improved financial performance and the addition of a seasoned lending team with the expansion into Southwest Virginia in the third quarter of 2025; and
- higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.
Average loans increased
Average interest-earning asset yields were higher for the third quarter and first nine 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 and higher average interest rates on securities available for sale. Average costs of interest-bearing deposits were lower for the third quarter and first nine months of 2025, compared to the same periods of 2024, due primarily to decreases in interest rates paid on time deposits.
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
- lower reversal of provision for indemnifications.
Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 6.4 percent and 24.4 percent for the third quarter and first nine months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were
During the third quarter and first nine months of 2025, 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 for the first nine months of 2025 due primarily to higher net charge-offs; and
- lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;
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.
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. 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 1.88 percent and 1.79 percent of average automobile loans outstanding during the third quarter and first nine months of 2025, respectively, compared to 1.91 percent and 1.70 percent during the same periods during 2024. 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. Short-term borrowings may also include securities sold under agreements to repurchase. Total borrowings decreased 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 third quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on October 1, 2025, represents a payout ratio of 21.1 percent of earnings per share for the third 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
As of September 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 September 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 September 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
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 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 Corporation to to the most directly comparable GAAP financial measures is presented below in the “Reconciliation of Certain Non-GAAP Financial Measures” 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, and 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; 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; changes in interest rates and the effects thereof on net interest income; expected impact of unrealized losses on earnings and regulatory capital of the Corporation or C&F Bank; mortgage loan originations; expectations regarding C&F Bank’s regulatory risk-based capital requirement levels; competition; our loan portfolio; our digital services; deposit trends; improving operational efficiencies; retention of qualified loan officers and expectations regarding new mortgage loan originations; 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, 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, war and other military conflicts 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 concerns involving liquidity
- 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
- 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
- competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
- 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
- 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, 2024 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) | |||||||||||
| Financial Condition | 9/30/2025 | 12/31/2024 | 9/30/2024 | ||||||||
| Interest-bearing deposits in other banks | $ | 80,843 | $ | 49,423 | $ | 32,507 | |||||
| Investment securities - available for sale, at fair value | 439,034 | 418,625 | 409,045 | ||||||||
| Loans held for sale, at fair value | 33,478 | 20,112 | 44,677 | ||||||||
| Loans, net: | |||||||||||
| Community Banking segment | 1,527,809 | 1,436,226 | 1,414,576 | ||||||||
| Consumer Finance segment | 440,968 | 444,085 | 454,062 | ||||||||
| Total assets | 2,711,292 | 2,563,374 | 2,550,904 | ||||||||
| Deposits | 2,298,035 | 2,170,860 | 2,135,891 | ||||||||
| Repurchase agreements | - | 28,994 | 28,643 | ||||||||
| Other borrowings | 113,406 | 93,615 | 113,683 | ||||||||
| Total equity | 253,887 | 226,970 | 227,958 | ||||||||
| ForThe | For The | ||||||||||||||
| Quarter Ended | Nine Months Ended | ||||||||||||||
| Results of Operations | 9/30/2025 | 9/30/2024 | 9/30/2025 | 9/30/2024 | |||||||||||
| Interest income | $ | 38,783 | $ | 36,131 | $ | 112,178 | $ | 103,151 | |||||||
| Interest expense | 11,609 | 11,442 | 33,486 | 31,476 | |||||||||||
| Provision for credit losses: | |||||||||||||||
| Community Banking segment | (100 | ) | 700 | (300 | ) | 1,650 | |||||||||
| Consumer Finance segment | 3,000 | 3,000 | 8,300 | 8,100 | |||||||||||
| Noninterest income: | |||||||||||||||
| Gains on sales of loans | 1,896 | 1,825 | 6,201 | 4,814 | |||||||||||
| Other | 6,948 | 6,947 | 20,064 | 18,774 | |||||||||||
| Noninterest expenses: | |||||||||||||||
| Salaries and employee benefits | 14,420 | 13,921 | 42,749 | 41,625 | |||||||||||
| Other | 9,870 | 9,170 | 29,230 | 26,989 | |||||||||||
| Income tax expense | 1,715 | 1,250 | 4,703 | 3,010 | |||||||||||
| Net income | 7,113 | 5,420 | 20,275 | 13,889 | |||||||||||
| Fully-taxable equivalent (FTE) amounts1 | |||||||||||||||
| Interest income on loans-FTE | 34,735 | 33,070 | 100,929 | 94,166 | |||||||||||
| Interest income on securities-FTE | 3,647 | 2,958 | 10,523 | 9,033 | |||||||||||
| Total interest income-FTE | 39,101 | 36,417 | 113,086 | 104,010 | |||||||||||
| Net interest income-FTE | 27,492 | 24,975 | 79,600 | 72,534 | |||||||||||
________________________
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 | ||||||||||||||||||||||
| 9/30/2025 | 9/30/2024 | |||||||||||||||||||||
| Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||
| Yield Analysis | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||
| Assets | ||||||||||||||||||||||
| Loans: | ||||||||||||||||||||||
| Community banking segment1 | $ | 1,538,149 | $ | 21,706 | 5.60 | % | $ | 1,411,337 | $ | 19,797 | 5.58 | % | ||||||||||
| Mortgage banking segment | 37,596 | 625 | 6.60 | 40,232 | 597 | 5.90 | ||||||||||||||||
| Consumer finance segment | 463,761 | 12,404 | 10.61 | 481,124 | 12,676 | 10.48 | ||||||||||||||||
| Total loans | 2,039,506 | 34,735 | 6.76 | 1,932,693 | 33,070 | 6.81 | ||||||||||||||||
| Securities: | ||||||||||||||||||||||
| Taxable | 338,354 | 2,391 | 2.82 | 318,834 | 1,828 | 2.29 | ||||||||||||||||
| Tax-exempt1 | 122,605 | 1,256 | 4.10 | 119,253 | 1,130 | 3.79 | ||||||||||||||||
| Total securities | 460,959 | 3,647 | 3.16 | 438,087 | 2,958 | 2.70 | ||||||||||||||||
| Interest-bearing deposits in other banks | 74,629 | 719 | 3.83 | 38,756 | 389 | 3.99 | ||||||||||||||||
| Total earning assets | 2,575,094 | 39,101 | 6.03 | 2,409,536 | 36,417 | 6.02 | ||||||||||||||||
| Allowance for credit losses | (40,389 | ) | (40,879 | ) | ||||||||||||||||||
| Total non-earning assets | 156,558 | 158,063 | ||||||||||||||||||||
| Total assets | $ | 2,691,263 | $ | 2,526,720 | ||||||||||||||||||
| Liabilities and Equity | ||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 312,095 | 448 | 0.57 | $ | 323,019 | 540 | 0.67 | ||||||||||||||
| Savings and money market deposit accounts | 545,055 | 1,778 | 1.29 | 472,206 | 1,127 | 0.95 | ||||||||||||||||
| Certificates of deposit | 865,439 | 7,725 | 3.54 | 801,669 | 8,524 | 4.23 | ||||||||||||||||
| Total interest-bearing deposits | 1,722,589 | 9,951 | 2.29 | 1,596,894 | 10,191 | 2.54 | ||||||||||||||||
| Borrowings: | ||||||||||||||||||||||
| Repurchase agreements | 11,850 | 40 | 1.34 | 27,207 | 117 | 1.72 | ||||||||||||||||
| Other borrowings | 113,462 | 1,618 | 5.71 | 93,961 | 1,134 | 4.83 | ||||||||||||||||
| Total borrowings | 125,312 | 1,658 | 5.30 | 121,168 | 1,251 | 4.13 | ||||||||||||||||
| Total interest-bearing liabilities | 1,847,901 | 11,609 | 2.50 | 1,718,062 | 11,442 | 2.65 | ||||||||||||||||
| Noninterest-bearing demand deposits | 555,090 | 537,796 | ||||||||||||||||||||
| Other liabilities | 43,054 | 48,330 | ||||||||||||||||||||
| Total liabilities | 2,446,045 | 2,304,188 | ||||||||||||||||||||
| Equity | 245,218 | 222,532 | ||||||||||||||||||||
| Total liabilities and equity | $ | 2,691,263 | $ | 2,526,720 | ||||||||||||||||||
| Net interest income | $ | 27,492 | $ | 24,975 | ||||||||||||||||||
| Interest rate spread | 3.53 | % | 3.37 | % | ||||||||||||||||||
| Interest expense to average earning assets | 1.79 | % | 1.89 | % | ||||||||||||||||||
| Net interest margin | 4.24 | % | 4.13 | % | ||||||||||||||||||
________________________
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 Nine Months Ended | ||||||||||||||||||||||
| 9/30/2025 | 9/30/2024 | |||||||||||||||||||||
| Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||
| Yield Analysis | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||
| Assets | ||||||||||||||||||||||
| Loans: | ||||||||||||||||||||||
| Community banking segment1 | $ | 1,501,919 | $ | 62,562 | 5.57 | % | $ | 1,357,962 | $ | 55,671 | 5.48 | % | ||||||||||
| Mortgage banking segment | 34,898 | 1,696 | 6.50 | 30,759 | 1,411 | 6.13 | ||||||||||||||||
| Consumer finance segment | 464,487 | 36,671 | 10.56 | 477,768 | 37,084 | 10.37 | ||||||||||||||||
| Total loans | 2,001,304 | 100,929 | 6.74 | 1,866,489 | 94,166 | 6.74 | ||||||||||||||||
| Securities: | ||||||||||||||||||||||
| Taxable | 339,938 | 6,909 | 2.71 | 340,297 | 5,665 | 2.22 | ||||||||||||||||
| Tax-exempt1 | 120,653 | 3,614 | 3.99 | 119,931 | 3,368 | 3.74 | ||||||||||||||||
| Total securities | 460,591 | 10,523 | 3.05 | 460,228 | 9,033 | 2.62 | ||||||||||||||||
| Interest-bearing deposits in other banks | 59,633 | 1,634 | 3.66 | 30,197 | 811 | 3.59 | ||||||||||||||||
| Total earning assets | 2,521,528 | 113,086 | 5.99 | 2,356,914 | 104,010 | 5.89 | ||||||||||||||||
| Allowance for credit losses | (40,759 | ) | (40,670 | ) | ||||||||||||||||||
| Total non-earning assets | 156,147 | 155,935 | ||||||||||||||||||||
| Total assets | $ | 2,636,916 | $ | 2,472,179 | ||||||||||||||||||
| Liabilities and Equity | ||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 319,039 | 1,524 | 0.64 | $ | 326,540 | 1,569 | 0.64 | ||||||||||||||
| Savings and money market deposit accounts | 519,113 | 4,513 | 1.16 | 477,137 | 3,262 | 0.91 | ||||||||||||||||
| Certificates of deposit | 839,431 | 23,236 | 3.70 | 753,114 | 23,140 | 4.10 | ||||||||||||||||
| Total interest-bearing deposits | 1,677,583 | 29,273 | 2.33 | 1,556,791 | 27,971 | 2.40 | ||||||||||||||||
| Borrowings: | ||||||||||||||||||||||
| Repurchase agreements | 21,261 | 236 | 1.48 | 26,774 | 325 | 1.62 | ||||||||||||||||
| Other borrowings | 102,147 | 3,977 | 5.19 | 91,024 | 3,180 | 4.66 | ||||||||||||||||
| Total borrowings | 123,408 | 4,213 | 4.55 | 117,798 | 3,505 | 3.97 | ||||||||||||||||
| Total interest-bearing liabilities | 1,800,991 | 33,486 | 2.49 | 1,674,589 | 31,476 | 2.51 | ||||||||||||||||
| Noninterest-bearing demand deposits | 556,305 | 533,113 | ||||||||||||||||||||
| Other liabilities | 41,622 | 45,835 | ||||||||||||||||||||
| Total liabilities | 2,398,918 | 2,253,537 | ||||||||||||||||||||
| Equity | 237,998 | 218,642 | ||||||||||||||||||||
| Total liabilities and equity | $ | 2,636,916 | $ | 2,472,179 | ||||||||||||||||||
| Net interest income | $ | 79,600 | $ | 72,534 | ||||||||||||||||||
| Interest rate spread | 3.50 | % | 3.38 | % | ||||||||||||||||||
| Interest expense to average earning assets | 1.78 | % | 1.78 | % | ||||||||||||||||||
| Net interest margin | 4.21 | % | 4.11 | % | ||||||||||||||||||
________________________
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.”
| 9/30/2025 | ||||||||||||
| Funding Sources | Capacity | Outstanding | Available | |||||||||
| Unsecured federal funds agreements | $ | 75,000 | $ | — | $ | 75,000 | ||||||
| Borrowings from FHLB | 263,772 | 40,000 | 223,772 | |||||||||
| Borrowings from Federal Reserve Bank | 313,549 | — | 313,549 | |||||||||
| Total | $ | 652,321 | $ | 40,000 | $ | 612,321 | ||||||
| Asset Quality | 9/30/2025 | 12/31/2024 | |||||
| Community Banking | |||||||
| Total loans | $ | 1,544,979 | $ | 1,453,605 | |||
| Nonaccrual loans | $ | 1,164 | $ | 333 | |||
| Allowance for credit losses (ACL) | $ | 17,170 | $ | 17,379 | |||
| Nonaccrual loans to total loans | 0.08 | % | 0.02 | % | |||
| ACL to total loans | 1.11 | % | 1.20 | % | |||
| ACL to nonaccrual loans | 1,475.09 | % | 5,218.92 | % | |||
| Annualized year-to-date net charge-offs to average loans | 0.01 | % | 0.01 | % | |||
| Consumer Finance | |||||||
| Total loans | $ | 463,244 | $ | 466,793 | |||
| Nonaccrual loans | $ | 1,327 | $ | 614 | |||
| Repossessed assets | $ | 867 | $ | 779 | |||
| ACL | $ | 22,276 | $ | 22,708 | |||
| Nonaccrual loans to total loans | 0.29 | % | 0.13 | % | |||
| ACL to total loans | 4.81 | % | 4.86 | % | |||
| ACL to nonaccrual loans | 1,678.67 | % | 3,698.37 | % | |||
| Annualized year-to-date net charge-offs to average loans | 2.51 | % | 2.62 | % | |||
| For The | For The | ||||||||||||||
| Quarter Ended | Nine Months Ended | ||||||||||||||
| Other Performance Data | 9/30/2025 | 9/30/2024 | 9/30/2025 | 9/30/2024 | |||||||||||
| Net Income (Loss): | |||||||||||||||
| Community Banking | $ | 7,378 | $ | 5,337 | $ | 19,939 | $ | 13,920 | |||||||
| Mortgage Banking | 641 | 351 | 2,057 | 1,021 | |||||||||||
| Consumer Finance | 231 | 311 | 996 | 1,142 | |||||||||||
| Other1 | (1,137 | ) | (579 | ) | (2,717 | ) | (2,194 | ) | |||||||
| Total | $ | 7,113 | $ | 5,420 | $ | 20,275 | $ | 13,889 | |||||||
| Net income attributable to C&F Financial Corporation | $ | 7,075 | $ | 5,389 | $ | 20,134 | $ | 13,797 | |||||||
| Earnings per share - basic and diluted | $ | 2.18 | $ | 1.65 | $ | 6.22 | $ | 4.15 | |||||||
| Weighted average shares outstanding - basic and diluted | 3,238,057 | 3,258,420 | 3,237,256 | 3,323,942 | |||||||||||
| Annualized return on average assets | 1.06 | % | 0.86 | % | 1.02 | % | 0.75 | % | |||||||
| Annualized return on average equity | 11.60 | % | 9.74 | % | 11.36 | % | 8.47 | % | |||||||
| Annualized return on average tangible common equity2 | 13.07 | % | 11.16 | % | 12.84 | % | 9.74 | % | |||||||
| Dividends declared per share | $ | 0.46 | $ | 0.44 | $ | 1.38 | $ | 1.32 | |||||||
| Mortgage loan originations - Mortgage Banking | $ | 167,018 | $ | 156,968 | $ | 494,291 | $ | 397,324 | |||||||
| Mortgage loans sold - Mortgage Banking | 178,035 | 146,143 | 481,344 | 367,449 | |||||||||||
________________________
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.”
| Market Ratios | 9/30/2025 | 12/31/2024 | |||||
| Market value per share | $ | 67.20 | $ | 71.25 | |||
| Book value per share | $ | 78.23 | $ | 70.00 | |||
| Price to book value ratio | 0.86 | 1.02 | |||||
| Tangible book value per share1 | $ | 70.15 | $ | 61.86 | |||
| Price to tangible book value ratio1 | 0.96 | 1.15 | |||||
| Price to earnings ratio (ttm) | 8.31 | 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 | 9/30/2025 | 12/31/2024 | Requirements3 | ||||||||
| C&F Financial Corporation1 | |||||||||||
| Total risk-based capital ratio | 15.3 | % | 14.1 | % | 8.0 | % | |||||
| Tier 1 risk-based capital ratio | 12.2 | % | 11.9 | % | 6.0 | % | |||||
| Common equity tier 1 capital ratio | 11.1 | % | 10.7 | % | 4.5 | % | |||||
| Tier 1 leverage ratio | 10.0 | % | 9.8 | % | 4.0 | % | |||||
| C&F Bank2 | |||||||||||
| Total risk-based capital ratio | 15.0 | % | 13.5 | % | 8.0 | % | |||||
| Tier 1 risk-based capital ratio | 13.7 | % | 12.3 | % | 6.0 | % | |||||
| Common equity tier 1 capital ratio | 13.7 | % | 12.3 | % | 4.5 | % | |||||
| Tier 1 leverage ratio | 11.2 | % | 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 September 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 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 Nine Months Ended | |||||||||||||||
| 9/30/2025 | 9/30/2024 | 9/30/2025 | 9/30/2024 | |||||||||||||
| Reconciliation of Certain Non-GAAP Financial Measures | ||||||||||||||||
| Return on Average Tangible Common Equity | ||||||||||||||||
| Average total equity, as reported | $ | 245,218 | $ | 222,532 | $ | 237,998 | $ | 218,642 | ||||||||
| Average goodwill | (25,191 | ) | (25,191 | ) | (25,191 | ) | (25,191 | ) | ||||||||
| Average other intangible assets | (985 | ) | (1,242 | ) | (1,049 | ) | (1,303 | ) | ||||||||
| Average noncontrolling interest | (538 | ) | (573 | ) | (702 | ) | (670 | ) | ||||||||
| Average tangible common equity | $ | 218,504 | $ | 195,526 | $ | 211,056 | $ | 191,478 | ||||||||
| Net income | $ | 7,113 | $ | 5,420 | $ | 20,275 | $ | 13,889 | ||||||||
| Amortization of intangibles | 63 | 66 | 188 | 196 | ||||||||||||
| Net income attributable to noncontrolling interest | (38 | ) | (31 | ) | (141 | ) | (92 | ) | ||||||||
| Net tangible income attributable to C&F Financial Corporation | $ | 7,138 | $ | 5,455 | $ | 20,322 | $ | 13,993 | ||||||||
| Annualized return on average equity, as reported | 11.60 | % | 9.74 | % | 11.36 | % | 8.47 | % | ||||||||
| Annualized return on average tangible common equity | 13.07 | % | 11.16 | % | 12.84 | % | 9.74 | % | ||||||||
| For The Quarter Ended | For The Nine Months Ended | |||||||||||||||
| 9/30/2025 | 9/30/2024 | 9/30/2025 | 9/30/2024 | |||||||||||||
| Fully Taxable Equivalent Net Interest Income1 | ||||||||||||||||
| Interest income on loans | $ | 34,683 | $ | 33,021 | $ | 100,781 | $ | 94,014 | ||||||||
| FTE adjustment | 52 | 49 | 148 | 152 | ||||||||||||
| FTE interest income on loans | $ | 34,735 | $ | 33,070 | $ | 100,929 | $ | 94,166 | ||||||||
| Interest income on securities | $ | 3,381 | $ | 2,721 | $ | 9,763 | $ | 8,326 | ||||||||
| FTE adjustment | 266 | 237 | 760 | 707 | ||||||||||||
| FTE interest income on securities | $ | 3,647 | $ | 2,958 | $ | 10,523 | $ | 9,033 | ||||||||
| Total interest income | $ | 38,783 | $ | 36,131 | $ | 112,178 | $ | 103,151 | ||||||||
| FTE adjustment | 318 | 286 | 908 | 859 | ||||||||||||
| FTE interest income | $ | 39,101 | $ | 36,417 | $ | 113,086 | $ | 104,010 | ||||||||
| Net interest income | $ | 27,174 | $ | 24,689 | $ | 78,692 | $ | 71,675 | ||||||||
| FTE adjustment | 318 | 286 | 908 | 859 | ||||||||||||
| FTE net interest income | $ | 27,492 | $ | 24,975 | $ | 79,600 | $ | 72,534 | ||||||||
________________________
1 Assuming a tax rate of
| 9/30/2025 | 12/31/2024 | ||||||
| Tangible Book Value Per Share | |||||||
| Equity attributable to C&F Financial Corporation | $ | 253,283 | $ | 226,360 | |||
| Goodwill | (25,191 | ) | (25,191 | ) | |||
| Other intangible assets | (959 | ) | (1,147 | ) | |||
| Tangible equity attributable to C&F Financial Corporation | $ | 227,133 | $ | 200,022 | |||
| Shares outstanding | 3,237,634 | 3,233,672 | |||||
| Book value per share | $ | 78.23 | $ | 70.00 | |||
| Tangible book value per share | $ | 70.15 | $ | 61.86 | |||
| Contact: | Jason Long, CFO and Secretary |
| (804) 843-2360 | |
FAQ
What were CFFI net income and EPS for Q3 2025?
How did CFFI perform year-to-date through September 30, 2025?
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