MIL-OSI USA: Ranking Member Frankel Opening Remarks at Full Committee Markup of the National Security, Department of State, and Related Programs Funding Bill

Source: United States House of Representatives – Congresswoman Lois Frankel (FL-21)

Thank you, Mr. Chairman. I’m going to start by recognizing the collegiality of our Chairman Mr. Diaz-Balart and the thoughtful members on both sides of the aisle. And of course, I want to thank our hardworking staff for their tireless efforts. But most of all, I want to recognize the brave and committed Americans—our diplomats, USAID workers, humanitarian teams, and public health experts and our partners around the world—who bring our country’s values to the world’s toughest places. They’re the ones who delivered vaccines to remote villages in Congo, who help girls in Ethiopia escape forced marriage and find education and safety.

I’ve seen their work up close–I know many of us have—and the impact of the programs we funded. Children who escaped the brutality of Assad’s Syria thriving in classrooms in Jordan. Mothers in Malawi learning skills to support their families. Pregnant women in Kenya staying healthy with support from HIV clinics. To all of these workers —past and present: You are the patriots. You represent the best of America. And those who are still serving deserve more than our thanks. They deserve the tools to get the job done.

Mr. Chairman, I wish we had a bipartisan bill in front of us that I could support that honored that service and reflected America’s leadership. If we had a responsible allocation and a White House that understood diplomacy, development, and humanitarian aid, we could have gotten there. But instead, here we are, questioning whether any of this matters when the President just ignores the will of Congress and the laws we pass.

So today, I strongly oppose the FY 2026 Republican bill. It’s not just a funding cut—it’s a reckless blueprint for American retreat. Our President seems to think relying on threats and bullying alone is a smart strategy. But chaotic tariffs, cruel immigration crackdowns, and this tepid foreign aid plan before us today is not going to make us more safe, secure, or more prosperous. And attention: we are ceding the world to China. And let me be clear: This bill does not lower costs for hard working families and retirees on day one as promised by President Trump—instead it puts hard earned finances at risk by hurting global stability.

And tax breaks for billionaires is not a trade-off for millions of starving children and let me just say that this bill does not make one bit of difference in making up the $4 trillion addition to our debt when the Republicans pass what they call their Big Bill their Big Beautiful Bill I call it the Big Ugly Bill And this bill is just adds to the list of troubling actions by the Administration.

Here’s what’s happened leading up: Foreign aid has been held up illegally, then justified by an inane clawback known as recission; USAID—an agency backed by Congress that fights poverty and prevents conflict—gutted; Over 10,000 development and humanitarian professionals dismissed by Elon Musk; 5,000 life-saving aid programs abruptly terminated; 1,300 State Department staff laid off; Offices shuttered. Decades of progress wiped out. How disgusting , the richest man in the world was allowed to pull the plug on programs that save the world’s poorest children.

The infrastructure and staffing is no longer present to carry out the few programs that remain. Let me say this again with emphasis: The infrastructure and staffing is no longer present to carry out the few programs that remain.

All while the world faces crisis after crisis: Wars and armed conflict, Extreme weather, Hunger and famine, Disease outbreaks, Mass migration, and Rising authoritarian regimes

These aren’t distant problems. They land right at our door: Fragile states collapse and migration surges; Trade stops and U.S. farmers and businesses lose buyers ;Climate disasters destroy crops and homes; Broken health systems allow deadly viruses to spread; And when we step back, China and Russia step in—not to help, but to expand their grip.

We’re leaving behind a gap they fill with money, weapons, and propaganda taking over the airwaves – reaching listeners who used to rely on Voice of America and our international broadcasting. They want to remake the world to fit their playbook.

Meanwhile, sadly our allies are also slashing foreign aid —pushed to spend more on weapons by Mr. Trump. As global needs explode, democracy’s soft power is vanishing. This bill fails to meet this moment.

Here’s what it really does:

Cuts 22% from the international affairs budget – that’s $13 billion, diminishing funding for development and economic assistance:

Kids kicked out of the classroom and cut off from clean water
Farmers losing seeds and tools to make a living
Violence prevention programs vanishing
Local nonprofits shut down

The bill slashes humanitarian aid by 42%:

In Nigeria, malnourished infants are dying without food
In Myanmar, hospitals are going dark
In The Gambia, support for survivors of female genital mutilation has ended—as the country debates making it legal again
In Ukraine, wounded soldiers go without care
In Ecuador, women entrepreneurs are losing lifelines and heading for our border

This is a blow to our credibility, our moral standing, and our global influence. Soft power – interestingly enough – development and diplomacy – have been secret weapons abroad. Without them, we’re losing Americans on the ground who know the terrain, see trouble coming, and keep us one step ahead.

And as always, my, my, my. Here we go again–Republicans couldn’t resist one more swipe at women: Slashing family planning programs that save hundreds of thousands of lives each year and prevent millions of unplanned pregnancies, Reinstating the Global Gag Rule—which blocks funding to foreign groups that even talk about abortion; you can’t even say the word “abortion”, not do abortion, say the word “abortion”– you lose your funding, Gutting the UNFPA—which provides basic reproductive and maternal care in over 150 countries

And while this bill guts humanitarian programs and walks away from the world’s most vulnerable, the administration is also on the road to destroying one of the smartest, most effective tools of U.S. foreign policy: the Women, Peace, and Security agenda. WPS is not some fringe idea. It’s the law, signed by guess who, Donald Trump. It passed with strong bipartisan support. And here’s why: Women experience conflict differently than men—often bearing the brunt of sexual violence, displacement, and the burden of caring for families amid chaos—yet they are too often excluded from life changing decisions. The WPS agenda has helped train diplomats, strengthen alliances, and put more women at the center of peace and security.

When women are at the table for peace talks, recovery, and crisis response, the results are better. Period. Peace lasts longer. Communities recover faster. And Missions succeed. And yet, this administration shut down the State Department’s office that leads that work—right when we need women’s leadership the most. That’s not just shortsighted. It makes the world less safe and works directly against our own interests.

The bill also abandons multilateral institutions and organizations—UNICEF, the UN Development Program, the African and Asian Development Banks, the World Bank, the World Health Organization—undermining our ability to shape the global agenda and ceding ground to autocrats. Guess who? Attention: China is going to take over this world.

So why should Americans care that these cuts are going to cost more than they save? Because these cuts hurt American families, too. When we walk away from the world: Chaos spreads; Troops are put in harm’s way; Our adversaries gain ground; And we pay the price—in dollars, and in lives.

And look, I say this not just as a lawmaker, but as a mother. My son served in the Marines. He was sent to two wars–Iraq and Afghanistan– I know what it means when diplomacy fails. The cost isn’t hypothetical—it hits our soldiers and their families the hardest.

Let me remind you: the international affairs budget was already less than 1% of our federal spending. But it delivered huge returns: Markets for American goods; Stability abroad; Protection from pandemics; Fewer troops sent into harm’s way.

Last week, we passed an $832 billion defense bill—that’s hard power. But even our top generals warn: without soft power alongside it, that number will only keep rising. So, Mr. Chairman, This bill is a lost opportunity. It’s a failure to lead. It hurts American families because when health systems collapse, people get sick. When trade stalls, jobs vanish. When diplomacy fails, our loved ones go to war. So let me close with this: Democrats aren’t giving up. We’re ready to work together with Republicans to reach a bill that reflects our values, keeps our promises, and protects American lives. Because we can’t bomb and drone our way to peace and prosperity. A strong America doesn’t hide. And it doesn’t bully. A strong America leads—with vision, with courage, and compassion. And That’s the bill we should be fighting for. Thank you. I yield back.

MIL OSI USA News –

July 25, 2025

MIL-OSI: Lloyds Bank plc: 2025 Half-Year Results

Source: GlobeNewswire (MIL-OSI)

LONDON, July 24, 2025 (GLOBE NEWSWIRE) —

Lloyds Bank plc

2025 Half-Year Results

24 July 2025

Member of the Lloyds Banking Group

CONTENTS

Forward-looking statements	1

Statutory information (IFRS)
Condensed consolidated balance sheet (unaudited)	2
Condensed consolidated income statement (unaudited)	2

Financial review	3

Risk management
Principal risks and uncertainties	5
Capital risk	6
Credit risk	10
Liquidity risk	20

Statutory information
Condensed consolidated half-year financial statements (unaudited)	21
Condensed consolidated income statement (unaudited)	22
Condensed consolidated statement of comprehensive income (unaudited)	23
Condensed consolidated balance sheet (unaudited)	24
Condensed consolidated statement of changes in equity (unaudited)	25
Condensed consolidated cash flow statement (unaudited)	28
Notes to the condensed consolidated half-year financial statements (unaudited)	29

Statement of directors’ responsibilities	52
Independent review report to Lloyds Bank Plc	53
Contacts	54

FORWARD-LOOKING STATEMENTS

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Bank plc together with its subsidiaries (the Lloyds Bank Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Lloyds Bank Group’s or its directors’ and/or management’s beliefs and expectations, are forward-looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Lloyds Bank Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Lloyds Bank Group’s future financial performance; the level and extent of future impairments and write-downs; the Lloyds Bank Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Lloyds Bank Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally (including in relation to tariffs); imposed and threatened tariffs and changes to global trade policies; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the escalation of conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Lloyds Bank Group’s or Lloyds Banking Group plc’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Lloyds Bank Group’s securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Lloyds Bank Group; risks associated with the Lloyds Bank Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Lloyds Bank Group or Lloyds Banking Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Lloyds Bank Group’s or the Lloyds Banking Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; and assumptions and estimates that form the basis of the Lloyds Bank Group’s financial statements. A number of these influences and factors are beyond the Lloyds Bank Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Bank plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at www.sec.gov, for a discussion of certain factors and risks. Lloyds Bank plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Bank plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Lloyds Bank Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.

CONTACTS

For further information please contact:

INVESTORS AND ANALYSTS

Douglas Radcliffe

Group Investor Relations Director

020 7356 1571

douglas.radcliffe@lloydsbanking.com

Rohith Chandra-Rajan

Director of Investor Relations

07353 885 690

rohith.chandra-rajan@lloydsbanking.com

Nora Thoden

Director of Investor Relations – ESG

020 7356 2334

nora.thoden@lloydsbanking.com

Tom Grantham

Investor Relations Senior Manager

07851 440 091

thomas.grantham@lloydsbanking.com

Sarah Robson

Investor Relations Senior Manager

07494 513 983

sarah.robson2@lloydsbanking.com

CORPORATE AFFAIRS

Matt Smith

Head of Media Relations

07788 352 487

matt.smith@lloydsbanking.com

Emma Fairhurst

Media Relations Senior Manager

07814 395 855

emma.fairhurst@lloydsbanking.com

Copies of this News Release may be obtained from:
Investor Relations, Lloyds Banking Group plc, 33 Old Broad Street, London, EC2N 1HZ
The statement can also be found on the Group’s website – www.lloydsbankinggroup.com

Registered office: Lloyds Bank plc, 25 Gresham Street, London, EC2V 7HN
Registered in England No. 2065

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/4360S_1-2025-7-24.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

The MIL Network –

July 25, 2025

MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

Source: GlobeNewswire (MIL-OSI)

TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:


	For The Quarter Ended						For the Six Months Ended
Consolidated Financial Highlights (unaudited)	6/30/2025			6/30/2024			6/30/2025			6/30/2024
Consolidated net income (000’s)	$	7,767		$	5,034		$	13,162		$	8,469

Earnings per share – basic and diluted	$	2.37		$	1.50		$	4.03		$	2.50

Annualized return on average assets		1.18	%		0.82	%		1.01	%		0.69	%
Annualized return on average equity		13.06	%		9.31	%		11.23	%		7.82	%
Annualized return on average tangible common equity¹		14.70	%		10.72	%		12.72	%		9.01	%

________________________
¹ For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

“We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

Key highlights for the second quarter and first six months of 2025 are as follows.

Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

partially offset by:

higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
higher mortgage lender services fee income;

partially offset by:

higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
lower reversal of provision for indemnifications.

Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

Consumer Finance Segment. The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

higher provision for credit losses due primarily to higher net charge-offs; and
lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

partially offset by:

lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
lower salaries and employee benefits expense due to an effort to reduce overhead costs.

Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

Capital and Dividends. During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

Forward-Looking Statements. This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
general business conditions, as well as conditions within the financial markets
general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
average loan and securities yields and average costs of interest-bearing deposits and borrowings
financial services industry conditions, including bank failures or concerns involving liquidity
labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
demand for financial services in the Corporation’s market areas
the value of securities held in the Corporation’s investment portfolios
the quality or composition of the loan portfolios and the value of the collateral securing those loans
the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
the level of net charge-offs on loans and the adequacy of our allowance for credit losses
the level of indemnification losses related to mortgage loans sold
demand for loan products
deposit flows
the strength of the Corporation’s counterparties
the availability of lines of credit from the FHLB and other counterparties
the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
services provided by, or the level of the Corporation’s reliance upon third parties for key services
the commercial and residential real estate markets, including changes in property values
the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
the Corporation’s technology initiatives and other strategic initiatives
the Corporation’s branch expansion, relocation and consolidation plans
cyber threats, attacks or events
C&F Bank’s product offerings
accounting principles, policies and guidelines, and elections made by the Corporation thereunder.

These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.


C&F Financial CorporationSelected Financial Information (dollars in thousands, except for per share data) (unaudited)

Financial Condition	6/30/2025		12/31/2024		6/30/2024
Interest-bearing deposits in other banks	$	62,289	$	49,423	$	28,433
Investment securities – available for sale, at fair value		434,506		418,625		404,758
Loans held for sale, at fair value		44,757		20,112		33,716
Loans, net:
Community Banking segment		1,513,082		1,436,226		1,369,912
Consumer Finance segment		439,005		444,085		454,921
Total assets		2,686,392		2,563,374		2,492,100
Deposits		2,256,314		2,170,860		2,106,062
Repurchase agreements		20,642		28,994		25,047
Other borrowings		125,493		93,615		93,753
Total equity		240,916		226,970		219,099


	For The					For The
	Quarter Ended					Six Months Ended
Results of Operations	6/30/2025			6/30/2024		6/30/2025			6/30/2024
Interest income	$	37,407		$	34,312	$	73,395		$	67,020
Interest expense		10,899			10,484		21,877			20,034
Provision for credit losses:
Community Banking segment		(300	)		450		(200	)		950
Consumer Finance segment		2,400			2,100		5,300			5,100
Noninterest income:
Gains on sales of loans		2,458			1,701		4,305			2,989
Other		7,390			5,623		13,116			11,827
Noninterest expenses:
Salaries and employee benefits		14,846			13,452		28,329			27,704
Other		9,784			8,921		19,360			17,819
Income tax expense		1,859			1,195		2,988			1,760
Net income		7,767			5,034		13,162			8,469

Fully-taxable equivalent (FTE) amounts¹
Interest income on loans-FTE		33,768			31,460		66,196			61,096
Interest income on securities-FTE		3,530			2,977		6,876			6,075
Total interest income-FTE		37,711			34,600		73,987			67,593
Net interest income-FTE		26,812			24,116		52,110			47,559

________________________
¹For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”


	For the Quarter Ended
	6/30/2025							6/30/2024
	Average			Income/		Yield/		Average			Income/		Yield/
Yield Analysis	Balance			Expense		Rate		Balance			Expense		Rate
Assets
Loans:
Community banking segment	$	1,499,272		$	20,893	5.59	%	$	1,359,703		$	18,543	5.48	%
Mortgage banking segment		45,948			731	6.38			34,240			533	6.26
Consumer finance segment		464,193			12,144	10.49			478,296			12,384	10.41
Total loans		2,009,413			33,768	6.74			1,872,239			31,460	6.76
Securities:
Taxable		342,023			2,325	2.72			337,050			1,857	2.20
Tax-exempt		120,281			1,205	4.01			119,626			1,120	3.75
Total securities		462,304			3,530	3.05			456,676			2,977	2.61
Interest-bearing deposits in other banks		48,237			413	3.43			23,239			163	2.82
Total earning assets		2,519,954			37,711	6.00			2,352,154			34,600	5.91
Allowance for credit losses		(41,284	)						(40,837	)
Total non-earning assets		157,307							153,002
Total assets	$	2,635,977						$	2,464,319

Liabilities and Equity
Interest-bearing deposits:
Interest-bearing demand deposits	$	312,905			476	0.61		$	321,070			476	0.60
Savings and money market deposit accounts		522,453			1,530	1.17			474,613			1,074	0.91
Certificates of deposit		830,425			7,547	3.65			751,973			7,700	4.12
Total interest-bearing deposits		1,665,783			9,553	2.30			1,547,656			9,250	2.40
Borrowings:
Repurchase agreements		23,920			85	1.43			25,113			97	1.55
Other borrowings		99,162			1,261	5.09			100,633			1,137	4.52
Total borrowings		123,082			1,346	4.38			125,746			1,234	3.93
Total interest-bearing liabilities		1,788,865			10,899	2.44			1,673,402			10,484	2.52
Noninterest-bearing demand deposits		568,372							529,608
Other liabilities		40,917							45,023
Total liabilities		2,398,154							2,248,033
Equity		237,823							216,286
Total liabilities and equity	$	2,635,977						$	2,464,319
Net interest income				$	26,812						$	24,116
Interest rate spread						3.56	%						3.39	%
Interest expense to average earning assets						1.73	%						1.79	%
Net interest margin						4.27	%						4.12	%


	For the Six Months Ended
	6/30/2025							6/30/2024
	Average			Income/		Yield/		Average			Income/		Yield/
Yield Analysis	Balance			Expense		Rate		Balance			Expense		Rate
Assets
Loans:
Community banking segment	$	1,483,501		$	40,858	5.55	%	$	1,330,981		$	35,874	5.42	%
Mortgage banking segment		33,527			1,071	6.44			25,970			814	6.30
Consumer finance segment		464,856			24,267	10.53			476,072			24,408	10.31
Total loans		1,981,884			66,196	6.74			1,833,023			61,096	6.70
Securities:
Taxable		340,744			4,518	2.65			351,146			3,837	2.19
Tax-exempt		119,661			2,358	3.94			120,274			2,238	3.72
Total securities		460,405			6,876	2.99			471,420			6,075	2.58
Interest-bearing deposits in other banks		52,012			915	3.55			25,828			422	3.29
Total earning assets		2,494,301			73,987	5.98			2,330,271			67,593	5.83
Allowance for credit losses		(40,947	)						(40,565	)
Total non-earning assets		155,937							154,902
Total assets	$	2,609,291						$	2,444,608

Liabilities and Equity
Interest-bearing deposits:
Interest-bearing demand deposits	$	322,569			1,076	0.67		$	328,320			1,029	0.63
Savings and money market deposit accounts		505,926			2,735	1.09			479,629			2,135	0.90
Certificates of deposit		826,211			15,511	3.79			728,570			14,616	4.03
Total interest-bearing deposits		1,654,706			19,322	2.35			1,536,519			17,780	2.33
Borrowings:
Repurchase agreements		26,044			198	1.53			26,555			208	1.57
Other borrowings		96,394			2,357	4.89			89,539			2,046	4.57
Total borrowings		122,438			2,555	4.18			116,094			2,254	3.88
Total interest-bearing liabilities		1,777,144			21,877	2.48			1,652,613			20,034	2.44
Noninterest-bearing demand deposits		556,923							530,747
Other liabilities		40,896							44,573
Total liabilities		2,374,963							2,227,933
Equity		234,328							216,675
Total liabilities and equity	$	2,609,291						$	2,444,608
Net interest income				$	52,110						$	47,559
Interest rate spread						3.50	%						3.39	%
Interest expense to average earning assets						1.77	%						1.73	%
Net interest margin						4.21	%						4.10	%


	6/30/2025
Funding Sources	Capacity		Outstanding		Available
Unsecured federal funds agreements	$	75,000	$	—	$	75,000
Borrowings from FHLB		267,278		52,000		215,278
Borrowings from Federal Reserve Bank		286,137		—		286,137
Total	$	628,415	$	52,000	$	576,415


Asset Quality	6/30/2025			12/31/2024
Community Banking
Total loans	$	1,530,275		$	1,453,605
Nonaccrual loans	$	1,075		$	333

Allowance for credit losses (ACL)	$	17,193		$	17,379
Nonaccrual loans to total loans		0.07	%		0.02	%
ACL to total loans		1.12	%		1.20	%
ACL to nonaccrual loans		1,599.35	%		5,218.92	%
Annualized year-to-date net charge-offs to average loans		0.01	%		0.01	%

Consumer Finance
Total loans	$	461,390		$	466,793
Nonaccrual loans	$	697		$	614
Repossessed assets	$	925		$	779
ACL	$	22,385		$	22,708
Nonaccrual loans to total loans		0.15	%		0.13	%
ACL to total loans		4.85	%		4.86	%
ACL to nonaccrual loans		3,211.62	%		3,698.37	%
Annualized year-to-date net charge-offs to average loans		2.42	%		2.62	%


	For The								For The
	Quarter Ended								Six Months Ended
Other Performance Data	6/30/2025				6/30/2024				6/30/2025				6/30/2024
Net Income (Loss):
Community Banking	$	7,116			$	4,571			$	12,561			$	8,583
Mortgage Banking		985				376				1,416				670
Consumer Finance		539				894				765				831
Other¹		(873	)			(807	)			(1,580	)			(1,615	)
Total	$	7,767			$	5,034			$	13,162			$	8,469

Net income attributable to C&F Financial Corporation	$	7,691			$	5,007			$	13,059			$	8,408

Earnings per share – basic and diluted	$	2.37			$	1.50			$	4.03			$	2.50
Weighted average shares outstanding – basic and diluted		3,238,765				3,343,192				3,236,849				3,357,063

Annualized return on average assets		1.18		%		0.82		%		1.01		%		0.69		%
Annualized return on average equity		13.06		%		9.31		%		11.23		%		7.82		%
Annualized return on average tangible common equity²		14.70		%		10.72		%		12.72		%		9.01		%
Dividends declared per share	$	0.46			$	0.44			$	0.92			$	0.88

Mortgage loan originations – Mortgage Banking	$	213,523			$	146,010			$	327,273			$	240,356
Mortgage loans sold – Mortgage Banking		196,878				135,227				303,309				221,306

________________________
¹ Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
² For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”


Market Ratios	6/30/2025		12/31/2024
Market value per share	$	61.73	$	71.25
Book value per share	$	74.21	$	70.00
Price to book value ratio		0.83		1.02
Tangible book value per share¹	$	66.12	$	61.86
Price to tangible book value ratio¹		0.93		1.15
Price to earnings ratio (ttm)		8.17		11.86

________________________
¹ For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”



							Minimum Capital
Capital Ratios	6/30/2025			12/31/2024			Requirements³
C&F Financial Corporation¹
Total risk-based capital ratio		15.0	%		14.1	%		8.0	%
Tier 1 risk-based capital ratio		12.0	%		11.9	%		6.0	%
Common equity tier 1 capital ratio		10.8	%		10.7	%		4.5	%
Tier 1 leverage ratio		10.0	%		9.8	%		4.0	%

C&F Bank²
Total risk-based capital ratio		14.8	%		13.5	%		8.0	%
Tier 1 risk-based capital ratio		13.6	%		12.3	%		6.0	%
Common equity tier 1 capital ratio		13.6	%		12.3	%		4.5	%
Tier 1 leverage ratio		11.3	%		10.1	%		4.0	%

________________________
¹   The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
²   All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
³   The ratios presented for minimum capital requirements are those to be considered adequately capitalized.


	For The Quarter Ended								For The Six Months Ended
	6/30/2025				6/30/2024				6/30/2025				6/30/2024
Reconciliation of Certain Non-GAAP Financial Measures
Return on Average Tangible Common Equity
Average total equity, as reported	$	237,823			$	216,286			$	234,328			$	216,675
Average goodwill		(25,191	)			(25,191	)			(25,191	)			(25,191	)
Average other intangible assets		(1,045	)			(1,301	)			(1,081	)			(1,333	)
Average noncontrolling interest		(652	)			(602	)			(696	)			(656	)
Average tangible common equity	$	210,935			$	189,192			$	207,360			$	189,495

Net income	$	7,767			$	5,034			$	13,162			$	8,469
Amortization of intangibles		63				65				125				130
Net income attributable to noncontrolling interest		(76	)			(27	)			(103	)			(61	)
Net tangible income attributable to C&F Financial Corporation	$	7,754			$	5,072			$	13,184			$	8,538

Annualized return on average equity, as reported		13.06		%		9.31		%		11.23		%		7.82		%
Annualized return on average tangible common equity		14.70		%		10.72		%		12.72		%		9.01		%


	For The Quarter Ended				For The Six Months Ended
	6/30/2025		6/30/2024		6/30/2025		6/30/2024
Fully Taxable Equivalent Net Interest Income¹
Interest income on loans	$	33,716	$	31,407	$	66,098	$	60,993
FTE adjustment		52		53		98		103
FTE interest income on loans	$	33,768	$	31,460	$	66,196	$	61,096

Interest income on securities	$	3,278	$	2,742	$	6,382	$	5,605
FTE adjustment		252		235		494		470
FTE interest income on securities	$	3,530	$	2,977	$	6,876	$	6,075

Total interest income	$	37,407	$	34,312	$	73,395	$	67,020
FTE adjustment		304		288		592		573
FTE interest income	$	37,711	$	34,600	$	73,987	$	67,593

Net interest income	$	26,508	$	23,828	$	51,518	$	46,986
FTE adjustment		304		288		592		573
FTE net interest income	$	26,812	$	24,116	$	52,110	$	47,559

____________________
¹ Assuming a tax rate of 21%.


	6/30/2025			12/31/2024
Tangible Book Value Per Share
Equity attributable to C&F Financial Corporation	$	240,313		$	226,360
Goodwill		(25,191	)		(25,191	)
Other intangible assets		(1,022	)		(1,147	)
Tangible equity attributable to C&F Financial Corporation	$	214,100		$	200,022

Shares outstanding		3,238,085			3,233,672

Book value per share	$	74.21		$	70.00
Tangible book value per share	$	66.12		$	61.86



Contact:	Jason Long, CFO and Secretary
	(804) 843-2360

The MIL Network –

July 25, 2025

MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

Source: GlobeNewswire (MIL-OSI)

TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:


	For The Quarter Ended						For the Six Months Ended
Consolidated Financial Highlights (unaudited)	6/30/2025			6/30/2024			6/30/2025			6/30/2024
Consolidated net income (000’s)	$	7,767		$	5,034		$	13,162		$	8,469

Earnings per share – basic and diluted	$	2.37		$	1.50		$	4.03		$	2.50

Annualized return on average assets		1.18	%		0.82	%		1.01	%		0.69	%
Annualized return on average equity		13.06	%		9.31	%		11.23	%		7.82	%
Annualized return on average tangible common equity¹		14.70	%		10.72	%		12.72	%		9.01	%

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¹ For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

“We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

Key highlights for the second quarter and first six months of 2025 are as follows.

Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

partially offset by:

higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
higher mortgage lender services fee income;

partially offset by:

higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
lower reversal of provision for indemnifications.

Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

Consumer Finance Segment. The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

higher provision for credit losses due primarily to higher net charge-offs; and
lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

partially offset by:

lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
lower salaries and employee benefits expense due to an effort to reduce overhead costs.