C&F Financial Q3 2026 earnings rise 16.1% to $8.3M

Consumer Finance delinquent loans were 3.39% of total loans at September 30, 2026, versus 4.00% a year earlier.

Rhea-AI Filing Summary

C&F Financial Corporation (CFFI) reported consolidated net income of $8.3 million for the third quarter of 2026, up 16.1% from $7.1 million, and $23.7 million for the first nine months, up 16.8% from $20.3 million. Adjusted net income, a non-GAAP measure, was $22.934 million for the first nine months, up 13.1%, excluding the sale of its Bearing equity interest and the securities portfolio restructuring. The sale generated an $8.3 million pre-tax gain, while the restructuring resulted in a $7.1 million pre-tax loss.

Third-quarter net interest income was $30.174 million, compared with $27.174 million a year earlier, and community banking average loans increased 8.6% year over year. At September 30, 2026, liquid assets of $389.4 million and borrowing availability of $641.7 million together exceeded uninsured deposits, excluding intercompany cash and secured municipal deposits, by $443.9 million. C&F declared a quarterly dividend of $0.48 per share, paid October 1, 2026.

1 point · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 0 points

How the balance works

Positive

• Moderate pointConsolidated net income rose 16.1% in Q3 and 16.8% over nine months.

Negative

• None.

Filing Explained

C&F’s 2026 repurchase program authorizes up to $5.0 million through December 31, 2026; the company reports buying three shares for less than $1,000 in the third quarter, so the authorization is a ceiling, not the amount reported as repurchased.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Third-quarter consolidated net income: $8.3 million Nine-month consolidated net income: $23.7 million Adjusted net income: $22.934 million +5 more

8 metrics

Third-quarter consolidated net income $8.3 million Third quarter of 2026; up 16.1% from the third quarter of 2025

Nine-month consolidated net income $23.7 million First nine months of 2026; up 16.8% from the same period of 2025

Adjusted net income $22.934 million First nine months of 2026; up 13.1%

Net interest income $30.174 million Third quarter ended September 30, 2026

Community banking average loan growth 8.6% Third quarter of 2026 compared with the same period of 2025

Liquid assets $389.4 million As of September 30, 2026

Borrowing availability $641.7 million As of September 30, 2026

Quarterly cash dividend $0.48 per share Declared during the third quarter of 2026 and paid October 1, 2026

Key Terms

non-GAAP measure, Portfolio Restructuring, Uninsured deposits, Net interest margin (FTE), +1 more

5 terms

non-GAAP measure financial

"Adjusted net income, a non-GAAP measure"

A non-GAAP measure is a company-crafted financial metric that adjusts or excludes items from standard accounting numbers to highlight what management sees as the business’s core performance. Investors use these figures like a filtered photo to reveal trends or cash flow drivers that raw accounting totals might hide, but because companies decide which items to remove, these measures should be compared with standard statements to avoid being misled.

Portfolio Restructuring financial

"a securities portfolio restructuring (the “Portfolio Restructuring”)"

Uninsured deposits financial

"Uninsured deposits represent an estimate"

Uninsured deposits are customer funds held at a bank that exceed the amount protected by a government-backed deposit insurance program, meaning they would not be automatically reimbursed if the bank fails. For investors, the level of uninsured deposits signals how vulnerable a bank is to sudden withdrawals and depositor losses—high uninsured exposure can increase liquidity risk, contagion concerns, and potential losses for creditors and equity holders.

Net interest margin (FTE) financial

"FTE net interest margin"

Net interest margin (FTE) measures the difference between interest earned on a lender’s assets (like loans and investments) and interest paid on liabilities (like deposits), expressed as a percentage of earning assets, with income from tax-exempt sources converted to a taxable-equivalent basis. Think of it as a loan business’s profit margin on money it lends, adjusted so tax-free income is reported on the same footing as taxable income; investors use it to compare how effectively a firm is generating interest income.

capital conservation buffer financial

"capital conservation buffer of additional capital of 2.5 percent"

A capital conservation buffer is an extra layer of a bank's own money held above minimum capital rules so the bank can absorb losses and keep lending during tough times. Think of it like an emergency savings account for a bank: it lowers the chance of sudden dividend cuts, forced stock sales, or government support, and therefore affects investor views of a bank’s safety, earnings stability and valuation.

Earnings Snapshot

Consolidated net income, third quarter: $8.3 million

Third quarter and first nine months of 2026

Consolidated net income, third quarter $8.3 million +16.1% year over year

Consolidated net income, first nine months $23.7 million +16.8% year over year

Adjusted net income, first nine months $22.934 million +13.1% year over year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did CFFI earn in the third quarter of 2026?

C&F reported consolidated net income of $8.3 million for the third quarter of 2026, up 16.1% from $7.1 million in the third quarter of 2025.

What was CFFI's net income for the first nine months of 2026?

C&F reported consolidated net income of $23.7 million for the first nine months of 2026, up 16.8% from $20.3 million for the same period of 2025.

Which items were excluded from C&F's adjusted net income?

Adjusted net income for the first nine months of 2026 was $22.934 million, up 13.1%. The measure excludes the effects of the Bearing equity-interest sale, which resulted in an $8.3 million pre-tax gain, and the securities portfolio restructuring, which resulted in a $7.1 million pre-tax loss.

What was CFFI's Consumer Finance delinquency rate?

At September 30, 2026, total delinquent loans were 3.39% of total loans, compared with 4.38% at December 31, 2025 and 4.00% at September 30, 2025. Automobile loan payment deferrals are not included in delinquent loans.

Was C&F Bank well capitalized at September 30, 2026?

C&F Bank was categorized as well capitalized under the FDIC's regulatory framework for prompt corrective action. C&F Financial Corporation and C&F Bank exceeded the stated capital ratios at September 30, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/26/2026 - 04:24 PM EDT Accepted by SEC EDGAR 10/26/2026 - 04:24 PM EDT Learn about SEC filing dates

0000913341falseC & F FINANCIAL CORPORATION00009133412026-10-262026-10-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

​

FORM 8-K

​

CURRENT REPORT

​

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

​

Date of Report (Date of earliest event reported) October 26, 2026

​

C&F FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

​

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

​

​

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

​

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

​

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

​

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

​

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

​

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

​

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

​

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

​

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

​

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

​

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

​

Emer
Emerging growth company	☐

​

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

​

​

​

​

Item 2.02    Results of Operations and Financial Condition

​

On October 26, 2026, C&F Financial Corporation (the Corporation) issued a news release announcing its financial results for the three and nine months ended September 30, 2026. A copy of the Corporation’s news release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02.

​

Item 9.01Financial Statements and Exhibits

​

(d)Exhibits

​

99.1 C&F Financial Corporation news release dated October 26, 2026

104 Cover Page Interactive Data File (formatted as inline XBRL and contained

in Exhibit 101)

​

2

SIGNATURES

​

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

​

​	​	​	​	​	​
​	​	​	​ ​ ​	C&F FINANCIAL CORPORATION
​	​	​	​	(Registrant)
​	​	​	​	​
​	​	​	​	​	​
Date:	October 26, 2026	​	​	By:	/s/ Jason E. Long
​	​	​	​	​	Jason E. Long
​	​	​	​	​	Chief Financial Officer

​

3

​

EXHIBIT 99.1

​

​	​
Monday, October 26, 2026
​	​
Contact:	Jason Long, CFO
​	(804) 843-2360

​

C&F Financial Corporation

Announces Net Income for Third Quarter and First Nine Months of 2026

​

Toano, Va., October 26, 2026—C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $8.3 million for the third quarter of 2026, an increase of 16.1 percent, compared to $7.1 million for the third quarter of 2025. The Corporation reported consolidated net income of $23.7 million for the first nine months of 2026, an increase of 16.8 percent, compared to $20.3 million for the first nine months of 2025.

​

Included in net income for the first nine 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 $8.3 million, and a securities portfolio restructuring (the “Portfolio Restructuring”), which resulted in a pre-tax loss of $7.1 million.  Adjusted net income, a non-GAAP measure, increased $2.7 million, or 13.1 percent, for the first nine months of 2026, compared to the same period of 2025, which excludes the effects of the items mentioned above. The following table presents selected financial performance highlights for the periods indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For The Quarter Ended

​

​

For the Nine Months Ended

​

Consolidated Financial Highlights (unaudited)

​ ​ ​

9/30/2026

​

​

6/30/2026

​

​

9/30/2025

​

​

9/30/2026

​

​

9/30/2025

​

Consolidated net income (000's)

​

$

8,257

​

​

$

8,626

​

​

$

7,113

​

​

$

23,677

​

​

$

20,275

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted net income1

​

$

8,257

​

​

$

7,883

​

​

$

7,113

​

​

$

22,934

​

​

$

20,275

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per share - basic and diluted

​

$

2.55

​

​

$

2.63

​

​

$

2.18

​

​

$

7.26

​

​

$

6.22

​

Adjusted earnings per share - basic and diluted1

​

$

2.55

​

​

$

2.40

​

​

$

2.18

​

​

$

7.03

​

​

$

6.22

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Annualized return on average assets (ROA)

​

​

1.18

%

​

​

1.23

%

​

​

1.06

%

​

​

1.13

%

​

​

1.02

%

Adjusted annualized ROA1

​

​

1.18

%

​

​

1.13

%

​

​

1.06

%

​

​

1.09

%

​

​

1.02

%

Annualized return on average equity (ROE)

​

​

11.86

%

​

​

12.75

%

​

​

11.60

%

​

​

11.60

%

​

​

11.36

%

Adjusted annualized ROE1

​

​

11.86

%

​

​

11.65

%

​

​

11.60

%

​

​

11.24

%

​

​

11.36

%

Annualized return on average tangible common equity (ROTCE)1

​

​

13.18

%

​

​

14.08

%

​

​

13.07

%

​

​

12.86

%

​

​

12.84

%

Adjusted annualized ROTCE1

​

​

13.18

%

​

​

12.86

%

​

​

13.07

%

​

​

12.45

%

​

​

12.84

%

________________________

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 nine months of 2026 excludes 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.

​

“Our third quarter performance reflects the strength of our diversified business model and disciplined execution of our strategic priorities,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Growth in community banking loans and a stronger net interest margin drove solid results. We also expanded into the Lynchburg, Virginia market with the opening of a loan production office. Credit quality remains good and consumer activity remains resilient despite inflation, elevated interest rates, and geopolitical uncertainty. We believe our strong financial position leaves us well positioned for the future.”

​

​

1

Key highlights for the third quarter and first nine months of 2026 are as follows.

​

● Community banking segment loans grew $102.8 million, or 8.6 percent annualized, compared to December 31, 2025 and $148.1 million, or 9.6 percent, compared to September 30, 2025;

● Consumer finance segment loans decreased $12.8 million, or 3.7 percent annualized, compared to December 31, 2025 and $11.8 million, or 2.5 percent, compared to September 30, 2025;

● Deposits increased $10.4 million, or 1.0 percent annualized, compared to December 31, 2025 and $58.0 million, or 2.5 percent, compared to September 30, 2025;

● Consolidated annualized net interest margin (FTE) was 4.53 percent for the third quarter of 2026 compared to 4.24 percent for the third quarter of 2025 and 4.41 percent for the second quarter of 2026;

● The consumer finance segment experienced net charge-offs at an annualized rate of 2.63 percent and 2.61 percent of average total loans for the third quarter and first nine months of 2026, respectively, compared to 2.68 percent and 2.51 percent for the same periods of 2025 and 2.21 percent for the second quarter of 2026;

● Mortgage banking segment loan originations increased $5.7 million, or 3.4 percent, to $172.8 million and $91.8 million, or 18.6 percent, to $586.1 million for the third quarter and first nine months of 2026, respectively, compared to the same periods of 202 5;

● During the first nine months of 2026, the community banking segment completed the sale of its Bearing equity interest, resulting in a pre-tax gain of $8.3 million. Following the sale, the community banking segment executed the Portfolio Restructuring, 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; and

● The Corporation expanded into the Lynchburg, Virginia market with the hiring of an experienced lender in the third quarter of 2026.

​

Community Banking Segment.  The community banking segment reported net income of $8.9 million and $24.2 million for the third quarter and first nine months of 2026, respectively, compared to $7.4 million and $19.9 million for the same periods of 2025 due primarily to:

​

● higher interest income resulting from higher average balances of loans and securities and higher average interest rates on loans and securities, due primarily to an increase in market interest rates and the Portfolio Restructuring; and

● a pre-tax gain of $8.3 million on the sale of the Bearing equity interest in the first nine months of 2026, reported in investment income from other equity interests;

partially offset by:

● higher salaries and employee benefits due primarily to the addition of seasoned lending teams with the expansion into the Roanoke and Lynchburg Virginia markets in the third quarters of 2025 and 2026, respectively, annual compensation adjustments, and increased employee incentive accruals associated with improved financial performance;

● the Portfolio Restructuring, which resulted in a pre-tax loss of $7.1 million for the first nine months of 2026, reported in net loss on sales of available for sale securities;

● higher provision for credit losses for the first nine months of 2026 as compared to the same period of 2025 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; and

● higher data processing expenses associated with investments in information technology infrastructure projects.

​

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 $23.5 million for the first nine months of 2026 compared to $19.9 million for the same period in 2025. Adjusted net income for the community banking segment increased $3.5 million for the first nine months of 2026 compared to the same period in 2025 due primarily to the other items discussed above.

​

Average loans increased $133.0 million, or 8.6 percent, for the third quarter of 2026 and $133.5 million, or 8.9 percent, for the first nine months of 2026 compared to the same periods of 2025 due primarily to growth in the commercial real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $99.1 million, or

2

4.4 percent, for the third quarter of 2026 and $142.7 million, or 6.4 percent, for the first nine months of 2026 compared to the same periods of 2025.

​

Average interest-earning asset yields at the community banking segment were higher for the third quarter and first nine months of 2026 compared to the same periods of 2025 due primarily to higher average interest rates on securities and loans and higher average balances of loans. In the Portfolio Restructuring, the community banking segment sold $72.6 million in book value of securities with a weighted average yield of 1.40% and representing approximately 14.7% of the entire securities portfolio, and purchased approximately $67.8 million of securities with a weighted average yield of 4.70%. Average loan yields increased for the third quarter and first nine months of 2026 at the community banking segment due primarily to higher average market interest rates. Average costs of interest-bearing deposits were lower for the third quarter and the first nine months of 2026 compared to the same periods of 2025 due primarily to a decrease in average interest rates paid on time deposits.  

​

The community banking segment’s nonaccrual loans were $1.1 million at both September 30, 2026 and December 31, 2025. The community banking segment recorded no provision for credit losses in the third quarter of 2026 compared to a net reversal of $100,000 in the third quarter of 2025. For the first nine months of 2026, the community banking segment recorded $450,000 of provision for credit losses compared to a net reversal of $300,000 for the first nine months of 2025. At September 30, 2026 the allowance for credit losses was $17.8 million compared to $17.4 million at December 31, 2025. The allowance for credit losses as a percentage of total loans decreased to 1.05 percent at September 30, 2026 from 1.10 percent at December 31, 2025 due primarily to changes in the forecast of key credit loss model assumptions, which includes the forecast of the national unemployment rate derived from the Federal Open Market Committee of the Federal Reserve Board. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

​

Mortgage Banking Segment.  The mortgage banking segment reported net income of $266,000 for the third quarter of 2026 compared to $641,000 for the same period of 2025 due primarily to:

​

● lower gains on sales of loans due primarily to lower margins;

partially offset by:

● higher mortgage lender services fee income.

​

The mortgage banking segment reported net income of $2.2 million for the first nine months of 2026 compared to $2.1 million for the same period of 2025 due primarily to:

​

● higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and

● higher mortgage lender services fee income;

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 3.4 percent and 18.6 percent for the third quarter and first nine months of 2026, respectively, compared to the same periods of 2025 as the mortgage interest rate environment was generally more favorable during the first nine months of 2026 compared to the first nine months of 2025. With interest rates rising in the third quarter of 2026, refinancings decreased during the quarter by 22.7 percent compared to the third quarter of 2025. Mortgage loan originations for the mortgage banking segment were $172.8 million for the third quarter of 2026, comprised of $158.3 million home purchases and $14.5 million refinancings, compared to $167.0 million for the third quarter of 2025, comprised of $148.2 million home purchases and $18.8 million refinancings. Mortgage loan originations for the mortgage banking segment were $586.1 million for the first nine months of 2026, comprised of $510.0 million home purchases and $76.1 million refinancings, compared to $494.3 million for the first nine months of 2025, comprised of $447.1 million home purchases and $47.2 million refinancings. Mortgage banking segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. Intercompany gains, losses, and other income and expenses related to these transactions are eliminated to reach consolidated totals.

3

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 $907,000 and $2.7 million for the third quarter and first nine months of 2026, respectively, compared to $768,000 and $2.1 million for the same periods of 2025 due primarily to an increase in the number of third-party mortgage lenders serviced and increased mortgage loan volume in the industry.

​

During the third quarter and first nine months of 2026, the mortgage banking segment recorded net reversals of provision for indemnification losses of $35,000 and $95,000, respectively, compared to net reversals of provision for indemnification losses of $75,000 and $135,000 in the same periods of 2025. The allowance for indemnifications was $1.1 million and $1.2 million at September 30, 2026 and December 31, 2025, respectively. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

​

Consumer Finance Segment.  The consumer finance segment reported net income of $303,000 for the third quarter of 2026 compared to $231,000 for the same period of 2025 due primarily to:

​

● lower provision for credit losses due primarily to a decrease in the balance of loans; and

● lower interest expense allocation on borrowings from the community banking segment as a result of lower average balance of borrowings and lower average interest rates;

partially offset by:

● lower interest income resulting from lower average balances of loans and lower loan yields.

​

The consumer finance segment reported net income of $760,000 for the first nine months of 2026 compared to $1.0 million for the same period of 2025 due primarily to:

​

● 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 and lower average balance of borrowings.

 ​

Average loans decreased $10.0 million, or 2.2 percent, for the third quarter of 2026 and decreased $5.3 million, or 1.1 percent, for the first nine months of 2026, compared to the same periods in 2025 due primarily to a decrease in marine and recreational vehicle loans as the third party administrator of that program significantly decreased sales of those loans to outside parties during 2025, which led to the consumer finance segment ending future purchases under the program during the third quarter of 2025. The marine and recreational vehicle portfolio is expected to run off over time, subject to normal repayment activity and credit performance. The consumer finance segment experienced net charge-offs at an annualized rate of 2.61 percent of average total loans for the first nine months of 2026 compared to 2.51 percent for the first nine months of 2025 due primarily to a mix shift in the portfolio as balances of marine and recreational vehicle loans, which historically have had lower charge-off rates than the automobile portfolio, continued to decrease. At September 30, 2026, total delinquent loans as a percentage of total loans was 3.39 percent compared to 4.38 percent at December 31, 2025 and 4.00 percent at September 30, 2025.

​

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 2.05 percent and 1.59 percent of average automobile loans outstanding during the third quarter and first nine months of 2026, respectively, compared to 1.88 percent and 1.79 percent during the same periods of 2025 and 1.40 percent during the second quarter of 2026.

​

The allowance for credit losses was $21.8 million, or 4.84 percent of total loans, at September 30, 2026 compared to $22.3 million, or 4.79 percent of total loans, at December 31, 2025. The increase in the percent of allowance to total loans from December 31, 2025 to September 30, 2026 is due primarily to a mix shift in the portfolio as balances of marine and recreational vehicle loans, which historically have had lower charge-off rates than the automobile portfolio, continued to decrease. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

4

Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of September 30, 2026, the Corporation’s uninsured deposits were approximately $720.4 million, or 30.6 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $587.2 million, or 24.9 percent of total deposits as of September 30, 2026. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $389.4 million and borrowing availability was $641.7 million as of September 30, 2026, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $443.9 million as of September 30, 2026.

​

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 $138.1 million at September 30, 2026 from $113.3 million at December 31, 2025 due primarily to an increase in FHLB advances during the first nine months of 2026 that were used to help fund loan growth.

​

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 2026, the Corporation declared a quarterly cash dividend of 48 cents per share. This dividend, which was paid to shareholders on October 1, 2026, represents a payout ratio of 18.8 percent of earnings per share for the third quarter of 2026. 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 $7.0 million at September 30, 2026 compared to December 31, 2025 due primarily to net income partially offset by higher unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, and by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, increased to $23.2 million at September 30, 2026 compared to $10.2 million at December 31, 2025 due primarily to an increase in debt security market interest rates.

​

As of September 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 September 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 September 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 $5.0 million of the Corporation’s common stock (the 2026 Repurchase Program). During the third quarter of 2026, the Corporation repurchased 3 shares, or less than $1,000 of its common stock under the 2026 Repurchase Program.

​

About C&F Financial Corporation.  The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI.  The common stock closed at a price of $107.33 per share on October 23, 2026.  At

5

September 30, 2026, the book value per share of the Corporation was $82.66 and the tangible book value per share was $74.66.  For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

​

C&F Bank operates 32 banking offices and six 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), is 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, net interest income-FTE and net interest income margin-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 to management. 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 Lynchburg, Virginia, and the anticipated effects thereof; 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

6

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

7

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.

​

8

C&F Financial Corporation

Selected Financial Information

(dollars in thousands, except for per share data)

(unaudited)

​

​	​	​	​	​	​	​
Consolidated Balance Sheets	​ ​ ​	9/30/2026		​ ​ ​	12/31/2025
Assets	​	​	​	​	​	​
Cash and due from banks	​	$	15,190	​	$	13,622
Interest-bearing deposits in other banks	​		30,785	​		65,510
Total cash and cash equivalents	​		45,975	​		79,132
Securities—available for sale at fair value, amortized cost of $483,466 and $471,036, respectively	​		454,057	​		458,111
Loans held for sale, at fair value	​		26,757	​		40,911
Loans, net of allowance for credit losses of $39,638 and $39,677, respectively	​		2,104,930	​		2,014,899
Restricted stock, at cost	​		5,009	​		3,680
Corporate premises and equipment, net	​		42,444	​		39,200
Other real estate owned, net of valuation allowance of $0 and $215, respectively	​		—	​		1,316
Accrued interest receivable	​		12,310	​		11,726
Goodwill	​		25,191	​		25,191
Other intangible assets, net	​		834	​		909
Bank-owned life insurance	​	​	21,438	​	​	21,808
Net deferred tax asset	​	​	17,357	​	​	14,039
Other assets	​		54,886	​		57,572
Total assets	​	$	2,811,188	​	$	2,768,494
​	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​
Deposits	​	​	​	​	​	​
Noninterest-bearing demand deposits	​	$	552,739	​	$	543,673
Savings, money market and interest-bearing demand deposits	​		878,404	​		905,683
Time deposits	​		924,937	​		896,367
Total deposits	​		2,356,080	​		2,345,723
FHLB Advances	​		65,000	​		40,000
Subordinated notes	​		65,519	​		65,493
Other borrowings	​		7,576	​		7,842
Accrued interest payable	​		4,530	​		3,745
Other liabilities	​		43,165	​		43,343
Total liabilities	​		2,541,870	​		2,506,146
​	​	​	​	​	​	​
Commitments and contingent liabilities	​		​	​		​
​	​	​	​	​	​	​
Equity	​	​	​	​	​	​
Common stock ($1.00 par value, 8,000,000 shares authorized, 3,251,123 and 3,245,972 shares issued and outstanding, respectively, includes 98,943 and 100,578 of unvested shares, respectively)	​		3,152	​		3,145
Additional paid-in capital	​		1,803	​		1,078
Retained earnings	​		287,599	​		268,696
Accumulated other comprehensive loss, net	​		(23,801)	​		(11,166)
Equity attributable to C&F Financial Corporation	​	​	268,753	​	​	261,753
Noncontrolling interest	​	​	565	​	​	595
Total equity	​		269,318	​		262,348
Total liabilities and equity	​	$	2,811,188	​	$	2,768,494

​

​

​

​

9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For The Quarter Ended

​

​

For The Nine Months Ended

Consolidated Statements of Income

​ ​ ​

9/30/2026

​

6/30/2026

​

9/30/2025

​

​ ​ ​

9/30/2026

​ ​ ​

9/30/2025

Interest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest and fees on loans

​

$

36,693

​

$

35,690

​

$

34,683

​

​

$

107,098

​

$

100,781

Interest on interest-bearing deposits in other banks

​

272

​

​

471

​

​

719

​

​

​

1,394

​

​

1,634

Interest and dividends on securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasury, government agencies and corporations

​

125

​

​

181

​

​

273

​

​

​

565

​

​

840

Mortgage-backed securities

​

​

2,507

​

​

2,102

​

​

1,610

​

​

​

6,269

​

​

4,537

Tax-exempt obligations of states and political subdivisions

​

​

1,169

​

​

1,128

​

​

990

​

​

​

3,391

​

​

2,854

Taxable obligations of states and political subdivisions

​

256

​

​

213

​

​

186

​

​

​

663

​

​

578

Corporate and other

​

554

​

​

566

​

​

322

​

​

​

1,693

​

​

954

Total interest income

​

41,576

​

​

40,351

​

​

38,783

​

​

​

121,073

​

​

112,178

Interest expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Savings and interest-bearing deposits

​

2,260

​

​

2,240

​

​

2,226

​

​

​

6,763

​

​

6,037

Time deposits

​

7,617

​

​

7,526

​

​

7,725

​

​

​

22,729

​

​

23,236

FHLB advances

​

​

322

​

​

328

​

​

450

​

​

​

1,079

​

​

1,337

Subordinated notes

​

1,139

​

​

1,110

​

​

1,112

​

​

​

3,351

​

​

2,465

Other borrowings

​

64

​

​

57

​

​

96

​

​

​

178

​

​

411

Total interest expense

​

11,402

​

​

11,261

​

​

11,609

​

​

​

34,100

​

​

33,486

Net interest income

​

30,174

​

​

29,090

​

​

27,174

​

​

​

86,973

​

​

78,692

Provision for credit losses

​

2,750

​

​

2,650

​

​

2,900

​

​

​

9,000

​

​

8,000

Net interest income after provision for credit losses

​

27,424

​

​

26,440

​

​

24,274

​

​

​

77,973

​

​

70,692

Noninterest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gains on sales of loans

​

1,365

​

​

2,436

​

​

1,896

​

​

​

6,346

​

​

6,201

Interchange income

​

​

1,652

​

​

1,673

​

​

1,610

​

​

​

4,902

​

​

4,706

Service charges on deposit accounts

​

1,123

​

​

1,061

​

​

1,049

​

​

​

3,204

​

​

3,061

Investment income from other equity interests

​

​

80

​

​

8,332

​

​

197

​

​

​

8,784

​

​

531

Mortgage banking fee income

​

757

​

​

985

​

​

735

​

​

​

2,592

​

​

2,193

Wealth management services income, net

​

917

​

​

847

​

​

795

​

​

​

2,572

​

​

2,283

Mortgage lender services income

​

​

907

​

​

969

​

​

768

​

​

​

2,696

​

​

2,066

Other service charges and fees

​

502

​

​

517

​

​

520

​

​

​

1,523

​

​

1,569

Net losses on sales, maturities and calls of available for sale securities

​

—

​

​

(7,129)

​

​

—

​

​

​

(7,129)

​

​

—

Other income, net

​

733

​

​

2,085

​

​

1,274

​

​

​

2,872

​

​

3,655

Total noninterest income

​

8,036

​

​

11,776

​

​

8,844

​

​

​

28,362

​

​

26,265

Noninterest expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and employee benefits

​

14,758

​

​

16,501

​

​

14,420

​

​

​

45,616

​

​

42,749

Occupancy

​

2,416

​

​

2,402

​

​

2,245

​

​

​

7,033

​

​

6,537

Data processing

​

​

3,421

​

​

3,403

​

​

3,026

​

​

​

9,999

​

​

8,881

Professional fees

​

​

785

​

​

943

​

​

901

​

​

​

2,645

​

​

2,823

Insurance expense

​

​

481

​

​

440

​

​

399

​

​

​

1,351

​

​

1,306

Marketing and advertising expenses

​

​

604

​

​

639

​

​

660

​

​

​

1,790

​

​

1,738

Loan processing and collection expenses

​

​

847

​

​

918

​

​

831

​

​

​

2,638

​

​

2,259

Other

​

1,969

​

​

2,101

​

​

1,808

​

​

​

5,871

​

​

5,686

Total noninterest expenses

​

25,281

​

​

27,347

​

​

24,290

​

​

​

76,943

​

​

71,979

Income before income taxes

​

10,179

​

​

10,869

​

​

8,828

​

​

​

29,392

​

​

24,978

Income tax expense

​

1,922

​

​

2,243

​

​

1,715

​

​

​

5,715

​

​

4,703

Net income

​

​

8,257

​

​

8,626

​

​

7,113

​

​

​

23,677

​

​

20,275

Less net income attributable to noncontrolling interest

​

(18)

​

​

63

​

​

38

​

​

​

92

​

​

141

Net income attributable to C&F Financial Corporation

​

$

8,275

​

$

8,563

​

$

7,075

​

​

$

23,585

​

$

20,134

Net income per share - basic and diluted

​

$

2.55

​

$

2.63

​

$

2.18

​

​

$

7.26

​

$

6.22

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares outstanding - basic and diluted

​

​

3,251,418

​

​

3,252,163

​

​

3,238,057

​

​

​

3,250,699

​

​

3,237,256

Dividends declared per share

​

$

0.48

​

$

0.48

​

$

0.46

​

​

$

1.44

​

$

1.38

​

10

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For The Quarter Ended

​

​

For The Nine Months Ended

Other Performance Data

​ ​ ​

9/30/2026

​

6/30/2026

​

9/30/2025

​

​

9/30/2026

​

9/30/2025

Net income (loss):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Community banking

​

$

8,914

​

$

8,173

​

$

7,378

​

​

$

24,197

​

$

19,939

Mortgage banking

​

​

266

​

​

1,060

​

​

641

​

​

​

2,236

​

​

2,057

Consumer finance

​

​

303

​

​

538

​

​

231

​

​

​

760

​

​

996

Other1

​

​

(1,226)

​

​

(1,145)

​

​

(1,137)

​

​

​

(3,516)

​

​

(2,717)

Total

​

$

8,257

​

$

8,626

​

$

7,113

​

​

$

23,677

​

$

20,275

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage loan originations - mortgage banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Purchases

​

$

158,242

​

$

209,255

​

$

148,245

​

​

$

510,023

​

$

447,107

Refinancings

​

​

14,519

​

​

24,479

​

​

18,773

​

​

​

76,074

​

​

47,184

Total

​

$

172,761

​

$

233,734

​

$

167,018

​

​

$

586,097

​

$

494,291

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage loans sold - mortgage banking

​

$

189,666

​

$

245,729

​

$

178,035

​

​

$

599,915

​

$

481,344

________________________

1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.

​

11

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Quarter Ended

​

​

​ ​

9/30/2026

​ ​ ​

6/30/2026

​ ​ ​

9/30/2025

​ ​ ​

​

​

Average

​ ​ ​

Yield/

​

Average

​ ​ ​

Yield/

​

Average

​ ​ ​

Yield/

​

Yield Analysis

​

Balance

​ ​

Rate

​

Balance

​ ​

Rate

​

Balance

​ ​

Rate

​

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Community banking segment1

​

$

1,671,177

​

5.70

%

$

1,631,487

​

5.61

%

$

1,538,149

​

5.60

%

Mortgage banking segment

​

​

37,526

​

6.50

​

​

53,878

​

6.09

​

​

37,596

​

6.60

​

Consumer finance segment

​

​

453,770

​

10.59

​

459,447

​

10.55

​

463,761

10.61

​

Total loans

​

2,162,473

​

6.74

​

​

2,144,812

​

6.68

​

​

2,039,506

​

6.76

​

Securities - available for sale:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Taxable

​

​

349,838

​

3.94

​

​

346,303

​

3.54

​

​

338,354

​

2.82

​

Tax-exempt1

​

126,802

​

4.67

​

127,487

​

4.47

​

122,605

4.10

​

Total securities - available for sale

​

476,640

​

4.13

​

473,790

​

3.79

​

460,959

3.16

​

Interest-bearing deposits in other banks

​

38,104

​

2.83

​

61,530

​

3.07

​

74,629

3.83

​

Total earning assets

​

2,677,217

​

6.22

​

2,680,132

​

6.09

​

2,575,094

6.03

​

Allowance for credit losses

​

(40,283)

​

​

​

(40,256)

​

​

​

(40,389)

​

​

​

Total non-earning assets

​

167,386

​

​

​

162,193

​

​

​

156,558

​

​

​

Total assets

​

$

2,804,320

​

​

​

$

2,802,069

​

​

​

$

2,691,263

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing deposits:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing demand deposits

​

$

333,619

​

0.64

​

$

341,300

​

0.65

​

$

312,095

0.57

​

Savings and money market deposit accounts

​

553,500

​

1.23

​

553,814

​

1.22

​

545,055

1.29

​

Time deposits

​

923,258

​

3.27

​

920,692

​

3.28

​

865,439

3.54

​

Total interest-bearing deposits

​

1,810,377

​

2.16

​

1,815,806

​

2.16

​

1,722,589

2.29

​

Borrowings:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

FHLB advances

​

​

29,293

​

4.30

​

​

30,165

​

4.30

​

​

40,000

​

4.40

​

Subordinated notes

​

​

65,516

​

6.93

​

​

65,507

​

6.78

​

​

65,480

​

6.77

​

Other borrowings

​

​

8,501

​

2.99

​

7,784

​

2.94

​

19,832

1.92

​

Total borrowings

​

103,310

​

5.86

​

​

103,456

​

5.77

​

​

125,312

​

5.30

​

Total interest-bearing liabilities

​

1,913,687

​

2.36

​

1,919,262

​

2.35

​

1,847,901

2.50

​

Noninterest-bearing demand deposits

​

566,391

​

​

​

567,762

​

​

​

555,090

​

​

​

Other liabilities

​

45,802

​

​

​

44,379

​

​

​

43,054

​

​

​

Total liabilities

​

2,525,880

​

​

​

2,531,403

​

​

​

2,446,045

​

​

​

Equity

​

278,440

​

​

​

270,666

​

​

​

245,218

​

​

​

Total liabilities and equity

​

$

2,804,320

​

​

​

$

2,802,069

​

​

​

$

2,691,263

​

​

​

Net interest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate spread

​

​

​

​

3.86

%

​

​

​

3.74

%

​

​

3.53

%

Interest expense to average earning assets

​

​

​

​

1.69

%

​

​

​

1.68

%

​

​

1.79

%

Net interest margin (FTE)

​

​

​

​

4.53

%

​

​

​

4.41

%

​

​

4.24

%

________________________

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.”

​

12

​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the Nine Months Ended									​
​	​ ​	9/30/2026				​ ​ ​	9/30/2025				​ ​ ​
​	​	Average		​ ​ ​	Yield/	​	Average		​ ​ ​	Yield/	​
Yield Analysis	​	Balance		​ ​	Rate	​	Balance		​ ​	Rate	​
Assets	​	​	​	​	​	​	​	​	​	​	​
Loans:	​	​	​	​	​	​	​	​	​	​	​
Community banking segment1	​	$	1,635,395	​	5.63	%	$	1,501,919	​	5.57	%
Mortgage banking segment	​	​	43,376	​	6.08	​	​	34,898	​	6.50	​
Consumer finance segment	​		459,213	​	10.60	​		464,487	​	10.56	​
Total loans	​	​	2,137,984	​	6.71	​	​	2,001,304	​	6.74	​
Securities - available for sale:	​	​	​	​	​	​	​	​	​	​	​
Taxable	​	​	347,044	​	3.53	​	​	339,938	​	2.71	​
Tax-exempt1	​		128,645	​	4.45	​		120,653	​	3.99	​
Total securities - available for sale	​		475,689	​	3.78	​		460,591	​	3.05	​
Interest-bearing deposits in other banks	​		59,536	​	3.13	​		59,633	​	3.66	​
Total earning assets	​		2,673,209	​	6.11	​		2,521,528	​	5.99	​
Allowance for credit losses	​		(40,351)	​	​	​		(40,759)	​	​	​
Total non-earning assets	​		166,741	​	​	​		156,147	​	​	​
Total assets	​	$	2,799,599	​	​	​	$	2,636,916	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
Liabilities and Equity	​	​	​	​	​	​	​	​	​	​	​
Interest-bearing deposits:	​	​	​	​	​	​	​	​	​	​	​
Interest-bearing demand deposits	​	$	341,931	​	0.67	​	$	319,039	​	0.64	​
Savings and money market deposit accounts	​		552,664	​	1.22	​		519,113	​	1.16	​
Time deposits	​		917,638	​	3.31	​		839,431	​	3.70	​
Total interest-bearing deposits	​		1,812,233	​	2.18	​		1,677,583	​	2.33	​
Borrowings:	​	​	​	​	​	​	​	​	​	​	​
FHLB advances	​	​	32,784	​	4.34	​	​	40,044	​	4.40	​
Subordinated notes	​	​	65,507	​	6.83	​	​	54,038	​	6.09	​
Other borrowings	​		8,039	​	2.96	​		29,326	​	1.87	​
Total borrowings	​	​	106,330	​	5.77	​	​	123,408	​	4.55	​
Total interest-bearing liabilities	​		1,918,563	​	2.37	​		1,800,991	​	2.49	​
Noninterest-bearing demand deposits	​		564,371	​	​	​		556,305	​	​	​
Other liabilities	​		44,666	​	​	​		41,622	​	​	​
Total liabilities	​		2,527,600	​	​	​		2,398,918	​	​	​
Equity	​		271,999	​	​	​		237,998	​	​	​
Total liabilities and equity	​	$	2,799,599	​	​	​	$	2,636,916	​	​	​
Net interest income	​	​	​	​	​	​	​	​	​	​	​
Interest rate spread	​	​	​	​	3.74	%	​	​	​	3.50	%
Interest expense to average earning assets	​	​	​	​	1.70	%	​	​	​	1.78	%
Net interest margin (FTE)	​	​	​	​	4.41	%	​	​	​	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.”

​

​

13

​	​	​	​	​	​	​	​
Asset Quality	​ ​ ​	9/30/2026		​	12/31/2025		​ ​ ​
Community Banking	​	​	​	​	​	​	​
Total loans	​	$	1,693,098	​	$	1,590,301	​
Nonaccrual loans	​	$	1,101	​	$	1,135	​
Allowance for credit losses (ACL)	​	$	17,807	​	$	17,418	​
Nonaccrual loans to total loans	​	​	0.07	%	​	0.07	%
ACL to total loans	​	​	1.05	%	​	1.10	%
ACL to nonaccrual loans	​	​	1,617.35	%	​	1,534.63	%
Annualized year-to-date net charge-offs to average loans	​	​	0.00	%	​	0.01	%
​	​	​	​	​	​	​	​
Consumer Finance	​	​	​	​	​	​	​
Total loans	​	$	451,470	​	$	464,275	​
Nonaccrual loans	​	$	919	​	$	1,022	​
Repossessed assets	​	$	782	​	$	937	​
ACL	​	$	21,831	​	$	22,259	​
Nonaccrual loans to total loans	​	​	0.20	%	​	0.22	%
ACL to total loans	​	​	4.84	%	​	4.79	%
ACL to nonaccrual loans	​	​	2,375.52	%	​	2,177.98	%
Annualized year-to-date net charge-offs to average loans	​	​	2.61	%	​	2.59	%

​

​

​	​	​	​	​	​	​
Market Ratios	​ ​ ​	9/30/2026		​	12/31/2025
Market value per share	​	$	97.97	​	$	72.59
Book value per share	​	$	82.66	​	$	80.64
Price to book value ratio	​	​	1.19	​	​	0.90
Tangible book value per share1	​	$	74.66	​	$	72.60
Price to tangible book value ratio1	​	​	1.31	​	​	1.00
Price to earnings ratio (ttm)	​	​	10.50	​	​	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		9/30/2026		​	12/31/2025		​	Requirements3
C&F Financial Corporation1	​	​	​	​	​	​	​	​	​	​
Total risk-based capital ratio	​	​	15.7	%	​	15.2	%		8.0	%
Tier 1 risk-based capital ratio	​	​	12.7	%	​	12.2	%		6.0	%
Common equity tier 1 capital ratio	​	​	11.6	%	​	11.0	%		4.5	%
Tier 1 leverage ratio	​	​	10.5	%	​	10.0	%		4.0	%
​	​	​	​	​	​	​	​	​	​	​
C&F Bank2	​	​	​	​	​	​	​	​	​	​
Total risk-based capital ratio	​	​	15.0	%	​	14.8	%	​	8.0	%
Tier 1 risk-based capital ratio	​	​	13.8	%	​	13.6	%	​	6.0	%
Common equity tier 1 capital ratio	​		13.8	%	​	13.6	%		4.5	%
Tier 1 leverage ratio	​		11.3	%	​	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 September 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.

​

​

14

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For The Quarter Ended

​

​

For The Nine Months Ended

​

​

​

9/30/2026

​

6/30/2026

​

9/30/2025

​

​

9/30/2026

​

9/30/2025

​

Reconciliation of Certain Non-GAAP Financial Measures

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted Net Income and Adjusted Earnings Per Share

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income, as reported

​

$

8,257

​

$

8,626

​

$

7,113

​

​

$

23,677

​

$

20,275

​

Gain on sale of other equity interest1

​

​

-

​

​

(6,375)

​

​

-

​

​

​

(6,375)

​

​

-

​

Loss on securities portfolio restructuring2

​

​

-

​

​

5,632

​

​

-

​

​

​

5,632

​

​

-

​

Adjusted net income

​

$

8,257

​

$

7,883

​

$

7,113

​

​

$

22,934

​

$

20,275

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares - basic and diluted

​

​

3,251,418

​

​

3,252,163

​

​

3,238,057

​

​

​

3,250,699

​

​

3,237,256

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per share - basic and diluted, as reported

​

$

2.55

​

$

2.63

​

$

2.18

​

​

$

7.26

​

$

6.22

​

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

​

$

2.55

​

$

2.40

​

$

2.18

​

​

$

7.03

​

$

6.22

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted Net Income, Community Banking Segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income, community banking segment, as reported

​

$

8,914

​

$

8,173

​

$

7,378

​

​

$

24,197

​

$

19,939

​

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

​

$

8,914

​

$

7,430

​

$

7,378

​

​

$

23,454

​

$

19,939

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted Return on Average Equity (ROE)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average total equity, as reported

​

$

278,440

​

$

270,666

​

$

245,218

​

​

$

271,999

​

$

237,998

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Annualized ROE, as reported

​

​

11.86

%

​

12.75

%

​

11.60

%

​

​

11.60

%

​

11.36

%

Adjusted annualized ROE

​

​

11.86

%

​

11.65

%

​

11.60

%

​

​

11.24

%

​

11.36

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted Return on Average Assets (ROA)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average total assets, as reported

​

$

2,804,320

​

$

2,802,069

​

$

2,691,263

​

​

$

2,799,599

​

$

2,636,916

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Annualized ROA, as reported

​

​

1.18

%

​

1.23

%

​

1.06

%

​

​

1.13

%

​

1.02

%

Adjusted annualized ROA

​

​

1.18

%

​

1.13

%

​

1.06

%

​

​

1.09

%

​

1.02

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Return on Average Tangible Common Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average total equity, as reported

​

$

278,440

​

$

270,666

​

$

245,218

​

​

$

271,999

​

$

237,998

​

Average goodwill

​

​

(25,191)

​

​

(25,191)

​

​

(25,191)

​

​

​

(25,191)

​

​

(25,191)

​

Average other intangible assets

​

​

(843)

​

​

(868)

​

​

(985)

​

​

​

(869)

​

​

(1,049)

​

Average noncontrolling interest

​

​

(471)

​

​

(626)

​

​

(538)

​

​

​

(623)

​

​

(702)

​

Average tangible common equity

​

$

251,935

​

$

243,981

​

$

218,504

​

​

$

245,316

​

$

211,056

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

8,257

​

$

8,626

​

$

7,113

​

​

$

23,677

​

$

20,275

​

Amortization of intangibles

​

​

25

​

​

25

​

​

63

​

​

​

75

​

​

188

​

Net income attributable to noncontrolling interest

​

​

18

​

​

(63)

​

​

(38)

​

​

​

(92)

​

​

(141)

​

Net tangible income attributable to C&F Financial Corporation

​

$

8,300

​

$

8,588

​

$

7,138

​

​

$

23,660

​

$

20,322

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted net income

​

$

8,257

​

$

7,883

​

$

7,113

​

​

$

22,934

​

$

20,275

​

Amortization of intangibles

​

​

25

​

​

25

​

​

63

​

​

​

75

​

​

188

​

Net income attributable to noncontrolling interest

​

​

18

​

​

(63)

​

​

(38)

​

​

​

(92)

​

​

(141)

​

Adjusted net tangible income attributable to C&F Financial Corporation

​

$

8,300

​

$

7,845

​

$

7,138

​

​

$

22,917

​

$

20,322

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Annualized return on average equity, as reported

​

​

11.86

%

​

12.75

%

​

11.60

%

​

​

11.60

%

​

11.36

%

Annualized return on average tangible common equity

​

​

13.18

%

​

14.08

%

​

13.07

%

​

​

12.86

%

​

12.84

%

Adjusted annualized return on average tangible common equity

​

​

13.18

%

​

12.86

%

​

13.07

%

​

​

12.45

%

​

12.84

%

_______________

1 Sale of other equity interest is net of related income tax expense of $1.9 million for the first nine months of 2026.

2 Securities portfolio restructuring is net of related income tax benefit of $1.5 million for the first nine months of 2026.

​

15

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For The Quarter Ended

​

​

For The Nine Months Ended

​

​

​

9/30/2026

​

6/30/2026

​

9/30/2025

​

​

9/30/2026

​

9/30/2025

​

Fully Taxable Equivalent Net Interest Income1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest and fees on loans

​

$

36,693

​

$

35,690

​

$

34,683

​

​

$

107,098

​

$

100,781

​

FTE adjustment

​

​

47

​

​

49

​

​

52

​

​

​

142

​

​

148

​

FTE interest and fees on loans

​

$

36,740

​

$

35,739

​

$

34,735

​

​

$

107,240

​

$

100,929

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest and dividends on securities

​

$

4,611

​

$

4,190

​

$

3,381

​

​

$

12,581

​

$

9,763

​

FTE adjustment

​

​

311

​

​

298

​

​

266

​

​

​

900

​

​

760

​

FTE interest and dividends on securities

​

$

4,922

​

$

4,488

​

$

3,647

​

​

$

13,481

​

$

10,523

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total interest income

​

$

41,576

​

$

40,351

​

$

38,783

​

​

$

121,073

​

$

112,178

​

FTE adjustment

​

​

358

​

​

347

​

​

318

​

​

​

1,042

​

​

908

​

FTE interest income

​

$

41,934

​

$

40,698

​

$

39,101

​

​

$

122,115

​

$

113,086

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income

​

$

30,174

​

$

29,090

​

$

27,174

​

​

$

86,973

​

$

78,692

​

FTE adjustment

​

​

358

​

​

347

​

​

318

​

​

​

1,042

​

​

908

​

FTE net interest income

​

$

30,532

​

$

29,437

​

$

27,492

​

​

$

88,015

​

$

79,600

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest margin

​

​

4.47

%

​

4.35

%

​

4.19

%

​

​

4.35

%

​

4.17

%

FTE adjustment

​

​

0.06

%

​

0.06

%

​

0.05

%

​

​

0.06

%

​

0.04

%

FTE net interest margin

​

​

4.53

%

​

4.41

%

​

4.24

%

​

​

4.41

%

​

4.21

%

________________

1 Assuming a tax rate of 21%.

​

​

​	​	​	​	​	​	​
​	​	9/30/2026		​	12/31/2025
Tangible Book Value Per Share	​	​		​	​
Equity attributable to C&F Financial Corporation	​	$	268,753	​	$	261,753
Less goodwill	​	​	(25,191)	​	​	(25,191)
Less other intangible assets	​	​	(834)	​	​	(909)
Tangible equity attributable to C&F Financial Corporation	​	$	242,728	​	$	235,653
​	​	​	​	​	​	​
Shares outstanding	​	​	3,251,123	​	​	3,245,972
​	​	​	​	​	​	​
Book value per share	​	$	82.66	​	$	80.64
Tangible book value per share	​	$	74.66	​	$	72.60

​

16

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 1.5 MB

Other Documents

• EX-101 EX-101.SCH 2.9 KB
• EX-101 EX-101.LAB 15.0 KB
• EX-101 EX-101.PRE 10.1 KB