• A smaller, regional version of a diversified bank like Truist or PNC.
• Like a community-focused Wells Fargo, offering traditional banking, mortgages, and auto loans.

• Community Banking: Provides traditional deposit accounts, consumer loans, and business lending solutions to individuals and local businesses.
• Mortgage Banking: Originates and services residential mortgage loans for homebuyers.
• Indirect Auto Lending: Offers indirect financing for automobile purchases, primarily to customers with subprime credit profiles, through a network of dealerships.
• Wealth Management: Provides investment management, financial planning, and trust services to individuals and families.

C&F Financial (CFFI) is a financial holding company that operates primarily as a community bank. As such, its "major customers" are not typically other large, named corporations to which it sells goods or services in a traditional supplier-customer relationship. Instead, C&F Financial serves a broad base of individuals and businesses within its operating regions by providing a range of financial products and services.

Its customer base can be primarily categorized as:

1. Individuals and Families: These customers utilize C&F Financial for a variety of retail banking services, including checking and savings accounts, personal loans, residential mortgage loans, and consumer finance products such as automobile loans.
2. Small to Medium-Sized Businesses: C&F Financial provides commercial banking services to local and regional businesses. This includes business loans (commercial real estate, lines of credit), deposit accounts, treasury management services, and other financial solutions tailored to business needs.
3. High-Net-Worth Individuals, Families, and Non-Profit Organizations: Through its trust and wealth management division, C&F Financial serves clients seeking investment management, financial planning, estate planning, and trust services.

Thomas F. Cherry President and Chief Executive Officer

Thomas F. Cherry has served as the President and Chief Executive Officer of C&F Financial Corporation since December 2014. He has a long tenure with the company, having been with C&F Financial Corporation and Citizens and Farmers Bank since 1998. Prior to his appointment as CEO, he held the position of Chief Financial Officer.

Jason E. Long Executive Vice President, Chief Financial Officer and Secretary

Jason E. Long was appointed as the Senior Vice President and Chief Financial Officer of C&F Financial Corporation and Citizens and Farmers Bank in March 2016. He joined the bank in October 2014.

Larry G. Dillon Executive Chairman of the Board

Larry G. Dillon serves as the Executive Chairman of the Board for C&F Financial Corporation. He has been with the company since 1989.

S. Dustin Crone President and Chief Executive Officer, C&F Finance

S. Dustin Crone is the President and Chief Executive Officer of C&F Finance, a subsidiary of C&F Financial Corporation.

Mark A. Fox President and Chief Executive Officer, C&F Mortgage

Mark A. Fox is the President and Chief Executive Officer of C&F Mortgage, a subsidiary of C&F Financial Corporation.

The key risks to C&F Financial (CFFI) primarily stem from its lending activities, the dynamic interest rate environment, and its deposit structure.

1. Credit Risk and Deteriorating Asset Quality: C&F Financial faces significant credit risk, particularly within its consumer finance segment. The company's consumer finance division serves customers with higher credit risk, leading to an expectation of higher credit losses compared to traditional financing sources. Recent reports indicate rising charge-offs in this segment, with net charge-offs increasing to 2.64% of average total loans in the first quarter of 2025, up from 2.54% year-over-year. This increase is attributed to a rise in delinquent loans, repossessions, and the average amount charged-off for uncollectable loans. Nonaccrual loans also saw an increase, reaching $1.2 million in Q1 2025 from $333,000 in Q4 2024.
2. Interest Rate Risk: As a financial institution, C&F Financial is highly sensitive to changes in interest rates. Fluctuations in interest rates can directly impact the company's net interest margin, which may narrow as rates normalize. Higher interest rates can decrease the demand for loans and other financial products, and an increase in short-term interest rates can lead to a surge in borrowing costs, offsetting gains from loan growth. The company has already experienced higher interest expenses due to increased deposit rates.
3. Liquidity Risk from Uninsured Deposits: A substantial portion of C&F Financial's deposits are uninsured, representing approximately 30% of its total deposits. This exposure makes the bank vulnerable to potential liquidity challenges, particularly during stressed market environments where depositors might withdraw funds, creating a strain on the bank's available cash and short-term funding.

The clear emerging threat to C&F Financial (CFFI) is the rapid rise and increasing market penetration of digital-first banks (neobanks) and specialized fintech platforms. These entities offer banking, lending, and wealth management services primarily through mobile apps and online interfaces, often providing superior user experiences, lower fees, and competitive interest rates on deposits or loans. This model directly challenges CFFI's traditional branch-based community banking approach, making it more difficult to attract and retain customers, particularly younger, tech-savvy demographics, and threatens to erode its deposit base and lending market share as customer preferences shift towards seamless digital interactions.

C&F Financial (CFFI) operates through several main segments, including Community Banking, Mortgage Banking, Consumer Finance, and also offers Wealth Management and Brokerage Services, and Insurance products and services. The addressable market sizes for its key products and services in the United States are as follows:

• Community Banking: The U.S. community banking market was valued at approximately USD 6.35 billion in 2024.
• Mortgage Banking: The U.S. home loan market is substantial, reaching an estimated USD 2.29 trillion in 2025.
• Consumer Finance - Automobile Loans: The U.S. auto loan market is projected to be around USD 676.20 billion in 2025.
• Consumer Finance - Recreational Vehicle (RV) Loans: The Recreational Vehicle Financing Market in the U.S. is valued at approximately USD 39.58 billion in 2025.
• Consumer Finance - Marine Loans: null
• Wealth Management: Assets under Management (AUM) in the U.S. wealth management market are predicted to reach approximately USD 67.75 trillion by 2024.
• Brokerage Services: The U.S. securities brokerage market was valued at approximately USD 201.07 billion in 2024.

C&F Financial (CFFI) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives across its diversified financial services portfolio:

1. Geographic Expansion of Commercial Banking: C&F Financial has embarked on a strategic expansion of its commercial banking operations into Southwest Virginia. This move targets key markets such as Roanoke, Lynchburg, Danville, Martinsville, and Blacksburg, aiming to enhance its regional presence and serve a broader customer base.
2. Continued Growth in Community Banking Loans and Deposits: The community banking segment is a primary earnings driver for C&F Financial, consistently demonstrating strong loan and deposit growth. Management anticipates continued organic growth in both loans and deposits within this segment, supporting overall revenue expansion.
3. Increased Mortgage Banking Loan Originations: The mortgage banking segment has shown a significant increase in loan originations. The company expects sustained growth in this sector, driven by efforts to improve operating efficiencies and focus on loan officer recruitment and retention.
4. Expansion of Wealth Management Services: CFFI aims to grow its wealth management services by targeting high-net-worth individuals and introducing innovative investment solutions. The company is also exploring strategic partnerships and service enhancements to further expand its offerings in this area.
5. Investments in Digital Services and Technology: C&F Financial is committed to investing in technology to enhance its digital banking capabilities, including mobile applications, online account management, and digital payment solutions. These ongoing technology investments are aimed at improving operational efficiency and delivering more convenient and secure customer experiences.

• C&F Financial Corporation authorized a share repurchase program on December 19, 2024, to buy back up to $5 million of its common stock, valid until December 31, 2025.
• No repurchases were made under the 2025 Repurchase Program during the second quarter of 2025.
• A share repurchase program was authorized on November 17, 2020, allowing for the repurchase of up to 365,000 shares through November 30, 2021.

• Common stock issued amounted to approximately $42,000 up to March 31, 2025.
• The number of common shares outstanding was 3,238,301 as of August 8, 2025.

• In early 2020, C&F Financial completed the acquisition of Peoples Bankshares, Incorporated for approximately $21.4 million in stock and cash, which included the Stafford branch of Peoples Community Bank.
• The company expanded its market presence by establishing a loan production office in Fredericksburg in 2021 and subsequently opening a de novo branch and financial center in the city in 2022.
• C&F announced an expansion into Southwest Virginia in July 2025.

• Capital expenditures for the second quarter of 2024 were $0.566 million, primarily focused on community banking infrastructure.
• In 2024, the company made adjustments to its retail branch footprint, including relocating its Brandermill office and opening a new branch in Colonial Heights.
• A new financial center was opened in downtown Fredericksburg in 2022 as part of a strategic goal to enhance earning assets.