C&F Financial (CFFI) 10-Q2 Nov 212021 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2021	Oct. 29, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-23423
Entity Registrant Name	C & F FINANCIAL CORP
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1680165
Entity Address, Address Line One	3600 La Grange Parkway
Entity Address, City or Town	Toano
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23168
City Area Code	804
Local Phone Number	843-2360
Title of 12(b) Security	Common Stock, $1.00 par value per share
Trading Symbol	CFFI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,538,713
Entity Central Index Key	0000913341
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 15,001	$ 17,742
Interest-bearing deposits in other banks	186,494	68,927
Total cash and cash equivalents	201,495	86,669
Securities-available for sale at fair value, amortized cost of	363,413	286,389
Loans held for sale, at fair value	116,789	214,266
Loans, net of allowance for loan losses of $39,447 and $39,156, respectively	1,351,564	1,313,250
Restricted stock, at cost	1,027	1,636
Corporate premises and equipment, net	45,397	44,132
Other real estate owned, net of valuation allowance of $32 and $207, respectively	857	907
Accrued interest receivable	7,125	8,103
Goodwill	25,191	25,191
Other intangible assets, net	2,055	2,291
Bank-owned life insurance	20,382	20,205
Net deferred tax asset	13,977	13,555
Other assets	60,136	69,716
Total assets	2,209,408	2,086,310
Deposits
Noninterest-bearing demand deposits	576,065	501,945
Savings and interest-bearing demand deposits	835,915	780,645
Time deposits	441,105	469,583
Total deposits	1,853,085	1,752,173
Short-term borrowings	37,006	20,455
Long-term borrowings	30,441	30,398
Trust preferred capital notes	25,343	25,316
Accrued interest payable	581	1,109
Other liabilities	57,770	62,388
Total liabilities	2,004,226	1,891,839
Commitments and contingent liabilities (Note 11)
Equity
Common stock ($1.00 par value, 8,000,000 shares authorized, 3,537,894 and 3,670,301 shares issued and outstanding, respectively, includes 149,762 and 155,945 of unvested shares, respectively)	3,388	3,514
Additional paid-in capital	15,390	21,427
Retained earnings	189,301	170,819
Accumulated other comprehensive loss, net	(3,647)	(1,955)
Equity attributable to C&F Financial Corporation	204,432	193,805
Noncontrolling interest	750	666
Total equity	205,182	194,471
Total liabilities and equity	$ 2,209,408	$ 2,086,310

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Available-for-sale securities, amortized cost	$ 360,981	$ 280,824
Loans, allowance for loan losses	39,447	39,156
Other real estate owned, valuation allowance	$ 32	$ 207
Common stock par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	3,537,894	3,670,301
Common stock, shares outstanding	3,537,894	3,670,301
Common stock, unvested shares	149,762	155,945

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income
Interest and fees on loans	$ 22,120	$ 22,506	$ 66,399	$ 67,607
Interest on interest-bearing deposits and federal funds sold	77	32	171	682
Interest and dividends on securities
U.S. government agencies and corporations	198	109	498	355
Mortgage-backed securities	536	533	1,451	1,596
Tax-exempt obligations of states and political subdivisions	395	498	1,300	1,507
Taxable obligations of states and political subdivisions	104	102	288	302
Other	174	42	439	135
Total interest income	23,604	23,822	70,546	72,184
Interest expense
Savings and interest-bearing deposits	346	346	1,049	1,287
Time deposits	888	1,938	3,249	6,368
Borrowings	462	404	1,365	1,962
Trust preferred capital notes	290	289	861	865
Total interest expense	1,986	2,977	6,524	10,482
Net interest income	21,618	20,845	64,022	61,702
Provision for loan losses	430	3,300	110	9,550
Net interest income after provision for loan losses	21,188	17,545	63,912	52,152
Noninterest income
Gains on sales of loans	5,660	9,706	18,665	17,987
Mortgage banking fee income	1,630	2,206	5,134	5,497
Interchange income	1,461	1,268	4,250	3,498
Service charges on deposit accounts	992	785	2,639	2,426
Wealth management services income, net	708	640	2,095	1,973
Mortgage lender services income	598	706	1,991	1,348
Other service charges and fees	386	390	1,188	1,159
Net gains on sales, maturities and calls of available for sale securities	3	4	41	11
Other income, net	604	1,233	3,495	1,615
Total noninterest income	12,042	16,938	39,498	35,514
Noninterest expenses
Salaries and employee benefits	13,915	15,767	45,242	40,938
Occupancy	2,231	2,131	6,781	6,331
Other	7,030	7,433	21,355	21,939
Total noninterest expenses	23,176	25,331	73,378	69,208
Income before income taxes	10,054	9,152	30,032	18,458
Income tax expense	2,227	2,234	6,950	4,158
Net income	7,827	6,918	23,082	14,300
Less net income attributable to noncontrolling interest	153	125	339	183
Net income attributable to C&F Financial Corporation	$ 7,674	$ 6,793	$ 22,743	$ 14,117
Net income per share - basic and diluted (in dollars per share)	$ 2.16	$ 1.86	$ 6.27	$ 3.87

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$ 7,827	$ 6,918	$ 23,082	$ 14,300
Defined benefit plan:
Reclassification of recognized net actuarial losses into net income1	[1]	61	49	182	148
Related income tax effects		(13)	(10)	(38)	(31)
Amortization of prior service credit into net income1	[1]	(17)	(17)	(51)	(51)
Related income tax effects		4	4	11	11
Defined benefit plan, net of tax		35	26	104	77
Cash flow hedges:
Unrealized holding gains (losses) arising during the period		166	127	921	(2,001)
Related income tax effects		(43)	(32)	(237)	515
Amortization of hedging gains into net income2	[2]	(1)	(3)	(5)	(9)
Related income tax effects				1	2
Cash flow hedges, net of tax		122	92	680	(1,493)
Securities available for sale:
Unrealized holding (losses) gains arising during the period		(1,112)	(261)	(3,094)	3,727
Related income tax effects		234	54	650	(783)
Reclassification of net realized gains into net income3	[3]	(3)	(4)	(41)	(11)
Related income tax effects		1	1	9	2
Securities available for sale, net of tax		(880)	(210)	(2,476)	2,935
Other comprehensive (loss) income, net of tax		(723)	(92)	(1,692)	1,519
Comprehensive income		7,104	6,826	21,390	15,819
Less comprehensive income attributable to noncontrolling interest		153	125	339	183
Comprehensive income attributable to C&F Financial Corporation		$ 6,951	$ 6,701	$ 21,051	$ 15,636

[1]	These items are included in the computation of net periodic benefit cost and are included in “Noninterest income – Other income, net” on the Consolidated Statements of Income. See “Note 8: Employee Benefit Plans,” for additional information.
[2]	These items are included in “Interest expense – Trust preferred capital notes” on the Consolidated Statements of Income.
[3]	These items are included in “Net gains on sales, 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, Net	Noncontrolling Interest	Total
Balance, beginning of the period at Dec. 31, 2019	$ 3,296	$ 9,503	$ 154,248	$ (2,249)	$ 481	$ 165,279
Comprehensive income:
Net income			14,117		183	14,300
Other comprehensive income (loss)				1,519		1,519
Share-based compensation		1,012				1,012
Restricted stock vested	17	(17)
Acquisition of Peoples Bankshares, Incorporated	210	11,402				11,612
Common stock issued	2	107				109
Common stock purchased	(14)	(605)				(619)
Cash dividends declared			(4,160)			(4,160)
Balance, end of period at Sep. 30, 2020	3,511	21,402	164,205	(730)	664	189,052
Balance, beginning of the period at Jun. 30, 2020	3,510	21,055	158,799	(638)	539	183,265
Comprehensive income:
Net income			6,793		125	6,918
Other comprehensive income (loss)				(92)		(92)
Share-based compensation		311				311
Restricted stock vested	1	(1)
Common stock issued		38				38
Common stock purchased		(1)				(1)
Cash dividends declared			(1,387)			(1,387)
Balance, end of period at Sep. 30, 2020	3,511	21,402	164,205	(730)	664	189,052
Balance, beginning of the period at Dec. 31, 2020	3,514	21,427	170,819	(1,955)	666	194,471
Comprehensive income:
Net income			22,743		339	23,082
Other comprehensive income (loss)				(1,692)		(1,692)
Share-based compensation		1,206				1,206
Restricted stock vested	21	(21)
Common stock issued	3	131				134
Common stock purchased	(150)	(7,353)				(7,503)
Cash dividends declared			(4,261)			(4,261)
Distributions to noncontrolling interest					(255)	(255)
Balance, end of period at Sep. 30, 2021	3,388	15,390	189,301	(3,647)	750	205,182
Balance, beginning of the period at Jun. 30, 2021	3,439	17,643	183,043	(2,924)	597	201,798
Comprehensive income:
Net income			7,674		153	7,827
Other comprehensive income (loss)				(723)		(723)
Share-based compensation		386				386
Restricted stock vested	1	(1)
Common stock issued		48				48
Common stock purchased	(52)	(2,686)				(2,738)
Cash dividends declared			(1,416)			(1,416)
Balance, end of period at Sep. 30, 2021	$ 3,388	$ 15,390	$ 189,301	$ (3,647)	$ 750	$ 205,182

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared - common stock (in dollars per share)	$ 0.40	$ 0.38	$ 1.18	$ 1.14

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net income	$ 23,082	$ 14,300
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for loan losses	110	9,550
Accretion of certain acquisition-related discounts, net	(2,401)	(2,631)
Share-based compensation	1,206	1,012
Depreciation and amortization	3,578	3,028
Accretion of discounts and amortization of premiums on securities, net	2,629	1,564
Income from bank-owned life insurance	(312)	(320)
Pension expense	652	593
Proceeds from sales of loans held for sale	1,276,899	1,070,338
Origination of loans held for sale	(1,163,845)	(1,226,538)
Gains on sales of loans held for sale	(18,665)	(17,987)
Other (gains) losses, net	(519)	862
Change in other assets and liabilities:
Accrued interest receivable	978	(623)
Other assets	447	5,934
Accrued interest payable	(528)	(460)
Other liabilities	(3,544)	4,056
Net cash provided by (used in) operating activities	119,767	(137,322)
Investing activities:
Acquisition of Peoples Bankshares, Incorporated		19,101
Disposition of assets related to business combination		8,004
Proceeds from sales, maturities and calls of securities available for sale and payments on mortgage-backed securities	85,293	101,068
Purchases of securities available for sale	(168,040)	(164,094)
Maturities (purchases) of time deposits, net	4,692	(6,466)
Repayments on loans held for investment by non-bank affiliates	120,088	96,460
Purchases of loans held for investment by non-bank affiliates	(156,677)	(98,760)
Net decrease (increase) in community banking loans held for investment	3,330	(118,640)
Purchases of corporate premises and equipment	(4,377)	(7,655)
Proceeds from sales of other real estate owned	457
Changes in collateral posted with other financial institutions, net	3,960	(9,340)
Other investing activities, net	834	310
Net cash used in investing activities	(110,440)	(180,012)
Financing activities:
Net increase in demand and savings deposits	129,390	220,379
Net decrease in time deposits	(28,269)	(19,723)
Net increase in short-term borrowings	16,551	44,121
Proceeds from long-term borrowings		20,000
Repayments of long-term borrowings		(82,553)
Repurchases of common stock	(7,503)	(355)
Cash dividends paid	(4,261)	(4,160)
Other financing activities, net	(409)	(35)
Net cash provided by financing activities	105,499	177,674
Net increase (decrease) in cash and cash equivalents	114,826	(139,660)
Cash and cash equivalents at beginning of period	86,669	165,433
Cash and cash equivalents at end of period	201,495	25,773
Supplemental cash flow disclosures:
Interest paid	7,295	11,195
Income taxes paid	8,429	3,847
Supplemental disclosure of noncash investing and financing activities:
Liabilities assumed to acquire right of use assets under operating leases	1,931	842
Liabilities assumed to acquire right of use assets under finance leases		6,359
Transfers from loans held for sale to loans held for investment	$ 2,911	$ 1,810

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE 1: Summary of Significant Accounting Policies Principles of Consolidation: The unaudited consolidated financial statements include the accounts of C&F Financial Corporation (the Corporation), its direct wholly-owned subsidiary, Citizens and Farmers Bank (the Bank or C&F Bank) and indirect subsidiaries that are wholly-owned or controlled. Subsidiaries that are less than wholly owned are fully consolidated if they are controlled by the Corporation or one of its subsidiaries, and the portion of any subsidiary not owned by the Corporation is reported as noncontrolling interest. All significant intercompany accounts and transactions have been eliminated in consolidation. In addition, the Corporation owns all of the common stock of 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 the Corporation conform to U.S. GAAP and to predominant practices within the banking industry. Nature of Operations: 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, originates and sells residential mortgages, provides mortgage loan origination services to third-party lenders 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. and CVB Title Services, Inc. were organized for the primary purpose of owning equity interests in an independent insurance agency and a full service title and settlement agency, respectively. Business segment data is presented in Note 10. Basis of Presentation: The COVID-19 pandemic has caused a significant disruption in economic activity worldwide, including in market areas served by the Corporation. Estimates for the allowance for loan losses at September 30, 2021 include probable losses related to the pandemic. While there have been signals of economic recovery and a resumption of many types of business activity, there remains significant uncertainty involved in the measurement of these losses. If economic conditions deteriorate further, then additional provision for loan losses may be required in future periods. It is unknown how long these conditions will last and what the ultimate financial impact will be to the Corporation. Reclassification: Business Combination: Derivative Financial Instruments: Income Taxes: Share-Based Compensation: A summary of activity for restricted stock awards during the first nine months of 2021 and 2020 is presented below: 2021 Weighted- Average Grant Date Shares Fair Value Unvested, December 31, 2020 155,945 $ 48.52 Granted 20,462 44.13 Vested (21,195) 44.18 Forfeited (5,450) 45.89 Unvested, September 30, 2021 149,762 48.63 2020 Weighted- Average Grant Date Shares Fair Value Unvested, December 31, 2019 142,020 $ 48.88 Granted 14,770 53.03 Vested (16,555) 40.20 Forfeited (3,530) 52.86 Unvested, September 30, 2020 136,705 50.32 Recent Significant Accounting Pronouncements: In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief Financial Instruments—Credit losses (Topic 326), Derivatives and hedging (Topic 815), and Leases (Topic 842)—Effective dates, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842) Codification Improvements to Financial Instruments The amendments of ASC 326, upon adoption, 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 is continuing to develop and refine an approach to estimating the allowance for credit losses. 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 total 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. 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.

Business Combination

Business Combination	9 Months Ended
Business Combination	Sep. 30, 2021
Business Combination
Business Combination	NOTE 2: Business Combination On January 1, 2020, the Corporation completed its acquisition of Peoples. Peoples shareholders received 0.5366 shares of the Corporation’s common stock and $27.00 in cash for each share of Peoples common stock, with cash paid in lieu of any fractional shares of the Corporation’s common stock. In connection with the transaction, the Corporation paid aggregate cash consideration of $10.58 million and issued 209,871 shares of its common stock to the shareholders of Peoples. The Corporation accounted for the acquisition using the acquisition method of accounting in accordance with ASC 805, Business Combinations The following table presents as of January 1, 2020 the total consideration paid by the Corporation in connection with the acquisition of Peoples, the fair values of the assets acquired and liabilities assumed, and the resulting goodwill. Amounts Recognized as of (Dollars in thousands) January 1, 2020 Purchase price: Cash paid $ 10,579 Common stock issued 11,612 Total purchase price $ 22,191 Identifiable assets acquired: Cash and cash equivalents $ 29,680 Securities available for sale 17,169 Loans 124,195 Accrued interest receivable 430 Corporate premises and equipment 3,105 Other real estate owned 281 Core deposit intangible asset 1,711 Bank-owned life insurance 3,591 Investment in small business investment company 1,493 Other receivables 5,234 Other assets 3,658 Total identifiable assets acquired 190,547 Identifiable liabilities assumed: Demand and savings deposits 94,798 Time deposits 77,018 Borrowings 4,245 Accrued interest payable 260 Salaries, benefits and deferred compensation 2,054 Other liabilities 747 Total identifiable liabilities assumed 179,122 Net identifiable assets acquired $ 11,425 Goodwill resulting from acquisition $ 10,766 In connection with the acquisition, the Corporation recorded approximately $10.77 million of goodwill and $1.71 million of other intangible assets related to the core deposits of Peoples. The goodwill arising from the acquisition of Peoples is not deductible for income taxes. The core deposit intangible asset (CDI) will be amortized over a period of 15 years using a declining balance method. Loans acquired from Peoples had aggregate outstanding principal of $131.92 million and an estimated fair value of $124.20 million. The discount between the outstanding principal balance and fair value represents expected credit losses and adjustments for market interest rates. Under the acquisition method, the allowance for loan losses recorded in the books of Peoples in the amount of $2.87 million was not carried over into the books of the Corporation. Loans that have evidence of deterioration in credit quality since origination are categorized as purchased credit impaired (PCI). PCI loans acquired from Peoples included medical student loans with an outstanding principal balance of $4.28 million and a fair value of $635,000 at January 1, 2020, which were purchased by Peoples and the performance of which was previously backed by surety bonds. The surety bonds were terminated in 2018 when the issuer of the bond was placed into liquidation by its insurance regulator, and replacement surety bond coverage was not obtained. The Bank subsequently sold these medical student loans during the year ending December 31, 2020. Information about PCI loans acquired from Peoples as of January 1, 2020 is as follows: (Dollars in thousands) January 1, 2020 Contractual principal and interest due $ 20,310 Nonaccretable difference (7,679) Expected cash flows 12,631 Accretable yield (3,372) Purchased credit impaired loans - estimated fair value $ 9,259 Fair values of the major categories of assets acquired and liabilities assumed were determined as follows: Loans: Core Deposit Intangible: Deposits: The revenue and earnings amounts specific to Peoples that are included in the consolidated results for 2020 are not readily determinable. Disclosure of these amounts is impracticable due to the merging of certain processes and systems at the acquisition date. The Corporation recorded merger related expenses in connection with the acquisition of Peoples of $1.40 million ($1.13 million after income taxes) for the nine months ended September 30, 2020. There were no merger related expenses during the three months ended September 30, 2020. The Corporation recorded aggregate merger related expenses of $2.10 million ($1.78 million after income taxes) during 2019 and 2020, including the integration of systems and operations and legal and consulting expenses, which were expensed as incurred.

Securities

Securities	9 Months Ended
Securities	Sep. 30, 2021
Securities
Securities	NOTE 3: Securities The Corporation’s debt securities, all of which are classified as available for sale, are summarized as follows: September 30, 2021 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 63,271 $ 73 $ (772) $ 62,572 Mortgage-backed securities 184,548 2,105 (533) 186,120 Obligations of states and political subdivisions 94,872 1,748 (315) 96,305 Corporate and other debt securities 18,290 190 (64) 18,416 $ 360,981 $ 4,116 $ (1,684) $ 363,413 December 31, 2020 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 48,171 $ 121 $ (10) $ 48,282 Mortgage-backed securities 120,664 3,165 (115) 123,714 Obligations of states and political subdivisions 100,405 2,436 (36) 102,805 Corporate and other debt securities 11,584 47 (43) 11,588 $ 280,824 $ 5,769 $ (204) $ 286,389 The amortized cost and estimated fair value of securities at September 30, 2021, 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. September 30, 2021 Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ 62,145 $ 62,010 Due after one year through five years 200,714 203,445 Due after five years through ten years 89,131 89,136 Due after ten years 8,991 8,822 $ 360,981 $ 363,413 The following table presents the gross realized gains and losses on and the proceeds from the sales, maturities and calls of securities. There were no sales of securities during the three months ended September 30, 2021 or 2020. During the nine months ended September 30, 2021 and 2020, $2.30 million and $5.99 million of proceeds, respectively, were related to sales of securities. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Realized gains from sales, maturities and calls of securities: Gross realized gains $ 3 $ 4 $ 41 $ 11 Gross realized losses — — — — Net realized gains $ 3 $ 4 $ 41 $ 11 Proceeds from sales, maturities, calls and paydowns of securities $ 29,798 $ 30,288 $ 85,293 $ 101,068 The Corporation pledges securities primarily to secure public deposits and repurchase agreements. Securities with an aggregate amortized cost of $157.62 million and an aggregate fair value of $159.86 million were pledged at September 30, 2021. Securities with an aggregate amortized cost of $146.66 million and an aggregate fair value of $150.13 million were pledged at December 31, 2020. Securities in an unrealized loss position at September 30, 2021, 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 $ 46,809 $ 724 $ 1,451 $ 48 $ 48,260 $ 772 Mortgage-backed securities 94,098 511 4,341 22 98,439 533 Obligations of states and political subdivisions 20,132 279 1,273 36 21,405 315 Corporate and other debt securities 9,077 64 — — 9,077 64 Total temporarily impaired securities $ 170,116 $ 1,578 $ 7,065 $ 106 $ 177,181 $ 1,684 There were 133 debt securities totaling $177.18 million of aggregate fair value considered temporarily impaired at September 30, 2021. The primary cause of the temporary impairments in the Corporation’s investments in debt securities was fluctuations in interest rates. The Corporation concluded that no other-than-temporary impairment existed in its securities portfolio at September 30, 2021, and no other-than-temporary impairment loss has been recognized in net income, based primarily on the fact that changes in fair value were caused primarily by fluctuations in interest rates, there were no securities with unrealized losses that were significant relative to their carrying amounts, securities with unrealized losses had generally high credit quality, 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 its investment, and issuers have continued to make timely payments of principal and interest. Additionally, 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. Securities in an unrealized loss position at December 31, 2020, 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 $ 12,719 $ 10 $ — $ — $ 12,719 $ 10 Mortgage-backed securities 15,691 115 — — 15,691 115 Obligations of states and political subdivisions 5,110 36 — — 5,110 36 Corporate and other debt securities 4,271 43 — — 4,271 43 Total temporarily impaired securities $ 37,791 $ 204 $ — $ — $ 37,791 $ 204 The Corporation’s investment in restricted stock totaled $1.03 million at September 30, 2021 and consisted of 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 September 30, 2021 and no impairment has been recognized.

Loans

Loans	9 Months Ended
Loans	Sep. 30, 2021
Loans
Loans	NOTE 4: Loans Major classifications of loans are summarized as follows: September 30, December 31, (Dollars in thousands) 2021 2020 Real estate – residential mortgage $ 215,166 $ 218,298 Real estate – construction 1 53,845 62,147 Commercial, financial and agricultural 2 721,824 700,215 Equity lines 42,881 48,466 Consumer 8,165 11,028 Consumer finance 349,130 312,252 1,391,011 1,352,406 Less allowance for loan losses (39,447) (39,156) Loans, net $ 1,351,564 $ 1,313,250 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 (which includes loans originated under the Paycheck Protection Program). Consumer loans included $232,000 and $284,000 of demand deposit overdrafts at September 30, 2021 and December 31, 2020, respectively. Loans acquired in business combinations are recorded in the Consolidated Balance Sheets at fair value at the acquisition date under the acquisition method of accounting. The outstanding principal balance and the carrying amount at September 30, 2021 and December 31, 2020 of loans acquired in business combinations were as follows: September 30, 2021 December 31, 2020 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 $ 10,517 $ 62,063 $ 72,580 $ 12,760 $ 89,043 $ 101,803 Carrying amount Real estate – residential mortgage $ 854 $ 11,125 $ 11,979 $ 1,473 $ 15,117 $ 16,590 Real estate – construction — 1,246 1,246 — 1,077 1,077 Commercial, financial and agricultural 1 4,510 39,739 44,249 4,758 58,796 63,554 Equity lines 35 7,482 7,517 80 10,182 10,262 Consumer 41 1,319 1,360 48 1,924 1,972 Total acquired loans $ 5,440 $ 60,911 $ 66,351 $ 6,359 $ 87,096 $ 93,455 1 Includes acquired loans classified by the Corporation as commercial real estate lending and commercial business lending. The following table presents a summary of the change in the accretable yield of loans classified as purchased credit impaired (PCI): Nine Months Ended September 30, (Dollars in thousands) 2021 2020 Accretable yield, balance at beginning of period $ 4,048 $ 4,721 Acquisition of Peoples — 3,372 Accretion (1,901) (2,172) Reclassification of nonaccretable difference due to improvement in expected cash flows 713 440 Other changes, net 477 (1,492) Accretable yield, balance at end of period $ 3,337 $ 4,869 Loans on nonaccrual status were as follows: September 30, December 31, (Dollars in thousands) 2021 2020 Real estate – residential mortgage $ 317 $ 276 Commercial, financial and agricultural: Commercial business lending 2,235 2,428 Equity lines 185 191 Consumer 4 107 Consumer finance 198 402 Total loans on nonaccrual status $ 2,939 $ 3,404 The past due status of loans as of September 30, 2021 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 $ 768 $ 251 $ 301 $ 1,320 $ 854 $ 212,992 $ 215,166 $ — Real estate – construction: Construction lending — — — — — 36,159 36,159 — Consumer lot lending — — — — — 17,686 17,686 — Commercial, financial and agricultural: Commercial real estate lending 43 — — 43 4,510 495,772 500,325 — Land acquisition and development lending — — — — — 37,242 37,242 — Builder line lending — — — — — 29,748 29,748 — Commercial business lending — — — — — 154,509 154,509 — Equity lines — 50 72 122 35 42,724 42,881 72 Consumer 6 — — 6 41 8,118 8,165 — Consumer finance 5,694 801 198 6,693 — 342,437 349,130 — Total $ 6,511 $ 1,102 $ 571 $ 8,184 $ 5,440 $ 1,377,387 $ 1,391,011 $ 72 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 $2.44 million and 90+ days past due of $499,000. The past due status of loans as of December 31, 2020 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 $ 1,100 $ 154 $ 176 $ 1,430 $ 1,473 $ 215,395 $ 218,298 $ 145 Real estate – construction: Construction lending — — — — — 49,659 49,659 — Consumer lot lending — — — — — 12,488 12,488 — Commercial, financial and agricultural: Commercial real estate lending — — — — 4,758 437,145 441,903 — Land acquisition and development lending — — — — — 37,724 37,724 — Builder line lending — — — — — 18,194 18,194 — Commercial business lending 24 — — 24 — 202,370 202,394 — Equity lines 52 — — 52 80 48,334 48,466 — Consumer 2 — — 2 48 10,978 11,028 — Consumer finance 8,249 967 402 9,618 — 302,634 312,252 — Total $ 9,427 $ 1,121 $ 578 $ 11,126 $ 6,359 $ 1,334,921 $ 1,352,406 $ 145 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 $2.86 million, 30-59 days past due of $115,000 and 90+ days past due of $433,000. There were no loan modifications during the three months ended September 30, 2021 that were classified as a troubled debt restructuring (TDR). There were two loan modifications during the three months ended September 30, 2020 that were classified as TDRs. These TDRs were a modification of the payment structure of residential mortgage loans with a recorded investment of $176,000 at the time of the modification. There was one loan modification during the nine months ended September 30, 2021 that was classified as a TDR. This TDR was a modification of the payment structure of a residential mortgage loan with a recorded investment of $4,000 at the time of the modification. There were three loan modifications during the nine months ended September 30, 2020 that were classified as TDRs. These TDRs were a modification of the payment structure of two residential mortgage loans with a recorded investment of $176,000 at the time of modification and an equity line with a recorded investment of $84,000 at the time of modification. 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 and nine months ended September 30, 2021 and 2020. Impaired loans, which included TDRs of $2.70 million, and the related allowance at September 30, 2021 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 $ 1,550 $ 402 $ 1,042 $ 68 $ 1,566 $ 47 Commercial, financial and agricultural: Commercial real estate lending 1,391 — 1,393 86 1,394 54 Commercial business lending 2,318 — 2,235 263 2,320 — Equity lines 118 108 — — 115 1 Consumer — — — — — — Total $ 5,377 $ 510 $ 4,670 $ 417 $ 5,395 $ 102 Impaired loans, which included TDRs of $3.58 million, and the related allowance at December 31, 2020 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 $ 2,326 $ 931 $ 1,279 $ 77 $ 2,353 $ 105 Commercial, financial and agricultural: Commercial real estate lending 1,397 — 1,397 89 1,404 73 Commercial business lending 2,430 — 2,428 585 2,573 — Equity lines 120 111 — — 119 2 Consumer 147 — 132 128 154 3 Total $ 6,420 $ 1,042 $ 5,236 $ 879 $ 6,603 $ 183

Allowance for Loan Losses

Allowance for Loan Losses	9 Months Ended
Allowance for Loan Losses	Sep. 30, 2021
Allowance for Loan Losses
Allowance for Loan Losses	NOTE 5: Allowance for Loan Losses The following table presents the changes in the allowance for loan losses by major classification during the nine months ended September 30, 2021: 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, 2020 $ 2,914 $ 975 $ 10,696 $ 687 $ 371 $ 23,513 $ 39,156 Provision (credited) charged to operations (99) (183) 422 (90) (160) 220 110 Loans charged off — — — — (128) (3,443) (3,571) Recoveries of loans previously charged off 19 — 2 1 93 3,637 3,752 Balance at September 30, 2021 $ 2,834 $ 792 $ 11,120 $ 598 $ 176 $ 23,927 $ 39,447 The following table presents the changes in the allowance for loan losses by major classification during the nine months ended September 30, 2020: 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, 2019 $ 2,080 $ 681 $ 7,121 $ 733 $ 465 $ 21,793 $ 32,873 Provision charged (credited) to operations 337 232 3,446 (78) (37) 5,650 9,550 Loans charged off (9) — (18) — (174) (7,005) (7,206) Recoveries of loans previously charged off 79 — 3 — 135 3,422 3,639 Balance at September 30, 2020 $ 2,487 $ 913 $ 10,552 $ 655 $ 389 $ 23,860 $ 38,856 The following table presents, as of September 30, 2021, 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 $ 68 $ — $ 349 $ — $ — $ — $ 417 Collectively evaluated for impairment 2,766 792 10,771 598 176 23,927 39,030 Acquired loans - PCI — — — — — — — Total allowance $ 2,834 $ 792 $ 11,120 $ 598 $ 176 $ 23,927 $ 39,447 Loans: Individually evaluated for impairment $ 1,444 $ — $ 3,628 $ 108 $ — $ — $ 5,180 Collectively evaluated for impairment 212,868 53,845 713,686 42,738 8,124 349,130 1,380,391 Acquired loans - PCI 854 — 4,510 35 41 — 5,440 Total loans $ 215,166 $ 53,845 $ 721,824 $ 42,881 $ 8,165 $ 349,130 $ 1,391,011 The following table presents, as of December 31, 2020, 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 $ 77 $ — $ 674 $ — $ 128 $ — $ 879 Collectively evaluated for impairment 2,837 975 10,022 687 243 23,513 38,277 Acquired loans - PCI — — — — — — — Total allowance $ 2,914 $ 975 $ 10,696 $ 687 $ 371 $ 23,513 $ 39,156 Loans: Individually evaluated for impairment $ 2,210 $ — $ 3,825 $ 111 $ 132 $ — $ 6,278 Collectively evaluated for impairment 214,615 62,147 691,632 48,275 10,848 312,252 1,339,769 Acquired loans - PCI 1,473 — 4,758 80 48 — 6,359 Total loans $ 218,298 $ 62,147 $ 700,215 $ 48,466 $ 11,028 $ 312,252 $ 1,352,406 Loans by credit quality indicators as of September 30, 2021 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 213,523 $ 873 $ 453 $ 317 $ 215,166 Real estate – construction: Construction lending 36,159 — — — 36,159 Consumer lot lending 17,686 — — — 17,686 Commercial, financial and agricultural: Commercial real estate lending 477,246 15,484 7,595 — 500,325 Land acquisition and development lending 37,242 — — — 37,242 Builder line lending 29,748 — — — 29,748 Commercial business lending 150,974 1,300 — 2,235 154,509 Equity lines 42,475 137 84 185 42,881 Consumer 8,161 — — 4 8,165 $ 1,013,214 $ 17,794 $ 8,132 $ 2,741 $ 1,041,881 1 At September 30, 2021, the Corporation did not have any loans classified as Doubtful or Loss. Non- (Dollars in thousands) Performing Performing Total Consumer finance $ 348,932 $ 198 $ 349,130 Loans by credit quality indicators as of December 31, 2020 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 215,712 $ 1,715 $ 595 $ 276 $ 218,298 Real estate – construction: Construction lending 49,659 — — — 49,659 Consumer lot lending 12,488 — — — 12,488 Commercial, financial and agricultural: Commercial real estate lending 415,506 15,507 10,890 — 441,903 Land acquisition and development lending 37,724 — — — 37,724 Builder line lending 18,194 — — — 18,194 Commercial business lending 196,743 3,124 99 2,428 202,394 Equity lines 48,140 132 3 191 48,466 Consumer 10,832 48 41 107 11,028 $ 1,004,998 $ 20,526 $ 11,628 $ 3,002 $ 1,040,154 1 At December 31, 2020, the Corporation did not have any loans classified as Doubtful or Loss. Non- (Dollars in thousands) Performing Performing Total Consumer finance $ 311,850 $ 402 $ 312,252

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
Goodwill and Other Intangible Assets	Sep. 30, 2021
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	NOTE 6: Goodwill and Other Intangible Assets The carrying amount of goodwill was $25.19 million at September 30, 2021 and December 31, 2020. The following table presents the changes in goodwill during the nine months ended September 30, 2020. There were no changes in the recorded balance of goodwill during the three and nine months ended September 30, 2021. Community Consumer (Dollars in thousands) Banking Finance Total Balance as of January 1, 2020 $ 3,702 $ 10,723 $ 14,425 Acquisition of Peoples Bankshares, Incorporated 10,766 — 10,766 Balance at September 30, 2020 $ 14,468 $ 10,723 $ 25,191 The Corporation had $2.06 million and $2.29 million of other intangible assets as of September 30, 2021 and December 31, 2020, respectively. Other intangible assets were recognized in connection with the core deposits acquired from Peoples in 2020 and customer relationships acquired by C&F Wealth Management in 2016. The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets: September 30, December 31, 2021 2020 Gross Gross Carrying Accumulated Carrying Accumulated (Dollars in thousands) Amount Amortization Amount Amortization Amortizable intangible assets: Core deposit intangibles $ 1,711 $ (287) $ 1,711 $ (171) Other amortizable intangibles 1,405 (774) 1,405 (654) Total $ 3,116 $ (1,061) $ 3,116 $ (825) Amortization expense was $79,000 and $83,000 for the three months ended September 30, 2021 and 2020, respectively and $236,000 and $248,000 for the nine months ended September 30, 2021 and 2020, respectively.

Equity, Other Comprehensive Inc

Equity, Other Comprehensive Income and Earnings Per Share	9 Months Ended
Equity, Other Comprehensive Income and Earnings Per Share	Sep. 30, 2021
Equity, Other Comprehensive Income and Earnings Per Share
Equity, Other Comprehensive Income and Earnings Per Share	NOTE 7: Equity, Other Comprehensive Income and Earnings Per Share Equity and Noncontrolling Interest The Corporation’s Board of Directors authorized a program, effective November 17, 2020 to repurchase up to 365,000 shares of the Corporation’s common stock through November 30, 2021 (the Repurchase Program). As of September 30, 2021, the Corporation has made aggregate common stock repurchases of 150,333 shares for an aggregate cost of $7.46 million under the Repurchase Program. There were The Corporation’s previous share repurchase program, which was authorized by the Board of Directors in May 2019, expired on May 31, 2020. During the nine months ended September 30, 2020, the Corporation repurchased 8,963 shares of its common stock for an aggregate cost of $355,000 , under its previous share repurchase program. The Corporation did t repurchase any of its common stock during the three months ended September 30, 2020. Additionally during the nine months ended September 30, 2021 and 2020, the Corporation withheld 7,596 shares and 5,084 shares of its common stock, respectively, from employees to satisfy tax withholding obligations upon vesting of restricted stock. Noncontrolling interest represents an ownership interest in C&F Select LLC, a subsidiary of C&F Mortgage, held by an unrelated investor. In exchange for issuing this noncontrolling interest in C&F Select LLC, C&F Bank received a note receivable from the investor for $490,000, which is included in loans in the Consolidated Balance Sheets and is secured by cash deposits at C&F Bank. Accumulated Other Comprehensive Loss, Net The following table presents the cumulative balances of the components of accumulated other comprehensive loss, net of deferred taxes of $1.02 million and $630,000 as of September 30, 2021 and December 31, 2020, respectively. September 30, December 31, (Dollars in thousands) 2021 2020 Net unrealized gains on securities $ 1,921 $ 4,397 Net unrecognized losses on cash flow hedges (687) (1,367) Net unrecognized losses on defined benefit plan (4,881) (4,985) Total accumulated other comprehensive loss, net $ (3,647) $ (1,955) Earnings Per Share (EPS) The components of the Corporation’s EPS calculations are as follows: Three Months Ended September 30, (Dollars in thousands) 2021 2020 Net income attributable to C&F Financial Corporation $ 7,674 $ 6,793 Weighted average shares outstanding — 3,550,001 3,648,515 Nine Months Ended September 30, (Dollars in thousands) 2021 2020 Net income attributable to C&F Financial Corporation $ 22,743 $ 14,117 Weighted average shares outstanding — 3,626,083 3,646,951 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	9 Months Ended
Employee Benefit Plans	Sep. 30, 2021
Employee Benefit Plans
Employee Benefit Plans	NOTE 8: 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 September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost, included in salaries and employee benefits $ 493 $ 401 $ 1,478 $ 1,202 Other components of net periodic benefit cost: Interest cost 114 138 343 413 Expected return on plan assets (433) (374) (1,300) (1,119) Amortization of prior service credit (17) (17) (51) (51) Recognized net actuarial losses 61 49 182 148 Other components of net periodic benefit cost, included in other noninterest income (275) (204) (826) (609) Net periodic benefit cost $ 218 $ 197 $ 652 $ 593

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	9 Months Ended
Fair Value of Assets and Liabilities	Sep. 30, 2021
Fair Value of Assets and Liabilities
Fair Value of Assets and Liabilities	NOTE 9: 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. Investments in small business investment company funds. Loans held for sale. Derivative asset - IRLCs. Derivative asset/liability – interest rate swaps on loans. Derivative asset/liability – cash flow hedges. Derivative asset/liability – forward sales of TBA securities. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis. September 30, 2021 Fair Value Measurements Classified as 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 $ — $ 62,572 $ — $ 62,572 Mortgage-backed securities — 186,120 — 186,120 Obligations of states and political subdivisions — 96,305 — 96,305 Corporate and other debt securities — 18,416 — 18,416 Total securities available for sale — 363,413 — 363,413 Loans held for sale — 116,789 — 116,789 Derivatives IRLC — 2,875 — 2,875 Interest rate swaps on loans — 4,961 — 4,961 Forward sales of TBA securities — 45 — 45 Total assets $ — $ 488,083 $ — $ 488,083 Liabilities: Derivatives Interest rate swaps on loans $ — $ 4,961 $ — $ 4,961 Cash flow hedges — 960 — 960 Total liabilities $ — $ 5,921 $ — $ 5,921 December 31, 2020 Fair Value Measurements Classified as 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 $ — $ 48,282 $ — $ 48,282 Mortgage-backed securities — 123,714 — 123,714 Obligations of states and political subdivisions — 102,805 — 102,805 Corporate and other debt securities — 11,588 — 11,588 Total securities available for sale — 286,389 — 286,389 Loans held for sale — 214,266 — 214,266 Derivatives IRLC — 4,582 — 4,582 Interest rate swaps on loans — 8,185 — 8,185 Total assets $ — $ 513,422 $ — $ 513,422 Liabilities: Derivatives Interest rate swaps on loans $ — $ 8,185 $ — $ 8,185 Cash flow hedges — 1,882 — 1,882 Forward sales of TBA securities — 47 — 47 Total liabilities $ — $ 10,114 $ — $ 10,114 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. 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. Other Real Estate Owned (OREO). 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. At September 30, 2021 and December 31, 2020 there were no impaired loans that were measured at fair value. September 30, 2021 Fair Value Measurements Classified as Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Other real estate owned, net $ — $ — $ 22 $ 22 Total $ — $ — $ 22 $ 22 December 31, 2020 Fair Value Measurements Classified as Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Other real estate owned, net $ — $ — $ 72 $ 72 Total $ — $ — $ 72 $ 72 The following table presents quantitative information about Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis as of September 30, 2021 and December 31, 2020: Fair Value Measurements (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Inputs Range (Weighted Average) 1 At September 30, 2021: Other real estate owned, net $ 22 Appraisals Discount to reflect current market conditions and estimated selling costs 75% ( 75% ) Total $ 22 At December 31, 2020: Other real estate owned, net $ 72 Appraisals Discount to reflect current market conditions and estimated selling costs 75% - 80% (79%) Total $ 72 1 The weighted average of unobservable inputs is calculated based on the relative asset fair values. Fair Value of Financial Instruments FASB ASC 825, Financial Instruments 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 September 30, 2021 Classified as Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 204,475 $ 201,495 $ 2,479 $ — $ 203,974 Securities available for sale 363,413 — 363,413 — 363,413 Loans, net 1,351,564 — — 1,368,093 1,368,093 Loans held for sale 116,789 — 116,789 — 116,789 Derivatives IRLC 2,875 — 2,875 — 2,875 Interest rate swaps on loans 4,961 — 4,961 — 4,961 Forward sales of TBA securities 45 — 45 — 45 Bank-owned life insurance 20,382 — 20,382 — 20,382 Accrued interest receivable 7,125 7,125 — — 7,125 Financial liabilities: Demand and savings deposits 1,411,980 1,411,980 — — 1,411,980 Time deposits 441,105 — 444,446 — 444,446 Borrowings 86,394 — 91,484 — 91,484 Derivatives Cash flow hedges 960 — 960 — 960 Interest rate swaps on loans 4,961 — 4,961 — 4,961 Accrued interest payable 581 581 — — 581 Carrying Fair Value Measurements at December 31, 2020 Classified as Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 94,342 $ 86,669 $ 7,710 $ — $ 94,379 Securities available for sale 286,389 — 286,389 — 286,389 Loans, net 1,313,250 — — 1,308,569 1,308,569 Loans held for sale 214,266 — 214,266 — 214,266 Derivatives IRLC 4,582 — 4,582 — 4,582 Interest rate swaps on loans 8,185 — 8,185 — 8,185 Bank-owned life insurance 20,205 — 20,205 — 20,205 Accrued interest receivable 8,103 8,103 — — 8,103 Financial liabilities: Demand and savings deposits 1,282,590 1,282,590 — — 1,282,590 Time deposits 469,583 — 474,154 — 474,154 Borrowings 69,864 — 71,119 — 71,119 Derivatives Cash flow hedges 1,882 — 1,882 — 1,882 Interest rate swaps on loans 8,185 — 8,185 — 8,185 Forward sales of TBA securities 47 — 47 47 Accrued interest payable 1,109 1,109 — — 1,109

Business Segments

Business Segments	9 Months Ended
Business Segments	Sep. 30, 2021
Business Segments
Business Segments	NOTE 10: Business Segments The Corporation operates in a decentralized fashion in three business segments: community banking, mortgage banking and consumer finance. Beginning with the first quarter of 2021, the community banking segment comprises C&F Bank and C&F Wealth Management. Prior to 2021, the segment comprised only C&F Bank, and prior periods have been restated to conform to the current period presentation. Revenues from community banking operations consist primarily of net interest income related to investments in loans and securities and outstanding deposits and borrowings, fees earned on deposit accounts and debit card interchange activity, and net revenues from offering wealth management services and insurance products through third-party service providers. Mortgage banking revenues consist primarily of gains on sales of loans in the secondary market, mortgage banking fee income related to loan originations, fees earned by providing mortgage loan origination functions to third-party lenders, and net interest income earned on mortgage loans held for sale. Revenues from consumer finance consist primarily of net interest income earned on purchased retail installment sales contracts. The Corporation’s revenues and expenses are comprised primarily of interest expense associated with the Corporation’s trust preferred capital notes and subordinated debt, general corporate expenses, and changes in the value of the rabbi trust assets and deferred compensation liability related to its nonqualified deferred compensation plan. The results of the Corporation, which includes funding and operating costs that are not allocated to the business segments, are included in the column labeled “Other” in the tables below. Three Months Ended September 30, 2021 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 15,924 $ 863 $ 9,388 $ — $ (2,571) $ 23,604 Interest expense 1,301 240 2,424 589 (2,568) 1,986 Net interest income 14,623 623 6,964 (589) (3) 21,618 Gain on sales of loans — 5,691 — — (31) 5,660 Other noninterest income 4,202 2,266 45 (115) (16) 6,382 Net revenue 18,825 8,580 7,009 (704) (50) 33,660 Provision for loan losses — 30 400 — — 430 Noninterest expense 13,827 5,643 3,580 126 — 23,176 Income (loss) before taxes 4,998 2,907 3,029 (830) (50) 10,054 Income tax expense (benefit) 832 799 835 (229) (10) 2,227 Net income (loss) $ 4,166 $ 2,108 $ 2,194 $ (601) $ (40) $ 7,827 Other data: Capital expenditures $ 234 $ 55 $ 644 $ — $ — $ 933 Depreciation and amortization $ 1,015 $ 61 $ 112 $ — $ — $ 1,188 Three Months Ended September 30, 2020 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 15,242 $ 1,503 $ 9,628 $ — $ (2,551) $ 23,822 Interest expense 2,547 449 2,191 342 (2,552) 2,977 Net interest income 12,695 1,054 7,437 (342) 1 20,845 Gain on sales of loans — 9,755 — — (49) 9,706 Other noninterest income 3,526 2,915 93 701 (3) 7,232 Net revenue 16,221 13,724 7,530 359 (51) 37,783 Provision for loan losses 1,500 — 1,800 — — 3,300 Noninterest expense 13,260 7,634 3,530 907 — 25,331 Income (loss) before taxes 1,461 6,090 2,200 (548) (51) 9,152 Income tax expense (benefit) 149 1,640 599 (154) — 2,234 Net income (loss) $ 1,312 $ 4,450 $ 1,601 $ (394) $ (51) $ 6,918 Other data: Capital expenditures $ 3,234 $ 14 $ 954 $ — $ — $ 4,202 Depreciation and amortization $ 958 $ 71 $ 42 $ — $ — $ 1,071 Nine Months Ended September 30, 2021 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 47,035 $ 3,011 $ 28,058 $ — $ (7,558) $ 70,546 Interest expense 4,481 925 6,926 1,759 (7,567) 6,524 Net interest income 42,554 2,086 21,132 (1,759) 9 64,022 Gain on sales of loans — 18,753 — — (88) 18,665 Other noninterest income 12,022 7,298 231 1,341 (59) 20,833 Net revenue 54,576 28,137 21,363 (418) (138) 103,520 Provision for loan losses (200) 90 220 — — 110 Noninterest expense 41,631 18,838 10,711 2,198 — 73,378 Income (loss) before taxes 13,145 9,209 10,432 (2,616) (138) 30,032 Income tax expense (benefit) 2,261 2,588 2,836 (706) (29) 6,950 Net income (loss) $ 10,884 $ 6,621 $ 7,596 $ (1,910) $ (109) $ 23,082 Other data: Capital expenditures $ 584 $ 118 $ 3,675 $ — $ — $ 4,377 Depreciation and amortization $ 3,115 $ 193 $ 270 $ — $ — $ 3,578 Nine Months Ended September 30, 2020 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 46,051 $ 3,261 $ 29,418 $ — $ (6,546) $ 72,184 Interest expense 8,409 1,034 6,567 1,019 (6,547) 10,482 Net interest income 37,642 2,227 22,851 (1,019) 1 61,702 Gain on sales of loans — 18,036 — — (49) 17,987 Other noninterest income 9,829 6,913 290 498 (3) 17,527 Net revenue 47,471 27,176 23,141 (521) (51) 97,216 Provision for loan losses 3,900 — 5,650 — — 9,550 Noninterest expense 41,644 15,713 10,396 1,455 — 69,208 Income (loss) before taxes 1,927 11,463 7,095 (1,976) (51) 18,458 Income tax expense (benefit) (336) 3,149 1,926 (581) — 4,158 Net income (loss) $ 2,263 $ 8,314 $ 5,169 $ (1,395) $ (51) $ 14,300 Other data: Capital expenditures $ 5,554 $ 340 $ 1,761 $ — $ — $ 7,655 Depreciation and amortization $ 2,679 $ 216 $ 133 $ — $ — $ 3,028 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Total assets at September 30, 2021 $ 2,061,796 $ 139,406 $ 353,319 $ 41,813 $ (386,926) $ 2,209,408 Total assets at December 31, 2020 $ 1,951,622 $ 239,417 $ 314,746 $ 43,826 $ (463,301) $ 2,086,310 During the nine months ended September 30, 2020, the Corporation recorded merger related expenses of $1.40 million ($1.13 million after income taxes), in connection with its acquisition of Peoples, of which $1.30 million ($1.03 million after income taxes) was allocated to the community banking segment and recorded as $998,000 of noninterest expense and a loss on disposal of equipment of $298,000 included in other noninterest income. The remainder was recorded as other noninterest expense at the holding company and included in the “Other” column above. No merger related expenses were recorded during the three months ended September 30, 2020. The community banking segment extends two warehouse lines of credit to the mortgage banking segment, providing a portion of the funds needed to originate mortgage loans. The community banking segment charges the mortgage banking segment interest at the daily FHLB advance rate plus a spread ranging from 50 basis points to 175 basis points. The community 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, with a floor of 3.5 percent, and fixed rate notes that carry interest at rates ranging from 2.2 percent to 8.0 percent. The community 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. In addition to unallocated expenses recorded by the holding company, certain overhead costs are incurred by the community banking segment and are not allocated to the mortgage banking and consumer finance segments.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
Commitments and Contingent Liabilities	Sep. 30, 2021
Commitments and Contingent Liabilities
Commitments and Contingent Liabilities	NOTE 11: 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 at the Bank was $314.65 million at September 30, 2021 and $326.98 million at December 31, 2020, which does not include IRLCs at the mortgage banking segment, which are discussed in Note 12. 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 $19.17 million at September 30, 2021 and $19.07 million at December 31, 2020. The mortgage banking segment sells substantially all of the residential mortgage loans it originates to third-party investors. As is customary in the industry, the agreements with these investors require the mortgage banking segment to extend representations and warranties with respect to program compliance, borrower misrepresentation, fraud, and early payment performance. Under the agreements, the investors are entitled to make loss claims and repurchase requests of the mortgage banking segment for loans that contain covered deficiencies. The mortgage banking segment has obtained early payment default recourse waivers for a significant portion of its business. Recourse periods for early payment default for the remaining investors 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. The mortgage banking segment 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 the mortgage banking segment by the investors, the estimate of potential losses is inherently subjective and is based on historical indemnification payments and management’s assessment of current conditions that may contribute to indemnified losses on mortgage loans that have been sold in the secondary market. For the three and nine months ended September 30, 2021, the Corporation recorded $20,000 and $52,000 of provision for indemnifications, respectively, compared to $9,000 and $172,000 provision for indemnifications for the three and nine months ended September 30, 2020, respectively. The allowance for indemnifications was $3.41 million at September 30, 2021 and $3.36 million at December 31, 2020.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Sep. 30, 2021
Derivative Financial Instruments
Derivative Financial Instruments	NOTE 12: 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 interest rate swaps as hedging instruments in qualifying cash flow hedges. The changes in fair value of these designated hedging instruments is reported as a component of other comprehensive income. Derivative contracts that are not designated in a qualifying hedging relationship include customer accommodation loan swaps and contracts related to mortgage banking activities. Cash flow hedges 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. Unrealized gains or losses recorded in other comprehensive income related to cash flow hedges are reclassified into earnings in the same period(s) during which the hedged interest payments affect earnings. When a designated hedging instrument is terminated and the hedged interest payments remain probable of occurring, any remaining unrecognized gain or loss in other comprehensive income is reclassified into earnings in the period(s) during which the forecasted interest payments affect earnings. Amounts reclassified into earnings and interest receivable or payable under designated interest rate swaps are reported in interest expense. 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 Mortgage banking At September 30, 2021, the mortgage banking segment had $136.01 million of IRLCs and $102.11 million of unpaid principal on mortgage loans held for sale for which it managed interest rate risk using best-efforts forward sales contracts for $238.12 million in mortgage loans. Also at September 30, 2021, the mortgage banking segment had $12.13 million of IRLCs and $10.55 million of unpaid principal on mortgage loans held for sale for which it managed interest rate risk using forward sales of $16.50 million of TBA securities and mandatory-delivery forward sales contracts for $5.34 million in mortgage loans. At December 31, 2020, the mortgage banking segment had $190.96 million of IRLCs and $200.88 million of unpaid principal on mortgage loans held for sale for which it managed interest rate risk using best-efforts forward sales contracts for $391.84 million in mortgage loans. Also at December 31, 2020, the mortgage banking segment had $7.67 million of IRLCs and $5.63 million of unpaid principal on mortgage loans held for sale for which it managed interest rate risk using forward sales of $8.00 million of TBA securities and mandatory-delivery forward sales contracts for $3.94 million in mortgage loans. The following tables summarize key elements of the Corporation’s derivative instruments other than forward sales of mortgage loans. The fair values of forward sales of mortgage loans were not material to the consolidated financial statements of the Corporation at September 30, 2021 or December 31, 2020. September 30, 2021 Notional (Dollars in thousands) Amount Assets Liabilities Cash flow hedges: Interest rate swap contracts $ 25,000 $ — $ 960 Not designated as hedges: Customer-related interest rate swap contracts: Matched interest rate swaps with borrower 83,819 4,794 167 Matched interest rate swaps with counterparty 83,819 167 4,794 Mortgage banking contracts: IRLCs 148,144 2,875 — Forward sales of TBA securities 16,500 45 — December 31, 2020 Notional (Dollars in thousands) Amount Assets Liabilities Cash flow hedges: Interest rate swap contracts $ 25,000 $ — $ 1,882 Not designated as hedges: Customer-related interest rate swap contracts: Matched interest rate swaps with borrower 84,753 8,185 — Matched interest rate swaps with counterparty 84,753 — 8,185 Mortgage banking contracts: IRLCs 198,632 4,582 — Forward sales of TBA securities 8,000 — 47 The Corporation is required to maintain cash collateral with dealer counterparties for interest rate swap relationships in a loss position. At September 30, 2021 and at December 31, 2020, $5.96 million and $9.92 million, respectively, of cash collateral was maintained with dealer counterparties and was included in “Other assets” in the Consolidated Balance Sheets.

Other Noninterest Expenses

Other Noninterest Expenses	9 Months Ended
Other Noninterest Expenses	Sep. 30, 2021
Other Noninterest Expenses
Other Noninterest Expenses	NOTE 13: Other Noninterest Expenses The following table presents the significant components in the Consolidated Statements of Income line “Noninterest Expenses-Other.” Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Data processing fees $ 2,791 $ 2,607 $ 8,519 $ 8,142 Mortgage banking loan processing expenses 697 916 2,458 2,180 Professional fees 675 706 2,159 2,424 Telecommunication expenses 390 311 1,151 1,092 Marketing and advertising expenses 374 369 1,178 1,207 Travel and educational expenses 263 430 620 974 Other real estate (gain)/loss and expenses, net 2 76 (400) 84 All other noninterest expenses 1,838 2,018 5,670 5,836 Total other noninterest expenses $ 7,030 $ 7,433 $ 21,355 $ 21,939 The table above includes merger related expenses for the nine months ended September 30, 2020 of $898,000, of which $501,000 was included in data processing fees, $336,000 was included in professional fees, and $61,000 was included in all other noninterest expenses. There were no merger related expenses during the three or nine months ended September 30, 2021 or the three months ended September 30, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation: The unaudited consolidated financial statements include the accounts of C&F Financial Corporation (the Corporation), its direct wholly-owned subsidiary, Citizens and Farmers Bank (the Bank or C&F Bank) and indirect subsidiaries that are wholly-owned or controlled. Subsidiaries that are less than wholly owned are fully consolidated if they are controlled by the Corporation or one of its subsidiaries, and the portion of any subsidiary not owned by the Corporation is reported as noncontrolling interest. All significant intercompany accounts and transactions have been eliminated in consolidation. In addition, the Corporation owns all of the common stock of 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 the Corporation conform to U.S. GAAP and to predominant practices within the banking industry.
Nature of Operations	Nature of Operations: 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, originates and sells residential mortgages, provides mortgage loan origination services to third-party lenders 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. and CVB Title Services, Inc. were organized for the primary purpose of owning equity interests in an independent insurance agency and a full service title and settlement agency, respectively. Business segment data is presented in Note 10.
Basis of Presentation	Basis of Presentation: The COVID-19 pandemic has caused a significant disruption in economic activity worldwide, including in market areas served by the Corporation. Estimates for the allowance for loan losses at September 30, 2021 include probable losses related to the pandemic. While there have been signals of economic recovery and a resumption of many types of business activity, there remains significant uncertainty involved in the measurement of these losses. If economic conditions deteriorate further, then additional provision for loan losses may be required in future periods. It is unknown how long these conditions will last and what the ultimate financial impact will be to the Corporation.
Reclassification	Reclassification:
Business Combination	Business Combination:
Derivative Financial Instruments	Derivative Financial Instruments:
Income Taxes	Income Taxes:
Share-Based Compensation	Share-Based Compensation: A summary of activity for restricted stock awards during the first nine months of 2021 and 2020 is presented below: 2021 Weighted- Average Grant Date Shares Fair Value Unvested, December 31, 2020 155,945 $ 48.52 Granted 20,462 44.13 Vested (21,195) 44.18 Forfeited (5,450) 45.89 Unvested, September 30, 2021 149,762 48.63 2020 Weighted- Average Grant Date Shares Fair Value Unvested, December 31, 2019 142,020 $ 48.88 Granted 14,770 53.03 Vested (16,555) 40.20 Forfeited (3,530) 52.86 Unvested, September 30, 2020 136,705 50.32
Recent Significant Accounting Pronouncements	Recent Significant Accounting Pronouncements: In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief Financial Instruments—Credit losses (Topic 326), Derivatives and hedging (Topic 815), and Leases (Topic 842)—Effective dates, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842) Codification Improvements to Financial Instruments The amendments of ASC 326, upon adoption, 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 is continuing to develop and refine an approach to estimating the allowance for credit losses. 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 total 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. 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)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2021
Summary of Significant Accounting Policies
Summary of activity for restricted stock awards	2021 Weighted- Average Grant Date Shares Fair Value Unvested, December 31, 2020 155,945 $ 48.52 Granted 20,462 44.13 Vested (21,195) 44.18 Forfeited (5,450) 45.89 Unvested, September 30, 2021 149,762 48.63 2020 Weighted- Average Grant Date Shares Fair Value Unvested, December 31, 2019 142,020 $ 48.88 Granted 14,770 53.03 Vested (16,555) 40.20 Forfeited (3,530) 52.86 Unvested, September 30, 2020 136,705 50.32

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
Business Combination (Tables)	Sep. 30, 2021
Schedule of acquired loans	September 30, 2021 December 31, 2020 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 $ 10,517 $ 62,063 $ 72,580 $ 12,760 $ 89,043 $ 101,803 Carrying amount Real estate – residential mortgage $ 854 $ 11,125 $ 11,979 $ 1,473 $ 15,117 $ 16,590 Real estate – construction — 1,246 1,246 — 1,077 1,077 Commercial, financial and agricultural 1 4,510 39,739 44,249 4,758 58,796 63,554 Equity lines 35 7,482 7,517 80 10,182 10,262 Consumer 41 1,319 1,360 48 1,924 1,972 Total acquired loans $ 5,440 $ 60,911 $ 66,351 $ 6,359 $ 87,096 $ 93,455 1 Includes acquired loans classified by the Corporation as commercial real estate lending and commercial business lending.
Peoples Bankshares, Incorporated (Peoples)
Schedule of total consideration paid, the fair values of assets acquired and liabilities assumed, and the resulting goodwill	Amounts Recognized as of (Dollars in thousands) January 1, 2020 Purchase price: Cash paid $ 10,579 Common stock issued 11,612 Total purchase price $ 22,191 Identifiable assets acquired: Cash and cash equivalents $ 29,680 Securities available for sale 17,169 Loans 124,195 Accrued interest receivable 430 Corporate premises and equipment 3,105 Other real estate owned 281 Core deposit intangible asset 1,711 Bank-owned life insurance 3,591 Investment in small business investment company 1,493 Other receivables 5,234 Other assets 3,658 Total identifiable assets acquired 190,547 Identifiable liabilities assumed: Demand and savings deposits 94,798 Time deposits 77,018 Borrowings 4,245 Accrued interest payable 260 Salaries, benefits and deferred compensation 2,054 Other liabilities 747 Total identifiable liabilities assumed 179,122 Net identifiable assets acquired $ 11,425 Goodwill resulting from acquisition $ 10,766
Schedule of acquired loans	(Dollars in thousands) January 1, 2020 Contractual principal and interest due $ 20,310 Nonaccretable difference (7,679) Expected cash flows 12,631 Accretable yield (3,372) Purchased credit impaired loans - estimated fair value $ 9,259

Securities (Tables)

Securities (Tables)	9 Months Ended
Securities (Tables)	Sep. 30, 2021
Securities
Summary of available for sale debt securities	September 30, 2021 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 63,271 $ 73 $ (772) $ 62,572 Mortgage-backed securities 184,548 2,105 (533) 186,120 Obligations of states and political subdivisions 94,872 1,748 (315) 96,305 Corporate and other debt securities 18,290 190 (64) 18,416 $ 360,981 $ 4,116 $ (1,684) $ 363,413 December 31, 2020 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 48,171 $ 121 $ (10) $ 48,282 Mortgage-backed securities 120,664 3,165 (115) 123,714 Obligations of states and political subdivisions 100,405 2,436 (36) 102,805 Corporate and other debt securities 11,584 47 (43) 11,588 $ 280,824 $ 5,769 $ (204) $ 286,389
Schedule of amortized cost and estimated fair value of securities, by the earlier of contractual maturity or expected maturity	September 30, 2021 Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ 62,145 $ 62,010 Due after one year through five years 200,714 203,445 Due after five years through ten years 89,131 89,136 Due after ten years 8,991 8,822 $ 360,981 $ 363,413
Schedule of gross realized gains and losses and the proceeds	Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Realized gains from sales, maturities and calls of securities: Gross realized gains $ 3 $ 4 $ 41 $ 11 Gross realized losses — — — — Net realized gains $ 3 $ 4 $ 41 $ 11 Proceeds from sales, maturities, calls and paydowns of securities $ 29,798 $ 30,288 $ 85,293 $ 101,068
Schedule of securities in an unrealized loss position	Securities in an unrealized loss position at September 30, 2021, 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 $ 46,809 $ 724 $ 1,451 $ 48 $ 48,260 $ 772 Mortgage-backed securities 94,098 511 4,341 22 98,439 533 Obligations of states and political subdivisions 20,132 279 1,273 36 21,405 315 Corporate and other debt securities 9,077 64 — — 9,077 64 Total temporarily impaired securities $ 170,116 $ 1,578 $ 7,065 $ 106 $ 177,181 $ 1,684 Securities in an unrealized loss position at December 31, 2020, 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 $ 12,719 $ 10 $ — $ — $ 12,719 $ 10 Mortgage-backed securities 15,691 115 — — 15,691 115 Obligations of states and political subdivisions 5,110 36 — — 5,110 36 Corporate and other debt securities 4,271 43 — — 4,271 43 Total temporarily impaired securities $ 37,791 $ 204 $ — $ — $ 37,791 $ 204

Loans (Tables)

Loans (Tables)	9 Months Ended
Loans (Tables)	Sep. 30, 2021
Loans
Summary of major classifications of loans	September 30, December 31, (Dollars in thousands) 2021 2020 Real estate – residential mortgage $ 215,166 $ 218,298 Real estate – construction 1 53,845 62,147 Commercial, financial and agricultural 2 721,824 700,215 Equity lines 42,881 48,466 Consumer 8,165 11,028 Consumer finance 349,130 312,252 1,391,011 1,352,406 Less allowance for loan losses (39,447) (39,156) Loans, net $ 1,351,564 $ 1,313,250 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 (which includes loans originated under the Paycheck Protection Program).
Schedule of acquired loans	September 30, 2021 December 31, 2020 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 $ 10,517 $ 62,063 $ 72,580 $ 12,760 $ 89,043 $ 101,803 Carrying amount Real estate – residential mortgage $ 854 $ 11,125 $ 11,979 $ 1,473 $ 15,117 $ 16,590 Real estate – construction — 1,246 1,246 — 1,077 1,077 Commercial, financial and agricultural 1 4,510 39,739 44,249 4,758 58,796 63,554 Equity lines 35 7,482 7,517 80 10,182 10,262 Consumer 41 1,319 1,360 48 1,924 1,972 Total acquired loans $ 5,440 $ 60,911 $ 66,351 $ 6,359 $ 87,096 $ 93,455 1 Includes acquired loans classified by the Corporation as commercial real estate lending and commercial business lending.
Summary of change in the accretable yield of loans classified as purchased credit impaired (PCI)	Nine Months Ended September 30, (Dollars in thousands) 2021 2020 Accretable yield, balance at beginning of period $ 4,048 $ 4,721 Acquisition of Peoples — 3,372 Accretion (1,901) (2,172) Reclassification of nonaccretable difference due to improvement in expected cash flows 713 440 Other changes, net 477 (1,492) Accretable yield, balance at end of period $ 3,337 $ 4,869
Schedule of loans on nonaccrual status	September 30, December 31, (Dollars in thousands) 2021 2020 Real estate – residential mortgage $ 317 $ 276 Commercial, financial and agricultural: Commercial business lending 2,235 2,428 Equity lines 185 191 Consumer 4 107 Consumer finance 198 402 Total loans on nonaccrual status $ 2,939 $ 3,404
Schedule of past due status of loans	The past due status of loans as of September 30, 2021 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 $ 768 $ 251 $ 301 $ 1,320 $ 854 $ 212,992 $ 215,166 $ — Real estate – construction: Construction lending — — — — — 36,159 36,159 — Consumer lot lending — — — — — 17,686 17,686 — Commercial, financial and agricultural: Commercial real estate lending 43 — — 43 4,510 495,772 500,325 — Land acquisition and development lending — — — — — 37,242 37,242 — Builder line lending — — — — — 29,748 29,748 — Commercial business lending — — — — — 154,509 154,509 — Equity lines — 50 72 122 35 42,724 42,881 72 Consumer 6 — — 6 41 8,118 8,165 — Consumer finance 5,694 801 198 6,693 — 342,437 349,130 — Total $ 6,511 $ 1,102 $ 571 $ 8,184 $ 5,440 $ 1,377,387 $ 1,391,011 $ 72 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 $2.44 million and 90+ days past due of $499,000. The past due status of loans as of December 31, 2020 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 $ 1,100 $ 154 $ 176 $ 1,430 $ 1,473 $ 215,395 $ 218,298 $ 145 Real estate – construction: Construction lending — — — — — 49,659 49,659 — Consumer lot lending — — — — — 12,488 12,488 — Commercial, financial and agricultural: Commercial real estate lending — — — — 4,758 437,145 441,903 — Land acquisition and development lending — — — — — 37,724 37,724 — Builder line lending — — — — — 18,194 18,194 — Commercial business lending 24 — — 24 — 202,370 202,394 — Equity lines 52 — — 52 80 48,334 48,466 — Consumer 2 — — 2 48 10,978 11,028 — Consumer finance 8,249 967 402 9,618 — 302,634 312,252 — Total $ 9,427 $ 1,121 $ 578 $ 11,126 $ 6,359 $ 1,334,921 $ 1,352,406 $ 145 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 $2.86 million, 30-59 days past due of $115,000 and 90+ days past due of $433,000.
Schedule of impaired loans	Impaired loans, which included TDRs of $2.70 million, and the related allowance at September 30, 2021 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 $ 1,550 $ 402 $ 1,042 $ 68 $ 1,566 $ 47 Commercial, financial and agricultural: Commercial real estate lending 1,391 — 1,393 86 1,394 54 Commercial business lending 2,318 — 2,235 263 2,320 — Equity lines 118 108 — — 115 1 Consumer — — — — — — Total $ 5,377 $ 510 $ 4,670 $ 417 $ 5,395 $ 102 Impaired loans, which included TDRs of $3.58 million, and the related allowance at December 31, 2020 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 $ 2,326 $ 931 $ 1,279 $ 77 $ 2,353 $ 105 Commercial, financial and agricultural: Commercial real estate lending 1,397 — 1,397 89 1,404 73 Commercial business lending 2,430 — 2,428 585 2,573 — Equity lines 120 111 — — 119 2 Consumer 147 — 132 128 154 3 Total $ 6,420 $ 1,042 $ 5,236 $ 879 $ 6,603 $ 183

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	9 Months Ended
Allowance for Loan Losses (Tables)	Sep. 30, 2021
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 nine months ended September 30, 2021: 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, 2020 $ 2,914 $ 975 $ 10,696 $ 687 $ 371 $ 23,513 $ 39,156 Provision (credited) charged to operations (99) (183) 422 (90) (160) 220 110 Loans charged off — — — — (128) (3,443) (3,571) Recoveries of loans previously charged off 19 — 2 1 93 3,637 3,752 Balance at September 30, 2021 $ 2,834 $ 792 $ 11,120 $ 598 $ 176 $ 23,927 $ 39,447 The following table presents the changes in the allowance for loan losses by major classification during the nine months ended September 30, 2020: 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, 2019 $ 2,080 $ 681 $ 7,121 $ 733 $ 465 $ 21,793 $ 32,873 Provision charged (credited) to operations 337 232 3,446 (78) (37) 5,650 9,550 Loans charged off (9) — (18) — (174) (7,005) (7,206) Recoveries of loans previously charged off 79 — 3 — 135 3,422 3,639 Balance at September 30, 2020 $ 2,487 $ 913 $ 10,552 $ 655 $ 389 $ 23,860 $ 38,856
Schedule of balance of the allowance for loan losses and the allowance by impairment methodology	The following table presents, as of September 30, 2021, 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 $ 68 $ — $ 349 $ — $ — $ — $ 417 Collectively evaluated for impairment 2,766 792 10,771 598 176 23,927 39,030 Acquired loans - PCI — — — — — — — Total allowance $ 2,834 $ 792 $ 11,120 $ 598 $ 176 $ 23,927 $ 39,447 Loans: Individually evaluated for impairment $ 1,444 $ — $ 3,628 $ 108 $ — $ — $ 5,180 Collectively evaluated for impairment 212,868 53,845 713,686 42,738 8,124 349,130 1,380,391 Acquired loans - PCI 854 — 4,510 35 41 — 5,440 Total loans $ 215,166 $ 53,845 $ 721,824 $ 42,881 $ 8,165 $ 349,130 $ 1,391,011 The following table presents, as of December 31, 2020, 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 $ 77 $ — $ 674 $ — $ 128 $ — $ 879 Collectively evaluated for impairment 2,837 975 10,022 687 243 23,513 38,277 Acquired loans - PCI — — — — — — — Total allowance $ 2,914 $ 975 $ 10,696 $ 687 $ 371 $ 23,513 $ 39,156 Loans: Individually evaluated for impairment $ 2,210 $ — $ 3,825 $ 111 $ 132 $ — $ 6,278 Collectively evaluated for impairment 214,615 62,147 691,632 48,275 10,848 312,252 1,339,769 Acquired loans - PCI 1,473 — 4,758 80 48 — 6,359 Total loans $ 218,298 $ 62,147 $ 700,215 $ 48,466 $ 11,028 $ 312,252 $ 1,352,406
Schedule of loans by credit quality indicators	Loans by credit quality indicators as of September 30, 2021 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 213,523 $ 873 $ 453 $ 317 $ 215,166 Real estate – construction: Construction lending 36,159 — — — 36,159 Consumer lot lending 17,686 — — — 17,686 Commercial, financial and agricultural: Commercial real estate lending 477,246 15,484 7,595 — 500,325 Land acquisition and development lending 37,242 — — — 37,242 Builder line lending 29,748 — — — 29,748 Commercial business lending 150,974 1,300 — 2,235 154,509 Equity lines 42,475 137 84 185 42,881 Consumer 8,161 — — 4 8,165 $ 1,013,214 $ 17,794 $ 8,132 $ 2,741 $ 1,041,881 1 At September 30, 2021, the Corporation did not have any loans classified as Doubtful or Loss. Non- (Dollars in thousands) Performing Performing Total Consumer finance $ 348,932 $ 198 $ 349,130 Loans by credit quality indicators as of December 31, 2020 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 215,712 $ 1,715 $ 595 $ 276 $ 218,298 Real estate – construction: Construction lending 49,659 — — — 49,659 Consumer lot lending 12,488 — — — 12,488 Commercial, financial and agricultural: Commercial real estate lending 415,506 15,507 10,890 — 441,903 Land acquisition and development lending 37,724 — — — 37,724 Builder line lending 18,194 — — — 18,194 Commercial business lending 196,743 3,124 99 2,428 202,394 Equity lines 48,140 132 3 191 48,466 Consumer 10,832 48 41 107 11,028 $ 1,004,998 $ 20,526 $ 11,628 $ 3,002 $ 1,040,154 1 At December 31, 2020, the Corporation did not have any loans classified as Doubtful or Loss. Non- (Dollars in thousands) Performing Performing Total Consumer finance $ 311,850 $ 402 $ 312,252

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
Goodwill and Other Intangible Assets (Tables)	Sep. 30, 2021
Goodwill and Other Intangible Assets
Schedule of changes in goodwill	Community Consumer (Dollars in thousands) Banking Finance Total Balance as of January 1, 2020 $ 3,702 $ 10,723 $ 14,425 Acquisition of Peoples Bankshares, Incorporated 10,766 — 10,766 Balance at September 30, 2020 $ 14,468 $ 10,723 $ 25,191
Schedule of gross carrying amounts and accumulated amortization of other intangible assets	September 30, December 31, 2021 2020 Gross Gross Carrying Accumulated Carrying Accumulated (Dollars in thousands) Amount Amortization Amount Amortization Amortizable intangible assets: Core deposit intangibles $ 1,711 $ (287) $ 1,711 $ (171) Other amortizable intangibles 1,405 (774) 1,405 (654) Total $ 3,116 $ (1,061) $ 3,116 $ (825)

Equity, Other Comprehensive I_2

Equity, Other Comprehensive Income and Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Equity, Other Comprehensive Income and Earnings Per Share
Schedule of the components of accumulated other comprehensive loss, net of deferred taxes	September 30, December 31, (Dollars in thousands) 2021 2020 Net unrealized gains on securities $ 1,921 $ 4,397 Net unrecognized losses on cash flow hedges (687) (1,367) Net unrecognized losses on defined benefit plan (4,881) (4,985) Total accumulated other comprehensive loss, net $ (3,647) $ (1,955)
Schedule of components earnings per share calculations	Three Months Ended September 30, (Dollars in thousands) 2021 2020 Net income attributable to C&F Financial Corporation $ 7,674 $ 6,793 Weighted average shares outstanding — 3,550,001 3,648,515 Nine Months Ended September 30, (Dollars in thousands) 2021 2020 Net income attributable to C&F Financial Corporation $ 22,743 $ 14,117 Weighted average shares outstanding — 3,626,083 3,646,951

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
Employee Benefit Plans (Tables)	Sep. 30, 2021
Employee Benefit Plans
Schedule of net periodic benefit costs	Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost, included in salaries and employee benefits $ 493 $ 401 $ 1,478 $ 1,202 Other components of net periodic benefit cost: Interest cost 114 138 343 413 Expected return on plan assets (433) (374) (1,300) (1,119) Amortization of prior service credit (17) (17) (51) (51) Recognized net actuarial losses 61 49 182 148 Other components of net periodic benefit cost, included in other noninterest income (275) (204) (826) (609) Net periodic benefit cost $ 218 $ 197 $ 652 $ 593

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	9 Months Ended
Fair Value of Assets and Liabilities (Tables)	Sep. 30, 2021
Fair Value of Assets and Liabilities
Schedule of balances of financial assets and liabilities measured at fair value on a recurring basis	September 30, 2021 Fair Value Measurements Classified as 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 $ — $ 62,572 $ — $ 62,572 Mortgage-backed securities — 186,120 — 186,120 Obligations of states and political subdivisions — 96,305 — 96,305 Corporate and other debt securities — 18,416 — 18,416 Total securities available for sale — 363,413 — 363,413 Loans held for sale — 116,789 — 116,789 Derivatives IRLC — 2,875 — 2,875 Interest rate swaps on loans — 4,961 — 4,961 Forward sales of TBA securities — 45 — 45 Total assets $ — $ 488,083 $ — $ 488,083 Liabilities: Derivatives Interest rate swaps on loans $ — $ 4,961 $ — $ 4,961 Cash flow hedges — 960 — 960 Total liabilities $ — $ 5,921 $ — $ 5,921 December 31, 2020 Fair Value Measurements Classified as 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 $ — $ 48,282 $ — $ 48,282 Mortgage-backed securities — 123,714 — 123,714 Obligations of states and political subdivisions — 102,805 — 102,805 Corporate and other debt securities — 11,588 — 11,588 Total securities available for sale — 286,389 — 286,389 Loans held for sale — 214,266 — 214,266 Derivatives IRLC — 4,582 — 4,582 Interest rate swaps on loans — 8,185 — 8,185 Total assets $ — $ 513,422 $ — $ 513,422 Liabilities: Derivatives Interest rate swaps on loans $ — $ 8,185 $ — $ 8,185 Cash flow hedges — 1,882 — 1,882 Forward sales of TBA securities — 47 — 47 Total liabilities $ — $ 10,114 $ — $ 10,114
Schedule of balances of assets measured at fair value on a nonrecurring basis	September 30, 2021 Fair Value Measurements Classified as Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Other real estate owned, net $ — $ — $ 22 $ 22 Total $ — $ — $ 22 $ 22 December 31, 2020 Fair Value Measurements Classified as Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Other real estate owned, net $ — $ — $ 72 $ 72 Total $ — $ — $ 72 $ 72
Schedule of quantitative information about Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis	Fair Value Measurements (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Inputs Range (Weighted Average) 1 At September 30, 2021: Other real estate owned, net $ 22 Appraisals Discount to reflect current market conditions and estimated selling costs 75% ( 75% ) Total $ 22 At December 31, 2020: Other real estate owned, net $ 72 Appraisals Discount to reflect current market conditions and estimated selling costs 75% - 80% (79%) Total $ 72 1 The weighted average of unobservable inputs is calculated based on the relative asset fair values.
Schedule of carrying amounts and estimated fair values of financial instruments	Carrying Fair Value Measurements at September 30, 2021 Classified as Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 204,475 $ 201,495 $ 2,479 $ — $ 203,974 Securities available for sale 363,413 — 363,413 — 363,413 Loans, net 1,351,564 — — 1,368,093 1,368,093 Loans held for sale 116,789 — 116,789 — 116,789 Derivatives IRLC 2,875 — 2,875 — 2,875 Interest rate swaps on loans 4,961 — 4,961 — 4,961 Forward sales of TBA securities 45 — 45 — 45 Bank-owned life insurance 20,382 — 20,382 — 20,382 Accrued interest receivable 7,125 7,125 — — 7,125 Financial liabilities: Demand and savings deposits 1,411,980 1,411,980 — — 1,411,980 Time deposits 441,105 — 444,446 — 444,446 Borrowings 86,394 — 91,484 — 91,484 Derivatives Cash flow hedges 960 — 960 — 960 Interest rate swaps on loans 4,961 — 4,961 — 4,961 Accrued interest payable 581 581 — — 581 Carrying Fair Value Measurements at December 31, 2020 Classified as Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 94,342 $ 86,669 $ 7,710 $ — $ 94,379 Securities available for sale 286,389 — 286,389 — 286,389 Loans, net 1,313,250 — — 1,308,569 1,308,569 Loans held for sale 214,266 — 214,266 — 214,266 Derivatives IRLC 4,582 — 4,582 — 4,582 Interest rate swaps on loans 8,185 — 8,185 — 8,185 Bank-owned life insurance 20,205 — 20,205 — 20,205 Accrued interest receivable 8,103 8,103 — — 8,103 Financial liabilities: Demand and savings deposits 1,282,590 1,282,590 — — 1,282,590 Time deposits 469,583 — 474,154 — 474,154 Borrowings 69,864 — 71,119 — 71,119 Derivatives Cash flow hedges 1,882 — 1,882 — 1,882 Interest rate swaps on loans 8,185 — 8,185 — 8,185 Forward sales of TBA securities 47 — 47 47 Accrued interest payable 1,109 1,109 — — 1,109

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
Business Segments (Tables)	Sep. 30, 2021
Business Segments
Schedule of segment reporting information, by segment	Three Months Ended September 30, 2021 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 15,924 $ 863 $ 9,388 $ — $ (2,571) $ 23,604 Interest expense 1,301 240 2,424 589 (2,568) 1,986 Net interest income 14,623 623 6,964 (589) (3) 21,618 Gain on sales of loans — 5,691 — — (31) 5,660 Other noninterest income 4,202 2,266 45 (115) (16) 6,382 Net revenue 18,825 8,580 7,009 (704) (50) 33,660 Provision for loan losses — 30 400 — — 430 Noninterest expense 13,827 5,643 3,580 126 — 23,176 Income (loss) before taxes 4,998 2,907 3,029 (830) (50) 10,054 Income tax expense (benefit) 832 799 835 (229) (10) 2,227 Net income (loss) $ 4,166 $ 2,108 $ 2,194 $ (601) $ (40) $ 7,827 Other data: Capital expenditures $ 234 $ 55 $ 644 $ — $ — $ 933 Depreciation and amortization $ 1,015 $ 61 $ 112 $ — $ — $ 1,188 Three Months Ended September 30, 2020 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 15,242 $ 1,503 $ 9,628 $ — $ (2,551) $ 23,822 Interest expense 2,547 449 2,191 342 (2,552) 2,977 Net interest income 12,695 1,054 7,437 (342) 1 20,845 Gain on sales of loans — 9,755 — — (49) 9,706 Other noninterest income 3,526 2,915 93 701 (3) 7,232 Net revenue 16,221 13,724 7,530 359 (51) 37,783 Provision for loan losses 1,500 — 1,800 — — 3,300 Noninterest expense 13,260 7,634 3,530 907 — 25,331 Income (loss) before taxes 1,461 6,090 2,200 (548) (51) 9,152 Income tax expense (benefit) 149 1,640 599 (154) — 2,234 Net income (loss) $ 1,312 $ 4,450 $ 1,601 $ (394) $ (51) $ 6,918 Other data: Capital expenditures $ 3,234 $ 14 $ 954 $ — $ — $ 4,202 Depreciation and amortization $ 958 $ 71 $ 42 $ — $ — $ 1,071 Nine Months Ended September 30, 2021 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 47,035 $ 3,011 $ 28,058 $ — $ (7,558) $ 70,546 Interest expense 4,481 925 6,926 1,759 (7,567) 6,524 Net interest income 42,554 2,086 21,132 (1,759) 9 64,022 Gain on sales of loans — 18,753 — — (88) 18,665 Other noninterest income 12,022 7,298 231 1,341 (59) 20,833 Net revenue 54,576 28,137 21,363 (418) (138) 103,520 Provision for loan losses (200) 90 220 — — 110 Noninterest expense 41,631 18,838 10,711 2,198 — 73,378 Income (loss) before taxes 13,145 9,209 10,432 (2,616) (138) 30,032 Income tax expense (benefit) 2,261 2,588 2,836 (706) (29) 6,950 Net income (loss) $ 10,884 $ 6,621 $ 7,596 $ (1,910) $ (109) $ 23,082 Other data: Capital expenditures $ 584 $ 118 $ 3,675 $ — $ — $ 4,377 Depreciation and amortization $ 3,115 $ 193 $ 270 $ — $ — $ 3,578 Nine Months Ended September 30, 2020 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 46,051 $ 3,261 $ 29,418 $ — $ (6,546) $ 72,184 Interest expense 8,409 1,034 6,567 1,019 (6,547) 10,482 Net interest income 37,642 2,227 22,851 (1,019) 1 61,702 Gain on sales of loans — 18,036 — — (49) 17,987 Other noninterest income 9,829 6,913 290 498 (3) 17,527 Net revenue 47,471 27,176 23,141 (521) (51) 97,216 Provision for loan losses 3,900 — 5,650 — — 9,550 Noninterest expense 41,644 15,713 10,396 1,455 — 69,208 Income (loss) before taxes 1,927 11,463 7,095 (1,976) (51) 18,458 Income tax expense (benefit) (336) 3,149 1,926 (581) — 4,158 Net income (loss) $ 2,263 $ 8,314 $ 5,169 $ (1,395) $ (51) $ 14,300 Other data: Capital expenditures $ 5,554 $ 340 $ 1,761 $ — $ — $ 7,655 Depreciation and amortization $ 2,679 $ 216 $ 133 $ — $ — $ 3,028 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Total assets at September 30, 2021 $ 2,061,796 $ 139,406 $ 353,319 $ 41,813 $ (386,926) $ 2,209,408 Total assets at December 31, 2020 $ 1,951,622 $ 239,417 $ 314,746 $ 43,826 $ (463,301) $ 2,086,310

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
Derivative Financial Instruments (Tables)	Sep. 30, 2021
Derivative Financial Instruments
Schedule of key elements of derivative instruments other than forward sales of mortgage loans	September 30, 2021 Notional (Dollars in thousands) Amount Assets Liabilities Cash flow hedges: Interest rate swap contracts $ 25,000 $ — $ 960 Not designated as hedges: Customer-related interest rate swap contracts: Matched interest rate swaps with borrower 83,819 4,794 167 Matched interest rate swaps with counterparty 83,819 167 4,794 Mortgage banking contracts: IRLCs 148,144 2,875 — Forward sales of TBA securities 16,500 45 — December 31, 2020 Notional (Dollars in thousands) Amount Assets Liabilities Cash flow hedges: Interest rate swap contracts $ 25,000 $ — $ 1,882 Not designated as hedges: Customer-related interest rate swap contracts: Matched interest rate swaps with borrower 84,753 8,185 — Matched interest rate swaps with counterparty 84,753 — 8,185 Mortgage banking contracts: IRLCs 198,632 4,582 — Forward sales of TBA securities 8,000 — 47

Other Noninterest Expenses (Tab

Other Noninterest Expenses (Tables)	9 Months Ended
Other Noninterest Expenses (Tables)	Sep. 30, 2021
Other Noninterest Expenses
Schedule of other noninterest expense	Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Data processing fees $ 2,791 $ 2,607 $ 8,519 $ 8,142 Mortgage banking loan processing expenses 697 916 2,458 2,180 Professional fees 675 706 2,159 2,424 Telecommunication expenses 390 311 1,151 1,092 Marketing and advertising expenses 374 369 1,178 1,207 Travel and educational expenses 263 430 620 974 Other real estate (gain)/loss and expenses, net 2 76 (400) 84 All other noninterest expenses 1,838 2,018 5,670 5,836 Total other noninterest expenses $ 7,030 $ 7,433 $ 21,355 $ 21,939

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Nature of Operations and Business Combination (Details) $ in Thousands	Jan. 01, 2020USD ($)	Sep. 30, 2021subsidiary
Peoples Bankshares, Incorporated (Peoples)
Nature of Operations
Aggregate purchase price \| $	$ 22,191
C&F Bank
Nature of Operations
Number of wholly owned subsidiaries \| subsidiary		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 - Income taxes (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Summary of Significant Accounting Policies
Effective income tax rate (as a percent)		23.10%	22.50%
Income tax benefits from a change in tax law	$ 23,000		$ 326,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Share-Based Compensation (Details) - Restricted Stock - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based compensation
Compensation expense before tax	$ 386,000	$ 311,000	$ 1,210,000	$ 1,010,000
Compensation expense after tax	271,000	$ 219,000	863,000	$ 654,000
Unrecognized compensation expense	$ 3,180,000		$ 3,180,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Restricted Stock Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Shares
Unvested, beginning of period (in shares)	155,945
Unvested, end of period (in shares)	149,762
Restricted Stock
Shares
Unvested, beginning of period (in shares)	155,945	142,020
Granted (in shares)	20,462	14,770
Vested (in shares)	(21,195)	(16,555)
Forfeited (in shares)	(5,450)	(3,530)
Unvested, end of period (in shares)	149,762	136,705
Weighted-Average Grant Date Fair Value
Nonvested, beginning of period (in dollars per share)	$ 48.52	$ 48.88
Granted (in dollars per share)	44.13	53.03
Vested (in dollars per share)	44.18	40.20
Forfeited (in dollars per share)	45.89	52.86
Nonvested, end of period (in dollars per share)	$ 48.63	$ 50.32

Business Combination - Consider

Business Combination - Consideration (Details) - Peoples Bankshares, Incorporated (Peoples)	Jan. 01, 2020USD ($)shares
Business Combination
Shares received for each share of common stock \| shares	0.5366
Amount received for each share of common stock \| $	$ 27
Cash consideration paid \| $	$ 10,579,000
Common stock to shareholders of acquiree \| shares	209,871

Business Combination - Purchase

Business Combination - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Identifiable liabilities assumed:
Goodwill resulting from acquisition		$ 25,191	$ 25,191	$ 25,191	$ 14,425
Peoples Bankshares, Incorporated (Peoples)
Purchase price
Cash paid	$ 10,579
Common stock issued	11,612
Total purchase price	22,191
Identifiable assets acquired:
Cash and cash equivalents	29,680
Securities available for sale	17,169
Loans	124,195
Accrued interest receivable	430
Corporate premises and equipment	3,105
Other real estate owned	281
Core deposit intangible asset	1,711
Bank-owned life insurance	3,591
Investment in small business investment company	1,493
Other receivables	5,234
Other assets	3,658
Total identifiable assets acquired	190,547
Identifiable liabilities assumed:
Demand and savings deposits	94,798
Time deposits	77,018
Borrowings	4,245
Accrued interest payable	260
Salaries, benefits and deferred compensation	2,054
Other liabilities	747
Total identifiable liabilities assumed	179,122
Net identifiable assets acquired	11,425
Goodwill resulting from acquisition	$ 10,766
Amortization period (in years)	15 years

Business Combination - Loans, C

Business Combination - Loans, Core Deposit Intangible and Deposits (Details) - USD ($)	Jan. 01, 2020	Sep. 30, 2021	Dec. 31, 2020
Business Combination
Outstanding principal balance		$ 72,580,000	$ 101,803,000
Loans, allowance for loan losses		39,447,000	39,156,000
Maximum
Information about PCI loans acquired
Maturity of deposits	5 years
PCI Loans
Business Combination
Outstanding principal balance		$ 10,517,000	$ 12,760,000
Peoples Bankshares, Incorporated (Peoples)
Business Combination
Outstanding principal balance	$ 131,920,000
Estimated fair value of loans acquired	124,195,000
Loans, allowance for loan losses	2,870,000
Information about PCI loans acquired
Contractual principal and interest due	20,310,000
Nonaccretable difference	(7,679,000)
Expected cash flows	12,631,000
Accretable yield	(3,372,000)
Purchased credit impaired loans - estimated fair value	9,259,000
Core deposit intangible asset	$ 1,711,000
Percentage of CDI to non-maturity deposits	1.80%
Premium of deposits	$ 557,000
Amortization period	2 years
Peoples Bankshares, Incorporated (Peoples) \| Minimum
Information about PCI loans acquired
Maturity of deposits	3 months
Peoples Bankshares, Incorporated (Peoples) \| PCI Loans
Business Combination
Outstanding principal balance	$ 4,280,000
Estimated fair value of loans acquired	$ 635,000

Business Combination - Merger r

Business Combination - Merger related costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Business Combination
Merger related costs	$ 0	$ 0	$ 0	$ 898	$ 2,100	$ 2,100
Merger related costs, after income taxes					$ 1,780	$ 1,780
Peoples Bankshares, Incorporated (Peoples)
Business Combination
Merger related costs		$ 0		1,400
Merger related costs, after income taxes				$ 1,130

Securities - Available for sale

Securities - Available for sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 360,981	$ 280,824
Gross Unrealized Gains	4,116	5,769
Gross Unrealized Losses	(1,684)	(204)
Fair Value	363,413	286,389
U.S. government agencies and corporations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	63,271	48,171
Gross Unrealized Gains	73	121
Gross Unrealized Losses	(772)	(10)
Fair Value	62,572	48,282
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	184,548	120,664
Gross Unrealized Gains	2,105	3,165
Gross Unrealized Losses	(533)	(115)
Fair Value	186,120	123,714
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	94,872	100,405
Gross Unrealized Gains	1,748	2,436
Gross Unrealized Losses	(315)	(36)
Fair Value	96,305	102,805
Corporate and other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,290	11,584
Gross Unrealized Gains	190	47
Gross Unrealized Losses	(64)	(43)
Fair Value	$ 18,416	$ 11,588

Securities - Maturities and Rea

Securities - Maturities and Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Amortized Cost
Due in one year or less	$ 62,145		$ 62,145
Due after one year through five years	200,714		200,714
Due after five years through ten years	89,131		89,131
Due after ten years	8,991		8,991
Amortized Cost	360,981		360,981		$ 280,824
Fair Value
Due in one year or less	62,010		62,010
Due after one year through five years	203,445		203,445
Due after five years through ten years	89,136		89,136
Due after ten years	8,822		8,822
Fair Value	363,413		363,413		$ 286,389
Realized Gains and Losses
Proceeds related to sales of securities	0	$ 0	2,300	$ 5,990
Gross realized gains	3	4	41	11
Net realized gains	3	4	41	11
Proceeds from sales, maturities, calls and paydowns of securities	$ 29,798	$ 30,288	$ 85,293	$ 101,068

Securities - Pledged as Collate

Securities - Pledged as Collateral (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Available for sale securities
Amortized Cost	$ 360,981	$ 280,824
Fair Value	363,413	286,389
Securities Pledged as Collateral
Available for sale securities
Amortized Cost	157,620	146,660
Fair Value	$ 159,860	$ 150,130

Securities - Unrealized Loss Po

Securities - Unrealized Loss Positions (Details)	9 Months Ended
Securities - Unrealized Loss Positions (Details)	Sep. 30, 2021USD ($)security	Dec. 31, 2020USD ($)
Fair value
Less Than 12 Months, Fair Value	$ 170,116,000	$ 37,791,000
12 Months or More, Fair Value	7,065,000
Total Fair Value	177,181,000	37,791,000
Unrealized Loss
Less Than 12 Months, Unrealized Loss	1,578,000	204,000
12 Months or More, Unrealized Loss	106,000
Total Unrealized Loss	$ 1,684,000	204,000
Other information
Number of positions considered temporarily impaired \| security	133
Number of position significant relative to carrying value	0
Debt securities considered temporarily impaired	$ 177,181,000	37,791,000
Other than temporary impairment	0
U.S. government agencies and corporations
Fair value
Less Than 12 Months, Fair Value	46,809,000	12,719,000
12 Months or More, Fair Value	1,451,000
Total Fair Value	48,260,000	12,719,000
Unrealized Loss
Less Than 12 Months, Unrealized Loss	724,000	10,000
12 Months or More, Unrealized Loss	48,000
Total Unrealized Loss	772,000	10,000
Other information
Debt securities considered temporarily impaired	48,260,000	12,719,000
Mortgage-backed securities
Fair value
Less Than 12 Months, Fair Value	94,098,000	15,691,000
12 Months or More, Fair Value	4,341,000
Total Fair Value	98,439,000	15,691,000
Unrealized Loss
Less Than 12 Months, Unrealized Loss	511,000	115,000
12 Months or More, Unrealized Loss	22,000
Total Unrealized Loss	533,000	115,000
Other information
Debt securities considered temporarily impaired	98,439,000	15,691,000
Obligations of states and political subdivisions
Fair value
Less Than 12 Months, Fair Value	20,132,000	5,110,000
12 Months or More, Fair Value	1,273,000
Total Fair Value	21,405,000	5,110,000
Unrealized Loss
Less Than 12 Months, Unrealized Loss	279,000	36,000
12 Months or More, Unrealized Loss	36,000
Total Unrealized Loss	315,000	36,000
Other information
Debt securities considered temporarily impaired	21,405,000	5,110,000
Corporate and other debt securities
Fair value
Less Than 12 Months, Fair Value	9,077,000	4,271,000
Total Fair Value	9,077,000	4,271,000
Unrealized Loss
Less Than 12 Months, Unrealized Loss	64,000	43,000
Total Unrealized Loss	64,000	43,000
Other information
Debt securities considered temporarily impaired	$ 9,077,000	$ 4,271,000

Securities - Restricted Stocks

Securities - Restricted Stocks and others (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Securities
Investment in restricted stock	$ 1,030,000
Investment in restricted stocks	1,027,000	$ 1,636,000
Restricted stocks, other-than-temporary impairment	$ 0

Loans - Major Classifications o

Loans - Major Classifications of Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Loans
Loans	$ 1,391,011	$ 1,352,406
Less allowance for loan losses	(39,447)	(39,156)
Loans, net	1,351,564	1,313,250
Real estate - residential mortgage
Loans
Loans	215,166	218,298
Real estate - construction
Loans
Loans	53,845	62,147
Commercial, financial and agricultural
Loans
Loans	721,824	700,215
Equity lines
Loans
Loans	42,881	48,466
Consumer
Loans
Loans	8,165	11,028
Amount included related to demand deposit overdrafts	232	284
Consumer finance
Loans
Loans	$ 349,130	$ 312,252

Loans - Loans Acquired (Details

Loans - Loans Acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Loans
Outstanding principal balance	$ 72,580	$ 101,803
Carrying amount
Total acquired loans	66,351	93,455
Real estate - residential mortgage
Carrying amount
Total acquired loans	11,979	16,590
Real estate - construction
Carrying amount
Total acquired loans	1,246	1,077
Commercial, financial and agricultural
Carrying amount
Total acquired loans	44,249	63,554
Equity lines
Carrying amount
Total acquired loans	7,517	10,262
Consumer
Carrying amount
Total acquired loans	1,360	1,972
PCI Loans
Loans
Outstanding principal balance	10,517	12,760
Carrying amount
Total acquired loans	5,440	6,359
PCI Loans \| Real estate - residential mortgage
Carrying amount
Total acquired loans	854	1,473
PCI Loans \| Commercial, financial and agricultural
Carrying amount
Total acquired loans	4,510	4,758
PCI Loans \| Equity lines
Carrying amount
Total acquired loans	35	80
PCI Loans \| Consumer
Carrying amount
Total acquired loans	41	48
Purchased Performing Loans
Loans
Outstanding principal balance	62,063	89,043
Carrying amount
Total acquired loans	60,911	87,096
Purchased Performing Loans \| Real estate - residential mortgage
Carrying amount
Total acquired loans	11,125	15,117
Purchased Performing Loans \| Real estate - construction
Carrying amount
Total acquired loans	1,246	1,077
Purchased Performing Loans \| Commercial, financial and agricultural
Carrying amount
Total acquired loans	39,739	58,796
Purchased Performing Loans \| Equity lines
Carrying amount
Total acquired loans	7,482	10,182
Purchased Performing Loans \| Consumer
Carrying amount
Total acquired loans	$ 1,319	$ 1,924

Loans - Change in Accretable Yi

Loans - Change in Accretable Yield (Details) - PCI Loans - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Change in the accretable yield
Accretable yield, balance at beginning of period	$ 4,048	$ 4,721
Acquisition of Peoples		3,372
Accretion	(1,901)	(2,172)
Reclassification of nonaccreatable difference due to improvement in expected cash flows	713	440
Other changes, net	477	(1,492)
Accretable yield, balance at end of period	$ 3,337	$ 4,869

Loans - Loans on Nonaccrual Sta

Loans - Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Loans on nonaccrual status
Loans on nonaccrual status	$ 2,939	$ 3,404
Real estate - residential mortgage
Loans on nonaccrual status
Loans on nonaccrual status	317	276
Commercial, financial and agricultural \| Commercial business lending
Loans on nonaccrual status
Loans on nonaccrual status	2,235	2,428
Equity lines
Loans on nonaccrual status
Loans on nonaccrual status	185	191
Consumer
Loans on nonaccrual status
Loans on nonaccrual status	4	107
Consumer finance
Loans on nonaccrual status
Loans on nonaccrual status	$ 198	$ 402

Loans - Past Due Status (Detail

Loans - Past Due Status (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Loans on nonaccrual status
Total Past Due	$ 8,184	$ 11,126
Current	1,377,387	1,334,921
Total Loans	1,391,011	1,352,406
90+ days past due and accruing	72	145
Additional disclosure for nonaccrual loans
Current, nonaccrual status	2,440	2,860
Nonaccrual loans, 30-59 days past due		115
Nonaccrual loans, 90+ days past due	499	433
PCI
Loans on nonaccrual status
PCI	5,440	6,359
30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	6,511	9,427
60-89 Days Past Due
Loans on nonaccrual status
Total Past Due	1,102	1,121
90+ Days Past Due
Loans on nonaccrual status
Total Past Due	571	578
Real estate - residential mortgage
Loans on nonaccrual status
Total Past Due	1,320	1,430
Current	212,992	215,395
Total Loans	215,166	218,298
90+ days past due and accruing		145
Real estate - residential mortgage \| PCI
Loans on nonaccrual status
PCI	854	1,473
Real estate - residential mortgage \| 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	768	1,100
Real estate - residential mortgage \| 60-89 Days Past Due
Loans on nonaccrual status
Total Past Due	251	154
Real estate - residential mortgage \| 90+ Days Past Due
Loans on nonaccrual status
Total Past Due	301	176
Real estate - construction
Loans on nonaccrual status
Total Loans	53,845	62,147
Commercial, financial and agricultural
Loans on nonaccrual status
Total Loans	721,824	700,215
Equity lines
Loans on nonaccrual status
Total Past Due	122	52
Current	42,724	48,334
Total Loans	42,881	48,466
90+ days past due and accruing	72
Equity lines \| PCI
Loans on nonaccrual status
PCI	35	80
Equity lines \| 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due		52
Equity lines \| 60-89 Days Past Due
Loans on nonaccrual status
Total Past Due	50
Equity lines \| 90+ Days Past Due
Loans on nonaccrual status
Total Past Due	72
Consumer
Loans on nonaccrual status
Total Past Due	6	2
Current	8,118	10,978
Total Loans	8,165	11,028
Consumer \| PCI
Loans on nonaccrual status
PCI	41	48
Consumer \| 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	6	2
Consumer finance
Loans on nonaccrual status
Total Past Due	6,693	9,618
Current	342,437	302,634
Total Loans	349,130	312,252
Consumer finance \| 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	5,694	8,249
Consumer finance \| 60-89 Days Past Due
Loans on nonaccrual status
Total Past Due	801	967
Consumer finance \| 90+ Days Past Due
Loans on nonaccrual status
Total Past Due	198	402
Construction lending \| Real estate - construction
Loans on nonaccrual status
Current	36,159	49,659
Total Loans	36,159	49,659
Consumer lot lending \| Real estate - construction
Loans on nonaccrual status
Current	17,686	12,488
Total Loans	17,686	12,488
Commercial real estate lending \| Commercial, financial and agricultural
Loans on nonaccrual status
Total Past Due	43
Current	495,772	437,145
Total Loans	500,325	441,903
Commercial real estate lending \| Commercial, financial and agricultural \| PCI
Loans on nonaccrual status
PCI	4,510	4,758
Commercial real estate lending \| Commercial, financial and agricultural \| 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	43
Land acquisition and development lending \| Commercial, financial and agricultural
Loans on nonaccrual status
Current	37,242	37,724
Total Loans	37,242	37,724
Builder line lending \| Commercial, financial and agricultural
Loans on nonaccrual status
Current	29,748	18,194
Total Loans	29,748	18,194
Commercial business lending \| Commercial, financial and agricultural
Loans on nonaccrual status
Total Past Due		24
Current	154,509	202,370
Total Loans	$ 154,509	202,394
Commercial business lending \| Commercial, financial and agricultural \| 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due		$ 24

Loans - Troubled Debt Restructu

Loans - Troubled Debt Restructurings (Details)	3 Months Ended		9 Months Ended
Loans - Troubled Debt Restructurings (Details)	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)loan	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)loan
Loan modifications classified as troubled debt restructurings
Number of Loans \| loan	0			3
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	$ 0	$ 0
Real estate - residential mortgage
Loan modifications classified as troubled debt restructurings
Number of Loans \| loan		2	1	2
Recorded Investment		$ 176,000	$ 4,000	$ 176,000
Equity lines
Loan modifications classified as troubled debt restructurings
Recorded Investment				$ 84,000

Loans - Impaired Loans (Details

Loans - Impaired Loans (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Loans - Impaired Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Impaired loans
Impaired loans, troubled debt restructurings	$ 2,700	$ 3,580
Impaired loans, Unpaid Principal Balance	5,377	6,420
Impaired loans, Recorded Investment in Loans without Specific Reserve	510	1,042
Impaired loans, Recorded Investment in Loans with Specific Reserve	4,670	5,236,000
Impaired loans, Related Allowance	417	879
Impaired loans, Average Balance	5,395	6,603
Impaired loans, Interest Income Recognized	102	183
Real estate - residential mortgage
Impaired loans
Impaired loans, Unpaid Principal Balance	1,550	2,326
Impaired loans, Recorded Investment in Loans without Specific Reserve	402	931
Impaired loans, Recorded Investment in Loans with Specific Reserve	1,042	1,279,000
Impaired loans, Related Allowance	68	77
Impaired loans, Average Balance	1,566	2,353
Impaired loans, Interest Income Recognized	47	105
Commercial, financial and agricultural \| Commercial real estate lending
Impaired loans
Impaired loans, Unpaid Principal Balance	1,391	1,397
Impaired loans, Recorded Investment in Loans with Specific Reserve	1,393	1,397,000
Impaired loans, Related Allowance	86	89
Impaired loans, Average Balance	1,394	1,404
Impaired loans, Interest Income Recognized	54	73
Commercial, financial and agricultural \| Commercial business lending
Impaired loans
Impaired loans, Unpaid Principal Balance	2,318	2,430
Impaired loans, Recorded Investment in Loans with Specific Reserve	2,235	2,428,000
Impaired loans, Related Allowance	263	585
Impaired loans, Average Balance	2,320	2,573
Equity lines
Impaired loans
Impaired loans, Unpaid Principal Balance	118	120
Impaired loans, Recorded Investment in Loans without Specific Reserve	108	111
Impaired loans, Average Balance	115	119
Impaired loans, Interest Income Recognized	$ 1	2
Consumer
Impaired loans
Impaired loans, Unpaid Principal Balance		147
Impaired loans, Recorded Investment in Loans with Specific Reserve		132,000
Impaired loans, Related Allowance		128
Impaired loans, Average Balance		154
Impaired loans, Interest Income Recognized		$ 3

Allowance for Loan Losses - Cha

Allowance for Loan Losses - Change in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Allowance balance attributable to loans:
Balance at the beginning of period	$ 39,156	$ 32,873
Provision (credited) charged to operations	110	9,550
Loans charged off	(3,571)	(7,206)
Recoveries of loans previously charged off	3,752	3,639
Balance at the end of period	39,447	38,856
Real estate - residential mortgage
Allowance balance attributable to loans:
Balance at the beginning of period	2,914	2,080
Provision (credited) charged to operations	(99)	337
Loans charged off		(9)
Recoveries of loans previously charged off	19	79
Balance at the end of period	2,834	2,487
Real estate - construction
Allowance balance attributable to loans:
Balance at the beginning of period	975	681
Provision (credited) charged to operations	(183)	232
Balance at the end of period	792	913
Commercial, financial and agricultural
Allowance balance attributable to loans:
Balance at the beginning of period	10,696	7,121
Provision (credited) charged to operations	422	3,446
Loans charged off		(18)
Recoveries of loans previously charged off	2	3
Balance at the end of period	11,120	10,552
Equity lines
Allowance balance attributable to loans:
Balance at the beginning of period	687	733
Provision (credited) charged to operations	(90)	(78)
Recoveries of loans previously charged off	1
Balance at the end of period	598	655
Consumer
Allowance balance attributable to loans:
Balance at the beginning of period	371	465
Provision (credited) charged to operations	(160)	(37)
Loans charged off	(128)	(174)
Recoveries of loans previously charged off	93	135
Balance at the end of period	176	389
Consumer finance
Allowance balance attributable to loans:
Balance at the beginning of period	23,513	21,793
Provision (credited) charged to operations	220	5,650
Loans charged off	(3,443)	(7,005)
Recoveries of loans previously charged off	3,637	3,422
Balance at the end of period	$ 23,927	$ 23,860

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance and Loans by Impairment Methodology (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Allowance balance attributable to loans:
Individually evaluated for impairment	$ 417	$ 879
Collectively evaluated for impairment	39,030	38,277
Total allowance	39,447	39,156	$ 38,856	$ 32,873
Loans:
Individually evaluated for impairment	5,180	6,278
Collectively evaluated for impairment	1,380,391	1,339,769
Acquired loans - PCI	5,440	6,359
Total loans	1,391,011	1,352,406
Real estate - residential mortgage
Allowance balance attributable to loans:
Individually evaluated for impairment	68	77
Collectively evaluated for impairment	2,766	2,837
Total allowance	2,834	2,914	2,487	2,080
Loans:
Individually evaluated for impairment	1,444	2,210
Collectively evaluated for impairment	212,868	214,615
Acquired loans - PCI	854	1,473
Total loans	215,166	218,298
Real estate - construction
Allowance balance attributable to loans:
Collectively evaluated for impairment	792	975
Total allowance	792	975	913	681
Loans:
Collectively evaluated for impairment	53,845	62,147
Total loans	53,845	62,147
Commercial, financial and agricultural
Allowance balance attributable to loans:
Individually evaluated for impairment	349	674
Collectively evaluated for impairment	10,771	10,022
Total allowance	11,120	10,696	10,552	7,121
Loans:
Individually evaluated for impairment	3,628	3,825
Collectively evaluated for impairment	713,686	691,632
Acquired loans - PCI	4,510	4,758
Total loans	721,824	700,215
Equity lines
Allowance balance attributable to loans:
Collectively evaluated for impairment	598	687
Total allowance	598	687	655	733
Loans:
Individually evaluated for impairment	108	111
Collectively evaluated for impairment	42,738	48,275
Acquired loans - PCI	35	80
Total loans	42,881	48,466
Consumer
Allowance balance attributable to loans:
Individually evaluated for impairment		128
Collectively evaluated for impairment	176	243
Total allowance	176	371	389	465
Loans:
Individually evaluated for impairment		132
Collectively evaluated for impairment	8,124	10,848
Acquired loans - PCI	41	48
Total loans	8,165	11,028
Consumer finance
Allowance balance attributable to loans:
Collectively evaluated for impairment	23,927	23,513
Total allowance	23,927	23,513	$ 23,860	$ 21,793
Loans:
Collectively evaluated for impairment	349,130	312,252
Total loans	$ 349,130	$ 312,252

Allowance for Loan Losses - Cre

Allowance for Loan Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Allowance for loan losses
Loans, excluding consumer finance	$ 1,041,881	$ 1,040,154
Pass
Allowance for loan losses
Loans, excluding consumer finance	1,013,214	1,004,998
Special Mention
Allowance for loan losses
Loans, excluding consumer finance	17,794	20,526
Substandard
Allowance for loan losses
Loans, excluding consumer finance	8,132	11,628
Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	2,741	3,002
Real estate - residential mortgage
Allowance for loan losses
Loans, excluding consumer finance	215,166	218,298
Real estate - residential mortgage \| Pass
Allowance for loan losses
Loans, excluding consumer finance	213,523	215,712
Real estate - residential mortgage \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	873	1,715
Real estate - residential mortgage \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	453	595
Real estate - residential mortgage \| Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	317	276
Real estate - construction \| Construction lending
Allowance for loan losses
Loans, excluding consumer finance	36,159	49,659
Real estate - construction \| Construction lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	36,159	49,659
Real estate - construction \| Consumer lot lending
Allowance for loan losses
Loans, excluding consumer finance	17,686	12,488
Real estate - construction \| Consumer lot lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	17,686	12,488
Commercial, financial and agricultural \| Commercial real estate lending
Allowance for loan losses
Loans, excluding consumer finance	500,325	441,903
Commercial, financial and agricultural \| Commercial real estate lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	477,246	415,506
Commercial, financial and agricultural \| Commercial real estate lending \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	15,484	15,507
Commercial, financial and agricultural \| Commercial real estate lending \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	7,595	10,890
Commercial, financial and agricultural \| Land acquisition and development lending
Allowance for loan losses
Loans, excluding consumer finance	37,242	37,724
Commercial, financial and agricultural \| Land acquisition and development lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	37,242	37,724
Commercial, financial and agricultural \| Builder line lending
Allowance for loan losses
Loans, excluding consumer finance	29,748	18,194
Commercial, financial and agricultural \| Builder line lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	29,748	18,194
Commercial, financial and agricultural \| Commercial business lending
Allowance for loan losses
Loans, excluding consumer finance	154,509	202,394
Commercial, financial and agricultural \| Commercial business lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	150,974	196,743
Commercial, financial and agricultural \| Commercial business lending \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	1,300	3,124
Commercial, financial and agricultural \| Commercial business lending \| Substandard
Allowance for loan losses
Loans, excluding consumer finance		99
Commercial, financial and agricultural \| Commercial business lending \| Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	2,235	2,428
Equity lines
Allowance for loan losses
Loans, excluding consumer finance	42,881	48,466
Equity lines \| Pass
Allowance for loan losses
Loans, excluding consumer finance	42,475	48,140
Equity lines \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	137	132
Equity lines \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	84	3
Equity lines \| Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	185	191
Consumer
Allowance for loan losses
Loans, excluding consumer finance	8,165	11,028
Consumer \| Pass
Allowance for loan losses
Loans, excluding consumer finance	8,161	10,832
Consumer \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance		48
Consumer \| Substandard
Allowance for loan losses
Loans, excluding consumer finance		41
Consumer \| Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	$ 4	$ 107

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loans by Credit Quality Indicators - Performing and Non-Performing (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Allowance for loan losses
Loans	$ 1,391,011	$ 1,352,406
Consumer finance
Allowance for loan losses
Loans	349,130	312,252
Consumer finance \| Performing
Allowance for loan losses
Loans	348,932	311,850
Consumer finance \| Non-Performing
Allowance for loan losses
Loans	$ 198	$ 402

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Other Intangible Assets
Goodwill	$ 25,191	$ 25,191
Changes in the recorded balance of goodwill	0	10,766
Changes in goodwill, by reporting unit
Balance as of the beginning of the period	25,191	14,425
Acquisition of Peoples Bankshares, Incorporated	0	10,766
Balance at the end of the period	$ 25,191	25,191
Community Banking
Goodwill and Other Intangible Assets
Goodwill		14,468
Changes in the recorded balance of goodwill		10,766
Changes in goodwill, by reporting unit
Balance as of the beginning of the period		3,702
Acquisition of Peoples Bankshares, Incorporated		10,766
Balance at the end of the period		14,468
Consumer Finance
Goodwill and Other Intangible Assets
Goodwill		10,723
Changes in goodwill, by reporting unit
Balance as of the beginning of the period		10,723
Balance at the end of the period		$ 10,723

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other intangible assets
Other intangible assets, net	$ 2,055	$ 2,291
Gross carrying amounts and accumulated amortization
Gross Carrying Amount	3,116	3,116
Accumulated Amortization	(1,061)	(825)
Core deposit intangible
Gross carrying amounts and accumulated amortization
Gross Carrying Amount	1,711	1,711
Accumulated Amortization	(287)	(171)
Other amortizable intangibles
Gross carrying amounts and accumulated amortization
Gross Carrying Amount	1,405	1,405
Accumulated Amortization	$ (774)	$ (654)

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Amortization (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Other Intangible Assets
Amortization of intangible assets	$ 79,000	$ 83,000	$ 236,000	$ 248,000

Equity, Other Comprehensive I_3

Equity, Other Comprehensive Income and Earnings Per Share - Equity and Noncontrolling Interest (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Nov. 17, 2020
Shareholders' Equity
Number of shares withheld from employees to satisfy tax withholding obligations			7,596	5,084
C&F Select LLC
Shareholders' Equity
Issuance of noncontrolling interest			$ 490,000
The Repurchase Program
Shareholders' Equity
Number of shares authorized to be repurchased					365,000
Aggregate common stock repurchased (in shares)			150,333
Aggregate cost of common stock repurchased	$ 7,460,000		$ 7,460,000
Shares repurchased (in shares)	52,619		142,874
Cost of shares repurchased	$ 2,720,000		$ 7,190,000
Previous share repurchase program
Shareholders' Equity
Shares repurchased (in shares)		0		8,963
Cost of shares repurchased				$ 355,000

Equity, Other Comprehensive I_4

Equity, Other Comprehensive Income and Earnings Per Share - Accumulated Other Comprehensive Loss, Net (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Equity, Other Comprehensive Income and Earnings Per Share
Deferred taxes included in AOCI	$ 1,020,000	$ 630,000
Net unrealized gains on securities	1,921,000	4,397,000
Net unrecognized losses on cash flow hedges	(687,000)	(1,367,000)
Net unrecognized losses on defined benefit plan	(4,881,000)	(4,985,000)
Total accumulated other comprehensive loss, net	$ (3,647,000)	$ (1,955,000)

Equity, Other Comprehensive I_5

Equity, Other Comprehensive Income and Earnings Per Share - Earnings Per Share (EPS) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Components of earnings per share calculations
Net income attributable to C&F Financial Corporation	$ 7,674	$ 6,793	$ 22,743	$ 14,117
Weighted average shares outstanding-basic and diluted	3,550,001	3,648,515	3,626,083	3,646,951

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Components of net periodic benefit cost
Service cost, included in salaries and employee benefits	$ 493	$ 401	$ 1,478	$ 1,202
Other components of net periodic benefit cost:
Interest cost	114	138	343	413
Expected return on plan assets	(433)	(374)	(1,300)	(1,119)
Amortization of prior service credit	(17)	(17)	(51)	(51)
Recognized net actuarial losses	61	49	182	148
Other components of net periodic benefit cost, included in other noninterest income	(275)	(204)	(826)	(609)
Net periodic benefit cost	$ 218	$ 197	$ 652	$ 593

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Investments in small business investment company funds (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Fair Value of Assets and Liabilities
Fair value of investment in small business investment companies	$ 1,420,000		$ 1,420,000		$ 1,480,000
Unrealized gains or losses	$ 88,000	$ 40,000	$ 135,000	$ (84,000)

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Securities available for sale
Securities available for sale	$ 363,413	$ 286,389
Interest rate swaps on loans \| Cash flow hedges
Liabilities:
Derivatives	960	1,882
Recurring
Securities available for sale
Securities available for sale	363,413	286,389
Loans held for sale	116,789	214,266
Total assets measured at fair value	488,083	513,422
Liabilities:
Derivatives	5,921	10,114
Recurring \| Cash flow hedges
Liabilities:
Derivatives	960	1,882
Recurring \| IRLC
Securities available for sale
Derivatives	2,875	4,582
Recurring \| Interest rate swaps on loans
Securities available for sale
Derivatives	4,961	8,185
Liabilities:
Derivatives	4,961	8,185
Recurring \| Forward sales of TBA securities
Securities available for sale
Derivatives	45
Liabilities:
Derivatives		47
Level 2 \| Recurring
Securities available for sale
Securities available for sale	363,413	286,389
Loans held for sale	116,789	214,266
Total assets measured at fair value	488,083	513,422
Liabilities:
Derivatives	5,921	10,114
Level 2 \| Recurring \| Cash flow hedges
Liabilities:
Derivatives	960	1,882
Level 2 \| Recurring \| IRLC
Securities available for sale
Derivatives	2,875	4,582
Level 2 \| Recurring \| Interest rate swaps on loans
Securities available for sale
Derivatives	4,961	8,185
Liabilities:
Derivatives	4,961	8,185
Level 2 \| Recurring \| Forward sales of TBA securities
Securities available for sale
Derivatives	45
Liabilities:
Derivatives		47
U.S. government agencies and corporations
Securities available for sale
Securities available for sale	62,572	48,282
U.S. government agencies and corporations \| Recurring
Securities available for sale
Securities available for sale	62,572	48,282
U.S. government agencies and corporations \| Level 2 \| Recurring
Securities available for sale
Securities available for sale	62,572	48,282
Mortgage-backed securities
Securities available for sale
Securities available for sale	186,120	123,714
Mortgage-backed securities \| Recurring
Securities available for sale
Securities available for sale	186,120	123,714
Mortgage-backed securities \| Level 2 \| Recurring
Securities available for sale
Securities available for sale	186,120	123,714
Obligations of states and political subdivisions
Securities available for sale
Securities available for sale	96,305	102,805
Obligations of states and political subdivisions \| Recurring
Securities available for sale
Securities available for sale	96,305	102,805
Obligations of states and political subdivisions \| Level 2 \| Recurring
Securities available for sale
Securities available for sale	96,305	102,805
Corporate and other debt securities
Securities available for sale
Securities available for sale	18,416	11,588
Corporate and other debt securities \| Recurring
Securities available for sale
Securities available for sale	18,416	11,588
Corporate and other debt securities \| Level 2 \| Recurring
Securities available for sale
Securities available for sale	$ 18,416	$ 11,588

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities - Financial Assets Measured at Fair Value on Non-Recurring Basis (Details)	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Impaired loans, net
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value	$ 0	$ 0
Nonrecurring
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value	22,000	72,000
Nonrecurring \| Other real estate owned, net
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value	22,000	72,000
Level 3 \| Nonrecurring
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value	22,000	72,000
Level 3 \| Nonrecurring \| Other real estate owned, net
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value	$ 22,000	$ 72,000
Other real estate owned, net, valuation technique	cffi:ValuationTechniqueAppraisalsMember	cffi:ValuationTechniqueAppraisalsMember
Other real estate owned, net, measurement input	us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember
Level 3 \| Nonrecurring \| Other real estate owned, net \| Minimum
Fair value assets and liabilities - Nonrecurring Basis
Other real estate owned, input	0.75	0.75
Level 3 \| Nonrecurring \| Other real estate owned, net \| Maximum
Fair value assets and liabilities - Nonrecurring Basis
Other real estate owned, input	0.75	0.80
Level 3 \| Nonrecurring \| Other real estate owned, net \| Weighted Average
Fair value assets and liabilities - Nonrecurring Basis
Other real estate owned, input		0.79

Fair Value of Assets and Liab_6

Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Securities available for sale	$ 363,413	$ 286,389
Bank-owned life insurance	20,382	20,205
Carrying Value
Assets:
Cash and short-term investments	204,475	94,342
Securities available for sale	363,413	286,389
Loans, net	1,351,564	1,313,250
Loans held for sale	116,789	214,266
Bank-owned life insurance	20,382	20,205
Accrued interest receivable	7,125	8,103
Financial liabilities:
Demand and savings deposits	1,411,980	1,282,590
Time deposits	441,105	469,583
Borrowings	86,394	69,864
Accrued interest payable	581	1,109
Total Fair Value
Assets:
Cash and short-term investments	203,974	94,379
Securities available for sale	363,413	286,389
Loans, net	1,368,093	1,308,569
Loans held for sale	116,789	214,266
Bank-owned life insurance	20,382	20,205
Accrued interest receivable	7,125	8,103
Financial liabilities:
Demand and savings deposits	1,411,980	1,282,590
Time deposits	444,446	474,154
Borrowings	91,484	71,119
Accrued interest payable	581	1,109
Total Fair Value \| Level 1
Assets:
Cash and short-term investments	201,495	86,669
Accrued interest receivable	7,125	8,103
Financial liabilities:
Demand and savings deposits	1,411,980	1,282,590
Accrued interest payable	581	1,109
Total Fair Value \| Level 2
Assets:
Cash and short-term investments	2,479	7,710
Securities available for sale	363,413	286,389
Loans held for sale	116,789	214,266
Bank-owned life insurance	20,382	20,205
Financial liabilities:
Time deposits	444,446	474,154
Borrowings	91,484	71,119
Total Fair Value \| Level 3
Assets:
Loans, net	1,368,093	1,308,569
IRLC \| Carrying Value
Assets:
Derivatives	2,875	4,582
IRLC \| Total Fair Value
Assets:
Derivatives	2,875	4,582
IRLC \| Total Fair Value \| Level 2
Assets:
Derivatives	2,875	4,582
Interest rate swaps on loans \| Carrying Value
Assets:
Derivatives	4,961	8,185
Financial liabilities:
Derivatives	4,961	8,185
Interest rate swaps on loans \| Total Fair Value
Assets:
Derivatives	4,961	8,185
Financial liabilities:
Derivatives	4,961	8,185
Interest rate swaps on loans \| Total Fair Value \| Level 2
Assets:
Derivatives	4,961	8,185
Financial liabilities:
Derivatives	4,961	8,185
Forward sales of TBA securities \| Carrying Value
Assets:
Derivatives	45
Financial liabilities:
Derivatives		47
Forward sales of TBA securities \| Total Fair Value
Assets:
Derivatives	45
Financial liabilities:
Derivatives		47
Forward sales of TBA securities \| Total Fair Value \| Level 2
Assets:
Derivatives	45
Financial liabilities:
Derivatives		47
Cash flow hedges \| Carrying Value
Financial liabilities:
Derivatives	960	1,882
Cash flow hedges \| Total Fair Value
Financial liabilities:
Derivatives	960	1,882
Cash flow hedges \| Total Fair Value \| Level 2
Financial liabilities:
Derivatives	960	1,882
Cash flow hedges \| Interest rate swaps on loans
Financial liabilities:
Derivatives	$ 960	$ 1,882

Business Segments - Segment Rep

Business Segments - Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Business Segments
Number of principal business segments \| segment			3
Interest income	$ 23,604	$ 23,822	$ 70,546	$ 72,184
Interest expense	1,986	2,977	6,524	10,482
Net interest income	21,618	20,845	64,022	61,702
Gains on sales of loans	5,660	9,706	18,665	17,987
Other noninterest income	6,382	7,232	20,833	17,527
Net revenue	33,660	37,783	103,520	97,216
Provision for loan losses	430	3,300	110	9,550
Noninterest expense	23,176	25,331	73,378	69,208
Income before income taxes	10,054	9,152	30,032	18,458
Income tax expense (benefit)	2,227	2,234	6,950	4,158
Net income	7,827	6,918	23,082	14,300
Capital expenditures	933	4,202	4,377	7,655
Depreciation and amortization	1,188	1,071	3,578	3,028
Total assets	2,209,408		2,209,408		$ 2,086,310
Operating Segments \| Community Banking
Business Segments
Interest income	15,924	15,242	47,035	46,051
Interest expense	1,301	2,547	4,481	8,409
Net interest income	14,623	12,695	42,554	37,642
Other noninterest income	4,202	3,526	12,022	9,829
Net revenue	18,825	16,221	54,576	47,471
Provision for loan losses		1,500	(200)	3,900
Noninterest expense	13,827	13,260	41,631	41,644
Income before income taxes	4,998	1,461	13,145	1,927
Income tax expense (benefit)	832	149	2,261	(336)
Net income	4,166	1,312	10,884	2,263
Capital expenditures	234	3,234	584	5,554
Depreciation and amortization	1,015	958	3,115	2,679
Total assets	2,061,796		2,061,796		1,951,622
Operating Segments \| Mortgage Banking
Business Segments
Interest income	863	1,503	3,011	3,261
Interest expense	240	449	925	1,034
Net interest income	623	1,054	2,086	2,227
Gains on sales of loans	5,691	9,755	18,753	18,036
Other noninterest income	2,266	2,915	7,298	6,913
Net revenue	8,580	13,724	28,137	27,176
Provision for loan losses	30		90
Noninterest expense	5,643	7,634	18,838	15,713
Income before income taxes	2,907	6,090	9,209	11,463
Income tax expense (benefit)	799	1,640	2,588	3,149
Net income	2,108	4,450	6,621	8,314
Capital expenditures	55	14	118	340
Depreciation and amortization	61	71	193	216
Total assets	139,406		139,406		239,417
Operating Segments \| Consumer Finance
Business Segments
Interest income	9,388	9,628	28,058	29,418
Interest expense	2,424	2,191	6,926	6,567
Net interest income	6,964	7,437	21,132	22,851
Other noninterest income	45	93	231	290
Net revenue	7,009	7,530	21,363	23,141
Provision for loan losses	400	1,800	220	5,650
Noninterest expense	3,580	3,530	10,711	10,396
Income before income taxes	3,029	2,200	10,432	7,095
Income tax expense (benefit)	835	599	2,836	1,926
Net income	2,194	1,601	7,596	5,169
Capital expenditures	644	954	3,675	1,761
Depreciation and amortization	112	42	270	133
Total assets	353,319		353,319		314,746
Operating Segments \| Other
Business Segments
Interest expense	589	342	1,759	1,019
Net interest income	(589)	(342)	(1,759)	(1,019)
Other noninterest income	(115)	701	1,341	498
Net revenue	(704)	359	(418)	(521)
Noninterest expense	126	907	2,198	1,455
Income before income taxes	(830)	(548)	(2,616)	(1,976)
Income tax expense (benefit)	(229)	(154)	(706)	(581)
Net income	(601)	(394)	(1,910)	(1,395)
Total assets	41,813		41,813		43,826
Eliminations
Business Segments
Interest income	(2,571)	(2,551)	(7,558)	(6,546)
Interest expense	(2,568)	(2,552)	(7,567)	(6,547)
Net interest income	(3)	1	9	1
Gains on sales of loans	(31)	(49)	(88)	(49)
Other noninterest income	(16)	(3)	(59)	(3)
Net revenue	(50)	(51)	(138)	(51)
Income before income taxes	(50)	(51)	(138)	(51)
Income tax expense (benefit)	(10)		(29)
Net income	(40)	$ (51)	(109)	$ (51)
Total assets	$ (386,926)		$ (386,926)		$ (463,301)

Business Segments - Merger Rela

Business Segments - Merger Related Expenses and Segment Debt (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Segments
Merger related costs	$ 0	$ 0	$ 0	$ 898,000	$ 2,100,000	$ 2,100,000
Merger related costs, after income taxes					$ 1,780,000	$ 1,780,000
Mortgage Banking
Business Segments
Number of intersegment lines of credit \| item			2
Mortgage Banking \| FHLB Advances \| Minimum
Business Segments
Variable rate, spread (as a percent)			0.50%
Mortgage Banking \| FHLB Advances \| Maximum
Business Segments
Variable rate, spread (as a percent)			1.75%
Consumer Finance
Business Segments
Floor variable rate (as a percent)			3.50%
Consumer Finance \| Minimum
Business Segments
Fixed rate (as a percent)	2.20%		2.20%
Consumer Finance \| Maximum
Business Segments
Fixed rate (as a percent)	8.00%		8.00%
Consumer Finance \| London Interbank Offered Rate (LIBOR) \| Minimum
Business Segments
Variable rate, spread (as a percent)			2.00%
Peoples Bankshares, Incorporated (Peoples)
Business Segments
Merger related costs		$ 0		1,400,000
Merger related costs, after income taxes				1,130,000
Peoples Bankshares, Incorporated (Peoples) \| Community Banking
Business Segments
Merger related costs				1,300,000
Merger related costs, after income taxes				1,030,000
Peoples Bankshares, Incorporated (Peoples) \| Community Banking \| Noninterest expense
Business Segments
Merger related costs				998,000
Peoples Bankshares, Incorporated (Peoples) \| Community Banking \| Other noninterest income
Business Segments
Merger related costs				$ 298,000

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - Loan Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Standby Letters of Credit
Commitments and Contingent Liabilities
Face amount of asset	$ 19,170	$ 19,070
Loan commitments
Commitments and Contingent Liabilities
Face amount of asset	$ 314,650	$ 326,980

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Commitments and Contingent Liabilities
Provision for indemnification losses	$ 20	$ 9	$ 52	$ 172
Mortgage Banking
Commitments and Contingent Liabilities
Recourse period for early payment default, minimum			90 days
Recourse period for early payment default, maximum			1 year
Indemnification reserve for recourse provisions
Commitments and Contingent Liabilities
Allowance for indemnifications	$ 3,410		$ 3,410		$ 3,360

Derivatives Financial Instrumen

Derivatives Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Derivatives and other information
Changes in fair value of loan swaps	$ 0
Unpaid principal on mortgage loans held for sale	5,377	$ 6,420
Other assets
Derivatives and other information
Cash collateral	5,960	9,920
Forward sales of TBA securities \| Not designated as hedges
Derivatives and other information
Notional amount	16,500	8,000
Derivative Asset	45
Derivative Liability		47
Interest rate swaps on loans \| Cash flow hedges
Derivatives and other information
Notional amount	25,000	25,000
Derivative Liability	960	1,882
Matched interest rate swap with borrower \| Not designated as hedges
Derivatives and other information
Notional amount	83,819	84,753
Derivative Asset	4,794	8,185
Derivative Liability	167
Matched interest rate swap with counterparty \| Not designated as hedges
Derivatives and other information
Notional amount	83,819	84,753
Derivative Asset	167
Derivative Liability	4,794	8,185
IRLC \| Not designated as hedges
Derivatives and other information
Notional amount	148,144	198,632
Derivative Asset	2,875	4,582
Mortgage Banking
Derivatives and other information
IRLCs	12,130	7,670
Unpaid principal on mortgage loans held for sale	10,550	5,630
Mortgage Banking \| Best-efforts forward sales contracts
Derivatives and other information
IRLCs	136,010	190,960
Unpaid principal on mortgage loans held for sale	102,110	200,880
Mortgage loans		391,840
Mortgage Banking \| Forward sales of TBA securities
Derivatives and other information
Mortgage loans	16,500	8,000
Mortgage Banking \| Mandatory-delivery forward sales contracts
Derivatives and other information
Mortgage loans	5,340	$ 3,940
C&F Mortgage \| Best-efforts forward sales contracts
Derivatives and other information
Mortgage loans	$ 238,120

Other Noninterest Expenses (Det

Other Noninterest Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Other Noninterest Expenses
Data processing fees	$ 2,791	$ 2,607	$ 8,519	$ 8,142
Mortgage banking loan processing expenses	697	916	2,458	2,180
Professional fees	675	706	2,159	2,424
Telecommunication expenses	390	311	1,151	1,092
Marketing and advertising expenses	374	369	1,178	1,207
Travel and educational expenses	263	430	620	974
Other real estate (gain)/loss and expenses, net	2	76	(400)	84
All other noninterest expenses	1,838	2,018	5,670	5,836
Total Other Noninterest Expenses	7,030	7,433	21,355	21,939
Merger related expenses	$ 0	$ 0	$ 0	898	$ 2,100	$ 2,100
Merger related data processing fees				501
Merger related professional fees				336
Merger related other noninterest expenses				$ 61