C&F Financial (CFFI) 10-K3 Mar 212020 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2020	Feb. 28, 2021	Jun. 30, 2020
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	000-23423
Entity Registrant Name	C & F FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1680165
Entity Address, Address Line One	3600 La Grange Parkway
Entity Address, City or Town	Toano
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23168
City Area Code	804
Local Phone Number	843-2360
Title of 12(b) Security	Common Stock, $1.00 par value per share
Trading Symbol	CFFI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 114,205,770
Entity Common Stock, Shares Outstanding		3,684,221
Entity Central Index Key	0000913341
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and due from banks	$ 17,742,000	$ 21,148,000
Interest-bearing deposits in other banks	68,927,000	144,285,000
Total cash and cash equivalents	86,669,000	165,433,000
Securities-available for sale at fair value, amortized cost of $280,824 and $187,759, respectively	286,389,000	189,733,000
Loans held for sale, at fair value	214,266,000	90,500,000
Loans, net of allowance for loan losses of $39,156 and $32,873, respectively	1,313,250,000	1,082,318,000
Restricted stock, at cost	1,636,000	3,257,000
Corporate premises and equipment, net	44,132,000	35,261,000
Other real estate owned, net of valuation allowance of $207 and $88, respectively	907,000	1,103,000
Accrued interest receivable	8,103,000	6,776,000
Goodwill	25,191,000	14,425,000
Other intangible assets, net	2,291,000	912,000
Bank-owned life insurance	20,205,000	16,044,000
Net deferred tax asset	13,555,000	11,219,000
Other assets	69,716,000	40,451,000
Total assets	2,086,310,000	1,657,432,000
Deposits
Noninterest-bearing demand deposits	501,945,000	296,985,000
Savings and interest-bearing demand deposits	780,645,000	572,209,000
Time deposits	469,583,000	422,056,000
Total deposits	1,752,173,000	1,291,250,000
Short-term borrowings	20,455,000	16,360,000
Long-term borrowings	30,398,000	119,529,000
Trust preferred capital notes	25,316,000	25,281,000
Accrued interest payable	1,109,000	1,291,000
Other liabilities	62,388,000	38,442,000
Total liabilities	1,891,839,000	1,492,153,000
Commitments and contingent liabilities (Note 19)
Equity
Common stock ($1.00 par value, 8,000,000 shares authorized, 3,670,301 and 3,438,126 shares issued and outstanding, respectively, includes 155,945 and 142,020 of unvested shares, respectively)	3,514,000	3,296,000
Additional paid-in capital	21,427,000	9,503,000
Retained earnings	170,819,000	154,248,000
Accumulated other comprehensive loss, net	(1,955,000)	(2,249,000)
Equity attributable to C&F Financial Corporation	193,805,000	164,798,000
Noncontrolling interest	666,000	481,000
Total equity	194,471,000	165,279,000
Total liabilities and equity	$ 2,086,310,000	$ 1,657,432,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Consolidated Balance Sheets
Available-for-sale securities, amortized cost	$ 280,824	$ 187,759
Loans, allowance for loan losses	39,156	32,873
Other real estate owned, valuation allowance	$ 207	$ 88
Common stock par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	3,670,301	3,438,126
Common stock, shares outstanding	3,670,301	3,438,126
Common stock, unvested shares	155,945	142,020

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest income
Interest and fees on loans	$ 90,992	$ 87,519	$ 84,529
Interest on interest-bearing deposits and federal funds sold	713	2,179	2,097
Interest and dividends on securities
U.S. government agencies and corporations	463	427	361
Mortgage-backed securities	2,109	2,210	2,314
Tax-exempt obligations of states and political subdivisions	1,984	2,110	2,725
Taxable obligations of states and political subdivisions	406	358	319
Other	246	207	203
Total interest income	96,913	95,010	92,548
Interest expense
Savings and interest-bearing deposits	1,614	2,298	1,601
Time deposits	8,020	6,796	4,085
Borrowings	2,592	4,327	4,189
Trust preferred capital notes	1,156	1,135	1,152
Total interest expense	13,382	14,556	11,027
Net interest income	83,531	80,454	81,521
Provision for loan losses	11,080	8,515	11,006
Net interest income after provision for loan losses	72,451	71,939	70,515
Noninterest income
Gains on sales of loans	29,224	10,603	7,841
Mortgage banking fee income	7,713	4,700	3,686
Interchange income	4,768	4,203	3,882
Service charges on deposit accounts	3,357	3,923	4,213
Wealth management services income, net	2,618	2,029	1,860
Mortgage lender services income	2,176	390	329
Other service charges and fees	1,551	1,496	1,386
Net gains on sales, maturities and calls of available for sale securities	38	10	10
Other	3,973	4,658	3,161
Total noninterest income	55,418	32,012	26,368
Noninterest expenses
Salaries and employee benefits	57,668	47,201	42,003
Occupancy	8,639	7,912	7,719
Early debt repayment charges	2,197
Other	30,146	24,906	24,620
Total noninterest expenses	98,650	80,019	74,342
Income before income taxes	29,219	23,932	22,541
Income tax expense	6,795	5,082	4,521
Net income	22,424	18,850	18,020
Less net income (loss) attributable to noncontrolling interest	307	(9)
Net income attributable to C&F Financial Corporation	$ 22,117	$ 18,859	$ 18,020
Net income per share - basic and diluted (in dollars per share)	$ 6.06	$ 5.47	$ 5.15

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$ 22,424	$ 18,850	$ 18,020
Defined benefit plan:
Net actuarial losses arising during the period		(1,706)	(409)	(1,155)
Related income tax effects		358	86	242
Reclassification of recognized net actuarial losses into net income	[1]	197	187	125
Related income tax effects		(42)	(38)	(26)
Amortization of prior service credit into net income	[1]	(66)	(68)	(62)
Related income tax effects		14	14	13
Defined benefit plan, net of tax		(1,245)	(228)	(863)
Cash flow hedges:
Unrealized holding (losses) gains arising during the period		(1,737)	(325)	123
Related income tax effects		447	84	(32)
Amortization of hedging gains into net income	[2]	(11)	(56)
Related income tax effects		3	14
Cash flow hedges, net of tax		(1,298)	(283)	91
Securities available for sale:
Unrealized holding gains (losses) arising during the period		3,629	3,724	(2,538)
Related income tax effects		(762)	(782)	533
Reclassification of net realized gains into net income	[3]	(38)	(10)	(10)
Related income tax effects		8	2	2
Securities available for sale, net of tax		2,837	2,934	(2,013)
Other comprehensive income (loss), net of tax		294	2,423	(2,785)
Comprehensive income		22,718	21,273	15,235
Less comprehensive income (loss) attributable to noncontrolling interest		307	(9)
Comprehensive income attributable to C&F Financial Corporation		$ 22,411	$ 21,282	$ 15,235

[1]	These items are included in the computation of net periodic benefit cost and are included in “Noninterest income-Other” on the Consolidated Statements of Income. See “Note 15: Employee Benefit Plans,” for additional information.
[2]	These items are included in “Interest expense – Trust preferred capital notes” on the Consolidated Statements of Income.
[3]	These items are included in “Net gains on sales, maturities and calls of available for sale securities” on the Consolidated Statements of Income

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss, Net	Noncontrolling Interest	Total
Balance, beginning of the period at Dec. 31, 2017	$ 3,358	$ 12,800	$ 127,431	$ (1,887)		$ 141,702
Comprehensive income:
Net income (loss)			18,020			18,020
Other comprehensive income (loss)				(2,785)		(2,785)
Share-based compensation		1,345				1,345
Restricted stock vested	26	(26)
Common stock issued	3	141				144
Common stock purchased	(29)	(1,508)				(1,537)
Cash dividends declared			(4,931)			(4,931)
Balance, end of period at Dec. 31, 2018	3,358	12,752	140,520	(4,672)		151,958
Comprehensive income:
Net income (loss)			18,859		$ (9)	18,850
Other comprehensive income (loss)				2,423		2,423
Issuance of noncontrolling interest					490	490
Share-based compensation		1,466				1,466
Restricted stock vested	32	(32)
Common stock issued	3	137				140
Common stock purchased	(97)	(4,820)				(4,917)
Cash dividends declared			(5,131)			(5,131)
Balance, end of period at Dec. 31, 2019	3,296	9,503	154,248	(2,249)	481	165,279
Comprehensive income:
Net income (loss)			22,117		307	22,424
Other comprehensive income (loss)				294		294
Share-based compensation		1,447				1,447
Restricted stock vested	30	(30)
Acquisition of Peoples Bankshares, Incorporated	210	11,402				11,612
Common stock issued	4	140				144
Common stock purchased	(26)	(1,035)				(1,061)
Cash dividends declared			(5,546)			(5,546)
Distributions to noncontrolling interest					(122)	(122)
Balance, end of period at Dec. 31, 2020	$ 3,514	$ 21,427	$ 170,819	$ (1,955)	$ 666	$ 194,471

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends paid per share	$ 1.52	$ 1.49	$ 1.41

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities:
Net income	$ 22,424	$ 18,850	$ 18,020
Adjustments to reconcile net income to net cash used in operating activities:
Provision for loan losses	11,080	8,515	11,006
Accretion of certain acquisition-related discounts, net	(3,707)	(2,871)	(3,034)
Share-based compensation	1,447	1,466	1,345
Depreciation and amortization	4,189	3,866	3,671
Accretion of discounts and amortization of premiums on securities, net	2,271	1,534	1,783
Deferred income taxes	(817)	354	632
Provision for indemnifications	881		52
Income from bank-owned life insurance	(506)	(711)	(424)
Gain on sales of loans held for investment	(3,489)
Early debt repayment charges	2,197
Pension expense	793	649	403
Pension contribution	(2,000)		(3,000)
Proceeds from sales of loans held for sale	1,668,113	903,968	720,250
Origination of loans held for sale	(1,765,449)	(941,001)	(699,028)
Gains on sales of loans held for sale	(25,735)	(10,603)	(7,841)
Other losses (gains), net	624	(28)	(212)
Change in other assets and liabilities:
Accrued interest receivable	(897)	660	153
Other assets	6,882	137	3,936
Accrued interest payable	(442)	371	82
Other liabilities	1,767	212	(240)
Net cash (used in) provided by operating activities	(80,374)	(14,632)	47,554
Investing activities:
Acquisition of Peoples Bankshares, Incorporated	19,101
Disposition of assets related to business combination	8,004
Proceeds from sales, maturities and calls of securities available for sale and payments on mortgage-backed securities	123,741	75,583	51,067
Purchases of securities available for sale	(201,870)	(48,216)	(51,322)
Purchases of time deposits, net	(5,478)
Repayments on loans held for investment by non-bank affiliates	129,011	123,140	117,014
Purchases of loans held for investment by non-bank affiliates	(132,897)	(149,377)	(133,484)
Proceeds from sales of loans held for investment	3,366
Net increase in community banking loans held for investment	(110,862)	(31,886)	(27,720)
Proceeds from bank-owned life insurance		785
Purchases of corporate premises and equipment	(10,228)	(2,706)	(3,374)
Changes in collateral posted with other financial institutions, net	(7,400)	(2,490)
Other investing activities, net	2,226	(762)	296
Net cash used in investing activities	(183,286)	(35,929)	(47,523)
Financing activities:
Net increase in demand and savings deposits	318,598	34,093	11,625
Net (decrease) increase in time deposits	(29,212)	75,496	(1,393)
Net increase (decrease) in short-term borrowings	4,095	1,444	(5,705)
Proceeds from long-term borrowings	19,924	7,000
Repayments of long-term borrowings	(121,726)	(7,000)	(2,500)
Repurchases of common stock	(1,061)	(4,917)	(1,537)
Cash dividends paid	(5,546)	(5,131)	(4,931)
Other financing activities, net	(176)	(4)
Net cash provided by (used in) financing activities	184,896	100,981	(4,441)
Net (decrease) increase in cash and cash equivalents	(78,764)	50,420	(4,410)
Cash and cash equivalents at beginning of period	165,433	115,013	119,423
Cash and cash equivalents at end of period	86,669	165,433	115,013
Supplemental cash flow disclosures:
Interest paid	14,168	14,150	10,909
Income taxes paid	6,410	2,296	821
Supplemental disclosure of noncash investing and financing activities:
Transfers from loans to other real estate owned	$ 63	496	$ 98
Transfers from corporate premises and equipment to other real estate owned		835
Issuance of noncontrolling interest		$ 490

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE 1: Summary of Significant Accounting Policies Principles of Consolidation: Nature of Operations: C&F Bank has five wholly-owned subsidiaries: C&F Mortgage Corporation (C&F Mortgage), C&F Finance Company (C&F Finance), C&F Wealth Management Corporation (C&F Wealth Management), C&F Insurance Services, Inc., and CVB Title Services, Inc., all incorporated under the laws of the Commonwealth of Virginia. C&F Mortgage, organized in September 1995, originates and sells residential mortgages, provides mortgage loan origination services to third-party lenders and, through its subsidiary Certified Appraisals LLC, provides ancillary mortgage loan production services for residential appraisals. C&F Mortgage owns a 51 percent interest in C&F Select LLC, which was organized in January 2019 and is also engaged in the business of originating and selling residential mortgages. C&F Finance, acquired in September 2002, is a finance company purchasing automobile, marine and recreational vehicle (RV) loans through indirect lending programs. C&F Wealth Management, organized in April 1995, is a full-service brokerage firm offering a comprehensive range of wealth management services and insurance products through third-party service providers. C&F Insurance Services, Inc., was organized in July 1999, for the primary purpose of owning an equity interest in an independent insurance agency that operates in Virginia and North Carolina. CVB Title Services, Inc. was organized for the primary purpose of owning an equity interest in a full service title and settlement agency. Business segment data is presented in Note 21. Basis of Presentation: The COVID-19 pandemic has caused a significant disruption in economic activity worldwide, including in market areas served by the Corporation. Estimates for the allowance for loan losses at December 31, 2020 include probable losses related to the pandemic. The Corporation expects that the pandemic will continue to have an effect on its results of operations. If economic conditions deteriorate further, then additional provision for loan losses may be required in future periods. It is unknown how long these conditions will last and what the ultimate financial impact will be to the Corporation. Depending on the severity and duration of the economic consequences of the pandemic, the Corporation’s goodwill may become impaired. Reclassification: Significant Group Concentrations of Credit Risk: States in which significant concentrations of the Corporation’s lending activities exist include Virginia, Tennessee, Georgia and Ohio. At December 31, 2020, 51.8 percent of the Corporation’s loan portfolio consisted of commercial, financial and agricultural loans, which include loans secured by real estate for builder lines, acquisition and development and commercial development, as well as commercial loans secured by personal property. In addition, 19.8 percent of the Corporation’s loan portfolio consisted of non-prime consumer finance loans to individuals, secured by automobiles. The Corporation does not have any significant loan concentrations to any one customer. Additional information about the Corporation’s lending activities is presented in Note 5. Cash and Cash Equivalents: Securities: Impairment of debt securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (i) we intend to sell the security or (ii) it is more-likely-than-not that we will be required to sell the security before recovery of its amortized cost basis. If, however, the Corporation does not intend to sell the security and it is not more-likely-than-not that the Corporation will be required to sell the security before recovery, the Corporation must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost basis of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than-temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. The Corporation regularly reviews unrealized losses in its investments in securities based on criteria including the extent to which market value is below amortized cost, the duration of that market decline, the financial health of and specific prospects for the issuer, the Corporation’s best estimate of the present value of cash flows expected to be collected from debt securities, the Corporation’s intention with regard to holding the security to maturity and the likelihood that the Corporation would be required to sell the security before recovery. Loans Held for Sale: Fair Value Measurement, value reported in net income as a component of “Gains on sales of loans.” Substantially all loans originated by the mortgage banking segment are held for sale to outside investors. Loans Acquired in a Business Combination: PCI loans are not classified as nonperforming loans by the Corporation at the time they are acquired, regardless of whether they had been classified as nonperforming by the previous holder of such loans, and they will not be classified as nonperforming so long as, at quarterly re-estimation periods, we believe we will fully collect the new carrying value of the pools of loans. Loans not designated PCI loans as of the acquisition date are designated purchased performing loans. The Corporation accounts for purchased performing loans using the contractual cash flows method of recognizing discount accretion based on the acquired loans’ contractual cash flows. Purchased performing loans are recorded at fair value, including a credit discount. The fair value discount is accreted as an adjustment to yield over the estimated lives of the loans. There is no allowance for loan losses established at the acquisition date for purchased performing loans. A provision for loan losses may be required in future periods for any deterioration in these loans in future periods. Originated Loans: A loan’s past due status is based on the contractual due date of the most delinquent payment due. Loans are generally placed on nonaccrual status when the collection of principal or interest is 90 days or more past due, or earlier, if collection is uncertain based on an evaluation of the net realizable value of the collateral and the financial strength of the borrower. Loans greater than 90 days past due may remain on accrual status if management determines it has adequate collateral to cover the principal and interest. For those loans that are carried on nonaccrual status, payments are first applied to principal outstanding. A loan may be returned to accrual status if the borrower has demonstrated a sustained period of repayment performance in accordance with the contractual terms of the loan and there is reasonable assurance the borrower will continue to make payments as agreed. These policies are applied consistently across our loan portfolio. The Corporation considers a loan impaired when it is probable that the Corporation will be unable to collect all interest and principal payments as scheduled in the loan agreement. A loan is not considered impaired during a period of delay in payment if the ultimate collectibility of all amounts due is expected. Impairment is measured based on either the fair value of the loan using the loan’s obtainable market price or the fair value of the collateral, if the loan is collateral dependent, or using the present value of expected future cash flows discounted at the loan’s effective interest rate, which is not a fair value measurement. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Troubled debt restructurings (TDRs) occur when the Corporation agrees to significantly modify the original terms of a loan due to the deterioration in the financial condition of the borrower. TDRs are considered impaired loans and are evaluated individually. Upon designation as a TDR, the Corporation evaluates the borrower’s payment history, past due status and ability to make payments based on the revised terms of the loan. If a loan was accruing prior to being modified as a TDR and if the Corporation concludes that the borrower is able to make such payments, and there are no other factors or circumstances that would cause it to conclude otherwise, the loan will remain on an accruing status. If a loan was on nonaccrual status at the time of the TDR, the loan will remain on nonaccrual status following the modification and may be returned to accrual status based on the policy for returning loans to accrual status as noted above. The Corporation has accommodated certain borrowers affected by the COVID-19 pandemic by granting short-term payment deferrals or periods of interest-only payments, including loans that remain in deferral as of December 31, 2020, with an aggregate balance of $30.74 million. Generally, a short-term payment deferral does not result in a loan modification being classified as a TDR. Additionally, the Coronavirus Aid, Relief and Economic Security Act (CARES Act), enacted on March 27, 2020, and as subsequently supplemented, provided that certain loan modifications that were (1) related to COVID-19 and (2) for loans that were not more than 30 days past due as of December 31, 2019 are not required to be designated as TDRs. Additional information on loan modifications related to COVID-19 is presented in Note 5. In the ordinary course of business, the Corporation has entered into commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the Consolidated Balance Sheets when they are funded. Paycheck Protection Program: Allowance for Loan Losses: The allowance represents an amount that, in management’s judgment, will be adequate to absorb probable losses inherent in the loan portfolio. Management’s judgment in determining the level of the allowance is based on evaluations of the collectibility of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower’s ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The evaluation also considers the following risk characteristics of each loan portfolio: ● Real estate residential mortgage loans carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. ● Real estate construction loans carry risks that the project will not be finished according to schedule, the project will not be finished according to budget and the value of the collateral may, at any point in time, be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be a loan customer, may be unable to finish the construction project as planned because of financial pressure unrelated to the project. ● Commercial, financial and agricultural loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because the repayment of these loans may be dependent upon the profitability and cash flows of the business or project. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time and cannot be appraised with as much precision. ● Consumer and consumer finance loans carry risks associated with the continued credit-worthiness of the borrower and the value of the collateral (e.g., rapidly-depreciating assets such as automobiles and marine and recreational vehicles (RVs)), or lack thereof. Consumer loans are more likely than real estate loans to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy. ● Equity lines of credit carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. The allowance consists of specific and general components. The specific component relates to loans that are individually evaluated for impairment, and is established when the discounted cash flows (or collateral value or observable market price) of an impaired loan is lower than the carrying value of that loan. For collateral dependent loans, an updated appraisal will be ordered if a current one is not on file. Appraisals are performed by independent third-party appraisers with relevant industry experience. Adjustments to the appraised value may be made based on recent sales of similar properties or general market conditions when appropriate. The general component covers non-classified loans and those loans classified as substandard or special mention that are not individually evaluated for impairment. The general component is based on historical loss experience adjusted for qualitative factors, such as current economic conditions, including current home sales and foreclosures, unemployment rates and retail sales. Relative to non-classified loans, non-impaired classified loans are assigned a higher allowance factor which increases with the severity of classification. The characteristics of these loan ratings are as follows: ● Pass rated loans are to persons or business entities with an acceptable financial condition, appropriate collateral margins, appropriate cash flow to service the existing loan, and an appropriate leverage ratio. The borrower has paid all obligations as agreed and it is expected that this type of payment history will continue. When necessary, acceptable personal guarantors support the loan. ● Special mention loans have a specific identified weakness in the borrower’s operations and in the borrower’s ability to generate positive cash flow on a sustained basis. The borrower’s recent payment history may be characterized by late payments. The Corporation’s risk exposure is mitigated by collateral supporting the loan. The collateral is considered to be well-margined, well maintained, accessible and readily marketable. ● Substandard loans are considered to have specific and well-defined weaknesses that jeopardize the viability of the Corporation’s credit extension. The payment history for the loan has been inconsistent and the expected or projected primary repayment source may be inadequate to service the loan. The estimated net liquidation value of the collateral pledged and/or ability of the personal guarantor(s) to pay the loan may not adequately protect the Corporation. There is a distinct possibility that the Corporation will sustain some loss if the deficiencies associated with the loan are not corrected in the near term. A substandard loan would not automatically meet the Corporation’s definition of impaired unless the loan is significantly past due and the borrower’s performance and financial condition provide evidence that it is probable that the Corporation will be unable to collect all amounts due. ● Substandard nonaccrual loans have the same characteristics as substandard loans; however, they have a nonaccrual classification because it is probable that the Corporation will not be able to collect all amounts due. ● Doubtful rated loans have all the weaknesses inherent in a loan that is classified substandard but with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high. ● Loss rated loans are not considered collectible under normal circumstances and there is no realistic expectation for any future payment on the loan. Loss rated loans are fully charged off. On a quarterly basis the Corporation evaluates its estimate of cash flows to be collected on PCI loans. These evaluations require the continued assessment of key assumptions and estimates similar to the initial estimate of fair value as of the acquisition date, such as the effect of collateral value changes, changing loss severities, estimated and experienced prepayment speeds and other relevant factors. Subsequent decreases to the expected cash flows to be collected on a PCI loan will generally result in a provision for loan losses. The consumer finance loans are segregated between performing and nonperforming loans. Performing loans are those that have made timely payments in accordance with the terms of the loan agreement and are not past due 90 days or more. Nonperforming loans are those that do not accrue interest and are greater than 90 days past due. Allowance for Indemnifications: The allowance represents an amount that, in management’s judgment, will be adequate to absorb any losses that are probable of arising from valid indemnification requests for loans that have been sold by the mortgage banking segment. Management’s judgment in determining the level of the allowance is based on the volume of loans sold, historical experience, current economic conditions, changes in operational and compliance processes, and information provided by investors. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. Other Real Estate Owned (OREO): The Corporation records a gain/loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Corporation finances the sale of OREO to the buyer, the Corporation assesses whether the buyer is committed to perform the obligations under the contract and whether collectability of the transaction price is probable. In determining the gain/loss on the sale, the Corporation adjusts the transaction price and the related gain/loss on sale if a significant financing component is present. Repossessed Assets: Repossessed assets primarily consist of vehicles repossessed by C&F Finance due to borrowers’ payment defaults. The repossession process is generally initiated after a loan becomes more than 60 days delinquent. Most customers have an opportunity to redeem their repossessed vehicles by paying all outstanding balances, including finance charges and fees. Vehicles that are not redeemed within a prescribed waiting period following repossession are then reclassified from loans to repossessed assets available-for-sale (included in other assets) and recorded initially at fair value less estimated costs to sell. The difference between the carrying amount of each loan and the fair value of the vehicle (i.e., the deficiency) is charged against the allowance for loan losses. The waiting period is determined as the length of time after repossession that C&F Finance is prohibited to sell the vehicle under the laws of the state where the vehicle was repossessed. Accounts still in process of collection or for which the Corporation does not have the legal right to sell continue to be classified as loans until such legal authority is obtained. At December 31, 2020, repossessed vehicles at fair value less estimated costs to sell included in other assets totaled $291,000 , compared to $410,000 at December 31, 2019. Repossession expense includes the costs to repossess and sell vehicles. These costs include transportation, storage, rekeying, condition reports, legal fees, fees paid to repossession agents and auction fees. These costs are included in noninterest expenses. Corporate Premises and Equipment: Land is carried at cost. Buildings and equipment are carried at cost less accumulated depreciation computed using a straight-line method over the estimated useful lives of the assets. Estimated useful lives range from ten to forty years for buildings and from three to ten years for equipment, furniture and fixtures. Maintenance and repairs are charged to expense as incurred and major improvements are capitalized. Upon sale or retirement of depreciable properties, the cost and related accumulated depreciation are netted against proceeds and any resulting gain or loss is included in income. Goodwill: The Corporation reviews the carrying value of goodwill at least annually or more frequently if certain impairment indicators exist. In testing goodwill for impairment, the Corporation may first consider qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, we conclude that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then no further testing is required and the goodwill of the reporting unit is not impaired. If the Corporation elects to bypass the qualitative assessment or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the fair value of the reporting unit is compared with its carrying amount to determine whether an impairment exists. Transfer of Financial Assets: Income Taxes: C&F Bank invests in qualified affordable housing projects through housing equity funds, the purpose of which is to encourage investment in low-income residential property development in Virginia by providing a return on investment through federal income tax credits and other tax benefits on losses generated by the projects. C&F Bank recognizes its share of losses on these projects as a component of income tax expense. The benefit of an uncertain tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination by the applicable taxing authority, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. Interest and penalties associated with unrecognized tax benefits are recognized as a component of income tax expense. Retirement Plan: Share-Based Compensation: Earnings Per Share: Derivative Financial Instruments: Leases: Service Charges on Deposit Accounts. primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Corporation satisfies the performance obligation. Other Service Charges and Fees. Interchange Income. Wealth Management Services Income, Net. Recent Significant Accounting Pronouncements: In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief Financial instruments—Credit losses (Topic 326), Derivatives and hedging (Topic 815), and Leases (Topic 842)—Effective dates, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842) Codification Improvements to Financial Instruments The amendments of ASC 326, upon adoption, will be applied on a modified retrospective basis, with the cumulative effect of adopting the new standard being recorded as an adjustment to opening retained earnings in the period of adoption. The Corporation has established a working group to prepare for and implement changes related to ASC 326 and has gathered historical loan loss data for purposes of evaluating appropriate portfolio segmentation and modeling methods under the standard. The Corporation has performed procedures to validate the historical loan loss data to ensure its suitability and reliability for purposes of developing an estimate of expected credit losses under ASC 326. The Corporation has engaged a vendor to assist in modeling expected lifetime losses under ASC 326, and is continuing to develop and refine an approach to estimating the allowance for credit losses. The adoption of ASC 326 will result in significant changes to the Corporation’s consolidated financial statements, which may include changes in the level of the allowance for credit losses that will be considered adequate, a reduction in total equity and regulatory capital of C&F Bank, differences in the timing of recognizing changes to the allowance for credit losses and expanded disclosures about the allowance for credit losses. The Corporation has not yet determined an estimate of the effect of these changes. The adoption of the standard will also result in significant changes in the Corporation’s internal control over financial reporting related to the allowance for credit losses. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not currently expected to have a material effect on the Corporation’s financial position, results of operations or cash flows.

Adoption of New Accounting Stan

Adoption of New Accounting Standards	12 Months Ended
Adoption of New Accounting Standards	Dec. 31, 2020
Adoption of New Accounting Standards
Adoption of New Accounting Standards	NOTE 2: Adoption of New Accounting Standards On January 1, 2020, the Corporation adopted ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.”

Business Combination

Business Combination	12 Months Ended
Business Combination	Dec. 31, 2020
Business Combination
Business Combination	NOTE 3: Business Combination On January 1, 2020, the Corporation completed its acquisition of Peoples Bankshares, Incorporated (Peoples). Peoples shareholders received 0.5366 shares of the Corporation’s common stock and $27.00 in cash for each share of Peoples common stock, with cash paid in lieu of any fractional shares of the Corporation’s common stock. In connection with the transaction, the Corporation paid aggregate cash consideration of $10.58 million and issued 209,871 shares of its common stock to the shareholders of Peoples. The Corporation accounted for the acquisition using the acquisition method of accounting in accordance with ASC 805, Business Combinations The following table presents as of January 1, 2020 the total consideration paid by the Corporation in connection with the acquisition of Peoples, the fair values of the assets acquired and liabilities assumed, and the resulting goodwill. Amounts Recognized as of (Dollars in thousands) January 1, 2020 Purchase price: Cash paid $ 10,579 Common stock issued 11,612 Total purchase price $ 22,191 Identifiable assets acquired: Cash and cash equivalents $ 29,680 Securities available for sale 17,169 Loans 124,195 Accrued interest receivable 430 Corporate premises and equipment 3,105 Other real estate owned 281 Core deposit intangible asset 1,711 Bank-owned life insurance 3,591 Investment in small business investment company 1,493 Other receivables 5,234 Other assets 3,658 Total identifiable assets acquired 190,547 Identifiable liabilities assumed: Demand and savings deposits 94,798 Time deposits 77,018 Borrowings 4,245 Accrued interest payable 260 Salaries, benefits and deferred compensation 2,054 Other liabilities 747 Total identifiable liabilities assumed 179,122 Net identifiable assets acquired $ 11,425 Goodwill resulting from acquisition $ 10,766 In connection with the acquisition, the Corporation recorded approximately $10.77 million of goodwill and $1.71 million of other intangible assets related to the core deposits of Peoples. The goodwill arising from the acquisition of Peoples is not deductible for income taxes. The core deposit intangible asset (CDI) will be amortized over a period of 15 years using a declining balance method. Loans acquired from Peoples had aggregate outstanding principal of $131.92 million and an estimated fair value of $124.20 million. The discount between the outstanding principal balance and fair value represents expected credit losses and adjustments for market interest rates. Under the acquisition method, the allowance for loan losses recorded in the books of Peoples in the amount of $2.87 million was not carried over into the books of the Corporation. Loans that have evidence of deterioration in credit quality since origination are categorized as purchased credit impaired (PCI). PCI loans acquired from Peoples included medical student loans with an outstanding principal balance of $4.28 million and a fair value of $635,000 at January 1, 2020, which were purchased by Peoples and the performance of which was previously backed by surety bonds. The surety bonds were terminated in 2018 when the issuer of the bond was placed into liquidation by its insurance regulator, and replacement surety bond coverage was not obtained. The Bank subsequently sold these medical student loans during the year ending December 31, 2020. Information about PCI loans acquired from Peoples as of January 1, 2020 is as follows: (Dollars in thousands) January 1, 2020 Contractual principal and interest due $ 20,310 Nonaccretable difference (7,679) Expected cash flows 12,631 Accretable yield (3,372) Purchased credit impaired loans - estimated fair value $ 9,259 Fair values of the major categories of assets acquired and liabilities assumed were determined as follows: Loans: Core Deposit Intangible: Deposits: The fair value adjustment of deposits represents a premium over the value of the contractual repayments of fixed-maturity deposits using prevailing market interest rates for similar term certificates of deposit. The resulting estimated fair value adjustment of certificates of deposit ranging in maturity from three months to five years is a $557,000 premium and is being amortized into income over a period of two years . The following table presents certain unaudited pro forma information as if the acquisition had taken place on January 1, 2019. These results combine the historical results of Peoples and the Corporation for the period prior to the merger. While certain adjustments were made for estimated effects resulting from the application of the acquisition method, including certain fair value adjustments, this pro forma information is not indicative of what would have occurred had the acquisition actually taken place on January 1, 2019. Pro forma adjustments for the year ended December 31, 2019 include the net impact of accretion of loan discounts related to market interest rates, amortization of premiums on deposits and borrowings, amortization of intangible assets and related income taxes. Unaudited pro forma net income for the year ended December 31, 2019 includes after tax merger related expenses of $2.76 million, or $(0.75) per share. These amounts include $2.11 million recorded by Peoples, which was primarily related to pre-existing employment agreements, contract termination costs paid to Peoples’ core processing provider, and fees for legal and financial advisors. Unaudited pro forma net income also includes provision for loan losses recorded by Peoples for loans that were recorded by the Corporation at fair value upon acquisition and have no allowance for loan losses in the books of the Corporation. Additionally, the Corporation has achieved certain operational cost savings and other efficiencies as a result of the acquisition and integration of Peoples which are not reflected in the unaudited pro forma amounts below. Unaudited Pro Forma Year Ended (Dollars in thousands, except per share amounts) December 31, 2019 Total revenues (net interest income plus nonintererest income) $ 120,173 Net income $ 18,261 Net income per share, basic and diluted $ 4.99 The revenue and earnings amounts specific to Peoples since the acquisition date that are included in the consolidated results for 2020 are not readily determinable. Disclosure of these amounts is impracticable due to the merging of certain processes and systems at the acquisition date. The Corporation recorded merger related expenses in connection with the acquisition of Peoples of $1.40 million ($1.13 million after income taxes) for the year ended December 31, 2020 and $709,000 ($653,000, after income taxes) for the year ended December 31, 2019. As of December 31, 2020, the Corporation has recorded aggregate merger related expenses of $2.10 million ($1.78 million after income taxes). These costs included primarily the integration of systems and operations and legal and consulting expenses, which have been expensed as incurred.

Securities

Securities	12 Months Ended
Securities	Dec. 31, 2020
Securities
Securities	NOTE 4: Securities The Corporation’s debt securities, all of which are classified as available for sale, are summarized as follows: December 31, 2020 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 48,171 $ 121 $ (10) $ 48,282 Mortgage-backed securities 120,664 3,165 (115) 123,714 Obligations of states and political subdivisions 100,405 2,436 (36) 102,805 Corporate and other debt securities 11,584 47 (43) 11,588 $ 280,824 $ 5,769 $ (204) $ 286,389 December 31, 2019 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 21,454 $ 3 $ (17) $ 21,440 Mortgage-backed securities 85,649 979 (43) 86,585 Obligations of states and political subdivisions 80,656 1,111 (59) 81,708 $ 187,759 $ 2,093 $ (119) $ 189,733 The amortized cost and estimated fair value of securities at December 31, 2020, by the earlier of contractual maturity or expected maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties. December 31, 2020 Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ 74,739 $ 75,015 Due after one year through five years 153,514 157,622 Due after five years through ten years 50,490 51,572 Due after ten years 2,081 2,180 $ 280,824 $ 286,389 The following table presents the gross realized gains and losses on and the proceeds from the sales, maturities and calls of securities. During the year ended December 31, 2020, $5.99 million in proceeds were related to sales of securities acquired in the acquisition of Peoples. There were no sales of securities during the years ended December 31, 2019 and 2018. Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Realized gains from sales, maturities and calls of securities: Gross realized gains $ 38 $ 10 $ 10 Gross realized losses — — — Net realized gains $ 38 $ 10 $ 10 Proceeds from sales, maturities, calls and paydowns of securities $ 123,741 $ 75,583 $ 51,067 The Corporation pledges securities primarily to secure public deposits and repurchase agreements. Securities with an aggregate amortized cost of $146.66 million and an aggregate fair value of $150.13 million were pledged at December 31, 2020. Securities with an aggregate amortized cost of $126.22 million and an aggregate fair value of $127.47 million were pledged at December 31, 2019. Securities in an unrealized loss position at December 31, 2020, by duration of the period of the unrealized loss, are shown below. Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss U.S. government agencies and corporations $ 12,719 $ 10 $ — $ — $ 12,719 $ 10 Mortgage-backed securities 15,691 115 — — 15,691 115 Obligations of states and political subdivisions 5,110 36 — — 5,110 36 Corporate and other debt securities 4,271 43 — — 4,271 43 Total temporarily impaired securities $ 37,791 $ 204 $ — $ — $ 37,791 $ 204 There were 31 debt securities totaling $37.79 million of aggregate fair value considered temporarily impaired at December 31, 2020. The primary cause of the temporary impairments in the Corporation’s investments in debt securities was fluctuations in interest rates. The Corporation concluded that no other-than-temporary impairment existed in its securities portfolio at December 31, 2020, and no other-than-temporary impairment loss has been recognized in net income, based primarily on the fact that changes in fair value were caused primarily by fluctuations in interest rates, there were no securities with unrealized losses that were significant relative to their carrying amounts, no securities have been in an unrealized loss position continuously for more than 12 months, securities with unrealized losses had generally high credit quality, the Corporation intends to hold these investments in debt securities to maturity and it is more-likely-than-not that the Corporation will not be required to sell these investments before a recovery of its investment, and issuers have continued to make timely payments of principal and interest. Additionally, the Corporation’s mortgage-backed securities are entirely issued by either U.S. government agencies or U.S. government-sponsored enterprises. Collectively, these entities provide a guarantee, which is either explicitly or implicitly supported by the full faith and credit of the U.S. government, that investors in such mortgage-backed securities will receive timely principal and interest payments. Securities in an unrealized loss position at December 31, 2019, by duration of the period of the unrealized loss, are shown below. Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss U.S. government agencies and corporations $ 6,256 $ 11 $ 4,094 $ 6 $ 10,350 $ 17 Mortgage-backed securities 4,099 7 10,166 36 14,265 43 Obligations of states and political subdivisions 9,187 53 1,368 6 10,555 59 Total temporarily impaired securities $ 19,542 $ 71 $ 15,628 $ 48 $ 35,170 $ 119 The Corporation’s investment in restricted stock totaled $1.64 million at December 31, 2020 and consisted of Federal Home Loan Bank (FHLB) stock. Restricted stock is generally viewed as a long-term investment, which is carried at cost because there is no market for the stock other than the FHLBs. Therefore, when evaluating restricted stock for impairment, its value is based on the ultimate recoverability of the par value rather than by recognizing any temporary decline in value. The Corporation did not consider its investment in restricted stock to be other-than-temporarily impaired at December 31, 2020 and no impairment has been recognized.

Loans

Loans	12 Months Ended
Loans	Dec. 31, 2020
Loans
Loans	NOTE 5: Loans Major classifications of loans are summarized as follows: December 31, (Dollars in thousands) 2020 2019 Real estate – residential mortgage $ 218,298 $ 181,295 Real estate – construction 1 62,147 54,246 Commercial, financial and agricultural 2 700,215 500,812 Equity lines 48,466 52,083 Consumer 11,028 13,756 Consumer finance 312,252 312,999 1,352,406 1,115,191 Less allowance for loan losses (39,156) (32,873) Loans, net $ 1,313,250 $ 1,082,318 1 Includes the Corporation’s real estate construction lending and consumer real estate lot lending . 2 Includes the Corporation’s commercial real estate lending, land acquisition and development lending, builder line lending and commercial business lending (which includes loans originated under the PPP). Consumer loans included $284,000 and $449,000 of demand deposit overdrafts at December 31, 2020 and 2019, respectively. Loans acquired in business combinations are recorded in the Consolidated Balance Sheets at fair value at the acquisition date under the acquisition method of accounting. The outstanding principal balance and the carrying amount at December 31, 2020 and 2019 of loans acquired in business combinations were as follows: December 31, 2020 December 31, 2019 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 $ 12,760 $ 89,043 $ 101,803 $ 6,262 $ 27,839 $ 34,101 Carrying amount Real estate – residential mortgage $ 1,473 $ 15,117 $ 16,590 $ 107 $ 7,035 $ 7,142 Real estate – construction — 1,077 1,077 — — — Commercial, financial and agricultural 1 4,758 58,796 63,554 563 11,338 11,901 Equity lines 80 10,182 10,262 35 8,046 8,081 Consumer 48 1,924 1,972 — 3 3 Total acquired loans $ 6,359 $ 87,096 $ 93,455 $ 705 $ 26,422 $ 27,127 1 Includes acquired loans classified by the Corporation as commercial real estate lending and commercial business lending. The following table presents a summary of the change in the accretable yield of loans classified as PCI loans: Year Ended December 31, (Dollars in thousands) 2020 2019 Accretable yield, balance at beginning of period $ 4,721 $ 5,987 Acquisition of Peoples 3,372 — Accretion (3,032) (3,360) Sale of PCI loan pool (323) — Reclassification of nonaccretable difference due to improvement in expected cash flows 521 1,587 Other changes, net (1,211) 507 Accretable yield, balance at end of period $ 4,048 $ 4,721 Loans on nonaccrual status at December 31, 2020 and 2019 were as follows: December 31, (Dollars in thousands) 2020 2019 Real estate – residential mortgage $ 276 $ 1,526 Commercial, financial and agricultural: Commercial business lending 2,428 11 Equity lines 191 229 Consumer 107 118 Consumer finance 402 611 Total loans on nonaccrual status $ 3,404 $ 2,495 The past due status of loans as of December 31, 2020 was as follows: 90+ Days 30 - 59 Days 60 - 89 Days 90+ Days Total Past Due and (Dollars in thousands) Past Due Past Due Past Due Past Due PCI Current 1 Total Loans Accruing Real estate – residential mortgage $ 1,100 $ 154 $ 176 $ 1,430 $ 1,473 $ 215,395 $ 218,298 $ 145 Real estate – construction: Construction lending — — — — — 49,659 49,659 — Consumer lot lending — — — — — 12,488 12,488 — Commercial, financial and agricultural: Commercial real estate lending — — — — 4,758 437,145 441,903 — Land acquisition and development lending — — — — — 37,724 37,724 — Builder line lending — — — — — 18,194 18,194 — Commercial business lending 24 — — 24 — 202,370 202,394 — Equity lines 52 — — 52 80 48,334 48,466 — Consumer 2 — — 2 48 10,978 11,028 — Consumer finance 8,249 967 402 9,618 — 302,634 312,252 — Total $ 9,427 $ 1,121 $ 578 $ 11,126 $ 6,359 $ 1,334,921 $ 1,352,406 $ 145 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due. The table above includes nonaccrual loans that are current of $2.86 million, 30-59 days past due of $115,000 and 90+ days past due of $433,000. The past due status of loans as of December 31, 2019 was as follows: 90+ Days 30 - 59 Days 60 - 89 Days 90+ Days Total Past Due and (Dollars in thousands) Past Due Past Due Past Due Past Due PCI Current 1 Total Loans Accruing Real estate – residential mortgage $ 1,428 $ 161 $ 1,016 $ 2,605 $ 107 $ 178,583 $ 181,295 $ — Real estate – construction: Construction lending — — — — — 40,943 40,943 — Consumer lot lending — — — — — 13,303 13,303 — Commercial, financial and agricultural: Commercial real estate lending — — — — 563 325,991 326,554 — Land acquisition and development lending — — — — — 42,891 42,891 — Builder line lending — — — — — 26,373 26,373 — Commercial business lending 73 18 — 91 — 104,903 104,994 — Equity lines 229 56 223 508 35 51,540 52,083 109 Consumer 20 10 — 30 — 13,726 13,756 — Consumer finance 11,034 1,420 611 13,065 — 299,934 312,999 — Total $ 12,784 $ 1,665 $ 1,850 $ 16,299 $ 705 $ 1,098,187 $ 1,115,191 $ 109 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due. The table above includes nonaccrual loans that are current of $547,000, 30-59 days past due of $197,000, 60-89 days past due of $10,000 and 90+ days past due of $1.74 million. Loan modifications that were classified as TDRs, and the recorded investment in those loans at the time of their modification, during the years ended December 31, 2020 and 2019 and 2018 were as follows: Year Ended December 31, 2020 2019 2018 Number of Recorded Number of Recorded Number of Recorded (Dollars in thousands) Loans Investment Loans Investment Loans Investment Real estate – residential mortgage 2 $ 176 2 $ 95 1 $ 140 Equity lines 1 84 — — — — Consumer — — 1 121 1 5 Total 3 $ 260 3 $ 216 2 $ 145 Each of the TDRs during the year ended December 31, 2020, two TDRs during the year ended December 31, 2019 and one during the year ended December 31, 2018 included modifications of the loan’s payment structure. One TDR during the year ended December 31, 2019 and one during the year ended December 31, 2018 included modifications of the loan’s interest rate. There were no TDRs in the years ended December 31, 2020, 2019 or 2018 that included a reduction in principal as part of the loan’s modification. All TDRs are considered impaired loans and are individually evaluated in the determination of the allowance for loan losses. A TDR payment default occurs when, within 12 months of the original TDR modification, either a full or partial charge-off occurs or a TDR becomes 90 days or more past due. The specific reserve associated with a TDR is reevaluated when a TDR payment default occurs. There were no TDR payment defaults during the years ended December 31, 2020, 2019 or 2018. In response to the effects of the COVID-19 pandemic, including economic disruption and adverse impacts to commercial and consumer borrowers, the Bank has accommodated certain borrowers by granting short-term payment deferrals or periods of interest-only payments, which generally were less than six months for each borrower. Generally, a short-term payment deferral does not result in a loan modification being classified as a TDR. As of December 31, 2020, there were Impaired loans, which included TDRs of $3.58 million, and the related allowance at December 31, 2020 were as follows: Recorded Recorded Investment Investment Average Unpaid in Loans in Loans Balance- Interest Principal without with Related Impaired Income (Dollars in thousands) Balance Specific Reserve Specific Reserve Allowance Loans Recognized Real estate – residential mortgage $ 2,326 $ 931 $ 1,279 $ 77 $ 2,353 $ 105 Commercial, financial and agricultural: Commercial real estate lending 1,397 — 1,397 89 1,404 73 Commercial business lending 2,430 — 2,428 585 2,573 — Equity lines 120 111 — — 119 2 Consumer 147 — 132 128 154 3 Total $ 6,420 $ 1,042 $ 5,236 $ 879 $ 6,603 $ 183 Impaired loans, which included TDRs of $4.35 million, and the related allowance at December 31, 2019 were as follows: Recorded Recorded Investment Investment Average Unpaid in Loans in Loans Balance- Interest Principal without with Related Impaired Income (Dollars in thousands) Balance Specific Reserve Specific Reserve Allowance Loans Recognized Real estate – residential mortgage $ 3,891 $ 2,192 $ 1,479 $ 72 $ 3,506 $ 155 Commercial, financial and agricultural: Commercial real estate lending 1,459 4 1,447 77 1,581 82 Equity lines 31 31 — — 32 2 Consumer 130 — 121 118 123 — Total $ 5,511 $ 2,227 $ 3,047 $ 267 $ 5,242 $ 239

Allowance for Loan Losses

Allowance for Loan Losses	12 Months Ended
Allowance for Loan Losses	Dec. 31, 2020
Allowance for Loan Losses
Allowance for Loan Losses	NOTE 6: Allowance for Loan Losses Changes in the allowance for loan losses for the years ended December 31, 2020, 2019 and 2018 were as follows: Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Balance at December 31, 2017 $ 2,371 $ 605 $ 7,478 $ 688 $ 231 $ 24,353 $ 35,726 Provision charged to operations (140) 122 (440) 418 140 10,906 11,006 Loans charged off (42) — (409) — (344) (16,477) (17,272) Recoveries of loans previously charged off 57 — 59 — 230 4,217 4,563 Balance at December 31, 2018 2,246 727 6,688 1,106 257 22,999 34,023 Provision charged to operations (146) (46) 458 (235) 329 8,155 8,515 Loans charged off (46) — (29) (138) (349) (13,991) (14,553) Recoveries of loans previously charged off 26 — 4 — 228 4,630 4,888 Balance at December 31, 2019 2,080 681 7,121 733 465 21,793 32,873 Provision charged to operations 808 294 3,589 (47) (34) 6,470 11,080 Loans charged off (62) — (18) — (231) (9,331) (9,642) Recoveries of loans previously charged off 88 — 4 1 171 4,581 4,845 Balance at December 31, 2020 $ 2,914 $ 975 $ 10,696 $ 687 $ 371 $ 23,513 $ 39,156 The following table presents, as of December 31, 2020, the balance of the allowance for loan losses, the allowance by impairment methodology, total loans and loans by impairment methodology. Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance balance attributable to loans: Individually evaluated for impairment $ 77 $ — $ 674 $ — $ 128 $ — $ 879 Collectively evaluated for impairment 2,837 975 10,022 687 243 23,513 38,277 Acquired loans - PCI — — — — — — — Total allowance $ 2,914 $ 975 $ 10,696 $ 687 $ 371 $ 23,513 $ 39,156 Loans: Individually evaluated for impairment $ 2,210 $ — $ 3,825 $ 111 $ 132 $ — $ 6,278 Collectively evaluated for impairment 214,615 62,147 691,632 48,275 10,848 312,252 1,339,769 Acquired loans - PCI 1,473 — 4,758 80 48 — 6,359 Total loans $ 218,298 $ 62,147 $ 700,215 $ 48,466 $ 11,028 $ 312,252 $ 1,352,406 The following table presents, as of December 31, 2019, the balance of the allowance for loan losses, the allowance by impairment methodology, total loans and loans by impairment methodology. Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance balance attributable to loans: Individually evaluated for impairment $ 72 $ — $ 77 $ — $ 118 $ — $ 267 Collectively evaluated for impairment 2,008 681 7,044 733 347 21,793 32,606 Acquired loans - PCI — — — — — — — Total allowance $ 2,080 $ 681 $ 7,121 $ 733 $ 465 $ 21,793 $ 32,873 Loans: Individually evaluated for impairment $ 3,671 $ — $ 1,451 $ 31 $ 121 $ — $ 5,274 Collectively evaluated for impairment 177,517 54,246 498,798 52,017 13,635 312,999 1,109,212 Acquired loans - PCI 107 — 563 35 — — 705 Total loans $ 181,295 $ 54,246 $ 500,812 $ 52,083 $ 13,756 $ 312,999 $ 1,115,191 Loans by credit quality indicators as of December 31, 2020 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 215,712 $ 1,715 $ 595 $ 276 $ 218,298 Real estate – construction: Construction lending 49,659 — — — 49,659 Consumer lot lending 12,488 — — — 12,488 Commercial, financial and agricultural: Commercial real estate lending 415,506 15,507 10,890 — 441,903 Land acquisition and development lending 37,724 — — — 37,724 Builder line lending 18,194 — — — 18,194 Commercial business lending 196,743 3,124 99 2,428 202,394 Equity lines 48,140 132 3 191 48,466 Consumer 10,832 48 41 107 11,028 $ 1,004,998 $ 20,526 $ 11,628 $ 3,002 $ 1,040,154 1 At December 31, 2020, the Corporation did no t have any loans classified as Doubtful or Loss. Included in the table above are loans purchased in connection with the acquisition of Peoples of $53.01 million pass rated, $695,000 special mention and $2.98 million substandard. Non- (Dollars in thousands) Performing Performing Total Consumer finance $ 311,850 $ 402 $ 312,252 Loans by credit quality indicators as of December 31, 2019 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 177,049 $ 1,839 $ 881 $ 1,526 $ 181,295 Real estate – construction: Construction lending 40,943 — — — 40,943 Consumer lot lending 13,303 — — — 13,303 Commercial, financial and agricultural: Commercial real estate lending 323,218 3,266 70 — 326,554 Land acquisition and development lending 33,870 9,021 — — 42,891 Builder line lending 25,995 378 — — 26,373 Commercial business lending 104,291 692 — 11 104,994 Equity lines 51,662 181 11 229 52,083 Consumer 13,632 6 — 118 13,756 $ 783,963 $ 15,383 $ 962 $ 1,884 $ 802,192 1 At December 31, 2019, the Corporation did not have any loans classified as Doubtful or Loss. Non- (Dollars in thousands) Performing Performing Total Consumer finance $ 312,388 $ 611 $ 312,999

OREO

OREO	12 Months Ended
OREO	Dec. 31, 2020
OREO
OREO	NOTE 7: OREO At December 31, 2020 and 2019, the carrying amount of OREO was $907,000 and $1.10 million, respectively. At both December 31, 2020 and 2019, OREO was primarily comprised of a property in Midlothian, Virginia previously used by the Bank as its Bellgrade branch, which was consolidated into a nearby branch in 2019. OREO is otherwise comprised of residential properties and non-residential properties associated with commercial relationships, and are located primarily in Virginia. Changes in the balance for OREO are as follows: Year Ended December 31, (Dollars in thousands) 2020 2019 Balance at the beginning of year, gross $ 1,191 $ 303 Additions 344 1,401 Charge-offs (57) — Sales proceeds (364) (521) Gain on disposition — 8 Balance at the end of year, gross 1,114 1,191 Less valuation allowance (207) (88) Balance at the end of year, net $ 907 $ 1,103 Changes in the allowance for OREO losses are as follows: Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Balance at the beginning of year $ 88 $ 57 $ 57 Provision for losses 176 31 — Charge-offs, net (57) — — Balance at the end of year $ 207 $ 88 $ 57 Other net noninterest expense applicable to OREO, excluding the provision for losses and gain or loss on disposition, was $38,000, $34,000 and $26,000 for the years ended December 31, 2020, 2019 and 2018, respectively.

Corporate Premises and Equipmen

Corporate Premises and Equipment	12 Months Ended
Corporate Premises and Equipment	Dec. 31, 2020
Corporate Premises and Equipment
Corporate Premises and Equipment	NOTE 8: Corporate Premises and Equipment Major classifications of corporate premises and equipment are summarized as follows: December 31, (Dollars in thousands) 2020 2019 Land $ 8,961 $ 7,806 Buildings 45,352 35,933 Equipment, furniture and fixtures 21,278 18,285 75,591 62,024 Less accumulated depreciation (31,459) (26,763) $ 44,132 $ 35,261

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
Goodwill and Other Intangible Assets	Dec. 31, 2020
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	NOTE 9: Goodwill and Other Intangible Assets The carrying amount of goodwill was $25.19 million and $14.43 million at December 31, 2020 and 2019, respectively. The following table presents the changes in goodwill during the year ended December 31, 2020. There were no changes in the recorded balance of goodwill during the year ended December 30, 2019. Community Consumer (Dollars in thousands) Banking Finance Total Balance as of January 1, 2020 $ 3,702 $ 10,723 $ 14,425 Acquisition of Peoples Bankshares, Incorporated 10,766 — 10,766 Balance at December 31, 2020 $ 14,468 $ 10,723 $ 25,191 The Corporation had $2.29 million and $912,000 of other intangible assets as of December 31, 2020 and 2019, respectively. Other intangible assets were recognized in connection with the core deposits acquired from Peoples in 2020 and customer relationships acquired by C&F Wealth Management in 2016. The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets: December 31, December 31, 2020 2019 Gross Gross Carrying Accumulated Carrying Accumulated (Dollars in thousands) Amount Amortization Amount Amortization Amortized intangible assets: Core deposit intangibles $ 1,711 $ (171) $ — $ — Other intangibles 1,405 (654) 1,405 (493) Total $ 3,116 $ (825) $ 1,405 $ (493) Amortization expense was $332,000, $230,000 and $451,000 for the years ended December 31, 2020, 2019 and 2018, respectively. Amortization expense for 2019 and 2018 included expense related to core deposit intangibles recognized in a previous acquisistion, which was fully amortized by December 31, 2019. Estimated future amortization expense by year as of December 31, 2020 is as follows: (Dollars in thousands) 2021 $ 314 2022 298 2023 273 2024 260 2025 237 Thereafter 909 Total $ 2,291

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2020
Leases
Leases	NOTE 10: Leases The Corporation’s leases comprise primarily leases of real estate and office equipment in which the Corporation is the lessee. Lease cost for the years ended December 31, 2020 and 2019 is as follows: Year Ended December 31, (Dollars in thousands) 2020 2019 Operating lease cost $ 1,616 $ 1,681 Finance lease cost: Amortization of right-of-use asset 166 — Interest on lease liability 70 — Short-term lease cost 219 128 Variable lease cost 52 43 Total lease cost $ 2,123 $ 1,852 Interest on lease liability cost is included in “Interest expense – Borrowings” and all other lease costs are included in “Occupancy” on the Consolidated Statements of Income. Variable lease payments primarily represent payments for common area maintenance related to real estate leases and taxes and fees related to equipment leases that are not included in base rent payments and changes in lease payments that are adjusted for inflation. The Corporation adopted ASC 842 effective January 1, 2019. Prior to January 1, 2019, the Corporation measured lease expense in accordance with ASC Topic 840. During the year ended December 31, 2018, the Corporation recognized lease expense of $1.68 million. Certain of the Corporation’s leases contain options to extend the lease term beyond the initial term. Options to extend the lease term are recognized as part of the Corporation’s lease liabilities and right-of-use assets at the commencement of a lease to the extent the Corporation is reasonably certain to exercise such options. The Corporation’s right-of-use assets, lease liabilities, weighted average remaining lease term and weighted average discount rate of the Corporation’s leases are set forth in the table below. December 31, December 31, (Dollars in thousands) 2020 2019 Operating leases: Right of use assets $ 2,404 $ 2,785 Lease liabilities 2,488 2,813 Weighted average remaining lease term (years) 3.0 3.0 Weighted average discount rate 2.2 % 3.2 % Finance leases: Right of use assets $ 6,193 $ — Lease liabilities 6,305 — Weighted average remaining lease term (years) 19.5 — Weighted average discount rate 2.0 % — % Right of use assets are included in “Other Assets” on the Consolidated Balance Sheets. Operating lease liabilities are included in “Other Liabilities,” and Finance lease liabilities are included in “Long-term Borrowings” in the Consolidated Balance Sheets. During the year ended December 31, 2020, the Corporation obtained right-of-use assets in exchange for lease liabilities in operating leases and finance leases of $1.11 million and $6.36 million, respectively. During the year ended December 31, 2019, the Corporation obtained right of use assets in exchange for lease liabilities in operating leases of $1.14 million. Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2020 and 2019 is as follows: Year Ended December 31, (Dollars in thousands) 2020 2019 Operating leases: Operating cash flows $ 1,659 $ 1,567 Finance leases: Operating cash flows 70 — Financing cash flows 53 — Total cash flows $ 1,782 $ 1,567 Maturities of the Corporation’s lease liabilities are as follows: December 31, 2020 (Dollars in thousands) Operating Leases Finance Leases 2021 $ 1,172 $ 61 2022 670 329 2023 460 338 2024 161 346 2025 122 355 Thereafter 17 6,373 Total 2,602 7,802 Imputed interest (114) (1,497) Lease liabilities $ 2,488 $ 6,305

Time Deposits

Time Deposits	12 Months Ended
Time Deposits	Dec. 31, 2020
Time Deposits
Time Deposits	NOTE 11: Time Deposits Time deposits are summarized as follows: December 31, (Dollars in thousands) 2020 2019 Certificates of deposit, over $250 $ 125,293 $ 109,310 Other time deposits 344,290 312,746 $ 469,583 $ 422,056 Remaining maturities on time deposits are as follows: (Dollars in thousands) December 31, 2020 2021 $ 328,215 2022 77,042 2023 28,707 2024 19,454 2025 13,833 Thereafter 2,332 $ 469,583

Borrowings

Borrowings	12 Months Ended
Borrowings	Dec. 31, 2020
Borrowings
Borrowings	NOTE 12: Borrowings The table below presents selected information on short-term borrowings: December 31, (Dollars in thousands) 2020 2019 Balance outstanding at year end 1 $ 20,455 $ 16,360 Maximum balance at any month end during the year $ 60,481 $ 17,178 Average balance for the year $ 22,737 $ 15,533 Weighted average rate for the year 0.54 % 1.05 % Weighted average rate on borrowings at year end 0.49 % 0.82 % Estimated fair value at year end $ 20,455 $ 16,360 1 Consists of repurchase transactions with customers, which generally mature the day following the day sold and are secured by investment securities. Long-term borrowings at December 31, 2020 are comprised of $4.00 million of the Corporation’s subordinated notes due in 2028 (the 2028 Subordinated Notes) and $20.00 million of the Corporation’s subordinated notes due in 2030 (the 2030 Subordinated Notes). The 2028 Subordinated Notes bear interest at a fixed rate of 6.99 percent, and may be redeemed at the option of the Corporation at any time beginning in April 2023. The 2030 Subordinated Notes bear interest at a fixed rate of 4.875 percent until September 2025 and at the three month SOFR plus 475.5 basis points thereafter. The 2030 Subordinated Notes may be redeemed at the option of the Corporation at any time beginning in September 2025. The subordinated notes of the Corporation rank junior to all future senior indebtedness of the Corporation and are structurally subordinated to all existing and future debt and liabilities of the Corporation and its subsidiaries. These borrowings are presented in the Consolidated Balance Sheets net of issuance costs and, as applicable, acquisition premium. C&F Finance has a $50.00 million non-recourse revolving bank line of credit secured by its consumer finance loans. The interest rate on the revolving bank line of credit, which matures in 2022, floats at the one-month LIBOR rate with a floor of 30 basis points plus a margin of 200 basis points. There was no outstanding balance on the C&F Finance revolving bank line of credit at December 31, 2020, and the outstanding balance of $75.03 million at December 31, 2019 was presented in long-term borrowings in the Consolidated Balance Sheet. The maximum commitment amount was reduced to $50.00 million in 2020 at the request of C&F Finance. C&F Finance pays an unused commitment fee of up to 75 basis points on the portion of the commitment amount that is not outstanding. The line of credit agreement contains certain covenants regarding C&F Finance’s capital adequacy, collateral performance, adequacy of the allowance for loan losses and interest expense coverage. C&F Finance satisfied all such covenants during 2020. During the year ended December 31, 2020, the Corporation repaid its outstanding revolving bank line of credit balance of $75.03 million and repaid FHLB advances of $44.50 million using excess cash. The Corporation incurred early debt repayment charges of $2.20 million in connection with the payoff of the FHLB advances. The Corporation’s available sources of credit for future borrowings total approximately $475.62 million at December 31, 2020, which consists of $155.73 million available from the FHLB, $50.00 million on C&F Finance’s revolving bank line of credit, $124.89 million available from the FRB, $95.00 million under unsecured federal funds agreements with third party financial institutions and $50.00 million in repurchase lines of credit with third party financial institutions. Credit available from the FHLB is secured by a blanket floating lien on all qualifying closed-end and revolving, open-end loans of C&F Bank secured by 1-4 family residential properties. Credit available from the FRB is secured by liens on specific loans of C&F Bank. Additional loans and securities are available that can be pledged as collateral for future borrowings from the FRB or the FHLB above the current lendable collateral value, including loans held for sale. C&F Financial Statutory Trust I (Trust I), C&F Financial Statutory Trust II (Trust II) and Central Virginia Bankshares Statutory Trust I (CVBK Trust I) are wholly-owned non-operating subsidiaries of the Corporation, formed for the purpose of issuing trust preferred capital securities. Collectively, these trusts have issued $25.00 million of trust preferred capital securities to institutional investors through private placements and $775,000 in common equity that is held by the Corporation. Trust preferred capital securities of $5.00 million issued by CVBK Trust I, $10.00 million issued by Trust I, and $10.00 million issued by Trust II mature in 2033, 2035 and 2037, respectively, and are redeemable at the Corporation’s option. Each of the trusts is required to make quarterly distributions to the holders of the securities at a rate based on the three-month LIBOR plus a spread of between 1.57 percent and 3.15 percent. During 2020, 2019 and 2018, the Corporation used interest rate swaps in designated cash flow hedges of interest payments on the trust preferred capital securities to mitigate the effects of changes in interest rates. At December 31, 2020, the effect of the interest rate swaps was a fixed rate of interest on the securities issued by CVBK Trust I, Trust I and Trust II of 4.64 percent, 3.32 percent and 5.10 percent, respectively. The principal assets of CVBK Trust I, Trust I and Trust II are trust preferred capital notes of the Corporation of $5.16 million, $10.31 million and $10.31 million, respectively, which have like maturities and like interest rates to the trust preferred capital securities. The interest payments by the Corporation on the notes will be used by the trusts to pay the quarterly distributions on the trust preferred capital securities. The trusts are unconsolidated subsidiaries of the Corporation, and the Corporation’s trust preferred capital notes are presented as liabilities in the Consolidated Balance Sheets net of acquisition discount, as applicable. Subject to certain exceptions and limitations, the Corporation may elect from time to time to defer interest payments on the junior subordinated debt securities, which would result in a deferral of distribution payments on the related capital securities.

Equity, Other Comprehensive Inc

Equity, Other Comprehensive Income and Earnings Per Share	12 Months Ended
Equity, Other Comprehensive Income and Earnings Per Share	Dec. 31, 2020
Equity, Other Comprehensive Income and Earnings Per Share
Equity, Other Comprehensive Income and Earnings Per Share	NOTE 13: Equity, Other Comprehensive Income and Earnings Per Share Equity and Noncontrolling Interest During the years ended December 31, 2020, 2019 and 2018, the Corporation repurchased 16,422 shares, 86,523 shares and 21,232 shares of its common stock, respectively, for an aggregate cost of $630,000, $4.39 million and $1.11 million, respectively, under share repurchase programs authorized by its Board of Directors. Additionally, during the years ended December 31, 2020, 2019 and 2018, the Corporation withheld 9,670 shares, 9,909 shares and 7,982 shares of its common stock, respectively, from employees to satisfy tax withholding obligations upon vesting of restricted stock. In 2019, C&F Select LLC, a subsidiary of C&F Mortgage, issued a 49 percent ownership interest to an unrelated investor. In exchange for this noncontrolling interest in C&F Select LLC, C&F Bank received a note receivable from the investor for $490,000, which is included in loans the Consolidated Balance Sheets and is secured by cash deposits at C&F Bank. Accumulated Other Comprehensive Loss, Net The following table presents the cumulative balances of the components of accumulated other comprehensive loss, net of deferred taxes of $630,000 and $604,000 as of December 31, 2020 and 2019, respectively. December 31, (Dollars in thousands) 2020 2019 Net unrealized gains on securities $ 4,397 $ 1,560 Net unrecognized losses on cash flow hedges (1,367) (69) Net unrecognized losses on defined benefit plan (4,985) (3,740) Total accumulated other comprehensive loss, net $ (1,955) $ (2,249) Earnings Per Share (EPS) The components of the Corporation’s EPS calculations are as follows: Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Net income attributable to C&F Financial Corporation $ 22,117 $ 18,859 $ 18,020 Weighted average shares outstanding — 3,648,696 3,450,745 3,501,221 The Corporation has applied the two-class method of computing basic and diluted EPS for each period presented because the Corporation’s unvested restricted shares outstanding contain rights to nonforfeitable dividends equal to dividends on the Corporation’s common stock. Accordingly, the weighted average number of shares used in the calculation of basic and diluted EPS includes both vested and unvested shares outstanding.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2020
Income Taxes
Income Taxes	NOTE 14: Income Taxes Principal components of income tax expense as reflected in the Consolidated Statements of Income are as follows: Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Current taxes $ 7,612 $ 4,728 $ 3,889 Deferred taxes (817) 354 632 $ 6,795 $ 5,082 $ 4,521 Income tax expense for the years ended December 31, 2020, 2019 and 2018 differed from the federal statutory rate applied to income before income taxes for the following reasons: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Amount Percent Amount Percent Amount Percent Income tax at statutory rates $ 6,136 21.0 % $ 5,026 21.0 % $ 4,734 21.0 % State income taxes 1,449 5.0 695 2.9 575 2.6 Tax-exempt interest income (493) (1.7) (453) (1.9) (574) (2.5) Excess compensation 328 1.1 — — — — Change in tax law (326) (1.1) — — — — Income from bank-owned life insurance (107) (0.4) (149) (0.6) (89) (0.4) Investments in qualified housing projects (82) (0.3) (93) (0.4) (85) (0.4) Share based compensation (77) (0.3) (126) (0.5) (103) (0.5) Merger related expenses 29 0.1 96 0.4 — — Other (62) (0.2) 86 0.3 63 0.3 $ 6,795 23.2 % $ 5,082 21.2 % $ 4,521 20.1 % The CARES Act, enacted in March 2020, included a provision that allowed net operating losses generated in years prior to 2020 to be carried back for up to five tax years. Previously, tax law only allowed for net operating losses to be carried forward to future tax years. During 2020 the Corporation recognized income tax benefits of $326,000 related to net operating losses generated by Peoples in 2019, which were able to be applied to years prior to 2018 at higher income tax rates than the current statutory rate as a result of the CARES Act. The Corporation’s net deferred income taxes totaled $13.56 million and $11.22 million at December 31, 2020 and 2019, respectively. The tax effects of each type of significant item that gave rise to deferred taxes are: December 31, (Dollars in thousands) 2020 2019 Deferred tax asset Allowances for loan losses and OREO losses $ 9,743 $ 8,227 Nonqualified defined contribution plan 3,595 3,247 Lease liabilities 1,906 667 Fair value adjustments related to business combinations 1,716 1,053 Share-based compensation 920 863 Reserve for indemnification losses 879 645 Accrued expenses 779 426 Cash flow hedges 471 24 Other 1,364 1,359 Deferred tax asset 21,373 16,511 Deferred tax liability Goodwill and other intangible assets (3,164) (2,818) Right of use assets (1,868) (664) Depreciation (1,272) (972) Net unrealized gain on securities available for sale (1,169) (415) Defined benefit plan (345) (423) Deferred tax liability (7,818) (5,292) Net deferred tax asset $ 13,555 $ 11,219 The Corporation files income tax returns in the U.S. federal jurisdiction and several states. With few exceptions, the Corporation is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2017.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2020
Employee Benefit Plans
Employee Benefit Plans	NOTE 15: Employee Benefit Plans The Corporation’s subsidiaries maintain defined contribution plans that provide the opportunity for voluntary tax-qualified deferral to substantially all of its full-time employees who are at least 18 years of age. These plans also provide for employer contributions as a discretionary or non-discretionary matching contribution and in some cases as a discretionary profit-sharing contribution to the account of each partipant. The total expense recognized in connection with these qualified defined contribution plans for 2020, 2019 and 2018 were $2.09 million, $1.52 million and $1.31 million, respectively. C&F Bank has a non-contributory, defined benefit pension plan (Cash Balance Plan) for all full-time employees over 21 years of age. Under the Cash Balance Plan, the benefit account for each participant will grow each year with annual pay credits based on age and years of service and monthly interest credits based on the prior year’s December average yield on 30-year Treasuries plus 150 basis points. C&F Bank funds pension costs in accordance with the funding provisions of the Employee Retirement Income Security Act. The Corporation has a nonqualified deferred compensation plan for certain executives. The plan allows for elective salary and bonus deferrals. The plan also allows for employer contributions to make up for limitations on covered compensation imposed by the Internal Revenue Code with respect to qualified plans and to enhance retirement benefits by providing supplemental contributions from time to time. Expenses under this plan were $465,000, $294,000 and $297,000 in 2020, 2019 and 2018, respectively. Investments for this plan are held in a Rabbi trust. These investments are included in other assets and the related liability is included in other liabilities. On December 16, 2014, the Corporation approved an additional compensation benefit for the Corporation’s then Chief Executive Officer at the time to provide post-retirement medical and dental insurance premiums for him and his spouse for life. There was no expense recognized for this arrangement in 2020 or 2019, and the expense recognized in 2018 was $88,000. The related liability is included in other liabilities. The following table summarizes the projected benefit obligations, plan assets, funded status and related assumptions associated with the Cash Balance Plan based upon actuarial valuations. December 31, (Dollars in thousands) 2020 2019 Change in benefit obligation Projected benefit obligation, beginning $ 20,794 $ 17,205 Service cost 1,603 1,218 Interest cost 551 609 Actuarial loss 2,996 2,834 Benefits paid (1,301) (1,072) Projected benefit obligation, ending 24,643 20,794 Change in plan assets Fair value of plan assets, beginning 22,806 20,156 Actual return on plan assets 2,782 3,722 Employer contributions 2,000 — Benefits paid (1,301) (1,072) Fair value of plan assets, ending 26,287 22,806 Funded status $ 1,644 $ 2,012 Amounts recognized as an other asset $ 1,644 $ 2,012 Amounts recognized in accumulated other comprehensive loss Net loss $ 6,748 $ 5,239 Prior service credits (438) (504) Deferred taxes (1,325) (995) Total recognized in accumulated other comprehensive loss $ 4,985 $ 3,740 Weighted-average assumptions for benefit obligation at valuation date Discount rate 2.1 % 2.9 % Rate of compensation increase 3.0 3.0 Interest crediting rate 5.0 5.0 The accumulated benefit obligation was $24.64 million and $20.79 million as of the actuarial valuation dates December 31, 2020 and 2019, respectively. The actuarial loss of $3.00 million on the projected benefit obligation for 2020 is due primarily to a decrease in the discount rate as well as demographic changes in the population. The following table summarizes the components of net periodic benefit cost and related assumptions associated with the Cash Balance Plan. Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Components of net periodic benefit cost: Service cost, included in salaries and employee benefits $ 1,603 $ 1,218 $ 1,232 Other components of net periodic benefit cost: Interest cost 551 609 521 Expected return on plan assets (1,492) (1,297) (1,413) Amortization of prior service credit (66) (68) (62) Amortization of net obligation at transition — — — Recognized net actuarial losses 197 187 125 Other components of net periodic benefit cost, included in other noninterest income (810) (569) (829) Net periodic benefit cost $ 793 $ 649 403 January 1, 2020 2019 2018 Weighted-average assumptions for net periodic benefit cost Discount rate 2.9 % 4.0 % 3.3 % Expected return on plan assets 7.3 7.3 7.3 Rate of compensation increase 3.0 3.0 3.0 Interest crediting rate 5.0 5.0 5.0 The benefits expected to be paid by the plan in the next ten years are as follows: (Dollars in thousands) 2021 $ 4,059 2022 810 2023 1,560 2024 1,376 2025 2,251 2026 – 2030 7,515 C&F Bank selects the expected long-term rate of return on assets in consultation with its investment advisors and actuary. This rate is intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed, especially with respect to real rates of return (net of inflation), for the major asset classes held or anticipated to be held by the trust and for the trust itself. Undue weight is not given to recent experience, which may not continue over the measurement period. Higher significance is placed on current forecasts of future long-term economic conditions. Because assets are held in a qualified trust, anticipated returns are not reduced for taxes. Further, solely for this purpose, the plan is assumed to continue in force and not terminate during the period during which assets are invested. However, consideration is given to the potential impact of current and future investment policy, cash flow into and out of the trust, and expenses (both investment and non-investment) typically paid from plan assets (to the extent such expenses are not explicitly within periodic costs). C&F Bank’s defined benefit pension plan’s weighted average asset allocations by asset category are as follows: December 31, 2020 2019 Mutual funds-fixed income 37 % 38 % Mutual funds-equity 63 62 Cash and equivalents * * 100 % 100 % * Less than one percent. The following table summarizes the fair value of the defined benefit plan assets as of December 31, 2020 and 2019. For more information about fair value measurements, see “Note 20: Fair Value of Assets and Liabilities.” December 31, 2020 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Mutual funds-fixed income 1 $ 9,726 $ — $ — $ 9,726 Mutual funds-equity 2 16,561 — — 16,561 Cash and equivalents 3 — — — — Total pension plan assets $ 26,287 $ — $ — $ 26,287 December 31, 2019 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Mutual funds-fixed income 1 $ 8,744 $ — $ — $ 8,744 Mutual funds-equity 2 14,062 — — 14,062 Cash and equivalents 3 — — — — Total pension plan assets $ 22,806 $ — $ — $ 22,806 1 This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. 2 This category includes investments in mutual funds focused on equity securities with a diversified portfolio and includes investments in large cap and small cap funds, growth funds, international focused funds and value funds. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. 3 This category comprises cash and short-term cash equivalent funds. The funds are valued at cost which approximates fair value. The trust fund is sufficiently diversified to maintain a reasonable level of risk without imprudently sacrificing return, with a targeted asset allocation of 40 percent fixed income and 60 percent equities. The investment advisor selects investment fund managers with demonstrated experience and expertise, and funds with demonstrated historical performance, for the implementation of the plan’s investment strategy. The investment manager will consider both actively and passively managed investment strategies and will allocate funds across the asset classes to develop an efficient investment structure. It is the responsibility of the trustee to administer the investments of the trust within reasonable costs, being careful to avoid sacrificing quality. These costs include, but are not limited to, management and custodial fees, consulting fees, transaction costs and other administrative costs chargeable to the trust.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions
Related Party Transactions	NOTE 16: Related Party Transactions Loans outstanding to the Corporation’s management, including directors and senior officers and certain of their affiliates, totaled $2.17 million and $2.26 million at December 31, 2020 and 2019, respectively. For the year ended December 31, 2020, the Corporation named new directors with loans outstanding at C&F Bank of $6,000, made $53,000 new loan advances to directors and senior officers, and received repayments totaling $148,000. Total deposits of directors and senior officers and their related interests were $5.81 million and $7.21 million at December 31, 2020 and 2019, respectively. In the opinion of management, these transactions were made in the ordinary course of business on substantially the same terms and conditions, including interest rates, collateral and repayment terms, as those prevailing at the same time for comparable transactions with unrelated persons, and, in the opinion of management and the Corporation’s Board of Directors, do not involve more than normal risk or present other unfavorable features.

Share-Based Plans

Share-Based Plans	12 Months Ended
Share-Based Plans	Dec. 31, 2020
Share-Based Plans
Share-Based Plans	NOTE 17: Share-Based Plans On April 16, 2013, the Corporation’s shareholders approved the C&F Financial Corporation 2013 Stock and Incentive Compensation Plan for the grant of equity awards to certain key employees of the Corporation, as well as non-employee directors (including non-employee regional or advisory directors). The plan authorizes the Corporation to issue equity awards in the form of stock options, tandem stock appreciation rights, restricted stock, restricted stock units and/or other stock-based awards. Since the plan’s approval, equity awards have only been issued in the form of restricted stock. As permitted under the plan, the Corporation awards shares of restricted stock to certain key employees and non-employee directors. Restricted shares awarded to employees generally vest on the fifth anniversary of the grant date and restricted shares awarded to non-employee directors generally vest on the third anniversary of the grant date. A summary of the activity for restricted stock awards for the periods indicated is presented below: 2020 2019 2018 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested at beginning of year 142,020 $ 48.88 139,455 $ 45.75 137,880 $ 43.52 Granted 47,385 42.01 36,115 53.75 30,185 52.82 Vested (30,550) 39.84 (32,155) 40.69 (26,450) 42.41 Cancelled (2,910) 53.46 (1,395) 51.05 (2,160) 42.54 Nonvested at end of year 155,945 48.52 142,020 48.88 139,455 45.75 The fair value of shares that vested during the years ended December 31, 2020, 2019 and 2018 were $1.37 million, $1.72 million, and $1.44 million, respectively. Compensation is accounted for using the fair value of the Corporation’s common stock on the date the restricted shares are awarded. Compensation expense is charged to income ratably over the required service periods, and was $1.45 million ($981,000 after income taxes) in 2020, $1.47 million ($932,000 after income taxes) in 2019 and $1.35 million ($872,000 after income taxes) in 2018. As of December 31, 2020, there was $3.76 million of total unrecognized compensation cost related to restricted stock granted under the plan. This amount is expected to be recognized through 2025.

Regulatory Requirements and Res

Regulatory Requirements and Restrictions	12 Months Ended
Regulatory Requirements and Restrictions	Dec. 31, 2020
Regulatory Requirements and Restrictions
Regulatory Requirements and Restrictions	NOTE 18: Regulatory Requirements and Restrictions The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Federal banking regulations also impose regulatory capital requirements on bank holding companies. Under the small bank holding company policy statement of the FRB, which applies to certain bank holding companies with consolidated total assets of less than $3 billion, the Corporation is not subject to regulatory capital requirements. As of December 31, 2020, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at December 31, 2020, the Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios as set forth in the table below. The Corporation’s and the Bank’s actual capital amounts and ratios as of December 31, 2020 and 2019 are presented in the following table along with regulatory requirements for the Bank and requirements that apply to bank holding companies that are subject to regulatory capital requirements for bank holding companies. The Corporation’s consolidated capital is determined under regulations that apply to bank holding companies that are not small bank holding companies. Total risk-weighted assets at December 31, 2020 for the Corporation were $1.57 billion and for the Bank were $1.55 billion. Total risk-weighted assets at December 31, 2019 for the Corporation were $1.32 billion and for the Bank were $1.29 billion. Management believes that, as of December 31, 2020, the Bank met all capital adequacy requirements to which it is subject. Minimum To Be Well Capitalized Under Prompt Minimum Capital Corrective Action Actual Requirements Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020: Total Capital (to Risk-Weighted Assets) Corporation $ 240,060 15.2 % $ 125,947 8.0 % N/A N/A C&F Bank 214,151 13.8 124,291 8.0 $ 155,364 10.0 % Tier 1 Capital (to Risk-Weighted Assets) Corporation 196,140 12.5 94,460 6.0 N/A N/A C&F Bank 194,487 12.5 93,219 6.0 124,291 8.0 Common Equity Tier 1 Capital (to Risk-Weighted Assets) Corporation 171,140 10.9 70,845 4.5 N/A N/A C&F Bank 194,487 12.5 69,914 4.5 100,987 6.5 Tier 1 Capital (to Average Tangible Assets) Corporation 196,140 9.6 81,414 4.0 N/A N/A C&F Bank 194,487 9.6 80,640 4.0 100,800 5.0 As of December 31, 2019: Total Capital (to Risk-Weighted Assets) Corporation $ 195,927 14.9 % $ 105,544 8.0 % N/A N/A C&F Bank 181,369 14.0 103,307 8.0 $ 129,134 10.0 % Tier 1 Capital (to Risk-Weighted Assets) Corporation 179,233 13.6 79,158 6.0 N/A N/A C&F Bank 165,021 12.8 77,480 6.0 103,307 8.0 Common Equity Tier 1 Capital (to Risk-Weighted Assets) Corporation 154,233 11.7 59,369 4.5 N/A N/A C&F Bank 165,021 12.8 58,110 4.5 83,937 6.5 Tier 1 Capital (to Average Tangible Assets) Corporation 179,233 11.1 64,863 4.0 N/A N/A C&F Bank 165,021 10.3 64,201 4.0 80,251 5.0 In addition to the regulatory risk-based capital amounts presented above, the Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III Final Rule. At December 31, 2020, the Bank exceeded the total capital conservation buffer and the tier 1 capital conservation buffer by 328 and 402 basis points, respectively. At December 31, 2019, the Bank exceeded the total capital conservation buffer and the tier 1 capital conservation buffer by 355 and 428 basis points, respectively. Between 2003 and 2007, the Corporation’s statutory business trusts issued $25.00 million of aggregate trust preferred securities. Based on the Corporation’s Tier 1 capital levels, the entire $25.00 million of trust preferred securities was included in the Corporation’s Tier 1 capital as of December 31, 2020 and 2019. The Corporation’s 2028 Subordinated Notes, assumed upon the acquisition of Peoples in 2020, and the Corporation’s 2030 Subordinated Notes, issued in 2020, each qualify for inclusion in Tier 2 capital of the Corporation. In each case, the amount included in regulatory capital with respect to trust preferred securities or subordinated notes may be reduced as those instruments near maturity. Federal and state banking regulations place certain restrictions on dividends paid and loans or advances made by C&F Bank to the Corporation. The total amount of dividends that may be paid at any date by C&F Bank is generally limited to the retained earnings of C&F Bank, while other measures of capital adequacy may also restrict the Bank’s ability to declare dividends.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2020
Commitments and Contingent Liabilities
Commitments and Contingent Liabilities	NOTE 19: Commitments and Contingent Liabilities The Corporation enters into commitments to extend credit in the normal course of business to meet the financing needs of its customers, including loan commitments and standby letters of credit. These instruments involve elements of credit and interest rate risk in excess of the amounts recorded on the Consolidated Balance Sheets. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit written is represented by the contractual amount of these instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Collateral is obtained based on management’s credit assessment of the customer. Loan commitments are agreements to extend credit to a customer provided that there are no violations of the terms of the contract prior to funding. Commitments have fixed expiration dates or other termination clauses and may require payment of a fee by the customer. Because many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of loan commitments at the Bank was $326.98 million at December 31, 2020 and $256.15 million at December 31, 2019, which does not include IRLCs at the mortgage banking segment, which are discussed in Note 22. Standby letters of credit are written conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The total contract amount of standby letters of credit, whose contract amounts represent credit risk, was $19.07 million at December 31, 2020 and $16.60 million at December 31, 2019. The mortgage banking segment sells substantially all of the residential mortgage loans it originates to third-party investors. As is customary in the industry, the agreements with these investors require the mortgage banking segment to extend representations and warranties with respect to program compliance, borrower misrepresentation, fraud, and early payment performance. Under the agreements, the investors are entitled to make loss claims and repurchase requests of the mortgage banking segment for loans that contain covered deficiencies. The mortgage banking segment has obtained early payment default recourse waivers for a significant portion of its business. Recourse periods for early payment default for the remaining investors vary from 90 days up to one year . Recourse periods for borrower misrepresentation or fraud, or underwriting error do not have a stated time limit. The mortgage banking segment maintains an allowance for indemnifications that represents management’s estimate of losses that are probable of arising under these recourse provisions. As performance data for loans that have been sold is not made available to the mortgage banking segment by the investors, the estimate of potential losses is inherently subjective and is based on historical indemnification payments and management’s assessment of current conditions that may contribute to indemnified losses on mortgage loans that have been sold in the secondary market. The following table presents the changes in the allowance for indemnification losses for the periods presented: Year Ended December 31, (Dollars in thousands) 2020 2019 Allowance, beginning of period $ 2,475 $ 2,541 Provision for indemnification losses 881 — Payments — (66) Allowance, end of period $ 3,356 $ 2,475

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
Fair Value of Assets and Liabilities	Dec. 31, 2020
Fair Value of Assets and Liabilities
Fair Value of Assets and Liabilities	NOTE 20: Fair Value of Assets and Liabilities Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. U.S. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. U.S. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels. These levels are: ● Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 assets and liabilities include debt securities traded in an active exchange market, as well as U.S. Treasury securities. ● Level 2—Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3—Valuation is determined using model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect the Corporation’s estimates of assumptions that market participants would use in pricing the respective asset or liability. Valuation techniques may include the use of pricing models, discounted cash flow models and similar techniques. U.S. GAAP allows an entity the irrevocable option to elect fair value (the fair value option) for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. The Corporation has elected to use fair value accounting for its entire portfolio of LHFS. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following describes the valuation techniques and inputs used by the Corporation in determining the fair value of certain assets recorded at fair value on a recurring basis in the financial statements. Securities available for sale. security or securities with similar characteristics. TRPS provides evaluated prices for the Corporation’s U.S. government agencies and corporations, mortgage-backed and corporate categories of securities. Fixed-rate callable securities of the U.S. government agencies and corporations category are individually evaluated on an option adjusted spread basis for callable issues or on a nominal spread basis incorporating the term structure of agency market spreads and the appropriate risk free benchmark curve for non-callable issues. Pass-through mortgage-backed securities (MBS) in the mortgage-backed category are grouped into aggregate categories defined by issuer program, weighted average coupon, and weighted average maturity. Each aggregate is benchmarked to relative to-be-announced mortgage backed securities (TBA securities) or other benchmark prices. TBA securities prices are obtained from market makers and live trading systems. Collateralized mortgage obligations in the mortgage-backed category are individually evaluated based upon a hierarchy of security specific information and market data regarding that security or securities with similar characteristics. Each evaluation is determined using an option adjusted spread and prepayment model based on volatility-driven, multi-dimensional spread tables. Fixed-rate securities issued by the Small Business Association in the mortgage backed category are individually evaluated based upon a hierarchy of security specific information and market data regarding that security or securities with similar characteristics. Investments in small business investment company funds. The Corporation holds an investment in a small business investment company fund, which is recorded at fair value and included in other assets in the Consolidated Balance Sheets. Changes in fair value are recognized in net income. At December 31, 2020, the fair value of the Corporation’s investment in small business investment companies, based on net asset value, was million. Investments in small business investment company funds measured at net asset value are not presented in the tables below related to fair value measurements. Changes in fair value of small business investment company funds resulted in the recognition of unrealized losses of Loans held for sale. Derivative asset - IRLCs. Derivative asset/liability – interest rate swaps on loans. Derivative asset/liability - cash flow hedges. Derivative asset/liability – forward sales of TBA securities. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis. December 31, 2020 Fair Value Measurements Using Assets/Liabilities at (Dollars in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Securities available for sale U.S. government agencies and corporations $ — $ 48,282 $ — $ 48,282 Mortgage-backed securities — 123,714 — 123,714 Obligations of states and political subdivisions — 102,805 — 102,805 Corporate and other debt securities — 11,588 — 11,588 Total securities available for sale — 286,389 — 286,389 Loans held for sale — 214,266 — 214,266 Derivatives IRLC — 4,582 — 4,582 Interest rate swaps on loans — 8,185 — 8,185 Total assets $ — $ 513,422 $ — $ 513,422 Liabilities: Derivatives Interest rate swaps on loans $ — $ 8,185 $ — $ 8,185 Cash flow hedges — 1,882 — 1,882 Forward sales of TBA securities — 47 — 47 Total liabilities $ — $ 10,114 $ — $ 10,114 December 31, 2019 Fair Value Measurements Using Assets/Liabilities at (Dollars in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Securities available for sale U.S. government agencies and corporations $ — $ 21,440 $ — $ 21,440 Mortgage-backed securities — 86,585 — 86,585 Obligations of states and political subdivisions — 81,708 — 81,708 Total securities available for sale — 189,733 — 189,733 Loans held for sale — 90,500 — 90,500 Derivatives IRLC — 1,083 — 1,083 Interest rate swaps on loans — 2,462 — 2,462 Total assets $ — $ 283,778 $ — $ 283,778 Liabilities: Derivatives Interest rate swaps on loans $ — $ 2,462 $ — $ 2,462 Cash flow hedges — 145 — 145 Forward sales of TBA securities — 25 — 25 Total liabilities $ — $ 2,632 $ — $ 2,632 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Corporation may be required, from time to time, to measure and recognize certain assets at fair value on a nonrecurring basis in accordance with U.S. GAAP. The following describes the valuation techniques and inputs used by the Corporation in determining the fair value of certain assets recorded at fair value on a nonrecurring basis in the financial statements. Impaired loans. Impaired loans that are measured based on expected future cash flows discounted at the loan’s effective interest rate rather than the market rate of interest, are not recorded at fair value and are therefore excluded from fair value disclosure requirements. OREO. The following table presents the balances of assets measured at fair value on a nonrecurring basis. At December 31, 2020 there were no impaired loans that were measured at fair value. December 31, 2020 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Other real estate owned, net $ — $ — $ 72 $ 72 Total $ — $ — $ 72 $ 72 December 31, 2019 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Impaired loans, net $ — $ — $ 102 $ 102 Other real estate owned, net — — 268 268 Total $ — $ — $ 370 $ 370 The following table presents quantitative information about Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis as of December 31, 2020 and 2019: Fair Value Measurements (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Inputs Range (Weighted Average) 1 At December 31, 2020: Other real estate owned, net $ 72 Appraisals Discount to reflect current market conditions and estimated selling costs 75% - 80% ( 79% ) Total $ 72 At December 31, 2019: Impaired loans, net $ 102 Appraisals Discount to reflect current market conditions and estimated selling costs 30% (30%) Other real estate owned, net 268 Appraisals Discount to reflect current market conditions and estimated selling costs 33% - 75% (37%) Total $ 370 1 The weighted average of unobservable inputs is calculated based on the relative asset fair values. Fair Value of Financial Instruments FASB ASC 825, Financial Instruments The following tables reflect the carrying amounts and estimated fair values of the Corporation’s financial instruments whether or not recognized on the Consolidated Balance Sheets at fair value. Carrying Fair Value Measurements at December 31, 2020 Using Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 86,669 $ 86,669 $ — $ — $ 86,669 Securities available for sale 286,389 — 286,389 — 286,389 Loans, net 1,313,250 — — 1,308,569 1,308,569 Loans held for sale 214,266 — 214,266 — 214,266 Derivatives IRLC 4,582 — 4,582 — 4,582 Interest rate swaps on loans 8,185 — 8,185 — 8,185 Bank-owned life insurance 20,205 — 20,205 — 20,205 Accrued interest receivable 8,103 8,103 — — 8,103 Financial liabilities: Demand and savings deposits 1,282,590 1,282,590 — — 1,282,590 Time deposits 469,583 — 474,154 — 474,154 Borrowings 69,864 — 71,119 — 71,119 Derivatives Cash flow hedges 1,882 — 1,882 — 1,882 Interest rate swaps on loans 8,185 — 8,185 — 8,185 Forward sales of TBA securities 47 — 47 — 47 Accrued interest payable 1,109 1,109 — — 1,109 Carrying Fair Value Measurements at December 31, 2019 Using Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 165,433 $ 165,433 $ — $ — $ 165,433 Securities available for sale 189,733 — 189,733 — 189,733 Loans, net 1,082,318 — — 1,082,783 1,082,783 Loans held for sale 90,500 — 90,500 — 90,500 Derivatives IRLC 1,083 — 1,083 — 1,083 Interest rate swaps on loans 2,462 — 2,462 — 2,462 Bank-owned life insurance 16,044 — 16,044 — 16,044 Accrued interest receivable 6,776 6,776 — — 6,776 Financial liabilities: Demand and savings deposits 869,194 869,194 — — 869,194 Time deposits 422,056 — 423,605 — 423,605 Borrowings 161,170 — 154,964 — 154,964 Derivatives Cash flow hedges 145 — 145 — 145 Interest rate swaps on loans 2,462 — 2,462 — 2,462 Forward sales of TBA securities 25 — 25 25 Accrued interest payable 1,291 1,291 — — 1,291 The Corporation assumes interest rate risk (the risk that general interest rate levels will change) in the normal course of operations. As a result, the fair values of the Corporation’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Corporation. Management attempts to match maturities of assets and liabilities to the extent believed necessary to balance minimizing interest rate risk and increasing net interest income in current market conditions. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors interest rates, maturities and repricing dates of assets and liabilities and attempts to manage interest rate risk by adjusting terms of new loans, deposits and borrowings and by investing in securities with terms that mitigate the Corporation’s overall interest rate risk.

Business Segments

Business Segments	12 Months Ended
Business Segments	Dec. 31, 2020
Business Segments
Business Segments	NOTE 21: Business Segments The Corporation operates in a decentralized fashion in three principal business segments: community banking, mortgage banking and consumer finance. Revenues from community banking operations consist primarily of interest earned on loans and investment securities and fees earned on deposit accounts and debit card interchange activity. Previously, the community banking segment was referred to as the retail banking segment. Mortgage banking operating revenues consist principally of gains on sales of loans in the secondary market, mortgage banking fee income related to loan originations, and interest earned on mortgage loans held for sale. Revenues from consumer finance consist primarily of interest earned on purchased retail installment sales contracts. C&F Wealth Management derives revenues from offering wealth management services and insurance products through third-party service providers. The Corporation’s revenues and expenses are comprised primarily of interest expense associated with the Corporation’s trust preferred capital notes, general corporate expenses, and changes in the value of the rabbi trust and deferred compensation liability related to its nonqualified deferred compensation plan. The results of C&F Wealth Management and the Corporation are not significant to the Corporation on a consolidated basis and are included in “Other.” Year Ended December 31, 2020 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ 62,173 $ 4,954 $ 38,949 $ — $ (9,163) $ 96,913 Gains on sales of loans 3,489 25,792 — — (57) 29,224 Other noninterest income 10,843 9,985 492 4,904 (30) 26,194 Total operating income 76,505 40,731 39,441 4,904 (9,250) 152,331 Expenses: Provision for loan losses 4,600 10 6,470 — — 11,080 Interest expense 10,630 1,579 8,726 1,611 (9,164) 13,382 Salaries and employee benefits 30,774 13,908 8,716 4,270 — 57,668 Depreciation and amortization 3,561 281 175 172 — 4,189 Other noninterest expenses 21,358 9,825 4,937 673 — 36,793 Total operating expenses 70,923 25,603 29,024 6,726 (9,164) 123,112 Income (loss) before income taxes 5,582 15,128 10,417 (1,822) (86) 29,219 Income tax expense (benefit) 155 4,392 2,805 (539) (18) 6,795 Net income (loss) $ 5,427 $ 10,736 $ 7,612 $ (1,283) $ (68) $ 22,424 Total assets $ 1,950,514 $ 239,417 $ 314,746 $ 44,934 $ (463,301) $ 2,086,310 Capital expenditures $ 6,528 $ 354 $ 3,346 $ — $ — $ 10,228 Year Ended December 31, 2019 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ 59,465 $ 2,699 $ 41,389 $ 4 $ (8,547) $ 95,010 Gains on sales of loans — 10,603 — — — 10,603 Other noninterest income 11,392 5,103 565 4,349 — 21,409 Total operating income 70,857 18,405 41,954 4,353 (8,547) 127,022 Expenses: Provision for loan losses 360 — 8,155 — — 8,515 Interest expense 10,181 1,618 10,169 1,135 (8,547) 14,556 Salaries and employee benefits 28,231 5,965 8,668 4,337 — 47,201 Depreciation and amortization 3,242 246 196 182 — 3,866 Other noninterest expenses 17,091 5,467 5,338 1,056 — 28,952 Total operating expenses 59,105 13,296 32,526 6,710 (8,547) 103,090 Income (loss) before income taxes 11,752 5,109 9,428 (2,357) — 23,932 Income tax expense (benefit) 1,837 1,336 2,560 (651) — 5,082 Net income (loss) $ 9,915 $ 3,773 $ 6,868 $ (1,706) $ — $ 18,850 Total assets $ 1,468,627 $ 102,467 $ 314,431 $ 30,299 $ (258,392) $ 1,657,432 Capital expenditures $ 2,270 $ 246 $ 123 $ 67 $ — $ 2,706 Year Ended December 31, 2018 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ 55,019 $ 2,018 $ 42,789 $ 6 $ (7,284) $ 92,548 Gains on sales of loans — 7,841 — — — 7,841 Other noninterest income 11,029 4,015 738 2,745 — 18,527 Total operating income 66,048 13,874 43,527 2,751 (7,284) 118,916 Expenses: Provision for loan losses 100 — 10,906 — — 11,006 Interest expense 6,842 904 9,413 1,152 (7,284) 11,027 Salaries and employee benefits 26,632 5,298 8,542 1,531 — 42,003 Depreciation and amortization 3,014 269 211 177 — 3,671 Other noninterest expenses 16,869 4,803 5,303 1,693 — 28,668 Total operating expenses 53,457 11,274 34,375 4,553 (7,284) 96,375 Income (loss) before income taxes 12,591 2,600 9,152 (1,802) — 22,541 Income tax expense (benefit) 1,958 697 2,460 (594) — 4,521 Net income (loss) $ 10,633 $ 1,903 $ 6,692 $ (1,208) $ — $ 18,020 Total assets $ 1,351,932 $ 51,226 $ 296,876 $ 16,461 $ (195,084) $ 1,521,411 Capital expenditures $ 3,178 $ 133 $ 59 $ 4 $ — $ 3,374 During the year ended December 31, 2020, the Corporation recorded merger related expenses of $1.40 million ($1.13 million after income taxes), in connection with its acquisition of Peoples, of which $1.30 million ($1.03 million after income taxes) was allocated to the community banking segment and recorded as $119,000 of salaries and benefits expense, $879,000 of other noninterest expense and a loss on disposal of equipment of $298,000 included in other noninterest income. The remainder was recorded as other noninterest expense at the holding company. During the year ended December 31, 2019, the Corporation recorded merger related expenses of $709,000 ($653,000 after income taxes) in connection with its acquisition of Peoples, of which $236,000 ($196,000 after income taxes) was allocated to the community banking segment and recorded as other noninterest expense, and the remainder was recorded as other noninterest expense at the holding company. The community banking segment extends two warehouse lines of credit to the mortgage banking segment, providing a portion of the funds needed to originate mortgage loans. The community banking segment charges the mortgage banking segment interest at the daily FHLB advance rate plus a spread ranging from 50 basis points to 175 basis points. The community banking segment also provides the consumer finance segment with a portion of the funds needed to purchase loan contracts by means of variable rate notes that carry interest at one-month LIBOR plus 200 basis points, with a floor of 3.5 percent, and fixed rate notes that carry interest at rates ranging from 2.4 percent to 8.0 percent. The community banking segment acquires certain residential real estate loans from the mortgage banking segment at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals. Certain corporate overhead costs incurred by the community banking segment are not allocated to the mortgage banking, consumer finance and other segments.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
Derivative Financial Instruments	Dec. 31, 2020
Derivative Financial Instruments
Derivative Financial Instruments	NOTE 22: Derivative Financial Instruments The Corporation uses derivative financial instruments primarily to manage risks to the Corporation associated with changing interest rates, and to assist customers with their risk management objectives. The Corporation designates certain interest rate swaps as hedging instruments in qualifying cash flow hedges. The changes in fair value of these designated hedging instruments is reported as a component of other comprehensive income. Derivative contracts that are not designated in a qualifying hedging relationship include customer accommodation loan swaps and contracts related to mortgage banking activities. Cash flow hedges All interest rate swaps were entered into with counterparties that met the Corporation’s credit standards and the agreements contain collateral provisions protecting the at-risk party. The Corporation believes that the credit risk inherent in these derivative contracts is not significant. Unrealized gains or losses recorded in other comprehensive income related to cash flow hedges are reclassified into earnings in the same period(s) during which the hedged interest payments affect earnings. When a designated hedging instrument is terminated and the hedged interest payments remain probable of occurring, any remaining unrecognized gain or loss in other comprehensive income is reclassified into earnings in the period(s) during which the forecasted interest payments affect earnings. Amounts reclassified into earnings and interest receivable or payable under designated interest rate swaps are reported in interest expense. The Corporation does not expect any unrealized losses related to cash flow hedges to be reclassified into earnings in the next twelve months. Loan swaps Mortgage banking for mortgage loans to be delivered on a mandatory basis. IRLCs, forward sales of loans and forward sales of TBA securities are derivative financial instruments and are reported at fair value in other assets and other liabilities in the Consolidated Balance Sheets. Changes in the fair value of mortgage banking derivatives are recorded as a component of gains on sales of loans. At December 31, 2020, the mortgage banking segment had $190.96 million of IRLCs and $200.88 million of unpaid principal on mortgage loans held for sale for which it managed interest rate risk using best-efforts forward sales contracts for $391.84 million in mortgage loans. Also at December 31, 2020, the mortgage banking segment had $7.67 million of IRLCs and $5.63 million of unpaid principal on mortgage loans held for sale for which it managed interest rate risk using forward sales of $8.00 million of TBA securities and mandatory-delivery forward sales contracts for $3.94 million in mortgage loans. At December 31, 2019, the mortgage banking segment had $63.35 million of IRLCs and $65.77 million of unpaid principal on mortgage loans held for sale for which it managed interest rate risk using best-efforts forward sales contracts for $129.12 million in mortgage loans. Also at December 31, 2019, the mortgage banking segment had $11.72 million of IRLCs and $21.98 million of unpaid principal on mortgage loans held for sale for which it managed interest rate risk using forward sales of $24.00 million of TBA securities and mandatory-delivery forward sales contracts for $6.73 million in mortgage loans. The following tables summarize key elements of the Corporation’s derivative instruments other than forward sales of mortgage loans. The fair values of forward sales of mortgage loans were not material to the consolidated financial statements of the Corporation at December 31, 2020 and 2019. December 31, 2020 Notional (Dollars in thousands) Amount Assets Liabilities Cash flow hedges: Interest rate swap contracts $ 25,000 $ — $ 1,882 Not designated as hedges: Customer-related interest rate swap contracts: Matched interest rate swaps with borrower 84,753 8,185 — Matched interest rate swaps with counterparty 84,753 — 8,185 Mortgage banking contracts: IRLCs 198,632 4,582 — Forward sales of TBA securities 8,000 — 47 December 31, 2019 Notional (Dollars in thousands) Amount Assets Liabilities Cash flow hedges: Interest rate swap contracts $ 25,000 $ — $ 145 Not designated as hedges: Customer-related interest rate swap contracts: Matched interest rate swaps with borrower 74,266 2,454 8 Matched interest rate swaps with counterparty 74,266 8 2,454 Mortgage banking contracts: IRLCs 75,073 1,083 — Forward sales of TBA securities 24,000 — 25 The Corporation and the Bank are required to maintain cash collateral with dealer counterparties for interest rate swap relationships in a loss position. At December 31, 2020 and 2019, $9.92 million and $2.49 million, respectively, of cash collateral was maintained with dealer counterparties and was included in “Other assets” in the Consolidated Balance Sheets.

Holding Company Condensed Finan

Holding Company Condensed Financial Information	12 Months Ended
Holding Company Condensed Financial Information	Dec. 31, 2020
Holding Company Condensed Financial Information
Holding Company Condensed Financial Information	NOTE 23: Holding Company Condensed Financial Information The following tables present the condensed balance sheets as of December 31, 2020 and 2019 and the condensed statements of comprehensive income and cash flows for the years ended December 31, 2020, 2019 and 2018 for the Corporation on a standalone basis: December 31, (Dollars in thousands) 2020 2019 Condensed Balance Sheets Assets Cash $ 21,272 $ 11,464 Other assets 22,680 17,687 Investment in C&F Bank 218,148 175,254 Total assets $ 262,100 $ 204,405 Liabilities and shareholders’ equity Trust preferred capital notes $ 25,316 $ 25,281 Long-term borrowings 24,093 — Other liabilities 18,886 14,326 Shareholders’ equity 193,805 164,798 Total liabilities and shareholders’ equity $ 262,100 $ 204,405 Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Condensed Statements of Comprehensive Income Interest expense on borrowings $ (1,611) $ (1,135) $ (1,152) Dividends received from C&F Bank 8,746 22,632 6,312 Equity in undistributed net income of C&F Bank 15,373 (1,697) 13,228 Other income 2,041 2,108 45 Other expenses (2,432) (3,049) (413) Net income 22,117 18,859 18,020 Other comprehensive income (loss), net of tax 294 2,423 (2,785) Comprehensive income $ 22,411 $ 21,282 $ 15,235 Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Condensed Statements of Cash Flows Operating activities: Net cash provided by operating activities $ 8,141 $ 20,674 $ Investing activities: Acquisition of Peoples Bankshares, Inc. (10,084) — — Swap collateral, net (1,710) (150) — Net cash used in investing activities (11,794) (150) — Financing activities: Proceeds from borrowings 19,924 — — Common stock repurchases (1,061) (4,385) (1,105) Cash dividends (5,546) (5,131) (4,931) Other financing activities, net 144 140 144 Net cash provided by (used in) financing activities 13,461 (9,376) (5,892) Net increase (decrease) in cash and cash equivalents 9,808 11,148 (91) Cash at beginning of year 11,464 316 407 Cash at end of year $ 21,272 $ 11,464 $ 316

Other Noninterest Expenses

Other Noninterest Expenses	12 Months Ended
Other Noninterest Expenses	Dec. 31, 2020
Other Noninterest Expenses
Other Noninterest Expenses	NOTE 24: Other Noninterest Expenses The following table presents the significant components in the Consolidated Statements of Income line “Noninterest Expenses-Other.” Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Data processing fees $ 10,916 $ 8,958 $ 8,041 Mortgage banking loan processing expenses 3,235 1,666 1,444 Professional fees 3,046 3,265 3,044 Marketing and advertising expenses 1,663 1,781 1,601 Telecommunication expenses 1,455 1,328 1,331 Travel and educational expenses 1,153 1,329 1,231 All other noninterest expenses 8,678 6,579 7,928 Total other noninterest expenses $ 30,146 $ 24,906 $ 24,620 The table above includes merger related expenses for the year ended December 31, 2020 of $898,000, of which $501,000 was included in data processing fees, $336,000 was included in professional fees, and $61,000 was included in all other noninterest expenses. The table above includes merger related expenses for the year ended December 31, 2019 of approximately $709,000, of which $50,000 was included in data processing fees, $614,000 was included in professional fees, $1,000 was included in telecommunication expenses and $44,000 was included in all other noninterest expenses. There were no merger related expenses for the year ended December 31, 2018.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation:
Nature of Operations	Nature of Operations: C&F Bank has five wholly-owned subsidiaries: C&F Mortgage Corporation (C&F Mortgage), C&F Finance Company (C&F Finance), C&F Wealth Management Corporation (C&F Wealth Management), C&F Insurance Services, Inc., and CVB Title Services, Inc., all incorporated under the laws of the Commonwealth of Virginia. C&F Mortgage, organized in September 1995, originates and sells residential mortgages, provides mortgage loan origination services to third-party lenders and, through its subsidiary Certified Appraisals LLC, provides ancillary mortgage loan production services for residential appraisals. C&F Mortgage owns a 51 percent interest in C&F Select LLC, which was organized in January 2019 and is also engaged in the business of originating and selling residential mortgages. C&F Finance, acquired in September 2002, is a finance company purchasing automobile, marine and recreational vehicle (RV) loans through indirect lending programs. C&F Wealth Management, organized in April 1995, is a full-service brokerage firm offering a comprehensive range of wealth management services and insurance products through third-party service providers. C&F Insurance Services, Inc., was organized in July 1999, for the primary purpose of owning an equity interest in an independent insurance agency that operates in Virginia and North Carolina. CVB Title Services, Inc. was organized for the primary purpose of owning an equity interest in a full service title and settlement agency. Business segment data is presented in Note 21.
Basis of Presentation	Basis of Presentation: The COVID-19 pandemic has caused a significant disruption in economic activity worldwide, including in market areas served by the Corporation. Estimates for the allowance for loan losses at December 31, 2020 include probable losses related to the pandemic. The Corporation expects that the pandemic will continue to have an effect on its results of operations. If economic conditions deteriorate further, then additional provision for loan losses may be required in future periods. It is unknown how long these conditions will last and what the ultimate financial impact will be to the Corporation. Depending on the severity and duration of the economic consequences of the pandemic, the Corporation’s goodwill may become impaired.
Reclassification	Reclassification:
Significant Group Concentrations of Credit Risk	Significant Group Concentrations of Credit Risk: States in which significant concentrations of the Corporation’s lending activities exist include Virginia, Tennessee, Georgia and Ohio. At December 31, 2020, 51.8 percent of the Corporation’s loan portfolio consisted of commercial, financial and agricultural loans, which include loans secured by real estate for builder lines, acquisition and development and commercial development, as well as commercial loans secured by personal property. In addition, 19.8 percent of the Corporation’s loan portfolio consisted of non-prime consumer finance loans to individuals, secured by automobiles. The Corporation does not have any significant loan concentrations to any one customer. Additional information about the Corporation’s lending activities is presented in Note 5.
Cash and Cash Equivalents	Cash and Cash Equivalents:
Securities	Securities: Impairment of debt securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (i) we intend to sell the security or (ii) it is more-likely-than-not that we will be required to sell the security before recovery of its amortized cost basis. If, however, the Corporation does not intend to sell the security and it is not more-likely-than-not that the Corporation will be required to sell the security before recovery, the Corporation must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost basis of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than-temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. The Corporation regularly reviews unrealized losses in its investments in securities based on criteria including the extent to which market value is below amortized cost, the duration of that market decline, the financial health of and specific prospects for the issuer, the Corporation’s best estimate of the present value of cash flows expected to be collected from debt securities, the Corporation’s intention with regard to holding the security to maturity and the likelihood that the Corporation would be required to sell the security before recovery.
Loans Held for Sale	Loans Held for Sale: Fair Value Measurement, value reported in net income as a component of “Gains on sales of loans.” Substantially all loans originated by the mortgage banking segment are held for sale to outside investors.
Loans Acquired in a Business Combination	Loans Acquired in a Business Combination: PCI loans are not classified as nonperforming loans by the Corporation at the time they are acquired, regardless of whether they had been classified as nonperforming by the previous holder of such loans, and they will not be classified as nonperforming so long as, at quarterly re-estimation periods, we believe we will fully collect the new carrying value of the pools of loans. Loans not designated PCI loans as of the acquisition date are designated purchased performing loans. The Corporation accounts for purchased performing loans using the contractual cash flows method of recognizing discount accretion based on the acquired loans’ contractual cash flows. Purchased performing loans are recorded at fair value, including a credit discount. The fair value discount is accreted as an adjustment to yield over the estimated lives of the loans. There is no allowance for loan losses established at the acquisition date for purchased performing loans. A provision for loan losses may be required in future periods for any deterioration in these loans in future periods.
Originated Loans	Originated Loans: A loan’s past due status is based on the contractual due date of the most delinquent payment due. Loans are generally placed on nonaccrual status when the collection of principal or interest is 90 days or more past due, or earlier, if collection is uncertain based on an evaluation of the net realizable value of the collateral and the financial strength of the borrower. Loans greater than 90 days past due may remain on accrual status if management determines it has adequate collateral to cover the principal and interest. For those loans that are carried on nonaccrual status, payments are first applied to principal outstanding. A loan may be returned to accrual status if the borrower has demonstrated a sustained period of repayment performance in accordance with the contractual terms of the loan and there is reasonable assurance the borrower will continue to make payments as agreed. These policies are applied consistently across our loan portfolio. The Corporation considers a loan impaired when it is probable that the Corporation will be unable to collect all interest and principal payments as scheduled in the loan agreement. A loan is not considered impaired during a period of delay in payment if the ultimate collectibility of all amounts due is expected. Impairment is measured based on either the fair value of the loan using the loan’s obtainable market price or the fair value of the collateral, if the loan is collateral dependent, or using the present value of expected future cash flows discounted at the loan’s effective interest rate, which is not a fair value measurement. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Troubled debt restructurings (TDRs) occur when the Corporation agrees to significantly modify the original terms of a loan due to the deterioration in the financial condition of the borrower. TDRs are considered impaired loans and are evaluated individually. Upon designation as a TDR, the Corporation evaluates the borrower’s payment history, past due status and ability to make payments based on the revised terms of the loan. If a loan was accruing prior to being modified as a TDR and if the Corporation concludes that the borrower is able to make such payments, and there are no other factors or circumstances that would cause it to conclude otherwise, the loan will remain on an accruing status. If a loan was on nonaccrual status at the time of the TDR, the loan will remain on nonaccrual status following the modification and may be returned to accrual status based on the policy for returning loans to accrual status as noted above. The Corporation has accommodated certain borrowers affected by the COVID-19 pandemic by granting short-term payment deferrals or periods of interest-only payments, including loans that remain in deferral as of December 31, 2020, with an aggregate balance of $30.74 million. Generally, a short-term payment deferral does not result in a loan modification being classified as a TDR. Additionally, the Coronavirus Aid, Relief and Economic Security Act (CARES Act), enacted on March 27, 2020, and as subsequently supplemented, provided that certain loan modifications that were (1) related to COVID-19 and (2) for loans that were not more than 30 days past due as of December 31, 2019 are not required to be designated as TDRs. Additional information on loan modifications related to COVID-19 is presented in Note 5. In the ordinary course of business, the Corporation has entered into commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the Consolidated Balance Sheets when they are funded.
Paycheck Protection Program	Paycheck Protection Program:
Allowance for Loan Losses	Allowance for Loan Losses: The allowance represents an amount that, in management’s judgment, will be adequate to absorb probable losses inherent in the loan portfolio. Management’s judgment in determining the level of the allowance is based on evaluations of the collectibility of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower’s ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The evaluation also considers the following risk characteristics of each loan portfolio: ● Real estate residential mortgage loans carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. ● Real estate construction loans carry risks that the project will not be finished according to schedule, the project will not be finished according to budget and the value of the collateral may, at any point in time, be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be a loan customer, may be unable to finish the construction project as planned because of financial pressure unrelated to the project. ● Commercial, financial and agricultural loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because the repayment of these loans may be dependent upon the profitability and cash flows of the business or project. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time and cannot be appraised with as much precision. ● Consumer and consumer finance loans carry risks associated with the continued credit-worthiness of the borrower and the value of the collateral (e.g., rapidly-depreciating assets such as automobiles and marine and recreational vehicles (RVs)), or lack thereof. Consumer loans are more likely than real estate loans to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy. ● Equity lines of credit carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. The allowance consists of specific and general components. The specific component relates to loans that are individually evaluated for impairment, and is established when the discounted cash flows (or collateral value or observable market price) of an impaired loan is lower than the carrying value of that loan. For collateral dependent loans, an updated appraisal will be ordered if a current one is not on file. Appraisals are performed by independent third-party appraisers with relevant industry experience. Adjustments to the appraised value may be made based on recent sales of similar properties or general market conditions when appropriate. The general component covers non-classified loans and those loans classified as substandard or special mention that are not individually evaluated for impairment. The general component is based on historical loss experience adjusted for qualitative factors, such as current economic conditions, including current home sales and foreclosures, unemployment rates and retail sales. Relative to non-classified loans, non-impaired classified loans are assigned a higher allowance factor which increases with the severity of classification. The characteristics of these loan ratings are as follows: ● Pass rated loans are to persons or business entities with an acceptable financial condition, appropriate collateral margins, appropriate cash flow to service the existing loan, and an appropriate leverage ratio. The borrower has paid all obligations as agreed and it is expected that this type of payment history will continue. When necessary, acceptable personal guarantors support the loan. ● Special mention loans have a specific identified weakness in the borrower’s operations and in the borrower’s ability to generate positive cash flow on a sustained basis. The borrower’s recent payment history may be characterized by late payments. The Corporation’s risk exposure is mitigated by collateral supporting the loan. The collateral is considered to be well-margined, well maintained, accessible and readily marketable. ● Substandard loans are considered to have specific and well-defined weaknesses that jeopardize the viability of the Corporation’s credit extension. The payment history for the loan has been inconsistent and the expected or projected primary repayment source may be inadequate to service the loan. The estimated net liquidation value of the collateral pledged and/or ability of the personal guarantor(s) to pay the loan may not adequately protect the Corporation. There is a distinct possibility that the Corporation will sustain some loss if the deficiencies associated with the loan are not corrected in the near term. A substandard loan would not automatically meet the Corporation’s definition of impaired unless the loan is significantly past due and the borrower’s performance and financial condition provide evidence that it is probable that the Corporation will be unable to collect all amounts due. ● Substandard nonaccrual loans have the same characteristics as substandard loans; however, they have a nonaccrual classification because it is probable that the Corporation will not be able to collect all amounts due. ● Doubtful rated loans have all the weaknesses inherent in a loan that is classified substandard but with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high. ● Loss rated loans are not considered collectible under normal circumstances and there is no realistic expectation for any future payment on the loan. Loss rated loans are fully charged off. On a quarterly basis the Corporation evaluates its estimate of cash flows to be collected on PCI loans. These evaluations require the continued assessment of key assumptions and estimates similar to the initial estimate of fair value as of the acquisition date, such as the effect of collateral value changes, changing loss severities, estimated and experienced prepayment speeds and other relevant factors. Subsequent decreases to the expected cash flows to be collected on a PCI loan will generally result in a provision for loan losses. The consumer finance loans are segregated between performing and nonperforming loans. Performing loans are those that have made timely payments in accordance with the terms of the loan agreement and are not past due 90 days or more. Nonperforming loans are those that do not accrue interest and are greater than 90 days past due.
Allowance for Indemnifications	Allowance for Indemnifications: The allowance represents an amount that, in management’s judgment, will be adequate to absorb any losses that are probable of arising from valid indemnification requests for loans that have been sold by the mortgage banking segment. Management’s judgment in determining the level of the allowance is based on the volume of loans sold, historical experience, current economic conditions, changes in operational and compliance processes, and information provided by investors. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available.
Other Real Estate Owned (OREO)	Other Real Estate Owned (OREO): The Corporation records a gain/loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Corporation finances the sale of OREO to the buyer, the Corporation assesses whether the buyer is committed to perform the obligations under the contract and whether collectability of the transaction price is probable. In determining the gain/loss on the sale, the Corporation adjusts the transaction price and the related gain/loss on sale if a significant financing component is present.
Repossessed Assets	Repossessed Assets: Repossessed assets primarily consist of vehicles repossessed by C&F Finance due to borrowers’ payment defaults. The repossession process is generally initiated after a loan becomes more than 60 days delinquent. Most customers have an opportunity to redeem their repossessed vehicles by paying all outstanding balances, including finance charges and fees. Vehicles that are not redeemed within a prescribed waiting period following repossession are then reclassified from loans to repossessed assets available-for-sale (included in other assets) and recorded initially at fair value less estimated costs to sell. The difference between the carrying amount of each loan and the fair value of the vehicle (i.e., the deficiency) is charged against the allowance for loan losses. The waiting period is determined as the length of time after repossession that C&F Finance is prohibited to sell the vehicle under the laws of the state where the vehicle was repossessed. Accounts still in process of collection or for which the Corporation does not have the legal right to sell continue to be classified as loans until such legal authority is obtained. At December 31, 2020, repossessed vehicles at fair value less estimated costs to sell included in other assets totaled $291,000 , compared to $410,000 at December 31, 2019. Repossession expense includes the costs to repossess and sell vehicles. These costs include transportation, storage, rekeying, condition reports, legal fees, fees paid to repossession agents and auction fees. These costs are included in noninterest expenses.
Corporate Premises and Equipment	Corporate Premises and Equipment: Land is carried at cost. Buildings and equipment are carried at cost less accumulated depreciation computed using a straight-line method over the estimated useful lives of the assets. Estimated useful lives range from ten to forty years for buildings and from three to ten years for equipment, furniture and fixtures. Maintenance and repairs are charged to expense as incurred and major improvements are capitalized. Upon sale or retirement of depreciable properties, the cost and related accumulated depreciation are netted against proceeds and any resulting gain or loss is included in income.
Goodwill	Goodwill: The Corporation reviews the carrying value of goodwill at least annually or more frequently if certain impairment indicators exist. In testing goodwill for impairment, the Corporation may first consider qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, we conclude that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then no further testing is required and the goodwill of the reporting unit is not impaired. If the Corporation elects to bypass the qualitative assessment or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the fair value of the reporting unit is compared with its carrying amount to determine whether an impairment exists.
Transfer of Financial Assets	Transfer of Financial Assets:
Income Taxes	Income Taxes: C&F Bank invests in qualified affordable housing projects through housing equity funds, the purpose of which is to encourage investment in low-income residential property development in Virginia by providing a return on investment through federal income tax credits and other tax benefits on losses generated by the projects. C&F Bank recognizes its share of losses on these projects as a component of income tax expense. The benefit of an uncertain tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination by the applicable taxing authority, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. Interest and penalties associated with unrecognized tax benefits are recognized as a component of income tax expense.
Retirement Plan	Retirement Plan:
Share-Based Compensation	Share-Based Compensation:
Earnings Per Share	Earnings Per Share:
Derivative Financial Instruments	Derivative Financial Instruments:
Leases	Leases:
Service Charges on Deposit Accounts	Service Charges on Deposit Accounts. primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Corporation satisfies the performance obligation.
Other Service Charges and Fees	Other Service Charges and Fees.
Interchange Income	Interchange Income.
Wealth Management Services Income, Net	Wealth Management Services Income, Net.
Recent Significant Accounting Pronouncements	Recent Significant Accounting Pronouncements: In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief Financial instruments—Credit losses (Topic 326), Derivatives and hedging (Topic 815), and Leases (Topic 842)—Effective dates, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842) Codification Improvements to Financial Instruments The amendments of ASC 326, upon adoption, will be applied on a modified retrospective basis, with the cumulative effect of adopting the new standard being recorded as an adjustment to opening retained earnings in the period of adoption. The Corporation has established a working group to prepare for and implement changes related to ASC 326 and has gathered historical loan loss data for purposes of evaluating appropriate portfolio segmentation and modeling methods under the standard. The Corporation has performed procedures to validate the historical loan loss data to ensure its suitability and reliability for purposes of developing an estimate of expected credit losses under ASC 326. The Corporation has engaged a vendor to assist in modeling expected lifetime losses under ASC 326, and is continuing to develop and refine an approach to estimating the allowance for credit losses. The adoption of ASC 326 will result in significant changes to the Corporation’s consolidated financial statements, which may include changes in the level of the allowance for credit losses that will be considered adequate, a reduction in total equity and regulatory capital of C&F Bank, differences in the timing of recognizing changes to the allowance for credit losses and expanded disclosures about the allowance for credit losses. The Corporation has not yet determined an estimate of the effect of these changes. The adoption of the standard will also result in significant changes in the Corporation’s internal control over financial reporting related to the allowance for credit losses. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not currently expected to have a material effect on the Corporation’s financial position, results of operations or cash flows.

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
Business Combination (Tables)	Dec. 31, 2020
Schedule of acquired loans	December 31, 2020 December 31, 2019 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 $ 12,760 $ 89,043 $ 101,803 $ 6,262 $ 27,839 $ 34,101 Carrying amount Real estate – residential mortgage $ 1,473 $ 15,117 $ 16,590 $ 107 $ 7,035 $ 7,142 Real estate – construction — 1,077 1,077 — — — Commercial, financial and agricultural 1 4,758 58,796 63,554 563 11,338 11,901 Equity lines 80 10,182 10,262 35 8,046 8,081 Consumer 48 1,924 1,972 — 3 3 Total acquired loans $ 6,359 $ 87,096 $ 93,455 $ 705 $ 26,422 $ 27,127 1 Includes acquired loans classified by the Corporation as commercial real estate lending and commercial business lending.
Peoples Bankshares, Incorporated (Peoples)
Schedule of total consideration paid, the fair values of assets acquired and liabilities assumed, and the resulting goodwill	Amounts Recognized as of (Dollars in thousands) January 1, 2020 Purchase price: Cash paid $ 10,579 Common stock issued 11,612 Total purchase price $ 22,191 Identifiable assets acquired: Cash and cash equivalents $ 29,680 Securities available for sale 17,169 Loans 124,195 Accrued interest receivable 430 Corporate premises and equipment 3,105 Other real estate owned 281 Core deposit intangible asset 1,711 Bank-owned life insurance 3,591 Investment in small business investment company 1,493 Other receivables 5,234 Other assets 3,658 Total identifiable assets acquired 190,547 Identifiable liabilities assumed: Demand and savings deposits 94,798 Time deposits 77,018 Borrowings 4,245 Accrued interest payable 260 Salaries, benefits and deferred compensation 2,054 Other liabilities 747 Total identifiable liabilities assumed 179,122 Net identifiable assets acquired $ 11,425 Goodwill resulting from acquisition $ 10,766
Schedule of acquired loans	(Dollars in thousands) January 1, 2020 Contractual principal and interest due $ 20,310 Nonaccretable difference (7,679) Expected cash flows 12,631 Accretable yield (3,372) Purchased credit impaired loans - estimated fair value $ 9,259
Schedule of unaudited pro forma amounts	Unaudited Pro Forma Year Ended (Dollars in thousands, except per share amounts) December 31, 2019 Total revenues (net interest income plus nonintererest income) $ 120,173 Net income $ 18,261 Net income per share, basic and diluted $ 4.99

Securities (Tables)

Securities (Tables)	12 Months Ended
Securities (Tables)	Dec. 31, 2020
Securities
Summary of available for sale debt securities	December 31, 2020 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 48,171 $ 121 $ (10) $ 48,282 Mortgage-backed securities 120,664 3,165 (115) 123,714 Obligations of states and political subdivisions 100,405 2,436 (36) 102,805 Corporate and other debt securities 11,584 47 (43) 11,588 $ 280,824 $ 5,769 $ (204) $ 286,389 December 31, 2019 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. government agencies and corporations $ 21,454 $ 3 $ (17) $ 21,440 Mortgage-backed securities 85,649 979 (43) 86,585 Obligations of states and political subdivisions 80,656 1,111 (59) 81,708 $ 187,759 $ 2,093 $ (119) $ 189,733
Schedule of amortized cost and estimated fair value of securities, by the earlier of contractual maturity or expected maturity	December 31, 2020 Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ 74,739 $ 75,015 Due after one year through five years 153,514 157,622 Due after five years through ten years 50,490 51,572 Due after ten years 2,081 2,180 $ 280,824 $ 286,389
Schedule of gross realized gains and losses and the proceeds	Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Realized gains from sales, maturities and calls of securities: Gross realized gains $ 38 $ 10 $ 10 Gross realized losses — — — Net realized gains $ 38 $ 10 $ 10 Proceeds from sales, maturities, calls and paydowns of securities $ 123,741 $ 75,583 $ 51,067
Schedule of securities in an unrealized loss position	Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss U.S. government agencies and corporations $ 12,719 $ 10 $ — $ — $ 12,719 $ 10 Mortgage-backed securities 15,691 115 — — 15,691 115 Obligations of states and political subdivisions 5,110 36 — — 5,110 36 Corporate and other debt securities 4,271 43 — — 4,271 43 Total temporarily impaired securities $ 37,791 $ 204 $ — $ — $ 37,791 $ 204 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 $ 6,256 $ 11 $ 4,094 $ 6 $ 10,350 $ 17 Mortgage-backed securities 4,099 7 10,166 36 14,265 43 Obligations of states and political subdivisions 9,187 53 1,368 6 10,555 59 Total temporarily impaired securities $ 19,542 $ 71 $ 15,628 $ 48 $ 35,170 $ 119

Loans (Tables)

Loans (Tables)	12 Months Ended
Loans (Tables)	Dec. 31, 2020
Loans
Summary of major classifications of loans	December 31, (Dollars in thousands) 2020 2019 Real estate – residential mortgage $ 218,298 $ 181,295 Real estate – construction 1 62,147 54,246 Commercial, financial and agricultural 2 700,215 500,812 Equity lines 48,466 52,083 Consumer 11,028 13,756 Consumer finance 312,252 312,999 1,352,406 1,115,191 Less allowance for loan losses (39,156) (32,873) Loans, net $ 1,313,250 $ 1,082,318 1 Includes the Corporation’s real estate construction lending and consumer real estate lot lending . 2 Includes the Corporation’s commercial real estate lending, land acquisition and development lending, builder line lending and commercial business lending (which includes loans originated under the PPP).
Schedule of acquired loans	December 31, 2020 December 31, 2019 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 $ 12,760 $ 89,043 $ 101,803 $ 6,262 $ 27,839 $ 34,101 Carrying amount Real estate – residential mortgage $ 1,473 $ 15,117 $ 16,590 $ 107 $ 7,035 $ 7,142 Real estate – construction — 1,077 1,077 — — — Commercial, financial and agricultural 1 4,758 58,796 63,554 563 11,338 11,901 Equity lines 80 10,182 10,262 35 8,046 8,081 Consumer 48 1,924 1,972 — 3 3 Total acquired loans $ 6,359 $ 87,096 $ 93,455 $ 705 $ 26,422 $ 27,127 1 Includes acquired loans classified by the Corporation as commercial real estate lending and commercial business lending.
Summary of change in the accretable yield of loans classified as purchased credit impaired (PCI)	Year Ended December 31, (Dollars in thousands) 2020 2019 Accretable yield, balance at beginning of period $ 4,721 $ 5,987 Acquisition of Peoples 3,372 — Accretion (3,032) (3,360) Sale of PCI loan pool (323) — Reclassification of nonaccretable difference due to improvement in expected cash flows 521 1,587 Other changes, net (1,211) 507 Accretable yield, balance at end of period $ 4,048 $ 4,721
Schedule of loans on nonaccrual status	Loans on nonaccrual status at December 31, 2020 and 2019 were as follows: December 31, (Dollars in thousands) 2020 2019 Real estate – residential mortgage $ 276 $ 1,526 Commercial, financial and agricultural: Commercial business lending 2,428 11 Equity lines 191 229 Consumer 107 118 Consumer finance 402 611 Total loans on nonaccrual status $ 3,404 $ 2,495
Schedule of past due status of loans	The past due status of loans as of December 31, 2020 was as follows: 90+ Days 30 - 59 Days 60 - 89 Days 90+ Days Total Past Due and (Dollars in thousands) Past Due Past Due Past Due Past Due PCI Current 1 Total Loans Accruing Real estate – residential mortgage $ 1,100 $ 154 $ 176 $ 1,430 $ 1,473 $ 215,395 $ 218,298 $ 145 Real estate – construction: Construction lending — — — — — 49,659 49,659 — Consumer lot lending — — — — — 12,488 12,488 — Commercial, financial and agricultural: Commercial real estate lending — — — — 4,758 437,145 441,903 — Land acquisition and development lending — — — — — 37,724 37,724 — Builder line lending — — — — — 18,194 18,194 — Commercial business lending 24 — — 24 — 202,370 202,394 — Equity lines 52 — — 52 80 48,334 48,466 — Consumer 2 — — 2 48 10,978 11,028 — Consumer finance 8,249 967 402 9,618 — 302,634 312,252 — Total $ 9,427 $ 1,121 $ 578 $ 11,126 $ 6,359 $ 1,334,921 $ 1,352,406 $ 145 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due. The past due status of loans as of December 31, 2019 was as follows: 90+ Days 30 - 59 Days 60 - 89 Days 90+ Days Total Past Due and (Dollars in thousands) Past Due Past Due Past Due Past Due PCI Current 1 Total Loans Accruing Real estate – residential mortgage $ 1,428 $ 161 $ 1,016 $ 2,605 $ 107 $ 178,583 $ 181,295 $ — Real estate – construction: Construction lending — — — — — 40,943 40,943 — Consumer lot lending — — — — — 13,303 13,303 — Commercial, financial and agricultural: Commercial real estate lending — — — — 563 325,991 326,554 — Land acquisition and development lending — — — — — 42,891 42,891 — Builder line lending — — — — — 26,373 26,373 — Commercial business lending 73 18 — 91 — 104,903 104,994 — Equity lines 229 56 223 508 35 51,540 52,083 109 Consumer 20 10 — 30 — 13,726 13,756 — Consumer finance 11,034 1,420 611 13,065 — 299,934 312,999 — Total $ 12,784 $ 1,665 $ 1,850 $ 16,299 $ 705 $ 1,098,187 $ 1,115,191 $ 109 1 For the purposes of the table above, “Current” includes loans that are 1-29 days past due.
Schedule of loan modifications classified as TDRs	Year Ended December 31, 2020 2019 2018 Number of Recorded Number of Recorded Number of Recorded (Dollars in thousands) Loans Investment Loans Investment Loans Investment Real estate – residential mortgage 2 $ 176 2 $ 95 1 $ 140 Equity lines 1 84 — — — — Consumer — — 1 121 1 5 Total 3 $ 260 3 $ 216 2 $ 145
Schedule of impaired loans	Impaired loans, which included TDRs of $3.58 million, and the related allowance at December 31, 2020 were as follows: Recorded Recorded Investment Investment Average Unpaid in Loans in Loans Balance- Interest Principal without with Related Impaired Income (Dollars in thousands) Balance Specific Reserve Specific Reserve Allowance Loans Recognized Real estate – residential mortgage $ 2,326 $ 931 $ 1,279 $ 77 $ 2,353 $ 105 Commercial, financial and agricultural: Commercial real estate lending 1,397 — 1,397 89 1,404 73 Commercial business lending 2,430 — 2,428 585 2,573 — Equity lines 120 111 — — 119 2 Consumer 147 — 132 128 154 3 Total $ 6,420 $ 1,042 $ 5,236 $ 879 $ 6,603 $ 183 Impaired loans, which included TDRs of $4.35 million, and the related allowance at December 31, 2019 were as follows: Recorded Recorded Investment Investment Average Unpaid in Loans in Loans Balance- Interest Principal without with Related Impaired Income (Dollars in thousands) Balance Specific Reserve Specific Reserve Allowance Loans Recognized Real estate – residential mortgage $ 3,891 $ 2,192 $ 1,479 $ 72 $ 3,506 $ 155 Commercial, financial and agricultural: Commercial real estate lending 1,459 4 1,447 77 1,581 82 Equity lines 31 31 — — 32 2 Consumer 130 — 121 118 123 — Total $ 5,511 $ 2,227 $ 3,047 $ 267 $ 5,242 $ 239

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	12 Months Ended
Allowance for Loan Losses (Tables)	Dec. 31, 2020
Allowance for Loan Losses
Schedule of changes in the allowance for loan losses	Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Balance at December 31, 2017 $ 2,371 $ 605 $ 7,478 $ 688 $ 231 $ 24,353 $ 35,726 Provision charged to operations (140) 122 (440) 418 140 10,906 11,006 Loans charged off (42) — (409) — (344) (16,477) (17,272) Recoveries of loans previously charged off 57 — 59 — 230 4,217 4,563 Balance at December 31, 2018 2,246 727 6,688 1,106 257 22,999 34,023 Provision charged to operations (146) (46) 458 (235) 329 8,155 8,515 Loans charged off (46) — (29) (138) (349) (13,991) (14,553) Recoveries of loans previously charged off 26 — 4 — 228 4,630 4,888 Balance at December 31, 2019 2,080 681 7,121 733 465 21,793 32,873 Provision charged to operations 808 294 3,589 (47) (34) 6,470 11,080 Loans charged off (62) — (18) — (231) (9,331) (9,642) Recoveries of loans previously charged off 88 — 4 1 171 4,581 4,845 Balance at December 31, 2020 $ 2,914 $ 975 $ 10,696 $ 687 $ 371 $ 23,513 $ 39,156
Schedule of total allowance for loan losses, allowance by impairment methodology, total loans, and total loans by impairment methodology	The following table presents, as of December 31, 2020, the balance of the allowance for loan losses, the allowance by impairment methodology, total loans and loans by impairment methodology. Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance balance attributable to loans: Individually evaluated for impairment $ 77 $ — $ 674 $ — $ 128 $ — $ 879 Collectively evaluated for impairment 2,837 975 10,022 687 243 23,513 38,277 Acquired loans - PCI — — — — — — — Total allowance $ 2,914 $ 975 $ 10,696 $ 687 $ 371 $ 23,513 $ 39,156 Loans: Individually evaluated for impairment $ 2,210 $ — $ 3,825 $ 111 $ 132 $ — $ 6,278 Collectively evaluated for impairment 214,615 62,147 691,632 48,275 10,848 312,252 1,339,769 Acquired loans - PCI 1,473 — 4,758 80 48 — 6,359 Total loans $ 218,298 $ 62,147 $ 700,215 $ 48,466 $ 11,028 $ 312,252 $ 1,352,406 The following table presents, as of December 31, 2019, the balance of the allowance for loan losses, the allowance by impairment methodology, total loans and loans by impairment methodology. Real Estate Commercial, Residential Real Estate Financial & Equity Consumer (Dollars in thousands) Mortgage Construction Agricultural Lines Consumer Finance Total Allowance balance attributable to loans: Individually evaluated for impairment $ 72 $ — $ 77 $ — $ 118 $ — $ 267 Collectively evaluated for impairment 2,008 681 7,044 733 347 21,793 32,606 Acquired loans - PCI — — — — — — — Total allowance $ 2,080 $ 681 $ 7,121 $ 733 $ 465 $ 21,793 $ 32,873 Loans: Individually evaluated for impairment $ 3,671 $ — $ 1,451 $ 31 $ 121 $ — $ 5,274 Collectively evaluated for impairment 177,517 54,246 498,798 52,017 13,635 312,999 1,109,212 Acquired loans - PCI 107 — 563 35 — — 705 Total loans $ 181,295 $ 54,246 $ 500,812 $ 52,083 $ 13,756 $ 312,999 $ 1,115,191
Schedule of loans by credit quality indicators	Loans by credit quality indicators as of December 31, 2020 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 215,712 $ 1,715 $ 595 $ 276 $ 218,298 Real estate – construction: Construction lending 49,659 — — — 49,659 Consumer lot lending 12,488 — — — 12,488 Commercial, financial and agricultural: Commercial real estate lending 415,506 15,507 10,890 — 441,903 Land acquisition and development lending 37,724 — — — 37,724 Builder line lending 18,194 — — — 18,194 Commercial business lending 196,743 3,124 99 2,428 202,394 Equity lines 48,140 132 3 191 48,466 Consumer 10,832 48 41 107 11,028 $ 1,004,998 $ 20,526 $ 11,628 $ 3,002 $ 1,040,154 1 At December 31, 2020, the Corporation did no t have any loans classified as Doubtful or Loss. Included in the table above are loans purchased in connection with the acquisition of Peoples of $53.01 million pass rated, $695,000 special mention and $2.98 million substandard. Non- (Dollars in thousands) Performing Performing Total Consumer finance $ 311,850 $ 402 $ 312,252 Loans by credit quality indicators as of December 31, 2019 were as follows: Special Substandard (Dollars in thousands) Pass Mention Substandard Nonaccrual Total 1 Real estate – residential mortgage $ 177,049 $ 1,839 $ 881 $ 1,526 $ 181,295 Real estate – construction: Construction lending 40,943 — — — 40,943 Consumer lot lending 13,303 — — — 13,303 Commercial, financial and agricultural: Commercial real estate lending 323,218 3,266 70 — 326,554 Land acquisition and development lending 33,870 9,021 — — 42,891 Builder line lending 25,995 378 — — 26,373 Commercial business lending 104,291 692 — 11 104,994 Equity lines 51,662 181 11 229 52,083 Consumer 13,632 6 — 118 13,756 $ 783,963 $ 15,383 $ 962 $ 1,884 $ 802,192 1 At December 31, 2019, the Corporation did not have any loans classified as Doubtful or Loss. Non- (Dollars in thousands) Performing Performing Total Consumer finance $ 312,388 $ 611 $ 312,999

OREO (Tables)

OREO (Tables)	12 Months Ended
OREO (Tables)	Dec. 31, 2020
OREO
Changes in the balance for OREO	Year Ended December 31, (Dollars in thousands) 2020 2019 Balance at the beginning of year, gross $ 1,191 $ 303 Additions 344 1,401 Charge-offs (57) — Sales proceeds (364) (521) Gain on disposition — 8 Balance at the end of year, gross 1,114 1,191 Less valuation allowance (207) (88) Balance at the end of year, net $ 907 $ 1,103
Changes in the allowance for OREO	Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Balance at the beginning of year $ 88 $ 57 $ 57 Provision for losses 176 31 — Charge-offs, net (57) — — Balance at the end of year $ 207 $ 88 $ 57

Corporate Premises and Equipm_2

Corporate Premises and Equipment (Tables)	12 Months Ended
Corporate Premises and Equipment (Tables)	Dec. 31, 2020
Corporate Premises and Equipment
Schedule of major classifications of corporate premises and equipment	December 31, (Dollars in thousands) 2020 2019 Land $ 8,961 $ 7,806 Buildings 45,352 35,933 Equipment, furniture and fixtures 21,278 18,285 75,591 62,024 Less accumulated depreciation (31,459) (26,763) $ 44,132 $ 35,261

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
Goodwill and Other Intangible Assets (Tables)	Dec. 31, 2020
Goodwill and Other Intangible Assets
Schedule of changes in goodwill, by reporting unit	Community Consumer (Dollars in thousands) Banking Finance Total Balance as of January 1, 2020 $ 3,702 $ 10,723 $ 14,425 Acquisition of Peoples Bankshares, Incorporated 10,766 — 10,766 Balance at December 31, 2020 $ 14,468 $ 10,723 $ 25,191
Schedule of gross carrying amounts and accumulated amortization of other intangible assets	December 31, December 31, 2020 2019 Gross Gross Carrying Accumulated Carrying Accumulated (Dollars in thousands) Amount Amortization Amount Amortization Amortized intangible assets: Core deposit intangibles $ 1,711 $ (171) $ — $ — Other intangibles 1,405 (654) 1,405 (493) Total $ 3,116 $ (825) $ 1,405 $ (493)
Schedule of estimated remaining amortization expense of intangibles	(Dollars in thousands) 2021 $ 314 2022 298 2023 273 2024 260 2025 237 Thereafter 909 Total $ 2,291

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2020
Leases
Schedule of lease cost	Year Ended December 31, (Dollars in thousands) 2020 2019 Operating lease cost $ 1,616 $ 1,681 Finance lease cost: Amortization of right-of-use asset 166 — Interest on lease liability 70 — Short-term lease cost 219 128 Variable lease cost 52 43 Total lease cost $ 2,123 $ 1,852
Schedule of balance sheet details and quantitative details	December 31, December 31, (Dollars in thousands) 2020 2019 Operating leases: Right of use assets $ 2,404 $ 2,785 Lease liabilities 2,488 2,813 Weighted average remaining lease term (years) 3.0 3.0 Weighted average discount rate 2.2 % 3.2 % Finance leases: Right of use assets $ 6,193 $ — Lease liabilities 6,305 — Weighted average remaining lease term (years) 19.5 — Weighted average discount rate 2.0 % — %
Schedule of cash flow information	Year Ended December 31, (Dollars in thousands) 2020 2019 Operating leases: Operating cash flows $ 1,659 $ 1,567 Finance leases: Operating cash flows 70 — Financing cash flows 53 — Total cash flows $ 1,782 $ 1,567
Schedule of maturities of operating lease liabilities	December 31, 2020 (Dollars in thousands) Operating Leases Finance Leases 2021 $ 1,172 $ 61 2022 670 329 2023 460 338 2024 161 346 2025 122 355 Thereafter 17 6,373 Total 2,602 7,802 Imputed interest (114) (1,497) Lease liabilities $ 2,488 $ 6,305
Schedule of maturities of finance lease liabilities	December 31, 2020 (Dollars in thousands) Operating Leases Finance Leases 2021 $ 1,172 $ 61 2022 670 329 2023 460 338 2024 161 346 2025 122 355 Thereafter 17 6,373 Total 2,602 7,802 Imputed interest (114) (1,497) Lease liabilities $ 2,488 $ 6,305

Time Deposits (Tables)

Time Deposits (Tables)	12 Months Ended
Time Deposits (Tables)	Dec. 31, 2020
Time Deposits
Schedule of time deposits	December 31, (Dollars in thousands) 2020 2019 Certificates of deposit, over $250 $ 125,293 $ 109,310 Other time deposits 344,290 312,746 $ 469,583 $ 422,056
Schedule of remaining maturities on time deposits	(Dollars in thousands) December 31, 2020 2021 $ 328,215 2022 77,042 2023 28,707 2024 19,454 2025 13,833 Thereafter 2,332 $ 469,583

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
Borrowings (Tables)	Dec. 31, 2020
Borrowings
Schedule of selected information on short-term borrowings	December 31, (Dollars in thousands) 2020 2019 Balance outstanding at year end 1 $ 20,455 $ 16,360 Maximum balance at any month end during the year $ 60,481 $ 17,178 Average balance for the year $ 22,737 $ 15,533 Weighted average rate for the year 0.54 % 1.05 % Weighted average rate on borrowings at year end 0.49 % 0.82 % Estimated fair value at year end $ 20,455 $ 16,360 1 Consists of repurchase transactions with customers, which generally mature the day following the day sold and are secured by investment securities.

Equity, Other Comprehensive I_2

Equity, Other Comprehensive Income and Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Equity, Other Comprehensive Income and Earnings Per Share
Schedule of the components of accumulated other comprehensive loss, net of deferred taxes	December 31, (Dollars in thousands) 2020 2019 Net unrealized gains on securities $ 4,397 $ 1,560 Net unrecognized losses on cash flow hedges (1,367) (69) Net unrecognized losses on defined benefit plan (4,985) (3,740) Total accumulated other comprehensive loss, net $ (1,955) $ (2,249)
Schedule of components earnings per share calculations	Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Net income attributable to C&F Financial Corporation $ 22,117 $ 18,859 $ 18,020 Weighted average shares outstanding — 3,648,696 3,450,745 3,501,221

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2020
Income Taxes
Schedule of principal components of income tax expense	Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Current taxes $ 7,612 $ 4,728 $ 3,889 Deferred taxes (817) 354 632 $ 6,795 $ 5,082 $ 4,521
Schedule of reconciliation of effective income tax rate to income tax provision	Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Amount Percent Amount Percent Amount Percent Income tax at statutory rates $ 6,136 21.0 % $ 5,026 21.0 % $ 4,734 21.0 % State income taxes 1,449 5.0 695 2.9 575 2.6 Tax-exempt interest income (493) (1.7) (453) (1.9) (574) (2.5) Excess compensation 328 1.1 — — — — Change in tax law (326) (1.1) — — — — Income from bank-owned life insurance (107) (0.4) (149) (0.6) (89) (0.4) Investments in qualified housing projects (82) (0.3) (93) (0.4) (85) (0.4) Share based compensation (77) (0.3) (126) (0.5) (103) (0.5) Merger related expenses 29 0.1 96 0.4 — — Other (62) (0.2) 86 0.3 63 0.3 $ 6,795 23.2 % $ 5,082 21.2 % $ 4,521 20.1 %
Schedule of deferred tax assets and liabilities	December 31, (Dollars in thousands) 2020 2019 Deferred tax asset Allowances for loan losses and OREO losses $ 9,743 $ 8,227 Nonqualified defined contribution plan 3,595 3,247 Lease liabilities 1,906 667 Fair value adjustments related to business combinations 1,716 1,053 Share-based compensation 920 863 Reserve for indemnification losses 879 645 Accrued expenses 779 426 Cash flow hedges 471 24 Other 1,364 1,359 Deferred tax asset 21,373 16,511 Deferred tax liability Goodwill and other intangible assets (3,164) (2,818) Right of use assets (1,868) (664) Depreciation (1,272) (972) Net unrealized gain on securities available for sale (1,169) (415) Defined benefit plan (345) (423) Deferred tax liability (7,818) (5,292) Net deferred tax asset $ 13,555 $ 11,219

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
Employee Benefit Plans (Tables)	Dec. 31, 2020
Employee Benefit Plans
Schedule of Changes in Projected Benefit Obligations, Fair Value, and Funded Status	December 31, (Dollars in thousands) 2020 2019 Change in benefit obligation Projected benefit obligation, beginning $ 20,794 $ 17,205 Service cost 1,603 1,218 Interest cost 551 609 Actuarial loss 2,996 2,834 Benefits paid (1,301) (1,072) Projected benefit obligation, ending 24,643 20,794 Change in plan assets Fair value of plan assets, beginning 22,806 20,156 Actual return on plan assets 2,782 3,722 Employer contributions 2,000 — Benefits paid (1,301) (1,072) Fair value of plan assets, ending 26,287 22,806 Funded status $ 1,644 $ 2,012 Amounts recognized as an other asset $ 1,644 $ 2,012 Amounts recognized in accumulated other comprehensive loss Net loss $ 6,748 $ 5,239 Prior service credits (438) (504) Deferred taxes (1,325) (995) Total recognized in accumulated other comprehensive loss $ 4,985 $ 3,740 Weighted-average assumptions for benefit obligation at valuation date Discount rate 2.1 % 2.9 % Rate of compensation increase 3.0 3.0 Interest crediting rate 5.0 5.0
Schedule of net periodic benefit costs	Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Components of net periodic benefit cost: Service cost, included in salaries and employee benefits $ 1,603 $ 1,218 $ 1,232 Other components of net periodic benefit cost: Interest cost 551 609 521 Expected return on plan assets (1,492) (1,297) (1,413) Amortization of prior service credit (66) (68) (62) Amortization of net obligation at transition — — — Recognized net actuarial losses 197 187 125 Other components of net periodic benefit cost, included in other noninterest income (810) (569) (829) Net periodic benefit cost $ 793 $ 649 403
Schedule of weighted-average assumptions used for net periodic benefit cost	January 1, 2020 2019 2018 Weighted-average assumptions for net periodic benefit cost Discount rate 2.9 % 4.0 % 3.3 % Expected return on plan assets 7.3 7.3 7.3 Rate of compensation increase 3.0 3.0 3.0 Interest crediting rate 5.0 5.0 5.0
Schedule of benefits expected to be paid by the plan in the next ten years	(Dollars in thousands) 2021 $ 4,059 2022 810 2023 1,560 2024 1,376 2025 2,251 2026 – 2030 7,515
Schedule of defined benefit pension plan weighted average asset allocations by asset category	December 31, 2020 2019 Mutual funds-fixed income 37 % 38 % Mutual funds-equity 63 62 Cash and equivalents * * 100 % 100 % * Less than one percent.
Summary of fair value of defined benefit plan assets	December 31, 2020 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Mutual funds-fixed income 1 $ 9,726 $ — $ — $ 9,726 Mutual funds-equity 2 16,561 — — 16,561 Cash and equivalents 3 — — — — Total pension plan assets $ 26,287 $ — $ — $ 26,287 December 31, 2019 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Mutual funds-fixed income 1 $ 8,744 $ — $ — $ 8,744 Mutual funds-equity 2 14,062 — — 14,062 Cash and equivalents 3 — — — — Total pension plan assets $ 22,806 $ — $ — $ 22,806 1 This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. 2 This category includes investments in mutual funds focused on equity securities with a diversified portfolio and includes investments in large cap and small cap funds, growth funds, international focused funds and value funds. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. 3 This category comprises cash and short-term cash equivalent funds. The funds are valued at cost which approximates fair value.

Share-Based Plans (Tables)

Share-Based Plans (Tables)	12 Months Ended
Share-Based Plans (Tables)	Dec. 31, 2020
Share-Based Plans
Summary of activity for restricted stock awards	2020 2019 2018 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested at beginning of year 142,020 $ 48.88 139,455 $ 45.75 137,880 $ 43.52 Granted 47,385 42.01 36,115 53.75 30,185 52.82 Vested (30,550) 39.84 (32,155) 40.69 (26,450) 42.41 Cancelled (2,910) 53.46 (1,395) 51.05 (2,160) 42.54 Nonvested at end of year 155,945 48.52 142,020 48.88 139,455 45.75

Regulatory Requirements and R_2

Regulatory Requirements and Restrictions (Tables)	12 Months Ended
Regulatory Requirements and Restrictions (Tables)	Dec. 31, 2020
Regulatory Requirements and Restrictions
Schedule of actual capital amounts and ratios	Minimum To Be Well Capitalized Under Prompt Minimum Capital Corrective Action Actual Requirements Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020: Total Capital (to Risk-Weighted Assets) Corporation $ 240,060 15.2 % $ 125,947 8.0 % N/A N/A C&F Bank 214,151 13.8 124,291 8.0 $ 155,364 10.0 % Tier 1 Capital (to Risk-Weighted Assets) Corporation 196,140 12.5 94,460 6.0 N/A N/A C&F Bank 194,487 12.5 93,219 6.0 124,291 8.0 Common Equity Tier 1 Capital (to Risk-Weighted Assets) Corporation 171,140 10.9 70,845 4.5 N/A N/A C&F Bank 194,487 12.5 69,914 4.5 100,987 6.5 Tier 1 Capital (to Average Tangible Assets) Corporation 196,140 9.6 81,414 4.0 N/A N/A C&F Bank 194,487 9.6 80,640 4.0 100,800 5.0 As of December 31, 2019: Total Capital (to Risk-Weighted Assets) Corporation $ 195,927 14.9 % $ 105,544 8.0 % N/A N/A C&F Bank 181,369 14.0 103,307 8.0 $ 129,134 10.0 % Tier 1 Capital (to Risk-Weighted Assets) Corporation 179,233 13.6 79,158 6.0 N/A N/A C&F Bank 165,021 12.8 77,480 6.0 103,307 8.0 Common Equity Tier 1 Capital (to Risk-Weighted Assets) Corporation 154,233 11.7 59,369 4.5 N/A N/A C&F Bank 165,021 12.8 58,110 4.5 83,937 6.5 Tier 1 Capital (to Average Tangible Assets) Corporation 179,233 11.1 64,863 4.0 N/A N/A C&F Bank 165,021 10.3 64,201 4.0 80,251 5.0

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	12 Months Ended
Commitments and Contingent Liabilities (Tables)	Dec. 31, 2020
Commitments and Contingent Liabilities
Schedule of allowance for indemnifications losses	Year Ended December 31, (Dollars in thousands) 2020 2019 Allowance, beginning of period $ 2,475 $ 2,541 Provision for indemnification losses 881 — Payments — (66) Allowance, end of period $ 3,356 $ 2,475

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
Fair Value of Assets and Liabilities (Tables)	Dec. 31, 2020
Fair Value of Assets and Liabilities
Schedule of balances of financial assets and liabilities measured at fair value on a recurring basis	December 31, 2020 Fair Value Measurements Using Assets/Liabilities at (Dollars in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Securities available for sale U.S. government agencies and corporations $ — $ 48,282 $ — $ 48,282 Mortgage-backed securities — 123,714 — 123,714 Obligations of states and political subdivisions — 102,805 — 102,805 Corporate and other debt securities — 11,588 — 11,588 Total securities available for sale — 286,389 — 286,389 Loans held for sale — 214,266 — 214,266 Derivatives IRLC — 4,582 — 4,582 Interest rate swaps on loans — 8,185 — 8,185 Total assets $ — $ 513,422 $ — $ 513,422 Liabilities: Derivatives Interest rate swaps on loans $ — $ 8,185 $ — $ 8,185 Cash flow hedges — 1,882 — 1,882 Forward sales of TBA securities — 47 — 47 Total liabilities $ — $ 10,114 $ — $ 10,114 December 31, 2019 Fair Value Measurements Using Assets/Liabilities at (Dollars in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Securities available for sale U.S. government agencies and corporations $ — $ 21,440 $ — $ 21,440 Mortgage-backed securities — 86,585 — 86,585 Obligations of states and political subdivisions — 81,708 — 81,708 Total securities available for sale — 189,733 — 189,733 Loans held for sale — 90,500 — 90,500 Derivatives IRLC — 1,083 — 1,083 Interest rate swaps on loans — 2,462 — 2,462 Total assets $ — $ 283,778 $ — $ 283,778 Liabilities: Derivatives Interest rate swaps on loans $ — $ 2,462 $ — $ 2,462 Cash flow hedges — 145 — 145 Forward sales of TBA securities — 25 — 25 Total liabilities $ — $ 2,632 $ — $ 2,632
Schedule of balances of assets measured at fair value on a nonrecurring basis	December 31, 2020 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Other real estate owned, net $ — $ — $ 72 $ 72 Total $ — $ — $ 72 $ 72 December 31, 2019 Fair Value Measurements Using Assets at Fair (Dollars in thousands) Level 1 Level 2 Level 3 Value Impaired loans, net $ — $ — $ 102 $ 102 Other real estate owned, net — — 268 268 Total $ — $ — $ 370 $ 370
Schedule of quantitative information about Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis	Fair Value Measurements (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Inputs Range (Weighted Average) 1 At December 31, 2020: Other real estate owned, net $ 72 Appraisals Discount to reflect current market conditions and estimated selling costs 75% - 80% ( 79% ) Total $ 72 At December 31, 2019: Impaired loans, net $ 102 Appraisals Discount to reflect current market conditions and estimated selling costs 30% (30%) Other real estate owned, net 268 Appraisals Discount to reflect current market conditions and estimated selling costs 33% - 75% (37%) Total $ 370 1 The weighted average of unobservable inputs is calculated based on the relative asset fair values.
Schedule of carrying amounts and estimated fair values of financial instruments	Carrying Fair Value Measurements at December 31, 2020 Using Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 86,669 $ 86,669 $ — $ — $ 86,669 Securities available for sale 286,389 — 286,389 — 286,389 Loans, net 1,313,250 — — 1,308,569 1,308,569 Loans held for sale 214,266 — 214,266 — 214,266 Derivatives IRLC 4,582 — 4,582 — 4,582 Interest rate swaps on loans 8,185 — 8,185 — 8,185 Bank-owned life insurance 20,205 — 20,205 — 20,205 Accrued interest receivable 8,103 8,103 — — 8,103 Financial liabilities: Demand and savings deposits 1,282,590 1,282,590 — — 1,282,590 Time deposits 469,583 — 474,154 — 474,154 Borrowings 69,864 — 71,119 — 71,119 Derivatives Cash flow hedges 1,882 — 1,882 — 1,882 Interest rate swaps on loans 8,185 — 8,185 — 8,185 Forward sales of TBA securities 47 — 47 — 47 Accrued interest payable 1,109 1,109 — — 1,109 Carrying Fair Value Measurements at December 31, 2019 Using Total Fair (Dollars in thousands) Value Level 1 Level 2 Level 3 Value Financial assets: Cash and short-term investments $ 165,433 $ 165,433 $ — $ — $ 165,433 Securities available for sale 189,733 — 189,733 — 189,733 Loans, net 1,082,318 — — 1,082,783 1,082,783 Loans held for sale 90,500 — 90,500 — 90,500 Derivatives IRLC 1,083 — 1,083 — 1,083 Interest rate swaps on loans 2,462 — 2,462 — 2,462 Bank-owned life insurance 16,044 — 16,044 — 16,044 Accrued interest receivable 6,776 6,776 — — 6,776 Financial liabilities: Demand and savings deposits 869,194 869,194 — — 869,194 Time deposits 422,056 — 423,605 — 423,605 Borrowings 161,170 — 154,964 — 154,964 Derivatives Cash flow hedges 145 — 145 — 145 Interest rate swaps on loans 2,462 — 2,462 — 2,462 Forward sales of TBA securities 25 — 25 25 Accrued interest payable 1,291 1,291 — — 1,291

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
Business Segments (Tables)	Dec. 31, 2020
Business Segments
Schedule of segment reporting information, by segment	Year Ended December 31, 2020 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ 62,173 $ 4,954 $ 38,949 $ — $ (9,163) $ 96,913 Gains on sales of loans 3,489 25,792 — — (57) 29,224 Other noninterest income 10,843 9,985 492 4,904 (30) 26,194 Total operating income 76,505 40,731 39,441 4,904 (9,250) 152,331 Expenses: Provision for loan losses 4,600 10 6,470 — — 11,080 Interest expense 10,630 1,579 8,726 1,611 (9,164) 13,382 Salaries and employee benefits 30,774 13,908 8,716 4,270 — 57,668 Depreciation and amortization 3,561 281 175 172 — 4,189 Other noninterest expenses 21,358 9,825 4,937 673 — 36,793 Total operating expenses 70,923 25,603 29,024 6,726 (9,164) 123,112 Income (loss) before income taxes 5,582 15,128 10,417 (1,822) (86) 29,219 Income tax expense (benefit) 155 4,392 2,805 (539) (18) 6,795 Net income (loss) $ 5,427 $ 10,736 $ 7,612 $ (1,283) $ (68) $ 22,424 Total assets $ 1,950,514 $ 239,417 $ 314,746 $ 44,934 $ (463,301) $ 2,086,310 Capital expenditures $ 6,528 $ 354 $ 3,346 $ — $ — $ 10,228 Year Ended December 31, 2019 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ 59,465 $ 2,699 $ 41,389 $ 4 $ (8,547) $ 95,010 Gains on sales of loans — 10,603 — — — 10,603 Other noninterest income 11,392 5,103 565 4,349 — 21,409 Total operating income 70,857 18,405 41,954 4,353 (8,547) 127,022 Expenses: Provision for loan losses 360 — 8,155 — — 8,515 Interest expense 10,181 1,618 10,169 1,135 (8,547) 14,556 Salaries and employee benefits 28,231 5,965 8,668 4,337 — 47,201 Depreciation and amortization 3,242 246 196 182 — 3,866 Other noninterest expenses 17,091 5,467 5,338 1,056 — 28,952 Total operating expenses 59,105 13,296 32,526 6,710 (8,547) 103,090 Income (loss) before income taxes 11,752 5,109 9,428 (2,357) — 23,932 Income tax expense (benefit) 1,837 1,336 2,560 (651) — 5,082 Net income (loss) $ 9,915 $ 3,773 $ 6,868 $ (1,706) $ — $ 18,850 Total assets $ 1,468,627 $ 102,467 $ 314,431 $ 30,299 $ (258,392) $ 1,657,432 Capital expenditures $ 2,270 $ 246 $ 123 $ 67 $ — $ 2,706 Year Ended December 31, 2018 Community Mortgage Consumer (Dollars in thousands) Banking Banking Finance Other Eliminations Consolidated Revenues: Interest income $ 55,019 $ 2,018 $ 42,789 $ 6 $ (7,284) $ 92,548 Gains on sales of loans — 7,841 — — — 7,841 Other noninterest income 11,029 4,015 738 2,745 — 18,527 Total operating income 66,048 13,874 43,527 2,751 (7,284) 118,916 Expenses: Provision for loan losses 100 — 10,906 — — 11,006 Interest expense 6,842 904 9,413 1,152 (7,284) 11,027 Salaries and employee benefits 26,632 5,298 8,542 1,531 — 42,003 Depreciation and amortization 3,014 269 211 177 — 3,671 Other noninterest expenses 16,869 4,803 5,303 1,693 — 28,668 Total operating expenses 53,457 11,274 34,375 4,553 (7,284) 96,375 Income (loss) before income taxes 12,591 2,600 9,152 (1,802) — 22,541 Income tax expense (benefit) 1,958 697 2,460 (594) — 4,521 Net income (loss) $ 10,633 $ 1,903 $ 6,692 $ (1,208) $ — $ 18,020 Total assets $ 1,351,932 $ 51,226 $ 296,876 $ 16,461 $ (195,084) $ 1,521,411 Capital expenditures $ 3,178 $ 133 $ 59 $ 4 $ — $ 3,374

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
Derivative Financial Instruments (Tables)	Dec. 31, 2020
Derivative Financial Instruments
Schedule of key elements of derivative instruments other than forward sales of mortgage loans	December 31, 2020 Notional (Dollars in thousands) Amount Assets Liabilities Cash flow hedges: Interest rate swap contracts $ 25,000 $ — $ 1,882 Not designated as hedges: Customer-related interest rate swap contracts: Matched interest rate swaps with borrower 84,753 8,185 — Matched interest rate swaps with counterparty 84,753 — 8,185 Mortgage banking contracts: IRLCs 198,632 4,582 — Forward sales of TBA securities 8,000 — 47 December 31, 2019 Notional (Dollars in thousands) Amount Assets Liabilities Cash flow hedges: Interest rate swap contracts $ 25,000 $ — $ 145 Not designated as hedges: Customer-related interest rate swap contracts: Matched interest rate swaps with borrower 74,266 2,454 8 Matched interest rate swaps with counterparty 74,266 8 2,454 Mortgage banking contracts: IRLCs 75,073 1,083 — Forward sales of TBA securities 24,000 — 25

Holding Company Condensed Fin_2

Holding Company Condensed Financial Information (Tables) - C&F Financial Corporation	12 Months Ended
	Dec. 31, 2020
Condensed Balance Sheet	December 31, (Dollars in thousands) 2020 2019 Condensed Balance Sheets Assets Cash $ 21,272 $ 11,464 Other assets 22,680 17,687 Investment in C&F Bank 218,148 175,254 Total assets $ 262,100 $ 204,405 Liabilities and shareholders’ equity Trust preferred capital notes $ 25,316 $ 25,281 Long-term borrowings 24,093 — Other liabilities 18,886 14,326 Shareholders’ equity 193,805 164,798 Total liabilities and shareholders’ equity $ 262,100 $ 204,405
Condensed Statements of Comprehensive Income	Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Condensed Statements of Comprehensive Income Interest expense on borrowings $ (1,611) $ (1,135) $ (1,152) Dividends received from C&F Bank 8,746 22,632 6,312 Equity in undistributed net income of C&F Bank 15,373 (1,697) 13,228 Other income 2,041 2,108 45 Other expenses (2,432) (3,049) (413) Net income 22,117 18,859 18,020 Other comprehensive income (loss), net of tax 294 2,423 (2,785) Comprehensive income $ 22,411 $ 21,282 $ 15,235
Condensed Cash Flow Statement	Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Condensed Statements of Cash Flows Operating activities: Net cash provided by operating activities $ 8,141 $ 20,674 $ Investing activities: Acquisition of Peoples Bankshares, Inc. (10,084) — — Swap collateral, net (1,710) (150) — Net cash used in investing activities (11,794) (150) — Financing activities: Proceeds from borrowings 19,924 — — Common stock repurchases (1,061) (4,385) (1,105) Cash dividends (5,546) (5,131) (4,931) Other financing activities, net 144 140 144 Net cash provided by (used in) financing activities 13,461 (9,376) (5,892) Net increase (decrease) in cash and cash equivalents 9,808 11,148 (91) Cash at beginning of year 11,464 316 407 Cash at end of year $ 21,272 $ 11,464 $ 316

Other Noninterest Expenses (Tab

Other Noninterest Expenses (Tables)	12 Months Ended
Other Noninterest Expenses (Tables)	Dec. 31, 2020
Other Noninterest Expenses
Schedule of other noninterest expense	Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Data processing fees $ 10,916 $ 8,958 $ 8,041 Mortgage banking loan processing expenses 3,235 1,666 1,444 Professional fees 3,046 3,265 3,044 Marketing and advertising expenses 1,663 1,781 1,601 Telecommunication expenses 1,455 1,328 1,331 Travel and educational expenses 1,153 1,329 1,231 All other noninterest expenses 8,678 6,579 7,928 Total other noninterest expenses $ 30,146 $ 24,906 $ 24,620

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Nature of Operations and Significant Group Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2020subsidiary
Individual State Concentration Risk \| Investment concentration risk \| Obligations of states and political subdivisions
Concentration risk
Concentration risk, percentage	16.80%
Individual State Concentration Risk \| Investment concentration risk \| Obligations of states and political subdivisions \| Minimum
Concentration risk
Concentration risk, threshold percentage	10.00%
Category of loan concentration risk \| Loan Portfolio Concentration Risk \| Commercial, financial and agricultural
Concentration risk
Concentration risk, percentage	51.80%
Category of loan concentration risk \| Loan Portfolio Concentration Risk \| Non-prime consumer finance loans
Concentration risk
Concentration risk, percentage	19.80%
C&F Bank
Concentration risk
Number of wholly owned subsidiaries	5
C&F Mortgage \| C&F Select LLC
Concentration risk
Interest owned (as a percent)	51.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Business Combination and Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
C&F Bank
Cash and cash equivalents
Minimum cash requirement	$ 0	$ 1,030

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Originated Loans and Allowance for Loan Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Originated Loans and Allowance for Loan Losses
Non-accrual Status Collection Days Past Due	90 days
Aggregate balance	$ 30,740
Performing \| Maximum
Originated Loans and Allowance for Loan Losses
Threshold for classification as performing loans	90 days
Non-Performing \| Minimum
Originated Loans and Allowance for Loan Losses
Threshold for classification as performing loans	90 days

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Paycheck Protection Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amount recognized in net loan fees	$ 90,992	$ 87,519	$ 84,529
Minimum
Fees as percentage of principal amount (as a percent)	1.00%
Maximum
Fees as percentage of principal amount (as a percent)	5.00%
Paycheck Protection Program
Aggregate fees	$ 3,720
Unrecognized aggregate fees	2,160
Amount recognized in net loan fees	$ 1,560

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Repossessed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Delinquent threshold for repossession process to initiate	60 days
Other assets
Repossessed vehicles	$ 291	$ 410

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Corporate Premises and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Buildings \| Minimum
Premises and equipment
Property, Plant and Equipment, Useful Life	10 years
Buildings \| Maximum
Premises and equipment
Property, Plant and Equipment, Useful Life	40 years
Equipment, furniture and fixtures \| Minimum
Premises and equipment
Property, Plant and Equipment, Useful Life	3 years
Equipment, furniture and fixtures \| Maximum
Premises and equipment
Property, Plant and Equipment, Useful Life	10 years

Summary of Significant Accoun_9

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

Business Combination - Consider

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

Business Combination - Purchase

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

Business Combination - Loans, C

Business Combination - Loans, Core Deposit Intangible and Deposits (Details) - USD ($)	Jan. 01, 2020	Dec. 31, 2020	Dec. 31, 2019
Business Combination
Outstanding principal balance		$ 101,803,000	$ 34,101,000
Loans, allowance for loan losses		39,156,000	32,873,000
PCI Loans
Business Combination
Outstanding principal balance		$ 12,760,000	$ 6,262,000
Peoples Bankshares, Incorporated (Peoples)
Business Combination
Outstanding principal balance	$ 131,920,000
Estimated fair value of loans acquired	124,195,000
Loans, allowance for loan losses	2,870,000
Information about PCI loans acquired
Contractual principal and interest due	20,310,000
Nonaccretable difference	(7,679,000)
Expected cash flows	12,631,000
Accretable yield	(3,372,000)
Purchase credit impaired loans - estimated fair value	9,259,000
Core deposit intangible asset	$ 1,711,000
Percentage of CDI to non-maturity deposits	1.80%
Premium of deposits	$ 557,000
Amortization period	2 years
Peoples Bankshares, Incorporated (Peoples) \| Minimum
Information about PCI loans acquired
Maturity of deposits	3 months
Peoples Bankshares, Incorporated (Peoples) \| Maximum
Information about PCI loans acquired
Maturity of deposits	5 years
Peoples Bankshares, Incorporated (Peoples) \| PCI Loans
Business Combination
Outstanding principal balance	$ 4,280,000
Estimated fair value of loans acquired	$ 635,000

Business Combination - Pro form

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

Business Combination - Merger r

Business Combination - Merger related costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Combination
Merger related costs	$ 898,000	$ 709,000	$ 0
Aggregated merger related costs	2,100,000
Aggregated merger related costs, after Income Taxes	1,780,000
Peoples Bankshares, Incorporated (Peoples)
Business Combination
Merger related costs	1,400,000	709,000
Merger related costs, after income taxes	$ 1,130,000	$ 653,000

Securities - Available for sale

Securities - Available for sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 280,824	$ 187,759
Gross Unrealized Gains	5,769	2,093
Gross Unrealized Losses	(204)	(119)
Fair Value	286,389	189,733
U.S. government agencies and corporations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	48,171	21,454
Gross Unrealized Gains	121	3
Gross Unrealized Losses	(10)	(17)
Fair Value	48,282	21,440
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	120,664	85,649
Gross Unrealized Gains	3,165	979
Gross Unrealized Losses	(115)	(43)
Fair Value	123,714	86,585
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	100,405	80,656
Gross Unrealized Gains	2,436	1,111
Gross Unrealized Losses	(36)	(59)
Fair Value	102,805	$ 81,708
Corporate and other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,584
Gross Unrealized Gains	47
Gross Unrealized Losses	(43)
Fair Value	$ 11,588

Securities - Maturities and Rea

Securities - Maturities and Realized Gains and Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Amortized Cost
Due in one year or less	$ 74,739
Due after one year through five years	153,514
Due after five years through ten years	50,490
Due after ten years	2,081
Amortized Cost	280,824	$ 187,759
Fair Value
Due in one year or less	75,015
Due after one year through five years	157,622
Due after five years through ten years	51,572
Due after ten years	2,180
Fair Value	286,389	$ 189,733
Gross realized gains and losses on and the proceeds from sales, maturities and calls of securities
Proceeds related to sales of securities acquired	8,004
Number of securities sales		0	0
Gross realized gains	38	$ 10	$ 10
Net realized gains	38	10	10
Proceeds from sales, maturities, calls and paydowns of securities	123,741	$ 75,583	$ 51,067
Peoples Bankshares, Incorporated (Peoples)
Gross realized gains and losses on and the proceeds from sales, maturities and calls of securities
Proceeds related to sales of securities acquired	$ 5,990

Securities - Pledged as Collate

Securities - Pledged as Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Available for sale securities
Amortized Cost	$ 280,824	$ 187,759
Fair Value	286,389	189,733
Securities Pledged as Collateral
Available for sale securities
Amortized Cost	146,660	126,220
Fair Value	$ 150,130	$ 127,470

Securities - Unrealized Loss Po

Securities - Unrealized Loss Positions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)security	Dec. 31, 2019USD ($)
Fair value
Less Than 12 Months, Fair Value	$ 37,791	$ 19,542
12 Months or More, Fair Value	0	15,628
Total Fair Value	37,791	35,170
Unrealized Loss
Less Than 12 Months, Unrealized Loss	204	71
12 Months or More, Unrealized Loss	0	48
Total Unrealized Loss	$ 204	119
Other information
Number of positions considered temporarily impaired \| security	31
Debt securities considered temporarily impaired	$ 37,791	35,170
Other than temporary impairment	0
U.S. government agencies and corporations
Fair value
Less Than 12 Months, Fair Value	12,719	6,256
12 Months or More, Fair Value		4,094
Total Fair Value	12,719	10,350
Unrealized Loss
Less Than 12 Months, Unrealized Loss	10	11
12 Months or More, Unrealized Loss		6
Total Unrealized Loss	10	17
Other information
Debt securities considered temporarily impaired	12,719	10,350
Mortgage-backed securities
Fair value
Less Than 12 Months, Fair Value	15,691	4,099
12 Months or More, Fair Value		10,166
Total Fair Value	15,691	14,265
Unrealized Loss
Less Than 12 Months, Unrealized Loss	115	7
12 Months or More, Unrealized Loss		36
Total Unrealized Loss	115	43
Other information
Debt securities considered temporarily impaired	15,691	14,265
Obligations of states and political subdivisions
Fair value
Less Than 12 Months, Fair Value	5,110	9,187
12 Months or More, Fair Value		1,368
Total Fair Value	5,110	10,555
Unrealized Loss
Less Than 12 Months, Unrealized Loss	36	53
12 Months or More, Unrealized Loss		6
Total Unrealized Loss	36	59
Other information
Debt securities considered temporarily impaired	5,110	$ 10,555
Corporate and other debt securities
Fair value
Less Than 12 Months, Fair Value	4,271
Total Fair Value	4,271
Unrealized Loss
Less Than 12 Months, Unrealized Loss	43
Total Unrealized Loss	43
Other information
Debt securities considered temporarily impaired	$ 4,271

Securities - Restricted Stocks

Securities - Restricted Stocks and others (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Securities
Investment in restricted stock	$ 1,640
Investment in restricted stocks	1,636	$ 3,257
Restricted stocks, other-than-temporary impairment	$ 0

Loans - Major Classifications o

Loans - Major Classifications of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Loans
Loans	$ 1,352,406	$ 1,115,191
Less allowance for loan losses	(39,156)	(32,873)
Loans, net	1,313,250	1,082,318
Real estate - residential mortgage
Loans
Loans	218,298	181,295
Real estate - construction
Loans
Loans	62,147	54,246
Commercial, financial and agricultural
Loans
Loans	700,215	500,812
Equity lines
Loans
Loans	48,466	52,083
Consumer
Loans
Loans	11,028	13,756
Consumer finance
Loans
Loans	312,252	312,999
Consumer
Loans
Amount included related to demand deposit overdrafts	$ 284	$ 449

Loans - Loans Acquired (Details

Loans - Loans Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Loans
Outstanding principal balance	$ 101,803	$ 34,101
Carrying amount
Total acquired loans	93,455	27,127
Real estate - residential mortgage
Carrying amount
Total acquired loans	16,590	7,142
Real estate - construction
Carrying amount
Total acquired loans	1,077
Commercial, financial and agricultural
Carrying amount
Total acquired loans	63,554	11,901
Equity lines
Carrying amount
Total acquired loans	10,262	8,081
Consumer
Carrying amount
Total acquired loans	1,972	3
PCI Loans
Loans
Outstanding principal balance	12,760	6,262
Carrying amount
Total acquired loans	6,359	705
PCI Loans \| Real estate - residential mortgage
Carrying amount
Total acquired loans	1,473	107
PCI Loans \| Commercial, financial and agricultural
Carrying amount
Total acquired loans	4,758	563
PCI Loans \| Equity lines
Carrying amount
Total acquired loans	80	35
PCI Loans \| Consumer
Carrying amount
Total acquired loans	48
Purchased Performing Loans
Loans
Outstanding principal balance	89,043	27,839
Carrying amount
Total acquired loans	87,096	26,422
Purchased Performing Loans \| Real estate - residential mortgage
Carrying amount
Total acquired loans	15,117	7,035
Purchased Performing Loans \| Real estate - construction
Carrying amount
Total acquired loans	1,077
Purchased Performing Loans \| Commercial, financial and agricultural
Carrying amount
Total acquired loans	58,796	11,338
Purchased Performing Loans \| Equity lines
Carrying amount
Total acquired loans	10,182	8,046
Purchased Performing Loans \| Consumer
Carrying amount
Total acquired loans	$ 1,924	$ 3

Loans - Change in Accretable Yi

Loans - Change in Accretable Yield (Details) - PCI Loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Change in the accretable yield
Accretable yield, balance at beginning of period	$ 4,721	$ 5,987
Acquisition of Peoples	3,372
Accretion	(3,032)	(3,360)
Sale of PCI loan pool	(323)
Reclassification of nonaccreatable difference due to improvement in expected cash flows	521	1,587
Other changes, net	(1,211)	507
Accretable yield, balance at end of period	$ 4,048	$ 4,721

Loans - Loans on Nonaccrual Sta

Loans - Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Loans on nonaccrual status
Loans on nonaccrual status	$ 3,404	$ 2,495
Real estate - residential mortgage
Loans on nonaccrual status
Loans on nonaccrual status	276	1,526
Commercial, financial and agricultural \| Commercial business lending
Loans on nonaccrual status
Loans on nonaccrual status	2,428	11
Equity lines
Loans on nonaccrual status
Loans on nonaccrual status	191	229
Consumer
Loans on nonaccrual status
Loans on nonaccrual status	107	118
Consumer finance
Loans on nonaccrual status
Loans on nonaccrual status	$ 402	$ 611

Loans - Past Due Status (Detail

Loans - Past Due Status (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Loans on nonaccrual status
Total Past Due	$ 11,126	$ 16,299
PCI	6,359	705
Current	1,334,921	1,098,187
Total Loans	1,352,406	1,115,191
90+ days past due and accruing	145	109
Additional disclosure for nonaccrual loans
Current, nonaccrual status	2,860	547
Nonaccrual loans, 30-59 days past due	115	197
Nonaccrual loans, 60-89 days past due		10
Nonaccrual loans, 90+ days past due	433	1,740
30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	9,427	12,784
60-89 Days Past Due
Loans on nonaccrual status
Total Past Due	1,121	1,665
90+ Days Past Due
Loans on nonaccrual status
Total Past Due	578	1,850
Real estate - residential mortgage
Loans on nonaccrual status
Total Past Due	1,430	2,605
PCI	1,473	107
Current	215,395	178,583
Total Loans	218,298	181,295
90+ days past due and accruing	145
Real estate - residential mortgage \| 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	1,100	1,428
Real estate - residential mortgage \| 60-89 Days Past Due
Loans on nonaccrual status
Total Past Due	154	161
Real estate - residential mortgage \| 90+ Days Past Due
Loans on nonaccrual status
Total Past Due	176	1,016
Real estate - construction
Loans on nonaccrual status
Total Loans	62,147	54,246
Commercial, financial and agricultural
Loans on nonaccrual status
Total Loans	700,215	500,812
Equity lines
Loans on nonaccrual status
Total Past Due	52	508
PCI	80	35
Current	48,334	51,540
Total Loans	48,466	52,083
90+ days past due and accruing		109
Equity lines \| 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	52	229
Equity lines \| 60-89 Days Past Due
Loans on nonaccrual status
Total Past Due		56
Equity lines \| 90+ Days Past Due
Loans on nonaccrual status
Total Past Due		223
Consumer
Loans on nonaccrual status
Total Past Due	2	30
PCI	48
Current	10,978	13,726
Total Loans	11,028	13,756
Consumer \| 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	2	20
Consumer \| 60-89 Days Past Due
Loans on nonaccrual status
Total Past Due		10
Consumer finance
Loans on nonaccrual status
Total Past Due	9,618	13,065
Current	302,634	299,934
Total Loans	312,252	312,999
Consumer finance \| 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	8,249	11,034
Consumer finance \| 60-89 Days Past Due
Loans on nonaccrual status
Total Past Due	967	1,420
Consumer finance \| 90+ Days Past Due
Loans on nonaccrual status
Total Past Due	402	611
Construction lending \| Real estate - construction
Loans on nonaccrual status
Current	49,659	40,943
Total Loans	49,659	40,943
Consumer lot lending \| Real estate - construction
Loans on nonaccrual status
Current	12,488	13,303
Total Loans	12,488	13,303
Commercial real estate lending \| Commercial, financial and agricultural
Loans on nonaccrual status
PCI	4,758	563
Current	437,145	325,991
Total Loans	441,903	326,554
Land acquisition and development lending \| Commercial, financial and agricultural
Loans on nonaccrual status
Current	37,724	42,891
Total Loans	37,724	42,891
Builder line lending \| Commercial, financial and agricultural
Loans on nonaccrual status
Current	18,194	26,373
Total Loans	18,194	26,373
Commercial business lending \| Commercial, financial and agricultural
Loans on nonaccrual status
Total Past Due	24	91
Current	202,370	104,903
Total Loans	202,394	104,994
Commercial business lending \| Commercial, financial and agricultural \| 30-59 Days Past Due
Loans on nonaccrual status
Total Past Due	$ 24	73
Commercial business lending \| Commercial, financial and agricultural \| 60-89 Days Past Due
Loans on nonaccrual status
Total Past Due		$ 18

Loans - Troubled Debt Restructu

Loans - Troubled Debt Restructurings (Details)	12 Months Ended
Loans - Troubled Debt Restructurings (Details)	Dec. 31, 2020USD ($)itemloan	Dec. 31, 2019USD ($)loanitem	Dec. 31, 2018USD ($)itemloan
Loan modifications classified as troubled debt restructurings
Number of Loans	3	3	2,000
Recorded Investment	$ 260,000	$ 216	$ 145,000
TDR payment default period	12 months
Period determining when a past due TDR becomes a subsequent default	90 days
Recorded Investment, TDR payment defaults	$ 0	$ 0	$ 0
Aggregate balance	30,740,000
Loans not required to be evaluated as TDR's	$ 30,170,000
modifications of payment structure
Loan modifications classified as troubled debt restructurings
Number of Loans		2	1
Modifications of interest rate
Loan modifications classified as troubled debt restructurings
Number of Loans		1	1
Reduction in principal
Loan modifications classified as troubled debt restructurings
Number of Loans \| item	0	0	0
Real estate - residential mortgage
Loan modifications classified as troubled debt restructurings
Number of Loans \| loan	2	2	1
Recorded Investment	$ 176,000	$ 95,000	$ 140,000
Equity lines
Loan modifications classified as troubled debt restructurings
Number of Loans \| loan	1
Recorded Investment	$ 84,000
Consumer
Loan modifications classified as troubled debt restructurings
Number of Loans \| loan		1	1
Recorded Investment		$ 121,000	$ 5,000

Loans - Impaired Loans (Details

Loans - Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
Loans - Impaired Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Impaired loans
Impaired loans, troubled debt restructurings	$ 3,580	$ 4,350
Impaired loans, Unpaid Principal Balance	6,420	5,511
Impaired loans, Recorded Investment in Loans without Specific Reserve	1,042	2,227
Impaired loans, Recorded Investment in Loans with Specific Reserve	5,236	3,047
Impaired loans, Related Allowance	879	267
Impaired loans, Average Balance	6,603	5,242
Impaired loans, Interest Income Recognized	183	239
Real estate - residential mortgage
Impaired loans
Impaired loans, Unpaid Principal Balance	2,326	3,891
Impaired loans, Recorded Investment in Loans without Specific Reserve	931	2,192
Impaired loans, Recorded Investment in Loans with Specific Reserve	1,279	1,479
Impaired loans, Related Allowance	77	72
Impaired loans, Average Balance	2,353	3,506
Impaired loans, Interest Income Recognized	105	155
Commercial, financial and agricultural \| Commercial real estate lending
Impaired loans
Impaired loans, Unpaid Principal Balance	1,397	1,459
Impaired loans, Recorded Investment in Loans without Specific Reserve		4
Impaired loans, Recorded Investment in Loans with Specific Reserve	1,397	1,447
Impaired loans, Related Allowance	89	77
Impaired loans, Average Balance	1,404	1,581
Impaired loans, Interest Income Recognized	73	82
Commercial, financial and agricultural \| Commercial business lending
Impaired loans
Impaired loans, Unpaid Principal Balance	2,430
Impaired loans, Recorded Investment in Loans with Specific Reserve	2,428
Impaired loans, Related Allowance	585
Impaired loans, Average Balance	2,573
Equity lines
Impaired loans
Impaired loans, Unpaid Principal Balance	120	31
Impaired loans, Recorded Investment in Loans without Specific Reserve	111	31
Impaired loans, Average Balance	119	32
Impaired loans, Interest Income Recognized	2	2
Consumer
Impaired loans
Impaired loans, Unpaid Principal Balance	147	130
Impaired loans, Recorded Investment in Loans with Specific Reserve	132	121
Impaired loans, Related Allowance	128	118
Impaired loans, Average Balance	154	$ 123
Impaired loans, Interest Income Recognized	$ 3

Allowance for Loan Losses - Cha

Allowance for Loan Losses - Change in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance balance attributable to loans:
Balance at the beginning of period	$ 32,873	$ 34,023	$ 35,726
Provision charged to operations	11,080	8,515	11,006
Loans charged off	(9,642)	(14,553)	(17,272)
Recoveries of loans previously charged off	4,845	4,888	4,563
Balance at the end of period	39,156	32,873	34,023
Real estate - residential mortgage
Allowance balance attributable to loans:
Balance at the beginning of period	2,080	2,246	2,371
Provision charged to operations	808	(146)	(140)
Loans charged off	(62)	(46)	(42)
Recoveries of loans previously charged off	88	26	57
Balance at the end of period	2,914	2,080	2,246
Real estate - construction
Allowance balance attributable to loans:
Balance at the beginning of period	681	727	605
Provision charged to operations	294	(46)	122
Balance at the end of period	975	681	727
Commercial, financial and agricultural
Allowance balance attributable to loans:
Balance at the beginning of period	7,121	6,688	7,478
Provision charged to operations	3,589	458	(440)
Loans charged off	(18)	(29)	(409)
Recoveries of loans previously charged off	4	4	59
Balance at the end of period	10,696	7,121	6,688
Equity lines
Allowance balance attributable to loans:
Balance at the beginning of period	733	1,106	688
Provision charged to operations	(47)	(235)	418
Loans charged off		(138)
Recoveries of loans previously charged off	1
Balance at the end of period	687	733	1,106
Consumer
Allowance balance attributable to loans:
Balance at the beginning of period	465	257	231
Provision charged to operations	(34)	329	140
Loans charged off	(231)	(349)	(344)
Recoveries of loans previously charged off	171	228	230
Balance at the end of period	371	465	257
Consumer finance
Allowance balance attributable to loans:
Balance at the beginning of period	21,793	22,999	24,353
Provision charged to operations	6,470	8,155	10,906
Loans charged off	(9,331)	(13,991)	(16,477)
Recoveries of loans previously charged off	4,581	4,630	4,217
Balance at the end of period	$ 23,513	$ 21,793	$ 22,999

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance and Loans by Impairment Methodology (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance balance attributable to loans:
Individually evaluated for impairment	$ 879	$ 267
Collectively evaluated for impairment	38,277	32,606
Total allowance	39,156	32,873	$ 34,023	$ 35,726
Loans:
Individually evaluated for impairment	6,278	5,274
Collectively evaluated for impairment	1,339,769	1,109,212
Acquired loans - PCI	6,359	705
Total loans	1,352,406	1,115,191
Real estate - residential mortgage
Allowance balance attributable to loans:
Individually evaluated for impairment	77	72
Collectively evaluated for impairment	2,837	2,008
Total allowance	2,914	2,080	2,246	2,371
Loans:
Individually evaluated for impairment	2,210	3,671
Collectively evaluated for impairment	214,615	177,517
Acquired loans - PCI	1,473	107
Total loans	218,298	181,295
Real estate - construction
Allowance balance attributable to loans:
Collectively evaluated for impairment	975	681
Total allowance	975	681	727	605
Loans:
Collectively evaluated for impairment	62,147	54,246
Total loans	62,147	54,246
Commercial, financial and agricultural
Allowance balance attributable to loans:
Individually evaluated for impairment	674	77
Collectively evaluated for impairment	10,022	7,044
Total allowance	10,696	7,121	6,688	7,478
Loans:
Individually evaluated for impairment	3,825	1,451
Collectively evaluated for impairment	691,632	498,798
Acquired loans - PCI	4,758	563
Total loans	700,215	500,812
Equity lines
Allowance balance attributable to loans:
Collectively evaluated for impairment	687	733
Total allowance	687	733	1,106	688
Loans:
Individually evaluated for impairment	111	31
Collectively evaluated for impairment	48,275	52,017
Acquired loans - PCI	80	35
Total loans	48,466	52,083
Consumer
Allowance balance attributable to loans:
Individually evaluated for impairment	128	118
Collectively evaluated for impairment	243	347
Total allowance	371	465	257	231
Loans:
Individually evaluated for impairment	132	121
Collectively evaluated for impairment	10,848	13,635
Acquired loans - PCI	48
Total loans	11,028	13,756
Consumer finance
Allowance balance attributable to loans:
Collectively evaluated for impairment	23,513	21,793
Total allowance	23,513	21,793	$ 22,999	$ 24,353
Loans:
Collectively evaluated for impairment	312,252	312,999
Total loans	$ 312,252	$ 312,999

Allowance for Loan Losses - Cre

Allowance for Loan Losses - Credit Quality Indicators (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses
Loans, excluding consumer finance	$ 1,040,154,000	$ 802,192,000
Pass
Allowance for loan losses
Loans, excluding consumer finance	1,004,998,000	783,963,000
Special Mention
Allowance for loan losses
Loans, excluding consumer finance	20,526,000	15,383,000
Substandard
Allowance for loan losses
Loans, excluding consumer finance	11,628,000	962,000
Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	3,002,000	1,884,000
Doubtful
Allowance for loan losses
Loans, excluding consumer finance	0
Real estate - residential mortgage
Allowance for loan losses
Loans, excluding consumer finance	218,298,000	181,295,000
Real estate - residential mortgage \| Pass
Allowance for loan losses
Loans, excluding consumer finance	215,712,000	177,049,000
Real estate - residential mortgage \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	1,715,000	1,839,000
Real estate - residential mortgage \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	595,000	881,000
Real estate - residential mortgage \| Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	276,000	1,526,000
Real estate - construction \| Construction lending
Allowance for loan losses
Loans, excluding consumer finance	49,659,000	40,943,000
Real estate - construction \| Construction lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	49,659,000	40,943,000
Real estate - construction \| Consumer lot lending
Allowance for loan losses
Loans, excluding consumer finance	12,488,000	13,303,000
Real estate - construction \| Consumer lot lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	12,488,000	13,303,000
Commercial, financial and agricultural \| Commercial real estate lending
Allowance for loan losses
Loans, excluding consumer finance	441,903,000	326,554,000
Commercial, financial and agricultural \| Commercial real estate lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	415,506,000	323,218,000
Commercial, financial and agricultural \| Commercial real estate lending \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	15,507,000	3,266,000
Commercial, financial and agricultural \| Commercial real estate lending \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	10,890,000	70,000
Commercial, financial and agricultural \| Land acquisition and development lending
Allowance for loan losses
Loans, excluding consumer finance	37,724,000	42,891,000
Commercial, financial and agricultural \| Land acquisition and development lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	37,724,000	33,870,000
Commercial, financial and agricultural \| Land acquisition and development lending \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance		9,021,000
Commercial, financial and agricultural \| Builder line lending
Allowance for loan losses
Loans, excluding consumer finance	18,194,000	26,373,000
Commercial, financial and agricultural \| Builder line lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	18,194,000	25,995,000
Commercial, financial and agricultural \| Builder line lending \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance		378,000
Commercial, financial and agricultural \| Commercial business lending
Allowance for loan losses
Loans, excluding consumer finance	202,394,000	104,994,000
Commercial, financial and agricultural \| Commercial business lending \| Pass
Allowance for loan losses
Loans, excluding consumer finance	196,743,000	104,291,000
Commercial, financial and agricultural \| Commercial business lending \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	3,124,000	692,000
Commercial, financial and agricultural \| Commercial business lending \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	99,000
Commercial, financial and agricultural \| Commercial business lending \| Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	2,428,000	11,000
Equity lines
Allowance for loan losses
Loans, excluding consumer finance	48,466,000	52,083,000
Equity lines \| Pass
Allowance for loan losses
Loans, excluding consumer finance	48,140,000	51,662,000
Equity lines \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	132,000	181,000
Equity lines \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	3,000	11,000
Equity lines \| Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	191,000	229,000
Consumer
Allowance for loan losses
Loans, excluding consumer finance	11,028,000	13,756,000
Consumer \| Pass
Allowance for loan losses
Loans, excluding consumer finance	10,832,000	13,632,000
Consumer \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	48,000	6,000
Consumer \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	41,000
Consumer \| Substandard Nonaccrual
Allowance for loan losses
Loans, excluding consumer finance	107,000	$ 118,000
Peoples Bankshares, Incorporated (Peoples) \| Pass
Allowance for loan losses
Loans, excluding consumer finance	53,010,000
Peoples Bankshares, Incorporated (Peoples) \| Special Mention
Allowance for loan losses
Loans, excluding consumer finance	695,000
Peoples Bankshares, Incorporated (Peoples) \| Substandard
Allowance for loan losses
Loans, excluding consumer finance	$ 2,980,000

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loans by Credit Quality Indicators - Performing and Non-Performing (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses
Loans	$ 1,352,406	$ 1,115,191
Consumer finance
Allowance for loan losses
Loans	312,252	312,999
Consumer finance \| Performing
Allowance for loan losses
Loans	311,850	312,388
Consumer finance \| Non-Performing
Allowance for loan losses
Loans	$ 402	$ 611

OREO - Change in OREO (Details)

OREO - Change in OREO (Details) - USD ($) $ in Thousands	12 Months Ended
OREO - Change in OREO (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in the balance for OREO
Balance at the beginning of year, gross	$ 1,191	$ 303
Additions	344	1,401
Charge-offs	(57)
Sales proceeds	(364)	(521)
Gain on disposition		8
Balance at the end of year, gross	1,114	1,191
Less allowance for losses	(207)	(88)	$ (57)	$ (57)
Balance at the end of the year, net	$ 907	$ 1,103

OREO - Changes in the Allowance

OREO - Changes in the Allowance for OREO Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in the allowance for OREO losses
Balance at the beginning of year	$ 88	$ 57	$ 57
Provision for losses	176	31
Charge-offs, net	(57)
Balance at the end of year	207	88	57
OREO, expenses other than provision for losses	$ 38	$ 34	$ 26

Corporate Premises and Equipm_3

Corporate Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Corporate premises and equipment, Gross	$ 75,591	$ 62,024
Less accumulated depreciation	(31,459)	(26,763)
Corporate premises and equipment, net	44,132	35,261
Land
Property, Plant and Equipment [Line Items]
Corporate premises and equipment, Gross	8,961	7,806
Buildings
Property, Plant and Equipment [Line Items]
Corporate premises and equipment, Gross	45,352	35,933
Equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Corporate premises and equipment, Gross	$ 21,278	$ 18,285

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Other Intangible Assets
Goodwill	$ 14,425	$ 14,425
Changes in the recorded balance of goodwill	10,766	0
Changes in goodwill, by reporting unit
Balance as of the beginning of the period	14,425
Acquisition of Peoples Bankshares, Incorporated	10,766	0
Balance at the end of the period	25,191	14,425
Community Banking
Goodwill and Other Intangible Assets
Goodwill	14,468	3,702
Changes in the recorded balance of goodwill	10,766
Changes in goodwill, by reporting unit
Balance as of the beginning of the period	3,702
Acquisition of Peoples Bankshares, Incorporated	10,766
Balance at the end of the period	14,468	3,702
Consumer Finance
Goodwill and Other Intangible Assets
Goodwill	10,723	10,723
Changes in goodwill, by reporting unit
Balance as of the beginning of the period	10,723
Balance at the end of the period	$ 10,723	$ 10,723

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Other intangible assets
Other intangible assets, net	$ 2,291,000	$ 912,000
Gross carrying amounts and accumulated amortization
Gross Carrying Amount	3,116,000	1,405,000
Accumulated Amortization	(825,000)	(493,000)
Core deposit intangible
Gross carrying amounts and accumulated amortization
Gross Carrying Amount	1,711,000
Accumulated Amortization	(171,000)
Other intangibles
Gross carrying amounts and accumulated amortization
Gross Carrying Amount	1,405,000	1,405,000
Accumulated Amortization	$ (654,000)	$ (493,000)

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Amortization (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Other Intangible Assets
Amortization of intangible assets	$ 332,000	$ 230,000	$ 451,000
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2021	314,000
2022	298,000
2023	273,000
2024	260,000
2025	237,000
Thereafter	909,000
Total remaining amortization expense	$ 2,291,000	$ 912,000

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lease cost
Operating lease cost	$ 1,616	$ 1,681
Amortization of right-of-use asset	166
Interest on lease liability	70
Short-term lease cost	219	128
Variable lease cost	52	43
Total lease cost	2,123	1,852
Lease expense recognized prior to the adoption of ASC 842			$ 1,680
Operating leases:
Right-of-use assets	$ 2,404	2,785
Right-of-use assets, line item in Statement of Financial Position	us-gaap:OtherAssets
Lease liabilities	$ 2,488	$ 2,813
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Weighted average remaining lease term (years)	3 years	3 years
Weighted average discount rate	2.20%	3.20%
Finance leases:
Right of use assets	$ 6,193
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets.
Lease liabilities	$ 6,305
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Secured Debt
Weighted average remaining lease term (years)	19 years 6 months
Weighted average discount rate	2.00%
Right-of-use assets obtained in exchange for lease liabilities	$ 1,110	$ 1,140
Right of use assets obtained in exchange for lease liabilities under finance leases	6,360
Operating cash flows	1,659	1,567
Operating cash flows	70
Finance cash flows	53
Total cash flows	$ 1,782	$ 1,567

Leases - Maturities of Corporat

Leases - Maturities of Corporation's Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating leases
2021	$ 1,172
2022	670
2023	460
2024	161
2025	122
Thereafter	17
Total	2,602
Imputed interest	(114)
Lease liabilities	2,488	$ 2,813
Finance leases
2021	61
2022	329
2023	338
2024	346
2025	355
Thereafter	6,373
Total	7,802
Imputed interest	(1,497)
Lease liabilities	$ 6,305

Time Deposits - Time Deposits (

Time Deposits - Time Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Time Deposits
Certificates of deposit, over $250	$ 125,293	$ 109,310
Other time deposits	344,290	312,746
Time Deposits, Total	$ 469,583	$ 422,056

Time Deposits - Remaining Matur

Time Deposits - Remaining Maturities on Time Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Time Deposits
2021	$ 328,215
2022	77,042
2023	28,707
2024	19,454
2025	13,833
Thereafter	2,332
Time Deposits, Total	$ 469,583	$ 422,056

Borrowings - Short-term Borrowi

Borrowings - Short-term Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Borrowings
Balance outstanding at year end	$ 20,455	$ 16,360
Maximum balance at any month end during the year	60,481	17,178
Average balance for the year	$ 22,737	$ 15,533
Weighted average rate for the year (as a percent)	0.54%	1.05%
Weighted average rate on borrowings at year end	0.49%	0.82%
Estimated fair value at year end	$ 20,455	$ 16,360

Borrowings - Long-term Borrowin

Borrowings - Long-term Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Long-term borrowings
Early debt repayment charges	$ (2,197)
Long-term borrowings	30,398	$ 119,529
Non-recourse revolving bank line of credit
Long-term borrowings
Long-term borrowings	0	$ 75,030
2028 Subordinated Notes \| Subordinated Notes
Long-term borrowings
Aggregate principal amount	$ 4,000
Fixed rate (as a percent)	6.99%
2030 Subordinated Notes \| Subordinated Notes
Long-term borrowings
Aggregate principal amount	$ 20,000
2030 Subordinated Notes \| Subordinated Notes \| Until September 2025
Long-term borrowings
Fixed rate (as a percent)	4.875%
2030 Subordinated Notes \| Subordinated Notes \| Thereafter \| Three month SOFR
Long-term borrowings
Variable rate, basis spread (as a percent)	4.755%
Non-recourse revolving bank line of credit \| Subordinated Notes
Long-term borrowings
Maximum borrowing capacity	$ 50,000
Commitment fees percentage	0.75%
Repayment of revolving bank line of credit	$ 75,030
Repayment of FHLB advances	44,500
Early debt repayment charges	$ 2,200
Non-recourse revolving bank line of credit \| Subordinated Notes \| London Interbank Offered Rate (LIBOR)
Long-term borrowings
Variable rate, floor spread (as a percent)	30.00%
Variable rate, basis spread (as a percent)	2.00%

Borrowings - Line of Credit and

Borrowings - Line of Credit and other disclosures (Details) $ in Thousands	Dec. 31, 2020USD ($)
Long-term borrowings
Available sources of credit for future borrowings	$ 475,620
FHLB
Long-term borrowings
Available sources of credit for future borrowings	155,730
FRB
Long-term borrowings
Available sources of credit for future borrowings	124,890
Federal Funds Agreements
Long-term borrowings
Available sources of credit for future borrowings	95,000
Repurchase Lines of Credit
Long-term borrowings
Available sources of credit for future borrowings	50,000
Non-recourse revolving bank line of credit
Long-term borrowings
Available sources of credit for future borrowings	$ 50,000

Borrowings - Statutory Trusts (

Borrowings - Statutory Trusts (Details) - Trust Preferred Securities Subject to Mandatory Redemption - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2007
Long-term borrowings
Securities issued		$ 25,000
Common Stock
Long-term borrowings
Securities issued	$ 775
Private Placement
Long-term borrowings
Securities issued	$ 25,000
London Interbank Offered Rate (LIBOR) \| Minimum
Long-term borrowings
Variable rate, basis spread (as a percent)	1.57%
London Interbank Offered Rate (LIBOR) \| Maximum
Long-term borrowings
Variable rate, basis spread (as a percent)	3.15%
CVBK Trust I
Long-term borrowings
Securities issued	$ 5,000
Interest rate (as a percent)	4.64%
Principal asset of Trust, notes receivable from reporting entity	$ 5,160
C&F Financial Statutory Trust I
Long-term borrowings
Securities issued	$ 10,000
Interest rate (as a percent)	3.32%
Principal asset of Trust, notes receivable from reporting entity	$ 10,310
CF Financial Statutory Trust II
Long-term borrowings
Securities issued	$ 10,000
Interest rate (as a percent)	5.10%
Principal asset of Trust, notes receivable from reporting entity	$ 10,310

Equity, Other Comprehensive I_3

Equity, Other Comprehensive Income and Earnings Per Share - Equity and Noncontrolling Interest (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shareholders' Equity
Shares repurchased (in shares)	16,422	86,523	21,232
Aggregate cost of Shares repurchased	$ 630,000	$ 4,390,000	$ 1,110,000
Number of shares withheld from employees to satisfy tax withholding obligations	9,670	9,909	7,982
Issuance of noncontrolling interest		$ 490,000
C&F Select LLC
Shareholders' Equity
Ownership interest issued (as a percent)		49.00%
Issuance of noncontrolling interest		$ 490,000

Equity, Other Comprehensive I_4

Equity, Other Comprehensive Income and Earnings Per Share - Accumulated Other Comprehensive Loss, Net (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Equity, Other Comprehensive Income and Earnings Per Share
Deferred taxes included in AOCI	$ 630,000	$ 604,000
Net unrealized gains on securities	4,397,000	1,560,000
Net unrecognized losses on cash flow hedges	(1,367,000)	(69,000)
Net unrecognized losses on defined benefit plan	(4,985,000)	(3,740,000)
Total accumulated other comprehensive loss, net	$ (1,955,000)	$ (2,249,000)

Equity, Other Comprehensive I_5

Equity, Other Comprehensive Income and Earnings Per Share - Earnings Per Share (EPS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of earnings per share calculations
Net income attributable to C&F Financial Corporation	$ 22,117	$ 18,859	$ 18,020
Weighted average shares outstanding-basic and diluted	3,648,696	3,450,745	3,501,221

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Principal components on income tax expense:
Current taxes	$ 7,612	$ 4,728	$ 3,889
Deferred taxes	(817)	354	632
Income tax expense	$ 6,795	$ 5,082	$ 4,521

Income Taxes - Income Tax Rate

Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts
Income tax at statutory rates	$ 6,136,000	$ 5,026,000	$ 4,734,000
State income taxes	1,449,000	695,000	575,000
Tax-exempt interest income	(493,000)	(453,000)	(574,000)
Excess compensation	328,000
Change in tax law	(326,000)
Income from bank-owned life insurance	(107,000)	(149,000)	(89,000)
Investments in qualified housing projects	(82,000)	(93,000)	(85,000)
Share-based compensation	(77,000)	(126,000)	(103,000)
Merger related expenses	29,000	96,000
Other	(62,000)	86,000	63,000
Income tax expense	$ 6,795,000	$ 5,082,000	$ 4,521,000
Percent of Pre-tax Income
Effective tax rate (as a percent)	21.00%	21.00%	21.00%
State income taxes (as a percent)	5.00%	2.90%	2.60%
Tax-exempt interest income (as a percent)	(1.70%)	(1.90%)	(2.50%)
Excess compensation (as a percent)	1.10%
Change in tax law (as a percent)	(1.10%)
Income from bank-owned life insurance (as a percent)	(0.40%)	(0.60%)	(0.40%)
Investments in qualified housing projects (as a percent)	(0.30%)	(0.40%)	(0.40%)
Share-based compensation (as a percent)	(0.30%)	(0.50%)	(0.50%)
Merger related expenses	0.10%	0.40%
Other	(0.20%)	0.30%	0.30%
Income tax expense (as a percent)	23.20%	21.20%	20.10%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Federal corporate income tax rate	21.00%	21.00%	21.00%
Deferred tax asset
Allowance for loan losses and OREO losses	$ 9,743	$ 8,227
Nonqualified defined contribution plan	3,595	3,247
Lease liabilities	1,906	667
Fair value adjustments related to acquisition	1,716	1,053
Share-based compensation	920	863
Reserve for indemnification losses	879	645
Accrued expenses	779	426
Cash flow hedges	471	24
Other	1,364	1,359
Deferred tax asset	21,373	16,511
Deferred tax liability
Goodwill and other intangible assets	(3,164)	(2,818)
Right of use assets	(1,868)	(664)
Depreciation	(1,272)	(972)
Net unrealized gain on securities available for sale	(1,169)	(415)
Defined benefit plan	(345)	(423)
Deferred tax liability	(7,818)	(5,292)
Net deferred tax asset	$ 13,555	$ 11,219

Employee Benefit Plans - Define

Employee Benefit Plans - Defined Contribution Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined contribution plans
Minimum age	18 years
Amounts charged to expense	$ 2,090,000	$ 1,520,000	$ 1,310,000
Postretirement benefit plan \| Chief Executive Officer
Defined contribution plans
Amounts charged to expense	0	0	88,000
Nonqualified Executive Plan \| Profit-Sharing Plan
Defined contribution plans
Amounts charged to expense	$ 465,000	$ 294,000	$ 297,000
Cash Balance Plan \| C&F Bank
Defined contribution plans
Minimum age	21 years
Basis points added to 30-year Treasuries yield to compute interest credit (as a percent)	1.50%

Employee Benefit Plans - Defi_2

Employee Benefit Plans - Defined Benefit Plans - Projected Benefit Obligations, Plan Assets, Funded Status and Rate Assumptions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in benefit obligation
Actuarial loss	$ 3,000
Amounts recognized in accumulated other comprehensive loss
Total recognized in accumulated other comprehensive loss	4,985	$ 3,740
Weighted-average assumptions for benefit obligation at valuation date
Accumulated benefit obligation	24,640	20,790
C&F Bank \| Cash Balance Plan
Change in benefit obligation
Projected benefit obligation, beginning	20,794	17,205
Service cost	1,603	1,218	$ 1,232
Interest cost	551	609	521
Actuarial loss	(2,996)	(2,834)
Benefits paid	(1,301)	(1,072)
Projected benefit obligation, ending	24,643	20,794	17,205
Change in plan assets
Fair value of plan assets, beginning	22,806	20,156
Actual return on plan assets	2,782	3,722
Employer contributions	2,000
Benefits paid	(1,301)	(1,072)
Fair value of plan assets, ending	26,287	22,806	$ 20,156
Funded status	1,644	2,012
Amounts recognized as an other asset	1,644	2,012
Amounts recognized in accumulated other comprehensive loss
Net loss	6,748	5,239
Prior service credits	(438)	(504)
Deferred taxes	(1,325)	(995)
Total recognized in accumulated other comprehensive loss	$ 4,985	$ 3,740
Weighted-average assumptions for benefit obligation at valuation date
Discount rate.	2.10%	2.90%
Rate of compensation increase	3.00%	3.00%
Interest crediting rate	5.00%	5.00%

Employee Benefit Plans - Defi_3

Employee Benefit Plans - Defined Benefit Plans - Components of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of net periodic benefit cost
Net periodic benefit cost	$ 793	$ 649	$ 403
C&F Bank \| Cash Balance Plan
Components of net periodic benefit cost
Service cost, included in salaries and employee benefits	1,603	1,218	1,232
Interest cost	551	609	521
Expected return on plan assets	(1,492)	(1,297)	(1,413)
Amortization of prior service credit	(66)	(68)	(62)
Recognized net actuarial losses	197	187	125
Other components of net periodic benefit cost, included in other noninterest income	(810)	(569)	(829)
Net periodic benefit cost	$ 793	$ 649	$ 403

Employee Benefit Plans - Defi_4

Employee Benefit Plans - Defined Benefit Plans - Weighted-average Assumptions for Net Periodic Benefit Cost (Details) - C&F Bank - Cash Balance Plan	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Weighted-average assumptions for net periodic benefit cost as of
Discount rate	2.90%	4.00%	3.30%
Expected return on plan assets	7.30%	7.30%	7.30%
Rate of compensation increase	3.00%	3.00%	3.00%
Interest crediting rate	5.00%	5.00%	5.00%

Employee Benefit Plans - Defi_5

Employee Benefit Plans - Defined Benefit Plans - Expected Benefit Payments (Details) - C&F Bank - Cash Balance Plan $ in Thousands	Dec. 31, 2020USD ($)
Expected benefit payments
2021	$ 4,059
2022	810
2023	1,560
2024	1,376
2025	2,251
2026 - 2030	$ 7,515

Employee Benefit Plans - Defi_6

Employee Benefit Plans - Defined Benefit Plans - Weighted-Average Asset Allocations (Details) - C&F Bank - Cash Balance Plan	Dec. 31, 2020	Dec. 31, 2019
Weighted average asset allocations by asset category
Weighted average asset allocation by asset category	100.00%	100.00%
Mutual funds-fixed income
Weighted average asset allocations by asset category
Weighted average asset allocation by asset category	37.00%	38.00%
Mutual funds-equity
Weighted average asset allocations by asset category
Weighted average asset allocation by asset category	63.00%	62.00%

Employee Benefit Plans - Defi_7

Employee Benefit Plans - Defined Benefit Plans - Fair Value of Defined Benefit Plan Assets (Details) - C&F Bank - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Mutual funds-fixed income
Defined Benefit Plans
Target asset allocations	40.00%
Mutual funds-equity
Defined Benefit Plans
Target asset allocations	60.00%
Cash Balance Plan
Defined Benefit Plans
Assets at Fair Value	$ 26,287	$ 22,806	$ 20,156
Cash Balance Plan \| Level 1
Defined Benefit Plans
Assets at Fair Value	26,287	22,806
Cash Balance Plan \| Mutual funds-fixed income
Defined Benefit Plans
Assets at Fair Value	9,726	8,744
Cash Balance Plan \| Mutual funds-fixed income \| Level 1
Defined Benefit Plans
Assets at Fair Value	9,726	8,744
Cash Balance Plan \| Mutual funds-equity
Defined Benefit Plans
Assets at Fair Value	16,561	14,062
Cash Balance Plan \| Mutual funds-equity \| Level 1
Defined Benefit Plans
Assets at Fair Value	$ 16,561	$ 14,062

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Management, including directors and senior officers and certain of their affiliates
Related party activity
Loans receivable, related party	$ 2,170,000	$ 2,260,000
New senior officers
Related party activity
Advances	6,000
Directors and senior officers
Related party activity
Advances	53,000
Repayments	148,000
Deposits, related party	$ 5,810,000	$ 7,210,000

Share-Based Plans - Restricted

Share-Based Plans - Restricted Stock Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares
Unvested, beginning of period (in shares)	142,020
Unvested, end of period (in shares)	155,945	142,020
Restricted Stock
Shares
Unvested, beginning of period (in shares)	142,020	139,455	137,880
Granted (in shares)	47,385	36,115	30,185
Vested (in shares)	(30,550)	(32,155)	(26,450)
Cancelled	(2,910)	(1,395)	(2,160)
Unvested, end of period (in shares)	155,945	142,020	139,455
Weighted-Average Grant Date Fair Value
Nonvested, beginning of period (in dollars per share)	$ 48.88	$ 45.75	$ 43.52
Granted (in dollars per share)	42.01	53.75	52.82
Vested (in dollars per share)	39.84	40.69	42.41
Cancelled (in dollars per share)	53.46	51.05	42.54
Nonvested, end of period (in dollars per share)	$ 48.52	$ 48.88	$ 45.75
Additional information
Fair value of shares vested	$ 1,370,000	$ 1,720,000	$ 1,440,000
Compensation expense	1,450,000	1,470,000	1,350,000
Compensation expense after tax	$ 981,000	$ 932,000	$ 872,000
Restricted Stock \| Employees
Summary of restricted stock awards
Vesting period	5 years
Restricted Stock \| Nonemployee Directors
Summary of restricted stock awards
Vesting period	3 years
2013 Plan and Amended 2004 Plan \| Restricted Stock
Additional information
Unrecognized compensation expense	$ 3,760,000

Regulatory Requirements and R_3

Regulatory Requirements and Restrictions - Capital Amounts and Ratios (Details) $ in Thousands	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Regulatory requirements
Risk-weighted assets	$ 1,570,000	$ 1,320,000
Total Capital (to Risk-Weighted Assets)
Actual (in Dollars)	$ 240,060	$ 195,927
Actual	15.2	14.9
Minimum capital requirements (in Dollars)	$ 125,947	$ 105,544
Minimum capital requirements	8	8
Tier 1 Capital (to Risk-Weighted Assets)
Actual (in Dollars)	$ 196,140	$ 179,233
Actual	12.5	13.6
Minimum capital requirements (in Dollars)	$ 94,460	$ 79,158
Minimum capital requirements	6	6
Common Equity Tier 1 Capital (to Risk-Weighted Assets)
Actual (in Dollars)	$ 171,140	$ 154,233
Actual	10.9	11.7
Minimum capital requirements (in Dollars)	$ 70,845	$ 59,369
Minimum capital requirements	4.5	4.5
Tier 1 Capital (to Average Tangible Assets)
Actual (in Dollars)	$ 196,140	$ 179,233
Actual	9.6	11.1
Minimum capital requirements (in Dollars)	$ 81,414	$ 64,863
Minimum capital requirements	4	4
C&F Bank
Regulatory requirements
Risk-weighted assets	$ 1,550,000	$ 1,290,000
Total Capital (to Risk-Weighted Assets)
Actual (in Dollars)	$ 214,151	$ 181,369
Actual	13.8	14
Minimum capital requirements (in Dollars)	$ 124,291	$ 103,307
Minimum capital requirements	8	8
Minimum to be well capitalized under prompt corrective action provisions (in Dollars)	$ 155,364	$ 129,134
Minimum to be well capitalized under prompt corrective action provisions	10	10
Tier 1 Capital (to Risk-Weighted Assets)
Actual (in Dollars)	$ 194,487	$ 165,021
Actual	12.5	12.8
Minimum capital requirements (in Dollars)	$ 93,219	$ 77,480
Minimum capital requirements	6	6
Minimum to be well capitalized under prompt corrective action provisions (in Dollars)	$ 124,291	$ 103,307
Minimum to be well capitalized under prompt corrective action provisions	8	8
Common Equity Tier 1 Capital (to Risk-Weighted Assets)
Actual (in Dollars)	$ 194,487	$ 165,021
Actual	12.5	12.8
Minimum capital requirements (in Dollars)	$ 69,914	$ 58,110
Minimum capital requirements	4.5	4.5
Minimum to be well capitalized under prompt corrective action provisions (in Dollars)	$ 100,987	$ 83,937
Minimum to be well capitalized under prompt corrective action provisions	6.5	6.5
Tier 1 Capital (to Average Tangible Assets)
Actual (in Dollars)	$ 194,487	$ 165,021
Actual	9.6	10.3
Minimum capital requirements (in Dollars)	$ 80,640	$ 64,201
Minimum capital requirements	4	4
Minimum to be well capitalized under prompt corrective action provisions (in Dollars)	$ 100,800	$ 80,251
Minimum to be well capitalized under prompt corrective action provisions	5	5

Regulatory Requirements and R_4

Regulatory Requirements and Restrictions - New minimum capital ratios (Details)	Dec. 31, 2020	Dec. 31, 2019
Regulatory requirements
Capital conservation buffer requirement	2.50%
C&F Bank
Regulatory requirements
Total capital conservation buffer exceeded	3.28%	3.55%
Tier 1 capital conservation buffer exceeded	4.02%	4.28%

Regulatory Requirements and R_5

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

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Loan Commitments (Details) - C&F Bank - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Standby Letters of Credit
Commitments and Contingent Liabilities
Face amount of asset	$ 19,070	$ 16,600
Loan commitments
Commitments and Contingent Liabilities
Face amount of asset	$ 326,980	$ 256,150

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - Other (Details) - C&F Mortgage	12 Months Ended
	Dec. 31, 2020
Commitments and Contingent Liabilities
Recourse period for early payment default, minimum	90 days
Recourse period for early payment default, maximum	1 year

Commitments and Contingent Li_5

Commitments and Contingent Liabilities - Changes in Allowance for Indemnifications Losses (Details) - Indemnification reserve for recourse provisions - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Change in the allowance for indemnification losses
Allowance, beginning of period	$ 2,475	$ 2,541
Provision for indemnification losses	881
Payments		(66)
Allowance, end of period	$ 3,356	$ 2,475

Fair Value of Assets and Liab_3

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

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Securities available for sale
Securities available for sale	$ 286,389	$ 189,733
Interest rate swaps on loans \| Cash flow hedges
Liabilities:
Derivatives	1,882	145
Recurring
Securities available for sale
Securities available for sale	286,389	189,733
Loans held for sale	214,266	90,500
Total assets measured at fair value	513,422	283,778
Liabilities:
Derivatives	10,114	2,632
Recurring \| Cash flow hedges
Liabilities:
Derivatives	1,882	145
Recurring \| IRLC
Securities available for sale
Derivatives	4,582	1,083
Recurring \| Interest rate swaps on loans
Securities available for sale
Derivatives	8,185	2,462
Liabilities:
Derivatives	8,185	2,462
Recurring \| Forward sales of TBA securities
Liabilities:
Derivatives	47	25
Level 2 \| Recurring
Securities available for sale
Securities available for sale	286,389	189,733
Loans held for sale	214,266	90,500
Total assets measured at fair value	513,422	283,778
Liabilities:
Derivatives	10,114	2,632
Level 2 \| Recurring \| Cash flow hedges
Liabilities:
Derivatives	1,882	145
Level 2 \| Recurring \| IRLC
Securities available for sale
Derivatives	4,582	1,083
Level 2 \| Recurring \| Interest rate swaps on loans
Securities available for sale
Derivatives	8,185	2,462
Liabilities:
Derivatives	8,185	2,462
Level 2 \| Recurring \| Forward sales of TBA securities
Liabilities:
Derivatives	47	25
U.S. government agencies and corporations
Securities available for sale
Securities available for sale	48,282	21,440
U.S. government agencies and corporations \| Recurring
Securities available for sale
Securities available for sale	48,282	21,440
U.S. government agencies and corporations \| Level 2 \| Recurring
Securities available for sale
Securities available for sale	48,282	21,440
Mortgage-backed securities
Securities available for sale
Securities available for sale	123,714	86,585
Mortgage-backed securities \| Recurring
Securities available for sale
Securities available for sale	123,714	86,585
Mortgage-backed securities \| Level 2 \| Recurring
Securities available for sale
Securities available for sale	123,714	86,585
Obligations of states and political subdivisions
Securities available for sale
Securities available for sale	102,805	81,708
Obligations of states and political subdivisions \| Recurring
Securities available for sale
Securities available for sale	102,805	81,708
Obligations of states and political subdivisions \| Level 2 \| Recurring
Securities available for sale
Securities available for sale	102,805	$ 81,708
Corporate and other debt securities
Securities available for sale
Securities available for sale	11,588
Corporate and other debt securities \| Recurring
Securities available for sale
Securities available for sale	11,588
Corporate and other debt securities \| Level 2 \| Recurring
Securities available for sale
Securities available for sale	$ 11,588

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities - Financial Assets Measured at Fair Value on Non-Recurring Basis (Details) - Nonrecurring $ in Thousands	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value	$ 72	$ 370
Impaired loans, net
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value		102
Other real estate owned, net
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value	72	268
Level 3
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value	72	370
Level 3 \| Impaired loans, net
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value		$ 102
Impaired loans, input		0.30
Impaired loans, net, valuation technique		cffi:ValuationTechniqueAppraisalsMember
Impaired loans, net, measurement input		us-gaap:MeasurementInputDiscountRateMember
Level 3 \| Impaired loans, net \| Weighted Average
Fair value assets and liabilities - Nonrecurring Basis
Impaired loans, input		0.30
Level 3 \| Other real estate owned, net
Fair value assets and liabilities - Nonrecurring Basis
Total assets measured at fair value	$ 72	$ 268
Other real estate owned, net, valuation technique	cffi:ValuationTechniqueAppraisalsMember	cffi:ValuationTechniqueAppraisalsMember
Other real estate owned, net, measurement input	us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember
Level 3 \| Other real estate owned, net \| Minimum
Fair value assets and liabilities - Nonrecurring Basis
Other real estate owned, input	0.75	0.33
Level 3 \| Other real estate owned, net \| Maximum
Fair value assets and liabilities - Nonrecurring Basis
Other real estate owned, input	0.80	0.75
Level 3 \| Other real estate owned, net \| Weighted Average
Fair value assets and liabilities - Nonrecurring Basis
Other real estate owned, input	0.79	0.37

Fair Value of Assets and Liab_6

Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Securities available for sale	$ 286,389	$ 189,733
Bank-owned life insurance	20,205	16,044
Carrying Value
Assets:
Cash and short-term investments	86,669	165,433
Securities available for sale	286,389	189,733
Loans, net	1,313,250	1,082,318
Loans held for sale	214,266	90,500
Bank-owned life insurance	20,205	16,044
Accrued interest receivable	8,103	6,776
Financial liabilities:
Demand and savings deposits	1,282,590	869,194
Time deposits	469,583	422,056
Borrowings	69,864	161,170
Accrued interest payable	1,109	1,291
Total Fair Value
Assets:
Cash and short-term investments	86,669	165,433
Securities available for sale	286,389	189,733
Loans, net	1,308,569	1,082,783
Loans held for sale	214,266	90,500
Bank-owned life insurance	20,205	16,044
Accrued interest receivable	8,103	6,776
Financial liabilities:
Demand and savings deposits	1,282,590	869,194
Time deposits	474,154	423,605
Borrowings	71,119	154,964
Accrued interest payable	1,109	1,291
Total Fair Value \| Level 1
Assets:
Cash and short-term investments	86,669	165,433
Accrued interest receivable	8,103	6,776
Financial liabilities:
Demand and savings deposits	1,282,590	869,194
Accrued interest payable	1,109	1,291
Total Fair Value \| Level 2
Assets:
Securities available for sale	286,389	189,733
Loans held for sale	214,266	90,500
Bank-owned life insurance	20,205	16,044
Financial liabilities:
Time deposits	474,154	423,605
Borrowings	71,119	154,964
Total Fair Value \| Level 3
Assets:
Loans, net	1,308,569	1,082,783
IRLC \| Carrying Value
Assets:
Derivatives	4,582	1,083
IRLC \| Total Fair Value
Assets:
Derivatives	4,582	1,083
IRLC \| Total Fair Value \| Level 2
Assets:
Derivatives	4,582	1,083
Interest rate swaps on loans \| Carrying Value
Assets:
Derivatives	8,185	2,462
Financial liabilities:
Derivatives	8,185	2,462
Interest rate swaps on loans \| Total Fair Value
Assets:
Derivatives	8,185	2,462
Financial liabilities:
Derivatives	8,185	2,462
Interest rate swaps on loans \| Total Fair Value \| Level 2
Assets:
Derivatives	8,185	2,462
Financial liabilities:
Derivatives	8,185	2,462
Forward sales of TBA securities \| Carrying Value
Financial liabilities:
Derivatives	47	25
Forward sales of TBA securities \| Total Fair Value
Financial liabilities:
Derivatives	47	25
Forward sales of TBA securities \| Total Fair Value \| Level 2
Financial liabilities:
Derivatives	47	25
Cash flow hedges \| Carrying Value
Financial liabilities:
Derivatives	1,882	145
Cash flow hedges \| Total Fair Value
Financial liabilities:
Derivatives	1,882	145
Cash flow hedges \| Total Fair Value \| Level 2
Financial liabilities:
Derivatives	1,882	145
Cash flow hedges \| Interest rate swaps on loans
Financial liabilities:
Derivatives	$ 1,882	$ 145

Business Segments - Segment Rep

Business Segments - Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Business Segments
Number of principal business segments \| segment	3
Revenues:
Interest income	$ 96,913	$ 95,010	$ 92,548
Gains on sales of loans	29,224	10,603	7,841
Other noninterest income	26,194	21,409	18,527
Total operating income	152,331	127,022	118,916
Expenses:
Provision for loan losses	11,080	8,515	11,006
Interest expense	13,382	14,556	11,027
Salaries and employee benefits	57,668	47,201	42,003
Depreciation and amortization	4,189	3,866	3,671
Other noninterest expenses	36,793	28,952	28,668
Total operating expenses	123,112	103,090	96,375
Income (loss) before income taxes	29,219	23,932	22,541
Income tax expense (benefit)	6,795	5,082	4,521
Net income (loss)	22,424	18,850	18,020
Total assets	2,086,310	1,657,432	1,521,411
Capital expenditures	10,228	2,706	3,374
Other
Revenues:
Interest income		4	6
Other noninterest income	4,904	4,349	2,745
Total operating income	4,904	4,353	2,751
Expenses:
Interest expense	1,611	1,135	1,152
Salaries and employee benefits	4,270	4,337	1,531
Depreciation and amortization	172	182	177
Other noninterest expenses	673	1,056	1,693
Total operating expenses	6,726	6,710	4,553
Income (loss) before income taxes	(1,822)	(2,357)	(1,802)
Income tax expense (benefit)	(539)	(651)	(594)
Net income (loss)	(1,283)	(1,706)	(1,208)
Total assets	44,934	30,299	16,461
Capital expenditures		67	4
Operating Segments \| Community Banking
Revenues:
Interest income	62,173	59,465	55,019
Gains on sales of loans	3,489
Other noninterest income	10,843	11,392	11,029
Total operating income	76,505	70,857	66,048
Expenses:
Provision for loan losses	4,600	360	100
Interest expense	10,630	10,181	6,842
Salaries and employee benefits	30,774	28,231	26,632
Depreciation and amortization	3,561	3,242	3,014
Other noninterest expenses	21,358	17,091	16,869
Total operating expenses	70,923	59,105	53,457
Income (loss) before income taxes	5,582	11,752	12,591
Income tax expense (benefit)	155	1,837	1,958
Net income (loss)	5,427	9,915	10,633
Total assets	1,950,514	1,468,627	1,351,932
Capital expenditures	6,528	2,270	3,178
Operating Segments \| Mortgage Banking
Revenues:
Interest income	4,954	2,699	2,018
Gains on sales of loans	25,792	10,603	7,841
Other noninterest income	9,985	5,103	4,015
Total operating income	40,731	18,405	13,874
Expenses:
Provision for loan losses	10
Interest expense	1,579	1,618	904
Salaries and employee benefits	13,908	5,965	5,298
Depreciation and amortization	281	246	269
Other noninterest expenses	9,825	5,467	4,803
Total operating expenses	25,603	13,296	11,274
Income (loss) before income taxes	15,128	5,109	2,600
Income tax expense (benefit)	4,392	1,336	697
Net income (loss)	10,736	3,773	1,903
Total assets	239,417	102,467	51,226
Capital expenditures	354	246	133
Operating Segments \| Consumer Finance
Revenues:
Interest income	38,949	41,389	42,789
Other noninterest income	492	565	738
Total operating income	39,441	41,954	43,527
Expenses:
Provision for loan losses	6,470	8,155	10,906
Interest expense	8,726	10,169	9,413
Salaries and employee benefits	8,716	8,668	8,542
Depreciation and amortization	175	196	211
Other noninterest expenses	4,937	5,338	5,303
Total operating expenses	29,024	32,526	34,375
Income (loss) before income taxes	10,417	9,428	9,152
Income tax expense (benefit)	2,805	2,560	2,460
Net income (loss)	7,612	6,868	6,692
Total assets	314,746	314,431	296,876
Capital expenditures	3,346	123	59
Eliminations
Revenues:
Interest income	(9,163)	(8,547)	(7,284)
Gains on sales of loans	(57)
Other noninterest income	(30)
Total operating income	(9,250)	(8,547)	(7,284)
Expenses:
Interest expense	(9,164)	(8,547)	(7,284)
Total operating expenses	(9,164)	(8,547)	(7,284)
Income (loss) before income taxes	(86)
Income tax expense (benefit)	(18)
Net income (loss)	(68)
Total assets	$ (463,301)	$ (258,392)	$ (195,084)

Business Segments - Merger Rela

Business Segments - Merger Related Expenses and Segment Debt (Details)	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Business Segments
Merger related costs	$ 898,000	$ 709,000	$ 0
Aggregated merger related costs	$ 2,100,000
Mortgage Banking
Business Segments
Number of intersegment lines of credit \| item	2
Mortgage Banking \| FHLB Advances \| Minimum
Business Segments
Variable rate, spread (as a percent)	0.50%
Mortgage Banking \| FHLB Advances \| Maximum
Business Segments
Variable rate, spread (as a percent)	1.75%
Consumer Finance
Business Segments
Floor variable rate (as a percent)	3.50%
Consumer Finance \| Minimum
Business Segments
Variable rate, spread (as a percent)	2.40%
Consumer Finance \| Maximum
Business Segments
Variable rate, spread (as a percent)	8.00%
Consumer Finance \| London Interbank Offered Rate (LIBOR) \| Minimum
Business Segments
Variable rate, spread (as a percent)	2.00%
Peoples Bankshares, Incorporated (Peoples)
Business Segments
Merger related costs	$ 1,400,000	709,000
Merger related costs, after income taxes	1,130,000	653,000
Peoples Bankshares, Incorporated (Peoples) \| Community Banking
Business Segments
Merger related costs	1,300,000	236,000
Merger related costs, after income taxes	1,030,000	$ 196,000
Peoples Bankshares, Incorporated (Peoples) \| Community Banking \| Salaries and benefits expense
Business Segments
Merger related costs	119,000
Peoples Bankshares, Incorporated (Peoples) \| Community Banking \| Other noninterest expense
Business Segments
Merger related costs	879,000
Peoples Bankshares, Incorporated (Peoples) \| Community Banking \| Other noninterest income
Business Segments
Merger related costs	$ 298,000

Derivatives Financial Instrumen

Derivatives Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivatives and other information
Changes in fair value of loan swaps	$ 0
Unpaid principal on mortgage loans held for sale	6,420	$ 5,511
Other assets
Derivatives and other information
Cash collateral	9,920	2,490
Forward sales of TBA securities \| Not designated as hedges
Derivatives and other information
Notional amount	8,000	24,000
Derivative Liability	47	25
Interest rate swaps on loans \| Cash flow hedges
Derivatives and other information
Notional amount	25,000	25,000
Derivative Liability	1,882	145
Matched interest rate swap with borrower \| Not designated as hedges
Derivatives and other information
Notional amount	84,753	74,266
Derivative Asset	8,185	2,454
Derivative Liability		8
Matched interest rate swaps with counterparty \| Not designated as hedges
Derivatives and other information
Notional amount	84,753	74,266
Derivative Asset		8
Derivative Liability	8,185	2,454
IRLC \| Not designated as hedges
Derivatives and other information
Notional amount	198,632	75,073
Derivative Asset	4,582	1,083
Mortgage Banking
Derivatives and other information
IRLCs	7,670	11,720
Unpaid principal on mortgage loans held for sale	5,630	21,980
Mortgage Banking \| Best-efforts forward sales contracts
Derivatives and other information
IRLCs	190,960	63,350
Unpaid principal on mortgage loans held for sale	200,880	65,770
Mortgage loans	391,840	129,120
Mortgage Banking \| Forward sales of TBA securities
Derivatives and other information
Mortgage loans	8,000	24,000
Mortgage Banking \| Mandatory-delivery forward sales contracts
Derivatives and other information
Mortgage loans	$ 3,940	$ 6,730

Holding Company Condensed Fin_3

Holding Company Condensed Financial Information - Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Other assets.	$ 69,716	$ 40,451
Total assets	2,086,310	1,657,432	$ 1,521,411
Liabilities and shareholders' equity
Trust preferred capital notes	25,316	25,281
Long-term borrowings	30,398	119,529
Other liabilities	62,388	38,442
Shareholders' equity	193,805	164,798
Total liabilities and equity	2,086,310	1,657,432
C&F Financial Corporation \| Reportable Legal Entities
Assets
Cash	21,272	11,464	$ 316	$ 407
Other assets.	22,680	17,687
Investment in C&F Bank	218,148	175,254
Total assets	262,100	204,405
Liabilities and shareholders' equity
Trust preferred capital notes	25,316	25,281
Long-term borrowings	24,093
Other liabilities	18,886	14,326
Shareholders' equity	193,805	164,798
Total liabilities and equity	$ 262,100	$ 204,405

Holding Company Condensed Fin_4

Holding Company Condensed Financial Information - Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF INCOME
Interest expense on borrowings	$ (2,592)	$ (4,327)	$ (4,189)
Debt Securities, Available-for-sale, Realized Gain (Loss)	38	10	10
Other income	3,973	4,658	3,161
Other expenses	(98,650)	(80,019)	(74,342)
Net income	22,424	18,850	18,020
Other comprehensive income (loss), net of tax	294	2,423	(2,785)
Comprehensive income	22,718	21,273	15,235
C&F Financial Corporation \| Reportable Legal Entities
CONSOLIDATED STATEMENTS OF INCOME
Interest expense on borrowings	(1,611)	(1,135)	(1,152)
Dividends received from C&F Bank	8,746	22,632	6,312
Equity in undistributed net income of C&F Bank	15,373	(1,697)	13,228
Other income	2,041	2,108	45
Other expenses	(2,432)	(3,049)	(413)
Net income	22,117	18,859	18,020
Other comprehensive income (loss), net of tax	294	2,423	(2,785)
Comprehensive income	$ 22,411	$ 21,282	$ 15,235

Holding Company Condensed Fin_5

Holding Company Condensed Financial Information - Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statements of Cash Flows
Net cash provided by operating activities	$ (80,374)	$ (14,632)	$ 47,554
Investing activities:
Acquisition of Peoples Bankshares, Incorporated	19,101
Swap collateral, net	(7,400)	(2,490)
Net cash used in investing activities	(183,286)	(35,929)	(47,523)
Financing activities:
Proceeds from borrowings	19,924	7,000
Common stock repurchases	(1,061)	(4,917)	(1,537)
Cash dividends	(5,546)	(5,131)	(4,931)
Other financing activities, net	(176)	(4)
Net cash provided by (used in) financing activities	184,896	100,981	(4,441)
Net (decrease) increase in cash and cash equivalents	(78,764)	50,420	(4,410)
C&F Financial Corporation \| Reportable Legal Entities
Statements of Cash Flows
Net cash provided by operating activities	8,141	20,674	5,801
Investing activities:
Acquisition of Peoples Bankshares, Incorporated	(10,084)
Swap collateral, net	(1,710)	(150)
Net cash used in investing activities	(11,794)	(150)
Financing activities:
Proceeds from borrowings	19,924
Common stock repurchases	(1,061)	(4,385)	(1,105)
Cash dividends	(5,546)	(5,131)	(4,931)
Other financing activities, net	144	140	144
Net cash provided by (used in) financing activities	13,461	(9,376)	(5,892)
Net (decrease) increase in cash and cash equivalents	9,808	11,148	(91)
Cash at beginning of year	11,464	316	407
Cash at end of year	$ 21,272	$ 11,464	$ 316

Other Noninterest Expenses (Det

Other Noninterest Expenses (Details) - USD ($)	12 Months Ended
Other Noninterest Expenses (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Noninterest Expenses
Data processing fees	$ 10,916,000	$ 8,958,000	$ 8,041,000
Mortgage banking loan processing expenses	3,235,000	1,666,000	1,444,000
Professional fees	3,046,000	3,265,000	3,044,000
Marketing and advertising expenses	1,663,000	1,781,000	1,601,000
Telecommunication expenses	1,455,000	1,328,000	1,331,000
Travel and educational expenses	1,153,000	1,329,000	1,231,000
All other noninterest expenses	8,678,000	6,579,000	7,928,000
Total Other Noninterest Expenses	30,146,000	24,906,000	24,620,000
Merger related expenses	898,000	709,000	$ 0
Merger related data processing fees	501,000	50,000
Merger related professional fees	336,000	614,000
Merger related other noninterest expenses	$ 61,000	44,000
Merger related telecommunication expenses		$ 1,000