C&F Financial (CFFI) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 07, 2019
Document and Entity Information
Entity Registrant Name	C & F FINANCIAL CORP
Document Type	10-Q
Amendment Flag	false
Entity Central Index Key	0000913341
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		3,469,827
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Emerging Growth Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	[1]
Assets
Cash and due from banks	$ 11,777	$ 14,138
Interest-bearing deposits in other banks	125,674	100,875
Total cash and cash equivalents	137,451	115,013
Securities—available for sale at fair value, amortized cost of $208,925 and $216,650, respectively	209,007	214,910
Loans held for sale, at fair value	36,035	41,895
Loans, net of allowance for loan losses of $33,589 and $34,023, respectively	1,042,052	1,028,097
Restricted stock, at cost	3,257	3,247
Corporate premises and equipment, net	36,934	37,100
Other real estate owned, net of valuation allowance of $57 and $57, respectively	246	246
Accrued interest receivable	7,267	7,436
Goodwill	14,425	14,425
Core deposit and other amortizable intangible assets, net	1,065	1,142
Bank-owned life insurance	16,162	16,065
Net deferred tax asset	11,838	12,193
Other assets	33,621	29,642
Total assets	1,549,360	1,521,411
Deposits
Noninterest-bearing demand deposits	276,275	271,360
Savings and interest-bearing demand deposits	547,769	563,741
Time deposits	378,150	346,560
Total deposits	1,202,194	1,181,661
Short-term borrowings	17,024	14,917
Long-term borrowings	119,529	119,529
Trust preferred capital notes	25,254	25,245
Accrued interest payable	1,166	920
Other liabilities	29,293	27,181
Total liabilities	1,394,460	1,369,453
Shareholders’ equity
Common stock ($1.00 par value, 8,000,000 shares authorized, 3,476,799 and 3,497,122 shares issued and outstanding, respectively, includes 139,995 and 139,455 of unvested shares, respectively)	3,337	3,358
Additional paid-in capital	11,362	12,752
Retained earnings	143,003	140,520
Accumulated other comprehensive loss, net	(3,292)	(4,672)
Equity attributable to C&F Financial Corporation	154,410	151,958
Noncontrolling interest	490
Total equity	154,900	151,958
Total liabilities and equity	$ 1,549,360	$ 1,521,411
[1]	Derived from audited consolidated financial statements.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Consolidated Balance Sheets
Available-for-sale securities, amortized cost	$ 208,925	$ 216,650
Loans, allowance for loan losses	33,589	34,023
Other real estate owned, valuation allowance	$ 57	$ 57
Common stock par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	3,476,799	3,497,122
Common stock, shares outstanding	3,476,799	3,497,122
Common stock, unvested shares	139,995	139,455

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest income
Interest and fees on loans	$ 20,920	$ 20,817
Interest on interest-bearing deposits and federal funds sold	589	464
Interest and dividends on securities
U.S. government agencies and corporations	101	87
Mortgage-backed securities	611	546
Tax-exempt obligations of states and political subdivisions	583	715
Taxable obligations of states and political subdivisions	93	71
Other	54	44
Total interest income	22,951	22,744
Interest expense
Savings and interest-bearing deposits	602	364
Time deposits	1,306	956
Borrowings	1,111	973
Trust preferred capital notes	285	283
Total interest expense	3,304	2,576
Net interest income	19,647	20,168
Provision for loan losses	2,395	3,300
Net interest income after provision for loan losses	17,252	16,868
Noninterest income
Gains on sales of loans	2,136	2,239
Service charges on deposit accounts	918	1,049
Other service charges and fees	1,068	1,060
Net gains on maturities and calls of available for sale securities	4	5
Wealth management services income, net	449	425
Interchange income	958	906
Other	1,570	762
Total noninterest income	7,103	6,446
Noninterest expenses
Salaries and employee benefits	11,907	10,733
Occupancy	2,190	2,031
Other	5,580	5,775
Total noninterest expenses	19,677	18,539
Income before income taxes	4,678	4,775
Income tax expense	907	883
Net income	3,771	3,892
Net income attributable to C&F Financial Corporation	$ 3,771	$ 3,892
Net income per share - basic and diluted	$ 1.08	$ 1.11

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$ 3,771	$ 3,892
Defined benefit plan:
Reclassification of recognized net actuarial losses into net income	[1]	42	29
Related income tax effects		(9)	(6)
Amortization of prior service credit into net income	[1]	(17)	(15)
Related income tax effects		4	3
Defined benefit plan, net of tax		20	11
Cash flow hedges:
Unrealized holding (losses) gains arising during the period		(108)	212
Related income tax effects		28	(55)
Cash flow hedges, net of tax		(80)	157
Securities available for sale:
Unrealized holding gains (losses) arising during the period		1,826	(2,538)
Related income tax effects		(383)	533
Reclassification of net realized gains into net income	[2]	(4)	(5)
Related income tax effects		1	1
Securities available for sale, net of tax		1,440	(2,009)
Other comprehensive income (loss), net of tax		1,380	(1,841)
Comprehensive income		5,151	2,051
Comprehensive income		$ 5,151	$ 2,051
[1]	These items are included in the computation of net periodic benefit cost and are included in “Noninterest income-Other” on the Consolidated Statements of Income. See “Note 7: Employee Benefit Plans,” for additional information.
[2]	These items are included in “Net gains on maturities and calls of available for sale securities” on the Consolidated Statements of Income.

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest	Total
Balance, beginning of the period at Dec. 31, 2017	$ 3,358	$ 12,800	$ 127,431	$ (1,887)		$ 141,702
Comprehensive income:
Net income			3,892			3,892
Other comprehensive income/(loss)				(1,841)		(1,841)
Share-based compensation		319				319
Restricted stock vested	14	(14)
Common stock issued	1	35				36
Common stock purchased	(4)	(215)				(219)
Cash dividends declared			(1,190)			(1,190)
Balance, end of period at Mar. 31, 2018	3,369	12,925	130,133	(3,728)		142,699
Balance, beginning of the period at Dec. 31, 2018	3,358	12,752	140,520	(4,672)		151,958	[1]
Comprehensive income:
Net income			3,771			3,771
Other comprehensive income/(loss)				1,380		1,380
Issuance of noncontrolling interest					$ 490	490
Share-based compensation		457				457
Restricted stock vested	15	(15)
Common stock issued	1	35				36
Common stock purchased	(37)	(1,867)				(1,904)
Cash dividends declared			(1,288)			(1,288)
Balance, end of period at Mar. 31, 2019	$ 3,337	$ 11,362	$ 143,003	$ (3,292)	$ 490	$ 154,900
[1]	Derived from audited consolidated financial statements.

Consolidated Statements of Shar

Consolidated Statements of Shareholders’ Equity (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared – common stock (in dollars per share)	$ 0.37	$ 0.34

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019		Mar. 31, 2018
Operating activities:
Net income	$ 3,771		$ 3,892
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	916		750
Provision for loan losses	2,395		3,300
Provision for indemnifications			36
Share-based compensation	457		319
Pension expense	141		135
Pension contribution			(3,000)
Net accretion of certain acquisition-related discounts	(365)		(894)
Accretion of discounts and amortization of premiums on securities, net	410		445
Amortization of intangible assets	78		134
Net realized gains on maturities and calls of securities available for sale	(4)		(5)
Net realized gains on sale of corporate premises and equipment	(10)		(27)
Income from bank-owned life insurance	(83)		(81)
Origination of loans held for sale	(138,705)		(143,903)
Proceeds from sales of loans held for sale	146,701		161,872
Gains on sales of loans held for sale	(2,136)		(2,239)
Change in other assets and liabilities:
Accrued interest receivable	169		400
Other assets	1,138		173
Accrued interest payable	246		7
Other liabilities	(3,322)		795
Net cash provided by operating activities	11,797		22,109
Investing activities:
Proceeds from maturities and calls of securities available for sale and payments on mortgage-backed securities	15,657		12,735
Purchases of securities available for sale	(8,338)		(15,150)
Net purchases of restricted stock	(10)		(55)
Purchases of loans held for investment by non-bank affiliates	(36,854)		(31,886)
Repayments on loans held for investment by non-bank affiliates	30,599		28,121
Net (increase) decrease in retail banking loans held for investment	(9,740)		886
Purchases of corporate premises and equipment	(753)		(621)
Proceeds from sales of corporate premises and equipment	13
Net cash used in investing activities	(9,426)		(5,970)
Financing activities:
Net (decrease) increase in demand and savings deposits	(11,057)		8,260
Net increase in time deposits	31,590		6,404
Net increase (decrease) in short-term borrowings	2,107		(880)
Issuance of common stock	36		36
Purchase of common stock, excluding shares withheld to pay taxes	(1,667)
Issuance of noncontrolling interest	490
Cash dividends paid	(1,288)		(1,190)
Other financing activities	(144)		(144)
Net cash provided by financing activities	20,067		12,486
Net increase in cash and cash equivalents	22,438		28,625
Cash and cash equivalents at beginning of periods	115,013	[1]	119,423
Cash and cash equivalents at end of period	137,451		148,048
Supplemental cash flow disclosures:
Interest paid	3,049		2,560
Income taxes paid	8		8
Supplemental disclosure of noncash investing and financing activities
Value of shares withheld at vesting for employee taxes	$ 237		$ 219
[1]	Derived from audited consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE (Unaudited) NOTE 1: Summary of Significant Accounting Policies Principles of Consolidation: The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial reporting and with applicable quarterly reporting regulations of the Securities and Exchange Commission (the SEC). They do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the C&F Financial Corporation Annual Report on Form 10-K for the year ended December 31, 2018. The unaudited consolidated financial statements include the accounts of C&F Financial Corporation (the Corporation) and its wholly-owned subsidiary, Citizens and Farmers Bank (the Bank or C&F Bank). All significant intercompany accounts and transactions have been eliminated in consolidation. In addition, the Corporation owns C&F Financial Statutory Trust I, C&F Financial Statutory Trust II and Central Virginia Bankshares Statutory Trust I, all of which are unconsolidated subsidiaries. The subordinated debt owed to these trusts is reported as liabilities of the Corporation. The accounting and reporting policies of C&F Financial Corporation and Subsidiary conform to U.S. GAAP and to predominant practices within the banking industry. Nature of Operations: The Corporation is a bank holding company incorporated under the laws of the Commonwealth of Virginia. The Corporation owns all of the stock of its subsidiary, C&F Bank, which is an independent commercial bank chartered under the laws of the Commonwealth of Virginia. C&F Bank has five wholly-owned subsidiaries: C&F Mortgage Corporation (C&F Mortgage), C&F Finance Company (C&F Finance), C&F Wealth Management Corporation (C&F Wealth Management), C&F Insurance Services, Inc. and CVB Title Services, Inc., all incorporated under the laws of the Commonwealth of Virginia. C&F Mortgage, organized in September 1995, was formed to originate and sell residential mortgages and through its subsidiary, Certified Appraisals LLC, provides ancillary mortgage loan production services for residential appraisals. C&F Mortgage owns a 51 percent interest in C&F Select LLC, which was organized in January 2019 and is also engaged in the business of originating and selling residential mortgages. C&F Finance, acquired in September 2002, is a finance company purchasing automobile, marine and recreational vehicle (RV) loans through indirect lending programs. C&F Wealth Management, organized in April 1995, is a full-service brokerage firm offering a comprehensive range of wealth management services and insurance products through third-party service providers. C&F Insurance Services, Inc., was organized in July 1999, for the primary purpose of owning an equity interest in an independent insurance agency that operates in Virginia and North Carolina. CVB Title Services, Inc. was organized for the primary purpose of owning an equity interest in a full service title and settlement agency. Business segment data is presented in Note 9. Basis of Presentation: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the allowance for indemnifications, impairment of loans, impairment of securities, the valuation of other real estate owned (OREO), the projected benefit obligation under the defined benefit pension plan, the valuation of deferred taxes and goodwill impairment. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the results of operations in these financial statements, have been made. Reclassification: Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. None of these reclassifications are considered material. Derivative Financial Instruments: The Corporation recognizes derivative financial instruments at fair value as either an other asset or other liability in the Consolidated Balance Sheets. The Corporation’s derivative financial instruments include (1) interest rate lock commitments (IRLCs) on mortgage loans that will be sold in the secondary market on a best efforts basis and the related forward commitments to sell mortgage loans, (2) interest rate swaps with certain qualifying commercial loan customers and dealer counterparties and (3) interest rate swaps that qualify and are designated as cash flow hedges on the Corporation’s trust preferred capital notes. Because the IRLCs, forward sales commitments and interest rate swaps with loan customers and dealer counterparties are not designated as hedging instruments, adjustments to reflect unrealized gains and losses resulting from changes in the fair value of these instruments are reported as noninterest income or noninterest expense, as applicable. The gain or loss on the Corporation’s cash flow hedges is reported as a component of other comprehensive income, net of deferred income taxes, and reclassified into earnings in the same period(s) during which the hedged transactions affect earnings. The Corporation’s derivative financial instruments are described more fully in Note 11. Leases: The Corporation recognizes a lease liability and a right-of-use asset in connection with leases in which it is a lessee, except for leases with a term of twelve months or less. A lease liability represents the Corporation’s obligation to make future payments under lease contracts, and a right-of-use asset represents the Corporation’s right to control the use of the underlying property during the lease term. Lease liabilities and right-of-use assets are recognized upon commencement of a lease and measured as the present value of lease payments over the lease term, discounted at the incremental borrowing rate of the lessee. The Corporation has elected not to separate lease and nonlease components within the same contract and instead to account for the entire contract as a lease. Share-Based Compensation: Share-based compensation expense, net of forfeitures, for the first quarter of 2019 was $457,000 ($290,000 after tax) for restricted stock granted during 2014 through 2019. As of March 31, 2019, there was $3.30 million of total unrecognized compensation expense related to unvested restricted stock that will be recognized over the remaining requisite service periods. A summary of activity for restricted stock awards during the first three months of 2019 and 2018 is presented below: 2019 Weighted- Average Grant Date Shares Fair Value Unvested, December 31, 2018 139,455 $ 45.75 Granted 16,100 51.73 Vested (15,490) 41.31 Forfeited (70) 60.95 Unvested, March 31, 2019 139,995 46.92 2018 Weighted- Average Grant Date Shares Fair Value Unvested, December 31, 2017 137,880 $ 43.52 Granted 11,210 58.40 Vested (14,125) 40.05 Forfeited (1,615) 42.78 Unvested, March 31, 2018 133,350 45.14 Recently Adopted Accounting Pronouncements: On January 1, 2019, the Corporation adopted Accounting Standards Update (ASU) 2016-02, “Leases (Topic 842)” and related amendments (collectively, ASC 842), which resulted in recognition of a lease liability and right-of-use asset in connection with leases in which the Corporation is the lessee. Under ASC 842, lessor accounting is largely unchanged. The Corporation elected an optional transition method to apply ASC 842 as of the adoption date on a modified retrospective basis. Periods prior to January 1, 2019 have not been restated. Upon adoption, the Corporation recorded a lease liability of approximately $3.14 million for its remaining payment obligations as of January 1, 2019 for leases in effect at that time, excluding leases with an original term of twelve months or less, and a corresponding right-of-use asset. All of the Corporation’s existing leases upon adoption of ASC 842 were classified as operating leases based on the classification of each lease under previous GAAP; classification of these leases was not reconsidered upon adoption of ASC 842. Refer to Note 5 for further information about the Corporation’s leases. Recent Significant Accounting Pronouncements: In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” as part of its project on financial instruments. Subsequently, this ASU was amended when the FASB issued ASU 2018-19, “ Codification Improvements to Topic 326, Financial Instruments – Credit Losses ” (collectively, ASC 326). ASC 326 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. For public business entities that are SEC filers, the new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The amendments will be applied on a modified retrospective basis, with the cumulative effect of adopting the new standard being recorded as an adjustment to opening retained earnings in the period of adoption. The Corporation has established a working group to prepare for and implement changes related to ASC 326 and has gathered historical loan loss data for purposes of evaluating appropriate portfolio segmentation and modeling methods under the standard. The Corporation has performed procedures to validate the historical loan loss data to ensure its suitability and reliability for purposes of developing an estimate of expected credit losses under ASC 326. The Corporation has engaged a vendor to assist in modeling expected lifetime losses under ASC 326, and expects to develop and refine an approach to estimating the allowance for credit losses during 2019. The adoption of ASC 326 will result in significant changes to the Corporation’s consolidated financial statements, which may include changes in the level of the allowance for credit losses that will be considered adequate, a reduction in shareholders’ equity and regulatory capital of C&F Bank, differences in the timing of recognizing changes to the allowance for credit losses and expanded disclosures about the allowance for credit losses. The Corporation has not yet determined an estimate of the effect of these changes. The adoption of the standard will also result in significant changes in the Corporation’s internal control over financial reporting related to the allowance for credit losses. In January 2017, the FASB issued ASU 2017-04, “ Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, ” which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective for public business entities that are SEC filers for annual and interim periods beginning after December 15, 2019. Early adoption is permitted. The Corporation does not expect the adoption of ASU 2017-04 to have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” These amendments modify the disclosure requirements in Topic 820 to add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty. Certain disclosure requirements in Topic 820 are also removed or modified. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain of the amendments are to be applied prospectively while others are to be applied retrospectively. Early adoption is permitted. The Corporation does not expect the adoption of ASU 2018-13 to have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans.” These amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Certain disclosure requirements have been deleted while the following disclosure requirements have been added: the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendments also clarify the disclosure requirements regarding the projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets and the accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. The amendments are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Corporation does not expect the adoption of ASU 2018-14 to have a material effect on its consolidated financial statements. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not currently expected to have a material effect on the Corporation’s financial position, results of operations or cash flows.

Securities

Securities	3 Months Ended
	Mar. 31, 2019
Securities
Securities	NOTE 2: Securities The Corporation’s debt securities, all of which are classified as available for sale, are summarized as follows: March 31, 2019 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 17,650 $ — $ (256) $ 17,394 Mortgage-backed securities 101,159 279 (848) 100,590 Obligations of states and political subdivisions 90,116 1,005 (98) 91,023 $ 208,925 $ 1,284 $ (1,202) $ 209,007 December 31, 2018 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 18,008 $ 1 $ (536) $ 17,473 Mortgage-backed securities 106,787 85 (1,889) 104,983 Obligations of states and political subdivisions 91,855 840 (241) 92,454 $ 216,650 $ 926 $ (2,666) $ 214,910 The amortized cost and estimated fair value of securities at March 31, 2019, by the earlier of contractual maturity or expected maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties. March 31, 2019 Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ 47,052 $ 47,097 Due after one year through five years 141,597 141,414 Due after five years through ten years 15,447 15,513 Due after ten years 4,829 4,983 $ 208,925 $ 209,007 The following table presents the gross realized gains and losses on and the proceeds from the maturities, calls and paydowns of securities. There were no sales of securities during the periods presented. Three Months Ended March 31, (Dollars in thousands) 2019 2018 Realized gains from maturities and calls of securities: Gross realized gains $ 4 $ 5 Gross realized losses — — Net realized gains $ 4 $ 5 Proceeds from maturities, calls and paydowns of securities $ 15,657 $ 12,735 The Corporation pledges securities primarily to secure public deposits and repurchase agreements. Securities with an aggregate amortized cost of $103.41 million and aggregate fair value of $103.33 million were pledged at March 31, 2019. Securities with an aggregate amortized cost of $110.81 million and an aggregate fair value of $109.83 million were pledged at December 31, 2018. Securities in an unrealized loss position at March 31, 2019, by duration of the period of the unrealized loss, are shown below. Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss U.S. government agencies and corporations $ — $ — $ 16,005 $ 256 $ 16,005 $ 256 Mortgage-backed securities 1,754 1 67,941 847 69,695 848 Obligations of states and political subdivisions 1,899 1 18,062 97 19,961 98 Total temporarily impaired securities $ 3,653 $ 2 $ 102,008 $ 1,200 $ 105,661 $ 1,202 There were 180 debt securities totaling $105.7 million considered temporarily impaired at March 31, 2019. The primary cause of the temporary impairments in the Corporation's investments in debt securities was fluctuations in interest rates as debt securities, especially those purchased prior to 2018, have declined in value as interest rates have risen. The Corporation’s mortgage-backed securities are entirely issued by either U.S. government agencies or U.S. government-sponsored enterprises. Collectively, these entities provide a guarantee, which is either explicitly or implicitly supported by the full faith and credit of the U.S. government, that investors in such mortgage-backed securities will receive timely principal and interest payments. At March 31, 2019, approximately 97 percent of the Corporation's obligations of states and political subdivisions, as measured by market value, were rated “A” or better by Standard & Poor's (S&P) or Moody's Investors Service (Moody’s). Of those in an unrealized loss position, approximately 99 percent were rated “A” or better by S&P or Moody’s, as measured by market value, at March 31, 2019. For the approximately one percent not rated “A” or better, as measured by market value at March 31, 2019, the Corporation considers these to meet regulatory credit quality standards, meaning that the securities have low risk of default by the obligor and the full and timely repayment of principal and interest is expected over the expected life of the investment. Because the Corporation intends to hold these investments in debt securities to maturity and it is more-likely-than-not that the Corporation will not be required to sell these investments before a recovery of unrealized losses, the Corporation does not consider these investments to be other-than-temporarily impaired at March 31, 2019 and no other-than-temporary impairment loss has been recognized in net income. Securities in an unrealized loss position at December 31, 2018, by duration of the period of the unrealized loss, are shown below. Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss U.S. government agencies and corporations $ 997 $ 1 $ 15,725 $ 535 $ 16,722 $ 536 Mortgage-backed securities 17,934 132 72,830 1,757 90,764 1,889 Obligations of states and political subdivisions 9,492 29 20,555 212 30,047 241 Total temporarily impaired securities $ 28,423 $ 162 $ 109,110 $ 2,504 $ 137,533 $ 2,666 The Corporation’s investment in restricted stock totaled $3.26 million at March 31, 2019 and consisted of Federal Home Loan Bank (FHLB) stock. Restricted stock is generally viewed as a long-term investment, which is carried at cost because there is no market for the stock other than the FHLBs. Therefore, when evaluating restricted stock for impairment, its value is based on the ultimate recoverability of the par value rather than by recognizing any temporary decline in value. The Corporation did not consider its investment in restricted stock to be other-than-temporarily impaired at March 31, 2019 and no impairment has been recognized.

Loans

Loans	3 Months Ended
	Mar. 31, 2019
Loans
Loans	NOTE 3: Loans Major classifications of loans are summarized as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Real estate – residential mortgage $ 183,697 $ 184,901 Real estate – construction 1 65,588 54,461 Commercial, financial and agricultural 2 459,820 455,935 Equity lines 54,111 55,660 Consumer 12,833 15,009 Consumer finance 299,592 296,154 1,075,641 1,062,120 Less allowance for loan losses (33,589) (34,023) Loans, net $ 1,042,052 $ 1,028,097 1 Includes the Corporation’s real estate construction lending and consumer real estate lot lending. 2 Includes the Corporation’s commercial real estate lending, land acquisition and development lending, builder line lending and commercial business lending. Consumer loans included $199,000 and $275,000 of demand deposit overdrafts at March 31, 2019 and December 31, 2018, respectively. The outstanding principal balance and the carrying amount of loans acquired pursuant to the Corporation's acquisition of Central Virginia Bank (CVB) on October 1, 2013 (or acquired loans) that were recorded at fair value at the acquisition date and are included in the Consolidated Balance Sheets are as follows: March 31, 2019 December 31, 2018 Acquired Loans - Acquired Loans - Acquired Loans - Acquired Loans - Purchased Purchased Acquired Loans - Purchased Purchased Acquired Loans - (Dollars in thousands) Credit Impaired Performing Total Credit Impaired Performing Total Outstanding principal balance $ 9,537 $ 37,687 $ 47,224 $ 9,734 $ 38,768 $ 48,502 Carrying amount Real estate – residential mortgage $ 280 $ 8,543 $ 8,823 $ 284 $ 8,823 $ 9,107 Commercial, financial and agricultural 1 1,489 18,110 19,599 1,461 18,982 20,443 Equity lines 90 9,224 9,314 90 9,063 9,153 Consumer — 5 5 — 6 6 Total acquired loans $ 1,859 $ 35,882 $ 37,741 $ 1,835 $ 36,874 $ 38,709 1 Includes acquired loans classified by the Corporation as commercial real estate lending, land acquisition and development lending, builder line lending and commercial business lending. The following table presents a summary of the change in the accretable yield of the PCI loan portfolio: Three Months Ended March 31, (Dollars in thousands) 2019 2018 Accretable yield, balance at beginning of period $ 5,987 $ 7,304 Accretion (469) (977) Reclassification of nonaccretable difference due to improvement in expected cash flows 256 871 Other changes, net 162 (398) Accretable yield, balance at end of period $ 5,936 $ 6,800 Loans on nonaccrual status were as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Real estate – residential mortgage $ 701 $ 594 Commercial, financial and agricultural: Commercial business lending 29 24 Equity lines 760 883 Consumer 124 — Consumer finance 520 712 Total loans on nonaccrual status $ 2,134 $ 2,213 The past due status of loans as of March 31, 2019 was as follows: 90+ Days 30 - 59 Days 60 - 89 Days 90+ Days Total Past Due and (Dollars in thousands) Past Due Past Due Past Due Past Due PCI Current 1 Total Loans Accruing Real estate – residential mortgage $ 969 $ — $ 136 $ 1,105 $ 280 $ 182,312 $ 183,697 $ 6 Real estate – construction: Construction lending — — — — — 53,319 53,319 — Consumer lot lending — — — — — 12,269 12,269 — Commercial, financial and agricultural: Commercial real estate lending 64 — 315 379 1,489 301,212 303,080 315 Land acquisition and development lending — — — — — 45,245 45,245 — Builder line lending — — — — — 29,180 29,180 — Commercial business lending 45 — 29 74 — 82,241 82,315 — Equity lines 299 122 619 1,040 90 52,981 54,111 — Consumer 52 — — 52 — 12,781 12,833 7 Consumer finance 6,573 870 520 7,963 — 291,629 299,592 — Total $ 8,002 $ 992 $ 1,619 $ 10,613 $ 1,859 $ 1,063,169 $ 1,075,641 $ 328 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due. The table above includes nonaccrual loans that are current of $616,000, 30-59 days past due of $90,000, 60-89 days past due of $122,000 and 90+ days past due of $1.31 million. The past due status of loans as of December 31, 2018 was as follows: 90+ Days 30 - 59 Days 60 - 89 Days 90+ Days Total Past Due and (Dollars in thousands) Past Due Past Due Past Due Past Due PCI Current 1 Total Loans Accruing Real estate – residential mortgage $ 1,221 $ — $ 37 $ 1,258 $ 284 $ 183,359 $ 184,901 $ 9 Real estate – construction: Construction lending — — — — — 42,051 42,051 — Consumer lot lending — — — — — 12,410 12,410 — Commercial, financial and agricultural: Commercial real estate lending — — 315 315 1,461 309,057 310,833 315 Land acquisition and development lending — — — — — 43,404 43,404 — Builder line lending — — — — — 31,201 31,201 — Commercial business lending 163 19 24 206 — 70,291 70,497 — Equity lines 46 584 325 955 90 54,615 55,660 — Consumer 31 — — 31 — 14,978 15,009 — Consumer finance 11,419 1,965 712 14,096 — 282,058 296,154 — Total $ 12,880 $ 2,568 $ 1,413 $ 16,861 $ 1,835 $ 1,043,424 $ 1,062,120 $ 324 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due. The table above includes nonaccrual loans that are current of $458,000, 30-59 days past due of $97,000, 60‑89 days past due of $560,000 and 90+ days past due of $1.10 million. There were no loan modifications that were classified as troubled debt restructurings (TDRs) during the three months ended March 31, 2019 and 2018. All TDRs are considered impaired loans and are individually evaluated in the determination of the allowance for loan losses. A TDR payment default occurs when, within 12 months of the original TDR modification, either a full or partial charge-off occurs or a TDR becomes 90 days or more past due. The specific reserve associated with a TDR is reevaluated when a TDR payment default occurs. There were no TDR payment defaults during the three months ended March 31, 2019 and 2018. Impaired loans, which included TDRs of $4.68 million, and the related allowance at March 31, 2019 were as follows: Recorded Recorded Investment Investment Average Unpaid in Loans in Loans Balance- Interest Principal without with Related Impaired Income (Dollars in thousands) Balance Specific Reserve Specific Reserve Allowance Loans Recognized Real estate – residential mortgage $ 3,134 $ 1,273 $ 1,760 $ 127 $ 3,099 $ 35 Commercial, financial and agricultural: Commercial real estate lending 1,752 3 1,710 69 1,768 23 Builder line lending 437 437 — — 437 7 Equity lines 225 30 187 187 217 — Consumer 131 — 128 124 129 — Total $ 5,679 $ 1,743 $ 3,785 $ 507 $ 5,650 $ 65 Impaired loans, which included TDRs of $5.45 million, and the related allowance at December 31, 2018 were as follows: Recorded Recorded Investment Investment Average Unpaid in Loans in Loans Balance- Interest Principal without with Related Impaired Income (Dollars in thousands) Balance Specific Reserve Specific Reserve Allowance Loans Recognized Real estate – residential mortgage $ 3,057 $ 1,288 $ 1,677 $ 92 $ 3,056 $ 142 Commercial, financial and agricultural: Commercial real estate lending 2,468 1,498 927 10 2,653 132 Commercial business lending 33 25 — — 26 — Equity lines 365 31 326 326 359 2 Consumer 5 — 5 — 5 — Total $ 5,928 $ 2,842 $ 2,935 $ 428 $ 6,099 $ 276

Allowance for Loan Losses

Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2019
Allowance for Loan Losses
Allowance for Loan Losses	NOTE 4: Allowance for Loan Losses The following table presents the changes in the allowance for loan losses by major classification during the three months ended March 31, 2019: Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance for loan losses: Balance at December 31, 2018 $ 2,246 $ 727 $ 6,688 $ 1,106 $ 257 $ 22,999 $ 34,023 Provision charged (credited) to operations (47) 114 (25) (205) 163 2,395 2,395 Loans charged off — — — — (76) (3,890) (3,966) Recoveries of loans previously charged off 5 — 1 — 42 1,089 1,137 Balance at March 31, 2019 $ 2,204 $ 841 $ 6,664 $ 901 $ 386 $ 22,593 $ 33,589 The following table presents the changes in the allowance for loan losses by major classification during the three months ended March 31, 2018: Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance for loan losses: Balance at December 31, 2017 $ 2,371 $ 605 $ 7,478 $ 688 $ 231 $ 24,353 $ 35,726 Provision charged (credited) to operations (16) 251 (238) — 3 3,300 3,300 Loans charged off — — (2) — (71) (4,583) (4,656) Recoveries of loans previously charged off 22 — 5 — 48 1,155 1,230 Balance at March 31, 2018 $ 2,377 $ 856 $ 7,243 $ 688 $ 211 $ 24,225 $ 35,600 The following table presents, as of March 31, 2019, the balance of the allowance for loan losses and the balance of loans by impairment methodology. Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance balance attributable to loans: Individually evaluated for impairment $ 127 $ — $ 69 $ 187 $ 124 $ — $ 507 Collectively evaluated for impairment 2,077 841 6,595 714 262 22,593 33,082 Acquired loans - PCI — — — — — — — Total allowance $ 2,204 $ 841 $ 6,664 $ 901 $ 386 $ 22,593 $ 33,589 Loans: Individually evaluated for impairment $ 3,033 $ — $ 2,150 $ 217 $ 128 $ — $ 5,528 Collectively evaluated for impairment 180,384 65,588 456,181 53,804 12,705 299,592 1,068,254 Acquired loans - PCI 280 — 1,489 90 — — 1,859 Total loans $ 183,697 $ 65,588 $ 459,820 $ 54,111 $ 12,833 $ 299,592 $ 1,075,641 The following table presents, as of December 31, 2018, the balance of the allowance for loan losses, the allowance by impairment methodology, total loans and loans by impairment methodology. Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance balance attributable to loans: Individually evaluated for impairment $ 92 $ — $ 10 $ 326 $ — $ — $ 428 Collectively evaluated for impairment 2,154 727 6,678 780 257 22,999 33,595 Acquired loans - PCI — — — — — — — Total allowance $ 2,246 $ 727 $ 6,688 $ 1,106 $ 257 $ 22,999 $ 34,023 Loans: Individually evaluated for impairment $ 2,965 $ — $ 2,450 $ 357 $ 5 $ — $ 5,777 Collectively evaluated for impairment 181,652 54,461 452,024 55,213 15,004 296,154 1,054,508 Acquired loans - PCI 284 — 1,461 90 — — 1,835 Total loans $ 184,901 $ 54,461 $ 455,935 $ 55,660 $ 15,009 $ 296,154 $ 1,062,120 Loans by credit quality indicators as of March 31, 2019 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 179,808 $ 2,210 $ 978 $ 701 $ 183,697 Real estate – construction: Construction lending 53,319 — — — 53,319 Consumer lot lending 12,269 — — — 12,269 Commercial, financial and agricultural: Commercial real estate lending 299,627 3,008 445 — 303,080 Land acquisition and development lending 35,151 10,094 — — 45,245 Builder line lending 28,743 — 437 — 29,180 Commercial business lending 81,735 551 — 29 82,315 Equity lines 52,895 409 47 760 54,111 Consumer 12,697 9 3 124 12,833 $ 756,244 $ 16,281 $ 1,910 $ 1,614 $ 776,049 1 At March 31, 2019, the Corporation did not have any loans classified as Doubtful or Loss. Non- (Dollars in thousands) Performing Performing Total Consumer finance $ 299,072 $ 520 $ 299,592 Loans by credit quality indicators as of December 31, 2018 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 180,232 $ 2,832 $ 1,243 $ 594 $ 184,901 Real estate – construction: Construction lending 42,051 — — — 42,051 Consumer lot lending 12,410 — — — 12,410 Commercial, financial and agricultural: Commercial real estate lending 306,578 3,801 454 — 310,833 Land acquisition and development lending 33,156 10,248 — — 43,404 Builder line lending 31,201 — — — 31,201 Commercial business lending 69,897 576 — 24 70,497 Equity lines 54,289 389 99 883 55,660 Consumer 14,998 5 6 — 15,009 $ 744,812 $ 17,851 $ 1,802 $ 1,501 $ 765,966 1 At December 31, 2018, the Corporation did not have any loans classified as Doubtful or Loss. Non- (Dollars in thousands) Performing Performing Total Consumer finance $ 295,442 $ 712 $ 296,154

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	NOTE 5: Leases The Corporation’s leases comprise primarily leases of real estate and office equipment in which the Corporation is the lessee, and all of which are classified as operating leases. Lease cost for the three months ended March 31, 2019 is set forth in the table below. Three Months Ended (Dollars in thousands) March 31, 2019 Operating lease cost $ 414 Short-term lease cost 39 Variable lease cost 14 Total lease cost $ 467 Variable lease payments primarily represent payments for common area maintenance related to real estate leases and taxes and fees related to equipment leases. Cash paid for amounts included in the measurement of lease liabilities during the three months ended March 31, 2019 was $306,000. As of March 31, the weighted average remaining lease term and discount rate for the Corporation’s leases were 3.0 years and 3.3%, respectively. Right-of-use assets of $3.67 million were included in other assets and lease liabilities of $3.68 million were included in other liabilities as of March 31, 2019. During the three months ended March 31, 2019, the Corporation obtained right-of-use assets in exchange for lease liabilities of $821,000. The Corporation adopted ASC 842 effective January 1, 2019. Prior to January 1, 2019, the Corporation measured lease expense in accordance with FASB Accounting Standards Codification (ASC) Topic 840. During the three months ended March 31, 2018, the Corporation recognized lease expense of $439,000. Certain of the Corporation’s leases contain options to extend the lease term beyond the initial term. Options to extend the lease term are recognized as part of the Corporation’s lease liabilities and right-of-use assets at the commencement of a lease to the extent the Corporation is reasonably certain to exercise such options. Maturities of the Corporation’s lease liabilities are set forth in the table below. As of (Dollars in thousands) March 31, 2019 2019 $ 1,131 2020 1,392 2021 758 2022 236 2023 109 Thereafter 249 Total 3,875 Imputed interest (193) Lease liabilities $ 3,682 The table above excludes payments of $4.94 million related to two lease agreements that have been executed where the Corporation has not obtained control of the real estate properties under lease as of March 31, 2019 and has therefore not recognized a lease liability or right-of-use asset.

Equity, Other Comprehensive Inc

Equity, Other Comprehensive Income and Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Equity, Other Comprehensive Income and Earnings Per Share
Equity, Other Comprehensive Income and Earnings Per Share	NOTE 6: Equity, Other Comprehensive Income and Earnings Per Share Equity and Noncontrolling Interest During the first three months of 2019, the Corporation repurchased 32,407 shares of its common stock for an aggregate cost of $1.67 million under a share repurchase program authorized by its Board of Directors. Additionally during the first three months of 2019 and 2018, the Corporation withheld 4,641 shares and 3,737 shares of its common stock, respectively, from employees to satisfy tax withholding obligations upon vesting of restricted stock. In the first quarter of 2019, C&F Select LLC, a subsidiary of C&F Mortgage, issued a 49 percent ownership interest to an unrelated third party in exchange for $490,000. The holder of this noncontrolling interest financed the investment through a loan obtained from C&F Bank. Accumulated Other Comprehensive Loss The following table presents the cumulative balances of the components of accumulated other comprehensive loss, net of deferred taxes of $864,000 and $1.23 million as of March 31, 2019 and December 31, 2018, respectively. March 31, December 31, (Dollars in thousands) 2019 2018 Net unrealized gains (losses) on securities $ 65 $ (1,375) Net unrecognized gains on cash flow hedges 135 215 Net unrecognized losses on defined benefit plan (3,492) (3,512) Total accumulated other comprehensive loss $ (3,292) $ (4,672) Earnings Per Share (EPS) The components of the Corporation’s EPS calculations are as follows: Three Months Ended March 31, (Dollars in thousands) 2019 2018 Net income attributable to C&F Financial Corporation $ 3,771 $ 3,892 Weighted average shares outstanding—basic and diluted 3,484,592 3,501,164 The Corporation has applied the two-class method of computing basic and diluted EPS for each period presented because the Corporation’s unvested restricted shares outstanding contain rights to nonforfeitable dividends equal to dividends on the Corporation’s common stock. Accordingly, the weighted average number of shares used in the calculation of basic and diluted EPS includes both vested and unvested shares outstanding.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2019
Employee Benefit Plans
Employee Benefit Plans	NOTE 7: Employee Benefit Plans The following table summarizes the components of net periodic benefit cost for the Bank’s non-contributory cash balance pension plan. Three Months Ended March 31, (Dollars in thousands) 2019 2018 Components of net periodic benefit cost: Service cost, included in salaries and employee benefits $ 293 $ 306 Other components of net periodic benefit cost: Interest cost 153 133 Expected return on plan assets (330) (318) Amortization of prior service credit (17) (15) Recognized net actuarial losses 42 29 Other components of net periodic benefit cost, included in other noninterest income (152) (171) Net periodic benefit cost $ 141 $ 135

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2019
Fair Value of Assets and Liabilities
Fair Value of Assets and Liabilities	NOTE 8: Fair Value of Assets and Liabilities Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. U.S. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. U.S. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels. These levels are: · Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 assets and liabilities include debt securities traded in an active exchange market, as well as U.S. Treasury securities. · Level 2—Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3—Valuation is determined using model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect the Corporation’s estimates of assumptions that market participants would use in pricing the respective asset or liability. Valuation techniques may include the use of pricing models, discounted cash flow models and similar techniques. U.S. GAAP allows an entity the irrevocable option to elect fair value (the fair value option) for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. The Corporation has elected to use fair value accounting for its entire portfolio of loans held for sale (LHFS). Assets and Liabilities Measured at Fair Value on a Recurring Basis The following describes the valuation techniques and inputs used by the Corporation in determining the fair value of certain assets recorded at fair value on a recurring basis in the financial statements. Securities available for sale. The Corporation primarily values its investment portfolio using Level 2 fair value measurements, but may also use Level 1 or Level 3 measurements if required by the composition of the portfolio. At March 31, 2019 and December 31, 2018, the Corporation’s entire investment securities portfolio was comprised of securities available for sale, which were valued using Level 2 fair value measurements. The Corporation has contracted with third party portfolio accounting service vendors for valuation of its securities portfolio. The vendors’ sources for security valuation are ICE Data Services (ICE) and Thomson Reuters Pricing Service (TRPS). Each source provides opinions, known as evaluated prices, as to the value of individual securities based on model-based pricing techniques that are partially based on available market data, including prices for similar instruments in active markets and prices for identical assets in markets that are not active. ICE provides evaluated prices for the Corporation’s obligations of states and political subdivisions category of securities. ICE uses proprietary pricing models and pricing systems, mathematical tools and judgment to determine an evaluated price for a security based upon a hierarchy of market information regarding that security or securities with similar characteristics. TRPS provides evaluated prices for the Corporation’s U.S. government agencies and corporations and mortgage-backed categories of securities. Fixed-rate callable securities of the U.S. government agencies and corporations category are individually evaluated on an option adjusted spread basis for callable issues or on a nominal spread basis incorporating the term structure of agency market spreads and the appropriate risk free benchmark curve for non-callable issues. Fixed-rate securities issued by the Small Business Association in the U.S. government agencies and corporations category are individually evaluated based upon a hierarchy of security specific information and market data regarding that security or securities with similar characteristics. Pass-through mortgage-backed securities (MBS) in the mortgage-backed category are grouped into aggregate categories defined by issuer program, weighted average coupon, and weighted average maturity. Each aggregate is benchmarked to a relative mortgage-backed to-be-announced (TBA) or other benchmark price. TBA prices are obtained from market makers and live trading systems. Collateralized mortgage obligations in the mortgage-backed category are individually evaluated based upon a hierarchy of security specific information and market data regarding that security or securities with similar characteristics. Each evaluation is determined using an option adjusted spread and prepayment model based on volatility-driven, multi-dimensional spread tables. Loans held for sale (LHFS). Fair value of the Corporation’s LHFS is based on observable market prices for similar instruments traded in the secondary mortgage loan markets in which the Corporation conducts business. The Corporation’s portfolio of LHFS is classified as Level 2. Derivative asset - IRLCs. The Corporation recognizes IRLCs at fair value. Fair value of IRLCs is based on either (i) the price of the underlying loans obtained from an investor for loans that will be delivered on a best efforts basis or (ii) the observable price for individual loans traded in the secondary market for loans that will be delivered on a mandatory basis. All of the Corporation’s IRLCs are classified as Level 2. Derivative asset/liability – interest rate swaps on loans. The Corporation recognizes interest rate swaps at fair value. The Corporation has contracted with a third party vendor to provide valuations for these interest rate swaps using standard valuation techniques. All of the Corporation’s interest rate swaps on loans are classified as Level 2. Derivative asset - cash flow hedges. The Corporation recognizes cash flow hedges at fair value. The fair value of the Corporation’s cash flow hedges is determined using the discounted cash flow method. All of the Corporation’s cash flow hedges are classified as Level 2. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis. March 31, 2019 Fair Value Measurements Using Assets/Liabilities at (Dollars in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Securities available for sale U.S. government agencies and corporations $ — $ 17,394 $ — $ 17,394 Mortgage-backed securities — 100,590 — 100,590 Obligations of states and political subdivisions — 91,023 — 91,023 Total securities available for sale — 209,007 — 209,007 Loans held for sale — 36,035 — 36,035 Derivative asset - IRLC — 1,396 — 1,396 Derivative asset - interest rate swaps on loans — 1,378 — 1,378 Derivative asset - cash flow hedges — 182 — 182 Total assets $ — $ 247,998 $ — $ 247,998 Liabilities: Derivative liability - interest rate swaps on loans — 1,378 — 1,378 Total liabilities $ — $ 1,378 $ — $ 1,378 December 31, 2018 Fair Value Measurements Using Assets/Liabilities at (Dollars in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Securities available for sale U.S. government agencies and corporations $ — $ 17,473 $ — $ 17,473 Mortgage-backed securities — 104,983 — 104,983 Obligations of states and political subdivisions — 92,454 — 92,454 Total securities available for sale — 214,910 — 214,910 Loans held for sale — 41,895 — 41,895 Derivative asset - IRLC — 636 — 636 Derivative asset - interest rate swaps on loans — 1,607 — 1,607 Derivative asset - cash flow hedges — 289 — 289 Total assets $ — $ 259,337 $ — $ 259,337 Liabilities: Derivative liability - interest rate swaps on loans — 1,607 — 1,607 Total liabilities $ — $ 1,607 $ — $ 1,607 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Corporation may be required, from time to time, to measure and recognize certain assets at fair value on a nonrecurring basis in accordance with U.S. GAAP. The following describes the valuation techniques and inputs used by the Corporation in determining the fair value of certain assets recorded at fair value on a nonrecurring basis in the financial statements. Impaired loans. The Corporation does not record loans held for investment at fair value on a recurring basis. However, there are instances when a loan is considered impaired and an allowance for loan losses is established. The Corporation measures impairment either based on the fair value of the loan using the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent, or using the present value of expected future cash flows discounted at the loan’s effective interest rate, which is not a fair value measurement. The Corporation maintains a valuation allowance to the extent that this measure of the impaired loan is less than the recorded investment in the loan. When an impaired loan is measured at fair value based solely on observable market prices or a current appraisal without further adjustment for unobservable inputs, the Corporation records the impaired loan as a nonrecurring fair value measurement classified as Level 2. However, if based on management’s review, additional discounts to observed market prices or appraisals are required or if observable inputs are not available, the Corporation records the impaired loan as a nonrecurring fair value measurement classified as Level 3. Impaired loans that are measured based on expected future cash flows discounted at the loan’s effective interest rate rather than the market rate of interest, are not recorded at fair value and are therefore excluded from fair value disclosure requirements. OREO. Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less estimated costs to sell at the date of foreclosure. Initial fair value is based upon appraisals the Corporation obtains from independent licensed appraisers. Subsequent to foreclosure, management periodically performs valuations of the foreclosed assets based on updated appraisals, general market conditions, recent sales of similar properties, length of time the properties have been held, and our ability and intent with regard to continued ownership of the properties. The Corporation may incur additional write-downs of foreclosed assets to fair value less estimated costs to sell if valuations indicate a further deterioration in market conditions. As such, the Corporation records OREO as a nonrecurring fair value measurement classified as Level 3. The following table presents the balances of assets measured at fair value on a nonrecurring basis. March 31, 2019 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Impaired loans, net $ — $ — $ 155 $ 155 Other real estate owned, net — — 246 246 Total $ — $ — $ 401 $ 401 December 31, 2018 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Impaired loans, net $ — $ — $ 102 $ 102 Other real estate owned, net — — 246 246 Total $ — $ — $ 348 $ 348 The following table presents quantitative information about Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis: Fair Value Measurements at March 31, 2019 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Inputs Range of Inputs Impaired loans, net $ 155 Appraisals Discount to reflect current market conditions and estimated selling costs 30%-38% Other real estate owned, net 246 Appraisals Discount to reflect current market conditions and estimated selling costs 33%-47% Total $ 401 Fair Value of Financial Instruments FASB ASC 825, Financial Instruments , requires disclosure about fair value of financial instruments, including those financial assets and financial liabilities that are not required to be measured and reported at fair value on a recurring or nonrecurring basis. ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Corporation. The Corporation uses the exit price notion in calculating the fair values of financial instruments not measured at fair value on a recurring basis. The following tables reflect the carrying amounts and estimated fair values of the Corporation’s financial instruments whether or not recognized on the Consolidated Balance Sheets at fair value. Carrying Fair Value Measurements at March 31, 2019 Using Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 137,451 $ 137,451 $ — $ — $ 137,451 Securities available for sale 209,007 — 209,007 — 209,007 Loans, net 1,042,052 — — 1,038,191 1,038,191 Loans held for sale 36,035 — 36,035 — 36,035 Derivative asset - IRLC 1,396 — 1,396 — 1,396 Derivative asset - interest rate swaps on loans 1,378 — 1,378 — 1,378 Derivative asset - cash flow hedges 182 — 182 — 182 Bank-owned life insurance 16,162 — 16,162 — 16,162 Accrued interest receivable 7,267 7,267 — — 7,267 Financial liabilities: Demand deposits 824,044 824,044 — — 824,044 Time deposits 378,150 — 375,881 — 375,881 Borrowings 161,807 — 154,451 — 154,451 Derivative liability - interest rate swaps on loans 1,378 — 1,378 — 1,378 Accrued interest payable 1,166 1,166 — — 1,166 Carrying Fair Value Measurements at December 31, 2018 Using Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 115,013 $ 115,013 $ — $ — $ 115,013 Securities available for sale 214,910 — 214,910 — 214,910 Loans, net 1,028,097 — — 1,021,145 1,021,145 Loans held for sale 41,895 — 41,895 — 41,895 Derivative asset - IRLC 636 — 636 — 636 Derivative asset - interest rate swaps on loans 1,607 — 1,607 — 1,607 Derivative asset - cash flow hedges 289 — 289 — 289 Bank-owned life insurance 16,065 — 16,065 — 16,065 Accrued interest receivable 7,436 7,436 — — 7,436 Financial liabilities: Demand deposits 835,101 835,101 — — 835,101 Time deposits 346,560 — 343,507 — 343,507 Borrowings 159,691 — 152,015 — 152,015 Derivative liability - interest rate swaps on loans 1,607 — 1,607 — 1,607 Accrued interest payable 920 920 — — 920

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2019
Business Segments
Business Segments	NOTE 9: Business Segments The Corporation operates in a decentralized fashion in three principal business segments: retail banking, mortgage banking and consumer finance. Revenues from retail banking operations consist primarily of interest earned on loans and investment securities and service charges on deposit accounts. Mortgage banking operating revenues consist principally of gains on sales of loans in the secondary market, loan origination fee income and interest earned on mortgage loans held for sale. Revenues from consumer finance consist primarily of interest earned on purchased retail installment sales contracts. The Corporation’s other segment includes a full-service brokerage firm that derives revenues from offering wealth management services and insurance products through third-party service providers and an insurance company that derives revenues from owning an equity interest in an insurance agency that offers insurance products and services. The results of the other segment are not significant to the Corporation as a whole and have been included in “Other.” Revenue and expenses of the Corporation are also included in “Other,” and consist primarily of interest expense associated with the Corporation’s trust preferred capital notes and other general corporate expenses. Three Months Ended March 31, 2019 Retail Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ 14,324 $ 350 $ 10,145 $ 2 $ (1,870) $ 22,951 Gains on sales of loans — 2,136 — — — 2,136 Other noninterest income 2,935 1,318 196 518 — 4,967 Total operating income 17,259 3,804 10,341 520 (1,870) 30,054 Expenses: Provision for loan losses — — 2,395 — — 2,395 Interest expense 2,175 163 2,551 285 (1,870) 3,304 Salaries and employee benefits 7,475 1,627 2,252 553 — 11,907 Other noninterest expenses 4,903 1,244 1,375 248 — 7,770 Total operating expenses 14,553 3,034 8,573 1,086 (1,870) 25,376 Income (loss) before income taxes 2,706 770 1,768 (566) — 4,678 Income tax expense (benefit) 416 203 483 (195) — 907 Net income (loss) $ 2,290 $ 567 $ 1,285 $ (371) $ — $ 3,771 Total assets $ 1,380,790 $ 53,642 $ 301,579 $ 6,836 $ (193,487) $ 1,549,360 Goodwill $ 3,702 $ — $ 10,723 $ — $ — $ 14,425 Capital expenditures $ 722 $ 24 $ 8 $ — $ — $ 754 Three Months Ended March 31, 2018 Retail Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ 13,160 $ 367 $ 10,849 $ — $ (1,632) $ 22,744 Gains on sales of loans — 2,239 — — — 2,239 Other noninterest income 2,619 857 248 483 — 4,207 Total operating income 15,779 3,463 11,097 483 (1,632) 29,190 Expenses: Provision for loan losses — — 3,300 — — 3,300 Interest expense 1,617 143 2,165 283 (1,632) 2,576 Salaries and employee benefits 6,486 1,443 2,265 539 — 10,733 Other noninterest expenses 4,981 1,275 1,307 243 — 7,806 Total operating expenses 13,084 2,861 9,037 1,065 (1,632) 24,415 Income (loss) before income taxes 2,695 602 2,060 (582) — 4,775 Income tax expense (benefit) 383 167 562 (229) — 883 Net income (loss) $ 2,312 $ 435 $ 1,498 $ (353) $ — $ 3,892 Total assets $ 1,356,936 $ 54,516 $ 292,417 $ 5,066 $ (184,009) $ 1,524,926 Goodwill $ 3,702 $ — $ 10,723 $ — $ — $ 14,425 Capital expenditures $ 572 $ 21 $ 28 $ — $ — $ 621 The retail banking segment extends a warehouse line of credit to the mortgage banking segment, providing a portion of the funds needed to originate mortgage loans. The retail banking segment charges the mortgage banking segment interest at the daily FHLB advance rate plus 50 basis points. The retail banking segment also provides the consumer finance segment with a portion of the funds needed to purchase loan contracts by means of variable rate notes that carry interest at one-month LIBOR plus 200 basis points and fixed rate notes that carry interest at rates ranging from 2.0 percent to 8.0 percent. The retail banking segment acquires certain residential real estate loans from the mortgage banking segment at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals. Certain corporate overhead costs incurred by the retail banking segment are not allocated to the mortgage banking, consumer finance and other segments.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2019
Commitments and Contingent Liabilities
Commitments and Contingent Liabilities	NOTE 10: Commitments and Contingent Liabilities The Corporation enters into commitments to extend credit in the normal course of business to meet the financing needs of its customers, including loan commitments and standby letters of credit. These instruments involve elements of credit and interest rate risk in excess of the amounts recorded on the Consolidated Balance Sheets. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit written is represented by the contractual amount of these instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Collateral is obtained based on management’s credit assessment of the customer. Loan commitments are agreements to extend credit to a customer provided that there are no violations of the terms of the contract prior to funding. Commitments have fixed expiration dates or other termination clauses and may require payment of a fee by the customer. Because many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of loan commitments was $253.98 million at March 31, 2019 and $244.17 million at December 31, 2018. Standby letters of credit are written conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The total contract amount of standby letters of credit, whose contract amounts represent credit risk, was $19.56 million at March 31, 2019 and $19.34 million at December 31, 2018. C&F Mortgage sells substantially all of the residential mortgage loans it originates to third-party counterparties (i.e., investors). As is customary in the industry, the agreements with these counterparties require C&F Mortgage to extend representations and warranties with respect to program compliance, borrower misrepresentation, fraud, and early payment performance. Under the agreements, the counterparties are entitled to make loss claims and repurchase requests of C&F Mortgage for loans that contain covered deficiencies. C&F Mortgage has obtained early payment default recourse waivers for a significant portion of its business. Recourse periods for early payment default for the remaining counterparties vary from 90 days up to one year. Recourse periods for borrower misrepresentation or fraud, or underwriting error do not have a stated time limit. C&F Mortgage maintains an allowance for indemnifications that represents management’s estimate of losses that are probable of arising under these recourse provisions. As performance data for loans that have been sold is not made available to C&F Mortgage by the counterparties, the evaluation of potential losses is inherently subjective. A schedule of expected losses on loans with claims or indemnifications is maintained to ensure the reserve is adequate to cover estimated losses.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2019
Derivative Financial Instruments
Derivative Financial Instruments	NOTE 11: Derivative Financial Instruments The Corporation uses derivative financial instruments primarily to manage risks to the Corporation associated with changing interest rates, and to assist customers with their risk management objectives. The Corporation designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship (cash flow or fair value hedge). The remaining derivatives are classified as free standing derivatives consisting of customer accommodation loan swaps and IRLCs. Cash flow hedges . The Corporation designates derivatives as cash flow hedges when they are used to manage exposure to variability in cash flows on variable rate borrowings such as the Corporation’s trust preferred capital notes. The Corporation uses interest rate swap agreements as part of its hedging strategy by exchanging variable-rate interest payments on a notional amount equal to the principal amount of the borrowings for fixed-rate interest payments. Interest rate swaps designated as cash flow hedges are expected to be highly effective in offsetting the effect of changes in interest rates on the amount of the hedged interest payments, and the Corporation assesses the effectiveness of each hedging relationship quarterly. As of March 31, 2019, the Corporation has designated cash flow hedges to manage its exposure to variability in cash flows on certain variable rate borrowings for periods that end between December 2019 and September 2020. All interest rate swaps were entered into with counterparties that met the Corporation’s credit standards and the agreements contain collateral provisions protecting the at-risk party. The Corporation believes that the credit risk inherent in these derivative contracts is not significant. The terms and conditions of the interest rate swaps vary and amounts receivable or payable are recognized in interest expense in the Consolidated Statements of Income as accrued under the terms of the agreements. The derivatives’ unrealized gains or losses are recorded as a component of other comprehensive income and reclassified into earnings in the same period(s) during which the hedged transactions affect earnings. The Corporation does not expect any unrealized losses related to cash flow hedges to be reclassified into earnings in the next twelve months. Loan swaps . The Bank also enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Bank simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. These back-to-back loan swaps qualify as financial derivatives with fair values reported in “Other assets” and “Other liabilities” in the Consolidated Balance Sheets. Changes in fair value are recorded in other noninterest expense and net to zero because of the identical amounts and terms of the swaps. IRLCs . C&F Mortgage enters into IRLCs with customers to originate loans for which the interest rates are determined prior to funding. C&F Mortgage then mitigates interest rate risk on these IRLCs and loans held for sale by (a) entering into forward loan sales contracts with investors for loans to be delivered on a best efforts basis or (b) entering into forward sales contracts of mortgage backed securities for loans to be delivered on a mandatory basis. At March 31, 2019, each loan held for sale by C&F Mortgage was subject to a forward sales agreement on a best efforts basis. The fair value of these derivative instruments is reported in “Other assets” in the Consolidated Balance Sheets. Changes in fair value are recorded as a component of gains on sales of loans. The following tables summarize key elements of the Corporation’s derivative instruments: March 31, 2019 Notional Collateral (Dollars in thousands) Amount Positions Assets Liabilities Pledged 1 Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 25,000 3 $ 182 $ — $ — Not designated as hedges: Customer-related interest rate contracts: Matched interest rate swaps with borrower 45,785 8 589 789 — Matched interest rate swaps with counterparty 45,785 8 789 589 390 Other contracts: IRLCs 95,921 380 1,396 — — December 31, 2018 Notional Collateral (Dollars in thousands) Amount Positions Assets Liabilities Pledged 1 Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 25,000 3 $ 289 $ — $ — Not designated as hedges: Customer-related interest rate contracts: Matched interest rate swaps with borrower 45,961 8 216 1,391 — Matched interest rate swaps with counterparty 45,961 8 1,391 216 — Other contracts: IRLCs 44,324 181 636 — — 1 Collateral pledged may be comprised of cash or securities.

Other Noninterest Expenses

Other Noninterest Expenses	3 Months Ended
	Mar. 31, 2019
Other Noninterest Expenses
Other Noninterest Expenses	NOTE 12: Other Noninterest Expenses The following table presents the significant components in the Consolidated Statements of Income line “Noninterest Expenses-Other.” Three Months Ended March 31, (Dollars in thousands) 2019 2018 Data processing fees $ 1,921 $ 1,827 Professional fees 564 739 Travel and educational expenses 403 371 Marketing and advertising expenses 373 460 Telecommunication expenses 317 346 All other noninterest expenses 2,002 2,032 Total other noninterest expenses $ 5,580 $ 5,775

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation: The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial reporting and with applicable quarterly reporting regulations of the Securities and Exchange Commission (the SEC). They do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the C&F Financial Corporation Annual Report on Form 10-K for the year ended December 31, 2018. The unaudited consolidated financial statements include the accounts of C&F Financial Corporation (the Corporation) and its wholly-owned subsidiary, Citizens and Farmers Bank (the Bank or C&F Bank). All significant intercompany accounts and transactions have been eliminated in consolidation. In addition, the Corporation owns C&F Financial Statutory Trust I, C&F Financial Statutory Trust II and Central Virginia Bankshares Statutory Trust I, all of which are unconsolidated subsidiaries. The subordinated debt owed to these trusts is reported as liabilities of the Corporation. The accounting and reporting policies of C&F Financial Corporation and Subsidiary conform to U.S. GAAP and to predominant practices within the banking industry.
Nature of Operations	Nature of Operations: The Corporation is a bank holding company incorporated under the laws of the Commonwealth of Virginia. The Corporation owns all of the stock of its subsidiary, C&F Bank, which is an independent commercial bank chartered under the laws of the Commonwealth of Virginia. C&F Bank has five wholly-owned subsidiaries: C&F Mortgage Corporation (C&F Mortgage), C&F Finance Company (C&F Finance), C&F Wealth Management Corporation (C&F Wealth Management), C&F Insurance Services, Inc. and CVB Title Services, Inc., all incorporated under the laws of the Commonwealth of Virginia. C&F Mortgage, organized in September 1995, was formed to originate and sell residential mortgages and through its subsidiary, Certified Appraisals LLC, provides ancillary mortgage loan production services for residential appraisals. C&F Mortgage owns a 51 percent interest in C&F Select LLC, which was organized in January 2019 and is also engaged in the business of originating and selling residential mortgages. C&F Finance, acquired in September 2002, is a finance company purchasing automobile, marine and recreational vehicle (RV) loans through indirect lending programs. C&F Wealth Management, organized in April 1995, is a full-service brokerage firm offering a comprehensive range of wealth management services and insurance products through third-party service providers. C&F Insurance Services, Inc., was organized in July 1999, for the primary purpose of owning an equity interest in an independent insurance agency that operates in Virginia and North Carolina. CVB Title Services, Inc. was organized for the primary purpose of owning an equity interest in a full service title and settlement agency. Business segment data is presented in Note 9.
Basis of Presentation	Basis of Presentation: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the allowance for indemnifications, impairment of loans, impairment of securities, the valuation of other real estate owned (OREO), the projected benefit obligation under the defined benefit pension plan, the valuation of deferred taxes and goodwill impairment. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the results of operations in these financial statements, have been made.
Reclassification	Reclassification: Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. None of these reclassifications are considered material.
Derivative Financial Instruments	Derivative Financial Instruments: The Corporation recognizes derivative financial instruments at fair value as either an other asset or other liability in the Consolidated Balance Sheets. The Corporation’s derivative financial instruments include (1) interest rate lock commitments (IRLCs) on mortgage loans that will be sold in the secondary market on a best efforts basis and the related forward commitments to sell mortgage loans, (2) interest rate swaps with certain qualifying commercial loan customers and dealer counterparties and (3) interest rate swaps that qualify and are designated as cash flow hedges on the Corporation’s trust preferred capital notes. Because the IRLCs, forward sales commitments and interest rate swaps with loan customers and dealer counterparties are not designated as hedging instruments, adjustments to reflect unrealized gains and losses resulting from changes in the fair value of these instruments are reported as noninterest income or noninterest expense, as applicable. The gain or loss on the Corporation’s cash flow hedges is reported as a component of other comprehensive income, net of deferred income taxes, and reclassified into earnings in the same period(s) during which the hedged transactions affect earnings. The Corporation’s derivative financial instruments are described more fully in Note 11.
Leases	Leases: The Corporation recognizes a lease liability and a right-of-use asset in connection with leases in which it is a lessee, except for leases with a term of twelve months or less. A lease liability represents the Corporation’s obligation to make future payments under lease contracts, and a right-of-use asset represents the Corporation’s right to control the use of the underlying property during the lease term. Lease liabilities and right-of-use assets are recognized upon commencement of a lease and measured as the present value of lease payments over the lease term, discounted at the incremental borrowing rate of the lessee. The Corporation has elected not to separate lease and nonlease components within the same contract and instead to account for the entire contract as a lease.
Share-Based Compensation	Share-Based Compensation: Share-based compensation expense, net of forfeitures, for the first quarter of 2019 was $457,000 ($290,000 after tax) for restricted stock granted during 2014 through 2019. As of March 31, 2019, there was $3.30 million of total unrecognized compensation expense related to unvested restricted stock that will be recognized over the remaining requisite service periods. A summary of activity for restricted stock awards during the first three months of 2019 and 2018 is presented below: 2019 Weighted- Average Grant Date Shares Fair Value Unvested, December 31, 2018 139,455 $ 45.75 Granted 16,100 51.73 Vested (15,490) 41.31 Forfeited (70) 60.95 Unvested, March 31, 2019 139,995 46.92 2018 Weighted- Average Grant Date Shares Fair Value Unvested, December 31, 2017 137,880 $ 43.52 Granted 11,210 58.40 Vested (14,125) 40.05 Forfeited (1,615) 42.78 Unvested, March 31, 2018 133,350 45.14
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements: On January 1, 2019, the Corporation adopted Accounting Standards Update (ASU) 2016-02, “Leases (Topic 842)” and related amendments (collectively, ASC 842), which resulted in recognition of a lease liability and right-of-use asset in connection with leases in which the Corporation is the lessee. Under ASC 842, lessor accounting is largely unchanged. The Corporation elected an optional transition method to apply ASC 842 as of the adoption date on a modified retrospective basis. Periods prior to January 1, 2019 have not been restated. Upon adoption, the Corporation recorded a lease liability of approximately $3.14 million for its remaining payment obligations as of January 1, 2019 for leases in effect at that time, excluding leases with an original term of twelve months or less, and a corresponding right-of-use asset. All of the Corporation’s existing leases upon adoption of ASC 842 were classified as operating leases based on the classification of each lease under previous GAAP; classification of these leases was not reconsidered upon adoption of ASC 842. Refer to Note 5 for further information about the Corporation’s leases.
Recent Significant Accounting Pronouncements	Recent Significant Accounting Pronouncements: In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” as part of its project on financial instruments. Subsequently, this ASU was amended when the FASB issued ASU 2018-19, “ Codification Improvements to Topic 326, Financial Instruments – Credit Losses ” (collectively, ASC 326). ASC 326 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. For public business entities that are SEC filers, the new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The amendments will be applied on a modified retrospective basis, with the cumulative effect of adopting the new standard being recorded as an adjustment to opening retained earnings in the period of adoption. The Corporation has established a working group to prepare for and implement changes related to ASC 326 and has gathered historical loan loss data for purposes of evaluating appropriate portfolio segmentation and modeling methods under the standard. The Corporation has performed procedures to validate the historical loan loss data to ensure its suitability and reliability for purposes of developing an estimate of expected credit losses under ASC 326. The Corporation has engaged a vendor to assist in modeling expected lifetime losses under ASC 326, and expects to develop and refine an approach to estimating the allowance for credit losses during 2019. The adoption of ASC 326 will result in significant changes to the Corporation’s consolidated financial statements, which may include changes in the level of the allowance for credit losses that will be considered adequate, a reduction in shareholders’ equity and regulatory capital of C&F Bank, differences in the timing of recognizing changes to the allowance for credit losses and expanded disclosures about the allowance for credit losses. The Corporation has not yet determined an estimate of the effect of these changes. The adoption of the standard will also result in significant changes in the Corporation’s internal control over financial reporting related to the allowance for credit losses. In January 2017, the FASB issued ASU 2017-04, “ Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, ” which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective for public business entities that are SEC filers for annual and interim periods beginning after December 15, 2019. Early adoption is permitted. The Corporation does not expect the adoption of ASU 2017-04 to have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” These amendments modify the disclosure requirements in Topic 820 to add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty. Certain disclosure requirements in Topic 820 are also removed or modified. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain of the amendments are to be applied prospectively while others are to be applied retrospectively. Early adoption is permitted. The Corporation does not expect the adoption of ASU 2018-13 to have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans.” These amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Certain disclosure requirements have been deleted while the following disclosure requirements have been added: the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendments also clarify the disclosure requirements regarding the projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets and the accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. The amendments are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Corporation does not expect the adoption of ASU 2018-14 to have a material effect on its consolidated financial statements. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not currently expected to have a material effect on the Corporation’s financial position, results of operations or cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Summary of activity for restricted stock awards	2019 Weighted- Average Grant Date Shares Fair Value Unvested, December 31, 2018 139,455 $ 45.75 Granted 16,100 51.73 Vested (15,490) 41.31 Forfeited (70) 60.95 Unvested, March 31, 2019 139,995 46.92 2018 Weighted- Average Grant Date Shares Fair Value Unvested, December 31, 2017 137,880 $ 43.52 Granted 11,210 58.40 Vested (14,125) 40.05 Forfeited (1,615) 42.78 Unvested, March 31, 2018 133,350 45.14

Securities (Tables)

Securities (Tables)	3 Months Ended
	Mar. 31, 2019
Securities
Summary of available for sale securities	March 31, 2019 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 17,650 $ — $ (256) $ 17,394 Mortgage-backed securities 101,159 279 (848) 100,590 Obligations of states and political subdivisions 90,116 1,005 (98) 91,023 $ 208,925 $ 1,284 $ (1,202) $ 209,007 December 31, 2018 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 18,008 $ 1 $ (536) $ 17,473 Mortgage-backed securities 106,787 85 (1,889) 104,983 Obligations of states and political subdivisions 91,855 840 (241) 92,454 $ 216,650 $ 926 $ (2,666) $ 214,910
Schedule of amortized cost and estimated fair value of securities, by contractual maturity date	March 31, 2019 Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ 47,052 $ 47,097 Due after one year through five years 141,597 141,414 Due after five years through ten years 15,447 15,513 Due after ten years 4,829 4,983 $ 208,925 $ 209,007
Schedule of gross realized gains and losses and the proceeds	Three Months Ended March 31, (Dollars in thousands) 2019 2018 Realized gains from maturities and calls of securities: Gross realized gains $ 4 $ 5 Gross realized losses — — Net realized gains $ 4 $ 5 Proceeds from maturities, calls and paydowns of securities $ 15,657 $ 12,735
Schedule of securities in an unrealized loss position	Securities in an unrealized loss position at March 31, 2019, by duration of the period of the unrealized loss, are shown below. Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss U.S. government agencies and corporations $ — $ — $ 16,005 $ 256 $ 16,005 $ 256 Mortgage-backed securities 1,754 1 67,941 847 69,695 848 Obligations of states and political subdivisions 1,899 1 18,062 97 19,961 98 Total temporarily impaired securities $ 3,653 $ 2 $ 102,008 $ 1,200 $ 105,661 $ 1,202 Securities in an unrealized loss position at December 31, 2018, by duration of the period of the unrealized loss, are shown below. Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss U.S. government agencies and corporations $ 997 $ 1 $ 15,725 $ 535 $ 16,722 $ 536 Mortgage-backed securities 17,934 132 72,830 1,757 90,764 1,889 Obligations of states and political subdivisions 9,492 29 20,555 212 30,047 241 Total temporarily impaired securities $ 28,423 $ 162 $ 109,110 $ 2,504 $ 137,533 $ 2,666

Loans (Tables)

Loans (Tables)	3 Months Ended
	Mar. 31, 2019
Loans
Summary of major classifications of loans	March 31, December 31, (Dollars in thousands) 2019 2018 Real estate – residential mortgage $ 183,697 $ 184,901 Real estate – construction 1 65,588 54,461 Commercial, financial and agricultural 2 459,820 455,935 Equity lines 54,111 55,660 Consumer 12,833 15,009 Consumer finance 299,592 296,154 1,075,641 1,062,120 Less allowance for loan losses (33,589) (34,023) Loans, net $ 1,042,052 $ 1,028,097 1 Includes the Corporation’s real estate construction lending and consumer real estate lot lending. 2 Includes the Corporation’s commercial real estate lending, land acquisition and development lending, builder line lending and commercial business lending.
Schedule of acquired loans	March 31, 2019 December 31, 2018 Acquired Loans - Acquired Loans - Acquired Loans - Acquired Loans - Purchased Purchased Acquired Loans - Purchased Purchased Acquired Loans - (Dollars in thousands) Credit Impaired Performing Total Credit Impaired Performing Total Outstanding principal balance $ 9,537 $ 37,687 $ 47,224 $ 9,734 $ 38,768 $ 48,502 Carrying amount Real estate – residential mortgage $ 280 $ 8,543 $ 8,823 $ 284 $ 8,823 $ 9,107 Commercial, financial and agricultural 1 1,489 18,110 19,599 1,461 18,982 20,443 Equity lines 90 9,224 9,314 90 9,063 9,153 Consumer — 5 5 — 6 6 Total acquired loans $ 1,859 $ 35,882 $ 37,741 $ 1,835 $ 36,874 $ 38,709 1 Includes acquired loans classified by the Corporation as commercial real estate lending, land acquisition and development lending, builder line lending and commercial business lending.
Summary of change in the accretable yield of PCI loan portfolio	Three Months Ended March 31, (Dollars in thousands) 2019 2018 Accretable yield, balance at beginning of period $ 5,987 $ 7,304 Accretion (469) (977) Reclassification of nonaccretable difference due to improvement in expected cash flows 256 871 Other changes, net 162 (398) Accretable yield, balance at end of period $ 5,936 $ 6,800
Schedule of loans on nonaccrual status	March 31, December 31, (Dollars in thousands) 2019 2018 Real estate – residential mortgage $ 701 $ 594 Commercial, financial and agricultural: Commercial business lending 29 24 Equity lines 760 883 Consumer 124 — Consumer finance 520 712 Total loans on nonaccrual status $ 2,134 $ 2,213
Schedule of past due status of loans	The past due status of loans as of March 31, 2019 was as follows: 90+ Days 30 - 59 Days 60 - 89 Days 90+ Days Total Past Due and (Dollars in thousands) Past Due Past Due Past Due Past Due PCI Current 1 Total Loans Accruing Real estate – residential mortgage $ 969 $ — $ 136 $ 1,105 $ 280 $ 182,312 $ 183,697 $ 6 Real estate – construction: Construction lending — — — — — 53,319 53,319 — Consumer lot lending — — — — — 12,269 12,269 — Commercial, financial and agricultural: Commercial real estate lending 64 — 315 379 1,489 301,212 303,080 315 Land acquisition and development lending — — — — — 45,245 45,245 — Builder line lending — — — — — 29,180 29,180 — Commercial business lending 45 — 29 74 — 82,241 82,315 — Equity lines 299 122 619 1,040 90 52,981 54,111 — Consumer 52 — — 52 — 12,781 12,833 7 Consumer finance 6,573 870 520 7,963 — 291,629 299,592 — Total $ 8,002 $ 992 $ 1,619 $ 10,613 $ 1,859 $ 1,063,169 $ 1,075,641 $ 328 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due. The table above includes nonaccrual loans that are current of $616,000, 30-59 days past due of $90,000, 60-89 days past due of $122,000 and 90+ days past due of $1.31 million. The past due status of loans as of December 31, 2018 was as follows: 90+ Days 30 - 59 Days 60 - 89 Days 90+ Days Total Past Due and (Dollars in thousands) Past Due Past Due Past Due Past Due PCI Current 1 Total Loans Accruing Real estate – residential mortgage $ 1,221 $ — $ 37 $ 1,258 $ 284 $ 183,359 $ 184,901 $ 9 Real estate – construction: Construction lending — — — — — 42,051 42,051 — Consumer lot lending — — — — — 12,410 12,410 — Commercial, financial and agricultural: Commercial real estate lending — — 315 315 1,461 309,057 310,833 315 Land acquisition and development lending — — — — — 43,404 43,404 — Builder line lending — — — — — 31,201 31,201 — Commercial business lending 163 19 24 206 — 70,291 70,497 — Equity lines 46 584 325 955 90 54,615 55,660 — Consumer 31 — — 31 — 14,978 15,009 — Consumer finance 11,419 1,965 712 14,096 — 282,058 296,154 — Total $ 12,880 $ 2,568 $ 1,413 $ 16,861 $ 1,835 $ 1,043,424 $ 1,062,120 $ 324 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due. The table above includes nonaccrual loans that are current of $458,000, 30-59 days past due of $97,000, 60‑89 days past due of $560,000 and 90+ days past due of $1.10 million.
Schedule of impaired loans	Impaired loans, which included TDRs of $4.68 million, and the related allowance at March 31, 2019 were as follows: Recorded Recorded Investment Investment Average Unpaid in Loans in Loans Balance- Interest Principal without with Related Impaired Income (Dollars in thousands) Balance Specific Reserve Specific Reserve Allowance Loans Recognized Real estate – residential mortgage $ 3,134 $ 1,273 $ 1,760 $ 127 $ 3,099 $ 35 Commercial, financial and agricultural: Commercial real estate lending 1,752 3 1,710 69 1,768 23 Builder line lending 437 437 — — 437 7 Equity lines 225 30 187 187 217 — Consumer 131 — 128 124 129 — Total $ 5,679 $ 1,743 $ 3,785 $ 507 $ 5,650 $ 65 Impaired loans, which included TDRs of $5.45 million, and the related allowance at December 31, 2018 were as follows: Recorded Recorded Investment Investment Average Unpaid in Loans in Loans Balance- Interest Principal without with Related Impaired Income (Dollars in thousands) Balance Specific Reserve Specific Reserve Allowance Loans Recognized Real estate – residential mortgage $ 3,057 $ 1,288 $ 1,677 $ 92 $ 3,056 $ 142 Commercial, financial and agricultural: Commercial real estate lending 2,468 1,498 927 10 2,653 132 Commercial business lending 33 25 — — 26 — Equity lines 365 31 326 326 359 2 Consumer 5 — 5 — 5 — Total $ 5,928 $ 2,842 $ 2,935 $ 428 $ 6,099 $ 276

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2019
Allowance for Loan Losses
Schedule of changes in the allowance for loan losses	The following table presents the changes in the allowance for loan losses by major classification during the three months ended March 31, 2019: Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance for loan losses: Balance at December 31, 2018 $ 2,246 $ 727 $ 6,688 $ 1,106 $ 257 $ 22,999 $ 34,023 Provision charged (credited) to operations (47) 114 (25) (205) 163 2,395 2,395 Loans charged off — — — — (76) (3,890) (3,966) Recoveries of loans previously charged off 5 — 1 — 42 1,089 1,137 Balance at March 31, 2019 $ 2,204 $ 841 $ 6,664 $ 901 $ 386 $ 22,593 $ 33,589 The following table presents the changes in the allowance for loan losses by major classification during the three months ended March 31, 2018: Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance for loan losses: Balance at December 31, 2017 $ 2,371 $ 605 $ 7,478 $ 688 $ 231 $ 24,353 $ 35,726 Provision charged (credited) to operations (16) 251 (238) — 3 3,300 3,300 Loans charged off — — (2) — (71) (4,583) (4,656) Recoveries of loans previously charged off 22 — 5 — 48 1,155 1,230 Balance at March 31, 2018 $ 2,377 $ 856 $ 7,243 $ 688 $ 211 $ 24,225 $ 35,600
Schedule of balance of the allowance for loan losses and the balance of loans by impairment methodology	The following table presents, as of March 31, 2019, the balance of the allowance for loan losses and the balance of loans by impairment methodology. Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance balance attributable to loans: Individually evaluated for impairment $ 127 $ — $ 69 $ 187 $ 124 $ — $ 507 Collectively evaluated for impairment 2,077 841 6,595 714 262 22,593 33,082 Acquired loans - PCI — — — — — — — Total allowance $ 2,204 $ 841 $ 6,664 $ 901 $ 386 $ 22,593 $ 33,589 Loans: Individually evaluated for impairment $ 3,033 $ — $ 2,150 $ 217 $ 128 $ — $ 5,528 Collectively evaluated for impairment 180,384 65,588 456,181 53,804 12,705 299,592 1,068,254 Acquired loans - PCI 280 — 1,489 90 — — 1,859 Total loans $ 183,697 $ 65,588 $ 459,820 $ 54,111 $ 12,833 $ 299,592 $ 1,075,641 The following table presents, as of December 31, 2018, the balance of the allowance for loan losses, the allowance by impairment methodology, total loans and loans by impairment methodology. Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance balance attributable to loans: Individually evaluated for impairment $ 92 $ — $ 10 $ 326 $ — $ — $ 428 Collectively evaluated for impairment 2,154 727 6,678 780 257 22,999 33,595 Acquired loans - PCI — — — — — — — Total allowance $ 2,246 $ 727 $ 6,688 $ 1,106 $ 257 $ 22,999 $ 34,023 Loans: Individually evaluated for impairment $ 2,965 $ — $ 2,450 $ 357 $ 5 $ — $ 5,777 Collectively evaluated for impairment 181,652 54,461 452,024 55,213 15,004 296,154 1,054,508 Acquired loans - PCI 284 — 1,461 90 — — 1,835 Total loans $ 184,901 $ 54,461 $ 455,935 $ 55,660 $ 15,009 $ 296,154 $ 1,062,120
Schedule of loans by credit quality indicators	Loans by credit quality indicators as of March 31, 2019 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 179,808 $ 2,210 $ 978 $ 701 $ 183,697 Real estate – construction: Construction lending 53,319 — — — 53,319 Consumer lot lending 12,269 — — — 12,269 Commercial, financial and agricultural: Commercial real estate lending 299,627 3,008 445 — 303,080 Land acquisition and development lending 35,151 10,094 — — 45,245 Builder line lending 28,743 — 437 — 29,180 Commercial business lending 81,735 551 — 29 82,315 Equity lines 52,895 409 47 760 54,111 Consumer 12,697 9 3 124 12,833 $ 756,244 $ 16,281 $ 1,910 $ 1,614 $ 776,049 1 At March 31, 2019, the Corporation did not have any loans classified as Doubtful or Loss. Non- (Dollars in thousands) Performing Performing Total Consumer finance $ 299,072 $ 520 $ 299,592 Loans by credit quality indicators as of December 31, 2018 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 180,232 $ 2,832 $ 1,243 $ 594 $ 184,901 Real estate – construction: Construction lending 42,051 — — — 42,051 Consumer lot lending 12,410 — — — 12,410 Commercial, financial and agricultural: Commercial real estate lending 306,578 3,801 454 — 310,833 Land acquisition and development lending 33,156 10,248 — — 43,404 Builder line lending 31,201 — — — 31,201 Commercial business lending 69,897 576 — 24 70,497 Equity lines 54,289 389 99 883 55,660 Consumer 14,998 5 6 — 15,009 $ 744,812 $ 17,851 $ 1,802 $ 1,501 $ 765,966 1 At December 31, 2018, the Corporation did not have any loans classified as Doubtful or Loss. Non- (Dollars in thousands) Performing Performing Total Consumer finance $ 295,442 $ 712 $ 296,154

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of lease cost	Three Months Ended (Dollars in thousands) March 31, 2019 Operating lease cost $ 414 Short-term lease cost 39 Variable lease cost 14 Total lease cost $ 467
Schedule of maturities of lease liabilities	As of (Dollars in thousands) March 31, 2019 2019 $ 1,131 2020 1,392 2021 758 2022 236 2023 109 Thereafter 249 Total 3,875 Imputed interest (193) Lease liabilities $ 3,682

Equity, Other Comprehensive I_2

Equity, Other Comprehensive Income and Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Equity, Other Comprehensive Income and Earnings Per Share
Schedule of the components of accumulated other comprehensive loss, net of deferred taxes	March 31, December 31, (Dollars in thousands) 2019 2018 Net unrealized gains (losses) on securities $ 65 $ (1,375) Net unrecognized gains on cash flow hedges 135 215 Net unrecognized losses on defined benefit plan (3,492) (3,512) Total accumulated other comprehensive loss $ (3,292) $ (4,672)
Schedule of components earnings per share calculations	Three Months Ended March 31, (Dollars in thousands) 2019 2018 Net income attributable to C&F Financial Corporation $ 3,771 $ 3,892 Weighted average shares outstanding—basic and diluted 3,484,592 3,501,164

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2019
Employee Benefit Plans
Schedule of net periodic benefit costs	Three Months Ended March 31, (Dollars in thousands) 2019 2018 Components of net periodic benefit cost: Service cost, included in salaries and employee benefits $ 293 $ 306 Other components of net periodic benefit cost: Interest cost 153 133 Expected return on plan assets (330) (318) Amortization of prior service credit (17) (15) Recognized net actuarial losses 42 29 Other components of net periodic benefit cost, included in other noninterest income (152) (171) Net periodic benefit cost $ 141 $ 135

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value of Assets and Liabilities
Schedule of balances of financial assets and liabilities measured at fair value on a recurring basis	March 31, 2019 Fair Value Measurements Using Assets/Liabilities at (Dollars in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Securities available for sale U.S. government agencies and corporations $ — $ 17,394 $ — $ 17,394 Mortgage-backed securities — 100,590 — 100,590 Obligations of states and political subdivisions — 91,023 — 91,023 Total securities available for sale — 209,007 — 209,007 Loans held for sale — 36,035 — 36,035 Derivative asset - IRLC — 1,396 — 1,396 Derivative asset - interest rate swaps on loans — 1,378 — 1,378 Derivative asset - cash flow hedges — 182 — 182 Total assets $ — $ 247,998 $ — $ 247,998 Liabilities: Derivative liability - interest rate swaps on loans — 1,378 — 1,378 Total liabilities $ — $ 1,378 $ — $ 1,378 December 31, 2018 Fair Value Measurements Using Assets/Liabilities at (Dollars in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Securities available for sale U.S. government agencies and corporations $ — $ 17,473 $ — $ 17,473 Mortgage-backed securities — 104,983 — 104,983 Obligations of states and political subdivisions — 92,454 — 92,454 Total securities available for sale — 214,910 — 214,910 Loans held for sale — 41,895 — 41,895 Derivative asset - IRLC — 636 — 636 Derivative asset - interest rate swaps on loans — 1,607 — 1,607 Derivative asset - cash flow hedges — 289 — 289 Total assets $ — $ 259,337 $ — $ 259,337 Liabilities: Derivative liability - interest rate swaps on loans — 1,607 — 1,607 Total liabilities $ — $ 1,607 $ — $ 1,607
Schedule of balances of assets measured at fair value on a nonrecurring basis	March 31, 2019 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Impaired loans, net $ — $ — $ 155 $ 155 Other real estate owned, net — — 246 246 Total $ — $ — $ 401 $ 401 December 31, 2018 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Impaired loans, net $ — $ — $ 102 $ 102 Other real estate owned, net — — 246 246 Total $ — $ — $ 348 $ 348
Schedule of quantitative information about Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis	Fair Value Measurements at March 31, 2019 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Inputs Range of Inputs Impaired loans, net $ 155 Appraisals Discount to reflect current market conditions and estimated selling costs 30%-38% Other real estate owned, net 246 Appraisals Discount to reflect current market conditions and estimated selling costs 33%-47% Total $ 401
Schedule of carrying amounts and estimated fair values of financial instruments	Carrying Fair Value Measurements at March 31, 2019 Using Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 137,451 $ 137,451 $ — $ — $ 137,451 Securities available for sale 209,007 — 209,007 — 209,007 Loans, net 1,042,052 — — 1,038,191 1,038,191 Loans held for sale 36,035 — 36,035 — 36,035 Derivative asset - IRLC 1,396 — 1,396 — 1,396 Derivative asset - interest rate swaps on loans 1,378 — 1,378 — 1,378 Derivative asset - cash flow hedges 182 — 182 — 182 Bank-owned life insurance 16,162 — 16,162 — 16,162 Accrued interest receivable 7,267 7,267 — — 7,267 Financial liabilities: Demand deposits 824,044 824,044 — — 824,044 Time deposits 378,150 — 375,881 — 375,881 Borrowings 161,807 — 154,451 — 154,451 Derivative liability - interest rate swaps on loans 1,378 — 1,378 — 1,378 Accrued interest payable 1,166 1,166 — — 1,166 Carrying Fair Value Measurements at December 31, 2018 Using Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 115,013 $ 115,013 $ — $ — $ 115,013 Securities available for sale 214,910 — 214,910 — 214,910 Loans, net 1,028,097 — — 1,021,145 1,021,145 Loans held for sale 41,895 — 41,895 — 41,895 Derivative asset - IRLC 636 — 636 — 636 Derivative asset - interest rate swaps on loans 1,607 — 1,607 — 1,607 Derivative asset - cash flow hedges 289 — 289 — 289 Bank-owned life insurance 16,065 — 16,065 — 16,065 Accrued interest receivable 7,436 7,436 — — 7,436 Financial liabilities: Demand deposits 835,101 835,101 — — 835,101 Time deposits 346,560 — 343,507 — 343,507 Borrowings 159,691 — 152,015 — 152,015 Derivative liability - interest rate swaps on loans 1,607 — 1,607 — 1,607 Accrued interest payable 920 920 — — 920

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2019
Business Segments
Schedule of segment reporting information, by segment	Three Months Ended March 31, 2019 Retail Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ 14,324 $ 350 $ 10,145 $ 2 $ (1,870) $ 22,951 Gains on sales of loans — 2,136 — — — 2,136 Other noninterest income 2,935 1,318 196 518 — 4,967 Total operating income 17,259 3,804 10,341 520 (1,870) 30,054 Expenses: Provision for loan losses — — 2,395 — — 2,395 Interest expense 2,175 163 2,551 285 (1,870) 3,304 Salaries and employee benefits 7,475 1,627 2,252 553 — 11,907 Other noninterest expenses 4,903 1,244 1,375 248 — 7,770 Total operating expenses 14,553 3,034 8,573 1,086 (1,870) 25,376 Income (loss) before income taxes 2,706 770 1,768 (566) — 4,678 Income tax expense (benefit) 416 203 483 (195) — 907 Net income (loss) $ 2,290 $ 567 $ 1,285 $ (371) $ — $ 3,771 Total assets $ 1,380,790 $ 53,642 $ 301,579 $ 6,836 $ (193,487) $ 1,549,360 Goodwill $ 3,702 $ — $ 10,723 $ — $ — $ 14,425 Capital expenditures $ 722 $ 24 $ 8 $ — $ — $ 754 Three Months Ended March 31, 2018 Retail Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ 13,160 $ 367 $ 10,849 $ — $ (1,632) $ 22,744 Gains on sales of loans — 2,239 — — — 2,239 Other noninterest income 2,619 857 248 483 — 4,207 Total operating income 15,779 3,463 11,097 483 (1,632) 29,190 Expenses: Provision for loan losses — — 3,300 — — 3,300 Interest expense 1,617 143 2,165 283 (1,632) 2,576 Salaries and employee benefits 6,486 1,443 2,265 539 — 10,733 Other noninterest expenses 4,981 1,275 1,307 243 — 7,806 Total operating expenses 13,084 2,861 9,037 1,065 (1,632) 24,415 Income (loss) before income taxes 2,695 602 2,060 (582) — 4,775 Income tax expense (benefit) 383 167 562 (229) — 883 Net income (loss) $ 2,312 $ 435 $ 1,498 $ (353) $ — $ 3,892 Total assets $ 1,356,936 $ 54,516 $ 292,417 $ 5,066 $ (184,009) $ 1,524,926 Goodwill $ 3,702 $ — $ 10,723 $ — $ — $ 14,425 Capital expenditures $ 572 $ 21 $ 28 $ — $ — $ 621

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Financial Instruments
Schedule of derivative instruments	March 31, 2019 Notional Collateral (Dollars in thousands) Amount Positions Assets Liabilities Pledged 1 Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 25,000 3 $ 182 $ — $ — Not designated as hedges: Customer-related interest rate contracts: Matched interest rate swaps with borrower 45,785 8 589 789 — Matched interest rate swaps with counterparty 45,785 8 789 589 390 Other contracts: IRLCs 95,921 380 1,396 — — December 31, 2018 Notional Collateral (Dollars in thousands) Amount Positions Assets Liabilities Pledged 1 Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 25,000 3 $ 289 $ — $ — Not designated as hedges: Customer-related interest rate contracts: Matched interest rate swaps with borrower 45,961 8 216 1,391 — Matched interest rate swaps with counterparty 45,961 8 1,391 216 — Other contracts: IRLCs 44,324 181 636 — — 1 Collateral pledged may be comprised of cash or securities.

Other Noninterest Expenses (Tab

Other Noninterest Expenses (Tables)	3 Months Ended
	Mar. 31, 2019
Other Noninterest Expenses
Schedule of other noninterest expense	Three Months Ended March 31, (Dollars in thousands) 2019 2018 Data processing fees $ 1,921 $ 1,827 Professional fees 564 739 Travel and educational expenses 403 371 Marketing and advertising expenses 373 460 Telecommunication expenses 317 346 All other noninterest expenses 2,002 2,032 Total other noninterest expenses $ 5,580 $ 5,775

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Nature of Operations (Details)	Mar. 31, 2019subsidiary
C&F Bank
Nature of Operations
Number of wholly owned subsidiaries	5
C&F Mortgage | C&F Select LLC
Nature of Operations
Interest owned (as a percent)	51.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Share-Based Compensation (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2019USD ($)
Share-based compensation
Compensation expense before tax	$ 457,000
Compensation expense after tax	290,000
Unrecognized compensation expense	$ 3,300,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Restricted Stock Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Shares
Unvested, beginning of period (in shares)	139,455
Unvested, end of period (in shares)	139,995
Restricted Stock
Shares
Unvested, beginning of period (in shares)	139,455	137,880
Granted (in shares)	16,100	11,210
Vested (in shares)	(15,490)	(14,125)
Forfeited	(70)	(1,615)
Unvested, end of period (in shares)	139,995	133,350
Weighted average grant date fair value
Unvested, beginning of period (in dollars per share)	$ 45.75	$ 43.52
Granted (in dollars per share)	51.73	58.40
Vested (in dollars per share)	41.31	40.05
Forfeited (in dollars per share)	60.95	42.78
Unvested, end of period (in dollars per share)	$ 46.92	$ 45.14

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Adoption of New Accounting Standards
Operating lease liability	$ 3,682
Right-of-use assets	$ 3,670
ASU 2016-02 | Adjustment
Adoption of New Accounting Standards
Operating lease liability		$ 3,140
Right-of-use assets		$ 3,140

Securities - Available for sale

Securities - Available for sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 208,925	$ 216,650
Gross Unrealized Gains	1,284	926
Gross Unrealized Losses	(1,202)	(2,666)
Fair Value	209,007	214,910	[1]
U.S. government agencies and corporations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,650	18,008
Gross Unrealized Gains		1
Gross Unrealized Losses	(256)	(536)
Fair Value	17,394	17,473
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	101,159	106,787
Gross Unrealized Gains	279	85
Gross Unrealized Losses	(848)	(1,889)
Fair Value	100,590	104,983
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	90,116	91,855
Gross Unrealized Gains	1,005	840
Gross Unrealized Losses	(98)	(241)
Fair Value	$ 91,023	$ 92,454
[1]	Derived from audited consolidated financial statements.

Securities - Contractual Maturi

Securities - Contractual Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Amortized Cost
Due in one year or less	$ 47,052
Due after one year through five years	141,597
Due after five years through ten years	15,447
Due after ten years	4,829
Amortized Cost	208,925		$ 216,650
Estimated Fair Value
Due in one year or less	47,097
Due after one year through five years	141,414
Due after five years through ten years	15,513
Due after ten years	4,983
Fair Value	209,007		$ 214,910	[1]
Gross realized gains and losses on and the proceeds from the maturities, calls and paydowns of securities
Gross realized gains from maturities and calls of securities available for sale	4	$ 5
Net realized losses from maturities and calls of securities available for sale	4	5
Proceeds from maturities and calls and paydowns of securities	$ 15,657	$ 12,735
[1]	Derived from audited consolidated financial statements.

Securities - Pledged as Collate

Securities - Pledged as Collateral (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Available for sale securities
Amortized Cost	$ 208,925	$ 216,650
Fair Value	209,007	214,910	[1]
Securities Pledged as Collateral
Available for sale securities
Amortized Cost	103,410	110,810
Fair Value	$ 103,330	$ 109,830
[1]	Derived from audited consolidated financial statements.

Securities - Unrealized Loss Po

Securities - Unrealized Loss Positions (Details)	3 Months Ended
	Mar. 31, 2019USD ($)security	Dec. 31, 2018USD ($)
Fair value
Less Than 12 Months, Fair Value	$ 3,653,000	$ 28,423,000
12 Months or More, Fair Value	102,008,000	109,110,000
Total Fair Value	105,661,000	137,533,000
Unrealized Loss
Less Than 12 Months, Unrealized Loss	2,000	162,000
12 Months or More, Unrealized Loss	1,200,000	2,504,000
Total Unrealized Loss	$ 1,202,000	2,666,000
Other information
Number of positions considered temporarily impaired | security	180
Debt securities considered temporarily impaired	$ 105,661,000	137,533,000
Other than temporary impairment	0
U.S. government agencies and corporations
Fair value
Less Than 12 Months, Fair Value		997,000
12 Months or More, Fair Value	16,005,000	15,725,000
Total Fair Value	16,005,000	16,722,000
Unrealized Loss
Less Than 12 Months, Unrealized Loss		1,000
12 Months or More, Unrealized Loss	256,000	535,000
Total Unrealized Loss	256,000	536,000
Other information
Debt securities considered temporarily impaired	16,005,000	16,722,000
Mortgage-backed securities
Fair value
Less Than 12 Months, Fair Value	1,754,000	17,934,000
12 Months or More, Fair Value	67,941,000	72,830,000
Total Fair Value	69,695,000	90,764,000
Unrealized Loss
Less Than 12 Months, Unrealized Loss	1,000	132,000
12 Months or More, Unrealized Loss	847,000	1,757,000
Total Unrealized Loss	848,000	1,889,000
Other information
Debt securities considered temporarily impaired	69,695,000	90,764,000
Obligations of states and political subdivisions
Fair value
Less Than 12 Months, Fair Value	1,899,000	9,492,000
12 Months or More, Fair Value	18,062,000	20,555,000
Total Fair Value	19,961,000	30,047,000
Unrealized Loss
Less Than 12 Months, Unrealized Loss	1,000	29,000
12 Months or More, Unrealized Loss	97,000	212,000
Total Unrealized Loss	98,000	241,000
Other information
Debt securities considered temporarily impaired	$ 19,961,000	$ 30,047,000
Standard & Poor's, A Rating
Other information
Percentage of portfolio with rating	97.00%
Percentage of portfolio with rating in an unrealized loss positions	99.00%
Not A Rating Or Better
Other information
Percentage of portfolio with rating	1.00%

Securities - Restricted Stocks

Securities - Restricted Stocks (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	[1]
Securities
Restricted stock, at cost	$ 3,257,000	$ 3,247,000
Restricted stocks, other-than-temporary impairment	$ 0
[1]	Derived from audited consolidated financial statements.

Loans - Major Classifications o

Loans - Major Classifications of Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Loans
Loans	$ 1,075,641	$ 1,062,120
Less allowance for loan losses	(33,589)	(34,023)
Loans, net	1,042,052	1,028,097	[1]
Real estate - residential mortgage
Loans
Loans	183,697	184,901
Real estate - construction
Loans
Loans	65,588	54,461
Commercial, financial and agricultural
Loans
Loans	459,820	455,935
Equity lines
Loans
Loans	54,111	55,660
Consumer
Loans
Loans	12,833	15,009
Amount included related to demand deposit overdrafts	199	275
Consumer Finance
Loans
Loans	$ 299,592	$ 296,154
[1]	Derived from audited consolidated financial statements.

Loans - Loans Acquired (Details

Loans - Loans Acquired (Details) - CVBK - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Loans
Outstanding principal balance	$ 47,224	$ 48,502
Carrying amount
Acquired Loans	37,741	38,709
Real estate - residential mortgage
Carrying amount
Acquired Loans	8,823	9,107
Commercial, financial and agricultural
Carrying amount
Acquired Loans	19,599	20,443
Equity lines
Carrying amount
Acquired Loans	9,314	9,153
Consumer
Carrying amount
Acquired Loans	5	6
PCI Loans
Loans
Outstanding principal balance	9,537	9,734
Carrying amount
Acquired Loans	1,859	1,835
PCI Loans | Real estate - residential mortgage
Carrying amount
Acquired Loans	280	284
PCI Loans | Commercial, financial and agricultural
Carrying amount
Acquired Loans	1,489	1,461
PCI Loans | Equity lines
Carrying amount
Acquired Loans	90	90
Purchased Performing Loans
Loans
Outstanding principal balance	37,687	38,768
Carrying amount
Acquired Loans	35,882	36,874
Purchased Performing Loans | Real estate - residential mortgage
Carrying amount
Acquired Loans	8,543	8,823
Purchased Performing Loans | Commercial, financial and agricultural
Carrying amount
Acquired Loans	18,110	18,982
Purchased Performing Loans | Equity lines
Carrying amount
Acquired Loans	9,224	9,063
Purchased Performing Loans | Consumer
Carrying amount
Acquired Loans	$ 5	$ 6

Loans - Change in Accretable Yi

Loans - Change in Accretable Yield (Details) - CVBK - PCI Loans - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Change in the accretable yield
Accretable yield, balance at beginning of period	$ 5,987	$ 7,304
Accretion	(469)	(977)
Reclassification of nonaccreatable difference due to improvement in expected cash flows	256	871
Other changes, net	162	(398)
Accretable yield, balance at end of period	$ 5,936	$ 6,800

Loans - Loans on Nonaccrual Sta

Loans - Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Loans on nonaccrual status
Loans on nonaccrual status	$ 2,134	$ 2,213
Real estate - residential mortgage
Loans on nonaccrual status
Loans on nonaccrual status	701	594
Commercial, financial and agricultural | Commercial business lending
Loans on nonaccrual status
Loans on nonaccrual status	29	24
Equity lines
Loans on nonaccrual status
Loans on nonaccrual status	760	883
Consumer
Loans on nonaccrual status
Loans on nonaccrual status	124
Consumer Finance
Loans on nonaccrual status
Loans on nonaccrual status	$ 520	$ 712

Loans - Past Due Status (Detail

Loans - Past Due Status (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Loans on nonaccrual status
Total Past Due	$ 10,613,000	$ 16,861,000
Current	1,063,169,000	1,043,424,000
Total Loans	1,075,641,000	1,062,120,000
90+ days past due and accruing	328,000	324,000
Additional disclosure for nonaccrual loans
Current, nonaccrual status	616,000	458,000
Nonaccrual loans, 30-59 days past due	90,000	97,000
Nonaccrual loans, 60-89 days past due	122,000	560,000
Nonaccrual loans, 90+ days past due	1,310,000	1,100,000
PCI
Loans on nonaccrual status
PCI	1,859,000	1,835,000
30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	8,002,000	12,880,000
60-89 Days Past Due
Loans on nonaccrual status
Total Past Due	992,000	2,568,000
90+ Days Past Due
Loans on nonaccrual status
Total Past Due	1,619,000	1,413,000
Real estate - residential mortgage
Loans on nonaccrual status
Total Past Due	1,105,000	1,258,000
Current	182,312,000	183,359,000
Total Loans	183,697,000	184,901,000
90+ days past due and accruing	6,000	9,000
Real estate - residential mortgage | PCI
Loans on nonaccrual status
PCI	280,000	284,000
Real estate - residential mortgage | 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	969,000	1,221,000
Real estate - residential mortgage | 90+ Days Past Due
Loans on nonaccrual status
Total Past Due	136,000	37,000
Equity lines
Loans on nonaccrual status
Total Past Due	1,040,000	955,000
Current	52,981,000	54,615,000
Total Loans	54,111,000	55,660,000
Equity lines | PCI
Loans on nonaccrual status
PCI	90,000	90,000
Equity lines | 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	299,000	46,000
Equity lines | 60-89 Days Past Due
Loans on nonaccrual status
Total Past Due	122,000	584,000
Equity lines | 90+ Days Past Due
Loans on nonaccrual status
Total Past Due	619,000	325,000
Consumer
Loans on nonaccrual status
Total Past Due	52,000	31,000
Current	12,781,000	14,978,000
Total Loans	12,833,000	15,009,000
90+ days past due and accruing	7,000
Consumer | 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	52,000	31,000
Consumer Finance
Loans on nonaccrual status
Total Past Due	7,963,000	14,096,000
Current	291,629,000	282,058,000
Total Loans	299,592,000	296,154,000
Consumer Finance | 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	6,573,000	11,419,000
Consumer Finance | 60-89 Days Past Due
Loans on nonaccrual status
Total Past Due	870,000	1,965,000
Consumer Finance | 90+ Days Past Due
Loans on nonaccrual status
Total Past Due	520,000	712,000
Construction Lending | Real estate - construction
Loans on nonaccrual status
Current	53,319,000	42,051,000
Total Loans	53,319,000	42,051,000
Consumer lot lending | Real estate - construction
Loans on nonaccrual status
Current	12,269,000	12,410,000
Total Loans	12,269,000	12,410,000
Commercial real estate lending | Commercial, financial and agricultural
Loans on nonaccrual status
Total Past Due	379,000	315,000
Current	301,212,000	309,057,000
Total Loans	303,080,000	310,833,000
90+ days past due and accruing	315,000	315,000
Commercial real estate lending | Commercial, financial and agricultural | PCI
Loans on nonaccrual status
PCI	1,489,000	1,461,000
Commercial real estate lending | Commercial, financial and agricultural | 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	64,000
Commercial real estate lending | Commercial, financial and agricultural | 90+ Days Past Due
Loans on nonaccrual status
Total Past Due	315,000	315,000
Land acquisition and development lending | Commercial, financial and agricultural
Loans on nonaccrual status
Current	45,245,000	43,404,000
Total Loans	45,245,000	43,404,000
Builder line lending | Commercial, financial and agricultural
Loans on nonaccrual status
Current	29,180,000	31,201,000
Total Loans	29,180,000	31,201,000
Commercial business lending | Commercial, financial and agricultural
Loans on nonaccrual status
Total Past Due	74,000	206,000
Current	82,241,000	70,291,000
Total Loans	82,315,000	70,497,000
Commercial business lending | Commercial, financial and agricultural | 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	45,000	163,000
Commercial business lending | Commercial, financial and agricultural | 60-89 Days Past Due
Loans on nonaccrual status
Total Past Due		19,000
Commercial business lending | Commercial, financial and agricultural | 90+ Days Past Due
Loans on nonaccrual status
Total Past Due	$ 29,000	$ 24,000

Loans - Troubled Debt Restructu

Loans - Troubled Debt Restructurings (Details)	3 Months Ended
	Mar. 31, 2019USD ($)loan	Mar. 31, 2018USD ($)loan
Loans
Number of Loans | loan	0	0
TDR payment default period	12 months
Period determining when a past due TDR becomes a subsequent default	90 days
Recorded Investment, TDR payment defaults | $	$ 0	$ 0

Loans - Impaired Loans (Details

Loans - Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Impaired loans
Impaired loans, troubled debt restructurings	$ 4,680	$ 5,450
Impaired loans, Unpaid Principal Balance	5,679	5,928
Impaired loans, Recorded Investment in Loans without Specific Reserve	1,743	2,842
Impaired loans, Recorded Investment in Loans with Specific Reserve	3,785	2,935,000
Impaired loans, Related Allowance	507	428
Impaired loans, Average Balance	5,650	6,099
Impaired loans, Interest Income Recognized	65	276
Real estate - residential mortgage
Impaired loans
Impaired loans, Unpaid Principal Balance	3,134	3,057
Impaired loans, Recorded Investment in Loans without Specific Reserve	1,273	1,288
Impaired loans, Recorded Investment in Loans with Specific Reserve	1,760	1,677,000
Impaired loans, Related Allowance	127	92
Impaired loans, Average Balance	3,099	3,056
Impaired loans, Interest Income Recognized	35	142
Commercial, financial and agricultural | Commercial real estate lending
Impaired loans
Impaired loans, Unpaid Principal Balance	1,752	2,468
Impaired loans, Recorded Investment in Loans without Specific Reserve	3	1,498
Impaired loans, Recorded Investment in Loans with Specific Reserve	1,710	927,000
Impaired loans, Related Allowance	69	10
Impaired loans, Average Balance	1,768	2,653
Impaired loans, Interest Income Recognized	23	132
Commercial, financial and agricultural | Builder line lending
Impaired loans
Impaired loans, Unpaid Principal Balance	437
Impaired loans, Recorded Investment in Loans without Specific Reserve	437
Impaired loans, Average Balance	437
Impaired loans, Interest Income Recognized	7
Commercial, financial and agricultural | Commercial business lending
Impaired loans
Impaired loans, Unpaid Principal Balance		33
Impaired loans, Recorded Investment in Loans without Specific Reserve		25
Impaired loans, Average Balance		26
Equity lines
Impaired loans
Impaired loans, Unpaid Principal Balance	225	365
Impaired loans, Recorded Investment in Loans without Specific Reserve	30	31
Impaired loans, Recorded Investment in Loans with Specific Reserve	187	326,000
Impaired loans, Related Allowance	187	326
Impaired loans, Average Balance	217	359
Impaired loans, Interest Income Recognized		2
Consumer
Impaired loans
Impaired loans, Unpaid Principal Balance	131	5
Impaired loans, Recorded Investment in Loans with Specific Reserve	128	5,000
Impaired loans, Related Allowance	124
Impaired loans, Average Balance	$ 129	$ 5

Allowance for Loan Losses - Cha

Allowance for Loan Losses - Change in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Allowance balance attributable to loans:
Balance at the beginning of period	$ 34,023	$ 35,726
Provision charged to operations	2,395	3,300
Loans charged off	(3,966)	(4,656)
Recoveries of loans previously charged off	1,137	1,230
Balance at the end of period	33,589	35,600
Real estate - residential mortgage
Allowance balance attributable to loans:
Balance at the beginning of period	2,246	2,371
Provision charged to operations	(47)	(16)
Recoveries of loans previously charged off	5	22
Balance at the end of period	2,204	2,377
Real estate - construction
Allowance balance attributable to loans:
Balance at the beginning of period	727	605
Provision charged to operations	114	251
Balance at the end of period	841	856
Commercial, financial and agricultural
Allowance balance attributable to loans:
Balance at the beginning of period	6,688	7,478
Provision charged to operations	(25)	(238)
Loans charged off		(2)
Recoveries of loans previously charged off	1	5
Balance at the end of period	6,664	7,243
Equity lines
Allowance balance attributable to loans:
Balance at the beginning of period	1,106	688
Provision charged to operations	(205)
Balance at the end of period	901	688
Consumer
Allowance balance attributable to loans:
Balance at the beginning of period	257	231
Provision charged to operations	163	3
Loans charged off	(76)	(71)
Recoveries of loans previously charged off	42	48
Balance at the end of period	386	211
Consumer Finance
Allowance balance attributable to loans:
Balance at the beginning of period	22,999	24,353
Provision charged to operations	2,395	3,300
Loans charged off	(3,890)	(4,583)
Recoveries of loans previously charged off	1,089	1,155
Balance at the end of period	$ 22,593	$ 24,225

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance and Loans by Impairment Methodology (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Allowance balance attributable to loans:
Individually evaluated for impairment	$ 507	$ 428
Collectively evaluated for impairment	33,082	33,595
Total allowance	33,589	34,023	$ 35,600	$ 35,726
Loans:
Individually evaluated for impairment	5,528	5,777
Collectively evaluated for impairment	1,068,254	1,054,508
Total loans	1,075,641	1,062,120
Real estate - residential mortgage
Allowance balance attributable to loans:
Individually evaluated for impairment	127	92
Collectively evaluated for impairment	2,077	2,154
Total allowance	2,204	2,246	2,377	2,371
Loans:
Individually evaluated for impairment	3,033	2,965
Collectively evaluated for impairment	180,384	181,652
Total loans	183,697	184,901
Real estate - construction
Allowance balance attributable to loans:
Collectively evaluated for impairment	841	727
Total allowance	841	727	856	605
Loans:
Collectively evaluated for impairment	65,588	54,461
Total loans	65,588	54,461
Commercial, financial and agricultural
Allowance balance attributable to loans:
Individually evaluated for impairment	69	10
Collectively evaluated for impairment	6,595	6,678
Total allowance	6,664	6,688	7,243	7,478
Loans:
Individually evaluated for impairment	2,150	2,450
Collectively evaluated for impairment	456,181	452,024
Total loans	459,820	455,935
Equity lines
Allowance balance attributable to loans:
Individually evaluated for impairment	187	326
Collectively evaluated for impairment	714	780
Total allowance	901	1,106	688	688
Loans:
Individually evaluated for impairment	217	357
Collectively evaluated for impairment	53,804	55,213
Total loans	54,111	55,660
Consumer
Allowance balance attributable to loans:
Individually evaluated for impairment	124
Collectively evaluated for impairment	262	257
Total allowance	386	257	211	231
Loans:
Individually evaluated for impairment	128	5
Collectively evaluated for impairment	12,705	15,004
Total loans	12,833	15,009
Consumer Finance
Allowance balance attributable to loans:
Collectively evaluated for impairment	22,593	22,999
Total allowance	22,593	22,999	$ 24,225	$ 24,353
Loans:
Collectively evaluated for impairment	299,592	296,154
Total loans	299,592	296,154
PCI
Loans:
Acquired loans - PCI	1,859	1,835
PCI | Real estate - residential mortgage
Loans:
Acquired loans - PCI	280	284
PCI | Commercial, financial and agricultural
Loans:
Acquired loans - PCI	1,489	1,461
PCI | Equity lines
Loans:
Acquired loans - PCI	$ 90	$ 90

Allowance for Loan Losses - Cre

Allowance for Loan Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Allowance for loan losses
Loans, excluding consumer finance	$ 776,049	$ 765,966
Loans	1,075,641	1,062,120
Pass
Allowance for loan losses
Loans, excluding consumer finance	756,244	744,812
Special Mention
Allowance for loan losses
Loans, excluding consumer finance	16,281	17,851
Substandard
Allowance for loan losses
Loans, excluding consumer finance	1,910	1,802
Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	1,614	1,501
Real estate - residential mortgage
Allowance for loan losses
Loans, excluding consumer finance	183,697	184,901
Loans	183,697	184,901
Real estate - residential mortgage | Pass
Allowance for loan losses
Loans, excluding consumer finance	179,808	180,232
Real estate - residential mortgage | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	2,210	2,832
Real estate - residential mortgage | Substandard
Allowance for loan losses
Loans, excluding consumer finance	978	1,243
Real estate - residential mortgage | Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	701	594
Real estate - construction
Allowance for loan losses
Loans	65,588	54,461
Real estate - construction | Construction Lending
Allowance for loan losses
Loans, excluding consumer finance	53,319	42,051
Real estate - construction | Construction Lending | Pass
Allowance for loan losses
Loans, excluding consumer finance	53,319	42,051
Real estate - construction | Consumer lot lending
Allowance for loan losses
Loans, excluding consumer finance	12,269	12,410
Real estate - construction | Consumer lot lending | Pass
Allowance for loan losses
Loans, excluding consumer finance	12,269	12,410
Commercial, financial and agricultural
Allowance for loan losses
Loans	459,820	455,935
Commercial, financial and agricultural | Commercial real estate lending
Allowance for loan losses
Loans, excluding consumer finance	303,080	310,833
Commercial, financial and agricultural | Commercial real estate lending | Pass
Allowance for loan losses
Loans, excluding consumer finance	299,627	306,578
Commercial, financial and agricultural | Commercial real estate lending | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	3,008	3,801
Commercial, financial and agricultural | Commercial real estate lending | Substandard
Allowance for loan losses
Loans, excluding consumer finance	445	454
Commercial, financial and agricultural | Land acquisition and development lending
Allowance for loan losses
Loans, excluding consumer finance	45,245	43,404
Commercial, financial and agricultural | Land acquisition and development lending | Pass
Allowance for loan losses
Loans, excluding consumer finance	35,151	33,156
Commercial, financial and agricultural | Land acquisition and development lending | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	10,094	10,248
Commercial, financial and agricultural | Builder line lending
Allowance for loan losses
Loans, excluding consumer finance	29,180	31,201
Commercial, financial and agricultural | Builder line lending | Pass
Allowance for loan losses
Loans, excluding consumer finance	28,743	31,201
Commercial, financial and agricultural | Builder line lending | Substandard
Allowance for loan losses
Loans, excluding consumer finance	437
Commercial, financial and agricultural | Commercial business lending
Allowance for loan losses
Loans, excluding consumer finance	82,315	70,497
Commercial, financial and agricultural | Commercial business lending | Pass
Allowance for loan losses
Loans, excluding consumer finance	81,735	69,897
Commercial, financial and agricultural | Commercial business lending | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	551	576
Commercial, financial and agricultural | Commercial business lending | Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	29	24
Equity lines
Allowance for loan losses
Loans, excluding consumer finance	54,111	55,660
Loans	54,111	55,660
Equity lines | Pass
Allowance for loan losses
Loans, excluding consumer finance	52,895	54,289
Equity lines | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	409	389
Equity lines | Substandard
Allowance for loan losses
Loans, excluding consumer finance	47	99
Equity lines | Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	760	883
Consumer
Allowance for loan losses
Loans, excluding consumer finance	12,833	15,009
Loans	12,833	15,009
Consumer | Pass
Allowance for loan losses
Loans, excluding consumer finance	12,697	14,998
Consumer | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	9	5
Consumer | Substandard
Allowance for loan losses
Loans, excluding consumer finance	3	$ 6
Consumer | Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	$ 124

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loans by Credit Quality Indicators - Performing and Non-Performing (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Allowance for loan losses
Loans	$ 1,075,641	$ 1,062,120
Consumer Finance
Allowance for loan losses
Loans	299,592	296,154
Consumer Finance | Performing
Allowance for loan losses
Loans	299,072	295,442
Consumer Finance | Nonperforming
Allowance for loan losses
Loans	$ 520	$ 712

Leases (Details)

Leases (Details)	3 Months Ended
	Mar. 31, 2019USD ($)lease	Mar. 31, 2018USD ($)
Lease cost
Operating lease cost	$ 414,000
Short-term lease cost	39,000
Variable lease cost	14,000
Total lease cost	467,000
Cash paid for lease liabilities	$ 306,000
Weighted average remaining lease term	3 years
Weighted average discount rate	3.30%
Right-of-use assets	$ 3,670,000
Right-of-use assets, line item in Statement of Financial Position	us-gaap:OtherAssetsMember
Lease liabilities	$ 3,680,000
Lease liabilities, line item in Statement of Financial Position	us-gaap:OtherLiabilitiesMember
Right-of-use assets obtained in exchange for lease liabilities	$ 821,000
Lease expense recognized		$ 439,000
Maturities of lease liabilities
2019	1,131,000
2020	1,392,000
2021	758,000
2022	236,000
2023	109,000
Thereafter	249,000
Total	3,875,000
Imputed interest	(193,000)
Lease liabilities	3,682,000
Payments related to lease agreements that the Corporation has not obtained control of the real estate properties	$ 4,940,000
Number of lease agreements that the Corporation has not obtained control of the real estate properties | lease	2

Equity, Other Comprehensive I_3

Equity, Other Comprehensive Income and Earnings Per Share - Equity and Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Shareholders’ Equity
Issuance of noncontrolling interest	$ 490
C&F Select LLC
Shareholders’ Equity
Ownership interest issued (as a percent)	49.00%
Issuance of noncontrolling interest	$ 490
Repurchase Program | Common Stock
Shareholders’ Equity
Shares repurchased (in shares)	32,407
Aggregate cost of Shares repurchased	$ 1,670
Restricted Stock Tax Withholding Repurchases | Common Stock
Shareholders’ Equity
Shares repurchased (in shares)	4,641	3,737

Equity, Other Comprehensive I_4

Equity, Other Comprehensive Income and Earnings Per Share - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Equity, Other Comprehensive Income and Earnings Per Share
Deferred taxes included in AOCI	$ 864,000,000	$ 1,230
Net unrealized (losses) gains on securities	65	(1,375)
Net unrecognized gains on cash flow hedges	135	215
Net unrecognized losses on defined benefit plan	(3,492)	(3,512)
Total accumulated other comprehensive income	$ (3,292)	$ (4,672)	[1]
[1]	Derived from audited consolidated financial statements.

Equity, Other Comprehensive I_5

Equity, Other Comprehensive Income and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Components of earnings per share calculations
Net income attributable to C&F Financial Corporation	$ 3,771	$ 3,892
Weighted average shares outstanding—basic	3,484,592	3,501,164
Weighted average shares outstanding—diluted	3,484,592	3,501,164

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Components of net periodic benefit cost
Service cost, included in salaries and employee benefits	$ 293	$ 306
Other components of net periodic benefit cost:
Interest cost	153	133
Expected return on plan assets	(330)	(318)
Amortization of prior service credit	(17)	(15)
Recognized net actuarial losses	42	29
Other components of net periodic benefit cost, included in other noninterest income	(152)	(171)
Net periodic benefit cost	$ 141	$ 135

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Securities available for sale
Securities available for sale	$ 209,007	$ 214,910	[1]
Recurring
Securities available for sale
Securities available for sale	209,007	214,910
Loans held for sale	36,035	41,895
Total assets measured at fair value	247,998	259,337
Liabilities:
Derivative liabilities	1,378	1,607
Recurring | Cash Flow Hedges
Securities available for sale
Derivative asset	182	289
Recurring | Interest rate lock commitments/IRLCs
Securities available for sale
Derivative asset	1,396	636
Recurring | Interest Rate Swap
Securities available for sale
Derivative asset	1,378	1,607
Liabilities:
Derivative liabilities	1,378	1,607
Level 2 | Recurring
Securities available for sale
Securities available for sale	209,007	214,910
Loans held for sale	36,035	41,895
Total assets measured at fair value	247,998	259,337
Liabilities:
Derivative liabilities	1,378	1,607
Level 2 | Recurring | Cash Flow Hedges
Securities available for sale
Derivative asset	182	289
Level 2 | Recurring | Interest rate lock commitments/IRLCs
Securities available for sale
Derivative asset	1,396	636
Level 2 | Recurring | Interest Rate Swap
Securities available for sale
Derivative asset	1,378	1,607
Liabilities:
Derivative liabilities	1,378	1,607
U.S. government agencies and corporations
Securities available for sale
Securities available for sale	17,394	17,473
U.S. government agencies and corporations | Recurring
Securities available for sale
Securities available for sale	17,394	17,473
U.S. government agencies and corporations | Level 2 | Recurring
Securities available for sale
Securities available for sale	17,394	17,473
Mortgage-backed securities
Securities available for sale
Securities available for sale	100,590	104,983
Mortgage-backed securities | Recurring
Securities available for sale
Securities available for sale	100,590	104,983
Mortgage-backed securities | Level 2 | Recurring
Securities available for sale
Securities available for sale	100,590	104,983
Obligations of states and political subdivisions
Securities available for sale
Securities available for sale	91,023	92,454
Obligations of states and political subdivisions | Recurring
Securities available for sale
Securities available for sale	91,023	92,454
Obligations of states and political subdivisions | Level 2 | Recurring
Securities available for sale
Securities available for sale	$ 91,023	$ 92,454
[1]	Derived from audited consolidated financial statements.

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Financial Assets Measured at Fair Value on Non-Recurring Basis (Details) - Nonrecurring $ in Thousands	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Fair value assets and liabilities - Nonrecurring Basis
Financial assets measured at fair value on a non-recurring basis	$ 401	$ 348
Impaired loans, net
Fair value assets and liabilities - Nonrecurring Basis
Financial assets measured at fair value on a non-recurring basis	155	102
Other real estate owned, net
Fair value assets and liabilities - Nonrecurring Basis
Financial assets measured at fair value on a non-recurring basis	246	246
Level 3
Fair value assets and liabilities - Nonrecurring Basis
Financial assets measured at fair value on a non-recurring basis	401	348
Level 3 | Impaired loans, net
Fair value assets and liabilities - Nonrecurring Basis
Financial assets measured at fair value on a non-recurring basis	$ 155	102
Impaired loans, net, valuation technique	cffi:ValuationTechniqueAppraisalsMember
Impaired loans, net, measurement input	us-gaap:MeasurementInputDiscountRateMember
Level 3 | Impaired loans, net | Minimum
Fair value assets and liabilities - Nonrecurring Basis
Impaired loans, input	0.30
Level 3 | Impaired loans, net | Maximum
Fair value assets and liabilities - Nonrecurring Basis
Impaired loans, input	0.38
Level 3 | Other real estate owned, net
Fair value assets and liabilities - Nonrecurring Basis
Financial assets measured at fair value on a non-recurring basis	$ 246	$ 246
Other real estate owned, net, valuation technique	cffi:ValuationTechniqueAppraisalsMember
Other real estate owned, net, measurement input	us-gaap:MeasurementInputDiscountRateMember
Level 3 | Other real estate owned, net | Minimum
Fair value assets and liabilities - Nonrecurring Basis
Other real estate owned, input	0.33
Level 3 | Other real estate owned, net | Maximum
Fair value assets and liabilities - Nonrecurring Basis
Other real estate owned, input	0.47

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Securities available for sale	$ 209,007	$ 214,910	[1]
Bank-owned life insurance	16,162	16,065	[1]
Carrying Value
Assets:
Cash and short-term investments	137,451	115,013
Securities available for sale	209,007	214,910
Loans, net	1,042,052	1,028,097
Loans held for sale	36,035	41,895
Bank-owned life insurance	16,162	16,065
Accrued interest receivable	7,267	7,436
Financial liabilities:
Demand deposits	824,044	835,101
Time deposits	378,150	346,560
Borrowings	161,807	159,691
Accrued interest payable	1,166	920
Total Fair Value
Assets:
Cash and short-term investments	137,451	115,013
Securities available for sale	209,007	214,910
Loans, net	1,038,191	1,021,145
Loans held for sale	36,035	41,895
Bank-owned life insurance	16,162	16,065
Accrued interest receivable	7,267	7,436
Financial liabilities:
Demand deposits	824,044	835,101
Time deposits	375,881	343,507
Borrowings	154,451	152,015
Accrued interest payable	1,166	920
Total Fair Value | Level 1
Assets:
Cash and short-term investments	137,451	115,013
Accrued interest receivable	7,267	7,436
Financial liabilities:
Demand deposits	824,044	835,101
Accrued interest payable	1,166	920
Total Fair Value | Level 2
Assets:
Securities available for sale	209,007	214,910
Loans held for sale	36,035	41,895
Bank-owned life insurance	16,162	16,065
Financial liabilities:
Time deposits	375,881	343,507
Borrowings	154,451	152,015
Total Fair Value | Level 3
Assets:
Loans, net	1,038,191	1,021,145
Interest rate lock commitments/IRLCs | Carrying Value
Assets:
Derivative asset	1,396	636
Interest rate lock commitments/IRLCs | Total Fair Value
Assets:
Derivative asset	1,396	636
Interest rate lock commitments/IRLCs | Total Fair Value | Level 2
Assets:
Derivative asset	1,396	636
Interest Rate Swap | Carrying Value
Assets:
Derivative asset	1,378	1,607
Financial liabilities:
Derivative liabilities	1,378	1,607
Interest Rate Swap | Total Fair Value
Assets:
Derivative asset	1,378	1,607
Financial liabilities:
Derivative liabilities	1,378	1,607
Interest Rate Swap | Total Fair Value | Level 2
Assets:
Derivative asset	1,378	1,607
Financial liabilities:
Derivative liabilities	1,378	1,607
Cash Flow Hedges | Carrying Value
Assets:
Derivative asset	182	289
Cash Flow Hedges | Total Fair Value
Assets:
Derivative asset	182	289
Cash Flow Hedges | Total Fair Value | Level 2
Assets:
Derivative asset	$ 182	$ 289
[1]	Derived from audited consolidated financial statements.

Business Segments - Segment Rep

Business Segments - Segment Reporting (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	[1]
Business Segments
Number of Operating Segments | segment	3
Revenues:
Interest income	$ 22,951	$ 22,744
Gains on sales of loans	2,136	2,239
Other noninterest income	4,967	4,207
Total operating income	30,054	29,190
Expenses:
Provision for loan losses	2,395	3,300
Interest expense	3,304	2,576
Salaries and employee benefits	11,907	10,733
Other noninterest expenses	7,770	7,806
Total operating expenses	25,376	24,415
Income (loss) before income taxes	4,678	4,775
Income tax expense (benefit)	907	883
Net income	3,771	3,892
Total assets	1,549,360	1,524,926	$ 1,521,411
Goodwill	14,425	14,425	$ 14,425
Capital expenditures	754	621
Operating Segments | Retail Banking
Revenues:
Interest income	14,324	13,160
Other noninterest income	2,935	2,619
Total operating income	17,259	15,779
Expenses:
Interest expense	2,175	1,617
Salaries and employee benefits	7,475	6,486
Other noninterest expenses	4,903	4,981
Total operating expenses	14,553	13,084
Income (loss) before income taxes	2,706	2,695
Income tax expense (benefit)	416	383
Net income	2,290	2,312
Total assets	1,380,790	1,356,936
Goodwill	3,702	3,702
Capital expenditures	722	572
Operating Segments | Mortgage Banking
Revenues:
Interest income	350	367
Gains on sales of loans	2,136	2,239
Other noninterest income	1,318	857
Total operating income	3,804	3,463
Expenses:
Interest expense	163	143
Salaries and employee benefits	1,627	1,443
Other noninterest expenses	1,244	1,275
Total operating expenses	3,034	2,861
Income (loss) before income taxes	770	602
Income tax expense (benefit)	203	167
Net income	567	435
Total assets	53,642	54,516
Capital expenditures	24	21
Operating Segments | Consumer Finance
Revenues:
Interest income	10,145	10,849
Other noninterest income	196	248
Total operating income	10,341	11,097
Expenses:
Provision for loan losses	2,395	3,300
Interest expense	2,551	2,165
Salaries and employee benefits	2,252	2,265
Other noninterest expenses	1,375	1,307
Total operating expenses	8,573	9,037
Income (loss) before income taxes	1,768	2,060
Income tax expense (benefit)	483	562
Net income	1,285	1,498
Total assets	301,579	292,417
Goodwill	10,723	10,723
Capital expenditures	8	28
Operating Segments | Other
Revenues:
Interest income	2
Other noninterest income	518	483
Total operating income	520	483
Expenses:
Interest expense	285	283
Salaries and employee benefits	553	539
Other noninterest expenses	248	243
Total operating expenses	1,086	1,065
Income (loss) before income taxes	(566)	(582)
Income tax expense (benefit)	(195)	(229)
Net income	(371)	(353)
Total assets	6,836	5,066
Eliminations
Revenues:
Interest income	(1,870)	(1,632)
Total operating income	(1,870)	(1,632)
Expenses:
Interest expense	(1,870)	(1,632)
Total operating expenses	(1,870)	(1,632)
Total assets	$ (193,487)	$ (184,009)
[1]	Derived from audited consolidated financial statements.

Business Segments - Segment Deb

Business Segments - Segment Debt (Details)	3 Months Ended
	Mar. 31, 2019
Mortgage Banking | FHLB Advances
Business Segments
Variable rate, spread (as a percent)	0.50%
Consumer Finance | Minimum
Business Segments
Variable rate, spread (as a percent)	2.00%
Consumer Finance | Maximum
Business Segments
Variable rate, spread (as a percent)	8.00%
Consumer Finance | LIBOR | Minimum
Business Segments
Variable rate, spread (as a percent)	2.00%

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - Loan Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Standby Letters of Credit
Commitments and Contingent Liabilities
Face amount of asset	$ 19,560	$ 19,340
Loan Commitments
Commitments and Contingent Liabilities
Face amount of asset	$ 253,980	$ 244,170

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Other (Details) - C&F Mortgage	3 Months Ended
	Mar. 31, 2019
Commitments and Contingent Liabilities
Recourse period for early payment default, minimum	90 days
Recourse period for early payment default, maximum	1 year

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)position	Dec. 31, 2018USD ($)position
Derivatives and other information
Changes in fair value of interest rate swaps	$ 0
Interest Rate Swap | Designated as Hedging Instrument
Derivatives and other information
Notional amount	$ 25,000	$ 25,000
Position | position	3	3
Derivative asset	$ 182	$ 289
Matched interest rate swap with borrower | Not designated as hedges
Derivatives and other information
Notional amount	$ 45,785	$ 45,961
Position | position	8	8
Derivative asset	$ 589	$ 216
Derivative Liabilities	789	1,391
Matched interest rate swap with counterparty | Not designated as hedges
Derivatives and other information
Notional amount	$ 45,785	$ 45,961
Position | position	8	8
Derivative asset	$ 789	$ 1,391
Derivative Liabilities	589	216
Collateral Pledged	390
Interest rate lock commitments/IRLCs | Not designated as hedges
Derivatives and other information
Notional amount	$ 95,921	$ 44,324
Position | position	380	181
Derivative asset	$ 1,396	$ 636

Other Noninterest Expenses (Det

Other Noninterest Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other Noninterest Expenses
Data processing fees	$ 1,921	$ 1,827
Professional fees	564	739
Travel and educational expenses	403	371
Marketing and advertising expenses	373	460
Telecommunication expenses	317	346
All other noninterest expenses	2,002	2,032
Total Other Noninterest Expenses	$ 5,580	$ 5,775