New Risk • May 14
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$76k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.2% per year over the past 5 years. Minor Risk Significant insider selling over the past 3 months (US$76k sold). Recent Insider Transactions • May 14
Independent Director recently sold US$75k worth of stock On the 13th of May, Elizabeth Rilee-Kelley sold around 1k shares on-market at roughly US$73.00 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$222k more than they bought in the last 12 months. Reported Earnings • Apr 24
First quarter 2026 earnings released: EPS: US$2.08 (vs US$1.66 in 1Q 2025) First quarter 2026 results: EPS: US$2.08 (up from US$1.66 in 1Q 2025). Revenue: US$32.7m (up 10% from 1Q 2025). Net income: US$6.75m (up 26% from 1Q 2025). Profit margin: 21% (up from 18% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: US$8.34 (vs US$6.01 in FY 2024) Full year 2025 results: EPS: US$8.34 (up from US$6.01 in FY 2024). Revenue: US$129.3m (up 13% from FY 2024). Net income: US$27.0m (up 36% from FY 2024). Profit margin: 21% (up from 17% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 4.21% (up from 4.12% in FY 2024). Non-performing loans: 0.10% (up from 0.05% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Declared Dividend • Mar 01
Fourth quarter dividend increased to US$0.48 Dividend of US$0.48 is 4.3% higher than last year. Ex-date: 13th March 2026 Payment date: 1st April 2026 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 6.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Recent Insider Transactions Derivative • Feb 27
President notifies of intention to sell stock Thomas Cherry intends to sell 2k shares in the next 90 days after lodging an Intent To Sell Form on the 26th of February. If the sale is conducted around the recent share price of US$77.35, it would amount to US$155k. For the year to December 2019, Thomas' total compensation was 45% salary and 55% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Thomas' direct individual holding has increased from 39.61k shares to 42.75k. Company insiders have collectively sold US$239k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Feb 26
C&F Financial Corporation Announces Increase in Quarterly Dividend, Payable on April 1, 2026 The board of directors of C&F Financial Corporation has declared a regular cash dividend of 48 cents per share, which is payable April 1, 2026 to shareholders of record on March 13, 2026. This dividend represents a 4% increase over the prior quarter’s dividend amount of 46 cents per share. Reported Earnings • Jan 28
Full year 2025 earnings released: EPS: US$8.34 (vs US$6.01 in FY 2024) Full year 2025 results: EPS: US$8.34 (up from US$6.01 in FY 2024). Revenue: US$129.3m (up 13% from FY 2024). Net income: US$27.0m (up 36% from FY 2024). Profit margin: 21% (up from 17% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 4.21% (up from 4.12% in FY 2024). Non-performing loans: 0.10% (up from 0.05% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Jan 23
C&F Financial Corporation Announces Appointment of Dr. David H. Downs as Director, Effective February 24, 2026 C&F Financial Corporation announced that its Board of Directors has appointed Dr. David H. Downs to serve as a director of the Corporation effective February 24, 2026. Dr. Downs will also serve as a director of the Bank, where he has been a member of the C&F Central Virginia Advisory Board for over 12 years. Dr. Downs is currently the Alfred L. Blake Endowed Chair Professor at Virginia Commonwealth University’s Department of Finance, Insurance and Real Estate and Director of The Kornblau Institute, which offers students and scholars a platform to research commercial and residential real estate. Dr. Downs’ research and curriculum focus on investments, financial regulation, valuation, and information economics. He previously served as an officer in the U.S. Navy’s Nuclear Submarine Program and worked at Booz Allen Hamilton in management consulting prior to his career in academia. Announcement • Dec 18
C&F Financial Corporation (NasdaqGS:CFFI) announces an Equity Buyback for $5 million worth of its shares. C&F Financial Corporation (NasdaqGS:CFFI) announces a share repurchase program. Under the program, the company will repurchase up to $5 million worth of its common stock. The repurchased shares will be returned to the status of authorized and unissued shares of common stock. The share repurchase program is valid till December 31, 2026. Upcoming Dividend • Dec 08
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 15 December 2025. Payment date: 01 January 2026. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (2.4%). Declared Dividend • Nov 21
Third quarter dividend of US$0.46 announced Shareholders will receive a dividend of US$0.46. Ex-date: 15th December 2025 Payment date: 1st January 2026 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 9.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 20
C&F Financial Corporation Announces Quarterly Dividend, Payable on January 1, 2026 The board of directors of C&F Financial Corporation has declared a regular cash dividend of 46 cents per share, which is payable January 1, 2026 to shareholders of record on December 15, 2025. Reported Earnings • Oct 24
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: US$33.1m (up 11% from 3Q 2024). Net income: US$7.11m (up 32% from 3Q 2024). Profit margin: 22% (up from 18% in 3Q 2024). The increase in margin was driven by higher revenue. Upcoming Dividend • Sep 08
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 15 September 2025. Payment date: 01 October 2025. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (2.5%). Recent Insider Transactions • Aug 26
President recently sold US$86k worth of stock On the 22nd of August, Thomas Cherry sold around 1k shares on-market at roughly US$71.00 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Thomas has been a net seller over the last 12 months, reducing personal holdings by US$292k. Declared Dividend • Aug 24
Second quarter dividend of US$0.46 announced Shareholders will receive a dividend of US$0.46. Ex-date: 15th September 2025 Payment date: 1st October 2025 Dividend yield will be 2.5%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 21
C&F Financial Corporation Announces Quarterly Dividend, Payable on October 1, 2025 The board of directors of C&F Financial Corporation has declared a regular cash dividend of 46 cents per share, which is payable October 1, 2025 to shareholders of record on September 15, 2025. Recent Insider Transactions Derivative • Aug 20
President notifies of intention to sell stock Thomas Cherry intends to sell 1k shares in the next 90 days after lodging an Intent To Sell Form on the 19th of August. If the sale is conducted around the recent share price of US$67.46, it would amount to US$81k. For the year to December 2018, Thomas' total compensation was 45% salary and 55% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, Thomas' direct individual holding has increased from 38.33k shares to 39.61k. Company insiders have collectively sold US$882k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jul 25
Second quarter 2025 earnings released: EPS: US$2.40 (vs US$1.50 in 2Q 2024) Second quarter 2025 results: EPS: US$2.40 (up from US$1.50 in 2Q 2024). Revenue: US$34.3m (up 20% from 2Q 2024). Net income: US$7.77m (up 55% from 2Q 2024). Profit margin: 23% (up from 18% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Jul 22
C&F Financial Corporation Announces Executive Appointments C&F Financial Corporation announced a significant expansion of its commercial banking operations with a seasoned team that will establish its presence in Southwest Virginia. This strategic move positions C&F to serve key markets including Roanoke, Lynchburg, Danville, Martinsville, and Blacksburg. Leading this expansion is Matt Hubbard, who joins as Southwest Virginia Regional President. With over 15 years of commercial banking leadership experience, most recently at Atlantic Union Bank, (formerly American National Bank). Matt brings deep market knowledge and a strong commitment to community engagement. He is a graduate of Radford University and the William & Mary Mason School of Business. Joining Matt are two highly respected banking professionals: Sally Siveroni, Commercial Credit Officer, began her banking career in 1986 and most recently served as Regional Credit Officer at Atlantic Union Bank. She is a graduate of James Madison University. James Little, Commercial Banking Relationship Manager, has 17 years of experience in both retail and commercial banking. A fellow James Madison University graduate and VBA Bank School alumnus, James is also deeply involved in community initiatives. Upcoming Dividend • Jun 08
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 01 July 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (2.7%). Declared Dividend • May 25
First quarter dividend of US$0.46 announced Shareholders will receive a dividend of US$0.46. Ex-date: 13th June 2025 Payment date: 1st July 2025 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 22
C&F Financial Corporation Declares Regular Cash Dividend, Payable on July 1, 2025 The board of directors of C&F Financial Corporation has declared a regular cash dividend of 46 cents per share, which is payable on July 1, 2025 to shareholders of record on June 13, 2025. Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: US$1.67 (vs US$1.01 in 1Q 2024) First quarter 2025 results: EPS: US$1.67 (up from US$1.01 in 1Q 2024). Revenue: US$29.6m (up 9.0% from 1Q 2024). Net income: US$5.40m (up 59% from 1Q 2024). Profit margin: 18% (up from 13% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$60.10, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 11x in the Banks industry in the US. Total returns to shareholders of 29% over the past three years. Upcoming Dividend • Mar 10
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 14 March 2025. Payment date: 01 April 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.6%). In line with average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$65.31, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 11x in the Banks industry in the US. Total returns to shareholders of 39% over the past three years. Announcement • Mar 10
C&F Financial Corporation, Annual General Meeting, Apr 15, 2025 C&F Financial Corporation, Annual General Meeting, Apr 15, 2025. Location: 3600 lagrange parkway, virginia., toano United States Recent Insider Transactions • Mar 06
President & CEO C&F Mortgage recently sold US$84k worth of stock On the 3rd of March, Mark Fox sold around 1k shares on-market at roughly US$81.00 per share. This transaction amounted to 8.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$743k more than they bought in the last 12 months. Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: US$6.01 (vs US$6.92 in FY 2023) Full year 2024 results: EPS: US$6.01 (down from US$6.92 in FY 2023). Revenue: US$114.0m (down 4.2% from FY 2023). Net income: US$19.8m (down 16% from FY 2023). Profit margin: 17% (down from 20% in FY 2023). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 4.12% (down from 4.31% in FY 2023). Non-performing loans: 0.05% (down from 0.07% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Declared Dividend • Feb 24
Fourth quarter dividend increased to US$0.46 Dividend of US$0.46 is 4.5% higher than last year. Ex-date: 14th March 2025 Payment date: 1st April 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 3.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 2.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$86.70, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 12x in the Banks industry in the US. Total returns to shareholders of 88% over the past three years. Reported Earnings • Jan 29
Full year 2024 earnings released: EPS: US$6.16 (vs US$6.92 in FY 2023) Full year 2024 results: EPS: US$6.16 (down from US$6.92 in FY 2023). Revenue: US$114.1m (down 4.2% from FY 2023). Net income: US$19.9m (down 16% from FY 2023). Profit margin: 18% (down from 20% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 09
Upcoming dividend of US$0.44 per share Eligible shareholders must have bought the stock before 13 December 2024. Payment date: 01 January 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (2.5%). Recent Insider Transactions Derivative • Nov 29
Insider notifies of intention to sell stock Steven Crone intends to sell 2k shares in the next 90 days after lodging an Intent To Sell Form on the 27th of November. If the sale is conducted around the recent share price of US$78.93, it would amount to US$174k. Since March 2024, Steven has owned 9.84k shares directly. Company insiders have collectively sold US$287k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Nov 27
Insider recently sold US$185k worth of stock On the 22nd of November, John Seaman sold around 3k shares on-market at roughly US$74.05 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$287k more than they bought in the last 12 months. Declared Dividend • Nov 25
Third quarter dividend of US$0.44 announced Dividend of US$0.44 is the same as last year. Ex-date: 13th December 2024 Payment date: 1st January 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 1.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 22
C&F Financial Corporation Announces Quarterly Dividend, Payable on Payable January 1, 2025 C&F Financial Corporation has declared a regular cash dividend of 44 cents per share, which is payable January 1, 2025 to shareholders of record on December 13, 2024. Recent Insider Transactions • Nov 08
President recently sold US$140k worth of stock On the 6th of November, Thomas Cherry sold around 2k shares on-market at roughly US$70.00 per share. This transaction amounted to 4.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Thomas' only on-market trade for the last 12 months. Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: US$1.65 (vs US$1.71 in 3Q 2023) Third quarter 2024 results: EPS: US$1.65 (down from US$1.71 in 3Q 2023). Revenue: US$29.8m (up 4.7% from 3Q 2023). Net income: US$5.42m (down 6.4% from 3Q 2023). Profit margin: 18% (down from 20% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 07
Upcoming dividend of US$0.44 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 01 October 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (2.8%). Declared Dividend • Aug 23
Second quarter dividend of US$0.44 announced Dividend of US$0.44 is the same as last year. Ex-date: 13th September 2024 Payment date: 1st October 2024 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 1.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 21
C&F Financial Corporation Announces Quarterly Dividend, Payable on October 1, 2024 The board of directors of C&F Financial Corporation has declared a regular cash dividend of 44 cents per share, which is payable October 1, 2024 to shareholders of record on September 13, 2024. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: US$1.50 (vs US$1.84 in 2Q 2023) Second quarter 2024 results: EPS: US$1.50 (down from US$1.84 in 2Q 2023). Revenue: US$28.6m (down 5.9% from 2Q 2023). Net income: US$5.03m (down 20% from 2Q 2023). Profit margin: 18% (down from 21% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$43.81, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 10x in the Banks industry in the US. Total loss to shareholders of 1.1% over the past three years. Upcoming Dividend • Jun 10
Upcoming dividend of US$0.44 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of American dividend payers (4.8%). Higher than average of industry peers (3.0%). Declared Dividend • May 27
First quarter dividend of US$0.44 announced Dividend of US$0.44 is the same as last year. Ex-date: 14th June 2024 Payment date: 1st July 2024 Dividend yield will be 3.9%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 3.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 24
C&F Financial Corporation Announces Quarterly Dividend, Payable on July 1, 2024 C&F Financial Corporation has declared a regular cash dividend of 44 cents per share, which is payable July 1, 2024 to shareholders of record on June 14, 2024. Reported Earnings • Apr 21
First quarter 2024 earnings released: EPS: US$1.02 (vs US$1.86 in 1Q 2023) First quarter 2024 results: EPS: US$1.02 (down from US$1.86 in 1Q 2023). Revenue: US$27.2m (down 11% from 1Q 2023). Net income: US$3.44m (down 47% from 1Q 2023). Profit margin: 13% (down from 21% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$40.05, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 9x in the Banks industry in the US. Total returns to shareholders of 6.7% over the past three years. Announcement • Mar 10
C&F Financial Corporation, Annual General Meeting, Apr 16, 2024 C&F Financial Corporation, Annual General Meeting, Apr 16, 2024, at 15:30 US Eastern Standard Time. Location: C&F Financial Corporation, 3600 LaGrange Parkway, Toano, Virginia Virginia United States Agenda: To elect four Class I directors to the Board of Directors of the Corporation to serve until the 2027 Annual Meeting of Shareholders, as described in the Proxy Statement accompanying this Notice; to approve, in an advisory, non-binding vote, the compensation of the Corporation's named executive officers disclosed in the Proxy Statement; to ratify the appointment of Yount, Hyde & Barbour, P.C. as the Corporation's independent registered public accounting firm for the fiscal year ending December 31, 2024; to transact such other business as may properly come before the meeting or any adjournment thereof; and to consider other matters if any. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.44 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 01 April 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (4.7%). In line with average of industry peers (3.0%). New Risk • Mar 05
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$55k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: US$6.92 (vs US$8.29 in FY 2022) Full year 2023 results: EPS: US$6.92 (down from US$8.29 in FY 2022). Revenue: US$119.0m (flat on FY 2022). Net income: US$23.6m (down 19% from FY 2022). Profit margin: 20% (down from 24% in FY 2022). Net interest margin (NIM): 4.31% (up from 4.27% in FY 2022). Non-performing loans: 0.07% (no change from 0.07% in FY 2022). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Declared Dividend • Feb 26
Fourth quarter dividend of US$0.44 announced Dividend of US$0.44 is the same as last year. Ex-date: 14th March 2024 Payment date: 1st April 2024 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 4.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 6.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 23
C&F Financial Corporation Announces Quarterly Dividend, Payable on April 1, 2024 The board of directors of C&F Financial Corporation has declared a regular cash dividend of 44 cents per share, which is payable April 1, 2024 to shareholders of record on March 15, 2024. Reported Earnings • Jan 25
Full year 2023 earnings released: EPS: US$7.03 (vs US$8.29 in FY 2022) Full year 2023 results: EPS: US$7.03 (down from US$8.29 in FY 2022). Revenue: US$119.0m (flat on FY 2022). Net income: US$23.7m (down 19% from FY 2022). Profit margin: 20% (down from 25% in FY 2022). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 22
C&F Financial Corporation (NasdaqGS:CFFI) announces an Equity Buyback for $10 million worth of its shares. C&F Financial Corporation (NasdaqGS:CFFI) announces a share repurchase program. Under the program, the company will repurchase up to $10 million worth of its common stock. The repurchased shares will be returned to the status of authorized and unissued shares of common stock. The share repurchase program is valid till December 31, 2024. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.44 per share at 2.9% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 01 January 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (3.5%). Announcement • Nov 23
C&F Financial Corporation Declares Quarterly Cash Dividend, Payable on January 1, 2024 The board of directors of C&F Financial Corporation has declared a regular quarterly cash dividend of 44 cents per share, which is payable January 1, 2024 to shareholders of record on December 15, 2023. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: US$1.70 (vs US$1.85 in 3Q 2022) Third quarter 2023 results: EPS: US$1.70 (down from US$1.85 in 3Q 2022). Revenue: US$28.4m (down 3.0% from 3Q 2022). Net income: US$5.78m (down 11% from 3Q 2022). Profit margin: 20% (down from 22% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. Director Julie Agnew was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 07
Upcoming dividend of US$0.44 per share at 3.5% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 01 October 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of American dividend payers (4.9%). In line with average of industry peers (3.7%). Announcement • Aug 17
C&F Financial Corporation Declares Regular Cash Dividend, Payable on October 1, 2023 The board of directors of C&F Financial Corporation has declared a regular cash dividend of 44 cents per share, which is payable October 1, 2023 to shareholders of record on September 15, 2023. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$1.86 (vs US$1.91 in 2Q 2022) Second quarter 2023 results: EPS: US$1.86 (down from US$1.91 in 2Q 2022). Revenue: US$30.4m (up 9.5% from 2Q 2022). Net income: US$6.38m (down 5.3% from 2Q 2022). Profit margin: 21% (down from 24% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 12
C&F Financial Corporation Announces Demise of James H. Hudson Iii Member of Board of Directors C&F Financial Corporation reported that on July 3, 2023, James H. Hudson III, who served on the board of directors of the Corporation, died. Mr. Hudson has been a valued member of the board of directors since 1997 and will be greatly missed. Recent Insider Transactions • Jun 10
Insider recently sold US$108k worth of stock On the 7th of June, Steven Crone sold around 2k shares on-market at roughly US$53.99 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$671k more than they bought in the last 12 months. Upcoming Dividend • Jun 07
Upcoming dividend of US$0.44 per share at 3.3% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 01 July 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (5.1%). Lower than average of industry peers (3.7%). Announcement • May 18
C&F Financial Corporation Announces Quarterly Dividend, Payable on July 1, 2023 C&F Financial Corporation has declared a regular cash dividend of 44 cents per share, which is payable on July 1, 2023, to shareholders of record on June 15, 2023. Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: US$1.87 (vs US$1.59 in 1Q 2022) First quarter 2023 results: EPS: US$1.87 (up from US$1.59 in 1Q 2022). Revenue: US$30.4m (up 10% from 1Q 2022). Net income: US$6.50m (up 15% from 1Q 2022). Profit margin: 21% (up from 20% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.44 per share at 2.9% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 01 April 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (4.3%). In line with average of industry peers (3.0%). Reported Earnings • Mar 06
Full year 2022 earnings released: EPS: US$8.29 (vs US$7.95 in FY 2021) Full year 2022 results: EPS: US$8.29 (up from US$7.95 in FY 2021). Revenue: US$119.0m (down 11% from FY 2021). Net income: US$29.2m (up 1.7% from FY 2021). Profit margin: 25% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Net interest margin (NIM): 4.27% (up from 4.26% in FY 2021). Non-performing loans: 0.07% (down from 0.21% in FY 2021). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 14% per year. Recent Insider Transactions • Feb 14
President recently sold US$99k worth of stock On the 10th of February, Thomas Cherry sold around 2k shares on-market at roughly US$58.95 per share. This transaction amounted to 4.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Thomas has been a net seller over the last 12 months, reducing personal holdings by US$192k. Recent Insider Transactions • Feb 02
President recently sold US$93k worth of stock On the 27th of January, Thomas Cherry sold around 2k shares on-market at roughly US$58.72 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Thomas' only on-market trade for the last 12 months. Reported Earnings • Jan 26
Full year 2022 earnings released Full year 2022 results: Revenue: US$118.8m (down 11% from FY 2021). Net income: US$29.4m (up 2.4% from FY 2021). Profit margin: 25% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Announcement • Jan 20
C&F Financial Corporation Appoints Julie R. Agnew as New Board Member C&F Financial Corporation announced that its Board of Directors appointed Dr. Julie R. Agnew to serve as a director of the Corporation effective January 17, 2023. She will also serve as a director of the Bank. Dr. Agnew previously served as a director of the Corporation from 2017 through August, 2022 when she accepted an offer of employment with an investment manager which precluded her service as a director for any company whose stock is publicly traded. Dr. Agnew recently decided to return to academia full-time. Dr. Agnew is the Richard C. Kraemer Term Professor of Business at William & Mary’s Raymond A. Mason School of Business. She is the Executive Faculty Director of the Boehly Center for Excellence in Finance at the Mason School of Business. She previously served as the first Director of the same center from 2014 until 2016. She is a TIAA Institute Fellow, a member of the Wharton School’s Pension Research Council Advisory Board and a Research Associate for the Center for Retirement Research at Boston College. Prior to pursuing her doctorate, Dr. Agnew worked as an analyst in investment banking for Salomon Brothers in New York City and as an equity research associate for Vector Securities International in Chicago. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.42 per share Eligible shareholders must have bought the stock before 14 December 2022. Payment date: 01 January 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (4.3%). In line with average of industry peers (3.1%). Recent Insider Transactions • Nov 04
Executive Chairman of the Board recently sold US$227k worth of stock On the 1st of November, Larry Dillon sold around 4k shares on-market at roughly US$56.68 per share. This transaction amounted to 9.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Larry's only on-market trade for the last 12 months. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: US$1.86 (vs US$2.16 in 3Q 2021) Third quarter 2022 results: EPS: US$1.86 (down from US$2.16 in 3Q 2021). Revenue: US$29.3m (down 12% from 3Q 2021). Net income: US$6.55m (down 15% from 3Q 2021). Profit margin: 22% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 07
Upcoming dividend of US$0.42 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 01 October 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.3%). In line with average of industry peers (3.2%). Announcement • Aug 18
C&F Financial Corporation Declares a Regular Cash Dividend, Payable on October 1, 2022 The board of directors of C&F Financial Corporation declared a regular cash dividend of 42 cents per share, which is payable October 1, 2022 to shareholders of record on September 15, 2022. This dividend represents a 5% increase over the prior quarter’s dividend amount of 40 cents per share. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: US$1.91 (vs US$2.19 in 2Q 2021) Second quarter 2022 results: EPS: US$1.91 (down from US$2.19 in 2Q 2021). Revenue: US$27.8m (down 22% from 2Q 2021). Net income: US$6.74m (down 16% from 2Q 2021). Profit margin: 24% (up from 23% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. 
