Core Viewpoint - C&F Financial Corporation has declared a regular cash dividend of 46 cents per share, marking a 5 percent increase from the previous quarter's dividend of 44 cents per share, with payment scheduled for April 1, 2025 [1]. Group 1: Dividend Information - The board of directors has approved a cash dividend of 46 cents per share, payable on April 1, 2025, to shareholders of record on March 14, 2025 [1]. - This dividend reflects a 5 percent increase compared to the prior quarter's dividend of 44 cents per share [1]. Group 2: Company Overview - C&F Bank operates 31 banking offices and four commercial loan offices across eastern and central Virginia, providing full wealth management services through its subsidiary, C&F Wealth Management, Inc. [2]. - C&F Mortgage Corporation and its subsidiary, C&F Select LLC, offer mortgage loan origination services in Virginia and surrounding states [2]. - C&F Finance Company specializes in purchasing automobile, marine, and recreational vehicle loans primarily in the Mid-Atlantic, Midwest, and Southern United States from its headquarters in Henrico, Virginia [2].

Financial Performance - Consolidated net income for Q4 2024 was $6.0 million, up from $5.1 million in Q4 2023, while annual net income decreased to $19.9 million from $23.7 million year-over-year[2]. - Net income for the year ended December 31, 2024, was $19.9 million, compared to $23.7 million for the previous year, reflecting a decrease in earnings[33]. - The net income attributable to C&F Financial Corporation for the year ended December 31, 2024, was $19,834 million, down from $23,604 million in 2023, indicating a decrease of 16.06%[37]. - Net income for the year ended December 31, 2024, was $19.918 million, a decrease of 16.5% compared to $23.746 million in 2023[42]. Loan and Deposit Growth - Community banking segment loans grew by $21.5 million (6.0% annualized) in Q4 2024 and $180.0 million (14.1%) compared to Q4 2023[4]. - Consumer finance segment loans decreased by $10.5 million (8.8% annualized) in Q4 2024 and $1.7 million (less than 1%) compared to Q4 2023[4]. - Mortgage banking segment loan originations increased by $32.2 million (32.8%) to $130.4 million in Q4 2024 compared to Q4 2023[9]. - Deposits increased by $35.0 million (6.6% annualized) in Q4 2024 and $104.7 million (5.1%) compared to Q4 2023[4]. - Total loans reached $1,942,685 million, a 10.95% increase from $1,751,061 million in the previous year[34]. - The total interest-bearing deposits rose to $1,617,807 million, an increase of 9.93% from $1,471,133 million in the previous year[34]. Interest Income and Margin - Interest income for the year ended December 31, 2024, was $139.6 million, up from $124.1 million in 2023, driven by higher loan yields[33]. - Consolidated annualized net interest margin was 4.13% for Q4 2024, down from 4.17% in Q4 2023[4]. - Net interest income for the quarter ended December 31, 2024, was $25,388 million, compared to $24,211 million for the same period in 2023, reflecting an increase of 4.86%[34]. - Net interest income for the year ended December 31, 2024, was $96.775 million, slightly down from $97.707 million in 2023[44]. Credit Quality - Consumer finance segment net charge-offs were at an annualized rate of 3.40% of average total loans for Q4 2024, up from 2.72% in Q4 2023[6]. - The allowance for credit losses in the consumer finance segment decreased to $22.7 million (4.86% of total loans) at December 31, 2024, down from $23.6 million (5.03%) at December 31, 2023[14]. - The community banking segment recorded no provision for credit losses for Q4 2024, compared to $75,000 for Q4 2023[8]. - The allowance for credit losses (ACL) for the Community Banking segment was $17,379 million, up from $16,072 million a year earlier, reflecting a rise of 8.12%[37]. - The total nonaccrual loans to total loans ratio improved to 0.02% as of December 31, 2024, compared to 0.03% in the previous year[37]. Capital and Equity - Total consolidated equity increased by $9.5 million at December 31, 2024, compared to December 31, 2023, due to net income and lower unrealized losses in securities[20]. - As of December 31, 2024, C&F Bank was categorized as well capitalized under regulatory requirements, exceeding all necessary capital ratios[21]. - The book value per share was $70.00, and the tangible book value per share was $61.86 as of December 31, 2024[23]. - The total risk-based capital ratio for C&F Financial Corporation decreased to 14.1% in 2024 from 14.8% in 2023[40]. - The Tier 1 risk-based capital ratio for C&F Bank decreased to 12.3% in 2024 from 12.9% in 2023[40]. - Book value per share increased to $70.00 in 2024 from $64.28 in 2023, marking a rise of 8.4%[45]. - Tangible book value per share rose to $61.86 in 2024 from $56.40 in 2023, an increase of 9.4%[45]. Shareholder Returns - Cash dividends declared during the year ended December 31, 2024, totaled $1.76 per share, representing a payout ratio of 23.5% for Q4 2024 and 29.3% for the year[18]. - The Corporation repurchased 160,694 shares, or $7.9 million, of its common stock under the 2024 Repurchase Program[22]. - Market value per share increased to $71.25 in 2024 from $68.19 in 2023, representing an increase of 3.1%[40]. Asset Growth - The Corporation's total assets increased to $2.56 billion at December 31, 2024, from $2.44 billion at December 31, 2023[33]. - Total assets increased to $2,560,964 million as of December 31, 2024, up from $2,405,444 million a year earlier, representing a growth of 6.44%[34].

Core Insights - C&F Financial Corporation reported a consolidated net income of $6.0 million for Q4 2024, an increase from $5.1 million in Q4 2023, but a decrease in annual net income to $19.9 million from $23.7 million in 2023 [1][2] Financial Performance Highlights - Consolidated net income for Q4 2024 was $6,029,000 compared to $5,088,000 in Q4 2023, while annual net income was $19,918,000 versus $23,746,000 in 2023 [1] - Earnings per share increased to $1.87 for Q4 2024 from $1.50 in Q4 2023, but decreased for the year to $6.01 from $6.92 [1] - Annualized return on average equity improved to 10.60% in Q4 2024 from 10.06% in Q4 2023, while the annualized return on average tangible common equity rose to 12.17% from 11.74% [1] Segment Performance - Community banking segment loans grew by $21.5 million (6.0% annualized) in Q4 2024 and $180.0 million (14.1%) year-over-year [3] - Consumer finance segment loans decreased by $10.5 million (8.8% annualized) in Q4 2024 and $1.7 million (less than 1%) year-over-year [3] - Mortgage banking segment loan originations increased by $32.2 million (32.8%) in Q4 2024 compared to Q4 2023, totaling $130.4 million [4] Interest Margin and Efficiency - Consolidated annualized net interest margin was 4.13% for Q4 2024, down from 4.17% in Q4 2023, and 4.12% for the year compared to 4.31% in 2023 [3] - The community banking segment recorded no provision for credit losses in Q4 2024, compared to $75,000 in Q4 2023 [3][7] Credit Quality and Allowance for Losses - The allowance for credit losses increased to $17.4 million at December 31, 2024, from $16.1 million at the end of 2023, with the allowance as a percentage of total loans decreasing to 1.20% from 1.26% [7] - Consumer finance segment net charge-offs increased to an annualized rate of 3.40% of average total loans in Q4 2024, up from 2.72% in Q4 2023 [3][12] Liquidity and Capital Management - As of December 31, 2024, the Corporation's uninsured deposits were approximately $640.2 million, or 29.5% of total deposits [17] - Total equity increased by $9.5 million at December 31, 2024, primarily due to net income and lower unrealized losses in the market value of securities [21] Dividend and Stock Repurchase - The Corporation declared cash dividends totaling $1.76 per share for the year ended December 31, 2024, with a payout ratio of 29.3% [20] - Under the 2024 Repurchase Program, the Corporation repurchased 160,694 shares for $7.9 million during the year [24]

Core Insights - C&F Financial Corporation reported a consolidated net income of $6.0 million for Q4 2024, an increase from $5.1 million in Q4 2023, but a decrease in annual net income to $19.9 million from $23.7 million in 2023 [1][2] Financial Performance Highlights - Consolidated net income for Q4 2024 was $6,029,000 compared to $5,088,000 in Q4 2023, while annual net income was $19,918,000 versus $23,746,000 in 2023 [1] - Earnings per share increased to $1.87 for Q4 2024 from $1.50 in Q4 2023, but decreased for the year to $6.01 from $6.92 [1] - Annualized return on average equity improved to 10.60% in Q4 2024 from 10.06% in Q4 2023, while the annualized return on average tangible common equity rose to 12.17% from 11.74% [1] Segment Performance - Community banking segment loans grew by $21.5 million (6.0% annualized) in Q4 2024 and $180.0 million (14.1%) year-over-year [3] - Consumer finance segment loans decreased by $10.5 million (8.8% annualized) in Q4 2024, but only slightly by $1.7 million (less than 1%) year-over-year [3] - Mortgage banking segment loan originations increased by $32.2 million (32.8%) in Q4 2024 compared to Q4 2023, totaling $130.4 million [4][10] Interest Margin and Efficiency - Consolidated annualized net interest margin was 4.13% for Q4 2024, stable compared to Q4 2023 [3] - The community banking segment reported no provision for credit losses in Q4 2024, compared to $75,000 in Q4 2023 [3][7] - The consumer finance segment recorded a provision for credit losses of $3.5 million in Q4 2024, up from $2.4 million in Q4 2023 [3][12] Liquidity and Capital Management - As of December 31, 2024, the Corporation's uninsured deposits were approximately $640.2 million, representing 29.5% of total deposits [17] - Total equity increased by $9.5 million from December 31, 2023, primarily due to net income and lower unrealized losses in securities [21] - The Corporation declared cash dividends totaling $1.76 per share for the year ended December 31, 2024, with a payout ratio of 29.3% [20] Stock Repurchase Program - The Corporation repurchased 11,100 shares for $679,000 in Q4 2024 and 160,694 shares for $7.9 million for the year under the 2024 Repurchase Program [24]

Financial Performance - Consolidated net income for the third quarter of 2024 was $5.420 million, a decrease of $357,000 compared to the same period in 2023[142]. - The annualized return on average equity was 9.74% for the third quarter of 2024, down from 11.28% in the same quarter of 2023[141]. - The Corporation's net tangible income attributable for the three months ended September 30, 2024, is $5,455,000, compared to $5,857,000 for the same period in 2023[268]. - Annualized return on average tangible common equity is 11.16% for the three months ended September 30, 2024, down from 13.19% in 2023[268]. - Net interest income for the three months ended September 30, 2024, is $24,689,000, slightly up from $24,462,000 in 2023[271]. - Total interest income for the three months ended September 30, 2024, is $36,131,000, an increase from $31,686,000 in 2023[271]. Loan and Deposit Growth - Community banking segment loans grew by $158.5 million, or 16.6% annualized, compared to December 31, 2023[144]. - Consumer finance segment loans increased by $8.8 million, or 2.5% annualized, compared to December 31, 2023[144]. - Total loans reached $1,932,693,000, an increase of 11.84% compared to $1,727,812,000 in the previous period[154]. - Total deposits increased by $69.8 million to $2.14 billion as of September 30, 2024, with time deposits rising by $137.6 million[249]. - The consumer finance segment's total loans increased to $477,300,000 at September 30, 2024, from $468,510,000 at December 31, 2023[225]. Credit Losses and Provisions - The community banking segment recorded a provision for credit losses of $700,000 for the third quarter of 2024, compared to $500,000 for the same period in 2023[144]. - The provision for credit losses was $700,000 for Q3 2024, up from $500,000 in Q3 2023, reflecting growth in the loan portfolio[179]. - The provision for credit losses in the consumer finance segment increased to $3.00 million in Q3 2024 from $1.55 million in Q3 2023, reflecting increased net charge-offs and loan growth[192]. - Total loans charged off for the nine months ended September 30, 2024, amounted to $12,000,000, compared to $9,562,000 for the same period in 2023, indicating an increase in loan defaults[212]. - The allowance for credit losses was $40,879,000, slightly down from $41,014,000, indicating a decrease of 0.33%[154]. Noninterest Income and Expenses - Total noninterest income increased by $2.6 million, or 41.2%, for the third quarter of 2024 compared to the same period in 2023[168]. - Noninterest expenses increased by $1.6 million, or 7.3%, in Q3 2024 compared to Q3 2023, primarily due to higher occupancy and data processing expenses[172]. - Gains on sales of loans increased to $1,825,000 in Q3 2024 from $1,220,000 in Q3 2023, while total noninterest income rose to $8,772,000 from $6,214,000 year-over-year[170]. Capital and Equity - Total equity increased to $228.0 million at September 30, 2024, compared to $217.5 million at December 31, 2023[145]. - The Corporation declared a quarterly cash dividend of $0.44 per share during the third quarter of 2024, representing a payout ratio of 26.7%[147]. - The Corporation's total risk-based capital ratio was 13.8% as of September 30, 2024, exceeding the minimum requirement of 8.0%[261]. - Common Equity Tier 1 capital ratio is 11.3%, surpassing the minimum requirement of 4.5%[263]. Interest Rate Management - The Corporation employs interest rate swaps to manage exposure to interest rate risk, converting variable rates to fixed rates for certain capital notes[290]. - The Corporation's liquidity management focuses on maintaining stable core deposits and a strong capital position to meet liquidity requirements[279]. - The Corporation's current interest rate exposure is deemed manageable, with no significant exposure to interest rate changes[292]. - The Corporation's simulation analysis indicates a greater sensitivity to upward shifts in interest rates compared to downward shifts as of September 30, 2024[284]. Asset and Securities Management - Total assets increased to $2,526,720,000, up from $2,400,593,000, reflecting a growth of approximately 5.25%[154]. - Securities available for sale decreased by $53.4 million to $409.0 million at September 30, 2024, primarily due to declines in U.S. Treasury and government agency securities[243]. - The net unrealized losses in the market value of securities available for sale decreased to $21.7 million at September 30, 2024, compared to $31.6 million at December 31, 2023[243].

Financial Performance - Consolidated net income for Q3 2024 was $5.4 million, down from $5.8 million in Q3 2023, and $13.9 million for the first nine months of 2024, compared to $18.7 million for the same period in 2023[1][2] - The consumer finance segment reported net income of $311,000 for Q3 2024, down from $682,000 in Q3 2023, primarily due to higher provision for credit losses[14] - Net income for the nine months ended 9/30/2024 was $13,889 million, down 25.5% from $18,658 million for the same period in 2023[35] - Net income for the quarter ended 9/30/2024 was $5,420 million, a decrease of 6.2% compared to $5,777 million for the quarter ended 9/30/2023[45] Loan and Deposit Growth - Community banking segment loans grew by $158.5 million, or 16.6% annualized, and $185.6 million, or 14.9%, compared to December 31, 2023, and September 30, 2023, respectively[4] - Average loans in the consumer finance segment increased by $8.3 million, or 1.8%, for Q3 2024 compared to the same period in 2023[15] - Mortgage banking segment loan originations were $157.0 million for Q3 2024, an increase of $27.3 million, or 21.1%, compared to Q3 2023[5][12] - Total loans reached $1,866,489 million, an increase from $1,701,011 million, representing a growth of 9.71% year-over-year[37] - Deposits increased by $69.8 million, or 4.5% annualized, and $107.5 million, or 5.3%, compared to December 31, 2023, and September 30, 2023, respectively[4] - Deposits increased to $2,135.9 million at September 30, 2024, compared to $2,066.1 million at December 31, 2023[34] Interest Income and Margin - The consolidated annualized net interest margin was 4.13% for Q3 2024, compared to 4.29% for Q3 2023[4] - Interest income for the quarter ended 9/30/2024 was $36,131 million, up 14.4% from $31,686 million for the same period in 2023[35] - Total interest income-FTE for the nine months ended 9/30/2024 was $104,010 million, an increase of 12.5% from $92,424 million in the previous year[35] - Net interest income for the quarter ended 9/30/2024 was $24,975 million, slightly up from $24,712 million in the previous year[36] - Interest income on loans for the quarter ended 9/30/2024 was $33,021 million, an increase of 16.5% from $28,369 million for the same quarter last year[46] Credit Losses and Provisions - The allowance for credit losses in the consumer finance segment was $23.2 million at September 30, 2024, down from $23.6 million at December 31, 2023[16] - The community banking segment recorded provision for credit losses of $700,000 for Q3 2024, compared to $500,000 for the same period in 2023[9] - Provision for credit losses in the Consumer Finance segment increased to $3,000 million for the quarter ended 9/30/2024, compared to $1,550 million in the prior year, reflecting a 93.5% increase[35] - The allowance for credit losses (ACL) for the community banking segment was $17,533 million, up from $16,072 million, indicating a rise of 9.09%[40] Capital and Equity - Total consolidated equity increased by $10.4 million at September 30, 2024, compared to December 31, 2023, due to net income and lower unrealized losses in securities[21] - As of September 30, 2024, C&F Bank was categorized as well capitalized under regulatory requirements, exceeding all required capital ratios[23] - The total risk-based capital ratio for C&F Financial Corporation decreased to 13.8% from 14.8%, remaining above the minimum requirement of 8.0%[44] - Average total equity increased to $222,532 million for the quarter ended 9/30/2024, up from $204,840 million for the same period last year, representing an increase of 10.3%[45] - Tangible equity attributable to C&F Financial Corporation increased to $200,938 million as of 9/30/2024, compared to $190,280 million as of 12/31/2023, marking a growth of 5.3%[47] Shareholder Returns - The Corporation declared a quarterly cash dividend of $0.44 per share for Q3 2024, representing a payout ratio of 26.7% of earnings per share[20] - The Corporation repurchased 60,520 shares for $3.2 million during Q3 2024, and 149,594 shares for $7.3 million in the first nine months of 2024[24] - Shares outstanding decreased to 3,234,363 as of 9/30/2024, down from 3,374,098 as of 12/31/2023[47] Market Performance - The price to earnings ratio (ttm) was reported at 10.30, compared to 9.87 in the previous period, indicating a slight increase in valuation metrics[43] - The market value per share decreased to $58.35 from $68.19, indicating a decline of 14.06% over the period[43]

TOANO, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $5.4 million for the third quarter of 2024, compared to $5.8 million for the third quarter of 2023. The Corporation reported consolidated net income of $13.9 million for the first nine months of 2024, compared to $18.7 million for the first nine months of 2023. The following table presents selected financial performance highligh ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________ to _________ Commission File Number 000-23423 C&F FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Virg ...

EXHIBIT 99.1 Wednesday, July 24, 2024 Contact: Jason Long, CFO and Secretary (804) 843-2360 C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months Toano, Va., July 24, 2024—C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $5.0 million for the second quarter of 2024, compared to $6.4 million for the second quarter of 2023. The Corporation reported consolidated net income of $8.5 million for ...

TOANO, Va., July 24, 2024 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ:CFFI), the holding company for C&F Bank, today reported consolidated net income of $5.0 million for the second quarter of 2024, compared to $6.4 million for the second quarter of 2023. The Corporation reported consolidated net income of $8.5 million for the first six months of 2024, compared to $12.9 million for the first six months of 2023. The following table presents selected financial performance highlights ...