$CFFI

C & F FINANCIAL CORP

CIK:0000913341|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Interest and fees on loans	$ 35,690	$ 33,716	$ 70,405	$ 66,098
Interest on interest-bearing deposits in other banks	471	413	1,122	915
Interest and dividends on securities
U.S. treasury, government agencies and corporations	181	278	440	567
Mortgage-backed securities	2,102	1,533	3,762	2,927
Tax-exempt obligations of states and political subdivisions	1,128	953	2,222	1,864
Taxable obligations of states and political subdivisions	213	197	407	392
Corporate and other	566	317	1,139	632
Total interest income	40,351	37,407	79,497	73,395
Interest expense
Savings and interest-bearing deposits	2,240	2,006	4,503	3,811
Time deposits	7,526	7,547	15,112	15,511
FHLB advances	328	447	757	887
Subordinated notes	1,110	756	2,212	1,353
Other borrowings	57	143	114	315
Total interest expense	11,261	10,899	22,698	21,877
Net interest income	29,090	26,508	56,799	51,518
Provision for credit losses	2,650	2,100	6,250	5,100
Net interest income after provision for credit losses	26,440	24,408	50,549	46,418
Noninterest income
Gains on sales of loans	2,436	2,458	4,981	4,305
Interchange income	1,673	1,621	3,250	3,096
Service charges on deposit accounts	1,061	1,022	2,081	2,012
Investment income from other equity interests	8,332	127	8,704	334
Mortgage banking fee income	985	888	1,835	1,458
Wealth management services income, net	847	756	1,655	1,488
Mortgage lender services income	969	762	1,789	1,298
Other service charges and fees	517	551	1,021	1,049
Net losses on sales, maturities and calls of available for sale securities	(7,129)		(7,129)
Other income, net	2,085	1,663	2,139	2,381
Total noninterest income	11,776	9,848	20,326	17,421
Noninterest expenses
Salaries and employee benefits	16,501	14,846	30,858	28,329
Occupancy	2,402	2,099	4,617	4,292
Data processing	3,403	2,989	6,578	5,855
Professional fees	943	1,001	1,860	1,922
Insurance expense	440	416	870	907
Marketing and advertising expenses	639	549	1,186	1,078
Loan processing and collection expenses	918	745	1,791	1,428
Other	2,101	1,985	3,902	3,878
Total noninterest expenses	27,347	24,630	51,662	47,689
Income before income taxes	10,869	9,626	19,213	16,150
Income tax expense	2,243	1,859	3,793	2,988
Net income	8,626	7,767	15,420	13,162
Less net income attributable to noncontrolling interest	63	76	110	103
Net income attributable to C&F Financial Corporation	$ 8,563	$ 7,691	$ 15,310	$ 13,059
Net income per share - basic (in dollars per share)	$ 2.63	$ 2.37	$ 4.71	$ 4.03
Net income per share - diluted (in dollars per share)	$ 2.63	$ 2.37	$ 4.71	$ 4.03

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 15,420	$ 13,162
Adjustments to reconcile net income to net cash provided by (used by) operating activities:
Provision for credit losses	6,250	5,100
Accretion of certain acquisition-related discounts, net	(112)	(199)
Share-based compensation	1,061	916
Depreciation and amortization	1,890	1,984
Accretion of discounts on securities, net	(469)	(88)
Deferred income taxes	(4)
Reversal of provision for indemnifications	(60)	(60)
Income from bank-owned life insurance	(192)	(212)
Pension expense	276	359
Proceeds from sales of loans held for sale	412,582	306,756
Origination of loans held for sale	(414,688)	(326,348)
Gains on sales of loans held for sale	(4,981)	(4,305)
Gain on sale of Bearing equity interest	(8,282)
Loss on sale of securities available for sale	7,129
Other gains, net	1	48
Change in other assets and liabilities:
Accrued interest receivable	(43)	(342)
Other assets	95	2,308
Accrued interest payable	203	(331)
Other liabilities	1,046	75
Net cash provided by (used by) operating activities	17,122	(1,177)
Investing activities:
Proceeds from sales, maturities and calls of securities available for sale and payments on mortgage-backed securities	101,219	31,333
Purchases of securities available for sale	(103,525)	(42,331)
Purchases of time deposits, net	(994)	(254)
Repayments on loans held for investment by non-bank affiliates	90,279	82,921
Purchases of loans held for investment by non-bank affiliates	(88,441)	(83,286)
Net increase in community banking loans held for investment	(63,763)	(76,490)
Purchases of corporate premises and equipment	(2,730)	(833)
Proceeds from sale of Bearing equity interest	12,662
Other investing activities, net	922	(672)
Net cash used in investing activities	(54,371)	(89,612)
Financing activities:
Net (decrease) increase in demand, savings and money market deposits	(3,612)	60,841
Net increase in time deposits	23,247	24,613
Proceeds from borrowings	15,000	52,000
Repayments of borrowings	(10,000)	(28,352)
Repurchases of common stock	(981)	(436)
Cash dividends paid	(3,122)	(2,977)
Other financing activities, net	(305)	(291)
Net cash provided by financing activities	20,227	105,398
Net (decrease) increase in cash and cash equivalents	(17,022)	14,609
Cash and cash equivalents at beginning of period	79,132	65,586
Cash and cash equivalents at end of period	62,110	80,195
Supplemental cash flow disclosures:
Interest paid	22,477	22,190
Income taxes paid	2,193	2,113
Supplemental disclosure of noncash investing and financing activities:
Liabilities assumed to acquire right of use assets at lease commencement	134	$ 190
Transfers from loans held for sale to loans held for investment	$ 2,104

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 19,371,000	$ 13,622,000
Interest-bearing deposits in other banks	42,739,000	65,510,000
Total cash and cash equivalents	62,110,000	79,132,000
Securities-available for sale at fair value, amortized cost of $466,683 and $471,036, respectively	458,252,000	458,111,000
Loans held for sale, at fair value	44,066,000	40,911,000
Loans, net of allowance for credit losses of $39,675 and $39,677, respectively	2,073,114,000	2,014,899,000
Restricted stock, at cost	4,059,000	3,680,000
Corporate premises and equipment, net	40,329,000	39,200,000
Other real estate owned, net of valuation allowance of $0 and $215, respectively		1,316,000
Accrued interest receivable	11,769,000	11,726,000
Goodwill	25,191,000	25,191,000
Other intangible assets, net	859,000	909,000
Bank-owned life insurance	22,032,000	21,808,000
Net deferred tax asset	13,046,000	14,039,000
Other assets	55,141,000	57,572,000
Total assets	2,809,968,000	2,768,494,000
Deposits
Noninterest-bearing demand deposits	561,160,000	543,673,000
Savings, money market and interest-bearing demand deposits	884,584,000	905,683,000
Time deposits	919,614,000	896,367,000
Total deposits	2,365,358,000	2,345,723,000
FHLB advances	45,000,000	40,000,000
Subordinated notes	65,510,000	65,493,000
Other borrowings	7,664,000	7,842,000
Accrued interest payable	3,948,000	3,745,000
Other liabilities	44,096,000	43,343,000
Total liabilities	2,531,576,000	2,506,146,000
Commitments and contingent liabilities (Note 12)
Equity
Common stock ($1.00 par value, 8,000,000 shares authorized, 3,250,307 and 3,245,972 shares issued and outstanding, respectively, includes 98,973 and 100,578 of unvested shares, respectively)	3,151,000	3,145,000
Additional paid-in capital	1,237,000	1,078,000
Retained earnings	280,884,000	268,696,000
Accumulated other comprehensive loss, net	(7,487,000)	(11,166,000)
Equity attributable to C&F Financial Corporation	277,785,000	261,753,000
Noncontrolling interest	607,000	595,000
Total equity	278,392,000	262,348,000
Total liabilities and equity	$ 2,809,968,000	$ 2,768,494,000