On this page of StockholderLetter.com we present the latest annual shareholder letter from C & F FINANCIAL CORP — ticker symbol CFFI. Reading current and past CFFI letters to shareholders can bring important insights into the investment thesis.

 •  3/7/2025 Letter Continued (Full PDF)
 •  3/10/2023 CFFI Stockholder Letter
 •  3/8/2024 CFFI Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  CFFI Benford's Law Stock Score = 82

CFFI Shareholder/Stockholder Letter Transcript:

ANNUAL
REPORT

C&F Financial
Corporation
C&F Financial Corporation is a bank holding company providing a full range of banking services to individuals and businesses
through its subsidiaries. C&F Bank operates 31 banking offices and four commercial loan offices located throughout eastern and
central Virginia and offers full wealth management services through its subsidiary, C&F Wealth Management, Inc.
C&F Mortgage Corporation and its subsidiary, C&F Select LLC, provide mortgage loan origination services through offices located in
Virginia and the surrounding states.
C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered
primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.
C&F Bank footprint
C&F Financial Corporation footprint

2 024 AN N UAL R E PO RT | 001
1.14
1.34
1.27
0.99
0.80
22,424
29,123
29,369
23,746
19,918
F I N A NC I AL P E R FO R M A N C E
2020
202 1
2022
2023
2024
2020
2021
2022
2023
2024
Consolidated net income
($ in thousands)
12.54
14.77
14.84
11.68
9.02
6.06
7.95
8.29
6.92
6.01
Return on average assets (%)
2020
202 1
2022
2023
2024
2020
2021
2022
2023
2024
Earnings per share     diluted ($)
Return on average equity (%)
2024
2.56 billion
2024
70.00
2023
2.44 billion
2023
64.28
2022
2.33 billion
2022
56.27
2021
2.26 billion
2021
59.32
2020
2.09 billion
2020
52.80
Total assets ($)
Book value per share ($)

0 02
Shareholder
Letter
Thomas F. Cherry
To Our Valued Shareholders
I take pride each year in sharing
this letter on behalf of C&F
Financial Corporation (   C&F   );
it   s not just an opportunity to
highlight accomplishments over
the past year, but also to provide
insight into the opportunities
and challenges we face and how
we plan to continue delivering
exceptional results. My message
this year begins with key
macroeconomic and industry
observations, followed by a
summary of our 2024 financial
performance, a closer review of
each subsidiary, and a conclusion
outlining our strategic priorities
for 2025 and beyond.
President &
Chief Executive Officer
Welcome to 2025
As we begin 2025, it   s hard to believe this
marks the midpoint of the decade and five
years since a global pandemic reshaped
the world. Last year   s challenges of erratic
inflation, fluctuating interest rates, and
economic uncertainty reinforced the theme I
shared of resilience in the face of uncertainty.
These conditions weighed on earnings across
the financial services industry, including
C&F, but also highlighted the importance of
adaptability in an ever-changing environment.

2 024 AN N UAL R E P O RT | 003
Despite conflicting economic indicators   
moderate GDP and strong employment
data seemingly offset by weak consumer
sentiment and high costs   our commitment
to proactive and strategic decision-making
remains unwavering. At C&F, we believe
that managing the future means staying on
the offense, adapting to uncertainty, and
earning our place in the market by always
being prepared for a range of scenarios.
Our Diversified
Model: A
Competitive Edge
C&F   s diversified business model   
including banking, mortgage, finance,
and wealth management   provides a
strong foundation in times of volatility.
Our subsidiaries don   t just coexist, they
collaborate and complement each other.
This synergy enables us to serve customers
more comprehensively than our competitors,
which is a key driver of our success.
2024 Financial
Highlights
The past year   s financial performance
reflected the challenges of a dynamic interest
rate environment. Our net interest margin
was down for the full year as deposit costs
increased significantly throughout the first
half of the year. The Federal Reserve   s rate
cuts in late 2024 offered some relief. While
lower rates meant lower income on the
variable rate portion of our loan portfolio,
this decrease was offset by lower deposit
costs. As a result, margins stabilized in the
second half of the year.
Earnings for 2024 totaled $19.9 million, a
16% decline from $23.7 million in 2023,
driven by tighter margins and higher loan
loss provisions. Nevertheless, robust loan
and deposit growth at C&F Bank, combined
with strong credit quality and efficiencies
throughout all of our subsidiaries,
underscored the resilience of our company.
Subsidiary
Performance
C&F Bank
Despite margin pressures, C&F Bank
delivered solid loan and deposit growth.
Loans outstanding increased by 14.1%
and customer deposits increased by 5.1%.
We also made several successful targeted
adjustments to our retail branch footprint
in 2024 to drive growth, relocating our
Brandermill office in Chesterfield County
to a far superior location on Hull Street and
opening a new branch in Colonial Heights.
These locations are already delivering strong
results, and we expect that to accelerate
in 2025. In addition, we successfully
closed our Hampton branch with minimal
loss of customer deposits, reflecting our
commitment and ability to make our retail
network more efficient.



 3/7/2025 Letter Continued (Full PDF)