C&F Financial (CFFI) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Document and Entity Information
Entity Registrant Name	C & F FINANCIAL CORP
Document Type	10-Q
Amendment Flag	false
Entity Central Index Key	913,341
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Common Stock, Shares Outstanding		3,394,862
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and due from banks	$ 11,459	$ 10,749
Interest-bearing deposits in other banks	127,856	156,867
Total cash and cash equivalents	139,315	167,616
Securities—available for sale at fair value, amortized cost of $213,163 and $214,437, respectively	218,349	221,897
Loans held for sale, at fair value	65,468	28,279
Loans, net of allowance for loan losses of $35,697 and $35,606, respectively	826,623	800,198
Restricted stocks, at cost	3,345	3,442
Corporate premises and equipment, net	36,525	37,295
Other real estate owned, net of valuation allowance of $90 and $29, respectively	977	786
Accrued interest receivable	6,654	6,421
Goodwill	14,425	14,425
Core deposit intangible, net	2,072	2,583
Bank-owned life insurance	14,681	14,484
Other assets	44,502	40,761
Total assets	1,372,936	1,338,187
Deposits
Noninterest-bearing demand deposits	187,814	161,839
Savings and interest-bearing demand deposits	507,235	497,755
Time deposits	347,779	366,507
Total deposits	1,042,828	1,026,101
Short-term borrowings	12,507	14,436
Long-term borrowings	144,029	127,488
Trust preferred capital notes	25,121	25,103
Accrued interest payable	707	740
Other liabilities	21,746	20,709
Total liabilities	1,246,938	1,214,577
Shareholders’ equity
Common stock ($1.00 par value, 8,000,000 shares authorized, 3,393,915 and 3,418,750 shares issued and outstanding, respectively, includes, 138,375 and 135,600 of unvested shares, respectively)	3,256	3,283
Additional paid-in capital	8,647	9,456
Retained earnings	112,494	107,785
Accumulated other comprehensive income, net	1,601	3,086
Total shareholders’ equity	125,998	123,610
Total liabilities and shareholders’ equity	$ 1,372,936	$ 1,338,187

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Parenthetical information
Available-for-sale securities, amortized cost	$ 213,163	$ 214,437
Loans, net of allowance for loan losses	35,571	35,606
Other real estate owned, net of valuation allowance	$ 90	$ 29
Common stock par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	3,393,915	3,418,750
Common stock, shares outstanding	3,393,915	3,418,750
Common
Parenthetical information
Common stock, nonvested shares	138,375	135,600

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest income
Interest and fees on loans	$ 19,603	$ 19,849	$ 38,621	$ 39,316
Interest on money market investments and federal funds sold	86	115	186	196
Interest and dividends on securities
U.S. government agencies and corporations	118	190	246	384
Tax-exempt obligations of states and political subdivisions	1,047	1,059	2,126	2,140
Taxable obligations of states and political subdivisions	50	46	92	92
Corporate bonds and other	446	453	882	878
Total interest income	21,350	21,712	42,153	43,006
Interest expense
Savings and interest-bearing deposits	274	248	549	520
Time deposits	790	780	1,471	1,621
Borrowings	817	878	1,603	1,748
Trust preferred capital notes	295	235	584	472
Total interest expense	2,176	2,141	4,207	4,361
Net interest income	19,174	19,571	37,946	38,645
Provision for loan losses	2,155	3,265	5,670	6,775
Net interest income after provision for loan losses	17,019	16,306	32,276	31,870
Noninterest income
Gains on sales of loans	2,002	1,646	3,647	2,815
Service charges on deposit accounts	1,076	1,116	2,091	2,178
Other service charges and fees	1,759	1,615	3,200	2,996
Investment services income	328	323	705	606
Net gains on calls and sales of available for sale securities	2	3	3	3
Other income	348	642	970	1,398
Total noninterest income	5,515	5,345	10,616	9,996
Noninterest expenses
Salaries and employee benefits	9,938	9,149	20,102	18,308
Occupancy	2,220	2,183	4,380	4,315
Other	4,496	4,900	8,922	9,699
Total noninterest expenses	16,654	16,232	33,404	32,322
Income before income taxes	5,880	5,419	9,488	9,544
Income tax expense	1,779	1,677	2,742	2,909
Net income	$ 4,101	$ 3,742	$ 6,746	$ 6,635
Net income per share - basic (in dollars per share)	$ 1.21	$ 1.10	$ 1.98	$ 1.95
Net income per share - assuming dilution (in dollars per share)	$ 1.21	$ 1.09	$ 1.98	$ 1.91
Weighted average number of shares - basic (in shares)	3,394,236	3,405,245	3,404,204	3,403,042
Weighted average number of shares - assuming dilution (in shares)	3,394,291	3,442,468	3,404,415	3,467,054

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Net income		$ 4,101	$ 3,742	$ 6,746	$ 6,635
Changes in defined benefit plan assets and benefit obligations
Changes in net loss arising during the period	[1]	(29)	(8)	(58)	(16)
Tax effect		11	3	22	6
Amortization of prior service cost arising during the period	[1]	(14)	(17)	(28)	(34)
Tax effect		(5)	(6)	(10)	(12)
Net of tax amount		(9)	6	(18)	12
Unrealized gain on cash flow hedging instruments
Unrealized holding gain arising during the period		166	46	18	86
Tax effect		(59)	(19)	(7)	(34)
Net of tax amount		107	27	11	52
Unrealized holding (losses) gains on securities
Unrealized holding (losses) gains arising during the period		(2,794)	1,943	(2,271)	5,113
Tax effect		978	(680)	795	(1,781)
Reclassification adjustment for gains included in net income	[2]	(2)	(3)	(3)	(3)
Tax effect		1	1	1	1
Net of tax amount		(1,817)	1,261	(1,478)	3,330
Other comprehensive (loss) income:		(1,719)	1,294	(1,485)	3,394
Comprehensive income		$ 2,382	$ 5,036	$ 5,261	$ 10,029
[1]	These items are included in the computation of net periodic benefit cost. See Note 7, Employee Benefit Plans, for additional information.
[2]	Gains are included in “Net gains on calls and sales of available for sale securities" on the consolidated statements of income.

Consolidated Statements of Shar

Consolidated Statements of Shareholders’ Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance, beginning of the period at Dec. 31, 2013	$ 3,269	$ 10,686	$ 99,492	$ (266)	$ 113,181
Comprehensive income:
Net income			6,635		6,635
Other comprehensive income (loss)				3,394	3,394
Common stock warrant repurchased		(2,303)			(2,303)
Share-based compensation		487			487
Restricted stock vested	7	(15)			(8)
Common stock issued	2	64			66
Cash dividends declared – common stock			(2,009)		(2,009)
Balance, end of period at Jun. 30, 2014	3,278	8,919	104,118	3,128	119,443
Balance, beginning of the period at Dec. 31, 2014	3,283	9,456	107,785	3,086	123,610
Comprehensive income:
Net income			6,746		6,746
Other comprehensive income (loss)				(1,485)	(1,485)
Share-based compensation		576			576
Restricted stock vested	13	(13)
Common stock issued	2	65			67
Common stock repurchased	(42)	(1,437)			(1,479)
Cash dividends declared – common stock			(2,037)		(2,037)
Balance, end of period at Jun. 30, 2015	$ 3,256	$ 8,647	$ 112,494	$ 1,601	$ 125,998

Consolidated Statements of Sha7

Consolidated Statements of Shareholders’ Equity (Unaudited) (Parentheticals) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
Cash dividends paid per share	$ 0.60	$ 0.59

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income	$ 6,746	$ 6,635
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	1,337	1,461
Provision for loan losses	5,670	6,775
Provision for indemnifications	139	109
Provision for other real estate owned losses	(90)
Share-based compensation	576	479
Net accretion of certain acquisition-related fair value adjustments	(1,300)	(1,722)
Accretion of discounts and amortization of premiums on securities, net	747	629
Gain on sale of securities	(3)	(3)
Net realized gains on sales of other real estate owned	(226)	(227)
Net realized gains on sale of corporate premises and equipment	(7)	(38)
Increase in bank-owned life insurance cash surrender value	(175)	(188)
Origination of loans held for sale	(277,393)	(217,466)
Proceeds from sales of loans held for sale	243,851	222,557
Gains on sales of loans	(3,647)	(2,815)
Change in other assets and liabilities:
Accrued interest receivable	(233)	105
Other assets	(1,185)	(3,590)
Accrued interest payable	(33)	(36)
Other liabilities	1,030	(2,378)
Net cash (used in) provided by operating activities	(24,016)	10,287
Investing activities:
Proceeds from maturities, calls and sales of securities available for sale	16,891	21,545
Purchases of securities available for sale	(16,130)	(15,981)
Net redemptions of restricted stocks	97	646
Purchase of loans	(16,258)
Net increase in loans	(16,872)	(12,870)
Proceeds from sales of other real estate owned	332	4,274
Purchases of corporate premises and equipment, net	(560)	(1,218)
Net cash used in investing activities	(32,500)	(3,604)
Financing activities:
Net increase in demand, interest-bearing demand and savings deposits	35,455	51,555
Net decrease in time deposits	(18,403)	(19,532)
Net increase (decrease) in borrowings	14,612	(245)
Repurchase of common stock warrant		(2,303)
Issuance of common stock	67	66
Repurchase of common stock	(1,479)
Cash dividends	(2,037)	(2,009)
Net cash provided by financing activities	28,215	27,532
Net (decrease) increase in cash and cash equivalents	(28,301)	34,215
Cash and cash equivalents at beginning of year	167,616	148,139
Cash and cash equivalents at end of period	139,315	182,354
Supplemental disclosure
Interest paid	4,547	4,942
Income taxes paid	339	2,041
Supplemental disclosure of noncash investing and financing activities
Unrealized (losses) gains on securities available for sale	(2,274)	5,110
Transfers between loans, other real estate owned and repossessed assets	2,308	1,980
Pension adjustment	(30)	18
Unrealized gain on cash flow hedging instruments	$ 18	$ 86

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE S TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1: Summary of Significant Accounting Policies Principles of Consolidation: The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial reporting and with applicable quarterly reporting regulations of the Securities and Exchange Commission (the SEC). They do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the C&F Financial Corporation Annual Report on Form 10-K for the year ended December 31, 2014. The unaudited consolidated financial statements include the accounts of C&F Financial Corporation (the Corporation) and its wholly-owned subsidiary, Citizens and Farmers Bank (the Bank or C&F Bank). All significant intercompany accounts and transactions have been eliminated in consolidation. In addition, the Corporation owns C&F Financial Statutory Trust I, C&F Financial Statutory Trust II and Central Virginia Bankshares Statutory Trust I, all of which are unconsolidated subsidiaries. The subordinated debt owed to these trusts is reported as a liability of the Corporation. Nature of Operations: The Corporation is a bank holding company incorporated under the laws of the Commonwealth of Virginia. The Corporation owns all of the stock of its subsidiary, C&F Bank, which is an independent commercial bank chartered under the laws of the Commonwealth of Virginia. On October 1, 2013, the Corporation acquired Central Virginia Bankshares, Inc. (CVBK) and its wholly-owned subsidiary, Central Virginia Bank (CVB), which was an independent commercial bank chartered under the laws of the Commonwealth of Virginia. On March 22, 2014, CVBK was merged with and into C&F Financial Corporation and CVB was merged with and into C&F Bank. The Bank has five wholly-owned active subsidiaries: C&F Mortgage Corporation and Subsidiary (C&F Mortgage), C&F Finance Company (C&F Finance), C&F Wealth Management Corporation (formerly C&F Investment Services, Inc.), C&F Insurance Services, Inc. and CVB Title Services, Inc. all incorporated under the laws of the Commonwealth of Virginia. C&F Mortgage, organized in September 1995, was formed to originate and sell residential mortgages and through its subsidiary, Certified Appraisals LLC, provides ancillary mortgage loan production services for residential appraisals. C&F Finance, acquired on September 1, 2002, is a finance company providing automobile loans through indirect lending programs. C&F Wealth Management Corporation, organized in April 1995 and renamed in May 2015, is a full-service brokerage firm offering a comprehensive range of investment services. C&F Insurance Services, Inc., organized in July 1999, owns an equity interest in an insurance agency that sells insurance products to customers of C&F Bank, C&F Mortgage and other financial institutions that have an equity interest in the agency. CVB Title Services, Inc., was organized for the primary purpose of owning membership interests in two insurance-related limited liability companies. Business segment data is presented in Note 9. Basis of Presentation: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the allowance for indemnifications, impairment of loans, projected cash flows of purchased credit impaired loans, impairment of securities, the valuation of other real estate owned, the projected benefit obligation under the defined benefit pension plan, the valuation of deferred taxes, fair value measurements and goodwill impairment. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the results of operations in these financial statements, have been made. Reclassification: Certain reclassifications have been made to prior period amounts to conform to the current period presentation. None of these reclassifications are considered material. See Note 2 for additional information about reclassifications related to the adoption of new accounting standards. Derivative Financial Instruments: The Corporation recognizes derivative financial instruments at fair value as either an other asset or other liability in the consolidated balance sheet. The Corporation’s derivative financial instruments as of June 30, 2015 and December 31, 2014 consisted of (1) the fair value of interest rate lock commitments (IRLCs) on mortgage loans that will be sold in the secondary market and the related forward commitments to sell mortgage loans and (2) interest rate swaps that qualified as cash flow hedges on the Corporation's trust preferred capital notes. Because the IRLCs and forward sales commitments are not designated as hedging instruments, adjustments to reflect unrealized gains and losses resulting from changes in fair value of the Corporation's IRLCs and forward sales commitments and realized gains and losses upon ultimate sale of the loans are classified as noninterest income. The effective portion of the gain or loss on the Corporation's cash flow hedges is reported as a component of other comprehensive income, net of deferred income taxes, and reclassified into earnings in the same period or period(s) during which the hedged transactions affect earnings. Share-Based Compensation: Compensation expense for the second quarter of 2015 and the first six months of 2015 included expense, net of forfeitures, of $312,000 ( $193,000 after tax) and $576,000 ( $357,000 after tax), respectively, for restricted stock granted during 2010 through 2015. As of June 30, 2015 , there was $2.79 million of total unrecognized compensation expense related to unvested restricted stock that will be recognized over the remaining requisite service periods. A summary of activity for restricted stock awards during the first six months of 2015 and 2014 is presented below: Weighted- Average Grant Date Shares Fair Value Unvested, January 1, 2015 $ Granted Vested Forfeitures Unvested, June 30, 2015 $ Weighted- Average Grant Date Shares Fair Value Unvested, January 1, 2014 $ Granted Vested Forfeitures Unvested, June 30, 2014 $ Stock option activity during the six months ended June 30, 2015 and 2014 and stock options outstanding at June 30, 2015 and 2014 are summarized below: Intrinsic Value of Unexercised Remaining In-The Contractual Money Exercise Life Options Shares Price* (in years)* (in 000’s) Options outstanding and exercisable at January 1, 2015 $ $ — Expired $ Options outstanding and exercisable at June 30, 2015 $ $ — * Weighted average Intrinsic Value of Unexercised Remaining In-The Contractual Money Exercise Life Options Shares Price* (in years)* (in 000’s) Options outstanding and exercisable at January 1, 2014 $ $ Expired $ Options outstanding and exercisable at June 30, 2014 $ $ * Weighted average Recent Significant Accounting Pronouncements: In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-01, Investments-Equity Method and Joint Ventures - Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force) . The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU became effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of ASU 2014-01 did not have a material effect on the Corporation’s financial statements. The adoption of ASU 2014-01 is described further in Note 2. In June 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606 . This ASU applies to any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The guidance supersedes the revenue recognition requirements in Revenue Recognition-Topic 605 , most industry-specific guidance, and some cost guidance included in Revenue Recognition-Construction-Type and Production-Type Contracts-Subtopic 605-35 . The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To be in alignment with the core principle, an entity must apply a five step process including: identification of the contract(s) with a customer, identification of performance obligations in the contract(s), determination of the transaction price, allocation of the transaction price to the performance obligations, and recognition of revenue when (or as) the entity satisfies a performance obligation. Additionally, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer have also been amended to be consistent with the guidance on recognition and measurement. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Corporation does not expect the adoption of ASU 2014-09 to have a material effect on its financial statements. In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures . This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. The new guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement. The amendments in the ASU also require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. Additional disclosures will be required for the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU became effective for the first interim or annual period beginning after December 15, 2014; however, the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is not permitted. The adoption of ASU 2014-11 did not have a material effect on the Corporation’s financial statements. In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . The new guidance applies to reporting entities that grant employees share-based payments in which the terms of the award allow a performance target to be achieved after the requisite service period. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Existing guidance in Compensation - Stock Compensation (Topic 718) , should be applied to account for these types of awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted and reporting entities may choose to apply the amendments in the ASU either on a prospective or retrospective basis. The Corporation does not expect the adoption of ASU 2014-12 to have a material effect on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . This update is intended to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Corporation does not expect the adoption of ASU 2014-15 to have a material effect on its financial statements. In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity . The amendments in ASU do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument. The amendments in this ASU also clarify that, in evaluating the nature of a host contract, an entity should assess the substance of the relevant terms and features (i.e., the relative strength of the debt-like or equity-like terms and features given the facts and circumstances) when considering how to weight those terms and features. The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. The Corporation does not expect the adoption of ASU 2014-16 to have a material effect on its financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The amendments in this ASU eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Corporation does not expect the adoption of ASU 2015-01 to have a material effect on its financial statements In February 2015, the FASB issued ASU No. 2015-02, “ Consolidation (Topic 810): Amendments to the Consolidation Analysis .” The amendments in this ASU are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification (ASC) and improves current GAAP by placing more emphasis on risk of loss when determining a controlling financial interest, reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE), and changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. ASU 2015-02 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The Corporation does not expect the adoption of ASU 2015-02 to have a material effect on its financial statements. In April 2015, the FASB issued ASU No. 2015-03, “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ” The amendments in this ASU are intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Corporation does not expect the adoption of ASU 2015-03 to have a material effect on its financial statements. In April 2015, the FASB issued ASU No. 2015-05, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement .” The amendments in this ASU provide guidance to customers regarding cloud computing arrangements that include a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer’s accounting for service contracts. As a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. The amendments in this ASU are effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. An entity can elect to adopt the amendments either: (1) prospectively to all arrangements entered into or materially modified after the effective date; or (2) retrospectively. The Corporation is currently assessing the effect that ASU 2015-05 will have on its financial statements. In May 2015, the FASB issued ASU No. 2015-08, “ Business Combinations (Topic 805): Pushdown Accounting – Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 .” The amendments in ASU 2015-08 amend various paragraphs in the ASC regarding positions of the staff of the SEC pursuant to the issuance of Staff Accounting Bulletin No. 115, Topic 5: Miscellaneous Accounting, regarding various pushdown accounting issues, and did not have a material effect on our financial statements. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Corporation’s financial position, results of operations or cash flows.

Adoption of New Accounting Stan

Adoption of New Accounting Standards	3 Months Ended
	Jun. 30, 2015
Adoption of New Accounting Standards
Adoption of New Accounting Standards	NOTE 2: Adoption of New Accounting Standards The Corporation adopted ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects, as of January 1, 2015. As permitted by the guidance, the Corporation has elected to amortize the initial cost of investments in affordable housing projects over the period in which the Corporation will receive related tax credits, which approximates the proportional amortization method, and the resulting amortization is recognized as a component of income taxes attributable to continuing operations. Historically, the amortization related to these investments were recognized within noninterest expense. The Corporation adopted this guidance in the first quarter of 2015 with retrospective application as required by ASU 2014-01. Prior period results have been restated to conform to this presentation. As of June 30, 2015 , the carrying value of the Corporation’s aggregate investment in qualified affordable housing projects was $2.69 million and the aggregate commitment to provide additional capital to these investments was $1.26 million. Amortization recognized as a component of income tax expense for the three and six months ended June 30, 2015 was $65,000 and $203,000 , respectively, compared to $103,000 and $207,000 for the three and six months ended June 30, 2014, respectively.

Securities

Securities	6 Months Ended
	Jun. 30, 2015
Securities
Securities	NOTE 3: Securities Debt and equity securities, all of which are classified as available for sale are summarized as follows: June 30, 2015 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ $ $ $ Mortgage-backed securities Obligations of states and political subdivisions $ $ $ $ December 31, 2014 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ $ $ $ Mortgage-backed securities Obligations of states and political subdivisions $ $ $ $ The amortized cost and estimated fair value of securities at June 30, 2015 , 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. June 30, 2015 Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ $ Due after one year through five years Due after five years through ten years Due after ten years $ $ Proceeds from the maturities, calls and sales of securities available for sale for the three and six months ended June 30, 2015 were $8.34 million and $ 16.89 million, respectively, resulting in gross realized gains of $2,000 and $3,000 , respectively. Proceeds from the maturities, calls and sales of securities available for sale for the three and six months ended June 30, 2014 were $4.96 million and $21.55 million, respectively, resulting in gross realized gains of $3,000 and $3,000 , respectively. The Corporation pledges securities primarily as collateral for public deposits and repurchase agreements. Securities with an aggregate amortized cost of $83.88 million and an aggregate fair value of $86.75 million were pledged at June 30, 2015 . Securities with an aggregate amortized cost of $106.31 million and an aggregate fair value of $110.37 million were pledged at December 31, 2014 . Securities in an unrealized loss position at June 30, 2015 , 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 $ $ $ $ $ $ Mortgage-backed securities Obligations of states and political subdivisions Total temporarily impaired securities $ $ $ $ $ $ There were 99 debt securities totaling $58.29 million considered temporarily impaired at June 30, 2015. The primary cause of the temporary impairments in the Corporation's investments in debt securities was fluctuations in interest rates. Interest rates increased during the second quarter of 2015, primarily in the middle and long-end of the United States Treasury yield curve, thereby increasing unrealized losses on certain of the Corporation's debt securities as compared to March 31, 2015. Prices for debt securities were lower as interest rates rose driven by (i) stronger United States economic data, particularly in the labor markets, that reflected the probability of accelerating economic expansion and (ii) anticipated increases in the Federal Funds rate later this year. Interest rates in the municipal bond sector, which includes the Corporation's obligations of states and political subdivisions, were also higher during the second quarter of 2015, albeit to a lesser degree as compared to the overall market, primarily due to improving overall economic conditions and municipal credit concerns in Puerto Rico, offset by continued elevated supply of refunding securities. At June 30, 2015, approximately 97 percent of the Corporation's obligations of states and political subdivisions, as measured by market value, were rated “A” or better by Standard & Poor's or Moody's Investors Service. Of those in a net unrealized loss position, approximately 95 percent were rated “A” or better, as measured by market value, at June 30, 2015. For the approximately five percent not rated "A" or better, as measured by market value at June 30, 2015, the Corporation considers these to meet regulatory credit quality standards, such that the securities have low risk of default by the obligor, and the full and timely repayment of principal and interest is expected over the expected life of the investment. Because the Corporation intends to hold these investments in debt securities to maturity and it is more likely than not that the Corporation will not be required to sell these investments before a recovery of unrealized losses, the Corporation does not consider these investments to be other-than-temporarily impaired at June 30, 2015 and no other-than-temporary impairment has been recognized. Securities in an unrealized loss position at December 31, 2014, 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 $ $ $ $ $ $ Mortgage-backed securities — — Obligations of states and political subdivisions Total temporarily impaired securities $ $ $ $ $ $ The Corporation’s investment in restricted stocks totaled $3. 35 m illion at June 30, 2015, and consisted of $3.20 million of Federal Home Loan Bank (FHLB) stock and $145,000 of Community Bankers Bank (CBB) stock. Restricted stock is generally viewed as a long-term investment and as restricted investment securities, which are carried at cost, because there is no market for the stock, other than the FHLBs or member institutions. Therefore, when evaluating restricted stock for impairment, their respective values are based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Corporation does not consider its investment in restricted stocks to be other-than-temporarily impaired at June 30, 2015 and no impairment has been recognized. Total restricted stocks is shown as a separate line item on the balance sheet and is not a part of the available-for-sale securities portfolio. At December 31, 2014 , the Corporation’s restricted stocks included $3.30 million of FHLB stock and $145,000 of CBB st ock.

Loans

Loans	6 Months Ended
	Jun. 30, 2015
Loans
Loans	NOTE 4: Loans Major classifications of loans are summarized as follows: June 30, December 31, (Dollars in thousands) 2015 2014 Real estate – residential mortgage $ $ Real estate – construction 1 Commercial, financial and agricultural 2 Equity lines Consumer Consumer finance Less allowance for loan losses Loans, net $ $ 1 Includes the Corporation's real estate construction lending and consumer real estate lot lending. 2 Includes the Corporation’s commercial real estate lending, land acquisition and development lending, builder line lending and commercial business lending. Consumer loans included $317,000 and $355,000 of demand deposit overdrafts at June 30, 2015 and December 31, 2014 , respectively. The outstanding principal balance and the carrying amount of loans acquired pursuant to the Corporation's acquisition of CVB (or acquired loans) that were recorded at fair value at the acquisition date and are included in the consolidated balance sheet at June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 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 $ $ $ $ $ $ Carrying amount Real estate – residential mortgage $ $ $ $ $ $ Commercial, financial and agricultural 1 Equity lines Consumer — Total acquired loans $ $ $ $ $ $ 1 Includes acquired loans classified by the Corporation as commercial real estate lending, land acquisition and development lending, builder line lending and commercial business lending. Loans on nonaccrual status were as follows: June 30, December 31, (Dollars in thousands) 2015 2014 Real estate – residential mortgage $ $ Real estate – construction: Construction lending — — Consumer lot lending — — Commercial, financial and agricultural: Commercial real estate lending Land acquisition and development lending — — Builder line lending — Commercial business lending — — Equity lines Consumer Consumer finance Total loans on nonaccrual status $ $ The past due status of loans as of June 30, 2015 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 $ $ $ $ $ $ $ $ — Real estate – construction: Construction lending — — — — — — Consumer lot lending — — — — — — Commercial, financial and agricultural: Commercial real estate lending — — — Land acquisition and development lending — — — — — — Builder line lending — — — — Commercial business lending — — — Equity lines — — Consumer — — — Consumer finance — — Total $ $ $ $ $ $ $ $ — 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due. The table above includes the following: · nonaccrual loans that are current of $2.77 million, 30-59 days past due of $240,000 , 60-89 days past due of $290,000 and 90+ days past due of $1.60 million. · performing loans purchased in the acquisition of CVB that are current of $73.51 million, 30-59 days past due of $147,000 , and 90+ days past due of $429,000 . The past due status of loans as of December 31, 2014 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 $ $ $ $ $ $ $ $ — Real estate – construction: Construction lending — — — — — Consumer lot lending — — — — — Commercial, financial and agricultural: Commercial real estate lending — — Land acquisition and development lending — — — — — Builder line lending — — — — — Commercial business lending — — Equity lines Consumer — Consumer finance — — Total $ $ $ $ $ $ $ $ 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due. The table above includes the following: · nonaccrual loans that are current of $3 .06 million, 30-59 days past due of $697,000 , 60 ‑89 days past due of $417,000 and 90+ days past due of $1. 77 million. · performing loans purchased in the acquisition of CVB that are current of $ 79.01 million, 30-59 days past due of $ 634,000 , 60-89 days past due of $88,000 and 90+ days past due of $413,000 . Loan modifications that were classified as TDRs during the three and six months ended June 30, 2015 and 2014 were as follows: Three Months Ended June 30, 2015 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Number of Recorded Recorded Number of Recorded Recorded (Dollars in thousands) Loans Investment Investment Loans Investment Investment Real estate – residential mortgage – interest rate concession — $ — $ — $ $ Consumer – interest rate concession — — — Total $ $ $ $ Six Months Ended June 30, 2015 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Number of Recorded Recorded Number of Recorded Recorded (Dollars in thousands) Loans Investment Investment Loans Investment Investment Real estate – residential mortgage – interest rate concession $ $ $ $ Commercial, financial and agricultural: Commercial real estate lending – interest rate concession — — — Commercial business lending – interest rate concession — — — Consumer – interest rate concession Total $ $ $ $ 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. There were no TDR defaults during the three and six months ended June 30, 2015 and 2014 . At June 30, 2015 and December 31, 2014, all impaired loans had an allowance for loan loss established. Impaired loans, which consisted solely of TDRs, and the related allowance at June 30, 2015 were as follows: Average Recorded Unpaid Balance- Interest Investment Principal Related Impaired Income (Dollars in thousands) in Loans Balance Allowance Loans Recognized Real estate – residential mortgage $ $ $ $ $ Commercial, financial and agricultural: Commercial real estate lending Commercial business lending Equity lines Consumer Total $ $ $ $ $ Impaired loans, which included TDR loans of $5.83 million, and the related allowance at December 31, 2014 were as follows: Average Recorded Unpaid Balance- Interest Investment Principal Related Impaired Income (Dollars in thousands) in Loans Balance Allowance Loans Recognized Real estate – residential mortgage $ $ $ $ $ Commercial, financial and agricultural: Commercial real estate lending Commercial business lending Equity lines Consumer Total $ $ $ $ $ PCI loans had an unpaid principal balance of $ 27.87 million and a carrying value of $ 1 5.62 million at June 30, 2015 . Determining the fair value of purchased credit impaired loans required the Corporation to estimate cash flows expected to result from those loans and to discount those cash flows at appropriate rates of interest. For such loans, the excess of the cash flows expected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans and is called the accretable yield. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition reflects the effect of estimated credit losses and is called the nonaccretable difference, and is not recorded. In accordance with U.S. GAAP, there was no carry-over of previously established allowance for loan losses for acquired loans. The following table presents a summary of the change in the accretable yield of the PCI loan portfolio for the six months ended June 30, 2015 and 2014 : June 30, June 30, (Dollars in thousands) 2015 2014 Accretable yield, balance at beginning of period $ $ Accretion Reclassification of nonaccretable difference due to improvement in expected cash flows — Other changes, net Accretable yield, balance at end of period $ $

Allowance for Loan Losses

Allowance for Loan Losses	6 Months Ended
	Jun. 30, 2015
Allowance for Loan Losses
Allowance for Loan Losses	NOTE 5: Allowance for Loan Losses The following table presents the changes in the allowance for loan losses by major classification during the six months ended June 30, 2015 . Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance for loan losses: Balance at December 31, 2014 $ $ $ $ $ $ $ Provision charged to operations — — — — Loans charged off — — Recoveries of loans previously charged off — — Balance at June 30, 2015 $ $ $ $ $ $ $ The following table presents the changes in the allowance for loan losses by major classification during the six months ended June 30, 2014 . Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance for loan losses: Balance at December 31, 2013 $ $ $ $ $ $ $ Provision charged to operations — — — — Loans charged off — Recoveries of loans previously charged off — — Balance at June 30, 2014 $ $ $ $ $ $ $ The following table presents, as of June 30, 2015 , the total allowance for loan losses, the allowance by impairment methodology (individually evaluated for impairment, collectively evaluated for impairment or PCI loans), the total loans and loans by impairment methodology (individually evaluated for impairment, collectively evaluated for impairment or PCI loans). Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance for loan losses: Balance at June 30, 2015 $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ $ — $ $ $ $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Ending balance: acquired loans - purchase credit impaired $ — $ — $ $ — $ — $ — $ Loans: Balance at June 30, 2015 $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ $ — $ $ $ $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Ending balance: acquired loans - purchase credit impaired $ $ — $ $ $ — $ — $ The following table presents, as of December 31, 2014 , the total allowance for loan losses, the allowance by impairment methodology (individually evaluated for impairment or collectively evaluated for impairment), the total loans and loans by impairment methodology (individually evaluated for impairment or collectively evaluated for impairment). Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance for loan losses: Ending balance $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ $ — $ $ $ $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Ending balance: acquired loans - purchase credit impaired $ — $ — $ — $ — $ — $ — $ — Loans: Ending balance $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ $ — $ $ $ $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Ending balance: acquired loans - purchase credit impaired $ $ — $ $ $ $ — $ Loans by credit quality indicators as of June 30, 2015 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ $ $ $ $ Real estate – construction: Construction lending — — Consumer lot lending — — — Commercial, financial and agricultural: Commercial real estate lending Land acquisition and development lending — Builder line lending Commercial business lending — Equity lines Consumer $ $ $ $ $ 1 At June 30, 2015 , the Corporation did not have any loans classified as Doubtful or Loss. Included in the table above are loans purchased in connection with the acquisition of CVB of $78.91 million pass rated, $4.31 million special mention, $5.88 million substandard and $604,000 substandard nonaccrual. (Dollars in thousands) Performing Non-Performing Total Consumer finance $ $ $ Loans by credit quality indicators as of December 31, 2014 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ $ $ $ $ Real estate – construction: Construction lending — — Consumer lot lending — — — Commercial, financial and agricultural: Commercial real estate lending Land acquisition and development lending — Builder line lending — Commercial business lending — Equity lines Consumer $ $ $ $ $ 1 At December 31, 2014 , the Corporation did not have any loans classified as Doubtful or Loss. Included in the table above are loans purchased in connection with the acquisition of CVB of $87.27 million pass rated, $2.99 million special mention, $10.71 million substandard and $603,000 substandard nonaccrual. (Dollars in thousands) Performing Non-Performing Total Consumer finance $ $ $

Shareholders_ Equity and Earnin

Shareholders’ Equity and Earnings Per Common Share	6 Months Ended
	Jun. 30, 2015
Shareholders’ Equity and Earnings Per Common Share
Shareholders’ Equity, Other Comprehensive Income and Earnings Per Common Share	NOTE 6: Shareholders’ Equity and Earnings Per Common Share Accumulated Other Comprehensive Income The following table presents the cumulative balances of the components of accumulated other comprehensive income, net of deferred taxes of $856,000 and $1.66 million as of June 30, 2015 and December 31, 2014 , respectively. June 30, December 31, (Dollars in thousands) 2015 2014 Net unrealized gains on securities $ $ Net unrecognized loss on cash flow hedges Net unrecognized losses on defined benefit plan Total accumulated other comprehensive income $ $ Common Shares During the first half of 2015, 38,759 shares were purchased under a share repurchase program authorized by the Corporation’s Board of Directors. The Corporation purchased 3,281 and 225 shares of its common stock from employees to satisfy tax withholding obligations arising upon the vesting of restricted shares during the first half of 2015 and 2014, respectively. Earnings Per Common Share The components of the Corporation’s earnings per common share calculations are as follows: Three Months Ended June 30, (Dollars in thousands) 2015 2014 Net income $ $ Weighted average number of common shares used in earnings per common share—basic Effect of dilutive securities: Stock option awards and warrant Weighted average number of common shares used in earnings per common share—assuming dilution Six Months Ended June 30, (Dollars in thousands) 2015 2014 Net income available to common shareholders $ $ Weighted average number of common shares used in earnings per common share—basic Effect of dilutive securities: Stock option awards and warrant Weighted average number of common shares used in earnings per common share—assuming dilution Potential common shares that may be issued by the Corporation for its stock option awards, and when it was outstanding, the warrant (the Warrant) to purchase common stock of the Corporation originally issued to the United States Department of the Treasury (Treasury) as part of the Corporation’s participation in the Capital Purchase Program, are determined using the treasury stock method. Approximately 88,762 shares issuable upon exercise of options were not included in computing diluted earnings per common share for both the three and six months ended June 30, 2015 and approximately 156,110 and 136,130 shares issuable upon exercise of options for the three and six months ended June 30, 2014 , respectively, were not included in computing diluted earnings per common share because they were anti-dilutive. The Corporation repurchased the Warrant from Treasury during the second quarter of 2014. 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. Accordingly, the weighted average number of common shares used in the calculation of basic and diluted EPS includes both vested and unvested common shares outstanding.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2015
Employee Benefit Plans
Employee Benefit Plans	NOTE 7: Employee Benefit Plans The Bank has a non-contributory cash balance pension plan for which the components of net periodic benefit cost are as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net loss Net periodic benefit cost $ $ $ $

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2015
Fair Value of Assets and Liabilities
Fair Value of Assets and Liabilities	NOTE 8: Fair Value of Assets and Liabilities Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. U.S. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. U.S. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels. These levels are: · Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 assets and liabilities include debt and equity securities traded in an active exchange market, as well as U.S. Treasury securities. · Level 2—Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3—Valuation is determined using model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect the Corporation's estimates of assumptions that market participants would use in pricing the respective asset or liability. Valuation techniques may include the use of pricing models, discounted cash flow models and similar techniques. U.S. GAAP allows an entity the irrevocable option to elect fair value (the fair value option) for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. The Corporation has elected to use fair value accounting for its entire portfolio of loans held for sale (LHFS). Assets and Liabilities Measured at Fair Value on a Recurring Basis The following describes the valuation techniques and inputs used by the Corporation in determining the fair value of certain assets recorded at fair value on a recurring basis in the financial statements. Securities available for sale. The Corporation primarily values its investment portfolio using Level 2 fair value measurements, but may also use Level 1 or Level 3 measurements if required by the composition of the portfolio. At June 30, 2015 and December 31, 2014 , the Corporation's entire investment securities portfolio was comprised of securities available for sale, which were valued using Level 2 fair value measurements. The Corporation has contracted with third party portfolio accounting service vendors for valuation of its securities portfolio. The vendors’ sources for security valuation are Standard & Poor's Securities Evaluations Inc. (SPSE), Thomson Reuters Pricing Service (TRPS), and Interactive Data Pricing and Reference Data LLC (IDC). Each source provides opinions, known as evaluated prices, as to the value of individual securities based on model-based pricing techniques that are partially based on available market data, including prices for similar instruments in active markets and prices for identical assets in markets that are not active. SPSE and IDC provide evaluated prices for the Corporation's obligations of states and political subdivisions category of securities. Both sources use 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 and IDC provide evaluated prices for the Corporation's U.S. government agencies and corporations and mortgage-backed categories of securities. Fixed-rate callable securities of the U.S. government agencies and corporations category are individually evaluated on an option adjusted spread basis for callable issues or on a nominal spread basis incorporating the term structure of agency market spreads and the appropriate risk free benchmark curve for non-callable issues. Fixed-rate securities issued by the Small Business Association in the U.S. government agencies and corporations category are individually evaluated based upon a hierarchy of security specific information and market data regarding that security or securities with similar characteristics. Pass-through mortgage-backed securities (or MBS) in the mortgage-backed category are grouped into aggregate categories defined by issuer program, weighted average coupon, and weighted average maturity. Each aggregate is benchmarked to a relative mortgage-backed to-be-announced (TBA) or other benchmark price. TBA prices are obtained from market makers and live trading systems. Collateralized mortgage obligations in the mortgage-backed category are individually evaluated based upon a hierarchy of security specific information and market data regarding that security or securities with similar characteristics. Each evaluation is determined using an option adjusted spread and prepayment model based on volatility-driven, multi-dimensional spread tables. Loans held for sale. Fair value of the Corporation's LHFS is based on observable market prices for similar instruments traded in the secondary mortgage loan markets in which the Corporation conducts business. The Corporation's portfolio of LHFS is classified as Level 2. Derivative asset (liability) - IRLCs. The Corporation recognizes IRLCs at fair value. Fair value of IRLCs is based on either (i) the price of the underlying loans obtained from an investor for loans that will be delivered on a best efforts basis or (ii) the observable price for individual loans traded in the secondary market for loans that will be delivered on a mandatory basis. All of the Corporation's IRLCs are classified as Level 2. Derivative asset (liability) - cash flow hedges. The Corporation’s derivative financial instruments have been designated as and qualify as cash flow hedges. The fair value of the Corporation's cash flow hedges is determined using the discounted cash flow method. All of the Corporation's cash flow hedges are classified as Level 2. The following table presents the balances of financial assets measured at fair value on a recurring basis. June 30, 2015 Fair Value Measurements Using Assets at (Dollars in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Securities available for sale U.S. government agencies and corporations $ — $ $ — $ Mortgage-backed securities — — Obligations of states and political subdivisions — — Total securities available for sale — — Loans held for sale — — Derivative asset - IRLC — — Total assets $ — $ $ — $ Liabilities: Derivative liability - cash flow hedges $ — $ $ — $ December 31, 2014 Fair Value Measurements Using Assets at (Dollars in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Securities available for sale U.S. government agencies and corporations $ — $ $ — $ Mortgage-backed securities — — Obligations of states and political subdivisions — — Total securities available for sale — — Loans held for sale — — Derivative asset - IRLC — — Derivative asset - cash flow hedges — — Total assets $ — $ $ — $ Liabilities: Derivative liability - cash flow hedges $ — $ $ — $ Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Corporation may be required, from time to time, to measure and recognize certain assets at fair value on a nonrecurring basis in accordance with U.S. GAAP. The following describes the valuation techniques and inputs used by the Corporation in determining the fair value of certain assets recorded at fair value on a nonrecurring basis in the financial statements. Impaired loans. The Corporation does not record loans held for investment at fair value on a recurring basis. However, there are instances when a loan is considered impaired and an allowance for loan losses is established. A loan is considered impaired when it is probable that the Corporation will be unable to collect all interest and principal payments as scheduled in the loan agreement. All TDRs are considered impaired loans. The Corporation measures impairment on a loan-by-loan basis for commercial, construction and residential loans in excess of $500,000 by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Additionally, management reviews current market conditions, borrower history, past experience with similar loans and economic conditions. Based on management's review, additional write-downs to fair value may be incurred. The Corporation maintains a valuation allowance to the extent that the measure of the impaired loan is less than the recorded investment. When the fair value of an impaired loan is based solely on observable cash flows, market price or a current appraisal, the Corporation records the impaired loan as nonrecurring Level 2. However, if based on management's review, additional write-downs to fair value are required or if the impaired loan otherwise does not meet the standards for Level 2 classification, the Corporation records the impaired loan as nonrecurring Level 3. The measurement of impaired loans of less than $500,000 is based on each loan's future cash flows discounted at the loan's effective interest rate rather than the market rate of interest, which is not a fair value measurement and is therefore excluded from fair value disclosure requirements. Other real estate owned (OREO). Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less costs to sell at the date of foreclosure. Initial fair value is based upon appraisals the Corporation obtains from independent licensed appraisers. Subsequent to foreclosure, management periodically performs valuations of the foreclosed assets based on updated appraisals, general market conditions, recent sales of like properties, length of time the properties have been held, and our ability and intention with regard to continued ownership of the properties. The Corporation may incur additional write-downs of foreclosed assets to fair value less costs to sell if valuations indicate a further other-than-temporary deterioration in market conditions. As such, we record OREO as nonrecurring Level 3. The following table presents the balances of financial assets measured at fair value on a non-recurring basis. June 30, 2015 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Impaired loans, net $ — $ — $ $ Other real estate owned, net — — Total $ — $ — $ $ December 31, 2014 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Impaired loans, net $ — $ — $ $ Other real estate owned, net — — Total $ — $ — $ $ The following table presents quantitative information about Level 3 fair value measurements for financial assets measured at fair value on a non-recurring basis as of June 30, 2015 : Fair Value Measurements at June 30, 2015 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Inputs Range of Inputs Impaired loans, net $ Appraisals Discount to reflect current market conditions and estimated selling costs 10% - 60% Other real estate owned, net Appraisals Discount to reflect current market conditions and estimated selling costs 0% - 65% Total $ Fair Value of Financial Instruments FASB ASC 825, Financial Instruments , requires disclosure about fair value of financial instruments, including those financial assets and financial liabilities that are not required to be measured and reported at fair value on a recurring or nonrecurring basis. ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Corporation. The following describes the valuation techniques used by the Corporation to measure its financial instruments at fair value as of June 30, 2015 and December 31, 2014 . Cash and short-term investments. The nature of these instruments and their relatively short maturities provide for the reporting of fair value equal to the historical cost. Loans, net. The fair value of performing loans is estimated using a discounted expected future cash flows analysis based on current rates being offered on similar products in the market. An overall valuation adjustment is made for specific credit risks as well as general portfolio risks. Based on the valuation methodologies used in assessing the fair value of loans and the associated valuation allowance, these loans are considered Level 3. Loan totals, as listed in the table below, include impaired loans. For valuation techniques used in relation to impaired loans, see the Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis section in this Note 8. Loans held for sale, net. As described in Assets and Liabilities Measured at Fair Value on a Recurring Basis section in this Note 8, the Corporation has elected to carry its portfolio of LHFS at fair value, measured on a recurring basis. Accrued interest receivable. The carrying amount of accrued interest receivable approximates fair value. Bank-owned life insurance (BOLI). The fair value of BOLI is estimated using information provided by insurance carriers. These policies are carried at their cash surrender value, which approximates the fair value. Deposits. The fair value of all demand deposit accounts is the amount payable at the report date. For all other deposits, the fair value is determined using the discounted cash flow method. The discount rate was equal to the rate currently offered on similar products in active markets (Level 2). Borrowings. The fair value of borrowings is determined using the discounted cash flow method. The discount rate was equal to the rate currently offered on similar products in active markets (Level 2). Accrued interest payable. The carrying amount of accrued interest payable approximates fair value. Letters of credit. The estimated fair value of letters of credit is based on estimated fees the Corporation would pay to have another entity assume its obligation under the outstanding arrangements. These fees are not considered material. Unused portions of lines of credit. The estimated fair value of unused portions of lines of credit is based on estimated fees the Corporation would pay to have another entity assume its obligation under the outstanding arrangements. These fees are not considered material. The following tables reflect the carrying amounts and estimated fair values of the Corporation's financial instruments whether or not recognized on the balance sheet at fair value. Carrying Fair Value Measurements at June 30, 2015 Using Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ $ $ — $ — $ Securities available for sale — — Loans, net — — Loans held for sale — — Derivative asset - IRLC — — Bank-owned life insurance — — Accrued interest receivable — — Financial liabilities: Demand deposits $ $ $ — $ — $ Time deposits — — Borrowings — — Derivative liability - cash flow hedges — — Accrued interest payable — — Carrying Fair Value Measurements at December 31, 2014 Using Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ $ $ — $ — $ Securities available for sale — — Loans, net — — Loans held for sale — — Derivative asset - IRLC — — Derivative asset - cash flow hedges — — Bank-owned life insurance — — Accrued interest receivable — — Financial liabilities: Demand deposits $ $ $ — $ — $ Time deposits — — Borrowings — — Derivative liability - cash flow hedges — — Accrued interest payable — — The Corporation assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal 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	6 Months Ended
	Jun. 30, 2015
Business Segments
Business Segments	NOTE 9: Business Segments The Corporation operates in a decentralized fashion in three principal business segments: Retail Banking, Mortgage Banking and Consumer Finance. Revenues from Retail Banking operations consist primarily of interest earned on loans and investment securities and service charges on deposit accounts. Mortgage Banking operating revenues consist principally of gains on sales of loans in the secondary market, loan origination fee income and interest earned on mortgage loans held for sale. Revenues from Consumer Finance consist primarily of interest earned on purchased automobile retail installment sales contracts. The Corporation’s other segment includes a full-service brokerage firm that derives revenues from brokerage services and an insurance company that derives revenues from insurance services. The results of the other segment are not significant to the Corporation as a whole and have been included in “Other.” Revenue and expenses of the Corporation are also included in “Other,” and consist primarily of interest expense associated with the Corporation’s trust preferred capital notes and other general corporate expenses. Three Months Ended June 30, 2015 Retail Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ $ $ $ — $ $ Gains on sales of loans — — — — Other noninterest income — Total operating income Expenses: Provision for loan losses — — — Interest expense Salaries and employee benefits — Other noninterest expenses — Total operating expenses Income (loss) before income taxes — Income tax expense (benefit) — Net income (loss) $ $ $ $ $ — $ Total assets $ $ $ $ $ $ Goodwill $ $ — $ $ — $ — $ Capital expenditures $ $ $ $ — $ — $ Three Months Ended June 30, 2014 Retail Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ $ $ $ — $ $ Gains on sales of loans — — — — Other noninterest income — Total operating income Expenses: Provision for loan losses — — — Interest expense Salaries and employee benefits — Other noninterest expenses — Total operating expenses Income (loss) before income taxes — Income tax expense (benefit) — Net income (loss) $ $ $ $ $ — $ Total assets $ $ $ $ $ $ Goodwill $ $ — $ $ — $ — $ Capital expenditures $ $ $ $ — $ — $ Six Months Ended June 30, 2015 Retail Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ $ $ $ — $ $ Gains on sales of loans — — — — Other noninterest income — Total operating income Expenses: Provision for loan losses — — — Interest expense Salaries and employee benefits — Other noninterest expenses — Total operating expenses Income (loss) before income taxes — Income tax expense (benefit) — Net income (loss) $ $ $ $ $ — $ Total assets $ $ $ $ $ $ Goodwill $ $ — $ $ — $ — $ Capital expenditures $ $ $ $ $ — $ Six Months Ended June 30, 2014 Retail Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ $ $ $ — $ $ Gains on sales of loans — — — — Other noninterest income — Total operating income Expenses: Provision for loan losses — — — Interest expense Salaries and employee benefits — Other noninterest expenses — Total operating expenses Income (loss) before income taxes — Income tax expense (benefit) — Net income (loss) $ $ $ $ $ — $ Total assets $ $ $ $ $ $ Goodwill $ $ — $ $ — $ — $ Capital expenditures $ $ $ $ $ — $ The Retail Banking segment extends a warehouse line of credit to the Mortgage Banking segment, providing a portion of the funds needed to originate mortgage loans. The Retail Banking segment charges the Mortgage Banking segment interest at the daily FHLB advance rate plus 50 basis points. The Retail Banking segment also provides the Consumer Finance segment with a portion of the funds needed to purchase loan contracts by means of variable rate notes that carry interest at one-month LIBOR plus 200 basis points and fixed rate notes that carry interest rates ranging from 3.8 percent to 8.0 percent. The Retail Banking segment acquires certain residential real estate loans from the Mortgage Banking segment at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals. Certain corporate overhead costs incurred by the Retail Banking segment are not allocated to the Mortgage Banking, Consumer Finance and Other segments.

Commitments and Financial Instr

Commitments and Financial Instruments with Off-Balance-Sheet Risk	6 Months Ended
	Jun. 30, 2015
Commitments and Financial Instruments with Off-Balance-Sheet Risk
Commitments and Financial Instruments with Off-Balance-Sheet Risk	NOTE 10: Commitments and Financial Instruments with Off-Balance-Sheet Risk C&F Mortgage enters into IRLCs with customers and will sell the underlying loans to investors on either a best efforts or a mandatory delivery basis. C&F Mortgage mitigates interest rate risk on IRLCs and loans held for sale by (a) entering into forward loan sales contracts with investors for loans to be delivered on a best efforts basis or (b) entering into forward sales contracts of MBS for loans to be delivered on a mandatory basis. Both the IRLCs with customers and the forward sales contracts are considered derivative financial instruments. At June 30, 2015 , the Corporation had forward sales contracts with a notional value of $ 140.37 million, and each loan held for sale by C&F Mortgage was subject to a forward sales agreement. The fair value of these derivative instruments at June 30, 2015 was $984,000 , which was included in other assets. C&F Mortgage sells substantially all of the residential mortgage loans it originates to third-party counterparties. As is customary in the industry, the agreements with these counterparties require C&F Mortgage to extend representations and warranties with respect to program compliance, borrower misrepresentation, fraud, and early payment performance. Under the agreements, the counterparties are entitled to make loss claims and repurchase requests of C&F Mortgage for loans that contain covered deficiencies. C&F Mortgage has obtained early payment default recourse waivers for a significant portion of its business. Recourse periods for early payment default for the remaining counterparties vary from 90 days up to one year. Recourse periods for borrower misrepresentation or fraud, or underwriting error do not have a stated time limit. C&F Mortgage maintains an indemnification reserve for potential claims made under these recourse provisions. The following table presents the changes in the allowance for indemnification losses for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2015 2014 2015 2014 Allowance, beginning of period $ $ $ $ Provision for indemnification losses Payments Allowance, end of period $ $ $ $

Interest Rate Swaps

Interest Rate Swaps	6 Months Ended
	Jun. 30, 2015
Interest Rate Swaps
Interest Rate Swaps	NOTE 11: Interest Rate Swaps The Corporation uses interest rate swaps to manage exposure of its trust preferred capital notes to interest rate risk. Interest rate swaps involve the exchange of fixed and variable rate interest payments between two parties, based on a common notional principal amount and maturity date with no exchange of underlying principal amounts. The Corporation’s interest rate swaps qualify as cash flow hedges. The Corporation’s cash flow hedges effectively modify the Corporation’s exposure to interest rate risk by converting variable rates of interest on $10.00 million and $15.00 million of the Corporation’s trust preferred capital notes to fixed rates of interest until September 2015 and December 2019, respectively. The cash flow hedges total notional amount is $25.00 million. At June 30, 2015 , the $15.0 million of cash flow hedges entered into during 2014 had a fair value of ($41,000) , which is recorded in other liabilities, and the remaining $10.0 million of cash flow hedges had a fair value of ($44,000) , which is also recorded in other liabilities. The cash flow hedges were fully effective at June 30, 2015 and therefore the net loss on the cash flow hedges was recognized as a component of other comprehensive income (loss), net of deferred income taxes.

Other Noninterest Expenses

Other Noninterest Expenses	6 Months Ended
	Jun. 30, 2015
Other Noninterest Expenses
Other Noninterest Expenses	NOTE 12: Other Noninterest Expenses The following table presents the significant components in the statements of income line “Noninterest Expenses-Other.” Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2015 2014 2015 2014 Data processing fees $ $ $ $ Professional fees Telecommunication expenses Amortization of core deposit intangible Travel and educational expenses FDIC Insurance expense Marketing and advertising expenses All other noninterest expenses Total other noninterest expenses $ $ $ $

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation: The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial reporting and with applicable quarterly reporting regulations of the Securities and Exchange Commission (the SEC). They do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the C&F Financial Corporation Annual Report on Form 10-K for the year ended December 31, 2014. The unaudited consolidated financial statements include the accounts of C&F Financial Corporation (the Corporation) and its wholly-owned subsidiary, Citizens and Farmers Bank (the Bank or C&F Bank). All significant intercompany accounts and transactions have been eliminated in consolidation. In addition, the Corporation owns C&F Financial Statutory Trust I, C&F Financial Statutory Trust II and Central Virginia Bankshares Statutory Trust I, all of which are unconsolidated subsidiaries. The subordinated debt owed to these trusts is reported as a liability of the Corporation.
Nature of Operations	Nature of Operations: The Corporation is a bank holding company incorporated under the laws of the Commonwealth of Virginia. The Corporation owns all of the stock of its subsidiary, C&F Bank, which is an independent commercial bank chartered under the laws of the Commonwealth of Virginia. On October 1, 2013, the Corporation acquired Central Virginia Bankshares, Inc. (CVBK) and its wholly-owned subsidiary, Central Virginia Bank (CVB), which was an independent commercial bank chartered under the laws of the Commonwealth of Virginia. On March 22, 2014, CVBK was merged with and into C&F Financial Corporation and CVB was merged with and into C&F Bank. The Bank has five wholly-owned active subsidiaries: C&F Mortgage Corporation and Subsidiary (C&F Mortgage), C&F Finance Company (C&F Finance), C&F Wealth Management Corporation (formerly C&F Investment Services, Inc.), C&F Insurance Services, Inc. and CVB Title Services, Inc. all incorporated under the laws of the Commonwealth of Virginia. C&F Mortgage, organized in September 1995, was formed to originate and sell residential mortgages and through its subsidiary, Certified Appraisals LLC, provides ancillary mortgage loan production services for residential appraisals. C&F Finance, acquired on September 1, 2002, is a finance company providing automobile loans through indirect lending programs. C&F Wealth Management Corporation, organized in April 1995 and renamed in May 2015, is a full-service brokerage firm offering a comprehensive range of investment services. C&F Insurance Services, Inc., organized in July 1999, owns an equity interest in an insurance agency that sells insurance products to customers of C&F Bank, C&F Mortgage and other financial institutions that have an equity interest in the agency. CVB Title Services, Inc., was organized for the primary purpose of owning membership interests in two insurance-related limited liability companies. Business segment data is presented in Note 9.
Basis of Presentation	Basis of Presentation: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the allowance for indemnifications, impairment of loans, projected cash flows of purchased credit impaired loans, impairment of securities, the valuation of other real estate owned, the projected benefit obligation under the defined benefit pension plan, the valuation of deferred taxes, fair value measurements and goodwill impairment. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the results of operations in these financial statements, have been made.
Reclassifications	Reclassification: Certain reclassifications have been made to prior period amounts to conform to the current period presentation. None of these reclassifications are considered material. See Note 2 for additional information about reclassifications related to the adoption of new accounting standards.
Derivative Financial Instruments	Derivative Financial Instruments: The Corporation recognizes derivative financial instruments at fair value as either an other asset or other liability in the consolidated balance sheet. The Corporation’s derivative financial instruments as of June 30, 2015 and December 31, 2014 consisted of (1) the fair value of interest rate lock commitments (IRLCs) on mortgage loans that will be sold in the secondary market and the related forward commitments to sell mortgage loans and (2) interest rate swaps that qualified as cash flow hedges on the Corporation's trust preferred capital notes. Because the IRLCs and forward sales commitments are not designated as hedging instruments, adjustments to reflect unrealized gains and losses resulting from changes in fair value of the Corporation's IRLCs and forward sales commitments and realized gains and losses upon ultimate sale of the loans are classified as noninterest income. The effective portion of the gain or loss on the Corporation's cash flow hedges is reported as a component of other comprehensive income, net of deferred income taxes, and reclassified into earnings in the same period or period(s) during which the hedged transactions affect earnings.
Share-Based Compensation	Share-Based Compensation: Compensation expense for the second quarter of 2015 and the first six months of 2015 included expense, net of forfeitures, of $312,000 ( $193,000 after tax) and $576,000 ( $357,000 after tax), respectively, for restricted stock granted during 2010 through 2015. As of June 30, 2015 , there was $2.79 million of total unrecognized compensation expense related to unvested restricted stock that will be recognized over the remaining requisite service periods.
Recent Significant Accounting Pronouncements	Recent Significant Accounting Pronouncements: In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-01, Investments-Equity Method and Joint Ventures - Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force) . The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU became effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of ASU 2014-01 did not have a material effect on the Corporation’s financial statements. The adoption of ASU 2014-01 is described further in Note 2. In June 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606 . This ASU applies to any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The guidance supersedes the revenue recognition requirements in Revenue Recognition-Topic 605 , most industry-specific guidance, and some cost guidance included in Revenue Recognition-Construction-Type and Production-Type Contracts-Subtopic 605-35 . The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To be in alignment with the core principle, an entity must apply a five step process including: identification of the contract(s) with a customer, identification of performance obligations in the contract(s), determination of the transaction price, allocation of the transaction price to the performance obligations, and recognition of revenue when (or as) the entity satisfies a performance obligation. Additionally, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer have also been amended to be consistent with the guidance on recognition and measurement. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Corporation does not expect the adoption of ASU 2014-09 to have a material effect on its financial statements. In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures . This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. The new guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement. The amendments in the ASU also require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. Additional disclosures will be required for the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU became effective for the first interim or annual period beginning after December 15, 2014; however, the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is not permitted. The adoption of ASU 2014-11 did not have a material effect on the Corporation’s financial statements. In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . The new guidance applies to reporting entities that grant employees share-based payments in which the terms of the award allow a performance target to be achieved after the requisite service period. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Existing guidance in Compensation - Stock Compensation (Topic 718) , should be applied to account for these types of awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted and reporting entities may choose to apply the amendments in the ASU either on a prospective or retrospective basis. The Corporation does not expect the adoption of ASU 2014-12 to have a material effect on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . This update is intended to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Corporation does not expect the adoption of ASU 2014-15 to have a material effect on its financial statements. In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity . The amendments in ASU do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument. The amendments in this ASU also clarify that, in evaluating the nature of a host contract, an entity should assess the substance of the relevant terms and features (i.e., the relative strength of the debt-like or equity-like terms and features given the facts and circumstances) when considering how to weight those terms and features. The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. The Corporation does not expect the adoption of ASU 2014-16 to have a material effect on its financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The amendments in this ASU eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Corporation does not expect the adoption of ASU 2015-01 to have a material effect on its financial statements In February 2015, the FASB issued ASU No. 2015-02, “ Consolidation (Topic 810): Amendments to the Consolidation Analysis .” The amendments in this ASU are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification (ASC) and improves current GAAP by placing more emphasis on risk of loss when determining a controlling financial interest, reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE), and changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. ASU 2015-02 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The Corporation does not expect the adoption of ASU 2015-02 to have a material effect on its financial statements. In April 2015, the FASB issued ASU No. 2015-03, “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ” The amendments in this ASU are intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Corporation does not expect the adoption of ASU 2015-03 to have a material effect on its financial statements. In April 2015, the FASB issued ASU No. 2015-05, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement .” The amendments in this ASU provide guidance to customers regarding cloud computing arrangements that include a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer’s accounting for service contracts. As a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. The amendments in this ASU are effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. An entity can elect to adopt the amendments either: (1) prospectively to all arrangements entered into or materially modified after the effective date; or (2) retrospectively. The Corporation is currently assessing the effect that ASU 2015-05 will have on its financial statements.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Summary of activity for restricted stock awards	Weighted- Average Grant Date Shares Fair Value Unvested, January 1, 2015 $ Granted Vested Forfeitures Unvested, June 30, 2015 $ Weighted- Average Grant Date Shares Fair Value Unvested, January 1, 2014 $ Granted Vested Forfeitures Unvested, June 30, 2014 $
Schedule ofstock option transactions	Intrinsic Value of Unexercised Remaining In-The Contractual Money Exercise Life Options Shares Price* (in years)* (in 000’s) Options outstanding and exercisable at January 1, 2015 $ $ — Expired $ Options outstanding and exercisable at June 30, 2015 $ $ — * Weighted average Intrinsic Value of Unexercised Remaining In-The Contractual Money Exercise Life Options Shares Price* (in years)* (in 000’s) Options outstanding and exercisable at January 1, 2014 $ $ Expired $ Options outstanding and exercisable at June 30, 2014 $ $ * Weighted average

Securities (Tables)

Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Securities
Summary of available for sale securities	June 30, 2015 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ $ $ $ Mortgage-backed securities Obligations of states and political subdivisions $ $ $ $ December 31, 2014 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ $ $ $ Mortgage-backed securities Obligations of states and political subdivisions $ $ $ $
Schedule of amortized cost and estimated fair value of securities, by contractual maturity date	June 30, 2015 Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ $ Due after one year through five years Due after five years through ten years Due after ten years $ $
Schedule of securities in an unrealized loss position	Securities in an unrealized loss position at June 30, 2015 , 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 $ $ $ $ $ $ Mortgage-backed securities Obligations of states and political subdivisions Total temporarily impaired securities $ $ $ $ $ $ Securities in an unrealized loss position at December 31, 2014 , 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 $ $ $ $ $ $ Mortgage-backed securities — — Obligations of states and political subdivisions Total temporarily impaired securities $ $ $ $ $ $

Loans (Tables)

Loans (Tables)	6 Months Ended
	Jun. 30, 2015
Loans
Summary of major classifications of loans	June 30, December 31, (Dollars in thousands) 2015 2014 Real estate – residential mortgage $ $ Real estate – construction 1 Commercial, financial and agricultural 2 Equity lines Consumer Consumer finance Less allowance for loan losses Loans, net $ $ 1 Includes the Corporation's real estate construction lending and consumer real estate lot lending. 2 Includes the Corporation’s commercial real estate lending, land acquisition and development lending, builder line lending and commercial business lending.
Schedule of acquired loans	June 30, 2015 December 31, 2014 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 $ $ $ $ $ $ Carrying amount Real estate – residential mortgage $ $ $ $ $ $ Commercial, financial and agricultural 1 Equity lines Consumer — Total acquired loans $ $ $ $ $ $ 1 Includes acquired loans classified by the Corporation as commercial real estate lending, land acquisition and development lending, builder line lending and commercial business lending.
Schedule of loans on nonaccrual status	June 30, December 31, (Dollars in thousands) 2015 2014 Real estate – residential mortgage $ $ Real estate – construction: Construction lending — — Consumer lot lending — — Commercial, financial and agricultural: Commercial real estate lending Land acquisition and development lending — — Builder line lending — Commercial business lending — — Equity lines Consumer Consumer finance Total loans on nonaccrual status $ $
Schedule of past due status of loans	The past due status of loans as of June 30, 2015 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 $ $ $ $ $ $ $ $ — Real estate – construction: Construction lending — — — — — — Consumer lot lending — — — — — — Commercial, financial and agricultural: Commercial real estate lending — — — Land acquisition and development lending — — — — — — Builder line lending — — — — Commercial business lending — — — Equity lines — — Consumer — — — Consumer finance — — Total $ $ $ $ $ $ $ $ — 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due. The table above includes the following: · nonaccrual loans that are current of $2.77 million, 30-59 days past due of $240,000 , 60-89 days past due of $290,000 and 90+ days past due of $1.60 million. · performing loans purchased in the acquisition of CVB that are current of $73.51 million, 30-59 days past due of $147,000 , and 90+ days past due of $429,000 . The past due status of loans as of December 31, 2014 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 $ $ $ $ $ $ $ $ — Real estate – construction: Construction lending — — — — — Consumer lot lending — — — — — Commercial, financial and agricultural: Commercial real estate lending — — Land acquisition and development lending — — — — — Builder line lending — — — — — Commercial business lending — — Equity lines Consumer — Consumer finance — — Total $ $ $ $ $ $ $ $ 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due. The table above includes the following: · nonaccrual loans that are current of $3 .06 million, 30-59 days past due of $697,000 , 60 ‑89 days past due of $417,000 and 90+ days past due of $1. 77 million. · performing loans purchased in the acquisition of CVB that are current of $ 79.01 million, 30-59 days past due of $ 634,000 , 60-89 days past due of $88,000 and 90+ days past due of $413,000 .
Schedule of loan modifications classified as TDRs	Three Months Ended June 30, 2015 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Number of Recorded Recorded Number of Recorded Recorded (Dollars in thousands) Loans Investment Investment Loans Investment Investment Real estate – residential mortgage – interest rate concession — $ — $ — $ $ Consumer – interest rate concession — — — Total $ $ $ $ Six Months Ended June 30, 2015 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Number of Recorded Recorded Number of Recorded Recorded (Dollars in thousands) Loans Investment Investment Loans Investment Investment Real estate – residential mortgage – interest rate concession $ $ $ $ Commercial, financial and agricultural: Commercial real estate lending – interest rate concession — — — Commercial business lending – interest rate concession — — — Consumer – interest rate concession Total $ $ $ $
Impaired financing receivables, including TDR loans	At June 30, 2015 and December 31, 2014, all impaired loans had an allowance for loan loss established. Impaired loans, which consisted solely of TDRs, and the related allowance at June 30, 2015 were as follows: Average Recorded Unpaid Balance- Interest Investment Principal Related Impaired Income (Dollars in thousands) in Loans Balance Allowance Loans Recognized Real estate – residential mortgage $ $ $ $ $ Commercial, financial and agricultural: Commercial real estate lending Commercial business lending Equity lines Consumer Total $ $ $ $ $ Impaired loans, which included TDR loans of $5.83 million, and the related allowance at December 31, 2014 were as follows: Average Recorded Unpaid Balance- Interest Investment Principal Related Impaired Income (Dollars in thousands) in Loans Balance Allowance Loans Recognized Real estate – residential mortgage $ $ $ $ $ Commercial, financial and agricultural: Commercial real estate lending Commercial business lending Equity lines Consumer Total $ $ $ $ $
Summary of change in the accretable yield of acquired loan portfolio	June 30, June 30, (Dollars in thousands) 2015 2014 Accretable yield, balance at beginning of period $ $ Accretion Reclassification of nonaccretable difference due to improvement in expected cash flows — Other changes, net Accretable yield, balance at end of period $ $

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	6 Months Ended
	Jun. 30, 2015
Allowance for Loan Losses
Schedule of changes in the allowance for loan losses	The following table presents the changes in the allowance for loan losses by major classification during the six months ended June 30, 2015 . Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance for loan losses: Balance at December 31, 2014 $ $ $ $ $ $ $ Provision charged to operations — — — — Loans charged off — — Recoveries of loans previously charged off — — Balance at June 30, 2015 $ $ $ $ $ $ $ The following table presents the changes in the allowance for loan losses by major classification during the six months ended June 30, 2014 . Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance for loan losses: Balance at December 31, 2013 $ $ $ $ $ $ $ Provision charged to operations — — — — Loans charged off — Recoveries of loans previously charged off — — Balance at June 30, 2014 $ $ $ $ $ $ $
Schedule of total allowance for loan losses, allowance by impairment methodology, and total loans and loans by impairment methodology	The following table presents, as of June 30, 2015 , the total allowance for loan losses, the allowance by impairment methodology (individually evaluated for impairment, collectively evaluated for impairment or PCI loans), the total loans and loans by impairment methodology (individually evaluated for impairment, collectively evaluated for impairment or PCI loans). Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance for loan losses: Balance at June 30, 2015 $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ $ — $ $ $ $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Ending balance: acquired loans - purchase credit impaired $ — $ — $ $ — $ — $ — $ Loans: Balance at June 30, 2015 $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ $ — $ $ $ $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Ending balance: acquired loans - purchase credit impaired $ $ — $ $ $ — $ — $ The following table presents, as of December 31, 2014 , the total allowance for loan losses, the allowance by impairment methodology (individually evaluated for impairment or collectively evaluated for impairment), the total loans and loans by impairment methodology (individually evaluated for impairment or collectively evaluated for impairment). Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance for loan losses: Ending balance $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ $ — $ $ $ $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Ending balance: acquired loans - purchase credit impaired $ — $ — $ — $ — $ — $ — $ — Loans: Ending balance $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ $ — $ $ $ $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Ending balance: acquired loans - purchase credit impaired $ $ — $ $ $ $ — $
Schedule of loans by credit quality indicators	Loans by credit quality indicators as of June 30, 2015 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ $ $ $ $ Real estate – construction: Construction lending — — Consumer lot lending — — — Commercial, financial and agricultural: Commercial real estate lending Land acquisition and development lending — Builder line lending Commercial business lending — Equity lines Consumer $ $ $ $ $ 1 At June 30, 2015 , the Corporation did not have any loans classified as Doubtful or Loss. Included in the table above are loans purchased in connection with the acquisition of CVB of $78.91 million pass rated, $4.31 million special mention, $5.88 million substandard and $604,000 substandard nonaccrual. (Dollars in thousands) Performing Non-Performing Total Consumer finance $ $ $ Loans by credit quality indicators as of December 31, 2014 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ $ $ $ $ Real estate – construction: Construction lending — — Consumer lot lending — — — Commercial, financial and agricultural: Commercial real estate lending Land acquisition and development lending — Builder line lending — Commercial business lending — Equity lines Consumer $ $ $ $ $ 1 At December 31, 2014 , the Corporation did not have any loans classified as Doubtful or Loss. Included in the table above are loans purchased in connection with the acquisition of CVB of $87.27 million pass rated, $2.99 million special mention, $10.71 million substandard and $603,000 substandard nonaccrual. (Dollars in thousands) Performing Non-Performing Total Consumer finance $ $ $

Shareholders' Equity, and Earni

Shareholders' Equity, and Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
Shareholders’ Equity and Earnings Per Common Share
Schedule of the components of accumulated other comprehensive income (loss), net of deferred taxes	June 30, December 31, (Dollars in thousands) 2015 2014 Net unrealized gains on securities $ $ Net unrecognized loss on cash flow hedges Net unrecognized losses on defined benefit plan Total accumulated other comprehensive income $ $
Schedule of components earnings per common share calculations	Three Months Ended June 30, (Dollars in thousands) 2015 2014 Net income $ $ Weighted average number of common shares used in earnings per common share—basic Effect of dilutive securities: Stock option awards and warrant Weighted average number of common shares used in earnings per common share—assuming dilution Six Months Ended June 30, (Dollars in thousands) 2015 2014 Net income available to common shareholders $ $ Weighted average number of common shares used in earnings per common share—basic Effect of dilutive securities: Stock option awards and warrant Weighted average number of common shares used in earnings per common share—assuming dilution

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Employee Benefit Plans
Schedule of net periodic benefit costs	Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net loss Net periodic benefit cost $ $ $ $

Fair Value of Assets and Liab28

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value of Assets and Liabilities
Schedule of financial assets measured at fair value on a recurring basis	June 30, 2015 Fair Value Measurements Using Assets at (Dollars in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Securities available for sale U.S. government agencies and corporations $ — $ $ — $ Mortgage-backed securities — — Obligations of states and political subdivisions — — Total securities available for sale — — Loans held for sale — — Derivative asset - IRLC — — Total assets $ — $ $ — $ Liabilities: Derivative liability - cash flow hedges $ — $ $ — $ December 31, 2014 Fair Value Measurements Using Assets at (Dollars in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Securities available for sale U.S. government agencies and corporations $ — $ $ — $ Mortgage-backed securities — — Obligations of states and political subdivisions — — Total securities available for sale — — Loans held for sale — — Derivative asset - IRLC — — Derivative asset - cash flow hedges — — Total assets $ — $ $ — $ Liabilities: Derivative liability - cash flow hedges $ — $ $ — $
Schedule of financial assets measured at fair value on a nonrecurring basis	June 30, 2015 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Impaired loans, net $ — $ — $ $ Other real estate owned, net — — Total $ — $ — $ $ December 31, 2014 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Impaired loans, net $ — $ — $ $ Other real estate owned, net — — Total $ — $ — $ $
Schedule of quantitative information about Level 3 fair value measurements for financial assets measured at fair value on a non-recurring basis	Fair Value Measurements at June 30, 2015 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Inputs Range of Inputs Impaired loans, net $ Appraisals Discount to reflect current market conditions and estimated selling costs 10% - 60% Other real estate owned, net Appraisals Discount to reflect current market conditions and estimated selling costs 0% - 65% Total $
Schedule of carrying amounts and estimated fair values by balance sheet grouping	Carrying Fair Value Measurements at June 30, 2015 Using Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ $ $ — $ — $ Securities available for sale — — Loans, net — — Loans held for sale — — Derivative asset - IRLC — — Bank-owned life insurance — — Accrued interest receivable — — Financial liabilities: Demand deposits $ $ $ — $ — $ Time deposits — — Borrowings — — Derivative liability - cash flow hedges — — Accrued interest payable — — Carrying Fair Value Measurements at December 31, 2014 Using Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ $ $ — $ — $ Securities available for sale — — Loans, net — — Loans held for sale — — Derivative asset - IRLC — — Derivative asset - cash flow hedges — — Bank-owned life insurance — — Accrued interest receivable — — Financial liabilities: Demand deposits $ $ $ — $ — $ Time deposits — — Borrowings — — Derivative liability - cash flow hedges — — Accrued interest payable — —

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2015
Business Segments
Schedule of segment reporting information, by segment	Three Months Ended June 30, 2015 Retail Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ $ $ $ — $ $ Gains on sales of loans — — — — Other noninterest income — Total operating income Expenses: Provision for loan losses — — — Interest expense Salaries and employee benefits — Other noninterest expenses — Total operating expenses Income (loss) before income taxes — Income tax expense (benefit) — Net income (loss) $ $ $ $ $ — $ Total assets $ $ $ $ $ $ Goodwill $ $ — $ $ — $ — $ Capital expenditures $ $ $ $ — $ — $ Three Months Ended June 30, 2014 Retail Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ $ $ $ — $ $ Gains on sales of loans — — — — Other noninterest income — Total operating income Expenses: Provision for loan losses — — — Interest expense Salaries and employee benefits — Other noninterest expenses — Total operating expenses Income (loss) before income taxes — Income tax expense (benefit) — Net income (loss) $ $ $ $ $ — $ Total assets $ $ $ $ $ $ Goodwill $ $ — $ $ — $ — $ Capital expenditures $ $ $ $ — $ — $ Six Months Ended June 30, 2015 Retail Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ $ $ $ — $ $ Gains on sales of loans — — — — Other noninterest income — Total operating income Expenses: Provision for loan losses — — — Interest expense Salaries and employee benefits — Other noninterest expenses — Total operating expenses Income (loss) before income taxes — Income tax expense (benefit) — Net income (loss) $ $ $ $ $ — $ Total assets $ $ $ $ $ $ Goodwill $ $ — $ $ — $ — $ Capital expenditures $ $ $ $ $ — $ Six Months Ended June 30, 2014 Retail Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ $ $ $ — $ $ Gains on sales of loans — — — — Other noninterest income — Total operating income Expenses: Provision for loan losses — — — Interest expense Salaries and employee benefits — Other noninterest expenses — Total operating expenses Income (loss) before income taxes — Income tax expense (benefit) — Net income (loss) $ $ $ $ $ — $ Total assets $ $ $ $ $ $ Goodwill $ $ — $ $ — $ — $ Capital expenditures $ $ $ $ $ — $

Commitments and Financial Ins30

Commitments and Financial Instruments with Off-Balance-Sheet Risk (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Financial Instruments with Off-Balance-Sheet Risk
Schedule of allowance for indemnifications losses	Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2015 2014 2015 2014 Allowance, beginning of period $ $ $ $ Provision for indemnification losses Payments Allowance, end of period $ $ $ $

Other Noninterest Expenses (Tab

Other Noninterest Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Other Noninterest Expenses
Schedule of other noninterest expense	Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2015 2014 2015 2014 Data processing fees $ $ $ $ Professional fees Telecommunication expenses Amortization of core deposit intangible Travel and educational expenses FDIC Insurance expense Marketing and advertising expenses All other noninterest expenses Total other noninterest expenses $ $ $ $

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Basis of Presentation (Details) - Jun. 30, 2015 - subsidiary	Total
C&F Bank
Nature of Operations
Number of wholly owned subsidiaries	5
CVB Title Services, Inc.
Nature of Operations
Number of insurance-related limited liability companies in which an ownership interest is held	2

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Share-Based Compensation (Details) - Jun. 30, 2015 - Restricted Stock - USD ($) $ in Thousands	Total	Total
Share-based compensation
Compensation expense before tax	$ 312	$ 576
Compensation expense after tax	193	357
Unrecognized compensation expense	$ 2,790	$ 2,790

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Restricted Stock Activity (Details) - Restricted Stock - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Shares
Unvested, beginning of period (in shares)	135,600	120,183
Granted (in shares)	16,650	15,750
Vested (in shares)	(12,600)	(8,100)
Cancelled	(1,275)	(700)
Unvested, end of period (in shares)	138,375	127,133
Weighted average grant date fair value
Unvested, beginning of period (in dollars per share)	$ 34.34	$ 31.18
Granted (in dollars per share)	37.72	41.38
Vested (in dollars per share)	25.78	18.77
Forfeitures (in dollars per share)	37.58	33.96
Unvested, end of period (in dollars per share)	$ 35.50	$ 33.22

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Shares
Options outstanding at beginning of period (in shares)	100,762	164,150	164,150
Expired (in shares)	(12,000)	(12,000)
Options outstanding at end of period (in shares)	88,762	152,150	100,762	164,150
Exercisable at end of year (in shares)	88,762	152,150	100,762	164,150
Exercise Price
Options outstanding at beginning of year (in dollars per share)	$ 37.75	$ 38.21	$ 38.21
Expired (in dollars per share)	35.20	37.50
Options outstanding at end of year (in dollars per share)	38.10	38.27	37.75	$ 38.21
Exercisable at end of year	$ 38.10	$ 38.27	$ 37.75	$ 38.21
Additional information
Remaining Contractual Life - Outstanding Options (in years)	8 months 12 days	1 year 3 months 18 days	10 months 24 days	1 year 8 months 12 days
Remaining Contractual Life - Exercisable Options - (in years)	8 months 12 days	1 year 3 months 18 days	10 months 24 days	1 year 8 months 12 days
Intrinsic value of unexercised in-the-money options - Outstanding Options (in dollars)		$ 9		$ 1,224
Intrinsic value of unexercised in-the-money options - Exercisable Options (in dollars)		$ 9		$ 1,224

Adoption of New Accounting St36

Adoption of New Accounting Standards (Details) - ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects - Qualified Affordable Housing Projects - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Adoption of New Accounting Standards
Carrying value of aggregate investment	$ 2,690		$ 2,690
Aggregate commitment	1,260		1,260
Income tax expense (benefit)
Adoption of New Accounting Standards
Amortization recognized	$ 65	$ 103	$ 203	$ 207

Securities - Available for sale

Securities - Available for sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Available for sale debt and equity securities
Amortized Cost	$ 213,163	$ 214,437
Gross Unrealized Gains	6,320	8,094
Gross Unrealized Losses	(1,134)	(634)
Fair Value	218,349	221,897
U.S. government agencies and corporations
Available for sale debt and equity securities
Amortized Cost	20,710	23,409
Gross Unrealized Gains	1	1
Gross Unrealized Losses	(395)	(476)
Fair Value	20,316	22,934
Mortgage-backed securities
Available for sale debt and equity securities
Amortized Cost	70,483	66,716
Gross Unrealized Gains	701	935
Gross Unrealized Losses	(480)	(32)
Fair Value	70,704	67,619
Obligations of states and political subdivisions
Available for sale debt and equity securities
Amortized Cost	121,970	124,312
Gross Unrealized Gains	5,618	7,158
Gross Unrealized Losses	(259)	(126)
Fair Value	$ 127,329	$ 131,344

Securities - Contractual Maturi

Securities - Contractual Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Amortized Cost
Due in one year or less	$ 28,660		$ 28,660
Due after one year through five years	130,184		130,184
Due after five years through ten years	35,698		35,698
Due after ten years	18,621		18,621
Amortized Cost	213,163		213,163		$ 214,437
Estimated Fair Value
Due in one year or less	28,681		28,681
Due after one year through five years	133,451		133,451
Due after five years through ten years	36,549		36,549
Due after ten years	19,668		19,668
Fair Value	218,349		218,349		$ 221,897
Proceeds from sales and maturities and related gains and losses
Proceeds from maturities, calls and sales of securities available for sale			16,891	$ 21,545
Gross realized gains	$ 2,000	$ 3	$ 3,000	$ 3

Securities - Pledged as Collate

Securities - Pledged as Collateral (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Securities pledged
Amortized Cost	$ 213,163	$ 214,437
Fair Value	218,349	221,897
Securities Pledged as Collateral
Securities pledged
Amortized Cost	83,880	106,310
Fair Value	$ 86,750	$ 110,370

Securities - Unrealized Loss Po

Securities - Unrealized Loss Positions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)security	Dec. 31, 2014USD ($)
Fair value
Less Than 12 Months, Fair Value	$ 38,901	$ 8,245
12 Months or More, Fair Value	19,390	31,801
Total Fair Value	58,291	40,046
Unrealized Loss
Less Than 12 Months, Unrealized Loss	635	53
12 Months or More, Unrealized Loss	499	581
Total Unrealized Loss	$ 1,134	634
Other information
Number of positions considered temporarily impaired | security	99
Other than temporary impairment	$ 0
U.S. government agencies and corporations
Fair value
Less Than 12 Months, Fair Value	7,492	1,966
12 Months or More, Fair Value	11,823	21,234
Total Fair Value	19,315	23,200
Unrealized Loss
Less Than 12 Months, Unrealized Loss	58	2
12 Months or More, Unrealized Loss	337	474
Total Unrealized Loss	395	476
Mortgage-backed securities
Fair value
Less Than 12 Months, Fair Value	17,206
12 Months or More, Fair Value	2,375	4,518
Total Fair Value	19,581	4,518
Unrealized Loss
Less Than 12 Months, Unrealized Loss	427
12 Months or More, Unrealized Loss	53	32
Total Unrealized Loss	480	32
Obligations of states and political subdivisions
Fair value
Less Than 12 Months, Fair Value	14,203	6,279
12 Months or More, Fair Value	5,192	6,049
Total Fair Value	19,395	12,328
Unrealized Loss
Less Than 12 Months, Unrealized Loss	150	51
12 Months or More, Unrealized Loss	109	75
Total Unrealized Loss	$ 259	$ 126
Standard & Poor's, A Rating
Other information
Percentage of portfolio with rating	97.00%
Percentage of portfolio with rating in an unrealized loss positions	95.00%
Not A Rating Or Better
Other information
Percentage of portfolio with rating	5.00%

Securities - Restricted Stocks

Securities - Restricted Stocks (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Securities
Restricted stocks, at cost	$ 3,345,000	$ 3,442,000
FHLB stock	3,200,000	3,300,000
CBB stock	145,000	$ 145,000
Restricted stocks, other-than-temporary impairment	$ 0

Loans - Major Classifications o

Loans - Major Classifications of Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Loans
Loans	$ 862,194	$ 835,804
Less allowance for loan losses	(35,571)	(35,606)
Loans, net	826,623	800,198
Real estate - residential mortgage
Loans
Loans	182,052	179,817
Real estate - construction
Loans
Loans	4,001	7,325
Commercial, financial and agricultural
Loans
Loans	328,883	306,845
Equity lines
Loans
Loans	50,670	50,321
Consumer Loan
Loans
Loans	8,432	8,163
Amount included related to demand deposit overdrafts	317	355
Consumer Finance
Loans
Loans	$ 288,156	$ 283,333

Loans - Loans Acquired (Details

Loans - Loans Acquired (Details) - CVBK - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Loans
Outstanding principal balance	$ 106,436	$ 121,556
Carrying amount
Acquired Loans	89,700	101,570
Real estate - residential mortgage
Carrying amount
Acquired Loans	18,961	20,411
Commercial, financial and agricultural
Carrying amount
Acquired Loans	55,205	64,382
Equity lines
Carrying amount
Acquired Loans	15,090	15,782
Consumer Loan
Carrying amount
Acquired Loans	444	995
PCI Loans
Loans
Outstanding principal balance	27,871	36,541
Carrying amount
Acquired Loans	15,615	21,424
PCI Loans | Real estate - residential mortgage
Carrying amount
Acquired Loans	1,620	1,723
PCI Loans | Commercial, financial and agricultural
Carrying amount
Acquired Loans	13,693	19,367
PCI Loans | Equity lines
Carrying amount
Acquired Loans	302	318
PCI Loans | Consumer Loan
Carrying amount
Acquired Loans		16
Purchased Performing Loans
Loans
Outstanding principal balance	78,565	85,015
Carrying amount
Acquired Loans	74,085	80,146
Purchased Performing Loans | Real estate - residential mortgage
Carrying amount
Acquired Loans	17,341	18,688
Purchased Performing Loans | Commercial, financial and agricultural
Carrying amount
Acquired Loans	41,512	45,015
Purchased Performing Loans | Equity lines
Carrying amount
Acquired Loans	14,788	15,464
Purchased Performing Loans | Consumer Loan
Carrying amount
Acquired Loans	$ 444	$ 979

Loans - Loans on Nonaccrual Sta

Loans - Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Loans on nonaccrual status
Loans on nonaccrual status	$ 4,897	$ 5,944
Real estate - residential mortgage
Loans on nonaccrual status
Loans on nonaccrual status	2,206	2,472
Commercial, financial and agricultural | Commercial real estate lending
Loans on nonaccrual status
Loans on nonaccrual status	1,842	2,033
Commercial, financial and agricultural | Builder line lending
Loans on nonaccrual status
Loans on nonaccrual status	288
Equity lines
Loans on nonaccrual status
Loans on nonaccrual status	294	356
Consumer Loan
Loans on nonaccrual status
Loans on nonaccrual status	38	43
Consumer Finance
Loans on nonaccrual status
Loans on nonaccrual status	$ 229	$ 1,040

Loans - Past Due Status (Detail

Loans - Past Due Status (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Loans on nonaccrual status
30-59 Days Past Due	$ 12,431	$ 14,345
60-89 Days Past Due	2,136	3,150
Loans, 90+ days past due	1,596	1,962
Total Past Due	16,163	19,457
PCI	15,615	21,424
Current	830,416	794,923
Total Loans	862,194	835,804
90+ days past due and accruing		14
Additional disclosure for nonaccrual loans
Current, nonaccrual status	2,770	3,060
Nonaccrual loans, 30-59 days past due	240	697
Nonaccrual loans, 60-89 days past due	290	417
Nonaccrual loans, 90+ days past due	1,600	1,770
Real estate - residential mortgage
Loans on nonaccrual status
30-59 Days Past Due	1,286	1,481
60-89 Days Past Due	580	256
Loans, 90+ days past due	870	679
Total Past Due	2,736	2,416
PCI	1,620	1,723
Current	177,696	175,678
Total Loans	182,052	179,817
Equity lines
Loans on nonaccrual status
30-59 Days Past Due	180	319
60-89 Days Past Due		205
Loans, 90+ days past due	203	122
Total Past Due	383	646
PCI	302	318
Current	49,985	49,357
Total Loans	50,670	50,321
90+ days past due and accruing		14
Consumer Loan
Loans on nonaccrual status
30-59 Days Past Due	24	15
60-89 Days Past Due		37
Loans, 90+ days past due	6	6
Total Past Due	30	58
PCI		16
Current	8,402	8,089
Total Loans	8,432	8,163
Consumer Finance
Loans on nonaccrual status
30-59 Days Past Due	10,889	12,421
60-89 Days Past Due	1,556	2,599
Loans, 90+ days past due	229	1,040
Total Past Due	12,674	16,060
Current	275,482	267,273
Total Loans	288,156	283,333
Construction Lending | Real estate - construction
Loans on nonaccrual status
Current	1,880	3,839
Total Loans	1,880	3,839
Consumer lot lending | Real estate - construction
Loans on nonaccrual status
Current	2,121	3,486
Total Loans	2,121	3,486
Commercial real estate lending | Commercial, financial and agricultural
Loans on nonaccrual status
30-59 Days Past Due	33	88
Loans, 90+ days past due		115
Total Past Due	33	203
PCI	11,662	13,011
Current	190,239	171,566
Total Loans	201,934	184,780
Land acquisition and development lending | Commercial, financial and agricultural
Loans on nonaccrual status
PCI		3,379
Current	44,467	44,094
Total Loans	44,467	47,473
Builder line lending | Commercial, financial and agricultural
Loans on nonaccrual status
Loans, 90+ days past due	288
Total Past Due	288
PCI		48
Current	21,169	20,207
Total Loans	21,457	20,255
Commercial business lending | Commercial, financial and agricultural
Loans on nonaccrual status
30-59 Days Past Due	19	21
60-89 Days Past Due		53
Total Past Due	19	74
PCI	2,031	2,929
Current	58,975	51,334
Total Loans	61,025	54,337
CVBK
Loans on nonaccrual status
30-59 Days Past Due	147	634
60-89 Days Past Due		88
Loans, 90+ days past due	429	413
Current	$ 73,510	$ 79,010

Loans - Troubled Debt Restructu

Loans - Troubled Debt Restructurings (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)loan	Jun. 30, 2014USD ($)loan	Jun. 30, 2015USD ($)loan	Jun. 30, 2014USD ($)loan
Loan modifications classified as troubled debt restructurings
Number of Loans | loan	1	1	4	1
Pre-Modification Recorded Investment (in Dollars)	$ 146,000	$ 328,000	$ 417,000
Post-Modification Recorded Investment (in Dollars)	$ 146,000	$ 328,000	417,000	$ 328,000
Recorded Investment, TDR payment defaults			$ 0	$ 0
TDR payment default period			12 months
Period determining when a past due TDR becomes a subsequent default			90 days
Real estate - residential mortgage | Interest rate concession
Loan modifications classified as troubled debt restructurings
Number of Loans | loan		1	1	1
Pre-Modification Recorded Investment (in Dollars)		$ 328,000	$ 239,000	$ 328,000
Post-Modification Recorded Investment (in Dollars)		$ 328,000	$ 239,000	$ 328,000
Commercial, financial and agricultural | Commercial real estate lending | Interest rate concession
Loan modifications classified as troubled debt restructurings
Number of Loans | loan			1
Pre-Modification Recorded Investment (in Dollars)			$ 15,000
Post-Modification Recorded Investment (in Dollars)			$ 15,000
Commercial, financial and agricultural | Commercial business lending | Interest rate concession
Loan modifications classified as troubled debt restructurings
Number of Loans | loan			1
Pre-Modification Recorded Investment (in Dollars)			$ 17,000
Post-Modification Recorded Investment (in Dollars)			$ 17,000
Consumer Loan | Interest rate concession
Loan modifications classified as troubled debt restructurings
Number of Loans | loan	1		1
Pre-Modification Recorded Investment (in Dollars)	$ 146,000		$ 146,000
Post-Modification Recorded Investment (in Dollars)	$ 146,000		$ 146,000

Loans - Impaired Loans (Details

Loans - Impaired Loans (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Impaired loans
Impaired loans, troubled debt restructurings		$ 5,830
Impaired loans, Recorded Investment	$ 5,454	6,014
Impaired loans, Unpaid Principal Balance	5,786	6,232
Impaired loans, Related Allowance	838	879
Impaired loans, Average Balance	5,569	5,901
Impaired loans, Interest Income Recognized	92	302
Real estate - residential mortgage
Impaired loans
Impaired loans, Recorded Investment	2,678	3,000
Impaired loans, Unpaid Principal Balance	2,847	3,094
Impaired loans, Related Allowance	408	417
Impaired loans, Average Balance	2,756	2,931
Impaired loans, Interest Income Recognized	48	139
Commercial, financial and agricultural | Commercial real estate lending
Impaired loans
Impaired loans, Recorded Investment	2,400	2,786
Impaired loans, Unpaid Principal Balance	2,561	2,908
Impaired loans, Related Allowance	385	440
Impaired loans, Average Balance	2,426	2,735
Impaired loans, Interest Income Recognized	33	150
Commercial, financial and agricultural | Commercial business lending
Impaired loans
Impaired loans, Recorded Investment	107	103
Impaired loans, Unpaid Principal Balance	107	103
Impaired loans, Related Allowance	16	15
Impaired loans, Average Balance	115	115
Impaired loans, Interest Income Recognized	4	7
Equity lines
Impaired loans
Impaired loans, Recorded Investment	30	30
Impaired loans, Unpaid Principal Balance	32	32
Impaired loans, Related Allowance	1	1
Impaired loans, Average Balance	32	25
Impaired loans, Interest Income Recognized	1	2
Consumer Loan
Impaired loans
Impaired loans, Recorded Investment	239	95
Impaired loans, Unpaid Principal Balance	239	95
Impaired loans, Related Allowance	28	6
Impaired loans, Average Balance	240	95
Impaired loans, Interest Income Recognized	$ 6	$ 4

Loans - Purchased Credit Impair

Loans - Purchased Credit Impaired Loans (Details) - CVBK - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Impaired loans
Unpaid principal balance	$ 106,436	$ 121,556
Carryng value	89,700	101,570
PCI Loans
Impaired loans
Unpaid principal balance	27,871	36,541
Carryng value	$ 15,615	$ 21,424

Loans - Purchased Credit Impa49

Loans - Purchased Credit Impaired Loans - Change in Accretable Yield (Details) - PCI Loans - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Change in the accretable yield
Accretable yield	$ 13,488	$ 7,776
Accretion	(1,534)	(1,529)
Reclassification of nonaccreatable difference due to improvement in expected cash flows		10,466
Other changes, net	(383)	(1,590)
Accretable yield	$ 11,571	$ 15,123

Allowance for Loan Losses - Cha

Allowance for Loan Losses - Change in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Changes in the allowance for loan losses
Balance at the beginning of period	$ 35,606	$ 34,852
Provision charged to operations	5,670	6,775
Loans charged off	(8,335)	(8,545)
Recoveries of loans previously charged off	2,630	2,176
Balance at the end of period	35,571	35,258
Real estate - residential mortgage
Changes in the allowance for loan losses
Balance at the beginning of period	2,313	2,355
Provision charged to operations	30	30
Loans charged off	(76)	(79)
Recoveries of loans previously charged off	211	24
Balance at the end of period	2,478	2,330
Real estate - construction
Changes in the allowance for loan losses
Balance at the beginning of period	434	434
Balance at the end of period	434	434
Commercial, financial and agricultural
Changes in the allowance for loan losses
Balance at the beginning of period	7,744	7,805
Loans charged off	(22)	(174)
Recoveries of loans previously charged off	17	47
Balance at the end of period	7,739	7,678
Equity lines
Changes in the allowance for loan losses
Balance at the beginning of period	812	892
Loans charged off		(47)
Balance at the end of period	812	845
Consumer Loan
Changes in the allowance for loan losses
Balance at the beginning of period	211	273
Loans charged off	(114)	(147)
Recoveries of loans previously charged off	166	170
Balance at the end of period	263	296
Consumer Finance
Changes in the allowance for loan losses
Balance at the beginning of period	24,092	23,093
Provision charged to operations	5,640	6,745
Loans charged off	(8,123)	(8,098)
Recoveries of loans previously charged off	2,236	1,935
Balance at the end of period	$ 23,845	$ 23,675

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance and Loans by Impairment Methodology (Details) - Business Acquisition, Acquiree - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Changes in the allowance for loan losses
Ending balance	$ 35,571	$ 35,606	$ 35,258	$ 34,852
Ending balance: individually evaluated for impairment	838	879
Ending balance, collectively evaluated for impairment	34,698	34,727
Ending balance: acquired loans - purchase credit impaired	35
Loans:
Ending balance	862,194	835,804
Ending balance: individually evaluated for impairment	5,454	6,014
Ending balance: collectively evaluated for impairment	841,125	808,366
Ending balance: acquired loans - purchase credit impaired	15,615	21,424
Real estate - residential mortgage
Changes in the allowance for loan losses
Ending balance	2,478	2,313	2,330	2,355
Ending balance: individually evaluated for impairment	408	417
Ending balance, collectively evaluated for impairment	2,070	1,896
Loans:
Ending balance	182,052	179,817
Ending balance: individually evaluated for impairment	2,678	3,000
Ending balance: collectively evaluated for impairment	177,754	175,094
Ending balance: acquired loans - purchase credit impaired	1,620	1,723
Real estate - construction
Changes in the allowance for loan losses
Ending balance	434	434	434	434
Ending balance, collectively evaluated for impairment	434	434
Loans:
Ending balance	4,001	7,325
Ending balance: collectively evaluated for impairment	4,001	7,325
Commercial, financial and agricultural
Changes in the allowance for loan losses
Ending balance	7,739	7,744	7,678	7,805
Ending balance: individually evaluated for impairment	401	455
Ending balance, collectively evaluated for impairment	7,303	7,289
Ending balance: acquired loans - purchase credit impaired	35
Loans:
Ending balance	328,883	306,845
Ending balance: individually evaluated for impairment	2,507	2,889
Ending balance: collectively evaluated for impairment	312,683	284,589
Ending balance: acquired loans - purchase credit impaired	13,693	19,367
Equity lines
Changes in the allowance for loan losses
Ending balance	812	812	845	892
Ending balance: individually evaluated for impairment	1	1
Ending balance, collectively evaluated for impairment	811	811
Loans:
Ending balance	50,670	50,321
Ending balance: individually evaluated for impairment	30	30
Ending balance: collectively evaluated for impairment	50,338	49,973
Ending balance: acquired loans - purchase credit impaired	302	318
Consumer Loan
Changes in the allowance for loan losses
Ending balance	263	211	296	273
Ending balance: individually evaluated for impairment	28	6
Ending balance, collectively evaluated for impairment	235	205
Loans:
Ending balance	8,432	8,163
Ending balance: individually evaluated for impairment	239	95
Ending balance: collectively evaluated for impairment	8,193	8,052
Ending balance: acquired loans - purchase credit impaired		16
Consumer Finance
Changes in the allowance for loan losses
Ending balance	23,845	24,092	$ 23,675	$ 23,093
Ending balance, collectively evaluated for impairment	23,845	24,092
Loans:
Ending balance	288,156	283,333
Ending balance: collectively evaluated for impairment	$ 288,156	$ 283,333

Allowance for Loan Losses - Cre

Allowance for Loan Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Allowance for loan losses
Loans	$ 862,194	$ 835,804
Loans, excluding consumer finance	574,038	552,471
Pass
Allowance for loan losses
Loans, excluding consumer finance	527,981	502,149
Pass | CVBK
Allowance for loan losses
Loans	78,910
Loans, excluding consumer finance		87,270
Special Mention
Allowance for loan losses
Loans, excluding consumer finance	11,493	11,444
Special Mention | CVBK
Allowance for loan losses
Loans	4,310
Loans, excluding consumer finance		2,990
Substandard
Allowance for loan losses
Loans, excluding consumer finance	29,896	33,974
Substandard | CVBK
Allowance for loan losses
Loans	5,880
Loans, excluding consumer finance		10,710
Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	4,668	4,904
Substandard Nonaccrual | CVBK
Allowance for loan losses
Loans	604
Loans, excluding consumer finance		603
Real estate - residential mortgage
Allowance for loan losses
Loans	182,052	179,817
Loans, excluding consumer finance	182,052	179,817
Real estate - residential mortgage | Pass
Allowance for loan losses
Loans, excluding consumer finance	175,070	171,414
Real estate - residential mortgage | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	1,525	2,978
Real estate - residential mortgage | Substandard
Allowance for loan losses
Loans, excluding consumer finance	3,251	2,953
Real estate - residential mortgage | Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	2,206	2,472
Real estate - construction
Allowance for loan losses
Loans	4,001	7,325
Real estate - construction | Construction Lending
Allowance for loan losses
Loans, excluding consumer finance	1,880	3,839
Real estate - construction | Construction Lending | Pass
Allowance for loan losses
Loans, excluding consumer finance	1,844	1,191
Real estate - construction | Construction Lending | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	36
Real estate - construction | Construction Lending | Substandard
Allowance for loan losses
Loans, excluding consumer finance		2,648
Real estate - construction | Consumer lot lending
Allowance for loan losses
Loans, excluding consumer finance	2,121	3,486
Real estate - construction | Consumer lot lending | Pass
Allowance for loan losses
Loans, excluding consumer finance	2,121	3,486
Commercial, financial and agricultural
Allowance for loan losses
Loans	328,883	306,845
Commercial, financial and agricultural | Commercial real estate lending
Allowance for loan losses
Loans, excluding consumer finance	201,934	184,780
Commercial, financial and agricultural | Commercial real estate lending | Pass
Allowance for loan losses
Loans, excluding consumer finance	180,570	165,804
Commercial, financial and agricultural | Commercial real estate lending | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	5,888	4,136
Commercial, financial and agricultural | Commercial real estate lending | Substandard
Allowance for loan losses
Loans, excluding consumer finance	13,634	12,807
Commercial, financial and agricultural | Commercial real estate lending | Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	1,842	2,033
Commercial, financial and agricultural | Land acquisition and development lending
Allowance for loan losses
Loans, excluding consumer finance	44,467	47,473
Commercial, financial and agricultural | Land acquisition and development lending | Pass
Allowance for loan losses
Loans, excluding consumer finance	43,031	43,693
Commercial, financial and agricultural | Land acquisition and development lending | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	1,045	1,136
Commercial, financial and agricultural | Land acquisition and development lending | Substandard
Allowance for loan losses
Loans, excluding consumer finance	391	2,644
Commercial, financial and agricultural | Builder line lending
Allowance for loan losses
Loans, excluding consumer finance	21,457	20,255
Commercial, financial and agricultural | Builder line lending | Pass
Allowance for loan losses
Loans, excluding consumer finance	19,823	18,321
Commercial, financial and agricultural | Builder line lending | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	733	1,389
Commercial, financial and agricultural | Builder line lending | Substandard
Allowance for loan losses
Loans, excluding consumer finance	613	545
Commercial, financial and agricultural | Builder line lending | Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	288
Commercial, financial and agricultural | Commercial business lending
Allowance for loan losses
Loans, excluding consumer finance	61,025	54,337
Commercial, financial and agricultural | Commercial business lending | Pass
Allowance for loan losses
Loans, excluding consumer finance	48,441	41,813
Commercial, financial and agricultural | Commercial business lending | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	1,509	930
Commercial, financial and agricultural | Commercial business lending | Substandard
Allowance for loan losses
Loans, excluding consumer finance	11,075	11,594
Equity lines
Allowance for loan losses
Loans	50,670	50,321
Loans, excluding consumer finance	50,670	50,321
Equity lines | Pass
Allowance for loan losses
Loans, excluding consumer finance	48,978	48,443
Equity lines | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	617	772
Equity lines | Substandard
Allowance for loan losses
Loans, excluding consumer finance	781	750
Equity lines | Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	294	356
Consumer Loan
Allowance for loan losses
Loans	8,432	8,163
Loans, excluding consumer finance	8,432	8,163
Consumer Loan | Pass
Allowance for loan losses
Loans, excluding consumer finance	8,103	7,984
Consumer Loan | Special Mention
Allowance for loan losses
Loans, excluding consumer finance	140	103
Consumer Loan | Substandard
Allowance for loan losses
Loans, excluding consumer finance	151	33
Consumer Loan | Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	$ 38	$ 43

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loans by Credit Quality Indicators - Performing and Non-Performing (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Allowance for loan losses
Loans	$ 862,194	$ 835,804
Consumer Finance
Allowance for loan losses
Loans	288,156	283,333
Consumer Finance | Performing
Allowance for loan losses
Loans	287,927	282,293
Consumer Finance | Nonperforming
Allowance for loan losses
Loans	$ 229	$ 1,040

Shareholders_ Equity and Earn54

Shareholders’ Equity and Earnings Per Common Share - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Shareholders’ Equity and Earnings Per Common Share
Deferred taxes included in AOCI	$ 856	$ 1,660
Net unrealized gains on securities	3,371	4,850
Net unrecognized loss on cash flow hedges	(51)	(64)
Net unrecognized losses on defined benefit plan	(1,719)	(1,700)
Total accumulated other comprehensive income	$ 1,601	$ 3,086

Shareholders' Equity, Other Com

Shareholders' Equity, Other Comprehensive Income and Earnings Per Common Share - Share Repurchase Program (Details) - Common - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Repurchase Program
Common stock
Shares repurchased	38,759
Restricted Stock Tax Withholding Repurchases
Common stock
Shares repurchased	3,281	225

Shareholders_ Equity and Earn56

Shareholders’ Equity and Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of earnings per share calculations
Net income available to common shareholders	$ 4,101	$ 3,742	$ 6,746	$ 6,635
Weighted average number of common shares used in earnings per common share – basic (in shares)	3,394,236	3,405,245	3,404,204	3,403,042
Effect of dilutive securities:
Stock option awards and warrant	55	37,223	211	64,012
Weighted average number of common shares used in earnings per common share – assuming dilution	3,394,291	3,442,468	3,404,415	3,467,054

Shareholders_ Equity and Earn57

Shareholders’ Equity and Earnings Per Common Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock options
Antidilutive securities
Antidilutive securities excluded from earnings per share	88,762	156,110	88,762	136,130

Employee Benefit Plans - Net Pe

Employee Benefit Plans - Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of net periodic benefit cost
Service cost	$ 267	$ 191	$ 534	$ 382
Interest cost	117	113	234	226
Expected return on plan assets	(253)	(208)	(506)	(416)
Amortization of prior service cost	(14)	(17)	(28)	(34)
Recognized net actuarial loss	29	8	58	16
Net periodic benefit cost	$ 146	$ 87	$ 292	$ 174

Fair Value of Assets and Liab59

Fair Value of Assets and Liabilities - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Securities available for sale
Securities available for sale	$ 218,349	$ 221,897
Interest rate lock commitments
Securities available for sale
Derivative asset	984
Recurring
Securities available for sale
Securities available for sale	218,349	221,897
Loans held for sale	65,468	28,279
Total assets measured at fair value	284,801	250,664
Recurring | Cash Flow Hedges
Securities available for sale
Derivative asset		40
Recurring | Interest rate lock commitments
Securities available for sale
Derivative asset	984	448
Recurring | Interest Rate Swap | Cash Flow Hedges
Liabilities:
Derivative liabilities	85	143
Level 2
Securities available for sale
Securities available for sale	218,349	221,897
Loans held for sale	65,468	28,279
Liabilities:
Derivative liabilities	85
Level 2 | Cash Flow Hedges
Securities available for sale
Derivative asset		40
Level 2 | Interest rate lock commitments
Securities available for sale
Derivative asset		448
Level 2 | Forward sales commitments
Securities available for sale
Derivative asset	984
Level 2 | Interest Rate Swap | Cash Flow Hedges
Liabilities:
Derivative liabilities		143
Level 2 | Recurring
Securities available for sale
Securities available for sale	218,349	221,897
Loans held for sale	65,468	28,279
Total assets measured at fair value	284,801	250,664
Level 2 | Recurring | Cash Flow Hedges
Securities available for sale
Derivative asset		40
Level 2 | Recurring | Interest rate lock commitments
Securities available for sale
Derivative asset	984	448
Level 2 | Recurring | Interest Rate Swap | Cash Flow Hedges
Liabilities:
Derivative liabilities	85	143
U.S. government agencies and corporations
Securities available for sale
Securities available for sale	20,316	22,934
U.S. government agencies and corporations | Recurring
Securities available for sale
Securities available for sale	20,316	22,934
U.S. government agencies and corporations | Level 2 | Recurring
Securities available for sale
Securities available for sale	20,316	22,934
Mortgage-backed securities
Securities available for sale
Securities available for sale	70,704	67,619
Mortgage-backed securities | Recurring
Securities available for sale
Securities available for sale	70,704	67,619
Mortgage-backed securities | Level 2 | Recurring
Securities available for sale
Securities available for sale	70,704	67,619
Obligations of states and political subdivisions
Securities available for sale
Securities available for sale	127,329	131,344
Obligations of states and political subdivisions | Recurring
Securities available for sale
Securities available for sale	127,329	131,344
Obligations of states and political subdivisions | Level 2 | Recurring
Securities available for sale
Securities available for sale	$ 127,329	$ 131,344

Fair Value of Assets and Liab60

Fair Value of Assets and Liabilities - Financial Assets Measured at Fair Value on Non-Recurring Basis (Details) - Nonrecurring - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair value assets and liabilities - Nonrecurring Basis
Value above which impaired loans are valued using either the present value of expected future cash flows or fair value of the collateral	$ 500,000
Value below which loans are valued using the present value of expected future cash flows discounted at the loan's effective interest rate	500,000
Financial assets measured at fair value on a non-recurring basis	3,085,000	$ 2,010,000
Impaired loans, net
Fair value assets and liabilities - Nonrecurring Basis
Financial assets measured at fair value on a non-recurring basis	2,108,000	1,224,000
Other real estate owned, net
Fair value assets and liabilities - Nonrecurring Basis
Financial assets measured at fair value on a non-recurring basis	977,000	786,000
Level 3
Fair value assets and liabilities - Nonrecurring Basis
Financial assets measured at fair value on a non-recurring basis	3,085,000	2,010,000
Level 3 | Impaired loans, net
Fair value assets and liabilities - Nonrecurring Basis
Financial assets measured at fair value on a non-recurring basis	$ 2,108,000	1,224,000
Level 3 | Impaired loans, net | Minimum
Fair value assets and liabilities - Nonrecurring Basis
Discount rate	10.00%
Level 3 | Impaired loans, net | Maximum
Fair value assets and liabilities - Nonrecurring Basis
Discount rate	60.00%
Level 3 | Other real estate owned, net
Fair value assets and liabilities - Nonrecurring Basis
Financial assets measured at fair value on a non-recurring basis	$ 977,000	$ 786,000
Level 3 | Other real estate owned, net | Minimum
Fair value assets and liabilities - Nonrecurring Basis
Discount rate		0.00%
Level 3 | Other real estate owned, net | Maximum
Fair value assets and liabilities - Nonrecurring Basis
Discount rate		65.00%

Fair Value of Assets and Liab61

Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Securities available for sale	$ 218,349	$ 221,897
Bank-owned life insurance	14,681	14,484
Level 1
Assets:
Cash and short-term investments	139,315	167,616
Accrued interest receivable, fair value	6,654	6,421
Financial liabilities:
Demand deposits	695,049	659,594
Accrued interest payable	707	740
Level 2
Assets:
Securities available for sale	218,349	221,897
Loans held for sale	65,468	28,279
Bank-owned life insurance	14,681	14,484
Financial liabilities:
Time deposits	350,414	369,538
Borrowings	174,192	160,052
Derivative liabilities	85
Level 3
Assets:
Loans, net	837,473	813,010
Carrying Value
Assets:
Cash and short-term investments	139,315	167,616
Securities available for sale	218,349	221,897
Loans, net	826,623	800,198
Loans held for sale	65,468	28,279
Bank-owned life insurance	14,681	14,484
Accrued interest receivable, fair value	6,654	6,421
Financial liabilities:
Demand deposits	695,049	659,594
Time deposits	347,779	366,507
Borrowings	181,657	167,027
Derivative liabilities	85
Accrued interest payable	707	740
Total Fair Value
Assets:
Cash and short-term investments	139,315	167,616
Securities available for sale	218,349	221,897
Loans, net	837,473	813,010
Loans held for sale	65,468	28,279
Bank-owned life insurance	14,681	14,484
Accrued interest receivable, fair value	6,654	6,421
Financial liabilities:
Demand deposits	695,049	659,594
Time deposits	350,414	369,538
Borrowings	174,192	160,052
Derivative liabilities	85
Accrued interest payable	707	740
Interest rate lock commitments
Assets:
Derivative asset	984
Interest rate lock commitments | Level 2
Assets:
Derivative asset		448
Interest rate lock commitments | Carrying Value
Assets:
Derivative asset		448
Interest rate lock commitments | Total Fair Value
Assets:
Derivative asset		448
Forward sales commitments | Level 2
Assets:
Derivative asset	984
Forward sales commitments | Carrying Value
Assets:
Derivative asset	984
Forward sales commitments | Total Fair Value
Assets:
Derivative asset	$ 984
Cash Flow Hedges | Level 2
Assets:
Derivative asset		40
Cash Flow Hedges | Carrying Value
Assets:
Derivative asset		40
Cash Flow Hedges | Total Fair Value
Assets:
Derivative asset		40
Cash Flow Hedges | Interest Rate Swap | Level 2
Financial liabilities:
Derivative liabilities		143
Cash Flow Hedges | Interest Rate Swap | Carrying Value
Financial liabilities:
Derivative liabilities		143
Cash Flow Hedges | Interest Rate Swap | Total Fair Value
Financial liabilities:
Derivative liabilities		$ 143

Business Segments - Segment Rep

Business Segments - Segment Reporting - (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Business Segments
Number of Operating Segments | segment			3
Revenues:
Interest income	$ 21,350	$ 21,712	$ 42,153	$ 43,006
Gains on sales of loans	2,002	1,646	3,647	2,815
Other noninterest income	3,513	3,699	6,969	7,181
Total operating income	26,865	27,057	52,769	53,002
Expenses:
Provision for loan losses	2,155	3,265	5,670	6,775
Interest expense	2,176	2,141	4,207	4,361
Salaries and employee benefits	9,938	9,149	20,102	18,308
Other noninterest expenses	6,716	7,083	13,302	14,014
Total operating expenses	20,985	21,638	43,281	43,458
Income (loss) before income taxes	5,880	5,419	9,488	9,544
Income tax expense (benefit)	1,779	1,677	2,742	2,909
Net income	4,101	3,742	6,746	6,635
Total assets	1,372,936	1,347,491	1,372,936	1,347,491	$ 1,338,187
Goodwill	14,425	14,425	14,425	14,425	$ 14,425
Capital expenditures	285	766	593	1,274
Other
Revenues:
Other noninterest income			745	683
Total operating income			745	683
Expenses:
Interest expense			584	472
Salaries and employee benefits			769	432
Other noninterest expenses			314	451
Total operating expenses			1,667	1,355
Income (loss) before income taxes			(922)	(672)
Income tax expense (benefit)			(350)	(255)
Net income			(572)	(417)
Total assets	4,160	3,606	4,160	3,606
Capital expenditures			1	1
Operating Segments | Retail Banking
Revenues:
Interest income	10,893	10,919	21,442	21,687
Other noninterest income	2,271	2,367	4,452	4,592
Total operating income	13,164	13,286	25,894	26,279
Expenses:
Interest expense	1,453	1,495	2,785	3,070
Salaries and employee benefits	5,754	5,673	11,691	11,523
Other noninterest expenses	4,210	4,518	8,466	9,093
Total operating expenses	11,417	11,686	22,942	23,686
Income (loss) before income taxes	1,747	1,600	2,952	2,593
Income tax expense (benefit)	145	179	165	187
Net income	1,602	1,421	2,787	2,406
Total assets	1,193,135	1,184,486	1,193,135	1,184,486
Goodwill	3,702	3,702	3,702	3,702
Capital expenditures	253	680	494	1,148
Operating Segments | Mortgage Banking
Revenues:
Interest income	479	333	773	631
Gains on sales of loans	2,002	1,646	3,647	2,815
Other noninterest income	662	729	1,258	1,344
Total operating income	3,143	2,708	5,678	4,790
Expenses:
Provision for loan losses	15	15	30	30
Interest expense	92	50	140	94
Salaries and employee benefits	1,462	1,138	2,851	2,099
Other noninterest expenses	1,134	1,131	2,138	2,168
Total operating expenses	2,703	2,334	5,159	4,391
Income (loss) before income taxes	440	374	519	399
Income tax expense (benefit)	178	150	210	160
Net income	262	224	309	239
Total assets	80,514	48,755	80,514	48,755
Capital expenditures	27	7	58	41
Operating Segments | Consumer Finance
Revenues:
Interest income	11,164	11,684	22,283	23,122
Other noninterest income	227	261	514	562
Total operating income	11,391	11,945	22,797	23,684
Expenses:
Provision for loan losses	2,140	3,250	5,640	6,745
Interest expense	1,522	1,585	3,043	3,159
Salaries and employee benefits	2,352	2,107	4,791	4,254
Other noninterest expenses	1,204	1,218	2,384	2,302
Total operating expenses	7,218	8,160	15,858	16,460
Income (loss) before income taxes	4,173	3,785	6,939	7,224
Income tax expense (benefit)	1,638	1,476	2,717	2,817
Net income	2,535	2,309	4,222	4,407
Total assets	291,010	284,905	291,010	284,905
Goodwill	10,723	10,723	10,723	10,723
Capital expenditures	5	79	40	84
Operating Segments | Other
Revenues:
Other noninterest income	353	342
Total operating income	353	342
Expenses:
Interest expense	295	235
Salaries and employee benefits	370	231
Other noninterest expenses	168	216
Total operating expenses	833	682
Income (loss) before income taxes	(480)	(340)
Income tax expense (benefit)	(182)	(128)
Net income	(298)	(212)
Total assets	4,160	3,606	4,160	3,606
Eliminations
Revenues:
Interest income	(1,186)	(1,224)	(2,345)	(2,434)
Total operating income	(1,186)	(1,224)	(2,345)	(2,434)
Expenses:
Interest expense	(1,186)	(1,224)	(2,345)	(2,434)
Total operating expenses	(1,186)	(1,224)	(2,345)	(2,434)
Total assets	$ (195,883)	$ (174,261)	$ (195,883)	$ (174,261)

Business Segments - Segment Deb

Business Segments - Segment Debt (Details)	6 Months Ended
	Jun. 30, 2015
Mortgage Banking | FHLB Advances
Business Segments
Variable rate, spread (as a percent)	0.50%
Consumer Finance | Minimum
Business Segments
Variable rate, spread (as a percent)	3.80%
Consumer Finance | Maximum
Business Segments
Variable rate, spread (as a percent)	8.00%
Consumer Finance | LIBOR | Minimum
Business Segments
Variable rate, spread (as a percent)	2.00%

Commitments and Financial Ins64

Commitments and Financial Instruments with Off-Balance-Sheet Risk - IRLC and Other Derivatives (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
C&F Mortgage
Commitments and Financial Instruments with Off-Balance Sheet Risk
Recourse period for early payment default, minimum	90 days
Recourse period for early payment default, maximum	1 year
Forward sales commitments
Commitments and Financial Instruments with Off-Balance Sheet Risk
Notional amount	$ 140,370
Interest rate lock commitments
Commitments and Financial Instruments with Off-Balance Sheet Risk
Derivative asset	$ 984

Commitments and Financial Ins65

Commitments and Financial Instruments with Off-Balance-Sheet Risk - Changes in Allowance for Indemnifications Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Change in the allowance for indemnification losses
Allowance, beginning of period			$ 2,089	$ 2,415
Provision for indemnifications			139	109
Payments			(1)	(450)
Allowance, end of period	$ 2,227	$ 2,074	2,227	2,074
Indemnification reserve for recourse provisions
Change in the allowance for indemnification losses
Allowance, beginning of period			2,147	2,461
Provision for indemnifications	81	63
Payments	(1)	(450)
Allowance, end of period	$ 2,227	$ 2,074	$ 2,227	$ 2,074

Interest Rate Swaps (Details)

Interest Rate Swaps (Details) - Cash Flow Hedges $ in Thousands	Jun. 30, 2015USD ($)
Interest Rate Swap
Derivatives and other information
Notional amount	$ 25,000
September 2015 Interest Rate Swaps
Derivatives and other information
Notional amount	10,000
Derivative liability recorded in other liabilities	(44)
December 2019 Interest Rate Swaps
Derivatives and other information
Notional amount	15,000
Derivative liability recorded in other liabilities	(41)
Trust Preferred Securities Subject to Mandatory Redemption | September 2015 Interest Rate Swaps
Derivatives and other information
Amount hedged	10,000
Trust Preferred Securities Subject to Mandatory Redemption | December 2019 Interest Rate Swaps
Derivatives and other information
Amount hedged	$ 15,000

Other Noninterest Expenses (Det

Other Noninterest Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Noninterest Expenses
Data processing fees	$ 945	$ 957	$ 1,827	$ 1,952
Professional fees	569	522	1,067	1,192
Telecommunication expenses	350	405	695	753
Amortization of core deposit intangible	248	305	511	624
Travel and educational expenses	242	273	490	555
FDIC insurance expense	225	228	443	613
Marketing and advertising expenses	452	426	621	595
All other noninterest expenses	1,465	1,784	3,268	3,415
Total Other Noninterest Expenses	$ 4,496	$ 4,900	$ 8,922	$ 9,699