C&F Financial (CFFI) 10-K1 Mar 222021 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2021	Feb. 28, 2022	Jun. 30, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	000-23423
Entity Registrant Name	C & F FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	VA
Entity Address, Address Line One	3600 La Grange Parkway
Entity Tax Identification Number	54-1680165
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 171,470,670
Entity Common Stock, Shares Outstanding		3,552,278
Entity Central Index Key	0000913341
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Yount, Hyde & Barbour, P.C.
Auditor Firm ID	613
Auditor Location	Richmond, Virginia

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 19,692,000	$ 17,742,000
Interest-bearing deposits in other banks	248,053,000	68,927,000
Total cash and cash equivalents	267,745,000	86,669,000
Securities-available for sale at fair value, amortized cost of $372,520 and $280,824, respectively	373,073,000	286,389,000
Loans held for sale, at fair value	82,295,000	214,266,000
Loans, net of allowance for loan losses of $40,157 and $39,156, respectively	1,369,903,000	1,313,250,000
Restricted stock, at cost	1,027,000	1,636,000
Corporate premises and equipment, net	44,799,000	44,132,000
Other real estate owned, net of valuation allowance of $0 and $207, respectively	835,000	907,000
Accrued interest receivable	6,810,000	8,103,000
Goodwill	25,191,000	25,191,000
Other intangible assets, net	1,977,000	2,291,000
Bank-owned life insurance	20,597,000	20,205,000
Net deferred tax asset	13,608,000	13,555,000
Other assets	56,661,000	69,716,000
Total assets	2,264,521,000	2,086,310,000
Deposits
Noninterest-bearing demand deposits	581,694,000	501,945,000
Savings and interest-bearing demand deposits	907,199,000	780,645,000
Time deposits	425,721,000	469,583,000
Total deposits	1,914,614,000	1,752,173,000
Short-term borrowings	34,735,000	20,455,000
Long-term borrowings	30,375,000	30,398,000
Trust preferred capital notes	25,351,000	25,316,000
Accrued interest payable	715,000	1,109,000
Other liabilities	47,707,000	62,388,000
Total liabilities	2,053,497,000	1,891,839,000
Commitments and contingent liabilities (Note 18)
Equity
Common stock ($1.00 par value, 8,000,000 shares authorized, 3,545,554 and 3,670,301 shares issued and outstanding, respectively, includes 140,577 and 155,945 of unvested shares, respectively)	3,405,000	3,514,000
Additional paid-in capital	15,189,000	21,427,000
Retained earnings	193,811,000	170,819,000
Accumulated other comprehensive loss, net	(2,087,000)	(1,955,000)
Equity attributable to C&F Financial Corporation	210,318,000	193,805,000
Noncontrolling interest	706,000	666,000
Total equity	211,024,000	194,471,000
Total liabilities and equity	$ 2,264,521,000	$ 2,086,310,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Available-for-sale securities, amortized cost	$ 372,520	$ 280,824
Loans, allowance for loan losses	40,157	39,156
Other real estate owned, valuation allowance	$ 0	$ 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	3,545,554	3,670,301
Common stock, shares outstanding	3,545,554	3,670,301
Common stock, unvested shares	140,577	155,945

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest income
Interest and fees on loans	$ 88,118	$ 90,992	$ 87,519
Interest on interest-bearing deposits and federal funds sold	254	713	2,179
Interest and dividends on securities
U.S. government agencies and corporations	705	463	427
Mortgage-backed securities	1,972	2,109	2,210
Tax-exempt obligations of states and political subdivisions	1,678	1,984	2,110
Taxable obligations of states and political subdivisions	386	406	358
Other	615	246	207
Total interest income	93,728	96,913	95,010
Interest expense
Savings and interest-bearing deposits	1,409	1,614	2,298
Time deposits	4,028	8,020	6,796
Borrowings	1,771	2,592	4,327
Trust preferred capital notes	1,151	1,156	1,135
Total interest expense	8,359	13,382	14,556
Net interest income	85,369	83,531	80,454
Provision for loan losses	575	11,080	8,515
Net interest income after provision for loan losses	84,794	72,451	71,939
Noninterest income
Gains on sales of loans	22,279	29,224	10,603
Mortgage banking fee income	6,482	7,713	4,700
Interchange income	5,740	4,768	4,203
Service charges on deposit accounts	3,718	3,357	3,923
Wealth management services income, net	2,761	2,618	2,029
Mortgage lender services income	2,492	2,176	390
Other service charges and fees	1,585	1,551	1,496
Net gains on sales, maturities and calls of available for sale securities	42	38	10
Other income, net	4,064	3,162	4,089
Total noninterest income	49,163	54,607	31,443
Noninterest expenses
Salaries and employee benefits	58,581	57,668	47,201
Occupancy	8,859	8,639	7,912
Early debt repayment charges		2,197
Other	28,435	29,335	24,337
Total noninterest expenses	95,875	97,839	79,450
Income (loss) before taxes	38,082	29,219	23,932
Income tax expense	8,959	6,795	5,082
Net income	29,123	22,424	18,850
Less net income (loss) attributable to noncontrolling interest	456	307	(9)
Net income attributable to C&F Financial Corporation	$ 28,667	$ 22,117	$ 18,859
Net income per share - basic (in dollars per share)	$ 7.95	$ 6.06	$ 5.47
Net income per share - diluted (in Dollars per share)	$ 7.95	$ 6.06	$ 5.47

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$ 29,123	$ 22,424	$ 18,850
Defined benefit plan:
Net actuarial gains (losses) arising during the period		2,274	(1,706)	(409)
Related income tax effects		(478)	358	86
Reclassification of recognized net actuarial losses into net income1	[1]	1,504	197	187
Related income tax effects		(316)	(42)	(38)
Amortization of prior service credit into net income1	[1]	(68)	(66)	(68)
Related income tax effects		14	14	14
Defined benefit plan, net of tax		2,930	(1,245)	(228)
Cash flow hedges:
Unrealized holding gains (losses) arising during the period		1,216	(1,737)	(325)
Related income tax effects		(313)	447	84
Amortization of hedging gains into net income2	[2]	(7)	(11)	(56)
Related income tax effects		2	3	14
Cash flow hedges, net of tax		898	(1,298)	(283)
Securities available for sale:
Unrealized holding (losses) gains arising during the period		(4,971)	3,629	3,724
Related income tax effects		1,044	(762)	(782)
Reclassification of net realized gains into net income3	[3]	(42)	(38)	(10)
Related income tax effects		9	8	2
Securities available for sale, net of tax		(3,960)	2,837	2,934
Other comprehensive (loss) income, net of tax		(132)	294	2,423
Comprehensive income		28,991	22,718	21,273
Less comprehensive income (loss) attributable to noncontrolling interest		456	307	(9)
Comprehensive income attributable to C&F Financial Corporation		$ 28,535	$ 22,411	$ 21,282

[1]	These items are included in the computation of net periodic benefit cost and are included in “Noninterest expenses-Other” on the Consolidated Statements of Income. See “Note 14: 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, 2018	$ 3,358	$ 12,752	$ 140,520	$ (4,672)		$ 151,958
Comprehensive income:
Net income			18,859		$ (9)	18,850
Other comprehensive income (loss)				2,423		2,423
Issuance of noncontrolling interest					490	490
Share-based compensation		1,466				1,466
Restricted stock vested	32	(32)
Common stock issued	3	137				140
Common stock purchased	(97)	(4,820)				(4,917)
Cash dividends declared			(5,131)			(5,131)
Balance, end of period at Dec. 31, 2019	3,296	9,503	154,248	(2,249)	481	165,279
Comprehensive income:
Net income			22,117		307	22,424
Other comprehensive income (loss)				294		294
Share-based compensation		1,447				1,447
Restricted stock vested	30	(30)
Acquisition of Peoples Bankshares, Incorporated	210	11,402				11,612
Common stock issued	4	140				144
Common stock purchased	(26)	(1,035)				(1,061)
Cash dividends declared			(5,546)			(5,546)
Distributions to noncontrolling interest					(122)	(122)
Balance, end of period at Dec. 31, 2020	3,514	21,427	170,819	(1,955)	666	194,471
Comprehensive income:
Net income			28,667		456	29,123
Other comprehensive income (loss)				(132)		(132)
Share-based compensation		1,697				1,697
Restricted stock vested	51	(51)
Common stock issued	5	183				188
Common stock purchased	(165)	(8,067)				(8,232)
Cash dividends declared			(5,675)			(5,675)
Distributions to noncontrolling interest					(416)	(416)
Balance, end of period at Dec. 31, 2021	$ 3,405	$ 15,189	$ 193,811	$ (2,087)	$ 706	$ 211,024

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends paid per share	$ 1.58	$ 1.52	$ 1.49

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net income	$ 29,123	$ 22,424	$ 18,850
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for loan losses	575	11,080	8,515
Accretion of certain acquisition-related discounts, net	(2,727)	(3,707)	(2,871)
Share-based compensation	1,697	1,447	1,466
Depreciation and amortization	4,741	4,189	3,866
Accretion of discounts and amortization of premiums on securities, net	3,550	2,271	1,534
Deferred income taxes	(90)	(817)	354
Provision for indemnifications	(104)	881
Income from bank-owned life insurance	(526)	(506)	(711)
Gains on sales of loans held for investment		(3,489)
Early debt repayment charges		2,197
Pension expense	2,131	793	649
Pension contribution		(2,000)
Proceeds from sales of loans held for sale	1,613,467	1,668,113	903,968
Origination of loans held for sale	(1,467,675)	(1,765,449)	(941,001)
Gains on sales of loans held for sale	(22,279)	(25,735)	(10,603)
Other (gains) losses, net	(591)	624	(28)
Change in other assets and liabilities:
Accrued interest receivable	1,293	(897)	660
Other assets	1,283	6,882	137
Accrued interest payable	(394)	(442)	371
Other liabilities	(6,087)	1,767	212
Net cash provided by (used in) operating activities	157,387	(80,374)	(14,632)
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	114,019	123,741	75,583
Purchases of securities available for sale	(209,224)	(201,870)	(48,216)
Maturities (purchases) of time deposits, net	5,930	(5,478)
Repayments on loans held for investment by non-bank affiliates	161,299	129,011	123,140
Purchases of loans held for investment by non-bank affiliates	(216,681)	(132,897)	(149,377)
Proceeds from sales of loans held for investment		3,366
Net decrease (increase) in community banking loans held for investment	3,424	(110,862)	(31,886)
Proceeds from bank-owned life insurance	173		785
Purchases of corporate premises and equipment	(4,786)	(10,228)	(2,706)
Changes in collateral posted with other financial institutions, net	6,040	(7,400)	(2,490)
Other investing activities, net	1,113	2,226	(762)
Net cash used in investing activities	(138,693)	(183,286)	(35,929)
Financing activities:
Net increase in demand and savings deposits	206,303	318,598	34,093
Net (decrease) increase in time deposits	(43,583)	(29,212)	75,496
Net increase in short-term borrowings	14,280	4,095	1,444
Proceeds from long-term borrowings		19,924	7,000
Repayments of long-term borrowings		(121,726)	(7,000)
Repurchases of common stock	(8,232)	(1,061)	(4,917)
Cash dividends paid	(5,675)	(5,546)	(5,131)
Other financing activities, net	(711)	(176)	(4)
Net cash provided by financing activities	162,382	184,896	100,981
Net increase (decrease) in cash and cash equivalents	181,076	(78,764)	50,420
Cash and cash equivalents at beginning of period	86,669	165,433	115,013
Supplemental cash flow disclosures:
Interest paid	9,076	14,168	14,150
Income taxes paid	$ 10,545	6,410	2,296
Supplemental disclosure of noncash investing and financing activities:
Transfers from loans to other real estate owned		$ 63	496
Transfers from corporate premises and equipment to other real estate owned			$ 835

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE 1: Summary of Significant Accounting Policies Principles of Consolidation: 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 20. 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 December 31, 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, 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: Significant Group Concentrations of Credit Risk: Cash and Cash Equivalents: Securities: Impairment of debt securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (i) we intend to sell the security or (ii) it is more-likely-than-not that we will be required to sell the security before recovery of its amortized cost basis. If, however, the Corporation does not intend to sell the security and it is not more-likely-than-not that the Corporation will be required to sell the security before recovery, the Corporation must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost basis of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than-temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. The Corporation regularly reviews unrealized losses in its investments in securities based on criteria including the extent to which market value is below amortized cost, the duration of that market decline, the financial health of and specific prospects for the issuer, the Corporation’s best estimate of the present value of cash flows expected to be collected from debt securities, the Corporation’s intention with regard to holding the security to maturity and the likelihood that the Corporation would be required to sell the security before recovery. Loans Held for Sale: Fair Value Measurement, Loans Acquired in a Business Combination: of the loan when there is a reasonable expectation about the amount and timing of such cash flows. On a quarterly basis, the Corporation evaluates its estimate of cash flows expected to be collected. Estimates of cash flows for PCI loans require significant judgment. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses, while subsequent increases in cash flows may result in a reversal of post-acquisition provision for loan losses, or a transfer from nonaccretable difference to accretable yield that increases interest income over the remaining life of the loan or pool(s) of loans. Disposals of loans, which may include sale of loans to third parties, receipt of payments in full or part from the borrower or foreclosure of the collateral, result in removal of the loan from the PCI loan portfolio at its carrying amount. PCI loans are not classified as nonperforming loans by the Corporation at the time they are acquired, regardless of whether they had been classified as nonperforming by the previous holder of such loans, and they will not be classified as nonperforming so long as, at quarterly re-estimation periods, we believe we will fully collect the new carrying value of the pools of loans. Loans not designated PCI loans as of the acquisition date are designated purchased performing loans. The Corporation accounts for purchased performing loans using the contractual cash flows method of recognizing discount accretion based on the acquired loans’ contractual cash flows. Purchased performing loans are recorded at fair value, including a credit discount. The fair value discount is accreted as an adjustment to yield over the estimated lives of the loans. There is no allowance for loan losses established at the acquisition date for purchased performing loans. A provision for loan losses may be required in future periods for any deterioration in these loans in future periods. Originated Loans: A loan’s past due status is based on the contractual due date of the most delinquent payment due. Loans are generally placed on nonaccrual status when the collection of principal or interest is 90 days or more past due, or earlier, if collection is uncertain based on an evaluation of the net realizable value of the collateral and the financial strength of the borrower. Loans greater than 90 days past due may remain on accrual status if management determines it has adequate collateral to cover the principal and interest. For those loans that are carried on nonaccrual status, payments are first applied to principal outstanding. A loan may be returned to accrual status if the borrower has demonstrated a sustained period of repayment performance in accordance with the contractual terms of the loan and there is reasonable assurance the borrower will continue to make payments as agreed. These policies are applied consistently across our loan portfolio. The Corporation considers a loan impaired when it is probable that the Corporation will be unable to collect all interest and principal payments as scheduled in the loan agreement. A loan is not considered impaired during a period of delay in payment if the ultimate collectibility of all amounts due is expected. Impairment is measured based on either the fair value of the loan using the loan’s obtainable market price or the fair value of the collateral, if the loan is collateral dependent, or using the present value of expected future cash flows discounted at the loan’s effective interest rate, which is not a fair value measurement. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Troubled debt restructurings (TDRs) occur when the Corporation agrees to significantly modify the original terms of a loan due to the deterioration in the financial condition of the borrower. TDRs are considered impaired loans and are evaluated individually. Upon designation as a TDR, the Corporation evaluates the borrower’s payment history, past due status and ability to make payments based on the revised terms of the loan. If a loan was accruing prior to being modified as a TDR and if the Corporation concludes that the borrower is able to make such payments, and there are no other factors or circumstances that would cause it to conclude otherwise, the loan will remain on an accruing status. If a loan was on nonaccrual status at the time of the TDR, the loan will remain on nonaccrual status following the modification and may be returned to accrual status based on the policy for returning loans to accrual status as noted above. The Corporation has accommodated certain borrowers affected by the COVID-19 pandemic by granting short-term payment deferrals or periods of interest-only payments, including loans that remain in deferral as of December 31, 2021, with an aggregate balance of $7.20 million. Generally, a short-term payment deferral does not result in a loan modification being classified as a TDR. Additionally, the Coronavirus Aid, Relief and Economic Security Act (CARES Act), enacted on March 27, 2020, and as subsequently supplemented, provided that certain loan modifications that were (1) related to COVID-19 and (2) for loans that were not more than 30 days past due as of December 31, 2019 are not required to be designated as TDRs. In the ordinary course of business, the Corporation has entered into commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the Consolidated Balance Sheets when they are funded. Paycheck Protection Program: Allowance for Loan Losses: The allowance represents an amount that, in management’s judgment, will be adequate to absorb probable losses inherent in the loan portfolio. Management’s judgment in determining the level of the allowance is based on evaluations of the collectibility of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower’s ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The evaluation also considers the following risk characteristics of each loan portfolio: ● Real estate residential mortgage loans carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. ● Real estate construction loans carry risks that the project will not be finished according to schedule, the project will not be finished according to budget and the value of the collateral may, at any point in time, be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be a loan customer, may be unable to finish the construction project as planned because of financial pressure unrelated to the project. ● Commercial, financial and agricultural loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because the repayment of these loans may be dependent upon the profitability and cash flows of the business or project. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time and cannot be appraised with as much precision. ● Consumer and consumer finance loans carry risks associated with the continued credit-worthiness of the borrower and the value of the collateral (e.g., rapidly-depreciating assets such as automobiles and marine and recreational vehicles (RVs)), or lack thereof. Consumer loans are more likely than real estate loans to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy. ● Equity lines of credit carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. The allowance consists of specific and general components. The specific component relates to loans that are individually evaluated for impairment, and is established when the discounted cash flows (or collateral value or observable market price) of an impaired loan is lower than the carrying value of that loan. For collateral dependent loans, an updated appraisal will be ordered if a current one is not on file. Appraisals are performed by independent third-party appraisers with relevant industry experience. Adjustments to the appraised value may be made based on recent sales of similar properties or general market conditions when appropriate. The general component covers non-classified loans and those loans classified as substandard or special mention that are not individually evaluated for impairment. The general component is based on historical loss experience adjusted for qualitative factors, such as current economic conditions, including current home sales and foreclosures, unemployment rates and retail sales. Relative to non-classified loans, non-impaired classified loans are assigned a higher allowance factor which increases with the severity of classification. The characteristics of these loan ratings are as follows: ● Pass rated loans are to persons or business entities with an acceptable financial condition, appropriate collateral margins, appropriate cash flow to service the existing loan, and an appropriate leverage ratio. The borrower has paid all obligations as agreed and it is expected that this type of payment history will continue. When necessary, acceptable personal guarantors support the loan. ● Special mention loans have a specific identified weakness in the borrower’s operations and in the borrower’s ability to generate positive cash flow on a sustained basis. The borrower’s recent payment history may be characterized by late payments. The Corporation’s risk exposure is mitigated by collateral supporting the loan. The collateral is considered to be well-margined, well maintained, accessible and readily marketable. ● Substandard loans are considered to have specific and well-defined weaknesses that jeopardize the viability of the Corporation’s credit extension. The payment history for the loan has been inconsistent and the expected or projected primary repayment source may be inadequate to service the loan. The estimated net liquidation value of the collateral pledged and/or ability of the personal guarantor(s) to pay the loan may not adequately protect the Corporation. There is a distinct possibility that the Corporation will sustain some loss if the deficiencies associated with the loan are not corrected in the near term. A substandard loan would not automatically meet the Corporation’s definition of impaired unless the loan is significantly past due and the borrower’s performance and financial condition provide evidence that it is probable that the Corporation will be unable to collect all amounts due. ● Substandard nonaccrual loans have the same characteristics as substandard loans; however, they have a nonaccrual classification because it is probable that the Corporation will not be able to collect all amounts due. ● Doubtful rated loans have all the weaknesses inherent in a loan that is classified substandard but with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high. ● Loss rated loans are not considered collectible under normal circumstances and there is no realistic expectation for any future payment on the loan. Loss rated loans are fully charged off. On a quarterly basis the Corporation evaluates its estimate of cash flows to be collected on PCI loans. These evaluations require the continued assessment of key assumptions and estimates similar to the initial estimate of fair value as of the acquisition date, such as the effect of collateral value changes, changing loss severities, estimated and experienced prepayment speeds and other relevant factors. Subsequent decreases to the expected cash flows to be collected on a PCI loan will generally result in a provision for loan losses. The consumer finance loans are segregated between performing and nonperforming loans. Performing loans are those that have made timely payments in accordance with the terms of the loan agreement and are not past due 90 days or more. Nonperforming loans are those that do not accrue interest and are greater than 90 days past due. Allowance for Indemnifications: The allowance represents an amount that, in management’s judgment, will be adequate to absorb any losses that are probable of arising from valid indemnification requests for loans that have been sold by the mortgage banking segment. Management’s judgment in determining the level of the allowance is based on the volume of loans sold, historical experience, current economic conditions, changes in operational and compliance processes, and information provided by investors. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. Other Real Estate Owned (OREO): The Corporation records a gain/loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Corporation finances the sale of OREO to the buyer, the Corporation assesses whether the buyer is committed to perform the obligations under the contract and whether collectability of the transaction price is probable. In determining the gain/loss on the sale, the Corporation adjusts the transaction price and the related gain/loss on sale if a significant financing component is present. Repossessed Assets: Repossessed assets primarily consist of vehicles repossessed by C&F Finance due to borrowers’ payment defaults. The repossession process is generally initiated after a loan becomes more than 60 days delinquent. Most customers have an opportunity to redeem their repossessed vehicles by paying all outstanding balances, including finance charges and fees. Vehicles that are not redeemed within a prescribed waiting period following repossession are then reclassified from loans to repossessed assets available-for-sale (included in other assets) and recorded initially at fair value less estimated costs to sell. The difference between the carrying amount of each loan and the fair value of the vehicle (i.e., the deficiency) is charged against the allowance for loan losses. The waiting period is determined as the length of time after repossession that C&F Finance is prohibited to sell the vehicle under the laws of the state where the vehicle was repossessed. Accounts still in process of collection or for which the Corporation does not have the legal right to sell continue to be classified as loans until such legal authority is obtained. At December 31, 2021, repossessed vehicles at fair value less estimated costs to sell included in other assets totaled $190,000 , compared to $291,000 at December 31, 2020. Repossession expense includes the costs to repossess and sell vehicles. These costs include transportation, storage, rekeying, condition reports, legal fees, fees paid to repossession agents and auction fees. These costs are included in noninterest expenses. Corporate Premises and Equipment: Land is carried at cost. Buildings and equipment are carried at cost less accumulated depreciation computed using a straight-line method over the estimated useful lives of the assets. Estimated useful lives range from ten to forty years for buildings and from three to ten years for equipment, furniture and fixtures. Maintenance and repairs are charged to expense as incurred and major improvements are capitalized. Upon sale or retirement of depreciable properties, the cost and related accumulated depreciation are netted against proceeds and any resulting gain or loss is included in income. Goodwill: The Corporation reviews the carrying value of goodwill at least annually or more frequently if certain impairment indicators exist. In testing goodwill for impairment, the Corporation may first consider qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, we conclude that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then no further testing is required and the goodwill of the reporting unit is not impaired. If the Corporation elects to bypass the qualitative assessment or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the fair value of the reporting unit is compared with its carrying amount to determine whether an impairment exists. Transfer of Financial Assets: Income Taxes: C&F Bank invests in qualified affordable housing projects through housing equity funds, the purpose of which is to encourage investment in low-income residential property development in Virginia by providing a return on investment through federal income tax credits and other tax benefits on losses generated by the projects. C&F Bank recognizes its share of losses on these projects as a component of income tax expense. The benefit of an uncertain tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination by the applicable taxing authority, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. Interest and penalties associated with unrecognized tax benefits are recognized as a component of income tax expense. Retirement Plan: a settlement of a portion of its pension benefit obligation only if, in the aggregate for a given year, they exceed the sum of the annual service cost and interest cost for the pension plan. Upon recognition of any settlement, a related portion of unrecognized actuarial gains or losses in accumulated other comprehensive income are reclassified into net income through net periodic pension cost. Share-Based Compensation: Earnings Per Share: Derivative Financial Instruments: Leases: Service Charges on Deposit Accounts: Other Service Charges and Fees: Interchange Income: Wealth Management Services Income, Net: Mortgage Lender Services Income: Recent Significant Accounting Pronouncements: 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	12 Months Ended
Business Combination	Dec. 31, 2021
Business Combination
Business Combination	NOTE 2: Business Combination On January 1, 2020, the Corporation completed its acquisition of Peoples Bankshares, Incorporated (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 ended 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 fair value adjustment of deposits represents a premium over the value of the contractual repayments of fixed-maturity deposits using prevailing market interest rates for similar term certificates of deposit. The resulting estimated fair value adjustment of certificates of deposit ranging in maturity from three months to five years is a $557,000 premium and is being amortized into income over a period of two years . The following table presents certain unaudited pro forma information as if the acquisition had taken place on January 1, 2019. These results combine the historical results of Peoples and the Corporation for the period prior to the merger. While certain adjustments were made for estimated effects resulting from the application of the acquisition method, including certain fair value adjustments, this pro forma information is not indicative of what would have occurred had the acquisition actually taken place on January 1, 2019. Pro forma adjustments for the year ended December 31, 2019 include the net impact of accretion of loan discounts related to market interest rates, amortization of premiums on deposits and borrowings, amortization of intangible assets and related income taxes. Unaudited pro forma net income for the year ended December 31, 2019 includes after tax merger related expenses of $2.76 million, or $(0.75) per share. These amounts include $2.11 million recorded by Peoples, which was primarily related to pre-existing employment agreements, contract termination costs paid to Peoples’ core processing provider, and fees for legal and financial advisors. Unaudited pro forma net income also includes provision for loan losses recorded by Peoples for loans that were recorded by the Corporation at fair value upon acquisition and have no allowance for loan losses in the books of the Corporation. Additionally, the Corporation has achieved certain operational cost savings and other efficiencies as a result of the acquisition and integration of Peoples which are not reflected in the unaudited pro forma amounts below. Unaudited Pro Forma Year Ended (Dollars in thousands, except per share amounts) December 31, 2019 Total revenues (net interest income plus nonintererest income) $ 120,173 Net income $ 18,261 Net income per share, basic and diluted $ 4.99 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 year ended December 31, 2020 and $709,000 ($653,000, after income taxes) for the year ended December 31, 2019. 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	12 Months Ended
Securities	Dec. 31, 2021
Securities
Securities	NOTE 3: Securities The Corporation’s debt securities, all of which are classified as available for sale, are summarized as follows: December 31, 2021 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 69,583 $ 41 $ (1,339) $ 68,285 Mortgage-backed securities 189,985 1,565 (1,201) 190,349 Obligations of states and political subdivisions 91,304 1,642 (280) 92,666 Corporate and other debt securities 21,648 246 (121) 21,773 $ 372,520 $ 3,494 $ (2,941) $ 373,073 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 December 31, 2021 and 2020, 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. December 31, 2021 Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ 58,069 $ 57,548 Due after one year through five years 225,197 226,623 Due after five years through ten years 79,762 79,691 Due after ten years 9,492 9,211 $ 372,520 $ 373,073 The following table presents the gross realized gains and losses on and the proceeds from the sales, maturities and calls of securities. During the years ended December 31, 2021 and 2020, $2.30 million and $5.99 million of proceeds, respectively, were related to sales of securities. There were no sales of securities during the year ended December 31, 2019. Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Realized gains from sales, maturities and calls of securities: Gross realized gains $ 42 $ 38 $ 10 Gross realized losses — — — Net realized gains $ 42 $ 38 $ 10 Proceeds from sales, maturities, calls and paydowns of securities $ 114,019 $ 123,741 $ 75,583 The Corporation pledges securities primarily to secure public deposits and repurchase agreements. Securities with an aggregate amortized cost of $185.25 million and an aggregate fair value of $186.22 million were pledged at December 31, 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 December 31, 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 $ 46,561 $ 945 $ 10,604 $ 394 $ 57,165 $ 1,339 Mortgage-backed securities 126,873 1,127 5,178 74 132,051 1,201 Obligations of states and political subdivisions 16,578 224 2,703 56 19,281 280 Corporate and other debt securities 8,925 121 — — 8,925 121 Total temporarily impaired securities $ 198,937 $ 2,417 $ 18,485 $ 524 $ 217,422 $ 2,941 There were 163 debt securities totaling $217.42 million of aggregate fair value considered temporarily impaired at December 31, 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 December 31, 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 December 31, 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 December 31, 2021 and no impairment has been recognized.

Loans

Loans	12 Months Ended
Loans	Dec. 31, 2021
Loans
Loans	NOTE 4: Loans Major classifications of loans are summarized as follows: December 31, (Dollars in thousands) 2021 2020 Real estate – residential mortgage $ 217,016 $ 218,298 Real estate – construction 1 57,495 62,147 Commercial, financial and agricultural 2 717,730 700,215 Equity lines 41,345 48,466 Consumer 8,280 11,028 Consumer finance 3 368,194 312,252 1,410,060 1,352,406 Less allowance for loan losses (40,157) (39,156) Loans, net $ 1,369,903 $ 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 PPP). 3 Includes the Corporation’s non-prime automobile lending and prime marine and recreational vehicle lending. Consumer loans included $207,000 and $284,000 of demand deposit overdrafts at December 31, 2021 and 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 December 31, 2021 and 2020 of loans acquired in business combinations were as follows: December 31, 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 $ 8,350 $ 57,862 $ 66,212 $ 12,760 $ 89,043 $ 101,803 Carrying amount Real estate – residential mortgage $ 817 $ 9,997 $ 10,814 $ 1,473 $ 15,117 $ 16,590 Real estate – construction — 1,356 1,356 — 1,077 1,077 Commercial, financial and agricultural 1 2,753 37,313 40,066 4,758 58,796 63,554 Equity lines 38 6,919 6,957 80 10,182 10,262 Consumer 47 1,213 1,260 48 1,924 1,972 Total acquired loans $ 3,655 $ 56,798 $ 60,453 $ 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 PCI loans: Year Ended December 31, (Dollars in thousands) 2021 2020 Accretable yield, balance at beginning of period $ 4,048 $ 4,721 Acquisition of Peoples — 3,372 Accretion (2,472) (3,032) Sale of PCI loan pool — (323) Reclassification of nonaccretable difference due to improvement in expected cash flows 794 521 Other changes, net 741 (1,211) Accretable yield, balance at end of period $ 3,111 $ 4,048 Loans on nonaccrual status at December 31, 2021 and 2020 were as follows: December 31, (Dollars in thousands) 2021 2020 Real estate – residential mortgage $ 315 $ 276 Commercial, financial and agricultural: Commercial business lending 2,122 2,428 Equity lines 104 191 Consumer 3 107 Consumer finance: Automobiles 380 402 Marine and recreational vehicles — — Total loans on nonaccrual status $ 2,924 $ 3,404 The past due status of loans as of December 31, 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 $ 963 $ 325 $ 429 $ 1,717 $ 817 $ 214,482 $ 217,016 $ 129 Real estate – construction: Construction lending — — — — — 39,252 39,252 — Consumer lot lending — — — — — 18,243 18,243 — Commercial, financial and agricultural: Commercial real estate lending — 39 — 39 2,753 525,121 527,913 — Land acquisition and development lending — — — — — 27,609 27,609 — Builder line lending — — — — — 30,499 30,499 — Commercial business lending 8 — — 8 — 131,701 131,709 — Equity lines 55 31 49 135 38 41,172 41,345 49 Consumer 12 — — 12 47 8,221 8,280 — Consumer finance: Automobiles 6,519 1,008 380 7,907 — 314,160 322,067 — Marine and recreational vehicles 32 — — 32 — 46,095 46,127 — Total $ 7,589 $ 1,403 $ 858 $ 9,850 $ 3,655 $ 1,396,555 $ 1,410,060 $ 178 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 $2.24 million and 90+ days past due of $680,000. 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: Automobiles 8,231 967 402 9,600 — 263,106 272,706 — Marine and recreational vehicles 18 — — 18 — 39,528 39,546 — 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. Loan modifications that were classified as TDRs, and the recorded investment in those loans at the time of their modification, during the years ended December 31, 2021 and 2020 and 2019 were as follows: Year Ended December 31, 2021 2020 2019 Number of Recorded Number of Recorded Number of Recorded (Dollars in thousands) Loans Investment Loans Investment Loans Investment Real estate – residential mortgage 1 $ 4 2 $ 176 2 $ 95 Equity lines — — 1 84 — — Consumer — — — — 1 121 Total 1 $ 4 3 $ 260 3 $ 216 One TDR during the year ended December 31, 2021, three of the TDRs during the year ended December 31, 2020 and two TDRs during the year ended December 31, 2019 included modifications of the loan’s payment structure. One TDR during the year ended December 31, 2019 included modifications of the loan’s interest rate. There were no TDRs in the years ended December 31, 2021, 2020 or 2019 that included a reduction in principal as part of the loan’s 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 years ended December 31, 2021, 2020 and 2019. Impaired loans, which included TDRs of $2.69 million, and the related allowance at December 31, 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 $ 1,689 $ 550 $ 1,035 $ 63 $ 1,560 $ 64 Commercial, financial and agricultural: Commercial real estate lending 1,389 — 1,390 103 1,393 72 Commercial business lending 2,234 — 2,123 489 2,257 — Equity lines 118 110 — — 119 4 Total $ 5,430 $ 660 $ 4,548 $ 655 $ 5,329 $ 140 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	12 Months Ended
Allowance for Loan Losses	Dec. 31, 2021
Allowance for Loan Losses
Allowance for Loan Losses	NOTE 5: Allowance for Loan Losses Changes in the allowance for loan losses for the years ended December 31, 2021, 2020 and 2019 were as follows: Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Balance at December 31, 2018 $ 2,246 $ 727 $ 6,688 $ 1,106 $ 257 $ 22,999 $ 34,023 Provision charged to operations (146) (46) 458 (235) 329 8,155 8,515 Loans charged off (46) — (29) (138) (349) (13,991) (14,553) Recoveries of loans previously charged off 26 — 4 — 228 4,630 4,888 Balance at December 31, 2019 2,080 681 7,121 733 465 21,793 32,873 Provision charged to operations 808 294 3,589 (47) (34) 6,470 11,080 Loans charged off (62) — (18) — (231) (9,331) (9,642) Recoveries of loans previously charged off 88 — 4 1 171 4,581 4,845 Balance at December 31, 2020 2,914 975 10,696 687 371 23,513 39,156 Provision charged to operations (279) (119) 385 (95) (137) 820 575 Loans charged off — — — — (184) (4,381) (4,565) Recoveries of loans previously charged off 25 — 4 1 122 4,839 4,991 Balance at December 31, 2021 $ 2,660 $ 856 $ 11,085 $ 593 $ 172 $ 24,791 $ 40,157 The following table presents, as of December 31, 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 $ 63 $ — $ 592 $ — $ — $ — $ 655 Collectively evaluated for impairment 2,597 856 10,493 593 172 24,791 39,502 Acquired loans - PCI — — — — — — — Total allowance $ 2,660 $ 856 $ 11,085 $ 593 $ 172 $ 24,791 $ 40,157 Loans: Individually evaluated for impairment $ 1,585 $ — $ 3,513 $ 110 $ — $ — $ 5,208 Collectively evaluated for impairment 214,614 57,495 711,464 41,197 8,233 368,194 1,401,197 Acquired loans - PCI 817 — 2,753 38 47 — 3,655 Total loans $ 217,016 $ 57,495 $ 717,730 $ 41,345 $ 8,280 $ 368,194 $ 1,410,060 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 December 31, 2021 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 215,432 $ 664 $ 605 $ 315 $ 217,016 Real estate – construction: Construction lending 39,252 — — — 39,252 Consumer lot lending 18,243 — — — 18,243 Commercial, financial and agricultural: Commercial real estate lending 519,938 1,989 5,986 — 527,913 Land acquisition and development lending 27,609 — — — 27,609 Builder line lending 30,499 — — — 30,499 Commercial business lending 129,587 — — 2,122 131,709 Equity lines 41,013 47 181 104 41,345 Consumer 8,276 — 1 3 8,280 $ 1,029,849 $ 2,700 $ 6,773 $ 2,544 $ 1,041,866 1 At December 31, 2021, the Corporation did no t have any loans classified as Doubtful or Loss. Non- (Dollars in thousands) Performing Performing Total Consumer finance: Automobiles $ 321,687 $ 380 $ 322,067 Marine and recreational vehicles 46,127 - 46,127 $ 367,814 $ 380 $ 368,194 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 no t have any loans classified as Doubtful or Loss. Non- (Dollars in thousands) Performing Performing Total Consumer finance: Automobiles $ 272,304 $ 402 $ 272,706 Marine and recreational vehicles 39,546 - 39,546 $ 311,850 $ 402 $ 312,252

OREO

OREO	12 Months Ended
OREO	Dec. 31, 2021
OREO
OREO	NOTE 6: OREO At December 31, 2021 and 2020, the carrying amount of OREO was $835,000 and $907,000 respectively. At both December 31, 2021 and 2020, OREO was primarily comprised of a property previously used by the Bank as a branch, which was consolidated into a nearby branch in 2019. OREO is otherwise comprised of residential properties and non-residential properties associated with commercial relationships, and are located primarily in Virginia. Changes in the balance for OREO are as follows: Year Ended December 31, (Dollars in thousands) 2021 2020 Balance at the beginning of year, gross $ 1,114 $ 1,191 Additions — 344 Charge-offs (54) (57) Sales proceeds (462) (364) Gain on disposition 237 — Balance at the end of year, gross 835 1,114 Less valuation allowance — (207) Balance at the end of year, net $ 835 $ 907 Changes in the allowance for OREO losses are as follows: Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Balance at the beginning of year $ 207 $ 88 $ 57 Provision for losses (153) 176 31 Charge-offs, net (54) (57) — Balance at the end of year $ — $ 207 $ 88 Net OREO gains of $379,000, losses of $213,000 and losses of $58,000, including expenses associated with OREO properties, are included in other noninterest expense in the Consolidated Statements of Income for 2021, 2020 and 2019, respectively.

Corporate Premises and Equipmen

Corporate Premises and Equipment	12 Months Ended
Corporate Premises and Equipment	Dec. 31, 2021
Corporate Premises and Equipment
Corporate Premises and Equipment	NOTE 7: Corporate Premises and Equipment Major classifications of corporate premises and equipment are summarized as follows: December 31, (Dollars in thousands) 2021 2020 Land $ 9,104 $ 8,961 Buildings 48,231 45,352 Equipment, furniture and fixtures 22,061 21,278 79,396 75,591 Less accumulated depreciation (34,597) (31,459) $ 44,799 $ 44,132

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
Goodwill and Other Intangible Assets	Dec. 31, 2021
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	NOTE 8: Goodwill and Other Intangible Assets The carrying amount of goodwill was $25.19 million at both December 31, 2021 and 2020. The following table presents the changes in goodwill during the year ended December 31, 2020. There were no changes in the recorded balance of goodwill during the year ended December 31, 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 December 31, 2020 $ 14,468 $ 10,723 $ 25,191 The Corporation had $1.98 million and $2.29 million of other intangible assets as of December 31, 2021 and 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: December 31, 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 $ (325) $ 1,711 $ (171) Other amortizable intangibles 1,405 (814) 1,405 (654) Total $ 3,116 $ (1,139) $ 3,116 $ (825) Amortization expense was $314,000, $332,000 and $230,000 for the years ended December 31, 2021, 2020 and 2019, respectively. Amortization expense for 2019 included expense related to core deposit intangibles recognized in a previous acquisistion, which was fully amortized by December 31, 2019. Estimated future amortization expense by year as of December 31, 2021 is as follows: (Dollars in thousands) 2022 $ 298 2023 273 2024 260 2025 237 2026 101 Thereafter 808 Total $ 1,977

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2021
Leases
Leases	NOTE 9: Leases The Corporation’s leases comprise primarily leases of real estate and office equipment in which the Corporation is the lessee. Lease cost for the years ended December 31, 2021, 2020 and 2019 is as follows: Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Operating lease cost $ 1,331 $ 1,616 $ 1,681 Finance lease cost: Amortization of right-of-use asset 314 166 — Interest on lease liability 129 70 — Short-term lease cost 142 219 128 Variable lease cost 46 52 43 Total lease cost $ 1,962 $ 2,123 $ 1,852 Interest on lease liability cost is included in “Interest expense – Borrowings” and all other lease costs are included in “Occupancy” on the Consolidated Statements of Income. Variable lease payments primarily represent payments for common area maintenance related to real estate leases and taxes and fees related to equipment leases that are not included in base rent payments and changes in lease payments that are adjusted for inflation. Certain of the Corporation’s leases contain options to extend the lease term beyond the initial term. Options to extend the lease term are recognized as part of the Corporation’s lease liabilities and right-of-use assets at the commencement of a lease to the extent the Corporation is reasonably certain to exercise such options. The Corporation’s right-of-use assets, lease liabilities, weighted average remaining lease term and weighted average discount rate of the Corporation’s leases are set forth in the table below. December 31, December 31, (Dollars in thousands) 2021 2020 Operating leases: Right of use assets $ 3,221 $ 2,404 Lease liabilities 3,324 2,488 Weighted average remaining lease term (years) 7.0 3.0 Weighted average discount rate 1.7 % 2.2 % Finance leases: Right of use assets $ 5,879 $ 6,193 Lease liabilities 6,346 6,305 Weighted average remaining lease term (years) 18.5 19.5 Weighted average discount rate 2.0 % 2.0 % Right of use assets are included in “Other Assets” on the Consolidated Balance Sheets. Operating lease liabilities are included in “Other Liabilities,” and Finance lease liabilities are included in “Long-term Borrowings” in the Consolidated Balance Sheets. During the year ended December 31, 2021, the Corporation obtained right-of-use assets in exchange for lease liabilities in operating leases of $2.48 million. During the year ended December 31, 2020, the Corporation obtained right-of-use assets in exchange for lease liabilities in operating leases and finance leases of $1.11 million and $6.36 million, respectively. During the year ended December 31, 2019, the Corporation obtained right-of-use assets in exchange for lease liabilities in operating leases of $1.14 million. Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2021, 2020 and 2019 is set forth in the table below. In addition to the amounts paid shown below, the Corporation received lease incentives of $236,000 related to finance leases during the year ended December 31, 2021, $115,000 related to operating leases during the year ended December 31, 2020 and $27,000 related to operating leases during the year ended December 31, 2019. Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Operating leases: Operating cash flows $ 1,313 $ 1,659 $ 1,567 Finance leases: Operating cash flows 129 70 — Financing cash flows 195 53 — Total cash flows $ 1,637 $ 1,782 $ 1,567 Maturities of the Corporation’s lease liabilities are as follows: December 31, 2021 (Dollars in thousands) Operating Leases Finance Leases 2022 $ 870 $ 302 2023 751 337 2024 536 346 2025 323 355 2026 214 364 Thereafter 881 6,009 Total 3,575 7,713 Imputed interest (251) (1,367) Lease liabilities $ 3,324 $ 6,346

Time Deposits

Time Deposits	12 Months Ended
Time Deposits	Dec. 31, 2021
Time Deposits
Time Deposits	NOTE 10: Time Deposits Time deposits are summarized as follows: December 31, (Dollars in thousands) 2021 2020 Certificates of deposit, over $250 $ 114,533 $ 125,293 Other time deposits 311,188 344,290 $ 425,721 $ 469,583 Remaining maturities on time deposits are as follows: (Dollars in thousands) December 31, 2021 2022 $ 324,946 2023 52,720 2024 23,971 2025 14,760 2026 6,628 Thereafter 2,696 $ 425,721

Borrowings

Borrowings	12 Months Ended
Borrowings	Dec. 31, 2021
Borrowings
Borrowings	NOTE 11: Borrowings The table below presents selected information on short-term borrowings: December 31, (Dollars in thousands) 2021 2020 Balance outstanding at year end 1 $ 34,735 $ 20,455 Maximum balance at any month end during the year $ 38,197 $ 60,481 Average balance for the year $ 27,360 $ 22,737 Weighted average rate for the year 0.47 % 0.54 % Weighted average rate on borrowings at year end 0.48 % 0.49 % Estimated fair value at year end $ 34,735 $ 20,455 1 Consists of repurchase transactions with customers, which generally mature the day following the day sold and are secured by investment securities. Long-term borrowings at December 31, 2021 were comprised of $4.00 million of the Corporation’s subordinated notes due in 2028 (the 2028 Subordinated Notes) and $20.00 million of the Corporation’s subordinated notes due in 2030 (the 2030 Subordinated Notes). The 2028 Subordinated Notes bear interest at a fixed rate of 6.99 percent, and may be redeemed at the option of the Corporation at any time beginning in April 2023. The 2030 Subordinated Notes bear interest at a fixed rate of 4.875 percent until September 2025 and at the three month SOFR plus 475.5 basis points thereafter. The 2030 Subordinated Notes may be redeemed at the option of the Corporation at any time beginning in September 2025. The subordinated notes of the Corporation rank junior to all existing and future senior indebtedness of the Corporation and are structurally subordinated to all existing and future debt and liabilities of the Bank and its subsidiaries. These borrowings are presented in the Consolidated Balance Sheets net of issuance costs and, as applicable, acquisition premium. During the year ended December 31, 2021, the Corporation terminated C&F Finance’s $50.00 million revolving bank line of credit as it was not expected to be utilized during its remaining term. During the year ended December 31, 2020, the Corporation repaid its outstanding revolving bank line of credit balance of $75.03 million and repaid FHLB advances of $44.50 million using excess cash. The Corporation incurred early debt repayment charges of $2.20 million in connection with the payoff of the FHLB advances. The Corporation’s available sources of credit for future borrowings total approximately $457.93 million at December 31, 2021, which consisted of $217.79 million available from the FHLB, $110.14 million available from the FRB, $95.00 million under unsecured federal funds agreements with third party financial institutions and $35.00 million in repurchase lines of credit with third party financial institutions. Credit available from the FHLB is secured by a blanket floating lien on all qualifying closed-end and revolving, open-end loans of C&F Bank secured by 1-4 family residential properties. Credit available from the FRB is secured by liens on specific loans of C&F Bank. Additional loans and securities are available that can be pledged as collateral for future borrowings from the FRB or the FHLB above the current lendable collateral value. C&F Financial Statutory Trust I (Trust I), C&F Financial Statutory Trust II (Trust II) and Central Virginia Bankshares Statutory Trust I (CVBK Trust I) are wholly-owned non-operating subsidiaries of the Corporation, formed for the purpose of issuing trust preferred capital securities. Collectively, these trusts have issued $25.00 million of trust preferred capital securities to institutional investors through private placements and $775,000 in common equity that is held by the Corporation. Trust preferred capital securities of $5.00 million issued by CVBK Trust I, $10.00 million issued by Trust I, and $10.00 million issued by Trust II mature in 2033, 2035 and 2037, respectively, and are redeemable at the Corporation’s option. Each of the trusts is required to make quarterly distributions to the holders of the securities at a rate based on the three-month LIBOR plus a spread of between 1.57 percent and 3.15 percent. During 2021, 2020 and 2019, the Corporation used interest rate swaps in designated cash flow hedges of interest payments on the trust preferred capital securities to mitigate the effects of changes in interest rates. At December 31, 2021, the effect of the interest rate swaps was a fixed rate of interest on the securities issued by CVBK Trust I, Trust I and Trust II of 4.64 percent, 3.32 percent and 5.10 percent, respectively. The principal assets of CVBK Trust I, Trust I and Trust II are trust preferred capital notes of the Corporation of $5.16 million, $10.31 million and $10.31 million, respectively, which have like maturities and like interest rates to the trust preferred capital securities. The interest payments by the Corporation on the notes will be used by the trusts to pay the quarterly distributions on the trust preferred capital securities. The trusts are unconsolidated subsidiaries of the Corporation, and the Corporation’s trust preferred capital notes are presented as liabilities in the Consolidated Balance Sheets net of acquisition discount, as applicable. Subject to certain exceptions and limitations, the Corporation may elect from time to time to defer interest payments on the junior subordinated debt securities, which would result in a deferral of distribution payments on the related capital securities.

Equity, Other Comprehensive Inc

Equity, Other Comprehensive Income and Earnings Per Share	12 Months Ended
Equity, Other Comprehensive Income and Earnings Per Share	Dec. 31, 2021
Equity, Other Comprehensive Income and Earnings Per Share
Equity, Other Comprehensive Income and Earnings Per Share	NOTE 12: Equity, Other Comprehensive Income and Earnings Per Share Equity and Noncontrolling Interest The Corporation’s Board of Directors authorized a program, effective December 1, 2021, to repurchase up to $10.0 million of the Corporation’s common stock through November 30, 2022 (the 2021 Repurchase Program). During the year ended December 31, 2021, the Corporation repurchased 1,106 shares for an aggregate cost of $56,000 under the 2021 Repurchase Program. The Corporation’s previous share repurchase program, which was authorized by the Board of Directors in November 2020, (the 2020 Repurchase Program), expired on November 30, 2021. During the year ended December 31, 2021, the Corporation repurchased 144,079 shares for an aggregate cost of $7.25 million of its common stock under the 2020 Repurchase Program. At the expiration of the 2020 Repurchase Program, the Corporation had made aggregate common stock repurchases of 151,538 shares at an aggregate cost of $7.52 million under that program. During the years ended December 31, 2020 and 2019, the Corporation repurchased 16,422 shares and 86,523 shares of its common stock, respectively, for an aggregate cost of $630,000 and $4.39 million, respectively, under share repurchase programs authorized by its Board of Directors. Additionally, during the years ended December 31, 2021, 2020 and 2019, the Corporation withheld 19,554 shares, 9,670 shares and 9,909 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 in 2019, C&F Bank received a note receivable from the investor for $490,000, which was repaid in 2021. At December 31, 2020, the note receivable was included in loans the Consolidated Balance Sheets and was 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 $593,000 and $630,000 as of December 31, 2021 and 2020, respectively. December 31, (Dollars in thousands) 2021 2020 Net unrealized gains on securities $ 437 $ 4,397 Net unrecognized losses on cash flow hedges (469) (1,367) Net unrecognized losses on defined benefit plan (2,055) (4,985) Total accumulated other comprehensive loss, net $ (2,087) $ (1,955) Earnings Per Share (EPS) The components of the Corporation’s EPS calculations are as follows: Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Net income attributable to C&F Financial Corporation $ 28,667 $ 22,117 $ 18,859 Weighted average shares outstanding — 3,604,119 3,648,696 3,450,745 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.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2021
Income Taxes
Income Taxes	NOTE 13: Income Taxes Principal components of income tax expense as reflected in the Consolidated Statements of Income are as follows: Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Current taxes $ 9,049 $ 7,612 $ 4,728 Deferred taxes (90) (817) 354 $ 8,959 $ 6,795 $ 5,082 Income tax expense for the years ended December 31, 2021, 2020 and 2019 differed from the federal statutory rate applied to income before income taxes for the following reasons: Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Amount Percent Amount Percent Amount Percent Income tax at statutory rates $ 7,997 21.0 % $ 6,136 21.0 % $ 5,026 21.0 % State income taxes 1,340 3.5 1,449 5.0 695 2.9 Tax-exempt interest income (396) (1.0) (493) (1.7) (453) (1.9) Excess compensation 571 1.5 328 1.1 — — Change in tax law — — (326) (1.1) — — Income from bank-owned life insurance (110) (0.3) (107) (0.4) (149) (0.6) Investments in qualified housing projects (48) (0.1) (82) (0.3) (93) (0.4) Share based compensation (83) (0.2) (77) (0.3) (126) (0.5) Contribution of real property (107) (0.3) — — — — Merger related expenses — — 29 0.1 96 0.4 Other (205) (0.5) (62) (0.2) 86 0.3 $ 8,959 23.6 % $ 6,795 23.2 % $ 5,082 21.2 % The CARES Act, enacted in March 2020, included a provision that allowed net operating losses generated in years prior to 2020 to be carried back for up to five tax years. Previously, tax law only allowed for net operating losses to be carried forward to future tax years. During 2020, the Corporation recognized income tax benefits of $326,000 related to net operating losses generated by Peoples in 2019, which were able to be applied to years prior to 2018 at higher income tax rates than the current statutory rate as a result of the CARES Act. The Corporation’s net deferred income taxes totaled $13.61 million and $13.56 million at December 31, 2021 and 2020, respectively. The tax effects of each type of significant item that gave rise to deferred taxes are: December 31, (Dollars in thousands) 2021 2020 Deferred tax assets Allowances for loan losses and OREO losses $ 9,960 $ 9,743 Nonqualified defined contribution plan 3,948 3,595 Lease liabilities 2,057 1,906 Fair value adjustments related to business combinations 1,119 1,716 Share-based compensation 752 920 Reserve for indemnification losses 821 879 Accrued expenses 352 779 Cash flow hedges 158 471 Other 1,275 1,364 Deferred tax assets 20,442 21,373 Deferred tax liabilities Goodwill and other intangible assets (3,114) (3,164) Right of use assets (1,938) (1,868) Depreciation (989) (1,272) Net unrealized gain on securities available for sale (116) (1,169) Defined benefit plan (677) (345) Deferred tax liabilities (6,834) (7,818) Net deferred tax assets $ 13,608 $ 13,555 The Corporation files income tax returns in the U.S. federal jurisdiction and several states. With few exceptions, the Corporation is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2018.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2021
Employee Benefit Plans
Employee Benefit Plans	NOTE 14: Employee Benefit Plans The Corporation’s subsidiaries maintain defined contribution plans that provide the opportunity for voluntary tax-qualified deferral to substantially all of its full-time employees who are at least 18 years of age. These plans also provide for employer contributions as a discretionary or non-discretionary matching contribution and in some cases as a discretionary profit-sharing contribution to the account of each partipant. The total expense recognized in connection with these qualified defined contribution plans for 2021, 2020 and 2019 were $2.03 million, $2.09 million and $1.52 million, respectively. C&F Bank has a non-contributory, defined benefit pension plan (Cash Balance Plan) for many of its full-time employees over 21 years of age. During 2021, C&F Bank amended its Cash Balance Plan and closed the plan to new entrants hired after December 31, 2021. Benefits earned by participants in the plan hired before January 1, 2022 were not affected by the amendment and will continue to accrue for active participants. Under the Cash Balance Plan, the benefit account for each participant will grow each year with annual pay credits based on age and years of service and monthly interest credits based on the yield on 30-year Treasuries plus 150 basis points, but no less than three percent. C&F Bank funds pension costs in accordance with the funding provisions of the Employee Retirement Income Security Act. The Corporation has a nonqualified deferred compensation plan for certain executives. The plan allows for elective deferrals of salary, bonus and commissions. The plan also allows for discretionary employer contributions to enhance retirement benefits by supplementing the benefits provided under tax-qualified plans. Expenses under this plan were $296,000, $465,000 and $294,000 in 2021, 2020 and 2019, respectively. The deferred compensation liability under the nonqualified plan is not required to be funded. Amounts funded are held in a rabbi trust and invested according to participant elections. These investments are included in other assets and the related liability is included in other liabilities. In 2014, the Corporation approved an additional compensation benefit for the Corporation’s Chief Executive Officer at the time to provide post-retirement medical and dental coverage for him and his spouse for life. Expense recognized for this arrangement in 2021 was $15,000. There was no expense recognized for this arrangement in 2020 or 2019. The related liability is included in other liabilities. The following table summarizes the projected benefit obligations, plan assets, funded status and related assumptions associated with the Cash Balance Plan based upon actuarial valuations. December 31, (Dollars in thousands) 2021 2020 Change in benefit obligation Projected benefit obligation, beginning $ 24,643 $ 20,794 Service cost 1,970 1,603 Interest cost 458 551 Actuarial (gain) loss (1,248) 2,996 Benefits paid (210) (1,301) Settlements paid (5,366) — Projected benefit obligation, ending 20,247 24,643 Change in plan assets Fair value of plan assets, beginning 26,287 22,806 Actual return on plan assets 2,759 2,782 Employer contributions — 2,000 Benefits paid (210) (1,301) Settlements paid (5,366) — Fair value of plan assets, ending 23,470 26,287 Funded status $ 3,223 $ 1,644 Amounts recognized as an other asset $ 3,223 $ 1,644 Amounts recognized in accumulated other comprehensive loss Net loss $ 2,970 $ 6,748 Prior service credits (370) (438) Deferred taxes (545) (1,325) Total recognized in accumulated other comprehensive loss $ 2,055 $ 4,985 Weighted-average assumptions for benefit obligation at valuation date Discount rate 2.5 % 2.1 % Rate of compensation increase 3.0 3.0 Interest crediting rate 5.0 5.0 The accumulated benefit obligation was $20.25 million and $24.64 million as of the actuarial valuation dates December 31, 2021 and 2020, respectively. The actuarial gain of $1.25 million on the projected benefit obligation for 2021 and the actuarial loss of $3.00 million on the projected benefit obligation for 2020 were due primarily to fluctuations in the discount rate as well as demographic changes in the population. The Cash Balance Plan contains provisions that allow participants the option of receiving their pension benefits in a lump sum upon retirement or, in certain cases, prior to retirement. The Corporation’s accounting policy is to record these payments as a settlement only if, in the aggregate for a given year, they exceed the sum of the annual service cost and interest cost for the Cash Balance Plan. During the year ended December 31, 2021, lump sum pension settlement payments to retired and active participants totaled $5.37 million, which exceeded the settlement threshold, and as a result, the Corporation recognized non-cash settlement charges totaling $1.26 million before income taxes during 2021. The non-cash charge accelerated the recognition of a portion of previously unrecognized net actuarial losses in accumulated other comprehensive loss. The following table summarizes the components of net periodic benefit cost and related assumptions associated with the Cash Balance Plan. Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Components of net periodic benefit cost: Service cost, included in salaries and employee benefits $ 1,970 $ 1,603 $ 1,218 Other components of net periodic benefit cost: Interest cost 458 551 609 Expected return on plan assets (1,733) (1,492) (1,297) Amortization of prior service credit (68) (66) (68) Pension settlement charges 1,261 — — Recognized net actuarial losses 243 197 187 Other components of net periodic benefit cost, included in other noninterest expense 161 (810) (569) Net periodic benefit cost $ 2,131 $ 793 $ 649 January 1, 2021 2020 2019 Weighted-average assumptions for net periodic benefit cost Discount rate 2.1 % 2.9 % 4.0 % Expected return on plan assets 7.3 7.3 7.3 Rate of compensation increase 3.0 3.0 3.0 Interest crediting rate 5.0 5.0 5.0 The benefits expected to be paid by the plan in the next ten years are as follows: (Dollars in thousands) 2022 $ 782 2023 1,423 2024 1,315 2025 2,152 2026 989 2027 – 2031 10,083 C&F Bank selects the expected long-term rate of return on assets in consultation with its investment advisors and actuary. This rate is intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed, especially with respect to real rates of return (net of inflation), for the major asset classes held or anticipated to be held by the trust and for the trust itself. Undue weight is not given to recent experience, which may not continue over the measurement period. Higher significance is placed on current forecasts of future long-term economic conditions. Because assets are held in a qualified trust, anticipated returns are not reduced for taxes. Further, solely for this purpose, the plan is assumed to continue in force and not terminate during the period during which assets are invested. However, consideration is given to the potential impact of current and future investment policy, cash flow into and out of the trust, and expenses (both investment and non-investment) typically paid from plan assets (to the extent such expenses are not explicitly within periodic costs). C&F Bank’s defined benefit pension plan’s weighted average asset allocations by asset category are as follows: December 31, 2021 2020 Mutual funds-fixed income 38 % 37 % Mutual funds-equity 62 63 Cash and equivalents * * 100 % 100 % * Less than one percent. The following table summarizes the fair value of the defined benefit plan assets as of December 31, 2021 and 2020. For more information about fair value measurements, see “Note 19: Fair Value of Assets and Liabilities.” December 31, 2021 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Mutual funds-fixed income 1 $ 8,919 $ — $ — $ 8,919 Mutual funds-equity 2 14,551 — — 14,551 Cash and equivalents 3 — — — — Total pension plan assets $ 23,470 $ — $ — $ 23,470 December 31, 2020 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Mutual funds-fixed income 1 $ 9,726 $ — $ — $ 9,726 Mutual funds-equity 2 16,561 — — 16,561 Cash and equivalents 3 — — — — Total pension plan assets $ 26,287 $ — $ — $ 26,287 1 This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. 2 This category includes investments in mutual funds focused on equity securities with a diversified portfolio and includes investments in large cap and small cap funds, growth funds, international focused funds and value funds. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. 3 This category comprises cash and short-term cash equivalent funds. The funds are valued at cost which approximates fair value. The trust fund is sufficiently diversified to maintain a reasonable level of risk without imprudently sacrificing return, with a targeted asset allocation of 40 percent fixed income and 60 percent equities. The investment advisor selects investment fund managers with demonstrated experience and expertise, and funds with demonstrated historical performance, for the implementation of the plan’s investment strategy. The investment manager will consider both actively and passively managed investment strategies and will allocate funds across the asset classes to develop an efficient investment structure. It is the responsibility of the trustee to administer the investments of the trust within reasonable costs, being careful to avoid sacrificing quality. These costs include, but are not limited to, management and custodial fees, consulting fees, transaction costs and other administrative costs chargeable to the trust.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions
Related Party Transactions	NOTE 15: Related Party Transactions Loans outstanding to the Corporation’s management, including directors and senior officers and certain of their affiliates, totaled $1.73 million and $2.17 million at December 31, 2021 and 2020, respectively. For the year ended December 31, 2021, the Corporation made $125,000 new loan advances to directors and senior officers and received repayments totaling $568,000. Total deposits of directors and senior officers and their related interests were $5.96 million and $5.81 million at December 31, 2021 and 2020, respectively. In the opinion of management, these transactions were made in the ordinary course of business on substantially the same terms and conditions, including interest rates, collateral and repayment terms, as those prevailing at the same time for comparable transactions with unrelated persons, and, in the opinion of management and the Corporation’s Board of Directors, do not involve more than normal risk or present other unfavorable features.

Share-Based Plans

Share-Based Plans	12 Months Ended
Share-Based Plans	Dec. 31, 2021
Share-Based Plans
Share-Based Plans	NOTE 16: Share-Based Plans On April 16, 2013, the Corporation’s shareholders approved the C&F Financial Corporation 2013 Stock and Incentive Compensation Plan for the grant of equity awards to certain key employees of the Corporation, as well as non-employee directors (including non-employee regional or advisory directors). The plan authorizes the Corporation to issue equity awards in the form of stock options, tandem stock appreciation rights, restricted stock, restricted stock units and/or other stock-based awards. Since the plan’s approval, equity awards have only been issued in the form of restricted stock. As permitted under the plan, the Corporation awards shares of restricted stock to certain key employees and non-employee directors. Restricted shares awarded to employees generally vest over periods up to five years , and restricted shares awarded to non-employee directors generally vest over three years . A summary of the activity for restricted stock awards for the periods indicated is presented below: 2021 2020 2019 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested at beginning of year 155,945 $ 48.52 142,020 $ 48.88 139,455 $ 45.75 Granted 41,912 47.83 47,385 42.01 36,115 53.75 Vested (51,305) 48.11 (30,550) 39.84 (32,155) 40.69 Cancelled (5,975) 45.87 (2,910) 53.46 (1,395) 51.05 Nonvested at end of year 140,577 48.57 155,945 48.52 142,020 48.88 The fair value of shares that vested during the years ended December 31, 2021, 2020 and 2019 were $2.42 million, $1.37 million, and $1.72 million, respectively. Compensation is accounted for using the fair value of the Corporation’s common stock on the date the restricted shares are awarded. Compensation expense is charged to income ratably over the required service periods, and was $1.70 million ($1.16 million after income taxes) in 2021, $1.45 million ($981,000 after income taxes) in 2020 and $1.47 million ($932,000 after income taxes) in 2019. As of December 31, 2021, there was $3.76 million of total unrecognized compensation cost related to restricted stock granted under the plan. This amount is expected to be recognized through 2026.

Regulatory Requirements and Res

Regulatory Requirements and Restrictions	12 Months Ended
Regulatory Requirements and Restrictions	Dec. 31, 2021
Regulatory Requirements and Restrictions
Regulatory Requirements and Restrictions	NOTE 17: Regulatory Requirements and Restrictions The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Federal banking regulations also impose regulatory capital requirements on bank holding companies. Under the small bank holding company policy statement of the FRB, which applies to certain bank holding companies with consolidated total assets of less than $3 billion, the Corporation is not subject to regulatory capital requirements. As of December 31, 2021, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at December 31, 2021, the Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios as set forth in the tables below. The total capital ratio, Tier 1 capital ratio and CET1 ratio are calculated as a percentage of risk-weighted assets. The Tier 1 leverage ratio is calculated as a percentage of average tangible assets. The Corporation’s and the Bank’s actual capital amounts and ratios as of December 31, 2021 and 2020 are presented in the following tables along with regulatory requirements for the Bank and requirements that apply to bank holding companies that are subject to regulatory capital requirements for bank holding companies. The Corporation’s consolidated capital is determined under regulations that apply to bank holding companies that are not small bank holding companies. Although the minimum regulatory capital requirements are not applicable to the Corporation, the Corporation calculates these ratios for its own planning and monitoring purposes. Total risk-weighted assets at December 31, 2021 for the Corporation were $1.64 billion and for the Bank were $1.61 billion. Total risk-weighted assets at December 31, 2020 for the Corporation were $1.57 billion and for the Bank were $1.55 billion. Management believes that, as of December 31, 2021, the Bank met all capital adequacy requirements to which it is subject. December 31, 2021 Minimum Capital Well Capitalized Actual Requirements Requirements (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio The Corporation Total risk-based capital ratio $ 257,779 15.8 % $ 130,817 8.0 % $ N/A N/A % Tier 1 risk-based capital ratio 213,095 13.0 98,113 6.0 N/A N/A Common Equity Tier 1 capital ratio 188,095 11.5 73,585 4.5 N/A N/A Tier 1 leverage ratio 213,095 9.7 88,121 4.0 N/A N/A The Bank Total risk-based capital ratio $ 233,780 14.5 % $ 128,701 8.0 % $ 160,876 10.0 % Tier 1 risk-based capital ratio 213,423 13.3 96,526 6.0 128,701 8.0 Common Equity Tier 1 capital ratio 213,423 13.3 72,394 4.5 104,569 6.5 Tier 1 leverage ratio 213,423 9.8 87,184 4.0 108,980 5.0 December 31, 2020 Minimum Capital Well Capitalized Actual Requirements Requirements (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio The Corporation Total risk-based capital ratio $ 240,060 15.2 % $ 125,947 8.0 % $ N/A N/A % Tier 1 risk-based capital ratio 196,140 12.5 94,460 6.0 N/A N/A Common Equity Tier 1 capital ratio 171,140 10.9 70,845 4.5 N/A N/A Tier 1 leverage ratio 196,140 9.6 81,414 4.0 N/A N/A The Bank Total risk-based capital ratio $ 214,151 13.8 % $ 124,291 8.0 % $ 155,364 10.0 % Tier 1 risk-based capital ratio 194,487 12.5 93,219 6.0 124,291 8.0 Common Equity Tier 1 capital ratio 194,487 12.5 69,914 4.5 100,987 6.5 Tier 1 leverage ratio 194,487 9.6 80,640 4.0 100,800 5.0 The Basel III rules established a “capital conservation buffer” of additional capital of 2.5 percent above the regulatory minimum risk-based capital ratios, which is not included in the tables above. Including the capital conservation buffer, the minimum ratios are a common equity Tier I risk-based capital ratio of 7.0 percent, a Tier I risk-based capital ratio of 8.5 percent and a total risk-based capital ratio of 10.5 percent. The Corporation and the Bank exceeded these ratios at December 31, 2021 and 2020. Between 2003 and 2007, the Corporation’s statutory business trusts issued $25.00 million of aggregate trust preferred securities. Based on the Corporation’s Tier 1 capital levels, the entire $25.00 million of trust preferred securities was included in the Corporation’s Tier 1 capital as of December 31, 2021 and 2020. The Corporation’s 2028 Subordinated Notes, assumed upon the acquisition of Peoples in 2020, and the Corporation’s 2030 Subordinated Notes, issued in 2020, each qualify for inclusion in Tier 2 capital of the Corporation. In each case, the amount included in regulatory capital with respect to trust preferred securities or subordinated notes may be reduced as those instruments near maturity. Federal and state banking regulations place certain restrictions on dividends paid and loans or advances made by C&F Bank to the Corporation. The total amount of dividends that may be paid at any date by C&F Bank is generally limited to the retained earnings of C&F Bank, while other measures of capital adequacy may also restrict the Bank’s ability to declare dividends.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2021
Commitments and Contingent Liabilities
Commitments and Contingent Liabilities	NOTE 18: 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 credit-worthiness on a case-by-case basis. The amount of loan commitments at the Bank was $305.37 million at December 31, 2021 and $326.98 million at December 31, 2020, which does not include IRLCs at the mortgage banking segment, which are discussed in Note 21. 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 $15.11 million at December 31, 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. During the year ended December 31, 2021, the Corporation recorded a reversal of provision for indemnifications of $104,000 , compared to a provision for indemnifications of $881,000 for the year ended December 31, 2020, which is included in “Noninterest Expenses – Other” on the Consolidated Statements of Income. The following table presents the changes in the allowance for indemnification losses for the periods presented: Year Ended December 31, (Dollars in thousands) 2021 2020 Allowance, beginning of period $ 3,356 $ 2,475 Provision for indemnification losses (104) 881 Payments — — Allowance, end of period $ 3,252 $ 3,356

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
Fair Value of Assets and Liabilities	Dec. 31, 2021
Fair Value of Assets and Liabilities
Fair Value of Assets and Liabilities	NOTE 19: 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 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. subdivisions category of securities. ICE uses proprietary pricing models and pricing systems, mathematical tools and judgment to determine an evaluated price for a security based upon a hierarchy of market information regarding that security or securities with similar characteristics. TRPS provides evaluated prices for the Corporation’s U.S. government agencies and corporations, mortgage-backed and corporate categories of securities. Fixed-rate callable securities of the U.S. government agencies and corporations category are individually evaluated on an option adjusted spread basis for callable issues or on a nominal spread basis incorporating the term structure of agency market spreads and the appropriate risk free benchmark curve for non-callable issues. Pass-through mortgage-backed securities (MBS) in the mortgage-backed category are grouped into aggregate categories defined by issuer program, weighted average coupon, and weighted average maturity. Each aggregate is benchmarked to relative to-be-announced mortgage backed securities (TBA securities) or other benchmark prices. TBA securities prices are obtained from market makers and live trading systems. Collateralized mortgage obligations in the mortgage-backed category are individually evaluated based upon a hierarchy of security specific information and market data regarding that security or securities with similar characteristics. Each evaluation is determined using an option adjusted spread and prepayment model based on volatility-driven, multi-dimensional spread tables. Fixed-rate securities issued by the Small Business Association in the mortgage backed category are individually evaluated based upon a hierarchy of security specific information and market data regarding that security or securities with similar characteristics. 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. December 31, 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 $ — $ 68,285 $ — $ 68,285 Mortgage-backed securities — 190,349 — 190,349 Obligations of states and political subdivisions — 92,666 — 92,666 Corporate and other debt securities — 21,773 — 21,773 Total securities available for sale — 373,073 — 373,073 Loans held for sale — 82,295 — 82,295 Derivatives IRLC — 1,523 — 1,523 Interest rate swaps on loans — 3,467 — 3,467 Total assets $ — $ 460,358 $ — $ 460,358 Liabilities: Derivatives Interest rate swaps on loans $ — $ 3,467 $ — $ 3,467 Cash flow hedges — 665 — 665 Forward sales of TBA securities — 3 — 3 Total liabilities $ — $ 4,135 $ — $ 4,135 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. OREO. At December 31, 2021 there were no impaired loans and no OREO that were measured at fair value. At December 31, 2020 there were impaired loans that were measured at fair value. The following table presents the balances of assets measured at fair value on a nonrecurring basis at December 31, 2020. 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 December 31, 2020: Fair Value Measurements (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Inputs Range (Weighted Average) 1 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 December 31, 2021 Classified as Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 269,487 $ 267,745 $ 1,235 $ — $ 268,980 Securities available for sale 373,073 — 373,073 — 373,073 Loans, net 1,369,903 — — 1,379,564 1,379,564 Loans held for sale 82,295 — 82,295 — 82,295 Derivatives IRLC 1,523 — 1,523 — 1,523 Interest rate swaps on loans 3,467 — 3,467 — 3,467 Bank-owned life insurance 20,597 — 20,597 — 20,597 Accrued interest receivable 6,810 6,810 — — 6,810 Financial liabilities: Demand and savings deposits 1,488,893 1,488,893 — — 1,488,893 Time deposits 425,721 — 428,462 — 428,462 Borrowings 84,115 — 89,609 — 89,609 Derivatives Cash flow hedges 665 — 665 — 665 Interest rate swaps on loans 3,467 — 3,467 — 3,467 Forward sales of TBA securities 3 — 3 — 3 Accrued interest payable 715 715 — — 715 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 The Corporation assumes interest rate risk (the risk that general interest rate levels will change) in the normal course of operations. As a result, the fair values of the Corporation’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Corporation. Management attempts to match maturities of assets and liabilities to the extent believed necessary to balance minimizing interest rate risk and increasing net interest income in current market conditions. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors interest rates, maturities and repricing dates of assets and liabilities and attempts to manage interest rate risk by adjusting terms of new loans, deposits and borrowings and by investing in securities with terms that mitigate the Corporation’s overall interest rate risk.

Business Segments

Business Segments	12 Months Ended
Business Segments	Dec. 31, 2021
Business Segments
Business Segments	NOTE 20: 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 operating revenues consist principally 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 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 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. Year Ended December 31, 2021 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 62,402 $ 3,845 $ 37,803 $ — $ (10,322) $ 93,728 Interest expense 5,693 1,157 9,503 2,349 (10,343) 8,359 Net interest income 56,709 2,688 28,300 (2,349) 21 85,369 Gain on sales of loans — 22,370 — — (91) 22,279 Other noninterest income 15,208 9,192 378 2,207 (101) 26,884 Net revenue 71,917 34,250 28,678 (142) (171) 134,532 Provision for loan losses (200) (45) 820 — — 575 Noninterest expense 54,981 23,328 14,213 3,375 (22) 95,875 Income (loss) before taxes 17,136 10,967 13,645 (3,517) (149) 38,082 Income tax expense (benefit) 3,051 3,284 3,685 (1,030) (31) 8,959 Net income (loss) $ 14,085 $ 7,683 $ 9,960 $ (2,487) $ (118) $ 29,123 Other data: Capital expenditures $ 878 $ 164 $ 3,744 $ — $ — $ 4,786 Depreciation and amortization $ 4,113 $ 256 $ 372 $ — $ — $ 4,741 5 c Year Ended December 31, 2020 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 62,173 $ 4,954 $ 38,949 $ — $ (9,163) $ 96,913 Interest expense 10,630 1,579 8,726 1,611 (9,164) 13,382 Net interest income 51,543 3,375 30,223 (1,611) 1 83,531 Gain on sales of loans 3,489 25,792 — — (57) 29,224 Other noninterest income 12,896 9,985 492 2,040 (30) 25,383 Net revenue 67,928 39,152 30,715 429 (86) 138,138 Provision for loan losses 4,600 10 6,470 — — 11,080 Noninterest expense 56,770 24,014 13,828 3,227 — 97,839 Income (loss) before taxes 6,558 15,128 10,417 (2,798) (86) 29,219 Income tax expense (benefit) 411 4,392 2,805 (795) (18) 6,795 Net income (loss) $ 6,147 $ 10,736 $ 7,612 $ (2,003) $ (68) $ 22,424 Other data: Capital expenditures $ 6,528 $ 354 $ 3,346 $ — $ — $ 10,228 Depreciation and amortization $ 3,733 $ 281 $ 175 $ — $ — $ 4,189 Year Ended December 31, 2019 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 59,465 $ 2,699 $ 41,389 $ 4 $ (8,547) $ 95,010 Interest expense 10,181 1,618 10,169 1,135 (8,547) 14,556 Net interest income 49,284 1,081 31,220 (1,131) — 80,454 Gain on sales of loans — 10,603 — — — 10,603 Other noninterest income 13,068 5,103 565 2,104 — 20,840 Net revenue 62,352 16,787 31,785 973 — 111,897 Provision for loan losses 360 — 8,155 — — 8,515 Noninterest expense 49,743 11,678 14,202 3,827 — 79,450 Income (loss) before taxes 12,249 5,109 9,428 (2,854) — 23,932 Income tax expense (benefit) 1,964 1,336 2,560 (778) — 5,082 Net income (loss) $ 10,285 $ 3,773 $ 6,868 $ (2,076) $ — $ 18,850 Other data: Capital expenditures $ 2,337 $ 246 $ 123 $ — $ — $ 2,706 Depreciation and amortization $ 3,424 $ 246 $ 196 $ — $ — $ 3,866 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Total assets at December 31, 2021 $ 2,131,391 $ 105,547 $ 372,292 $ 44,897 $ (389,606) $ 2,264,521 Total assets at December 31, 2020 $ 1,951,622 $ 239,417 $ 314,746 $ 43,826 $ (463,301) $ 2,086,310 No merger related expenses were recorded during the year ended December 31, 2021. During the year ended December 31, 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 $119,000 of salaries and benefits expense, $879,000 of other 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. During the year ended December 31, 2019, the Corporation recorded merger related expenses of $709,000 ($653,000 after income taxes) in connection with its acquisition of Peoples, of which $236,000 ($196,000 after income taxes) was allocated to the community banking segment and recorded as other noninterest expense, and the remainder was recorded as other noninterest expense at the holding company. 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 2.21 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.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
Derivative Financial Instruments	Dec. 31, 2021
Derivative Financial Instruments
Derivative Financial Instruments	NOTE 21: 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 December 31, 2021, the mortgage banking segment had $80.59 million of IRLCs and $72.24 million of unpaid principal on mortgage loans held for sale for which it managed interest rate risk using best-efforts forward sales contracts for $152.83 million in mortgage loans. Also at December 31, 2021, the mortgage banking segment had $2.82 million of IRLCs and $7.40 million of unpaid principal on mortgage loans held for sale for which it managed interest rate risk using forward sales of $9.25 million of TBA securities and mandatory-delivery forward sales contracts for $1.01 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 December 31, 2021 and 2020. December 31, 2021 Notional (Dollars in thousands) Amount Assets Liabilities Cash flow hedges: Interest rate swap contracts $ 25,000 $ — $ 665 Not designated as hedges: Customer-related interest rate swap contracts: Matched interest rate swaps with borrower 72,352 3,303 164 Matched interest rate swaps with counterparty 72,352 164 3,303 Mortgage banking contracts: IRLCs 83,407 1,523 — Forward sales of TBA securities 9,250 — 3 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 and the Bank are required to maintain cash collateral with dealer counterparties for interest rate swap relationships in a loss position. At December 31, 2021 and 2020, $3.88 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. 1

Holding Company Condensed Finan

Holding Company Condensed Financial Information	12 Months Ended
Holding Company Condensed Financial Information	Dec. 31, 2021
Holding Company Condensed Financial Information
Holding Company Condensed Financial Information	NOTE 22: Holding Company Condensed Financial Information The following tables present the condensed balance sheets as of December 31, 2021 and 2020 and the condensed statements of comprehensive income and cash flows for the years ended December 31, 2021, 2020 and 2019 for the Corporation on a standalone basis: December 31, (Dollars in thousands) 2021 2020 Condensed Balance Sheets Assets Cash $ 20,584 $ 21,272 Other assets 24,884 22,680 Investment in C&F Bank 235,771 218,148 Total assets $ 281,239 $ 262,100 Liabilities and equity Trust preferred capital notes $ 25,351 $ 25,316 Long-term borrowings 24,029 24,093 Other liabilities 21,541 18,886 Equity 210,318 193,805 Total liabilities and equity $ 281,239 $ 262,100 Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Condensed Statements of Comprehensive Income Interest expense on borrowings $ (2,348) $ (1,611) $ (1,135) Dividends received from C&F Bank 12,500 8,746 22,632 Equity in undistributed net income of C&F Bank 18,653 15,373 (1,697) Other income 2,207 2,041 2,108 Other expenses (2,345) (2,432) (3,049) Net income 28,667 22,117 18,859 Other comprehensive income (loss), net of tax (132) 294 2,423 Comprehensive income $ 28,535 $ 22,411 $ 21,282 Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Condensed Statements of Cash Flows Operating activities: Net cash provided by operating activities $ 12,001 $ 8,141 $ 20,674 Investing activities: Acquisition of Peoples Bankshares, Inc. — (10,084) — Swap collateral, net 1,030 (1,710) (150) Net cash provided by (used in) investing activities 1,030 (11,794) (150) Financing activities: Proceeds from borrowings — 19,924 — Common stock repurchases (8,232) (1,061) (4,385) Cash dividends (5,675) (5,546) (5,131) Other financing activities, net 188 144 140 Net cash (used in) provided by financing activities (13,719) 13,461 (9,376) Net (decrease) increase in cash and cash equivalents (688) 9,808 11,148 Cash at beginning of year 21,272 11,464 316 Cash at end of year $ 20,584 $ 21,272 $ 11,464

Other Noninterest Expenses

Other Noninterest Expenses	12 Months Ended
Other Noninterest Expenses	Dec. 31, 2021
Other Noninterest Expenses
Other Noninterest Expenses	NOTE 23: Other Noninterest Expenses The following table presents the significant components in the Consolidated Statements of Income line “Noninterest Expenses-Other.” Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Data processing fees $ 11,088 $ 10,916 $ 8,958 Mortgage banking loan processing expenses 3,128 3,235 1,666 Professional fees 3,066 3,046 3,265 Marketing and advertising expenses 1,523 1,663 1,781 Telecommunication expenses 1,517 1,455 1,328 Travel and educational expenses 959 1,153 1,329 Other real estate (gain)/loss and expenses, net (379) 213 58 All other noninterest expenses 7,533 7,654 5,952 Total other noninterest expenses $ 28,435 $ 29,335 $ 24,337 There were no merger related expenses for the year ended December 31, 2021. The table above includes merger related expenses for the year ended December 31, 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. The table above includes merger related expenses for the year ended December 31, 2019 of approximately $709,000, of which $50,000 was included in data processing fees, $614,000 was included in professional fees, $1,000 was included in telecommunication expenses and $44,000 was included in all other noninterest expenses.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation:
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 20.
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 December 31, 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, 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:
Significant Group Concentrations of Credit Risk	Significant Group Concentrations of Credit Risk:
Cash and Cash Equivalents	Cash and Cash Equivalents:
Securities	Securities: Impairment of debt securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (i) we intend to sell the security or (ii) it is more-likely-than-not that we will be required to sell the security before recovery of its amortized cost basis. If, however, the Corporation does not intend to sell the security and it is not more-likely-than-not that the Corporation will be required to sell the security before recovery, the Corporation must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost basis of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than-temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. The Corporation regularly reviews unrealized losses in its investments in securities based on criteria including the extent to which market value is below amortized cost, the duration of that market decline, the financial health of and specific prospects for the issuer, the Corporation’s best estimate of the present value of cash flows expected to be collected from debt securities, the Corporation’s intention with regard to holding the security to maturity and the likelihood that the Corporation would be required to sell the security before recovery.
Loans Held for Sale	Loans Held for Sale: Fair Value Measurement,
Loans Acquired in a Business Combination	Loans Acquired in a Business Combination: of the loan when there is a reasonable expectation about the amount and timing of such cash flows. On a quarterly basis, the Corporation evaluates its estimate of cash flows expected to be collected. Estimates of cash flows for PCI loans require significant judgment. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses, while subsequent increases in cash flows may result in a reversal of post-acquisition provision for loan losses, or a transfer from nonaccretable difference to accretable yield that increases interest income over the remaining life of the loan or pool(s) of loans. Disposals of loans, which may include sale of loans to third parties, receipt of payments in full or part from the borrower or foreclosure of the collateral, result in removal of the loan from the PCI loan portfolio at its carrying amount. PCI loans are not classified as nonperforming loans by the Corporation at the time they are acquired, regardless of whether they had been classified as nonperforming by the previous holder of such loans, and they will not be classified as nonperforming so long as, at quarterly re-estimation periods, we believe we will fully collect the new carrying value of the pools of loans. Loans not designated PCI loans as of the acquisition date are designated purchased performing loans. The Corporation accounts for purchased performing loans using the contractual cash flows method of recognizing discount accretion based on the acquired loans’ contractual cash flows. Purchased performing loans are recorded at fair value, including a credit discount. The fair value discount is accreted as an adjustment to yield over the estimated lives of the loans. There is no allowance for loan losses established at the acquisition date for purchased performing loans. A provision for loan losses may be required in future periods for any deterioration in these loans in future periods.
Originated Loans	Originated Loans: A loan’s past due status is based on the contractual due date of the most delinquent payment due. Loans are generally placed on nonaccrual status when the collection of principal or interest is 90 days or more past due, or earlier, if collection is uncertain based on an evaluation of the net realizable value of the collateral and the financial strength of the borrower. Loans greater than 90 days past due may remain on accrual status if management determines it has adequate collateral to cover the principal and interest. For those loans that are carried on nonaccrual status, payments are first applied to principal outstanding. A loan may be returned to accrual status if the borrower has demonstrated a sustained period of repayment performance in accordance with the contractual terms of the loan and there is reasonable assurance the borrower will continue to make payments as agreed. These policies are applied consistently across our loan portfolio. The Corporation considers a loan impaired when it is probable that the Corporation will be unable to collect all interest and principal payments as scheduled in the loan agreement. A loan is not considered impaired during a period of delay in payment if the ultimate collectibility of all amounts due is expected. Impairment is measured based on either the fair value of the loan using the loan’s obtainable market price or the fair value of the collateral, if the loan is collateral dependent, or using the present value of expected future cash flows discounted at the loan’s effective interest rate, which is not a fair value measurement. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Troubled debt restructurings (TDRs) occur when the Corporation agrees to significantly modify the original terms of a loan due to the deterioration in the financial condition of the borrower. TDRs are considered impaired loans and are evaluated individually. Upon designation as a TDR, the Corporation evaluates the borrower’s payment history, past due status and ability to make payments based on the revised terms of the loan. If a loan was accruing prior to being modified as a TDR and if the Corporation concludes that the borrower is able to make such payments, and there are no other factors or circumstances that would cause it to conclude otherwise, the loan will remain on an accruing status. If a loan was on nonaccrual status at the time of the TDR, the loan will remain on nonaccrual status following the modification and may be returned to accrual status based on the policy for returning loans to accrual status as noted above. The Corporation has accommodated certain borrowers affected by the COVID-19 pandemic by granting short-term payment deferrals or periods of interest-only payments, including loans that remain in deferral as of December 31, 2021, with an aggregate balance of $7.20 million. Generally, a short-term payment deferral does not result in a loan modification being classified as a TDR. Additionally, the Coronavirus Aid, Relief and Economic Security Act (CARES Act), enacted on March 27, 2020, and as subsequently supplemented, provided that certain loan modifications that were (1) related to COVID-19 and (2) for loans that were not more than 30 days past due as of December 31, 2019 are not required to be designated as TDRs. In the ordinary course of business, the Corporation has entered into commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the Consolidated Balance Sheets when they are funded.
Paycheck Protection Program	Paycheck Protection Program:
Allowance for Loan Losses	Allowance for Loan Losses: The allowance represents an amount that, in management’s judgment, will be adequate to absorb probable losses inherent in the loan portfolio. Management’s judgment in determining the level of the allowance is based on evaluations of the collectibility of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower’s ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The evaluation also considers the following risk characteristics of each loan portfolio: ● Real estate residential mortgage loans carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. ● Real estate construction loans carry risks that the project will not be finished according to schedule, the project will not be finished according to budget and the value of the collateral may, at any point in time, be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be a loan customer, may be unable to finish the construction project as planned because of financial pressure unrelated to the project. ● Commercial, financial and agricultural loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because the repayment of these loans may be dependent upon the profitability and cash flows of the business or project. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time and cannot be appraised with as much precision. ● Consumer and consumer finance loans carry risks associated with the continued credit-worthiness of the borrower and the value of the collateral (e.g., rapidly-depreciating assets such as automobiles and marine and recreational vehicles (RVs)), or lack thereof. Consumer loans are more likely than real estate loans to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy. ● Equity lines of credit carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. The allowance consists of specific and general components. The specific component relates to loans that are individually evaluated for impairment, and is established when the discounted cash flows (or collateral value or observable market price) of an impaired loan is lower than the carrying value of that loan. For collateral dependent loans, an updated appraisal will be ordered if a current one is not on file. Appraisals are performed by independent third-party appraisers with relevant industry experience. Adjustments to the appraised value may be made based on recent sales of similar properties or general market conditions when appropriate. The general component covers non-classified loans and those loans classified as substandard or special mention that are not individually evaluated for impairment. The general component is based on historical loss experience adjusted for qualitative factors, such as current economic conditions, including current home sales and foreclosures, unemployment rates and retail sales. Relative to non-classified loans, non-impaired classified loans are assigned a higher allowance factor which increases with the severity of classification. The characteristics of these loan ratings are as follows: ● Pass rated loans are to persons or business entities with an acceptable financial condition, appropriate collateral margins, appropriate cash flow to service the existing loan, and an appropriate leverage ratio. The borrower has paid all obligations as agreed and it is expected that this type of payment history will continue. When necessary, acceptable personal guarantors support the loan. ● Special mention loans have a specific identified weakness in the borrower’s operations and in the borrower’s ability to generate positive cash flow on a sustained basis. The borrower’s recent payment history may be characterized by late payments. The Corporation’s risk exposure is mitigated by collateral supporting the loan. The collateral is considered to be well-margined, well maintained, accessible and readily marketable. ● Substandard loans are considered to have specific and well-defined weaknesses that jeopardize the viability of the Corporation’s credit extension. The payment history for the loan has been inconsistent and the expected or projected primary repayment source may be inadequate to service the loan. The estimated net liquidation value of the collateral pledged and/or ability of the personal guarantor(s) to pay the loan may not adequately protect the Corporation. There is a distinct possibility that the Corporation will sustain some loss if the deficiencies associated with the loan are not corrected in the near term. A substandard loan would not automatically meet the Corporation’s definition of impaired unless the loan is significantly past due and the borrower’s performance and financial condition provide evidence that it is probable that the Corporation will be unable to collect all amounts due. ● Substandard nonaccrual loans have the same characteristics as substandard loans; however, they have a nonaccrual classification because it is probable that the Corporation will not be able to collect all amounts due. ● Doubtful rated loans have all the weaknesses inherent in a loan that is classified substandard but with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high. ● Loss rated loans are not considered collectible under normal circumstances and there is no realistic expectation for any future payment on the loan. Loss rated loans are fully charged off. On a quarterly basis the Corporation evaluates its estimate of cash flows to be collected on PCI loans. These evaluations require the continued assessment of key assumptions and estimates similar to the initial estimate of fair value as of the acquisition date, such as the effect of collateral value changes, changing loss severities, estimated and experienced prepayment speeds and other relevant factors. Subsequent decreases to the expected cash flows to be collected on a PCI loan will generally result in a provision for loan losses. The consumer finance loans are segregated between performing and nonperforming loans. Performing loans are those that have made timely payments in accordance with the terms of the loan agreement and are not past due 90 days or more. Nonperforming loans are those that do not accrue interest and are greater than 90 days past due.
Allowance for Indemnifications	Allowance for Indemnifications: The allowance represents an amount that, in management’s judgment, will be adequate to absorb any losses that are probable of arising from valid indemnification requests for loans that have been sold by the mortgage banking segment. Management’s judgment in determining the level of the allowance is based on the volume of loans sold, historical experience, current economic conditions, changes in operational and compliance processes, and information provided by investors. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available.
Other Real Estate Owned (OREO)	Other Real Estate Owned (OREO): The Corporation records a gain/loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Corporation finances the sale of OREO to the buyer, the Corporation assesses whether the buyer is committed to perform the obligations under the contract and whether collectability of the transaction price is probable. In determining the gain/loss on the sale, the Corporation adjusts the transaction price and the related gain/loss on sale if a significant financing component is present.
Repossessed Assets	Repossessed Assets: Repossessed assets primarily consist of vehicles repossessed by C&F Finance due to borrowers’ payment defaults. The repossession process is generally initiated after a loan becomes more than 60 days delinquent. Most customers have an opportunity to redeem their repossessed vehicles by paying all outstanding balances, including finance charges and fees. Vehicles that are not redeemed within a prescribed waiting period following repossession are then reclassified from loans to repossessed assets available-for-sale (included in other assets) and recorded initially at fair value less estimated costs to sell. The difference between the carrying amount of each loan and the fair value of the vehicle (i.e., the deficiency) is charged against the allowance for loan losses. The waiting period is determined as the length of time after repossession that C&F Finance is prohibited to sell the vehicle under the laws of the state where the vehicle was repossessed. Accounts still in process of collection or for which the Corporation does not have the legal right to sell continue to be classified as loans until such legal authority is obtained. At December 31, 2021, repossessed vehicles at fair value less estimated costs to sell included in other assets totaled $190,000 , compared to $291,000 at December 31, 2020. Repossession expense includes the costs to repossess and sell vehicles. These costs include transportation, storage, rekeying, condition reports, legal fees, fees paid to repossession agents and auction fees. These costs are included in noninterest expenses.
Corporate Premises and Equipment	Corporate Premises and Equipment: Land is carried at cost. Buildings and equipment are carried at cost less accumulated depreciation computed using a straight-line method over the estimated useful lives of the assets. Estimated useful lives range from ten to forty years for buildings and from three to ten years for equipment, furniture and fixtures. Maintenance and repairs are charged to expense as incurred and major improvements are capitalized. Upon sale or retirement of depreciable properties, the cost and related accumulated depreciation are netted against proceeds and any resulting gain or loss is included in income.
Goodwill	Goodwill: The Corporation reviews the carrying value of goodwill at least annually or more frequently if certain impairment indicators exist. In testing goodwill for impairment, the Corporation may first consider qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, we conclude that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then no further testing is required and the goodwill of the reporting unit is not impaired. If the Corporation elects to bypass the qualitative assessment or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the fair value of the reporting unit is compared with its carrying amount to determine whether an impairment exists.
Transfer of Financial Assets	Transfer of Financial Assets:
Income Taxes	Income Taxes: C&F Bank invests in qualified affordable housing projects through housing equity funds, the purpose of which is to encourage investment in low-income residential property development in Virginia by providing a return on investment through federal income tax credits and other tax benefits on losses generated by the projects. C&F Bank recognizes its share of losses on these projects as a component of income tax expense. The benefit of an uncertain tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination by the applicable taxing authority, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. Interest and penalties associated with unrecognized tax benefits are recognized as a component of income tax expense.
Retirement Plan	Retirement Plan: a settlement of a portion of its pension benefit obligation only if, in the aggregate for a given year, they exceed the sum of the annual service cost and interest cost for the pension plan. Upon recognition of any settlement, a related portion of unrecognized actuarial gains or losses in accumulated other comprehensive income are reclassified into net income through net periodic pension cost.
Share-Based Compensation	Share-Based Compensation:
Earnings Per Share	Earnings Per Share:
Derivative Financial Instruments	Derivative Financial Instruments:
Leases	Leases:
Service Charges on Deposit Accounts	Service Charges on Deposit Accounts:
Other Service Charges and Fees	Other Service Charges and Fees:
Interchange Income	Interchange Income:
Wealth Management Services Income, Net	Wealth Management Services Income, Net:
Mortgage Lender Services Income	Mortgage Lender Services Income:
Recent Significant Accounting Pronouncements	Recent Significant Accounting Pronouncements: 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 (Tables)

Business Combination (Tables)	12 Months Ended
Business Combination (Tables)	Dec. 31, 2021
Schedule of acquired loans	December 31, 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 $ 8,350 $ 57,862 $ 66,212 $ 12,760 $ 89,043 $ 101,803 Carrying amount Real estate – residential mortgage $ 817 $ 9,997 $ 10,814 $ 1,473 $ 15,117 $ 16,590 Real estate – construction — 1,356 1,356 — 1,077 1,077 Commercial, financial and agricultural 1 2,753 37,313 40,066 4,758 58,796 63,554 Equity lines 38 6,919 6,957 80 10,182 10,262 Consumer 47 1,213 1,260 48 1,924 1,972 Total acquired loans $ 3,655 $ 56,798 $ 60,453 $ 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
Schedule of unaudited pro forma amounts	Unaudited Pro Forma Year Ended (Dollars in thousands, except per share amounts) December 31, 2019 Total revenues (net interest income plus nonintererest income) $ 120,173 Net income $ 18,261 Net income per share, basic and diluted $ 4.99

Securities (Tables)

Securities (Tables)	12 Months Ended
Securities (Tables)	Dec. 31, 2021
Securities
Summary of available for sale debt securities	December 31, 2021 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 69,583 $ 41 $ (1,339) $ 68,285 Mortgage-backed securities 189,985 1,565 (1,201) 190,349 Obligations of states and political subdivisions 91,304 1,642 (280) 92,666 Corporate and other debt securities 21,648 246 (121) 21,773 $ 372,520 $ 3,494 $ (2,941) $ 373,073 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	December 31, 2021 Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ 58,069 $ 57,548 Due after one year through five years 225,197 226,623 Due after five years through ten years 79,762 79,691 Due after ten years 9,492 9,211 $ 372,520 $ 373,073
Schedule of gross realized gains and losses and the proceeds	Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Realized gains from sales, maturities and calls of securities: Gross realized gains $ 42 $ 38 $ 10 Gross realized losses — — — Net realized gains $ 42 $ 38 $ 10 Proceeds from sales, maturities, calls and paydowns of securities $ 114,019 $ 123,741 $ 75,583
Schedule of securities in an unrealized loss position	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 $ 46,561 $ 945 $ 10,604 $ 394 $ 57,165 $ 1,339 Mortgage-backed securities 126,873 1,127 5,178 74 132,051 1,201 Obligations of states and political subdivisions 16,578 224 2,703 56 19,281 280 Corporate and other debt securities 8,925 121 — — 8,925 121 Total temporarily impaired securities $ 198,937 $ 2,417 $ 18,485 $ 524 $ 217,422 $ 2,941 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)	12 Months Ended
Loans (Tables)	Dec. 31, 2021
Loans
Summary of major classifications of loans	December 31, (Dollars in thousands) 2021 2020 Real estate – residential mortgage $ 217,016 $ 218,298 Real estate – construction 1 57,495 62,147 Commercial, financial and agricultural 2 717,730 700,215 Equity lines 41,345 48,466 Consumer 8,280 11,028 Consumer finance 3 368,194 312,252 1,410,060 1,352,406 Less allowance for loan losses (40,157) (39,156) Loans, net $ 1,369,903 $ 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 PPP). 3 Includes the Corporation’s non-prime automobile lending and prime marine and recreational vehicle lending.
Schedule of acquired loans	December 31, 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 $ 8,350 $ 57,862 $ 66,212 $ 12,760 $ 89,043 $ 101,803 Carrying amount Real estate – residential mortgage $ 817 $ 9,997 $ 10,814 $ 1,473 $ 15,117 $ 16,590 Real estate – construction — 1,356 1,356 — 1,077 1,077 Commercial, financial and agricultural 1 2,753 37,313 40,066 4,758 58,796 63,554 Equity lines 38 6,919 6,957 80 10,182 10,262 Consumer 47 1,213 1,260 48 1,924 1,972 Total acquired loans $ 3,655 $ 56,798 $ 60,453 $ 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)	Year Ended December 31, (Dollars in thousands) 2021 2020 Accretable yield, balance at beginning of period $ 4,048 $ 4,721 Acquisition of Peoples — 3,372 Accretion (2,472) (3,032) Sale of PCI loan pool — (323) Reclassification of nonaccretable difference due to improvement in expected cash flows 794 521 Other changes, net 741 (1,211) Accretable yield, balance at end of period $ 3,111 $ 4,048
Schedule of loans on nonaccrual status	Loans on nonaccrual status at December 31, 2021 and 2020 were as follows: December 31, (Dollars in thousands) 2021 2020 Real estate – residential mortgage $ 315 $ 276 Commercial, financial and agricultural: Commercial business lending 2,122 2,428 Equity lines 104 191 Consumer 3 107 Consumer finance: Automobiles 380 402 Marine and recreational vehicles — — Total loans on nonaccrual status $ 2,924 $ 3,404
Schedule of past due status of loans	The past due status of loans as of December 31, 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 $ 963 $ 325 $ 429 $ 1,717 $ 817 $ 214,482 $ 217,016 $ 129 Real estate – construction: Construction lending — — — — — 39,252 39,252 — Consumer lot lending — — — — — 18,243 18,243 — Commercial, financial and agricultural: Commercial real estate lending — 39 — 39 2,753 525,121 527,913 — Land acquisition and development lending — — — — — 27,609 27,609 — Builder line lending — — — — — 30,499 30,499 — Commercial business lending 8 — — 8 — 131,701 131,709 — Equity lines 55 31 49 135 38 41,172 41,345 49 Consumer 12 — — 12 47 8,221 8,280 — Consumer finance: Automobiles 6,519 1,008 380 7,907 — 314,160 322,067 — Marine and recreational vehicles 32 — — 32 — 46,095 46,127 — Total $ 7,589 $ 1,403 $ 858 $ 9,850 $ 3,655 $ 1,396,555 $ 1,410,060 $ 178 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due. 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: Automobiles 8,231 967 402 9,600 — 263,106 272,706 — Marine and recreational vehicles 18 — — 18 — 39,528 39,546 — 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.
Schedule of loan modifications classified as TDRs	Year Ended December 31, 2021 2020 2019 Number of Recorded Number of Recorded Number of Recorded (Dollars in thousands) Loans Investment Loans Investment Loans Investment Real estate – residential mortgage 1 $ 4 2 $ 176 2 $ 95 Equity lines — — 1 84 — — Consumer — — — — 1 121 Total 1 $ 4 3 $ 260 3 $ 216
Schedule of impaired loans	Impaired loans, which included TDRs of $2.69 million, and the related allowance at December 31, 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 $ 1,689 $ 550 $ 1,035 $ 63 $ 1,560 $ 64 Commercial, financial and agricultural: Commercial real estate lending 1,389 — 1,390 103 1,393 72 Commercial business lending 2,234 — 2,123 489 2,257 — Equity lines 118 110 — — 119 4 Total $ 5,430 $ 660 $ 4,548 $ 655 $ 5,329 $ 140 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)	12 Months Ended
Allowance for Loan Losses (Tables)	Dec. 31, 2021
Allowance for Loan Losses
Schedule of changes in the allowance for loan losses	Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Balance at December 31, 2018 $ 2,246 $ 727 $ 6,688 $ 1,106 $ 257 $ 22,999 $ 34,023 Provision charged to operations (146) (46) 458 (235) 329 8,155 8,515 Loans charged off (46) — (29) (138) (349) (13,991) (14,553) Recoveries of loans previously charged off 26 — 4 — 228 4,630 4,888 Balance at December 31, 2019 2,080 681 7,121 733 465 21,793 32,873 Provision charged to operations 808 294 3,589 (47) (34) 6,470 11,080 Loans charged off (62) — (18) — (231) (9,331) (9,642) Recoveries of loans previously charged off 88 — 4 1 171 4,581 4,845 Balance at December 31, 2020 2,914 975 10,696 687 371 23,513 39,156 Provision charged to operations (279) (119) 385 (95) (137) 820 575 Loans charged off — — — — (184) (4,381) (4,565) Recoveries of loans previously charged off 25 — 4 1 122 4,839 4,991 Balance at December 31, 2021 $ 2,660 $ 856 $ 11,085 $ 593 $ 172 $ 24,791 $ 40,157
Schedule of balance of the allowance for loan losses and the allowance by impairment methodology	The following table presents, as of December 31, 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 $ 63 $ — $ 592 $ — $ — $ — $ 655 Collectively evaluated for impairment 2,597 856 10,493 593 172 24,791 39,502 Acquired loans - PCI — — — — — — — Total allowance $ 2,660 $ 856 $ 11,085 $ 593 $ 172 $ 24,791 $ 40,157 Loans: Individually evaluated for impairment $ 1,585 $ — $ 3,513 $ 110 $ — $ — $ 5,208 Collectively evaluated for impairment 214,614 57,495 711,464 41,197 8,233 368,194 1,401,197 Acquired loans - PCI 817 — 2,753 38 47 — 3,655 Total loans $ 217,016 $ 57,495 $ 717,730 $ 41,345 $ 8,280 $ 368,194 $ 1,410,060 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

OREO (Tables)

OREO (Tables)	12 Months Ended
OREO (Tables)	Dec. 31, 2021
OREO
Changes in the balance for OREO	Year Ended December 31, (Dollars in thousands) 2021 2020 Balance at the beginning of year, gross $ 1,114 $ 1,191 Additions — 344 Charge-offs (54) (57) Sales proceeds (462) (364) Gain on disposition 237 — Balance at the end of year, gross 835 1,114 Less valuation allowance — (207) Balance at the end of year, net $ 835 $ 907
Changes in the allowance for OREO	Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Balance at the beginning of year $ 207 $ 88 $ 57 Provision for losses (153) 176 31 Charge-offs, net (54) (57) — Balance at the end of year $ — $ 207 $ 88

Corporate Premises and Equipm_2

Corporate Premises and Equipment (Tables)	12 Months Ended
Corporate Premises and Equipment (Tables)	Dec. 31, 2021
Corporate Premises and Equipment
Schedule of major classifications of corporate premises and equipment	December 31, (Dollars in thousands) 2021 2020 Land $ 9,104 $ 8,961 Buildings 48,231 45,352 Equipment, furniture and fixtures 22,061 21,278 79,396 75,591 Less accumulated depreciation (34,597) (31,459) $ 44,799 $ 44,132

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
Goodwill and Other Intangible Assets (Tables)	Dec. 31, 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 December 31, 2020 $ 14,468 $ 10,723 $ 25,191
Schedule of gross carrying amounts and accumulated amortization of other intangible assets	December 31, 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 $ (325) $ 1,711 $ (171) Other amortizable intangibles 1,405 (814) 1,405 (654) Total $ 3,116 $ (1,139) $ 3,116 $ (825)
Schedule of estimated remaining amortization expense of intangibles	(Dollars in thousands) 2022 $ 298 2023 273 2024 260 2025 237 2026 101 Thereafter 808 Total $ 1,977

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2021
Leases
Schedule of lease cost	Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Operating lease cost $ 1,331 $ 1,616 $ 1,681 Finance lease cost: Amortization of right-of-use asset 314 166 — Interest on lease liability 129 70 — Short-term lease cost 142 219 128 Variable lease cost 46 52 43 Total lease cost $ 1,962 $ 2,123 $ 1,852
Schedule of balance sheet details and quantitative details	December 31, December 31, (Dollars in thousands) 2021 2020 Operating leases: Right of use assets $ 3,221 $ 2,404 Lease liabilities 3,324 2,488 Weighted average remaining lease term (years) 7.0 3.0 Weighted average discount rate 1.7 % 2.2 % Finance leases: Right of use assets $ 5,879 $ 6,193 Lease liabilities 6,346 6,305 Weighted average remaining lease term (years) 18.5 19.5 Weighted average discount rate 2.0 % 2.0 %
Schedule of cash flow information	Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Operating leases: Operating cash flows $ 1,313 $ 1,659 $ 1,567 Finance leases: Operating cash flows 129 70 — Financing cash flows 195 53 — Total cash flows $ 1,637 $ 1,782 $ 1,567
Schedule of maturities of operating lease liabilities	December 31, 2021 (Dollars in thousands) Operating Leases Finance Leases 2022 $ 870 $ 302 2023 751 337 2024 536 346 2025 323 355 2026 214 364 Thereafter 881 6,009 Total 3,575 7,713 Imputed interest (251) (1,367) Lease liabilities $ 3,324 $ 6,346
Schedule of maturities of finance lease liabilities	December 31, 2021 (Dollars in thousands) Operating Leases Finance Leases 2022 $ 870 $ 302 2023 751 337 2024 536 346 2025 323 355 2026 214 364 Thereafter 881 6,009 Total 3,575 7,713 Imputed interest (251) (1,367) Lease liabilities $ 3,324 $ 6,346

Time Deposits (Tables)

Time Deposits (Tables)	12 Months Ended
Time Deposits (Tables)	Dec. 31, 2021
Time Deposits
Schedule of time deposits	December 31, (Dollars in thousands) 2021 2020 Certificates of deposit, over $250 $ 114,533 $ 125,293 Other time deposits 311,188 344,290 $ 425,721 $ 469,583
Schedule of remaining maturities on time deposits	(Dollars in thousands) December 31, 2021 2022 $ 324,946 2023 52,720 2024 23,971 2025 14,760 2026 6,628 Thereafter 2,696 $ 425,721

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
Borrowings (Tables)	Dec. 31, 2021
Borrowings
Schedule of selected information on short-term borrowings	December 31, (Dollars in thousands) 2021 2020 Balance outstanding at year end 1 $ 34,735 $ 20,455 Maximum balance at any month end during the year $ 38,197 $ 60,481 Average balance for the year $ 27,360 $ 22,737 Weighted average rate for the year 0.47 % 0.54 % Weighted average rate on borrowings at year end 0.48 % 0.49 % Estimated fair value at year end $ 34,735 $ 20,455 1 Consists of repurchase transactions with customers, which generally mature the day following the day sold and are secured by investment securities.

Equity, Other Comprehensive I_2

Equity, Other Comprehensive Income and Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Equity, Other Comprehensive Income and Earnings Per Share
Schedule of the components of accumulated other comprehensive loss, net of deferred taxes	December 31, (Dollars in thousands) 2021 2020 Net unrealized gains on securities $ 437 $ 4,397 Net unrecognized losses on cash flow hedges (469) (1,367) Net unrecognized losses on defined benefit plan (2,055) (4,985) Total accumulated other comprehensive loss, net $ (2,087) $ (1,955)
Schedule of components earnings per share calculations	Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Net income attributable to C&F Financial Corporation $ 28,667 $ 22,117 $ 18,859 Weighted average shares outstanding — 3,604,119 3,648,696 3,450,745

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2021
Income Taxes
Schedule of principal components of income tax expense	Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Current taxes $ 9,049 $ 7,612 $ 4,728 Deferred taxes (90) (817) 354 $ 8,959 $ 6,795 $ 5,082
Schedule of reconciliation of effective income tax rate to income tax provision	Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Amount Percent Amount Percent Amount Percent Income tax at statutory rates $ 7,997 21.0 % $ 6,136 21.0 % $ 5,026 21.0 % State income taxes 1,340 3.5 1,449 5.0 695 2.9 Tax-exempt interest income (396) (1.0) (493) (1.7) (453) (1.9) Excess compensation 571 1.5 328 1.1 — — Change in tax law — — (326) (1.1) — — Income from bank-owned life insurance (110) (0.3) (107) (0.4) (149) (0.6) Investments in qualified housing projects (48) (0.1) (82) (0.3) (93) (0.4) Share based compensation (83) (0.2) (77) (0.3) (126) (0.5) Contribution of real property (107) (0.3) — — — — Merger related expenses — — 29 0.1 96 0.4 Other (205) (0.5) (62) (0.2) 86 0.3 $ 8,959 23.6 % $ 6,795 23.2 % $ 5,082 21.2 %
Schedule of deferred tax assets and liabilities	December 31, (Dollars in thousands) 2021 2020 Deferred tax assets Allowances for loan losses and OREO losses $ 9,960 $ 9,743 Nonqualified defined contribution plan 3,948 3,595 Lease liabilities 2,057 1,906 Fair value adjustments related to business combinations 1,119 1,716 Share-based compensation 752 920 Reserve for indemnification losses 821 879 Accrued expenses 352 779 Cash flow hedges 158 471 Other 1,275 1,364 Deferred tax assets 20,442 21,373 Deferred tax liabilities Goodwill and other intangible assets (3,114) (3,164) Right of use assets (1,938) (1,868) Depreciation (989) (1,272) Net unrealized gain on securities available for sale (116) (1,169) Defined benefit plan (677) (345) Deferred tax liabilities (6,834) (7,818) Net deferred tax assets $ 13,608 $ 13,555

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
Employee Benefit Plans (Tables)	Dec. 31, 2021
Employee Benefit Plans
Schedule of Changes in Projected Benefit Obligations, Fair Value, and Funded Status	December 31, (Dollars in thousands) 2021 2020 Change in benefit obligation Projected benefit obligation, beginning $ 24,643 $ 20,794 Service cost 1,970 1,603 Interest cost 458 551 Actuarial (gain) loss (1,248) 2,996 Benefits paid (210) (1,301) Settlements paid (5,366) — Projected benefit obligation, ending 20,247 24,643 Change in plan assets Fair value of plan assets, beginning 26,287 22,806 Actual return on plan assets 2,759 2,782 Employer contributions — 2,000 Benefits paid (210) (1,301) Settlements paid (5,366) — Fair value of plan assets, ending 23,470 26,287 Funded status $ 3,223 $ 1,644 Amounts recognized as an other asset $ 3,223 $ 1,644 Amounts recognized in accumulated other comprehensive loss Net loss $ 2,970 $ 6,748 Prior service credits (370) (438) Deferred taxes (545) (1,325) Total recognized in accumulated other comprehensive loss $ 2,055 $ 4,985 Weighted-average assumptions for benefit obligation at valuation date Discount rate 2.5 % 2.1 % Rate of compensation increase 3.0 3.0 Interest crediting rate 5.0 5.0
Schedule of net periodic benefit costs	Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Components of net periodic benefit cost: Service cost, included in salaries and employee benefits $ 1,970 $ 1,603 $ 1,218 Other components of net periodic benefit cost: Interest cost 458 551 609 Expected return on plan assets (1,733) (1,492) (1,297) Amortization of prior service credit (68) (66) (68) Pension settlement charges 1,261 — — Recognized net actuarial losses 243 197 187 Other components of net periodic benefit cost, included in other noninterest expense 161 (810) (569) Net periodic benefit cost $ 2,131 $ 793 $ 649
Schedule of weighted-average assumptions used for net periodic benefit cost	January 1, 2021 2020 2019 Weighted-average assumptions for net periodic benefit cost Discount rate 2.1 % 2.9 % 4.0 % Expected return on plan assets 7.3 7.3 7.3 Rate of compensation increase 3.0 3.0 3.0 Interest crediting rate 5.0 5.0 5.0
Schedule of benefits expected to be paid by the plan in the next ten years	(Dollars in thousands) 2022 $ 782 2023 1,423 2024 1,315 2025 2,152 2026 989 2027 – 2031 10,083
Schedule of defined benefit pension plan weighted average asset allocations by asset category	December 31, 2021 2020 Mutual funds-fixed income 38 % 37 % Mutual funds-equity 62 63 Cash and equivalents * * 100 % 100 % * Less than one percent.
Summary of fair value of defined benefit plan assets	December 31, 2021 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Mutual funds-fixed income 1 $ 8,919 $ — $ — $ 8,919 Mutual funds-equity 2 14,551 — — 14,551 Cash and equivalents 3 — — — — Total pension plan assets $ 23,470 $ — $ — $ 23,470 December 31, 2020 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Mutual funds-fixed income 1 $ 9,726 $ — $ — $ 9,726 Mutual funds-equity 2 16,561 — — 16,561 Cash and equivalents 3 — — — — Total pension plan assets $ 26,287 $ — $ — $ 26,287 1 This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. 2 This category includes investments in mutual funds focused on equity securities with a diversified portfolio and includes investments in large cap and small cap funds, growth funds, international focused funds and value funds. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. 3 This category comprises cash and short-term cash equivalent funds. The funds are valued at cost which approximates fair value.

Share-Based Plans (Tables)

Share-Based Plans (Tables)	12 Months Ended
Share-Based Plans (Tables)	Dec. 31, 2021
Share-Based Plans
Summary of activity for restricted stock awards	2021 2020 2019 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested at beginning of year 155,945 $ 48.52 142,020 $ 48.88 139,455 $ 45.75 Granted 41,912 47.83 47,385 42.01 36,115 53.75 Vested (51,305) 48.11 (30,550) 39.84 (32,155) 40.69 Cancelled (5,975) 45.87 (2,910) 53.46 (1,395) 51.05 Nonvested at end of year 140,577 48.57 155,945 48.52 142,020 48.88

Regulatory Requirements and R_2

Regulatory Requirements and Restrictions (Tables)	12 Months Ended
Regulatory Requirements and Restrictions (Tables)	Dec. 31, 2021
Regulatory Requirements and Restrictions
Schedule of actual capital amounts and ratios	December 31, 2021 Minimum Capital Well Capitalized Actual Requirements Requirements (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio The Corporation Total risk-based capital ratio $ 257,779 15.8 % $ 130,817 8.0 % $ N/A N/A % Tier 1 risk-based capital ratio 213,095 13.0 98,113 6.0 N/A N/A Common Equity Tier 1 capital ratio 188,095 11.5 73,585 4.5 N/A N/A Tier 1 leverage ratio 213,095 9.7 88,121 4.0 N/A N/A The Bank Total risk-based capital ratio $ 233,780 14.5 % $ 128,701 8.0 % $ 160,876 10.0 % Tier 1 risk-based capital ratio 213,423 13.3 96,526 6.0 128,701 8.0 Common Equity Tier 1 capital ratio 213,423 13.3 72,394 4.5 104,569 6.5 Tier 1 leverage ratio 213,423 9.8 87,184 4.0 108,980 5.0 December 31, 2020 Minimum Capital Well Capitalized Actual Requirements Requirements (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio The Corporation Total risk-based capital ratio $ 240,060 15.2 % $ 125,947 8.0 % $ N/A N/A % Tier 1 risk-based capital ratio 196,140 12.5 94,460 6.0 N/A N/A Common Equity Tier 1 capital ratio 171,140 10.9 70,845 4.5 N/A N/A Tier 1 leverage ratio 196,140 9.6 81,414 4.0 N/A N/A The Bank Total risk-based capital ratio $ 214,151 13.8 % $ 124,291 8.0 % $ 155,364 10.0 % Tier 1 risk-based capital ratio 194,487 12.5 93,219 6.0 124,291 8.0 Common Equity Tier 1 capital ratio 194,487 12.5 69,914 4.5 100,987 6.5 Tier 1 leverage ratio 194,487 9.6 80,640 4.0 100,800 5.0

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	12 Months Ended
Commitments and Contingent Liabilities (Tables)	Dec. 31, 2021
Commitments and Contingent Liabilities
Schedule of allowance for indemnifications losses	Year Ended December 31, (Dollars in thousands) 2021 2020 Allowance, beginning of period $ 3,356 $ 2,475 Provision for indemnification losses (104) 881 Payments — — Allowance, end of period $ 3,252 $ 3,356

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
Fair Value of Assets and Liabilities (Tables)	Dec. 31, 2021
Fair Value of Assets and Liabilities
Schedule of balances of financial assets and liabilities measured at fair value on a recurring basis	December 31, 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 $ — $ 68,285 $ — $ 68,285 Mortgage-backed securities — 190,349 — 190,349 Obligations of states and political subdivisions — 92,666 — 92,666 Corporate and other debt securities — 21,773 — 21,773 Total securities available for sale — 373,073 — 373,073 Loans held for sale — 82,295 — 82,295 Derivatives IRLC — 1,523 — 1,523 Interest rate swaps on loans — 3,467 — 3,467 Total assets $ — $ 460,358 $ — $ 460,358 Liabilities: Derivatives Interest rate swaps on loans $ — $ 3,467 $ — $ 3,467 Cash flow hedges — 665 — 665 Forward sales of TBA securities — 3 — 3 Total liabilities $ — $ 4,135 $ — $ 4,135 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	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 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 December 31, 2021 Classified as Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 269,487 $ 267,745 $ 1,235 $ — $ 268,980 Securities available for sale 373,073 — 373,073 — 373,073 Loans, net 1,369,903 — — 1,379,564 1,379,564 Loans held for sale 82,295 — 82,295 — 82,295 Derivatives IRLC 1,523 — 1,523 — 1,523 Interest rate swaps on loans 3,467 — 3,467 — 3,467 Bank-owned life insurance 20,597 — 20,597 — 20,597 Accrued interest receivable 6,810 6,810 — — 6,810 Financial liabilities: Demand and savings deposits 1,488,893 1,488,893 — — 1,488,893 Time deposits 425,721 — 428,462 — 428,462 Borrowings 84,115 — 89,609 — 89,609 Derivatives Cash flow hedges 665 — 665 — 665 Interest rate swaps on loans 3,467 — 3,467 — 3,467 Forward sales of TBA securities 3 — 3 — 3 Accrued interest payable 715 715 — — 715 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)	12 Months Ended
Business Segments (Tables)	Dec. 31, 2021
Business Segments
Schedule of segment reporting information, by segment	Year Ended December 31, 2021 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 62,402 $ 3,845 $ 37,803 $ — $ (10,322) $ 93,728 Interest expense 5,693 1,157 9,503 2,349 (10,343) 8,359 Net interest income 56,709 2,688 28,300 (2,349) 21 85,369 Gain on sales of loans — 22,370 — — (91) 22,279 Other noninterest income 15,208 9,192 378 2,207 (101) 26,884 Net revenue 71,917 34,250 28,678 (142) (171) 134,532 Provision for loan losses (200) (45) 820 — — 575 Noninterest expense 54,981 23,328 14,213 3,375 (22) 95,875 Income (loss) before taxes 17,136 10,967 13,645 (3,517) (149) 38,082 Income tax expense (benefit) 3,051 3,284 3,685 (1,030) (31) 8,959 Net income (loss) $ 14,085 $ 7,683 $ 9,960 $ (2,487) $ (118) $ 29,123 Other data: Capital expenditures $ 878 $ 164 $ 3,744 $ — $ — $ 4,786 Depreciation and amortization $ 4,113 $ 256 $ 372 $ — $ — $ 4,741 5 c Year Ended December 31, 2020 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 62,173 $ 4,954 $ 38,949 $ — $ (9,163) $ 96,913 Interest expense 10,630 1,579 8,726 1,611 (9,164) 13,382 Net interest income 51,543 3,375 30,223 (1,611) 1 83,531 Gain on sales of loans 3,489 25,792 — — (57) 29,224 Other noninterest income 12,896 9,985 492 2,040 (30) 25,383 Net revenue 67,928 39,152 30,715 429 (86) 138,138 Provision for loan losses 4,600 10 6,470 — — 11,080 Noninterest expense 56,770 24,014 13,828 3,227 — 97,839 Income (loss) before taxes 6,558 15,128 10,417 (2,798) (86) 29,219 Income tax expense (benefit) 411 4,392 2,805 (795) (18) 6,795 Net income (loss) $ 6,147 $ 10,736 $ 7,612 $ (2,003) $ (68) $ 22,424 Other data: Capital expenditures $ 6,528 $ 354 $ 3,346 $ — $ — $ 10,228 Depreciation and amortization $ 3,733 $ 281 $ 175 $ — $ — $ 4,189 Year Ended December 31, 2019 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Interest income $ 59,465 $ 2,699 $ 41,389 $ 4 $ (8,547) $ 95,010 Interest expense 10,181 1,618 10,169 1,135 (8,547) 14,556 Net interest income 49,284 1,081 31,220 (1,131) — 80,454 Gain on sales of loans — 10,603 — — — 10,603 Other noninterest income 13,068 5,103 565 2,104 — 20,840 Net revenue 62,352 16,787 31,785 973 — 111,897 Provision for loan losses 360 — 8,155 — — 8,515 Noninterest expense 49,743 11,678 14,202 3,827 — 79,450 Income (loss) before taxes 12,249 5,109 9,428 (2,854) — 23,932 Income tax expense (benefit) 1,964 1,336 2,560 (778) — 5,082 Net income (loss) $ 10,285 $ 3,773 $ 6,868 $ (2,076) $ — $ 18,850 Other data: Capital expenditures $ 2,337 $ 246 $ 123 $ — $ — $ 2,706 Depreciation and amortization $ 3,424 $ 246 $ 196 $ — $ — $ 3,866 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Total assets at December 31, 2021 $ 2,131,391 $ 105,547 $ 372,292 $ 44,897 $ (389,606) $ 2,264,521 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)	12 Months Ended
Derivative Financial Instruments (Tables)	Dec. 31, 2021
Derivative Financial Instruments
Schedule of key elements of derivative instruments other than forward sales of mortgage loans	December 31, 2021 Notional (Dollars in thousands) Amount Assets Liabilities Cash flow hedges: Interest rate swap contracts $ 25,000 $ — $ 665 Not designated as hedges: Customer-related interest rate swap contracts: Matched interest rate swaps with borrower 72,352 3,303 164 Matched interest rate swaps with counterparty 72,352 164 3,303 Mortgage banking contracts: IRLCs 83,407 1,523 — Forward sales of TBA securities 9,250 — 3 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

Holding Company Condensed Fin_2

Holding Company Condensed Financial Information (Tables) - C&F Financial Corporation	12 Months Ended
	Dec. 31, 2021
Condensed Balance Sheet	December 31, (Dollars in thousands) 2021 2020 Condensed Balance Sheets Assets Cash $ 20,584 $ 21,272 Other assets 24,884 22,680 Investment in C&F Bank 235,771 218,148 Total assets $ 281,239 $ 262,100 Liabilities and equity Trust preferred capital notes $ 25,351 $ 25,316 Long-term borrowings 24,029 24,093 Other liabilities 21,541 18,886 Equity 210,318 193,805 Total liabilities and equity $ 281,239 $ 262,100
Condensed Statements of Comprehensive Income	Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Condensed Statements of Comprehensive Income Interest expense on borrowings $ (2,348) $ (1,611) $ (1,135) Dividends received from C&F Bank 12,500 8,746 22,632 Equity in undistributed net income of C&F Bank 18,653 15,373 (1,697) Other income 2,207 2,041 2,108 Other expenses (2,345) (2,432) (3,049) Net income 28,667 22,117 18,859 Other comprehensive income (loss), net of tax (132) 294 2,423 Comprehensive income $ 28,535 $ 22,411 $ 21,282
Condensed Cash Flow Statement	Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Condensed Statements of Cash Flows Operating activities: Net cash provided by operating activities $ 12,001 $ 8,141 $ 20,674 Investing activities: Acquisition of Peoples Bankshares, Inc. — (10,084) — Swap collateral, net 1,030 (1,710) (150) Net cash provided by (used in) investing activities 1,030 (11,794) (150) Financing activities: Proceeds from borrowings — 19,924 — Common stock repurchases (8,232) (1,061) (4,385) Cash dividends (5,675) (5,546) (5,131) Other financing activities, net 188 144 140 Net cash (used in) provided by financing activities (13,719) 13,461 (9,376) Net (decrease) increase in cash and cash equivalents (688) 9,808 11,148 Cash at beginning of year 21,272 11,464 316 Cash at end of year $ 20,584 $ 21,272 $ 11,464

Other Noninterest Expenses (Tab

Other Noninterest Expenses (Tables)	12 Months Ended
Other Noninterest Expenses (Tables)	Dec. 31, 2021
Other Noninterest Expenses
Schedule of other noninterest expense	Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Data processing fees $ 11,088 $ 10,916 $ 8,958 Mortgage banking loan processing expenses 3,128 3,235 1,666 Professional fees 3,066 3,046 3,265 Marketing and advertising expenses 1,523 1,663 1,781 Telecommunication expenses 1,517 1,455 1,328 Travel and educational expenses 959 1,153 1,329 Other real estate (gain)/loss and expenses, net (379) 213 58 All other noninterest expenses 7,533 7,654 5,952 Total other noninterest expenses $ 28,435 $ 29,335 $ 24,337

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Nature of Operations and Significant Group Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2021subsidiary
Category of loan concentration risk \| Loan Portfolio Concentration Risk [Member] \| Commercial, Financial & Agricultural
Concentration risk
Concentration risk, percentage	50.90%
Category of loan concentration risk \| Loan Portfolio Concentration Risk [Member] \| Non-prime consumer finance loans
Concentration risk
Concentration risk, percentage	22.20%
C&F Bank
Concentration risk
Number of wholly owned subsidiaries	5
C&F Mortgage \| C&F Select LLC
Concentration risk
Interest owned (as a percent)	51.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Originated Loans and Allowance for Loan Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Originated Loans and Allowance for Loan Losses
Non-accrual Status Collection Days Past Due	90 days
Aggregate balance	$ 7,200
Performing \| Maximum
Originated Loans and Allowance for Loan Losses
Threshold for classification as performing loans	90 days
Non-performing \| Minimum
Originated Loans and Allowance for Loan Losses
Threshold for classification as performing loans	90 days

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Paycheck Protection Program (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amount recognized in net loan fees	$ 88,118,000	$ 90,992,000	$ 87,519,000
Minimum
Fees as percentage of principal amount (as a percent)	1.00%
Maximum
Fees as percentage of principal amount (as a percent)	5.00%
Paycheck Protection Program
Aggregate fees	$ 6,310,000
Unrecognized aggregate fees	679,000
Amount recognized in net loan fees	$ 4,060,000	$ 1,560,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Repossessed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Delinquent threshold for repossession process to initiate	60 days
Other assets
Repossessed vehicles	$ 190	$ 291

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Corporate Premises and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Buildings \| Minimum
Premises and equipment
Property, Plant and Equipment, Useful Life	10 years
Buildings \| Maximum
Premises and equipment
Property, Plant and Equipment, Useful Life	40 years
Equipment, furniture and fixtures \| Minimum
Premises and equipment
Property, Plant and Equipment, Useful Life	3 years
Equipment, furniture and fixtures \| Maximum
Premises and equipment
Property, Plant and Equipment, Useful Life	10 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Transfer of Financial Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Summary of Significant Accounting Policies
Gain on sale of loans held for investment	$ 3,489

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Income taxes (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Summary of Significant Accounting Policies
Income tax benefits from a change in tax law	$ 326,000

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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Identifiable liabilities assumed:
Goodwill resulting from acquisition		$ 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	Dec. 31, 2021	Dec. 31, 2020
Business Combination
Outstanding principal balance		$ 66,212,000	$ 101,803,000
Loans, allowance for loan losses		40,157,000	39,156,000
PCI Loans
Business Combination
Outstanding principal balance		$ 8,350,000	$ 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) \| Maximum
Information about PCI loans acquired
Maturity of deposits	5 years
Peoples Bankshares, Incorporated (Peoples) \| PCI Loans
Business Combination
Outstanding principal balance	$ 4,280,000
Estimated fair value of loans acquired	$ 635,000

Business Combination - Pro form

Business Combination - Pro forma (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Unaudited pro forma information
After tax merger related expenses	$ 2,760
After tax merger related expenses per share (in US$ per share)	$ (0.75)
Total revenues (net interest income plus noninterest income)		$ 120,173
Net income		$ 18,261
Net income per share, basic and diluted		$ 4.99
Peoples Bankshares, Incorporated (Peoples)
Unaudited pro forma information
After tax merger related expenses	$ 2,110

Business Combination - Merger r

Business Combination - Merger related costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combination
Merger related costs	$ 0	$ 898,000	$ 709,000
Aggregated merger related costs		2,100,000	2,100,000
Aggregated merger related costs, after Income Taxes		1,780,000	1,780,000
Peoples Bankshares, Incorporated (Peoples)
Business Combination
Merger related costs	$ 0	1,400,000	709,000
Merger related costs, after income taxes		$ 1,130,000	$ 653,000

Securities - Available for sale

Securities - Available for sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 372,520	$ 280,824
Gross Unrealized Gains	3,494	5,769
Gross Unrealized Losses	(2,941)	(204)
Fair Value	373,073	286,389
U.S. government agencies and corporations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	69,583	48,171
Gross Unrealized Gains	41	121
Gross Unrealized Losses	(1,339)	(10)
Fair Value	68,285	48,282
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	189,985	120,664
Gross Unrealized Gains	1,565	3,165
Gross Unrealized Losses	(1,201)	(115)
Fair Value	190,349	123,714
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	91,304	100,405
Gross Unrealized Gains	1,642	2,436
Gross Unrealized Losses	(280)	(36)
Fair Value	92,666	102,805
Corporate and other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,648	11,584
Gross Unrealized Gains	246	47
Gross Unrealized Losses	(121)	(43)
Fair Value	$ 21,773	$ 11,588

Securities - Maturities and Rea

Securities - Maturities and Realized Gains and Losses (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Amortized Cost
Due in one year or less	$ 58,069,000
Due after one year through five years	225,197,000
Due after five years through ten years	79,762,000
Due after ten years	9,492,000
Amortized Cost	372,520,000	$ 280,824,000
Fair Value
Due in one year or less	57,548,000
Due after one year through five years	226,623,000
Due after five years through ten years	79,691,000
Due after ten years	9,211,000
Fair Value	373,073,000	286,389,000
Realized Gains and Losses
Number of securities sales			0
Proceeds from sales of securities	2,300,000	5,990,000
Gross realized gains	42,000	38,000	$ 10,000
Net realized gains	42,000	38,000	10,000
Proceeds from sales, maturities, calls and paydowns of securities	$ 114,019,000	$ 123,741,000	$ 75,583,000

Securities - Pledged as Collate

Securities - Pledged as Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Available for sale securities
Amortized Cost	$ 372,520	$ 280,824
Fair Value	373,073	286,389
Securities Pledged as Collateral
Available for sale securities
Amortized Cost	185,250	146,660
Fair Value	$ 186,220	$ 150,130

Securities - Unrealized Loss Po

Securities - Unrealized Loss Positions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)
Fair value
Less Than 12 Months, Fair Value	$ 198,937	$ 37,791
12 Months or More, Fair Value	18,485
Total Fair Value	217,422	37,791
Unrealized Loss
Less Than 12 Months, Unrealized Loss	2,417	204
12 Months or More, Unrealized Loss	524
Total Unrealized Loss	$ 2,941	204
Other information
Number of positions considered temporarily impaired \| security	163
Debt securities considered temporarily impaired	$ 217,422	37,791
Other than temporary impairment	0
U.S. government agencies and corporations
Fair value
Less Than 12 Months, Fair Value	46,561	12,719
12 Months or More, Fair Value	10,604
Total Fair Value	57,165	12,719
Unrealized Loss
Less Than 12 Months, Unrealized Loss	945	10
12 Months or More, Unrealized Loss	394
Total Unrealized Loss	1,339	10
Other information
Debt securities considered temporarily impaired	57,165	12,719
Mortgage-backed securities
Fair value
Less Than 12 Months, Fair Value	126,873	15,691
12 Months or More, Fair Value	5,178
Total Fair Value	132,051	15,691
Unrealized Loss
Less Than 12 Months, Unrealized Loss	1,127	115
12 Months or More, Unrealized Loss	74
Total Unrealized Loss	1,201	115
Other information
Debt securities considered temporarily impaired	132,051	15,691
Obligations of states and political subdivisions
Fair value
Less Than 12 Months, Fair Value	16,578	5,110
12 Months or More, Fair Value	2,703
Total Fair Value	19,281	5,110
Unrealized Loss
Less Than 12 Months, Unrealized Loss	224	36
12 Months or More, Unrealized Loss	56
Total Unrealized Loss	280	36
Other information
Debt securities considered temporarily impaired	19,281	5,110
Corporate and other debt securities
Fair value
Less Than 12 Months, Fair Value	8,925	4,271
Total Fair Value	8,925	4,271
Unrealized Loss
Less Than 12 Months, Unrealized Loss	121	43
Total Unrealized Loss	121	43
Other information
Debt securities considered temporarily impaired	$ 8,925	$ 4,271

Securities - Restricted Stocks

Securities - Restricted Stocks and others (Details)	12 Months Ended
Securities - Restricted Stocks and others (Details)	Dec. 31, 2021USD ($)
Securities
Investment in restricted stock	$ 1,030,000
Restricted stocks, other-than-temporary impairment	$ 0

Loans - Major Classifications o

Loans - Major Classifications of Loans (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Loans
Loans	$ 1,410,060,000	$ 1,352,406,000
Less allowance for loan losses	(40,157,000)	(39,156,000)
Loans, net	1,369,903,000	1,313,250,000
Real Estate Residential Mortgage
Loans
Loans	217,016,000	218,298,000
Real Estate Construction
Loans
Loans	57,495,000	62,147,000
Commercial, Financial & Agricultural
Loans
Loans	717,730,000	700,215,000
Equity lines
Loans
Loans	41,345,000	48,466,000
Consumer
Loans
Loans	8,280,000	11,028,000
Consumer Finance
Loans
Loans	368,194,000	312,252,000
Consumer
Loans
Amount included related to demand deposit overdrafts	$ 207,000	$ 284,000

Loans - Loans Acquired (Details

Loans - Loans Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Loans
Outstanding principal balance	$ 66,212	$ 101,803
Carrying amount
Total acquired loans	60,453	93,455
Real Estate Residential Mortgage
Carrying amount
Total acquired loans	10,814	16,590
Real Estate Construction
Carrying amount
Total acquired loans	1,356	1,077
Commercial, Financial & Agricultural
Carrying amount
Total acquired loans	40,066	63,554
Equity lines
Carrying amount
Total acquired loans	6,957	10,262
Consumer
Carrying amount
Total acquired loans	1,260	1,972
PCI Loans
Loans
Outstanding principal balance	8,350	12,760
Carrying amount
Total acquired loans	3,655	6,359
PCI Loans \| Real Estate Residential Mortgage
Carrying amount
Total acquired loans	817	1,473
PCI Loans \| Commercial, Financial & Agricultural
Carrying amount
Total acquired loans	2,753	4,758
PCI Loans \| Equity lines
Carrying amount
Total acquired loans	38	80
PCI Loans \| Consumer
Carrying amount
Total acquired loans	47	48
Purchased Performing
Loans
Outstanding principal balance	57,862	89,043
Carrying amount
Total acquired loans	56,798	87,096
Purchased Performing \| Real Estate Residential Mortgage
Carrying amount
Total acquired loans	9,997	15,117
Purchased Performing \| Real Estate Construction
Carrying amount
Total acquired loans	1,356	1,077
Purchased Performing \| Commercial, Financial & Agricultural
Carrying amount
Total acquired loans	37,313	58,796
Purchased Performing \| Equity lines
Carrying amount
Total acquired loans	6,919	10,182
Purchased Performing \| Consumer
Carrying amount
Total acquired loans	$ 1,213	$ 1,924

Loans - Change in Accretable Yi

Loans - Change in Accretable Yield (Details) - PCI Loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change in the accretable yield
Accretable yield, balance at beginning of period	$ 4,048	$ 4,721
Acquisition of Peoples		3,372
Accretion	(2,472)	(3,032)
Sale of PCI loan pool		(323)
Reclassification of nonaccreatable difference due to improvement in expected cash flows	794	521
Other changes, net	741	(1,211)
Accretable yield, balance at end of period	$ 3,111	$ 4,048

Loans - Loans on Nonaccrual Sta

Loans - Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Loans on nonaccrual status
Loans on nonaccrual status	$ 2,924	$ 3,404
Real Estate Residential Mortgage
Loans on nonaccrual status
Loans on nonaccrual status	315	276
Commercial, Financial & Agricultural \| Commercial business lending
Loans on nonaccrual status
Loans on nonaccrual status	2,122	2,428
Equity lines
Loans on nonaccrual status
Loans on nonaccrual status	104	191
Consumer
Loans on nonaccrual status
Loans on nonaccrual status	3	107
Consumer Finance \| Automobiles
Loans on nonaccrual status
Loans on nonaccrual status	$ 380	$ 402

Loans - Past Due Status (Detail

Loans - Past Due Status (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Past due status of loans
Total loans	$ 1,410,060,000	$ 1,352,406,000
90+ days past due and accruing	178,000	145,000
Current, nonaccrual status	2,240,000	2,860,000
Nonaccrual loans, 30-59 days past due		115,000
Nonaccrual loans, 90+ days past due	680,000	433,000
PCI
Past due status of loans
Total loans	3,655,000	6,359,000
30-59 Days Past Due
Past due status of loans
Total loans	7,589,000	9,427,000
60-89 Days Past Due
Past due status of loans
Total loans	1,403,000	1,121,000
90+ Days Past Due
Past due status of loans
Total loans	858,000	578,000
Total Past Due
Past due status of loans
Total loans	9,850,000	11,126,000
Current
Past due status of loans
Total loans	1,396,555,000	1,334,921,000
Real Estate Residential Mortgage
Past due status of loans
Total loans	217,016,000	218,298,000
90+ days past due and accruing	129,000	145,000
Real Estate Residential Mortgage \| PCI
Past due status of loans
Total loans	817,000	1,473,000
Real Estate Residential Mortgage \| 30-59 Days Past Due
Past due status of loans
Total loans	963,000	1,100,000
Real Estate Residential Mortgage \| 60-89 Days Past Due
Past due status of loans
Total loans	325,000	154,000
Real Estate Residential Mortgage \| 90+ Days Past Due
Past due status of loans
Total loans	429,000	176,000
Real Estate Residential Mortgage \| Total Past Due
Past due status of loans
Total loans	1,717,000	1,430,000
Real Estate Residential Mortgage \| Current
Past due status of loans
Total loans	214,482,000	215,395,000
Real Estate Construction
Past due status of loans
Total loans	57,495,000	62,147,000
Commercial, Financial & Agricultural
Past due status of loans
Total loans	717,730,000	700,215,000
Equity lines
Past due status of loans
Total loans	41,345,000	48,466,000
90+ days past due and accruing	49,000
Equity lines \| PCI
Past due status of loans
Total loans	38,000	80,000
Equity lines \| 30-59 Days Past Due
Past due status of loans
Total loans	55,000	52,000
Equity lines \| 60-89 Days Past Due
Past due status of loans
Total loans	31,000
Equity lines \| 90+ Days Past Due
Past due status of loans
Total loans	49,000
Equity lines \| Total Past Due
Past due status of loans
Total loans	135,000	52,000
Equity lines \| Current
Past due status of loans
Total loans	41,172,000	48,334,000
Consumer
Past due status of loans
Total loans	8,280,000	11,028,000
Consumer \| PCI
Past due status of loans
Total loans	47,000	48,000
Consumer \| 30-59 Days Past Due
Past due status of loans
Total loans	12,000	2,000
Consumer \| Total Past Due
Past due status of loans
Total loans	12,000	2,000
Consumer \| Current
Past due status of loans
Total loans	8,221,000	10,978,000
Consumer Finance
Past due status of loans
Total loans	368,194,000	312,252,000
Construction lending \| Real Estate Construction
Past due status of loans
Total loans	39,252,000	49,659,000
Construction lending \| Real Estate Construction \| Current
Past due status of loans
Total loans	39,252,000	49,659,000
Consumer lot lending \| Real Estate Construction
Past due status of loans
Total loans	18,243,000	12,488,000
Consumer lot lending \| Real Estate Construction \| Current
Past due status of loans
Total loans	18,243,000	12,488,000
Commercial real estate lending \| Commercial, Financial & Agricultural
Past due status of loans
Total loans	527,913,000	441,903,000
Commercial real estate lending \| Commercial, Financial & Agricultural \| PCI
Past due status of loans
Total loans	2,753,000	4,758,000
Commercial real estate lending \| Commercial, Financial & Agricultural \| 60-89 Days Past Due
Past due status of loans
Total loans	39,000
Commercial real estate lending \| Commercial, Financial & Agricultural \| Total Past Due
Past due status of loans
Total loans	39,000
Commercial real estate lending \| Commercial, Financial & Agricultural \| Current
Past due status of loans
Total loans	525,121,000	437,145,000
Land acquisition & development lending \| Commercial, Financial & Agricultural
Past due status of loans
Total loans	27,609,000	37,724,000
Land acquisition & development lending \| Commercial, Financial & Agricultural \| Current
Past due status of loans
Total loans	27,609,000	37,724,000
Builder line lending \| Commercial, Financial & Agricultural
Past due status of loans
Total loans	30,499,000	18,194,000
Builder line lending \| Commercial, Financial & Agricultural \| Current
Past due status of loans
Total loans	30,499,000	18,194,000
Commercial business lending \| Commercial, Financial & Agricultural
Past due status of loans
Total loans	131,709,000	202,394,000
Commercial business lending \| Commercial, Financial & Agricultural \| 30-59 Days Past Due
Past due status of loans
Total loans	8,000	24,000
Commercial business lending \| Commercial, Financial & Agricultural \| Total Past Due
Past due status of loans
Total loans	8,000	24,000
Commercial business lending \| Commercial, Financial & Agricultural \| Current
Past due status of loans
Total loans	131,701,000	202,370,000
Automobiles \| Consumer Finance
Past due status of loans
Total loans	322,067,000	272,706,000
Automobiles \| Consumer Finance \| 30-59 Days Past Due
Past due status of loans
Total loans	6,519,000	8,231,000
Automobiles \| Consumer Finance \| 60-89 Days Past Due
Past due status of loans
Total loans	1,008,000	967,000
Automobiles \| Consumer Finance \| 90+ Days Past Due
Past due status of loans
Total loans	380,000	402,000
Automobiles \| Consumer Finance \| Total Past Due
Past due status of loans
Total loans	7,907,000	9,600,000
Automobiles \| Consumer Finance \| Current
Past due status of loans
Total loans	314,160,000	263,106,000
Marine and recreational vehicles \| Consumer Finance
Past due status of loans
Total loans	46,127,000	39,546,000
Marine and recreational vehicles \| Consumer Finance \| 30-59 Days Past Due
Past due status of loans
Total loans	32,000	18,000
Marine and recreational vehicles \| Consumer Finance \| Total Past Due
Past due status of loans
Total loans	32,000	18,000
Marine and recreational vehicles \| Consumer Finance \| Current
Past due status of loans
Total loans	$ 46,095,000	$ 39,528,000

Loans - Troubled Debt Restructu

Loans - Troubled Debt Restructurings (Details)	12 Months Ended
Loans - Troubled Debt Restructurings (Details)	Dec. 31, 2021USD ($)loanitem	Dec. 31, 2020USD ($)itemloan	Dec. 31, 2019USD ($)itemloan
Loan modifications classified as troubled debt restructurings
Number of Loans	1	3	3
Recorded Investment \| $	$ 4,000	$ 260,000	$ 216,000
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
modifications of payment structure
Loan modifications classified as troubled debt restructurings
Number of Loans	1	3	2
Modifications of interest rate
Loan modifications classified as troubled debt restructurings
Number of Loans			1
Reduction in principal
Loan modifications classified as troubled debt restructurings
Number of Loans \| item	0	0	0
Real Estate Residential Mortgage
Loan modifications classified as troubled debt restructurings
Number of Loans	1	2	2
Recorded Investment \| $	$ 4,000	$ 176,000	$ 95,000
Equity lines
Loan modifications classified as troubled debt restructurings
Number of Loans		1
Recorded Investment \| $		$ 84,000
Consumer
Loan modifications classified as troubled debt restructurings
Number of Loans			1
Recorded Investment \| $			$ 121,000

Loans - Impaired Loans (Details

Loans - Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
Loans - Impaired Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Impaired loans
Impaired loans, troubled debt restructurings	$ 2,690	$ 3,580
Impaired loans, Unpaid Principal Balance	5,430	6,420
Impaired loans, Recorded Investment in Loans without Specific Reserve	660	1,042
Impaired loans, Recorded Investment in Loans with Specific Reserve	4,548	5,236
Impaired loans, Related Allowance	655	879
Impaired loans, Average Balance	5,329	6,603
Impaired loans, Interest Income Recognized	140	183
Real Estate Residential Mortgage
Impaired loans
Impaired loans, Unpaid Principal Balance	1,689	2,326
Impaired loans, Recorded Investment in Loans without Specific Reserve	550	931
Impaired loans, Recorded Investment in Loans with Specific Reserve	1,035	1,279
Impaired loans, Related Allowance	63	77
Impaired loans, Average Balance	1,560	2,353
Impaired loans, Interest Income Recognized	64	105
Commercial, Financial & Agricultural \| Commercial real estate lending
Impaired loans
Impaired loans, Unpaid Principal Balance	1,389	1,397
Impaired loans, Recorded Investment in Loans with Specific Reserve	1,390	1,397
Impaired loans, Related Allowance	103	89
Impaired loans, Average Balance	1,393	1,404
Impaired loans, Interest Income Recognized	72	73
Commercial, Financial & Agricultural \| Commercial business lending
Impaired loans
Impaired loans, Unpaid Principal Balance	2,234	2,430
Impaired loans, Recorded Investment in Loans with Specific Reserve	2,123	2,428
Impaired loans, Related Allowance	489	585
Impaired loans, Average Balance	2,257	2,573
Equity lines
Impaired loans
Impaired loans, Unpaid Principal Balance	118	120
Impaired loans, Recorded Investment in Loans without Specific Reserve	110	111
Impaired loans, Average Balance	119	119
Impaired loans, Interest Income Recognized	$ 4	2
Consumer
Impaired loans
Impaired loans, Unpaid Principal Balance		147
Impaired loans, Recorded Investment in Loans with Specific Reserve		132
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance balance attributable to loans:
Balance at the beginning of period	$ 39,156	$ 32,873	$ 34,023
Provision charged to operations	575	11,080	8,515
Loans charged off	(4,565)	(9,642)	(14,553)
Recoveries of loans previously charged off	4,991	4,845	4,888
Balance at the end of period	40,157	39,156	32,873
Real Estate Residential Mortgage
Allowance balance attributable to loans:
Balance at the beginning of period	2,914	2,080	2,246
Provision charged to operations	(279)	808	(146)
Loans charged off		(62)	(46)
Recoveries of loans previously charged off	25	88	26
Balance at the end of period	2,660	2,914	2,080
Real Estate Construction
Allowance balance attributable to loans:
Balance at the beginning of period	975	681	727
Provision charged to operations	(119)	294	(46)
Balance at the end of period	856	975	681
Commercial, Financial & Agricultural
Allowance balance attributable to loans:
Balance at the beginning of period	10,696	7,121	6,688
Provision charged to operations	385	3,589	458
Loans charged off		(18)	(29)
Recoveries of loans previously charged off	4	4	4
Balance at the end of period	11,085	10,696	7,121
Equity lines
Allowance balance attributable to loans:
Balance at the beginning of period	687	733	1,106
Provision charged to operations	(95)	(47)	(235)
Loans charged off			(138)
Recoveries of loans previously charged off	1	1
Balance at the end of period	593	687	733
Consumer
Allowance balance attributable to loans:
Balance at the beginning of period	371	465	257
Provision charged to operations	(137)	(34)	329
Loans charged off	(184)	(231)	(349)
Recoveries of loans previously charged off	122	171	228
Balance at the end of period	172	371	465
Consumer Finance
Allowance balance attributable to loans:
Balance at the beginning of period	23,513	21,793	22,999
Provision charged to operations	820	6,470	8,155
Loans charged off	(4,381)	(9,331)	(13,991)
Recoveries of loans previously charged off	4,839	4,581	4,630
Balance at the end of period	$ 24,791	$ 23,513	$ 21,793

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance and Loans by Impairment Methodology (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance balance attributable to loans:
Individually evaluated for impairment	$ 655	$ 879
Collectively evaluated for impairment	39,502	38,277
Total allowance	40,157	39,156	$ 32,873	$ 34,023
Loans:
Individually evaluated for impairment	5,208	6,278
Collectively evaluated for impairment	1,401,197	1,339,769
Acquired loans - PCI	3,655	6,359
Total loans	1,410,060	1,352,406
Real Estate Residential Mortgage
Allowance balance attributable to loans:
Individually evaluated for impairment	63	77
Collectively evaluated for impairment	2,597	2,837
Total allowance	2,660	2,914	2,080	2,246
Loans:
Individually evaluated for impairment	1,585	2,210
Collectively evaluated for impairment	214,614	214,615
Acquired loans - PCI	817	1,473
Total loans	217,016	218,298
Real Estate Construction
Allowance balance attributable to loans:
Collectively evaluated for impairment	856	975
Total allowance	856	975	681	727
Loans:
Collectively evaluated for impairment	57,495	62,147
Total loans	57,495	62,147
Commercial, Financial & Agricultural
Allowance balance attributable to loans:
Individually evaluated for impairment	592	674
Collectively evaluated for impairment	10,493	10,022
Total allowance	11,085	10,696	7,121	6,688
Loans:
Individually evaluated for impairment	3,513	3,825
Collectively evaluated for impairment	711,464	691,632
Acquired loans - PCI	2,753	4,758
Total loans	717,730	700,215
Equity lines
Allowance balance attributable to loans:
Collectively evaluated for impairment	593	687
Total allowance	593	687	733	1,106
Loans:
Individually evaluated for impairment	110	111
Collectively evaluated for impairment	41,197	48,275
Acquired loans - PCI	38	80
Total loans	41,345	48,466
Consumer
Allowance balance attributable to loans:
Individually evaluated for impairment		128
Collectively evaluated for impairment	172	243
Total allowance	172	371	465	257
Loans:
Individually evaluated for impairment		132
Collectively evaluated for impairment	8,233	10,848
Acquired loans - PCI	47	48
Total loans	8,280	11,028
Consumer Finance
Allowance balance attributable to loans:
Collectively evaluated for impairment	24,791	23,513
Total allowance	24,791	23,513	$ 21,793	$ 22,999
Loans:
Collectively evaluated for impairment	368,194	312,252
Total loans	$ 368,194	$ 312,252

Allowance for Loan Losses - Cre

Allowance for Loan Losses - Credit Quality Indicators (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Allowance for loan losses
Loans, excluding consumer finance	$ 1,041,866,000	$ 1,040,154,000
Pass
Allowance for loan losses
Loans, excluding consumer finance	1,029,849,000	1,004,998,000
Special Mention
Allowance for loan losses
Loans, excluding consumer finance	2,700,000	20,526,000
Substandard
Allowance for loan losses
Loans, excluding consumer finance	6,773,000	11,628,000
Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	2,544,000	3,002,000
Doubtful
Allowance for loan losses
Loans, excluding consumer finance	0	0
Real Estate Residential Mortgage
Allowance for loan losses
Loans, excluding consumer finance	217,016,000	218,298,000
Real Estate Residential Mortgage \| Pass
Allowance for loan losses
Loans, excluding consumer finance	215,432,000	215,712,000
Real Estate Residential Mortgage \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	664,000	1,715,000
Real Estate Residential Mortgage \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	605,000	595,000
Real Estate Residential Mortgage \| Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	315,000	276,000
Real Estate Construction \| Construction lending
Allowance for loan losses
Loans, excluding consumer finance	39,252,000	49,659,000
Real Estate Construction \| Construction lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	39,252,000	49,659,000
Real Estate Construction \| Consumer lot lending
Allowance for loan losses
Loans, excluding consumer finance	18,243,000	12,488,000
Real Estate Construction \| Consumer lot lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	18,243,000	12,488,000
Commercial, Financial & Agricultural \| Commercial real estate lending
Allowance for loan losses
Loans, excluding consumer finance	527,913,000	441,903,000
Commercial, Financial & Agricultural \| Commercial real estate lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	519,938,000	415,506,000
Commercial, Financial & Agricultural \| Commercial real estate lending \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	1,989,000	15,507,000
Commercial, Financial & Agricultural \| Commercial real estate lending \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	5,986,000	10,890,000
Commercial, Financial & Agricultural \| Land acquisition & development lending
Allowance for loan losses
Loans, excluding consumer finance	27,609,000	37,724,000
Commercial, Financial & Agricultural \| Land acquisition & development lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	27,609,000	37,724,000
Commercial, Financial & Agricultural \| Builder line lending
Allowance for loan losses
Loans, excluding consumer finance	30,499,000	18,194,000
Commercial, Financial & Agricultural \| Builder line lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	30,499,000	18,194,000
Commercial, Financial & Agricultural \| Commercial business lending
Allowance for loan losses
Loans, excluding consumer finance	131,709,000	202,394,000
Commercial, Financial & Agricultural \| Commercial business lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	129,587,000	196,743,000
Commercial, Financial & Agricultural \| Commercial business lending \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance		3,124,000
Commercial, Financial & Agricultural \| Commercial business lending \| Substandard
Allowance for loan losses
Loans, excluding consumer finance		99,000
Commercial, Financial & Agricultural \| Commercial business lending \| Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	2,122,000	2,428,000
Equity lines
Allowance for loan losses
Loans, excluding consumer finance	41,345,000	48,466,000
Equity lines \| Pass
Allowance for loan losses
Loans, excluding consumer finance	41,013,000	48,140,000
Equity lines \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	47,000	132,000
Equity lines \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	181,000	3,000
Equity lines \| Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	104,000	191,000
Consumer
Allowance for loan losses
Loans, excluding consumer finance	8,280,000	11,028,000
Consumer \| Pass
Allowance for loan losses
Loans, excluding consumer finance	8,276,000	10,832,000
Consumer \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance		48,000
Consumer \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	1,000	41,000
Consumer \| Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	$ 3,000	$ 107,000

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loans by Credit Quality Indicators - Performing and Non-Performing (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Allowance for loan losses
Loans	$ 1,410,060	$ 1,352,406
Consumer Finance
Allowance for loan losses
Loans	368,194	312,252
Consumer Finance \| Performing
Allowance for loan losses
Loans	367,814	311,850
Consumer Finance \| Non-performing
Allowance for loan losses
Loans	380	402
Consumer Finance \| Automobiles
Allowance for loan losses
Loans	322,067	272,706
Consumer Finance \| Automobiles \| Performing
Allowance for loan losses
Loans	321,687	272,304
Consumer Finance \| Automobiles \| Non-performing
Allowance for loan losses
Loans	380	402
Consumer Finance \| Marine and recreational vehicles
Allowance for loan losses
Loans	46,127	39,546
Consumer Finance \| Marine and recreational vehicles \| Performing
Allowance for loan losses
Loans	$ 46,127	$ 39,546

OREO - Change in OREO (Details)

OREO - Change in OREO (Details) - USD ($)	12 Months Ended
OREO - Change in OREO (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes in the balance for OREO
Balance at the beginning of year, gross	$ 1,114,000	$ 1,191,000
Additions		344,000
Charge-offs	(54,000)	(57,000)
Sales proceeds	(462,000)	(364,000)
Gain on disposition	237,000
Balance at the end of year, gross	835,000	1,114,000
Less allowance for losses	0	(207,000)	$ (88,000)	$ (57,000)
Balance at the end of the year, net	$ 835,000	$ 907,000

OREO - Changes in the Allowance

OREO - Changes in the Allowance for OREO Losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in the allowance for OREO losses
Balance at the beginning of year	$ 207,000	$ 88,000	$ 57,000
Provision for losses	(153,000)	176,000	31,000
Charge-offs, net	(54,000)	(57,000)
Balance at the end of year	0	207,000	88,000
OREO, expenses other than provision for losses	$ 379,000	$ 213,000	$ 58,000

Corporate Premises and Equipm_3

Corporate Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Corporate premises and equipment, Gross	$ 79,396	$ 75,591
Less accumulated depreciation	(34,597)	(31,459)
Corporate premises and equipment, net	44,799	44,132
Land
Property, Plant and Equipment [Line Items]
Corporate premises and equipment, Gross	9,104	8,961
Buildings
Property, Plant and Equipment [Line Items]
Corporate premises and equipment, Gross	48,231	45,352
Equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Corporate premises and equipment, Gross	$ 22,061	$ 21,278

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 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	14,468	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	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	Dec. 31, 2021	Dec. 31, 2020
Other intangible assets
Other intangible assets, net	$ 1,977	$ 2,291
Gross carrying amounts and accumulated amortization
Gross Carrying Amount	3,116	3,116
Accumulated Amortization	(1,139)	(825)
Core deposit intangible
Gross carrying amounts and accumulated amortization
Gross Carrying Amount	1,711	1,711
Accumulated Amortization	(325)	(171)
Other amortizable intangibles
Gross carrying amounts and accumulated amortization
Gross Carrying Amount	1,405	1,405
Accumulated Amortization	$ (814)	$ (654)

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Amortization (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Other Intangible Assets
Amortization of intangible assets	$ 314,000	$ 332,000	$ 230,000
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2022	298,000
2023	273,000
2024	260,000
2025	237,000
2026	101,000
Thereafter	808,000
Finite-Lived Intangible Assets, Net	$ 1,977,000	$ 2,291,000

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease cost
Operating lease cost	$ 1,331	$ 1,616	$ 1,681
Amortization of right-of-use asset	314	166
Interest on lease liability	129	70
Short-term lease cost	142	219	128
Variable lease cost	46	52	43
Total lease cost	1,962	2,123	1,852
Operating leases:
Right-of-use assets	$ 3,221	$ 2,404
Right-of-use assets, line item in Statement of Financial Position	Other assets	Other assets
Lease liabilities	$ 3,324	$ 2,488
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Weighted average remaining lease term (years)	7 years	3 years
Weighted average discount rate	1.70%	2.20%
Finance leases:
Right of use assets	$ 5,879	$ 6,193
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets.	Other assets.
Lease liabilities	$ 6,346	$ 6,305
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Secured Debt	Secured Debt
Weighted average remaining lease term (years)	18 years 6 months	19 years 6 months
Weighted average discount rate	2.00%	2.00%
Right-of-use assets obtained in exchange for lease liabilities	$ 2,480	$ 1,110	1,140
Right of use assets obtained in exchange for lease liabilities under finance leases		6,360
Lease incentives received, finance leases	236
Lease incentives received, operating leases		115	27
Operating cash flows	1,313	1,659	1,567
Operating cash flows	129	70
Finance cash flows	195	53
Total cash flows	$ 1,637	$ 1,782	$ 1,567

Leases - Maturities of Corporat

Leases - Maturities of Corporation's Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating leases
2022	$ 870
2023	751
2024	536
2025	323
2026	214
Thereafter	881
Total	3,575
Imputed interest	(251)
Lease liabilities	3,324	$ 2,488
Finance leases
2022	302
2023	337
2024	346
2025	355
2026	364
Thereafter	6,009
Total	7,713
Imputed interest	(1,367)
Lease liabilities	$ 6,346	$ 6,305

Time Deposits - Time Deposits (

Time Deposits - Time Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Time Deposits
Certificates of deposit, over $250	$ 114,533	$ 125,293
Other time deposits	311,188	344,290
Time Deposits, Total	$ 425,721	$ 469,583

Time Deposits - Remaining Matur

Time Deposits - Remaining Maturities on Time Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Time Deposits
2022	$ 324,946
2023	52,720
2024	23,971
2025	14,760
2026	6,628
Thereafter	2,696
Time Deposits, Total	$ 425,721	$ 469,583

Borrowings - Short-term Borrowi

Borrowings - Short-term Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Borrowings
Balance outstanding at year end	$ 34,735	$ 20,455
Maximum balance at any month end during the year	38,197	60,481
Average balance for the year	$ 27,360	$ 22,737
Weighted average rate for the year (as a percent)	0.47%	0.54%
Weighted average rate on borrowings at year end	0.48%	0.49%
Estimated fair value at year end	$ 34,735	$ 20,455

Borrowings - Long-term Borrowin

Borrowings - Long-term Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Long-term borrowings
Early debt repayment charges		$ (2,197)
2028 Subordinated Notes \| Subordinated Notes
Long-term borrowings
Aggregate principal amount	$ 4,000
Fixed rate (as a percent)	6.99%
2030 Subordinated Notes \| Subordinated Notes
Long-term borrowings
Aggregate principal amount	$ 20,000
2030 Subordinated Notes \| Subordinated Notes \| Until September 2025
Long-term borrowings
Fixed rate (as a percent)	4.875%
2030 Subordinated Notes \| Subordinated Notes \| Thereafter \| Three month SOFR
Long-term borrowings
Variable rate, basis spread (as a percent)	4.755%
Non-recourse revolving bank line of credit \| Subordinated Notes
Long-term borrowings
Revolving bank line of credit terminated	$ 50,000
Repayment of revolving bank line of credit		75,030
Repayment of FHLB advances		44,500
Early debt repayment charges		$ 2,200

Borrowings - Line of Credit and

Borrowings - Line of Credit and other disclosures (Details) $ in Thousands	Dec. 31, 2021USD ($)
Long-term borrowings
Available sources of credit for future borrowings	$ 457,930
FHLB
Long-term borrowings
Available sources of credit for future borrowings	217,790
FRB
Long-term borrowings
Available sources of credit for future borrowings	110,140
Federal Funds Agreements
Long-term borrowings
Available sources of credit for future borrowings	95,000
Repurchase Lines of Credit
Long-term borrowings
Available sources of credit for future borrowings	$ 35,000

Borrowings - Statutory Trusts (

Borrowings - Statutory Trusts (Details) - Trust Preferred Securities Subject to Mandatory Redemption - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2007
Long-term borrowings
Securities issued		$ 25,000,000
Common Stock
Long-term borrowings
Securities issued	$ 775,000
Private Placement
Long-term borrowings
Securities issued	$ 25,000,000
London Interbank Offered Rate (LIBOR) \| Minimum
Long-term borrowings
Variable rate, basis spread (as a percent)	1.57%
London Interbank Offered Rate (LIBOR) \| Maximum
Long-term borrowings
Variable rate, basis spread (as a percent)	3.15%
CVBK Trust I [Member]
Long-term borrowings
Securities issued	$ 5,000,000
Interest rate (as a percent)	4.64%
Principal asset of Trust, notes receivable from reporting entity	$ 5,160,000
C&F Financial Statutory Trust I [Member]
Long-term borrowings
Securities issued	$ 10,000,000
Interest rate (as a percent)	3.32%
Principal asset of Trust, notes receivable from reporting entity	$ 10,310,000
CF Financial Statutory Trust II
Long-term borrowings
Securities issued	$ 10,000,000
Interest rate (as a percent)	5.10%
Principal asset of Trust, notes receivable from reporting entity	$ 10,310,000

Equity, Other Comprehensive I_3

Equity, Other Comprehensive Income and Earnings Per Share - Equity and Noncontrolling Interest (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Nov. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 01, 2021
Shareholders' Equity
Shares repurchased (in shares)			16,422	86,523
Cost of shares repurchased			$ 630,000	$ 4,390,000
Number of shares withheld from employees to satisfy tax withholding obligations	19,554		9,670	9,909
Issuance of noncontrolling interest				$ 490,000
C&F Select LLC
Shareholders' Equity
Issuance of noncontrolling interest				$ 490,000
Share Repurchase Program 2021
Shareholders' Equity
Number of shares authorized to be repurchased					10,000,000
Shares repurchased (in shares)	1,106
Cost of shares repurchased	$ 56,000
Share Repurchase Program 2020
Shareholders' Equity
Shares repurchased (in shares)	144,079	151,538
Cost of shares repurchased	$ 7,250,000	$ 7,520,000

Equity, Other Comprehensive I_4

Equity, Other Comprehensive Income and Earnings Per Share - Accumulated Other Comprehensive Loss, Net (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Equity, Other Comprehensive Income and Earnings Per Share
Deferred taxes included in AOCI	$ 593,000	$ 630,000
Net unrealized gains on securities	437,000	4,397,000
Net unrecognized losses on cash flow hedges	(469,000)	(1,367,000)
Net unrecognized losses on defined benefit plan	(2,055,000)	(4,985,000)
Total accumulated other comprehensive loss, net	$ (2,087,000)	$ (1,955,000)

Equity, Other Comprehensive I_5

Equity, Other Comprehensive Income and Earnings Per Share - Earnings Per Share (EPS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of earnings per share calculations
Net income attributable to C&F Financial Corporation	$ 28,667	$ 22,117	$ 18,859
Weighted average shares outstanding-basic	3,604,119	3,648,696	3,450,745
Weighted average shares outstanding-diluted	3,604,119	3,648,696	3,450,745

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Principal components on income tax expense:
Current taxes	$ 9,049	$ 7,612	$ 4,728
Deferred taxes	(90)	(817)	354
Income tax expense	$ 8,959	$ 6,795	$ 5,082

Income Taxes - Income Tax Rate

Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts
Income tax at statutory rates	$ 7,997,000	$ 6,136,000	$ 5,026,000
State income taxes	1,340,000	1,449,000	695,000
Tax-exempt interest income	(396,000)	(493,000)	(453,000)
Excess compensation	571,000	328,000
Change in tax law		(326,000)
Income from bank-owned life insurance	(110,000)	(107,000)	(149,000)
Investments in qualified housing projects	(48,000)	(82,000)	(93,000)
Share-based compensation	(83,000)	(77,000)	(126,000)
Contribution of real property	(107,000)
Merger related expenses		29,000	96,000
Other	(205,000)	(62,000)	86,000
Income tax expense	$ 8,959,000	$ 6,795,000	$ 5,082,000
Percent of Pre-tax Income
Effective tax rate (as a percent)	21.00%	21.00%	21.00%
State income taxes (as a percent)	3.50%	5.00%	2.90%
Tax-exempt interest income (as a percent)	(1.00%)	(1.70%)	(1.90%)
Excess compensation (as a percent)	1.50%	1.10%
Change in tax law (as a percent)		(1.10%)
Income from bank-owned life insurance (as a percent)	(0.30%)	(0.40%)	(0.60%)
Investments in qualified housing projects (as a percent)	(0.10%)	(0.30%)	(0.40%)
Share-based compensation (as a percent)	(0.20%)	(0.30%)	(0.50%)
Contribution of real property (as a percent)	(0.30%)
Merger related expenses		0.10%	0.40%
Other	(0.50%)	(0.20%)	0.30%
Income tax expense (as a percent)	23.60%	23.20%	21.20%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Federal corporate income tax rate	21.00%	21.00%	21.00%
Deferred tax assets
Allowance for loan losses and OREO losses	$ 9,960	$ 9,743
Nonqualified defined contribution plan	3,948	3,595
Lease liabilities	2,057	1,906
Fair value adjustments related to business combinations	1,119	1,716
Share-based compensation	752	920
Reserve for indemnification losses	821	879
Accrued expenses	352	779
Cash flow hedges	158	471
Other	1,275	1,364
Deferred tax assets	20,442	21,373
Deferred tax liabilities
Goodwill and other intangible assets	(3,114)	(3,164)
Right of use assets	(1,938)	(1,868)
Depreciation	(989)	(1,272)
Net unrealized gain on securities available for sale	(116)	(1,169)
Defined benefit plan	(677)	(345)
Deferred tax liabilities	(6,834)	(7,818)
Net deferred tax asset	$ 13,608	$ 13,555

Employee Benefit Plans - Define

Employee Benefit Plans - Defined Contribution Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined contribution plans
Minimum age	18 years
Amounts charged to expense	$ 2,030,000	$ 2,090,000	$ 1,520,000
Postretirement benefit plan \| Chief Executive Officer
Defined contribution plans
Amounts charged to expense	15,000	0	0
Nonqualified Executive Plan \| Profit-Sharing Plan
Defined contribution plans
Amounts charged to expense	$ 296,000	$ 465,000	$ 294,000
Cash Balance Plan \| C&F Bank
Defined contribution plans
Threshold monthly interest credits based on the yield under the benefit plan	3.00%
Minimum age	21 years
Basis points added to 30-year Treasuries yield to compute interest credit (as a percent)	1.50%

Employee Benefit Plans - Defi_2

Employee Benefit Plans - Defined Benefit Plans - Projected Benefit Obligations, Plan Assets, Funded Status and Rate Assumptions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in benefit obligation
Actuarial (gain) loss	$ 1,250	$ (3,000)
Amounts recognized in accumulated other comprehensive loss
Total recognized in accumulated other comprehensive loss	2,055	4,985
Weighted-average assumptions for benefit obligation at valuation date
Accumulated benefit obligation	20,250	24,640
C&F Bank \| Cash Balance Plan
Change in benefit obligation
Projected benefit obligation, beginning	24,643	20,794
Service cost	1,970	1,603	$ 1,218
Interest cost	458	551	609
Actuarial (gain) loss	1,248	(2,996)
Benefits paid	(210)	(1,301)
Settlements paid	(5,366)
Projected benefit obligation, ending	20,247	24,643	20,794
Change in plan assets
Fair value of plan assets, beginning	26,287	22,806
Actual return on plan assets	2,759	2,782
Employer contributions		2,000
Benefits paid	(210)	(1,301)
Settlements paid	(5,366)
Fair value of plan assets, ending	23,470	26,287	$ 22,806
Funded status	3,223	1,644
Amounts recognized as an other asset	3,223	1,644
Amounts recognized in accumulated other comprehensive loss
Net loss	2,970	6,748
Prior service credits	(370)	(438)
Deferred taxes	(545)	(1,325)
Total recognized in accumulated other comprehensive loss	$ 2,055	$ 4,985
Weighted-average assumptions for benefit obligation at valuation date
Discount rate.	2.50%	2.10%
Rate of compensation increase	3.00%	3.00%
Interest crediting rate	5.00%	5.00%
Settlements paid	$ 5,366

Employee Benefit Plans - Defi_3

Employee Benefit Plans - Defined Benefit Plans - Components of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of net periodic benefit cost
Net periodic benefit cost	$ 2,131	$ 793	$ 649
C&F Bank \| Cash Balance Plan
Components of net periodic benefit cost
Service cost, included in salaries and employee benefits	1,970	1,603	1,218
Interest cost	458	551	609
Expected return on plan assets	(1,733)	(1,492)	(1,297)
Amortization of prior service credit	(68)	(66)	(68)
Pension settlement charges	1,261
Recognized net actuarial losses	243	197	187
Other components of net periodic benefit cost, included in other noninterest expense	161	(810)	(569)
Net periodic benefit cost	$ 2,131	$ 793	$ 649

Employee Benefit Plans - Defi_4

Employee Benefit Plans - Defined Benefit Plans - Weighted-average Assumptions for Net Periodic Benefit Cost (Details) - C&F Bank - Cash Balance Plan	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted-average assumptions for net periodic benefit cost as of
Discount rate	2.10%	2.90%	4.00%
Expected return on plan assets	7.30%	7.30%	7.30%
Rate of compensation increase	3.00%	3.00%	3.00%
Interest crediting rate	5.00%	5.00%	5.00%

Employee Benefit Plans - Defi_5

Employee Benefit Plans - Defined Benefit Plans - Expected Benefit Payments (Details) - C&F Bank - Cash Balance Plan $ in Thousands	Dec. 31, 2021USD ($)
Expected benefit payments
2022	$ 782
2023	1,423
2024	1,315
2025	2,152
2026	989
2027 - 2031	$ 10,083

Employee Benefit Plans - Defi_6

Employee Benefit Plans - Defined Benefit Plans - Weighted-Average Asset Allocations (Details) - C&F Bank - Cash Balance Plan	Dec. 31, 2021	Dec. 31, 2020
Weighted average asset allocations by asset category
Weighted average asset allocation by asset category	100.00%	100.00%
Mutual funds-fixed income
Weighted average asset allocations by asset category
Weighted average asset allocation by asset category	38.00%	37.00%
Mutual funds-equity
Weighted average asset allocations by asset category
Weighted average asset allocation by asset category	62.00%	63.00%

Employee Benefit Plans - Defi_7

Employee Benefit Plans - Defined Benefit Plans - Fair Value of Defined Benefit Plan Assets (Details) - C&F Bank - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Mutual funds-fixed income
Defined Benefit Plans
Target asset allocations	40.00%
Mutual funds-equity
Defined Benefit Plans
Target asset allocations	60.00%
Cash Balance Plan
Defined Benefit Plans
Assets at Fair Value	$ 23,470	$ 26,287	$ 22,806
Cash Balance Plan \| Level 1
Defined Benefit Plans
Assets at Fair Value	23,470	26,287
Cash Balance Plan \| Mutual funds-fixed income
Defined Benefit Plans
Assets at Fair Value	8,919	9,726
Cash Balance Plan \| Mutual funds-fixed income \| Level 1
Defined Benefit Plans
Assets at Fair Value	8,919	9,726
Cash Balance Plan \| Mutual funds-equity
Defined Benefit Plans
Assets at Fair Value	14,551	16,561
Cash Balance Plan \| Mutual funds-equity \| Level 1
Defined Benefit Plans
Assets at Fair Value	$ 14,551	$ 16,561

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Management, including directors and senior officers and certain of their affiliates
Related party activity
Loans receivable, related party	$ 1,730,000	$ 2,170,000
Directors and senior officers
Related party activity
Advances	125,000
Repayments	568,000
Deposits, related party	$ 5,960,000	$ 5,810,000

Share-Based Plans - Restricted

Share-Based Plans - Restricted Stock Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Unvested, beginning of period (in shares)	155,945
Unvested, end of period (in shares)	140,577	155,945
Restricted Stock
Shares
Unvested, beginning of period (in shares)	155,945	142,020	139,455
Granted (in shares)	41,912	47,385	36,115
Vested (in shares)	(51,305)	(30,550)	(32,155)
Forfeited (in shares)	(5,975)	(2,910)	(1,395)
Unvested, end of period (in shares)	140,577	155,945	142,020
Weighted-Average Grant Date Fair Value
Nonvested, beginning of period (in dollars per share)	$ 48.52	$ 48.88	$ 45.75
Granted (in dollars per share)	47.83	42.01	53.75
Vested (in dollars per share)	48.11	39.84	40.69
Forfeited (in dollars per share)	45.87	53.46	51.05
Nonvested, end of period (in dollars per share)	$ 48.57	$ 48.52	$ 48.88
Additional information
Fair value of shares vested	$ 2,420,000	$ 1,370,000	$ 1,720,000
Compensation expense	1,700,000	1,450,000	1,470,000
Compensation expense after tax	$ 1,160,000	$ 981,000	$ 932,000
Restricted Stock \| Employees
Summary of restricted stock awards
Vesting period	5 years
Restricted Stock \| Nonemployee Directors
Summary of restricted stock awards
Vesting period	3 years
2013 Plan and Amended 2004 Plan \| Restricted Stock
Additional information
Unrecognized compensation expense	$ 3,760,000

Regulatory Requirements and R_3

Regulatory Requirements and Restrictions - Capital Amounts and Ratios (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Regulatory requirements
Risk-weighted assets	$ 1,640,000	$ 1,570,000
Total Capital (to Risk-Weighted Assets)
Actual (in Dollars)	$ 257,779	$ 240,060
Actual	15.8	15.2
Minimum capital requirements (in Dollars)	$ 130,817	$ 125,947
Minimum capital requirements	8	8
Tier 1 Capital (to Risk-Weighted Assets)
Actual (in Dollars)	$ 213,095	$ 196,140
Actual	13	12.5
Minimum capital requirements (in Dollars)	$ 98,113	$ 94,460
Minimum capital requirements	6	6
Common Equity Tier 1 Capital (to Risk-Weighted Assets)
Actual (in Dollars)	$ 188,095	$ 171,140
Actual	11.5	10.9
Minimum capital requirements (in Dollars)	$ 73,585	$ 70,845
Minimum capital requirements	4.5	4.5
Tier 1 Capital (to Average Tangible Assets)
Actual (in Dollars)	$ 213,095	$ 196,140
Actual	9.7	9.6
Minimum capital requirements (in Dollars)	$ 88,121	$ 81,414
Minimum capital requirements	4	4
C&F Bank
Regulatory requirements
Risk-weighted assets	$ 1,610,000	$ 1,550,000
Total Capital (to Risk-Weighted Assets)
Actual (in Dollars)	$ 233,780	$ 214,151
Actual	14.5	13.8
Minimum capital requirements (in Dollars)	$ 128,701	$ 124,291
Minimum capital requirements	8	8
Minimum to be well capitalized under prompt corrective action provisions (in Dollars)	$ 160,876	$ 155,364
Minimum to be well capitalized under prompt corrective action provisions	10	10
Tier 1 Capital (to Risk-Weighted Assets)
Actual (in Dollars)	$ 213,423	$ 194,487
Actual	13.3	12.5
Minimum capital requirements (in Dollars)	$ 96,526	$ 93,219
Minimum capital requirements	6	6
Minimum to be well capitalized under prompt corrective action provisions (in Dollars)	$ 128,701	$ 124,291
Minimum to be well capitalized under prompt corrective action provisions	8	8
Common Equity Tier 1 Capital (to Risk-Weighted Assets)
Actual (in Dollars)	$ 213,423	$ 194,487
Actual	13.3	12.5
Minimum capital requirements (in Dollars)	$ 72,394	$ 69,914
Minimum capital requirements	4.5	4.5
Minimum to be well capitalized under prompt corrective action provisions (in Dollars)	$ 104,569	$ 100,987
Minimum to be well capitalized under prompt corrective action provisions	6.5	6.5
Tier 1 Capital (to Average Tangible Assets)
Actual (in Dollars)	$ 213,423	$ 194,487
Actual	9.8	9.6
Minimum capital requirements (in Dollars)	$ 87,184	$ 80,640
Minimum capital requirements	4	4
Minimum to be well capitalized under prompt corrective action provisions (in Dollars)	$ 108,980	$ 100,800
Minimum to be well capitalized under prompt corrective action provisions	5	5

Regulatory Requirements and R_4

Regulatory Requirements and Restrictions - New minimum capital ratios (Details)	Dec. 31, 2021
Regulatory requirements
Capital conservation buffer requirement	2.50%
C&F Bank
Regulatory requirements
Capital conservation buffer requirement	7.00%
Total capital conservation buffer exceeded	10.50%
Tier 1 capital conservation buffer exceeded	8.50%

Regulatory Requirements and R_5

Regulatory Requirements and Restrictions - Trust Preferred Securities (Details) - Trust Preferred Securities Subject to Mandatory Redemption - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2007
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Securities issued			$ 25,000
Securities included in Tier One Capital	$ 25,000	$ 25,000

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Loan Commitments (Details) - C&F Bank - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Standby Letters of Credit
Commitments and Contingent Liabilities
Face amount of asset	$ 15,110	$ 19,070
Loan commitments
Commitments and Contingent Liabilities
Face amount of asset	$ 305,370	$ 326,980

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - Other (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Indemnification reserve for recourse provisions
Commitments and Contingent Liabilities
Provision for indemnification losses	$ (104,000)	$ 881,000
Allowance for indemnifications	$ 3,252,000	$ 3,356,000	$ 2,475,000
C&F Mortgage
Commitments and Contingent Liabilities
Recourse period for early payment default, minimum	90 days
Recourse period for early payment default, maximum	1 year

Commitments and Contingent Li_5

Commitments and Contingent Liabilities - Changes in Allowance for Indemnifications Losses (Details) - Indemnification reserve for recourse provisions - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change in the allowance for indemnification losses
Allowance, beginning of period	$ 3,356,000	$ 2,475,000
Provision for indemnification losses	(104,000)	881,000
Allowance, end of period	$ 3,252,000	$ 3,356,000

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Investments in small business investment company funds (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value of Assets and Liabilities
Fair value of investment in small business investment companies	$ 1,470,000	$ 1,480,000
Unrealized gains or losses	$ 172,000	$ (62,000)

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	Dec. 31, 2021	Dec. 31, 2020
Securities available for sale
Securities available for sale	$ 373,073	$ 286,389
Interest rate swaps on loans \| Cash flow hedges
Liabilities:
Derivatives	665	1,882
Recurring
Securities available for sale
Securities available for sale	373,073	286,389
Loans held for sale	82,295	214,266
Total assets measured at fair value	460,358	513,422
Liabilities:
Derivatives	4,135	10,114
Recurring \| Cash flow hedges
Liabilities:
Derivatives	665	1,882
Recurring \| IRLC
Securities available for sale
Derivatives	1,523	4,582
Recurring \| Interest rate swaps on loans
Securities available for sale
Derivatives	3,467	8,185
Liabilities:
Derivatives	3,467	8,185
Recurring \| Forward sales of TBA securities
Liabilities:
Derivatives	3	47
Level 2 \| Recurring
Securities available for sale
Securities available for sale	373,073	286,389
Loans held for sale	82,295	214,266
Total assets measured at fair value	460,358	513,422
Liabilities:
Derivatives	4,135	10,114
Level 2 \| Recurring \| Cash flow hedges
Liabilities:
Derivatives	665	1,882
Level 2 \| Recurring \| IRLC
Securities available for sale
Derivatives	1,523	4,582
Level 2 \| Recurring \| Interest rate swaps on loans
Securities available for sale
Derivatives	3,467	8,185
Liabilities:
Derivatives	3,467	8,185
Level 2 \| Recurring \| Forward sales of TBA securities
Liabilities:
Derivatives	3	47
U.S. government agencies and corporations
Securities available for sale
Securities available for sale	68,285	48,282
U.S. government agencies and corporations \| Recurring
Securities available for sale
Securities available for sale	68,285	48,282
U.S. government agencies and corporations \| Level 2 \| Recurring
Securities available for sale
Securities available for sale	68,285	48,282
Mortgage-backed securities
Securities available for sale
Securities available for sale	190,349	123,714
Mortgage-backed securities \| Recurring
Securities available for sale
Securities available for sale	190,349	123,714
Mortgage-backed securities \| Level 2 \| Recurring
Securities available for sale
Securities available for sale	190,349	123,714
Obligations of states and political subdivisions
Securities available for sale
Securities available for sale	92,666	102,805
Obligations of states and political subdivisions \| Recurring
Securities available for sale
Securities available for sale	92,666	102,805
Obligations of states and political subdivisions \| Level 2 \| Recurring
Securities available for sale
Securities available for sale	92,666	102,805
Corporate and other debt securities
Securities available for sale
Securities available for sale	21,773	11,588
Corporate and other debt securities \| Recurring
Securities available for sale
Securities available for sale	21,773	11,588
Corporate and other debt securities \| Level 2 \| Recurring
Securities available for sale
Securities available for sale	$ 21,773	$ 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) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Impaired loans, net
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value	$ 0	$ 0
Other real estate owned, net
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value	$ 0
Nonrecurring
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value		72
Nonrecurring \| Other real estate owned, net
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value		72
Level 3 \| Nonrecurring
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value		72
Level 3 \| Nonrecurring \| Other real estate owned, net
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value		$ 72
Other real estate owned, net, valuation technique		cffi:ValuationTechniqueAppraisalsMember
Other real estate owned, net, measurement input		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
Level 3 \| Nonrecurring \| Other real estate owned, net \| Maximum
Fair value assets and liabilities - Nonrecurring Basis
Other real estate owned, input		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	Dec. 31, 2021	Dec. 31, 2020
Assets:
Securities available for sale	$ 373,073	$ 286,389
Bank-owned life insurance	20,597	20,205
Carrying Value
Assets:
Cash and short-term investments	269,487	94,342
Securities available for sale	373,073	286,389
Loans, net	1,369,903	1,313,250
Loans held for sale	82,295	214,266
Bank-owned life insurance	20,597	20,205
Accrued interest receivable	6,810	8,103
Financial liabilities:
Demand and savings deposits	1,488,893	1,282,590
Time deposits	425,721	469,583
Borrowings	84,115	69,864
Accrued interest payable	715	1,109
Total Fair Value
Assets:
Cash and short-term investments	268,980	94,379
Securities available for sale	373,073	286,389
Loans, net	1,379,564	1,308,569
Loans held for sale	82,295	214,266
Bank-owned life insurance	20,597	20,205
Accrued interest receivable	6,810	8,103
Financial liabilities:
Demand and savings deposits	1,488,893	1,282,590
Time deposits	428,462	474,154
Borrowings	89,609	71,119
Accrued interest payable	715	1,109
Total Fair Value \| Level 1
Assets:
Cash and short-term investments	267,745	86,669
Accrued interest receivable	6,810	8,103
Financial liabilities:
Demand and savings deposits	1,488,893	1,282,590
Accrued interest payable	715	1,109
Total Fair Value \| Level 2
Assets:
Cash and short-term investments	1,235	7,710
Securities available for sale	373,073	286,389
Loans held for sale	82,295	214,266
Bank-owned life insurance	20,597	20,205
Financial liabilities:
Time deposits	428,462	474,154
Borrowings	89,609	71,119
Total Fair Value \| Level 3
Assets:
Loans, net	1,379,564	1,308,569
IRLC \| Carrying Value
Assets:
Derivatives	1,523	4,582
IRLC \| Total Fair Value
Assets:
Derivatives	1,523	4,582
IRLC \| Total Fair Value \| Level 2
Assets:
Derivatives	1,523	4,582
Interest rate swaps on loans \| Carrying Value
Assets:
Derivatives	3,467	8,185
Financial liabilities:
Derivatives	3,467	8,185
Interest rate swaps on loans \| Total Fair Value
Assets:
Derivatives	3,467	8,185
Financial liabilities:
Derivatives	3,467	8,185
Interest rate swaps on loans \| Total Fair Value \| Level 2
Assets:
Derivatives	3,467	8,185
Financial liabilities:
Derivatives	3,467	8,185
Forward sales of TBA securities \| Carrying Value
Financial liabilities:
Derivatives	3	47
Forward sales of TBA securities \| Total Fair Value
Financial liabilities:
Derivatives	3	47
Forward sales of TBA securities \| Total Fair Value \| Level 2
Financial liabilities:
Derivatives	3	47
Cash flow hedges \| Carrying Value
Financial liabilities:
Derivatives	665	1,882
Cash flow hedges \| Total Fair Value
Financial liabilities:
Derivatives	665	1,882
Cash flow hedges \| Total Fair Value \| Level 2
Financial liabilities:
Derivatives	665	1,882
Cash flow hedges \| Interest rate swaps on loans
Financial liabilities:
Derivatives	$ 665	$ 1,882

Business Segments - Segment Rep

Business Segments - Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Segments
Number of principal business segments \| segment	3
Interest income	$ 93,728	$ 96,913	$ 95,010
Interest expense	8,359	13,382	14,556
Net interest income	85,369	83,531	80,454
Gains on sales of loans	22,279	29,224	10,603
Other noninterest income	26,884	25,383	20,840
Net revenue	134,532	138,138	111,897
Provision for loan losses	575	11,080	8,515
Noninterest expense	95,875	97,839	79,450
Income (loss) before taxes	38,082	29,219	23,932
Income tax expense (benefit)	8,959	6,795	5,082
Net income	29,123	22,424	18,850
Capital expenditures	4,786	10,228	2,706
Depreciation and amortization	4,741	4,189	3,866
Total assets	2,264,521	2,086,310
Operating Segments \| Community Banking
Business Segments
Interest income	62,402	62,173	59,465
Interest expense	5,693	10,630	10,181
Net interest income	56,709	51,543	49,284
Gains on sales of loans		3,489
Other noninterest income	15,208	12,896	13,068
Net revenue	71,917	67,928	62,352
Provision for loan losses	(200)	4,600	360
Noninterest expense	54,981	56,770	49,743
Income (loss) before taxes	17,136	6,558	12,249
Income tax expense (benefit)	3,051	411	1,964
Net income	14,085	6,147	10,285
Capital expenditures	878	6,528	2,337
Depreciation and amortization	4,113	3,733	3,424
Total assets	2,131,391	1,951,622
Operating Segments \| Mortgage Banking
Business Segments
Interest income	3,845	4,954	2,699
Interest expense	1,157	1,579	1,618
Net interest income	2,688	3,375	1,081
Gains on sales of loans	22,370	25,792	10,603
Other noninterest income	9,192	9,985	5,103
Net revenue	34,250	39,152	16,787
Provision for loan losses	(45)	10
Noninterest expense	23,328	24,014	11,678
Income (loss) before taxes	10,967	15,128	5,109
Income tax expense (benefit)	3,284	4,392	1,336
Net income	7,683	10,736	3,773
Capital expenditures	164	354	246
Depreciation and amortization	256	281	246
Total assets	105,547	239,417
Operating Segments \| Consumer Finance.
Business Segments
Interest income	37,803	38,949	41,389
Interest expense	9,503	8,726	10,169
Net interest income	28,300	30,223	31,220
Other noninterest income	378	492	565
Net revenue	28,678	30,715	31,785
Provision for loan losses	820	6,470	8,155
Noninterest expense	14,213	13,828	14,202
Income (loss) before taxes	13,645	10,417	9,428
Income tax expense (benefit)	3,685	2,805	2,560
Net income	9,960	7,612	6,868
Capital expenditures	3,744	3,346	123
Depreciation and amortization	372	175	196
Total assets	372,292	314,746
Operating Segments \| Other
Business Segments
Interest income			4
Interest expense	2,349	1,611	1,135
Net interest income	(2,349)	(1,611)	(1,131)
Other noninterest income	2,207	2,040	2,104
Net revenue	(142)	429	973
Noninterest expense	3,375	3,227	3,827
Income (loss) before taxes	(3,517)	(2,798)	(2,854)
Income tax expense (benefit)	(1,030)	(795)	(778)
Net income	(2,487)	(2,003)	(2,076)
Total assets	44,897	43,826
Eliminations
Business Segments
Interest income	(10,322)	(9,163)	(8,547)
Interest expense	(10,343)	(9,164)	$ (8,547)
Net interest income	21	1
Gains on sales of loans	(91)	(57)
Other noninterest income	(101)	(30)
Net revenue	(171)	(86)
Noninterest expense	(22)
Income (loss) before taxes	(149)	(86)
Income tax expense (benefit)	(31)	(18)
Net income	(118)	(68)
Total assets	$ (389,606)	$ (463,301)

Business Segments - Merger Rela

Business Segments - Merger Related Expenses and Segment Debt (Details)	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Segments
Merger related costs	$ 0	$ 898,000	$ 709,000
Aggregated merger related costs		2,100,000	2,100,000
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
Variable rate, spread (as a percent)	2.21%
Consumer Finance. \| Maximum
Business Segments
Variable rate, spread (as a percent)	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	709,000
Merger related costs, after income taxes		1,130,000	653,000
Peoples Bankshares, Incorporated (Peoples) \| Community Banking
Business Segments
Merger related costs		1,300,000	236,000
Merger related costs, after income taxes		1,030,000	$ 196,000
Peoples Bankshares, Incorporated (Peoples) \| Community Banking \| Salaries and benefits expense
Business Segments
Merger related costs		119,000
Peoples Bankshares, Incorporated (Peoples) \| Community Banking \| Other noninterest expense
Business Segments
Merger related costs		879,000
Peoples Bankshares, Incorporated (Peoples) \| Community Banking \| Other noninterest income
Business Segments
Merger related costs		$ 298,000

Derivatives Financial Instrumen

Derivatives Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivatives and other information
Changes in fair value of loan swaps	$ 0
Unpaid principal on mortgage loans held for sale	5,430	$ 6,420
Other assets
Derivatives and other information
Cash collateral	3,880	9,920
Forward sales of TBA securities \| Not designated as hedges
Derivatives and other information
Notional amount	9,250	8,000
Derivative Liability	3	47
Interest rate swaps on loans \| Cash flow hedges
Derivatives and other information
Notional amount	25,000	25,000
Derivative Liability	665	1,882
Matched interest rate swap with borrower \| Not designated as hedges
Derivatives and other information
Notional amount	72,352	84,753
Derivative Asset	3,303	8,185
Derivative Liability	164
Matched interest rate swaps with counterparty \| Not designated as hedges
Derivatives and other information
Notional amount	72,352	84,753
Derivative Asset	164
Derivative Liability	3,303	8,185
IRLC \| Not designated as hedges
Derivatives and other information
Notional amount	83,407	198,632
Derivative Asset	1,523	4,582
Mortgage Banking
Derivatives and other information
IRLCs	2,820	7,670
Unpaid principal on mortgage loans held for sale	7,400	5,630
Mortgage Banking \| Best-efforts forward sales contracts
Derivatives and other information
IRLCs	80,590	190,960
Unpaid principal on mortgage loans held for sale	72,240	200,880
Mortgage loans	152,830	391,840
Mortgage Banking \| Forward sales of TBA securities
Derivatives and other information
Mortgage loans	9,250	8,000
Mortgage Banking \| Mandatory-delivery forward sales contracts
Derivatives and other information
Mortgage loans	$ 1,010	$ 3,940

Holding Company Condensed Fin_3

Holding Company Condensed Financial Information - Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Other assets.	$ 56,661	$ 69,716
Total assets	2,264,521	2,086,310
Liabilities and shareholders' equity
Trust preferred capital notes	25,351	25,316
Long-term borrowings	30,375	30,398
Other liabilities	47,707	62,388
Equity	210,318	193,805
Total liabilities and equity	2,264,521	2,086,310
C&F Financial Corporation \| Reportable Legal Entities
Assets
Cash	20,584	21,272	$ 11,464	$ 316
Other assets.	24,884	22,680
Investment in C&F Bank	235,771	218,148
Total assets	281,239	262,100
Liabilities and shareholders' equity
Trust preferred capital notes	25,351	25,316
Long-term borrowings	24,029	24,093
Other liabilities	21,541	18,886
Equity	210,318	193,805
Total liabilities and equity	$ 281,239	$ 262,100

Holding Company Condensed Fin_4

Holding Company Condensed Financial Information - Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF INCOME
Interest expense on borrowings	$ (1,771)	$ (2,592)	$ (4,327)
Other expenses	(95,875)	(97,839)	(79,450)
Net income	29,123	22,424	18,850
Other comprehensive income (loss), net of tax	(132)	294	2,423
Comprehensive income	28,991	22,718	21,273
C&F Financial Corporation \| Reportable Legal Entities
CONSOLIDATED STATEMENTS OF INCOME
Interest expense on borrowings	(2,348)	(1,611)	(1,135)
Dividends received from C&F Bank	12,500	8,746	22,632
Equity in undistributed net income of C&F Bank	18,653	15,373	(1,697)
Other income	2,207	2,041	2,108
Other expenses	(2,345)	(2,432)	(3,049)
Net income	28,667	22,117	18,859
Other comprehensive income (loss), net of tax	(132)	294	2,423
Comprehensive income	$ 28,535	$ 22,411	$ 21,282

Holding Company Condensed Fin_5

Holding Company Condensed Financial Information - Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statements of Cash Flows
Net cash provided by operating activities	$ 157,387	$ (80,374)	$ (14,632)
Investing activities:
Acquisition of Peoples Bankshares, Incorporated		19,101
Swap collateral, net	6,040	(7,400)	(2,490)
Net cash used in investing activities	(138,693)	(183,286)	(35,929)
Financing activities:
Proceeds from borrowings		19,924	7,000
Common stock repurchases	(8,232)	(1,061)	(4,917)
Cash dividends	(5,675)	(5,546)	(5,131)
Other financing activities, net	(711)	(176)	(4)
Net cash provided by financing activities	162,382	184,896	100,981
Net increase (decrease) in cash and cash equivalents	181,076	(78,764)	50,420
C&F Financial Corporation \| Reportable Legal Entities
Statements of Cash Flows
Net cash provided by operating activities	12,001	8,141	20,674
Investing activities:
Acquisition of Peoples Bankshares, Incorporated		(10,084)
Swap collateral, net	1,030	(1,710)	(150)
Net cash used in investing activities	1,030	(11,794)	(150)
Financing activities:
Proceeds from borrowings		19,924
Common stock repurchases	(8,232)	(1,061)	(4,385)
Cash dividends	(5,675)	(5,546)	(5,131)
Other financing activities, net	188	144	140
Net cash provided by financing activities	(13,719)	13,461	(9,376)
Net increase (decrease) in cash and cash equivalents	(688)	9,808	11,148
Cash at beginning of year	21,272	11,464	316
Cash at end of year	$ 20,584	$ 21,272	$ 11,464

Other Noninterest Expenses (Det

Other Noninterest Expenses (Details) - USD ($)	12 Months Ended
Other Noninterest Expenses (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Noninterest Expenses
Data processing fees	$ 11,088,000	$ 10,916,000	$ 8,958,000
Mortgage banking loan processing expenses	3,128,000	3,235,000	1,666,000
Professional fees	3,066,000	3,046,000	3,265,000
Marketing and advertising expenses	1,523,000	1,663,000	1,781,000
Telecommunication expenses	1,517,000	1,455,000	1,328,000
Travel and educational expenses	959,000	1,153,000	1,329,000
Other real estate (gain)/loss and expenses, net	(379,000)	213,000	58,000
All other noninterest expenses	7,533,000	7,654,000	5,952,000
Total other noninterest expenses	28,435,000	29,335,000	24,337,000
Merger related expenses	$ 0	898,000	709,000
Merger related data processing fees		501,000	50,000
Merger related professional fees		336,000	614,000
Merger related other noninterest expenses		$ 61,000	44,000
Merger related telecommunication expenses			$ 1,000